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CONSOLIDATED STATEMENT OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
INTEREST AND DIVIDEND INCOME        
Loans receivable, including fees $ 818,719 $ 560,452 $ 2,318,369 $ 1,376,978
Debt securities 69,778 51,092 204,679 139,935
Resale agreements 4,460 6,769 12,932 23,705
Restricted equity securities 1,079 843 3,054 2,274
Interest-bearing cash and deposits with banks 67,751 9,080 164,393 17,127
Total interest and dividend income 961,787 628,236 2,703,427 1,560,019
INTEREST EXPENSE        
Deposits 338,296 68,894 842,567 104,371
Federal funds purchased and other short-term borrowings 49,575 1,177 107,432 1,427
Federal Home Loan Bank (“FHLB”) advances 0 392 6,430 1,529
Repurchase agreements 193 4,421 1,456 8,855
Long-term debt and finance lease liabilities 2,910 1,543 8,122 3,463
Total interest expense 390,974 76,427 966,007 119,645
Net interest income before provision for credit losses 570,813 551,809 1,737,420 1,440,374
Provision for credit losses 42,000 27,000 88,000 48,500
Net interest income after provision for credit losses 528,813 524,809 1,649,420 1,391,874
NONINTEREST INCOME        
Lending fees 20,312 20,289 61,799 59,869
Deposit account fees 22,622 23,636 66,610 66,323
Interest rate contracts and other derivative income 11,208 8,761 21,145 29,695
Foreign exchange income 12,334 10,083 38,245 34,143
Wealth management fees 5,877 8,903 19,070 21,494
Net (losses) gains on sales of loans (12) 2,129 (41) 5,968
Net (losses) gains on AFS debt securities 0 0 (10,000) 1,306
Other investment income (loss) 1,751 (580) 7,675 5,910
Other income 2,660 2,331 10,858 9,031
Total noninterest income 76,752 75,552 215,361 233,739
NONINTEREST EXPENSE        
Compensation and employee benefits 123,153 127,580 377,744 357,213
Occupancy and equipment expense 15,353 15,920 47,028 46,853
Deposit insurance premiums and regulatory assessments 8,583 4,875 24,755 14,519
Deposit account expense 11,585 6,707 31,753 17,071
Data processing 3,645 3,725 10,205 10,876
Computer software expense 8,116 6,889 22,955 20,755
Other operating expense 31,885 30,403 102,092 86,243
Amortization of tax credit and other investments 49,694 19,874 115,718 48,753
Noninterest expense 252,014 215,973 732,250 602,283
INCOME BEFORE INCOME TAXES 353,551 384,388 1,132,531 1,023,330
INCOME TAX EXPENSE 65,813 89,049 210,323 232,010
NET INCOME $ 287,738 $ 295,339 $ 922,208 $ 791,320
EARNINGS PER SHARE (“EPS”)        
BASIC (in dollars per share) $ 2.03 $ 2.10 $ 6.52 $ 5.59
DILUTED (in dollars per share) $ 2.02 $ 2.08 $ 6.49 $ 5.55
WEIGHTED-AVERAGE NUMBER OF SHARES OUTSTANDING        
BASIC (in shares) 141,485 140,917 141,356 141,453
DILUTED (in shares) 142,122 142,011 142,044 142,601