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CONSOLIDATED STATEMENT OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
INTEREST AND DIVIDEND INCOME        
Loans receivable, including fees $ 439,416 $ 352,453 $ 816,526 $ 694,461
Debt securities 46,176 34,690 88,843 63,790
Resale agreements 8,553 8,021 16,936 14,120
Restricted equity securities 822 541 1,431 1,088
Interest-bearing cash and deposits with banks 4,787 3,628 8,047 7,260
Total interest and dividend income 499,754 399,333 931,783 780,719
INTEREST EXPENSE        
Deposits 22,488 17,998 35,477 39,820
Short-term borrowings 241 0 250 42
FHLB advances 559 2,099 1,137 5,168
Repurchase agreements 2,418 1,991 4,434 3,969
Long-term debt and finance lease liabilities 1,096 772 1,920 1,552
Total interest expense 26,802 22,860 43,218 50,551
Net interest income before provision for (reversal of) credit losses 472,952 376,473 888,565 730,168
Provision for (reversal of) credit losses 13,500 (15,000) 21,500 (15,000)
Net interest income after provision for (reversal of) credit losses 459,452 391,473 867,065 745,168
NONINTEREST INCOME        
Lending fees 20,142 21,092 39,580 39,449
Deposit account fees 22,372 17,342 42,687 32,725
Interest rate contracts and other derivative income (loss) 9,801 (3,172) 20,934 13,825
Foreign exchange income 11,361 13,007 24,060 22,533
Wealth management fees 6,539 7,951 12,591 14,862
Net gains on sales of loans 917 1,491 3,839 3,272
Gains on sales of AFS debt securities 28 632 1,306 824
Other investment income 4,863 7,596 6,490 8,521
Other income 2,421 2,492 6,700 5,286
Total noninterest income 78,444 68,431 158,187 141,297
NONINTEREST EXPENSE        
Compensation and employee benefits 113,364 105,426 229,633 213,234
Occupancy and equipment expense 15,469 15,377 30,933 31,299
Deposit insurance premiums and regulatory assessments 4,927 4,274 9,644 8,150
Deposit account expense 5,671 3,817 10,364 7,709
Data processing 3,486 4,035 7,151 8,513
Computer software expense 6,572 7,521 13,866 14,680
Consulting expense 2,021 1,868 3,854 3,343
Legal expense 1,047 1,975 1,765 3,477
Other operating expense 29,324 17,939 50,221 37,546
Amortization of tax credit and other investments 14,979 27,291 28,879 52,649
Total noninterest expense 196,860 189,523 386,310 380,600
INCOME BEFORE INCOME TAXES 341,036 270,381 638,942 505,865
INCOME TAX EXPENSE 82,707 45,639 142,961 76,129
NET INCOME $ 258,329 $ 224,742 $ 495,981 $ 429,736
EARNINGS PER SHARE (“EPS”)        
BASIC (in dollars per share) $ 1.83 $ 1.58 $ 3.50 $ 3.03
DILUTED (in dollars per share) $ 1.81 $ 1.57 $ 3.47 $ 3.01
WEIGHTED-AVERAGE NUMBER OF SHARES OUTSTANDING        
BASIC (in shares) 141,429 141,868 141,725 141,758
DILUTED (in shares) 142,372 143,040 142,838 142,963