XML 72 R4.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
INTEREST AND DIVIDEND INCOME        
Loans receivable, including fees $ 244,372 $ 262,258 $ 719,987 $ 793,313
Available-for-sale investment securities 10,279 11,364 29,947 36,130
Resale agreements 4,411 5,344 13,940 14,756
Investment in Federal Home Loan Bank and Federal Reserve Bank stock 1,380 1,477 4,922 4,903
Due from banks and short-term investments 4,190 5,505 14,542 17,461
Total interest and dividend income 264,632 285,948 783,338 866,563
INTEREST EXPENSE        
Customer deposits 18,519 17,158 53,677 48,609
Short-term borrowings 35 0 53 0
Federal Home Loan Bank advances 1,074 1,027 3,156 3,087
Repurchase agreements 3,555 9,578 19,494 29,845
Long-term debt 1,160 1,211 3,460 3,632
Total interest expense 24,343 28,974 79,840 85,173
Net interest income before provision for credit losses 240,289 256,974 703,498 781,390
Provision for credit losses 7,736 15,225 16,217 30,158
Net interest income after provision for credit losses 232,553 241,749 687,281 751,232
NONINTEREST INCOME (LOSS)        
Branch fees 9,982 9,515 29,157 28,480
Letters of credit fees and foreign exchange income 7,468 10,298 24,999 26,094
Ancillary loan fees 4,839 2,874 10,307 7,867
Wealth management fees 4,374 3,845 14,310 12,105
Derivative commission income 4,274 4,319 12,037 9,542
Changes in FDIC indemnification asset and receivable/payable (3,883) (39,647) (18,973) (150,839)
Net gains on sales of loans 4,888 7,726 19,719 20,715
Net gains on sales of available-for-sale investment securities 17,036 2,514 26,994 6,603
Dividend and other investment income 495 4,132 1,902 5,381
Other fees and other operating income 4,708 4,766 18,448 14,533
Total noninterest income (loss) 54,181 10,342 138,900 (19,519)
NONINTEREST EXPENSE        
Compensation and employee benefits 66,185 58,111 193,298 172,469
Occupancy and equipment expense 15,362 15,842 45,990 48,227
Amortization of tax credit and other investments [1] 12,269 26,749 21,565 33,731
Amortization of premiums on deposits acquired 2,310 2,597 7,038 7,721
Deposit insurance premiums and regulatory assessments 4,726 5,247 13,723 16,761
Other real estate owned (income) expense (1,374) (1,422) (7,481) 695
Legal expense 2,099 32,500 13,103 45,403
Data processing 2,602 2,211 7,596 13,351
Consulting expense 4,983 2,982 9,596 6,359
Repurchase agreements’ extinguishment costs 15,193 0 21,818 0
Other operating expense 23,390 21,975 69,699 62,568
Total noninterest expense [1] 147,745 166,792 395,945 407,285
INCOME BEFORE INCOME TAXES [1] 138,989 85,299 430,236 324,428
INCOME TAX EXPENSE (BENEFIT) [1] 44,892 (6,601) 137,364 74,052
NET INCOME [1] $ 94,097 $ 91,900 $ 292,872 $ 250,376
EARNINGS PER SHARE        
BASIC (in dollars per share) [1] $ 0.65 $ 0.64 $ 2.04 $ 1.75
DILUTED (in dollars per share) [1] $ 0.65 $ 0.64 $ 2.03 $ 1.74
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING        
BASIC (in shares) 143,861 143,210 143,788 142,791
DILUTED (in shares) 144,590 143,810 144,468 143,377
DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) $ 0.20 $ 0.18 $ 0.60 $ 0.54
[1] Prior periods were restated to reflect the retrospective application of adopting the new accounting guidance related to the Company’s investments in qualified affordable housing projects Accounting Standards Update (“ASU”) 2014-01. See Note 10 — Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net to the Consolidated Financial Statements for additional information.