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CONSOLIDATED STATEMENT OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
INTEREST AND DIVIDEND INCOME        
Loans receivable, including fees $ 865,695 $ 868,441 $ 1,706,107 $ 1,734,830
Debt securities 153,788 111,732 301,572 187,124
Resale agreements 1,624 1,885 3,234 8,000
Restricted equity securities 2,957 2,950 5,816 4,289
Interest-bearing cash and deposits with banks 34,935 49,406 74,072 123,788
Total interest and dividend income 1,058,999 1,034,414 2,090,801 2,058,031
INTEREST EXPENSE        
Deposits 400,588 431,482 792,569 837,681
Federal funds purchased and other short-term borrowings 1 32 7 42,138
FHLB advances 39,313 48,840 78,179 56,579
Securities sold under repurchase agreements (“Repurchase agreements”) 1,352 58 1,429 93
Long-term debt and finance lease liabilities 671 773 1,342 3,172
Total interest expense 441,925 481,185 873,526 939,663
Net interest income before provision for credit losses 617,074 553,229 1,217,275 1,118,368
Provision for credit losses 45,000 37,000 94,000 62,000
Net interest income after provision for credit losses 572,074 516,229 1,123,275 1,056,368
NONINTEREST INCOME        
Commercial and consumer deposit-related fees 26,865 25,649 53,940 50,597
Lending and loan servicing fees 25,586 24,340 51,816 47,265
Foreign exchange income 13,715 12,924 29,552 24,393
Wealth management fees 10,725 9,478 24,404 18,115
Customer derivative income 2,201 5,764 6,270 9,514
Net gains on AFS debt securities 746 1,785 877 1,834
Other investment income 678 586 2,940 3,401
Other income 5,662 3,645 8,481 7,539
Total noninterest income 86,178 84,171 178,280 162,658
NONINTEREST EXPENSE        
Compensation and employee benefits 144,841 133,588 291,276 275,400
Occupancy and equipment expense 16,289 15,299 31,978 31,015
Deposit account expense 9,348 12,050 18,390 24,238
Computer and software related expenses 13,446 11,392 26,760 22,736
Deposit insurance premiums and regulatory assessments 9,133 10,708 19,518 30,357
Other operating expense 36,727 36,843 78,268 69,301
Amortization of tax credit and CRA investments 26,236 16,052 41,978 29,259
Total noninterest expense 256,020 235,932 508,168 482,306
INCOME BEFORE INCOME TAXES 402,232 364,468 793,387 736,720
Income tax expense 91,979 76,238 192,864 163,415
NET INCOME $ 310,253 $ 288,230 $ 600,523 $ 573,305
EARNINGS PER SHARE (“EPS”)        
BASIC (in dollars per share) $ 2.25 $ 2.07 $ 4.35 $ 4.12
DILUTED (in dollars per share) $ 2.24 $ 2.06 $ 4.32 $ 4.09
WEIGHTED-AVERAGE NUMBER OF SHARES OUTSTANDING        
BASIC (in shares) 137,818 138,980 138,009 139,195
DILUTED (in shares) 138,789 139,801 139,058 140,047