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Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Interest and Dividend Income      
Loan receivable $ 1,217,166 $ 1,130,242 $ 801,981
Investment securities 59,307 51,717 28,240
Federal Home Loan Bank stock 1,684 1,349 1,103
Deposits with banks 56,818 58,914 19,957
Total interest and dividend income 1,334,975 1,242,222 851,281
Interest Expense      
Time deposits 458,490 331,997 56,354
Other deposits 177,775 135,965 48,942
Advances from the Federal Home Loan Bank 14,283 22,164 5,880
Long-term debt 8,129 6,480 5,546
Short-term borrowings 2,243 3,870 862
Total interest expense 660,920 500,476 117,584
Net interest income before provision for credit losses 674,055 741,746 733,697
Provision for credit losses 37,500 25,978 14,543
Net interest income after provision for credit losses 636,555 715,768 719,154
Non-Interest Income      
Net (losses)/gains from equity securities (7,516) 18,248 392
Net gains/(losses) from securities available for sale 1,107 (3,000) 0
Letters of credit commissions 7,749 6,716 6,351
Other operating income 23,695 22,390 27,112
Total non-interest income 55,664 68,292 56,814
Non-Interest Expense      
Salaries and employee benefits 167,376 154,149 142,546
Occupancy expense 23,281 22,270 22,808
Computer and equipment expense 20,135 17,478 13,603
Professional services expense 30,986 32,491 28,237
Data processing service expense 16,370 14,728 13,181
FDIC and State assessments 14,279 23,588 8,037
Marketing expense 6,520 5,887 6,863
Other real estate owned expense 2,699 761 127
Amortization of investments in low income housing and Alternative energy partnerships 72,633 86,616 42,065
Amortization of Intangible Assets 1,098 1,310 1,892
Acquisition, integration and reorganization costs 0 671 4,127
Other operating expense 19,300 20,529 19,946
Total non-interest expense 374,677 380,478 303,432
Income before income tax expense 317,542 403,582 472,536
Income tax expense 31,563 49,458 111,894
Net income 285,979 354,124 360,642
Other Comprehensive Income/(Loss), Net of Tax:      
Net holding gains/(losses) on securities available-for-sale 583 18,642 (105,043)
Net holding (losses)/gains on cash flow hedge derivatives (774) (1,763) 5,813
Total other comprehensive income/(loss), net of tax (191) 16,879 (99,230)
Total comprehensive income $ 285,788 $ 371,003 $ 261,412
Net Income Per Common Share      
Basic (in dollars per share) $ 3.97 $ 4.88 $ 4.85
Diluted (in dollars per share) 3.95 4.86 4.83
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) $ 1.36 $ 1.36 $ 1.36
Average Common Shares Outstanding:      
Basic (in shares) 72,068,850 72,573,025 74,337,265
Diluted (in shares) 72,327,017 72,862,628 74,664,735
Deposit Account [Member]      
Non-Interest Income      
Non-Interest Income $ 6,574 $ 6,432 $ 6,523
Asset Management [Member]      
Non-Interest Income      
Non-Interest Income $ 24,055 $ 17,506 $ 16,436