XML 74 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
INTEREST AND DIVIDEND INCOME        
Loans receivable, including fees $ 269,484 $ 234,290 $ 531,055 $ 451,449
Investment securities 12,490 9,594 24,766 19,804
Securities purchased under resale agreements 4,559 5,435 9,412 10,964
Investment in Federal Home Loan Bank stock 773 1,021 1,896 1,550
Investment in Federal Reserve Bank stock 782 721 1,530 1,441
Due from banks and short-term investments 6,354 4,292 11,956 8,568
Total interest and dividend income 294,442 255,353 580,615 493,776
INTEREST EXPENSE        
Customer deposit accounts 15,569 15,738 31,451 32,592
Federal Home Loan Bank advances 1,015 1,047 2,060 2,086
Securities sold under repurchase agreements 10,189 10,217 20,267 20,746
Long-term debt 1,219 707 2,421 1,417
Total interest expense 27,992 27,709 56,199 56,841
Net interest income before provision for loan losses 266,450 227,644 524,416 436,935
Provision for loan losses, excluding covered loans 8,944 8,277 16,898 7,515
(Reversal of) provision for loan losses on covered loans (944) 723 (1,965) 5,812
Net interest income after provision for loan losses 258,450 218,644 509,483 423,608
NONINTEREST INCOME (LOSS)        
Changes in FDIC indemnification asset and receivable/payable (57,558) (47,905) (111,192) (79,804)
Branch fees 9,519 8,119 18,965 15,773
Net gains on sales of investment securities 671 5,345 4,089 10,922
Net gains on sales of fixed assets 180 228 360 352
Letters of credit fees and commissions 6,099 5,426 12,266 10,488
Foreign exchange income 2,841 3,649 3,530 5,985
Ancillary loan fees 2,521 2,634 4,993 4,686
Income from life insurance policies 881 900 2,032 1,868
Net gains (losses) on sales of loans 6,793 (354) 12,989 (260)
Other operating income 13,108 9,604 22,107 15,537
Total noninterest loss (14,945) (12,354) (29,861) (14,453)
NONINTEREST EXPENSE        
Compensation and employee benefits 55,081 42,026 114,358 87,757
Occupancy and equipment expense 16,534 13,706 32,385 27,514
Amortization of investments in affordable housing partnerships and other investments 12,851 5,064 18,815 9,347
Amortization of premiums on deposits acquired 2,624 2,375 5,124 4,784
Deposit insurance premiums and regulatory assessments 5,812 3,875 11,514 7,657
Loan related (income) expenses (1,098) 3,573 1,477 7,157
Other real estate owned expense (gains on sale) 783 (1,188) 2,117 (2,172)
Legal expense 9,104 5,467 12,903 9,911
Data processing 2,940 2,200 11,140 4,637
Deposit related expenses 1,956 1,516 3,660 3,090
Consulting expense 2,328 1,003 3,377 1,457
Other operating expenses 18,984 14,803 35,456 29,636
Total noninterest expense 127,899 94,420 252,326 190,775
INCOME BEFORE PROVISION FOR INCOME TAXES 115,606 111,870 227,296 218,380
PROVISION FOR INCOME TAXES 31,618 37,855 66,567 72,274
NET INCOME 83,988 74,015 160,729 146,106
PREFERRED STOCK DIVIDENDS   1,714   3,428
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 83,988 $ 72,301 $ 160,729 $ 142,678
EARNINGS PER SHARE AVAILABLE TO COMMON STOCKHOLDERS        
BASIC (in dollars per share) $ 0.59 $ 0.52 $ 1.13 $ 1.03
DILUTED (in dollars per share) $ 0.58 $ 0.52 $ 1.12 $ 1.03
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING        
BASIC (in shares) 143,187 137,536 142,578 137,592
DILUTED (in shares) 143,689 137,816 143,158 141,573
DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) $ 0.18 $ 0.15 $ 0.36 $ 0.30