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Consolidated Statement of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
INTEREST AND DIVIDEND INCOME        
Loans receivable, including fees $ 434,450 $ 365,555 $ 857,984 $ 703,459
Available-for-sale investment securities 15,685 15,059 31,433 30,515
Resale agreements 7,343 7,182 15,189 14,116
Restricted equity securities 505 800 1,218 1,434
Interest-bearing cash and deposits with banks 16,861 11,715 32,331 22,660
Total interest and dividend income 474,844 400,311 938,155 772,184
INTEREST EXPENSE        
Deposits 97,964 51,265 189,969 90,401
Federal funds purchased and other short-term borrowings 361 124 977 131
FHLB advances 4,011 2,552 6,990 4,812
Repurchase agreements 3,469 3,042 6,961 5,348
Long-term debt and finance lease liabilities 1,713 1,649 3,471 3,120
Total interest expense 107,518 58,632 208,368 103,812
Net interest income before provision for credit losses 367,326 341,679 729,787 668,372
Provision for credit losses 19,245 15,536 41,824 35,754
Net interest income after provision for credit losses 348,081 326,143 687,963 632,618
NONINTEREST INCOME        
Lending fees 16,242 14,692 31,038 28,705
Deposit account fees 9,788 10,140 19,429 20,570
Foreign exchange income 7,286 6,822 12,301 7,992
Wealth management fees 3,800 4,501 7,612 7,454
Interest rate contracts and other derivative income 10,398 6,570 13,614 13,260
Net gains on sales of loans 15 2,354 930 3,936
Net gains on sales of available-for-sale investment securities 1,447 210 3,008 2,339
Net gain on sale of business 0 0 0 31,470
Other income 3,783 2,979 6,958 6,986
Total noninterest income 52,759 48,268 94,890 122,712
NONINTEREST EXPENSE        
Compensation and employee benefits 100,531 93,865 202,830 189,099
Occupancy and equipment expense 17,362 16,707 34,680 33,587
Deposit insurance premiums and regulatory assessments 2,919 5,832 6,007 12,105
Legal expense 2,355 2,837 4,580 5,092
Data processing 3,460 3,327 6,617 6,728
Consulting expense 2,069 5,120 4,128 7,472
Deposit related expense 3,338 2,922 6,842 5,601
Computer software expense 6,211 5,549 12,289 10,603
Other operating expense 22,679 20,779 44,968 38,386
Amortization of tax credit and other investments 16,739 20,481 41,644 37,881
Total noninterest expense 177,663 177,419 364,585 346,554
INCOME BEFORE INCOME TAXES 223,177 196,992 418,268 408,776
INCOME TAX EXPENSE 72,797 24,643 103,864 49,395
NET INCOME $ 150,380 $ 172,349 $ 314,404 $ 359,381
EARNINGS PER SHARE (“EPS”)        
BASIC (in dollars per share) $ 1.03 $ 1.19 $ 2.16 $ 2.48
DILUTED (in dollars per share) $ 1.03 $ 1.18 $ 2.15 $ 2.46
WEIGHTED-AVERAGE NUMBER OF SHARES OUTSTANDING        
BASIC (in shares) 145,546 144,899 145,402 144,782
DILUTED (in shares) 146,052 146,091 146,016 146,046