XML 69 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
INTEREST AND DIVIDEND INCOME        
Loans receivable, including fees $ 238,036 $ 240,773 $ 459,075 $ 468,299
Investment securities 16,913 23,253 38,145 42,110
Securities purchased under resale agreements 4,758 5,109 9,072 9,379
Investment in Federal Home Loan Bank stock 167 124 387 357
Investment in Federal Reserve Bank stock 714 709 1,427 1,418
Due from banks and short-term investments 5,774 4,500 12,306 7,240
Total interest and dividend income 266,362 274,468 520,412 528,803
INTEREST EXPENSE        
Customer deposit accounts 19,177 29,130 39,341 55,112
Federal funds purchased     2  
Federal Home Loan Bank advances 1,353 3,955 3,495 9,733
Securities sold under repurchase agreements 11,591 12,116 23,313 24,133
Long-term debt 1,084 1,788 2,186 3,359
Other borrowings   143   296
Total interest expense 33,205 47,132 68,337 92,633
Net interest income before provision for loan losses 233,157 227,336 452,075 436,170
Provision for loan losses 15,500 26,500 33,600 53,006
Net interest income after provision for loan losses 217,657 200,836 418,475 383,164
NONINTEREST (LOSS) INCOME        
Impairment loss on investment securities     (5,165) (5,555)
Less: Noncredit-related impairment loss recorded in other comprehensive income     5,066 5,091
Net impairment loss on investment securities recognized in earnings     (99) (464)
Decrease in FDIC indemnification asset and receivable (40,345) (18,806) (45,763) (36,249)
Branch fees 8,641 9,078 16,935 16,832
Net gain on sales of investment securities 71 1,117 554 3,632
Net gain on sale of fixed assets 37 2,169 73 2,206
Letters of credit fees and commissions 4,538 3,390 8,813 6,434
Foreign exchange income 563 2,826 2,359 4,752
Ancillary loan fees 2,188 2,055 4,196 4,046
Income from life insurance policies 959 1,122 1,949 2,106
Net gain on sales of loans 6,375 5,891 11,554 13,301
Other operating income 5,318 3,649 9,514 6,936
Total noninterest (loss) income (11,655) 12,491 10,085 23,532
NONINTEREST EXPENSE        
Compensation and employee benefits 42,863 40,870 89,272 79,140
Occupancy and equipment expense 13,057 12,175 26,575 24,773
Amortization of investments in affordable housing partnerships and other investments 4,425 4,598 8,891 9,123
Amortization of premiums on deposits acquired 2,838 3,151 5,711 6,336
Deposit insurance premiums and regulatory assessments 3,323 6,833 7,315 14,024
Loan-related expenses 4,175 4,284 8,656 7,383
Other real estate owned expense 4,486 14,585 15,351 25,249
Legal expense 4,150 6,791 11,323 10,892
Prepayment penalty for FHLB advances 2,336 4,433 3,657 8,455
Data processing 2,197 2,100 4,661 4,703
Deposit-related expenses 1,657 1,373 3,084 2,532
Consulting expense 1,568 2,378 3,035 4,004
Other operating expenses 14,533 14,026 28,840 27,772
Total noninterest expense 101,608 117,597 216,371 224,386
INCOME BEFORE PROVISION FOR INCOME TAXES 104,394 95,730 212,189 182,310
PROVISION FOR INCOME TAXES 33,837 35,205 73,549 65,714
NET INCOME 70,557 60,525 138,640 116,596
PREFERRED STOCK DIVIDENDS 1,714 1,714 3,428 3,429
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 68,843 $ 58,811 $ 135,212 $ 113,167
EARNINGS PER SHARE AVAILABLE TO COMMON STOCKHOLDERS        
BASIC (in dollars per share) $ 0.48 [1] $ 0.40 $ 0.93 [1] $ 0.77
DILUTED (in dollars per share) $ 0.47 [1] $ 0.39 $ 0.92 [1] $ 0.76
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING        
BASIC (in shares) 142,107 [1] 147,011 143,727 [1] 146,937
DILUTED (in shares) 147,786 [1] 153,347 149,414 [1] 153,349
DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) $ 0.10 $ 0.05 $ 0.20 $ 0.06
[1] On April 1, 2012, the Company revised its calculation of earnings per share to account for participating securities under the two-class method. This revision to the earnings per share calculation does not have an impact to previous periods as the amounts are immaterial.