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Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Interest income:      
Loans $ 158,217 $ 146,570 $ 136,133
Mortgage-backed securities 10,640 16,572 19,710
Other securities 1,965 2,871 6,331
FHLB of New York dividends 1,279 1,825 1,618
Deposits in other financial institutions 197 307 1,351
Total interest income 172,298 168,145 165,143
Interest expense:      
Deposits 6,207 25,230 41,328
Borrowings 10,442 13,107 12,030
Total interest expense 16,649 38,337 53,358
Net interest income 155,649 129,808 111,785
(Benefit)/provision for credit losses (6,184) 12,742 22
Net interest income after (benefit)/provision for credit losses 161,833 117,066 111,763
Non-interest income:      
Fees and service charges for customer services 5,394 3,967 4,881
Income on bank-owned life insurance 4,103 3,774 7,023
Gains on available-for-sale debt securities, net 1,495 327 514
Gains on trading securities, net 1,703 1,601 1,988
Gains on sale of loans 1,401 665 0
Other 357 1,138 402
Total non-interest income 14,453 11,472 14,808
Non-interest expense:      
Compensation and employee benefits 43,677 41,437 39,571
Occupancy 13,956 15,152 13,676
Furniture and equipment 1,737 1,519 1,085
Data processing 6,784 8,123 5,679
Professional fees 3,596 4,141 3,545
Advertising 2,358 2,088 3,442
Federal Deposit Insurance Corporation (FDIC) insurance 1,365 885 563
Other 5,686 5,168 5,988
Total non-interest expense 79,159 78,513 73,549
Income before income tax expense 97,127 50,025 53,022
Income tax expense 26,473 13,037 12,787
Net income $ 70,654 $ 36,988 $ 40,235
Net income per common share:      
Basic (usd per share) $ 1.46 $ 0.76 $ 0.86
Diluted (usd per share) $ 1.45 $ 0.76 $ 0.85
Basic weighted average shares outstanding (in shares) 48,416,495 48,721,504 46,783,442
Diluted weighted average shares outstanding (in shares) 48,754,263 48,785,963 47,163,804
Net income $ 70,654 $ 36,988 $ 40,235
Unrealized (losses) gains on debt securities available-for-sale:      
Net unrealized holding (losses) gains (13,916) 12,077 19,666
Less: reclassification adjustment for net gains included in net income (1,495) (327) (514)
Net unrealized (losses) gains (15,411) 11,750 19,152
Post-retirement benefits adjustment 0 0 77
Other comprehensive (loss) income, before tax (15,411) 11,750 19,229
Income tax benefit (expense) related to net unrealized holding (losses) gains on debt securities available-for-sale 3,895 (3,380) (5,505)
Income tax expense related to reclassification adjustment for gains included in net income 419 91 144
Income tax expense related to post-retirement benefits adjustment 0 0 (22)
Other comprehensive (loss) income, net of tax (11,097) 8,461 13,846
Comprehensive income $ 59,557 $ 45,449 $ 54,081