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Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Loans receivable $ 296,857 $ 303,336 $ 590,841 $ 605,864
Investment securities 13,666 15,644 25,769 30,595
Federal Home Loan Bank stock 373 499 752 930
Deposits with banks 12,022 13,381 24,951 28,113
Total interest and dividend income 322,918 332,860 642,313 665,502
Interest Expense        
Time deposits 94,364 118,076 190,430 227,622
Other deposits 44,370 44,512 86,804 87,300
Advances from Federal Home Loan Bank 742 2,316 2,646 11,632
Long-term debt 2,029 1,863 4,049 3,584
Short-term debt 192 777 524 1,476
Total interest expense 141,697 167,544 284,453 331,614
Net interest income before provision for credit losses 181,221 165,316 357,860 333,888
Provision for credit losses 11,200 6,600 26,700 8,500
Net interest income after provision for credit losses 170,021 158,716 331,160 325,388
Non-Interest Income        
Net losses from equity securities (1,390) (1,430) (5,581) (10,457)
Net gains from securities available for sale 0 0 0 1,107
Letters of credit commissions 2,120 1,888 4,211 3,605
Other operating income 7,800 5,301 13,183 10,927
Total non-interest income 15,391 13,215 26,595 19,826
Non-Interest Expense        
Salaries and employee benefits 43,123 40,439 85,550 83,991
Occupancy expense 5,950 5,652 11,687 11,619
Computer and equipment expense 5,160 5,391 11,214 10,459
Professional services expense 8,888 8,212 16,336 15,204
Data processing service expense 4,631 3,877 9,037 7,806
FDIC and regulatory assessments 3,177 3,742 6,576 9,831
Marketing expense 1,113 1,474 2,991 3,388
Other real estate owned (income)/expense (377) 1,482 (133) 1,735
Amortization of investments in low-income housing and alternative energy partnerships 11,179 23,396 20,233 37,828
Amortization of core deposit intangibles 250 259 500 598
Other operating expense 6,040 5,428 10,799 10,132
Total non-interest expense 89,134 99,352 174,790 192,591
Income before income tax expense 96,278 72,579 182,965 152,623
Income tax expense 18,828 5,750 36,009 14,359
Net income 77,450 66,829 146,956 138,264
Other Comprehensive Income/(Loss), net of tax        
Net holding gains/(losses) on securities available-for-sale 2,525 (448) 16,385 (6,870)
Net holding losses on cash flow hedge derivatives 0 (333) 0 (774)
Total other comprehensive income/(loss), net of tax 2,525 (781) 16,385 (7,644)
Total comprehensive income $ 79,975 $ 66,048 $ 163,341 $ 130,620
Net Income Per Common Share:        
Basic (in dollars per share) $ 1.11 $ 0.92 $ 2.09 $ 1.9
Diluted (in dollars per share) 1.1 0.92 2.09 1.9
Cash dividends paid per common share (in dollars per share) $ 0.34 $ 0.34 $ 0.68 $ 0.68
Average Common Shares Outstanding:        
Basic (in shares) 69,989,825 72,658,810 70,183,752 72,666,392
Diluted (in shares) 70,188,902 72,825,356 70,432,916 72,898,256
Deposit Account [Member]        
Non-Interest Income        
Non-Interest Income $ 1,925 $ 1,778 $ 3,677 $ 3,328
Asset Management [Member]        
Non-Interest Income        
Non-Interest Income $ 4,936 $ 5,678 $ 11,105 $ 11,316