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CONSOLIDATED STATEMENT OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
INTEREST AND DIVIDEND INCOME        
Loans receivable, including fees $ 560,452 $ 363,503 $ 1,376,978 $ 1,057,964
Debt securities 51,092 37,826 139,935 101,616
Resale agreements 6,769 8,957 23,705 23,077
Restricted equity securities 843 500 2,274 1,588
Interest-bearing cash and deposits with banks 9,080 4,521 17,127 11,781
Total interest and dividend income 628,236 415,307 1,560,019 1,196,026
INTEREST EXPENSE        
Deposits 68,894 15,970 104,371 55,790
Federal funds purchased and other short-term borrowings 1,177 0 1,427 42
FHLB advances 392 857 1,529 6,025
Repurchase agreements 4,421 2,012 8,855 5,981
Long-term debt and finance lease liabilities 1,543 762 3,463 2,314
Total interest expense 76,427 19,601 119,645 70,152
Net interest income before provision for (reversal of) credit losses 551,809 395,706 1,440,374 1,125,874
Provision for (reversal of) credit losses 27,000 (10,000) 48,500 (25,000)
Net interest income after provision for (reversal of) credit losses 524,809 405,706 1,391,874 1,150,874
NONINTEREST INCOME        
Lending fees 20,289 17,516 59,869 56,965
Deposit account fees 23,636 18,508 66,323 51,233
Interest rate contracts and other derivative income 8,761 7,156 29,695 20,981
Foreign exchange income 10,083 13,101 34,143 35,634
Wealth management fees 8,903 5,598 21,494 20,460
Net gains on sales of loans 2,129 3,329 5,968 6,601
Gains on sales of AFS debt securities 0 354 1,306 1,178
Other investment (loss) income (580) 5,349 5,910 13,870
Other income 2,331 2,198 9,031 7,484
Total noninterest income 75,552 73,109 233,739 214,406
NONINTEREST EXPENSE        
Compensation and employee benefits 127,580 105,751 357,213 318,985
Occupancy and equipment expense 15,920 15,851 46,853 47,150
Deposit insurance premiums and regulatory assessments 4,875 4,641 14,519 12,791
Deposit account expense 6,707 4,136 17,071 11,845
Data processing 3,725 3,575 10,876 12,088
Computer software expense 6,889 8,426 20,755 23,106
Consulting expense 1,620 1,635 5,474 4,978
Legal expense 689 2,363 2,454 5,840
Other operating expense 28,094 20,998 78,315 58,544
Amortization of tax credit and other investments 19,874 38,008 48,753 90,657
Total noninterest expense 215,973 205,384 602,283 585,984
INCOME BEFORE INCOME TAXES 384,388 273,431 1,023,330 779,296
INCOME TAX EXPENSE 89,049 47,982 232,010 124,111
NET INCOME $ 295,339 $ 225,449 $ 791,320 $ 655,185
EARNINGS PER SHARE (“EPS”)        
BASIC (in dollars per share) $ 2.10 $ 1.59 $ 5.59 $ 4.62
DILUTED (in dollars per share) $ 2.08 $ 1.57 $ 5.55 $ 4.58
WEIGHTED-AVERAGE NUMBER OF SHARES OUTSTANDING        
BASIC (in shares) 140,917 141,880 141,453 141,799
DILUTED (in shares) 142,011 143,143 142,601 143,051