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Quarterly Financial Data - Unaudited
 12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data - Unaudited
Quarterly Financial Data - Unaudited
 
Three Months Ended
(In Thousands, except Share Data)
December 31,
 
September 30,
 
June 30,
 
March 31,
2017
 
 
 
 
 
 
 
Operating results:
 
 
 
 
 
 
 
Interest income
$
71,468

 
$
62,737

 
$
59,224

 
$
54,628

Interest expense
(36,108
)
 
(27,443
)
 
(24,234
)
 
(21,031
)
Net interest income
35,360

 
35,294

 
34,990

 
33,597

Non-interest income
10,951

 
26,070

 
25,297

 
27,755

Operating expenses
(20,367
)
 
(19,922
)
 
(18,641
)
 
(18,226
)
Net income
30,933

 
36,180

 
36,324

 
36,969

Per share data:
 
 
 
 
 
 
 
Net income – basic
$
0.39

 
$
0.46

 
$
0.46

 
$
0.47

Net income – diluted
0.35

 
0.41

 
0.43

 
0.43

Regular dividends declared per common share
0.28

 
0.28

 
0.28

 
0.28

2016
 
 
 
 
 
 
 
Operating results:
 
 
 
 
 
 
 
Interest income (1)
$
56,334

 
$
60,906

 
$
66,787

 
$
62,328

Interest expense
(20,537
)
 
(21,597
)
 
(22,444
)
 
(23,950
)
Net interest income
35,797

 
39,309

 
44,343

 
38,378

Reversal of (provision for) loan losses (2)
—

 
859

 
6,532

 
(289
)
Non-interest income (3)
9,763

 
33,712

 
10,888

 
4,454

Operating expenses (4)
(17,824
)
 
(20,355
)
 
(20,155
)
 
(30,452
)
Net income
25,355

 
52,553

 
41,281

 
12,063

Per share data:
 
 
 
 
 
 
 
Net income – basic
$
0.32

 
$
0.67

 
$
0.52

 
$
0.15

Net income – diluted
0.31

 
0.58

 
0.48

 
0.15

Regular dividends declared per common share
0.28

 
0.28

 
0.28

 
0.28


(1)
Interest income from the three-month period ended June 30, 2016 included $5 million of yield maintenance fees from commercial loans that prepaid during the quarter.
(2)
During the second quarter of 2016, we recorded a reversal of provision for loan losses of $7 million as a result of the transfer of most of our commercial mezzanine loans from held-for-investment to held-for sale.
(3)
Non-interest income for the three-month period ended September 30, 2016 included $5 million of realized gains from the sale of the majority of our commercial mezzanine loan portfolio.
(4)
During the first quarter of 2016, we recorded restructuring charges totaling $10 million associated with the restructuring of our conforming and commercial mortgage banking operations.