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CONSOLIDATED STATEMENT OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
INTEREST AND DIVIDEND INCOME        
Loans receivable, including fees $ 919,518 $ 887,353 $ 2,625,625 $ 2,622,183
Debt securities 158,562 123,983 460,134 311,107
Resale agreements 1,616 1,663 4,850 9,663
Restricted equity securities 2,866 2,840 8,682 7,129
Interest-bearing cash and deposits with banks 47,170 60,060 121,242 183,848
Total interest and dividend income 1,129,732 1,075,899 3,220,533 3,133,930
INTEREST EXPENSE        
Deposits 414,637 454,071 1,207,206 1,291,752
Federal funds purchased and other short-term borrowings 3 16 10 42,154
FHLB advances 36,740 48,261 114,919 104,840
Repurchase agreements 148 49 1,577 142
Long-term debt and finance lease liabilities 674 780 2,016 3,952
Total interest expense 452,202 503,177 1,325,728 1,442,840
Net interest income before provision for credit losses 677,530 572,722 1,894,805 1,691,090
Provision for credit losses 36,000 42,000 130,000 104,000
Net interest income after provision for credit losses 641,530 530,722 1,764,805 1,587,090
NONINTEREST INCOME        
Commercial and consumer deposit-related fees 28,409 26,815 82,349 77,412
Lending and loan servicing fees 27,605 26,453 79,421 73,718
Foreign exchange income 14,491 13,569 44,043 37,962
Wealth management fees 14,562 10,683 38,966 28,798
Customer derivative income (loss), net of mark-to-market adjustments 6,124 (706) 12,394 8,808
Net gains on AFS debt securities 57 145 934 1,979
Other investment income 705 2,800 3,645 6,201
Other income 8,564 4,636 17,045 12,175
Total noninterest income 100,517 84,395 278,797 247,053
NONINTEREST EXPENSE        
Compensation and employee benefits 175,585 135,464 466,861 410,864
Occupancy and equipment expense 16,970 17,001 48,948 48,016
Deposit account expense 8,851 12,229 27,241 36,467
Computer and software related expenses 12,949 11,436 39,709 34,172
Deposit insurance premiums and regulatory assessments 8,644 9,178 28,162 39,535
Other operating expense 38,231 34,892 116,499 104,193
Amortization of tax credit and CRA investments 15,693 5,600 57,671 34,859
Total noninterest expense 276,923 225,800 785,091 708,106
INCOME BEFORE INCOME TAXES 465,124 389,317 1,258,511 1,126,037
Income tax expense 96,730 90,151 289,594 253,566
NET INCOME $ 368,394 $ 299,166 $ 968,917 $ 872,471
EARNINGS PER SHARE (“EPS”)        
BASIC (in dollars per share) $ 2.68 $ 2.16 $ 7.03 $ 6.28
DILUTED (in dollars per share) $ 2.65 $ 2.14 $ 6.97 $ 6.23
WEIGHTED-AVERAGE NUMBER OF SHARES OUTSTANDING        
BASIC (in shares) 137,676 138,606 137,897 138,997
DILUTED (in shares) 138,942 139,648 139,090 139,939