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Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Interest income:      
Loans $ 136,133 $ 127,591 $ 120,340
Mortgage-backed securities 19,710 12,987 9,174
Other securities 6,331 4,112 1,310
FHLB of New York dividends 1,618 1,683 1,461
Deposits in other financial institutions 1,351 919 584
Total interest income 165,143 147,292 132,869
Interest expense:      
Deposits 41,328 27,741 16,386
Borrowings 12,030 8,309 7,590
Total interest expense 53,358 36,050 23,976
Net interest income 111,785 111,242 108,893
Provision for loan losses 22 2,615 1,411
Net interest income after provision for loan losses 111,763 108,627 107,482
Non-interest income:      
Fees and service charges for customer services 4,881 4,877 4,702
Income on bank owned life insurance 7,023 3,705 5,386
Gains on available-for-sale debt securities, net 514 178 169
Gains (losses) on trading securities, net 1,988 (879) 1,114
Other 402 246 271
Total non-interest income 14,808 8,127 11,642
Non-interest expense:      
Compensation and employee benefits 39,571 34,802 38,237
Occupancy 13,676 12,096 11,270
Furniture and equipment 1,085 1,004 1,141
Data processing 5,679 5,011 4,585
Professional fees 3,545 3,482 2,774
Advertising 3,442 2,726 1,861
Federal Deposit Insurance Corporation (FDIC) insurance 563 1,065 1,064
Other 5,988 6,857 6,446
Total non-interest expense 73,549 67,043 67,378
Income before income tax expense 53,022 49,711 51,746
Income tax expense 12,787 9,632 26,978
Net income $ 40,235 $ 40,079 $ 24,768
Net income per common share:      
Basic (dollars per share) $ 0.86 $ 0.87 $ 0.55
Diluted (dollars per share) $ 0.85 $ 0.85 $ 0.53
Basic weighted average shares outstanding (in shares) 46,783,442 46,319,760 45,325,445
Diluted weighted average shares outstanding (in shares) 47,163,804 47,107,433 46,875,730
Net income $ 40,235 $ 40,079 $ 24,768
Unrealized gains (losses) on debt securities available-for-sale:      
Net unrealized holding gains (losses) 19,666 (5,203) (283)
Less: reclassification adjustment for net gains included in net income (514) (178) (169)
Net unrealized gains (losses) 19,152 (5,381) (452)
Post-retirement benefits adjustment 77 240 74
Other comprehensive income (loss), before tax 19,229 (5,141) (378)
Income tax (expense) benefit related to net unrealized holding gains (losses) on debt securities available-for-sale (5,505) 1,462 113
Income tax benefit related to reclassification adjustment for gains included in net income 144 50 68
Income tax expense related to post-retirement benefits adjustment (22) (67) (30)
Other comprehensive income (loss), net of tax 13,846 (3,696) (227)
Comprehensive income $ 54,081 $ 36,383 $ 24,541