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Consolidated Statement of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
INTEREST AND DIVIDEND INCOME        
Loans receivable, including fees $ 433,658 $ 385,538 $ 1,291,642 $ 1,088,997
Available-for-sale investment securities 15,945 15,180 47,378 45,695
Resale agreements 6,881 7,393 22,070 21,509
Restricted equity securities 656 721 1,874 2,155
Interest-bearing cash and deposits with banks 19,772 13,353 52,103 36,013
Total interest and dividend income 476,912 422,185 1,415,067 1,194,369
INTEREST EXPENSE        
Deposits 96,820 65,032 286,789 155,433
Federal funds purchased and other short-term borrowings 382 643 1,359 774
FHLB advances 5,021 2,732 12,011 7,544
Repurchase agreements 3,239 3,366 10,200 8,714
Long-term debt and finance lease liabilities 1,643 1,692 5,114 4,812
Total interest expense 107,105 73,465 315,473 177,277
Net interest income before provision for credit losses 369,807 348,720 1,099,594 1,017,092
Provision for credit losses 38,284 10,542 80,108 46,296
Net interest income after provision for credit losses 331,523 338,178 1,019,486 970,796
NONINTEREST INCOME        
Lending fees 14,846 15,367 45,884 44,072
Deposit account fees 9,918 9,777 29,347 30,347
Foreign exchange income 8,065 6,077 20,366 14,069
Wealth management fees 4,841 3,535 12,453 10,989
Interest rate contracts and other derivative income 8,423 4,595 22,037 17,855
Net gains on sales of loans 2,037 1,145 2,967 5,081
Net gains on sales of available-for-sale investment securities 58 35 3,066 2,374
Net gains on sales of fixed assets 48 3,402 48 5,602
Net gain on sale of business 0 0 0 31,470
Other income 3,238 2,569 10,196 7,355
Total noninterest income 51,474 46,502 146,364 169,214
NONINTEREST EXPENSE        
Compensation and employee benefits 97,819 96,733 300,649 285,832
Occupancy and equipment expense 17,912 17,292 52,592 50,879
Deposit insurance premiums and regulatory assessments 3,550 6,013 9,557 18,118
Legal expense 1,720 1,544 6,300 6,636
Data processing 3,328 3,289 9,945 10,017
Consulting expense 2,559 2,683 6,687 10,155
Deposit related expense 3,584 2,600 10,426 8,201
Computer software expense 6,556 5,478 18,845 16,081
Other operating expense 22,769 23,394 67,737 61,780
Amortization of tax credit and other investments 16,833 20,789 58,477 58,670
Total noninterest expense 176,630 179,815 541,215 526,369
INCOME BEFORE INCOME TAXES 206,367 204,865 624,635 613,641
INCOME TAX EXPENSE 34,951 33,563 138,815 82,958
NET INCOME $ 171,416 $ 171,302 $ 485,820 $ 530,683
EARNINGS PER SHARE (“EPS”)        
BASIC (in dollars per share) $ 1.18 $ 1.18 $ 3.34 $ 3.66
DILUTED (in dollars per share) $ 1.17 $ 1.17 $ 3.33 $ 3.63
WEIGHTED-AVERAGE NUMBER OF SHARES OUTSTANDING        
BASIC (in shares) 145,559 144,921 145,455 144,829
DILUTED (in shares) 146,120 146,173 146,088 146,158