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Consolidated Statement of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
INTEREST AND DIVIDEND INCOME        
Loans receivable, including fees $ 367,393 $ 434,450 $ 779,262 $ 857,984
AFS debt securities 21,004 15,685 41,146 31,433
Resale agreements 5,514 7,404 11,139 15,310
Restricted equity securities 301 505 747 1,218
Interest-bearing cash and deposits with banks 4,564 16,800 15,672 32,210
Total interest and dividend income 398,776 474,844 847,966 938,155
INTEREST EXPENSE        
Deposits 46,399 97,964 122,802 189,969
Short-term borrowings 265 361 821 977
FHLB advances 3,343 4,011 7,509 6,990
Repurchase agreements 3,540 3,469 7,531 6,961
Long-term debt and finance lease liabilities 1,454 1,713 2,821 3,471
Total interest expense 55,001 107,518 141,484 208,368
Net interest income before provision for credit losses 343,775 367,326 706,482 729,787
Provision for credit losses 102,443 19,245 176,313 41,824
Net interest income after provision for credit losses 241,332 348,081 530,169 687,963
NONINTEREST INCOME        
Lending fees 21,946 16,423 37,719 31,392
Deposit account fees 10,872 9,607 21,319 19,075
Foreign exchange income 4,562 7,286 12,381 12,301
Wealth management fees 3,091 3,800 8,444 7,574
Interest rate contracts and other derivative income 6,107 10,398 13,180 13,614
Net gains on sales of loans 132 15 1,082 930
Gains on sales of AFS debt securities 9,640 1,447 11,169 3,008
Other investment income 966 706 2,887 1,908
Other income 1,321 3,077 4,505 5,088
Total noninterest income 58,637 52,759 112,686 94,890
NONINTEREST EXPENSE        
Compensation and employee benefits 96,955 100,531 198,915 202,830
Occupancy and equipment expense 16,217 17,362 33,293 34,680
Deposit insurance premiums and regulatory assessments 3,700 2,919 7,127 6,007
Legal expense 1,530 2,355 4,727 4,580
Data processing 4,480 3,460 8,306 6,617
Consulting expense 1,413 2,069 2,630 4,128
Deposit related expense 3,353 3,338 6,916 6,842
Computer software expense 7,301 6,211 13,467 12,289
Other operating expense 19,248 22,679 40,367 44,968
Amortization of tax credit and other investments 24,759 16,739 42,084 41,644
Repurchase agreements’ extinguishment cost 8,740 0 8,740 0
Total noninterest expense 187,696 177,663 366,572 364,585
INCOME BEFORE INCOME TAXES 112,273 223,177 276,283 418,268
INCOME TAX EXPENSE 12,921 72,797 32,107 103,864
NET INCOME $ 99,352 $ 150,380 $ 244,176 $ 314,404
EARNINGS PER SHARE (“EPS”)        
BASIC (in dollars per share) $ 0.70 $ 1.03 $ 1.71 $ 2.16
DILUTED (in dollars per share) $ 0.70 $ 1.03 $ 1.70 $ 2.15
WEIGHTED-AVERAGE NUMBER OF SHARES OUTSTANDING        
BASIC (in shares) 141,486 145,546 143,150 145,402
DILUTED (in shares) 141,827 146,052 143,560 146,016