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CONSOLIDATED STATEMENT OF INCOME - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
INTEREST AND DIVIDEND INCOME      
Loans receivable, including fees $ 3,490,979 $ 3,172,746 $ 2,048,301
Debt securities 449,065 276,190 198,906
Assets purchased under resale agreements 11,254 20,164 29,767
Restricted equity securities 10,104 4,062 3,144
Interest-bearing cash and deposits with banks 231,794 220,643 41,113
Total interest and dividend income 4,193,196 3,693,805 2,321,231
INTEREST EXPENSE      
Deposits 1,720,174 1,205,550 251,838
Federal funds purchased and other short-term borrowings 42,163 157,002 1,801
FHLB advances 147,269 6,430 1,754
Securities sold under repurchase agreements (“repurchase agreements”) 197 1,497 14,362
Long-term debt and finance lease liabilities 4,677 11,072 5,595
Total interest expense 1,914,480 1,381,551 275,350
Net interest income before provision for credit losses 2,278,716 2,312,254 2,045,881
Provision for credit losses 174,000 125,000 73,500
Net interest income after provision for credit losses 2,104,716 2,187,254 1,972,381
NONINTEREST INCOME      
Deposit account fees 103,880 93,811 95,177
Lending fees 98,455 83,876 79,208
Foreign exchange income 54,605 48,276 41,416
Wealth management fees 38,627 26,994 27,738
Customer derivative income 16,401 20,200 29,057
Net gains on sales of loans 44 3,634 6,411
Net gains (losses) on AFS debt securities 2,069 (6,862) 1,306
Other investment income 5,611 9,348 7,037
Other income 15,526 15,987 11,316
Total noninterest income 335,218 295,264 298,666
NONINTEREST EXPENSE      
Compensation and employee benefits 550,734 508,538 477,635
Occupancy and equipment expense 64,399 62,763 62,501
Deposit account expense 47,390 43,143 25,508
Computer and software related expenses 47,271 44,475 42,776
Deposit insurance premiums and regulatory assessments 45,736 103,308 19,449
Other operating expense 148,301 140,222 118,166
Amortization of tax credit and CRA investments 54,242 120,299 113,358
Total noninterest expense 958,073 1,022,748 859,393
INCOME BEFORE INCOME TAXES 1,481,861 1,459,770 1,411,654
Income tax expense 316,275 298,609 283,571
NET INCOME $ 1,165,586 $ 1,161,161 $ 1,128,083
EARNINGS PER SHARE (“EPS”)      
BASIC (in dollars per share) $ 8.39 $ 8.23 $ 7.98
DILUTED (in dollars per share) $ 8.33 $ 8.18 $ 7.92
WEIGHTED-AVERAGE NUMBER OF SHARES OUTSTANDING      
BASIC (in shares) 138,898 141,164 141,326
DILUTED (in shares) 139,958 141,902 142,492