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CONSOLIDATED STATEMENT OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
INTEREST AND DIVIDEND INCOME        
Loans receivable, including fees $ 868,441 $ 771,264 $ 1,734,830 $ 1,499,650
Debt securities 111,732 68,970 187,124 134,901
Resale agreements 1,885 3,969 8,000 8,472
Restricted equity securities 2,950 936 4,289 1,975
Interest-bearing cash and deposits with banks 49,406 60,995 123,788 96,642
Total interest and dividend income 1,034,414 906,134 2,058,031 1,741,640
INTEREST EXPENSE        
Deposits 431,482 287,477 837,681 504,271
Federal funds purchased and other short-term borrowings 32 49,032 42,138 57,857
FHLB advances 48,840 0 56,579 6,430
Securities sold under repurchase agreements (“repurchase agreements”) 58 211 93 1,263
Long-term debt and finance lease liabilities 773 2,668 3,172 5,212
Total interest expense 481,185 339,388 939,663 575,033
Net interest income before provision for credit losses 553,229 566,746 1,118,368 1,166,607
Provision for credit losses 37,000 26,000 62,000 46,000
Net interest income after provision for credit losses 516,229 540,746 1,056,368 1,120,607
NONINTEREST INCOME        
Deposit account fees 25,649 23,369 50,597 46,423
Lending fees 24,340 20,901 47,265 41,487
Foreign exchange income 12,924 12,167 24,393 23,476
Wealth management fees 9,478 6,944 18,115 13,291
Customer derivative income 5,764 7,373 9,514 9,937
Net gains (losses) on sales of loans 56 (7) 15 (29)
Net gains (losses) on AFS debt securities 1,785 0 1,834 (10,000)
Other investment income 586 4,003 3,401 5,924
Other income 4,091 3,881 8,527 8,100
Total noninterest income 84,673 78,631 163,661 138,609
NONINTEREST EXPENSE        
Compensation and employee benefits 133,588 124,937 275,400 254,591
Occupancy and equipment expense 15,031 16,088 30,261 31,675
Deposit insurance premiums and regulatory assessments 10,708 8,262 30,357 16,172
Deposit account expense 12,050 10,559 24,238 20,168
Computer software and data processing expenses 11,392 10,692 22,736 21,399
Other operating expense 37,613 35,337 71,058 70,207
Amortization of tax credit and CRA investments 16,052 55,914 29,259 66,024
Total noninterest expense 236,434 261,789 483,309 480,236
INCOME BEFORE INCOME TAXES 364,468 357,588 736,720 778,980
INCOME TAX EXPENSE 76,238 45,557 163,415 144,510
NET INCOME $ 288,230 $ 312,031 $ 573,305 $ 634,470
EARNINGS PER SHARE (“EPS”)        
BASIC (in dollars per share) $ 2.07 $ 2.21 $ 4.12 $ 4.49
DILUTED (in dollars per share) $ 2.06 $ 2.20 $ 4.09 $ 4.47
WEIGHTED-AVERAGE NUMBER OF SHARES OUTSTANDING        
BASIC (in shares) 138,980 141,468 139,195 141,291
DILUTED (in shares) 139,801 141,876 140,047 141,910