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CONSOLIDATED STATEMENT OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
INTEREST AND DIVIDEND INCOME        
Loans receivable, including fees $ 887,353 $ 818,719 $ 2,622,183 $ 2,318,369
Debt securities 123,983 69,778 311,107 204,679
Resale agreements 1,663 4,460 9,663 12,932
Restricted equity securities 2,840 1,079 7,129 3,054
Interest-bearing cash and deposits with banks 60,060 67,751 183,848 164,393
Total interest and dividend income 1,075,899 961,787 3,133,930 2,703,427
INTEREST EXPENSE        
Deposits 454,071 338,296 1,291,752 842,567
Federal funds purchased and other short-term borrowings 16 49,575 42,154 107,432
FHLB advances 48,261 0 104,840 6,430
Securities sold under repurchase agreements (“repurchase agreements”) 49 193 142 1,456
Long-term debt and finance lease liabilities 780 2,910 3,952 8,122
Total interest expense 503,177 390,974 1,442,840 966,007
Net interest income before provision for credit losses 572,722 570,813 1,691,090 1,737,420
Provision for credit losses 42,000 42,000 104,000 88,000
Net interest income after provision for credit losses 530,722 528,813 1,587,090 1,649,420
NONINTEREST INCOME        
Deposit account fees 26,815 23,560 77,412 69,983
Lending fees 26,453 20,312 73,718 61,799
Foreign exchange income 13,569 11,396 37,962 34,872
Wealth management fees 10,683 5,922 28,798 19,213
Customer derivative (losses) income (706) 11,208 8,808 21,145
Net gains (losses) on sales of loans 21 (12) 36 (41)
Net gains (losses) on AFS debt securities 145 0 1,979 (10,000)
Other investment income 2,800 1,751 6,201 7,675
Other income 4,981 2,615 13,508 10,715
Total noninterest income 84,761 76,752 248,422 215,361
NONINTEREST EXPENSE        
Compensation and employee benefits 135,464 123,153 410,864 377,744
Occupancy and equipment expense 16,238 15,353 46,499 47,028
Deposit account expense 12,229 11,585 36,467 31,753
Computer and software related expenses 11,436 11,761 34,172 33,160
Deposit insurance premiums and regulatory assessments 9,178 8,583 39,535 24,755
Other operating expense 36,021 31,885 107,079 102,092
Amortization of tax credit and CRA investments 5,600 49,694 34,859 115,718
Total noninterest expense 226,166 252,014 709,475 732,250
INCOME BEFORE INCOME TAXES 389,317 353,551 1,126,037 1,132,531
Income tax expense 90,151 65,813 253,566 210,323
NET INCOME $ 299,166 $ 287,738 $ 872,471 $ 922,208
EARNINGS PER SHARE (“EPS”)        
BASIC (in dollars per share) $ 2.16 $ 2.03 $ 6.28 $ 6.52
DILUTED (in dollars per share) $ 2.14 $ 2.02 $ 6.23 $ 6.49
WEIGHTED-AVERAGE NUMBER OF SHARES OUTSTANDING        
BASIC (in shares) 138,606 141,485 138,997 141,356
DILUTED (in shares) 139,648 142,122 139,939 142,044