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Consolidated Statement of Income - Unaudited - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
INTEREST AND DIVIDEND INCOME        
Loans receivable, including fees $ 363,503 $ 336,542 $ 1,057,964 $ 1,115,804
AFS debt securities 37,826 18,493 101,616 59,639
Resale agreements 8,957 5,295 23,077 16,434
Restricted equity securities 500 353 1,588 1,100
Interest-bearing cash and deposits with banks 4,521 5,045 11,781 20,717
Total interest and dividend income 415,307 365,728 1,196,026 1,213,694
INTEREST EXPENSE        
Deposits 15,970 33,798 55,790 156,600
Short-term borrowings 0 407 42 1,228
FHLB advances 857 3,146 6,025 10,655
Repurchase agreements 2,012 2,155 5,981 9,686
Long-term debt and finance lease liabilities 762 2,092 2,314 4,913
Total interest expense 19,601 41,598 70,152 183,082
Net interest income before provision for credit losses 395,706 324,130 1,125,874 1,030,612
(Reversal of) provision for credit losses (10,000) 10,000 (25,000) 186,313
Net interest income after provision for credit losses 405,706 314,130 1,150,874 844,299
NONINTEREST INCOME        
Lending fees 17,516 18,736 56,965 56,455
Deposit account fees 18,508 12,573 51,233 33,892
Interest rate contracts and other derivative income 7,156 5,538 20,981 18,718
Foreign exchange income 13,101 3,310 35,634 15,691
Wealth management fees 5,598 4,553 20,460 12,997
Net gains on sales of loans 3,329 361 6,601 1,443
Gains on sales of AFS debt securities 354 698 1,178 11,867
Other investment income 5,349 5,239 13,870 6,652
Other income 2,198 3,495 7,484 8,000
Total noninterest income 73,109 54,503 214,406 165,715
NONINTEREST EXPENSE        
Compensation and employee benefits 105,751 99,756 318,985 298,671
Occupancy and equipment expense 15,851 16,648 47,150 49,941
Deposit insurance premiums and regulatory assessments 4,641 4,006 12,791 11,133
Deposit account expense 4,136 3,113 11,845 10,029
Data processing 3,575 3,590 12,088 11,896
Computer software expense 8,426 8,539 23,106 22,006
Consulting expense 1,635 1,224 4,978 3,854
Legal expense 2,363 1,366 5,840 6,093
Other operating expense 20,998 17,122 58,544 57,489
Amortization of tax credit and other investments 38,008 17,209 90,657 57,819
Repurchase agreements’ extinguishment costs 0 0 0 8,740
Total noninterest expense 205,384 172,573 585,984 537,671
INCOME BEFORE INCOME TAXES 273,431 196,060 779,296 472,343
INCOME TAX EXPENSE 47,982 36,523 124,111 68,630
NET INCOME $ 225,449 $ 159,537 $ 655,185 $ 403,713
EARNINGS PER SHARE (“EPS”)        
BASIC (in dollars per share) $ 1.59 $ 1.13 $ 4.62 $ 2.83
DILUTED (in dollars per share) $ 1.57 $ 1.12 $ 4.58 $ 2.82
WEIGHTED-AVERAGE NUMBER OF SHARES OUTSTANDING        
BASIC (in shares) 141,880 141,498 141,799 142,595
DILUTED (in shares) 143,143 142,043 143,051 143,082