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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
INTEREST AND DIVIDEND INCOME        
Loans receivable, including fees $ 254,331 $ 234,049 $ 507,873 $ 475,615
Investment securities 12,852 9,484 24,045 19,668
Resale agreements 7,968 4,680 14,645 9,529
Investment in FHLB and Federal Reserve Bank stock 602 2,306 1,397 3,542
Due from banks and short-term investments 3,112 4,926 7,077 10,352
Total interest and dividend income 278,865 255,445 555,037 518,706
INTEREST EXPENSE        
Customer deposits 20,362 18,195 39,659 35,158
Short-term borrowings 169 18 178 18
FHLB advances 1,292 1,049 2,792 2,082
Repurchase agreements 2,196 7,533 4,122 15,939
Long-term debt 1,262 1,158 2,498 2,300
Total interest expense 25,281 27,953 49,249 55,497
Net interest income before provision for credit losses 253,584 227,492 505,788 463,209
Provision for credit losses 6,053 3,494 7,493 8,481
Net interest income after provision for credit losses 247,531 223,998 498,295 454,728
NONINTEREST INCOME        
Branch fees 10,353 9,791 20,575 19,175
Letters of credit fees and foreign exchange income 10,943 8,825 20,496 17,531
Ancillary loan fees 4,285 2,812 7,862 5,468
Wealth management fees 2,778 4,757 5,829 9,936
Derivative commission income 3,364 2,733 6,630 7,763
Changes in FDIC indemnification asset and receivable/payable 0 (6,668) 0 (15,090)
Net gains on sales of loans 2,882 5,280 4,809 14,831
Net gains on sales of available-for-sale investment securities 2,836 5,554 6,678 9,958
Other fees and operating income 6,823 7,509 11,898 15,147
Total noninterest income 44,264 40,593 84,777 84,719
NONINTEREST EXPENSE        
Compensation and employee benefits 73,287 62,860 145,124 127,113
Occupancy and equipment expense 15,748 15,185 30,163 30,628
Amortization of tax credit and other investments 14,006 2,997 28,161 9,296
Amortization of premiums on deposits acquired 2,050 2,337 4,154 4,728
Deposit insurance premiums and regulatory assessments 5,473 3,341 10,891 8,997
Deposit related expenses 2,273 2,412 4,593 4,864
Other real estate owned (“OREO”) expense (income) 1,023 (5,081) 1,551 (6,107)
Legal expense 4,346 4,134 7,353 11,004
Data processing 3,295 2,377 5,983 4,994
Consulting expense 5,981 2,182 14,433 4,613
Repurchase agreements’ extinguishment costs 0 6,625 0 6,625
Other operating expense 21,397 20,801 43,079 41,445
Total noninterest expense 148,879 120,170 295,485 248,200
INCOME BEFORE INCOME TAXES 142,916 144,421 287,587 291,247
INCOME TAX EXPENSE 39,632 45,673 76,787 92,472
NET INCOME $ 103,284 $ 98,748 $ 210,800 $ 198,775
EARNINGS PER SHARE (“EPS”)        
BASIC (in dollars per share) $ 0.72 $ 0.69 $ 1.46 $ 1.38
DILUTED (in dollars per share) $ 0.71 $ 0.68 $ 1.45 $ 1.38
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING        
BASIC (in shares) 144,101 143,846 144,029 143,751
DILUTED (in shares) 145,078 144,480 144,973 144,408
DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) $ 0.2 $ 0.2 $ 0.4 $ 0.4