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Consolidated Statement of Income - USD ($)
shares in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
INTEREST AND DIVIDEND INCOME        
Loans receivable, including fees $ 336,542,000 $ 433,658,000 $ 1,115,804,000 $ 1,291,642,000
AFS debt securities 18,493,000 15,945,000 59,639,000 47,378,000
Resale agreements 5,295,000 6,943,000 16,434,000 22,253,000
Restricted equity securities 353,000 656,000 1,100,000 1,874,000
Interest-bearing cash and deposits with banks 5,045,000 19,710,000 20,717,000 51,920,000
Total interest and dividend income 365,728,000 476,912,000 1,213,694,000 1,415,067,000
INTEREST EXPENSE        
Deposits 33,798,000 96,820,000 156,600,000 286,789,000
Short-term borrowings 407,000 382,000 1,228,000 1,359,000
FHLB advances 3,146,000 5,021,000 10,655,000 12,011,000
Repurchase agreements 2,155,000 3,239,000 9,686,000 10,200,000
Long-term debt and finance lease liabilities 2,092,000 1,643,000 4,913,000 5,114,000
Total interest expense 41,598,000 107,105,000 183,082,000 315,473,000
Net interest income before provision for credit losses 324,130,000 369,807,000 1,030,612,000 1,099,594,000
Provision for (reversal of) credit losses 10,000,000 38,284,000 186,313,000 80,108,000
Net interest income after provision for credit losses 314,130,000 331,523,000 844,299,000 1,019,486,000
NONINTEREST INCOME        
Lending fees 18,736,000 15,035,000 56,455,000 46,427,000
Deposit account fees 12,573,000 9,729,000 33,892,000 28,804,000
Foreign exchange income 3,310,000 8,065,000 15,691,000 20,366,000
Wealth management fees 4,553,000 4,841,000 12,997,000 12,415,000
Interest rate contracts and other derivative income 5,538,000 8,423,000 18,718,000 22,037,000
Net gains on sales of loans 361,000 2,037,000 1,443,000 2,967,000
Gains on sales of AFS debt securities 698,000 58,000 11,867,000 3,066,000
Other investment income 316,000 663,000 3,203,000 2,571,000
Other income 3,495,000 2,623,000 8,000,000 7,711,000
Total noninterest income 49,580,000 51,474,000 162,266,000 146,364,000
NONINTEREST EXPENSE        
Compensation and employee benefits 99,756,000 97,819,000 298,671,000 300,649,000
Occupancy and equipment expense 16,648,000 17,912,000 49,941,000 52,592,000
Deposit insurance premiums and regulatory assessments 4,006,000 3,550,000 11,133,000 9,557,000
Legal expense 1,366,000 1,720,000 6,093,000 6,300,000
Data processing 3,590,000 3,328,000 11,896,000 9,945,000
Consulting expense 1,224,000 2,559,000 3,854,000 6,687,000
Deposit related expense 3,113,000 3,584,000 10,029,000 10,426,000
Computer software expense 8,539,000 6,556,000 22,006,000 18,845,000
Other operating expense 17,122,000 22,769,000 57,489,000 67,737,000
Amortization of tax credit and other investments 12,286,000 16,833,000 54,370,000 58,477,000
Repurchase agreements’ extinguishment cost 0 0 8,740,000 0
Total noninterest expense 167,650,000 176,630,000 534,222,000 541,215,000
INCOME BEFORE INCOME TAXES 196,060,000 206,367,000 472,343,000 624,635,000
INCOME TAX EXPENSE 36,523,000 34,951,000 68,630,000 138,815,000
NET INCOME $ 159,537,000 $ 171,416,000 $ 403,713,000 $ 485,820,000
EARNINGS PER SHARE (“EPS”)        
BASIC (in dollars per share) $ 1.13 $ 1.18 $ 2.83 $ 3.34
DILUTED (in dollars per share) $ 1.12 $ 1.17 $ 2.82 $ 3.33
WEIGHTED-AVERAGE NUMBER OF SHARES OUTSTANDING        
BASIC (in shares) 141,498 145,559 142,595 145,455
DILUTED (in shares) 142,043 146,120 143,082 146,088