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CONSOLIDATED STATEMENT OF INCOME - USD ($)
shares in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
INTEREST AND DIVIDEND INCOME    
Loans receivable, including fees $ 728,386,000 $ 377,110,000
Debt securities 65,931,000 42,667,000
Resale agreements 4,503,000 8,383,000
Restricted equity securities 1,039,000 609,000
Interest-bearing cash and deposits with banks 35,647,000 3,260,000
Total interest and dividend income 835,506,000 432,029,000
INTEREST EXPENSE    
Deposits 216,794,000 12,989,000
Short-term borrowings 8,825,000 9,000
Federal Home Loan Bank (“FHLB”) advances 6,430,000 578,000
Repurchase agreements 1,052,000 2,016,000
Long-term debt and finance lease liabilities 2,544,000 824,000
Total interest expense 235,645,000 16,416,000
Net interest income before provision for credit losses 599,861,000 415,613,000
Provision for credit losses 20,000,000 8,000,000
Net interest income after provision for credit losses 579,861,000 407,613,000
NONINTEREST INCOME    
Lending fees 20,586,000 19,438,000
Deposit account fees 21,703,000 20,315,000
Interest rate contracts and other derivative income 2,564,000 11,133,000
Foreign exchange income 12,660,000 12,699,000
Wealth management fees 6,304,000 6,052,000
Net (losses) gains on sales of loans (22,000) 2,922,000
Net realized (losses) gains on AFS debt securities (10,000,000) 1,278,000
Other investment income 1,921,000 1,627,000
Other income 4,262,000 4,279,000
Total noninterest income 59,978,000 79,743,000
NONINTEREST EXPENSE    
Compensation and employee benefits 129,654,000 116,269,000
Occupancy and equipment expense 15,587,000 15,464,000
Deposit insurance premiums and regulatory assessments 7,910,000 4,717,000
Deposit account expense 9,609,000 4,693,000
Data processing 3,347,000 3,665,000
Computer software expense 7,360,000 7,294,000
Other operating expense 30,998,000 23,448,000
Amortization of tax credit and other investments 10,110,000 13,900,000
Repurchase agreements’ extinguishment cost 3,872,000 0
Noninterest expense 218,447,000 189,450,000
INCOME BEFORE INCOME TAXES 421,392,000 297,906,000
INCOME TAX EXPENSE 98,953,000 60,254,000
NET INCOME $ 322,439,000 $ 237,652,000
EARNINGS PER SHARE (“EPS”)    
BASIC (in dollars per share) $ 2.28 $ 1.67
DILUTED (in dollars per share) $ 2.27 $ 1.66
WEIGHTED-AVERAGE NUMBER OF SHARES OUTSTANDING    
BASIC (in shares) 141,112 142,025
DILUTED (in shares) 141,913 143,223