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Consolidated Statement of Income (Unaudited) (USD $)
In Thousands, except Per Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Interest income        
Loans and leases, including fees $ 624,247 $ 596,919 $ 1,218,279 $ 1,185,046
Deposits at banks 479 5 515 11
Federal funds sold 10 9 28 20
Agreements to resell securities 127 2 128 4
Trading account 282 110 670 193
Investment securities        
Fully taxable 60,827 85,232 131,489 170,879
Exempt from federal taxes 2,281 2,507 4,627 5,017
Total interest income 688,253 684,784 1,355,736 1,361,170
Interest expense        
NOW accounts 274 219 476 419
Savings deposits 20,757 21,464 39,996 41,913
Time deposits 19,310 26,254 38,381 55,700
Deposits at Cayman Islands office 193 376 587 701
Short-term borrowings 147 726 639 1,613
Long-term borrowings 61,370 68,518 120,651 137,263
Total interest expense 102,051 117,557 200,730 237,609
Net interest income 586,202 567,227 1,155,006 1,123,561
Provision for credit losses 63,000 85,000 138,000 190,000
Net interest income after provision for credit losses 523,202 482,227 1,017,006 933,561
Other income        
Mortgage banking revenues 42,151 47,084 87,307 88,560
Service charges on deposit accounts 119,716 128,976 229,447 249,271
Trust income 75,592 30,169 104,913 61,097
Brokerage services income 14,926 12,788 29,222 25,894
Trading account and foreign exchange gains 6,798 3,797 15,077 8,496
Gain on bank investment securities 110,744 10 150,097 469
Total other-than-temporary impairment ("OTTI") losses (33,211) (21,079) (42,725) (50,566)
Portion of OTTI losses recognized in other comprehensive income (before taxes) 6,681 (1,301) 154 1,384
Net OTTI losses recognized in earnings (26,530) (22,380) (42,571) (49,182)
Equity in earnings of Bayview Lending Group LLC (5,223) (6,179) (11,901) (11,893)
Other revenues from operations 163,482 79,292 254,485 158,551
Total other income 501,656 273,557 816,076 531,263
Other expense        
Salaries and employee benefits 300,178 245,861 566,268 509,907
Equipment and net occupancy 59,670 55,431 116,333 110,832
Printing, postage and supplies 9,723 8,549 18,925 17,592
Amortization of core deposit and other intangible assets 14,740 14,833 27,054 31,308
FDIC assessments 26,609 21,608 45,703 42,956
Other costs of operations 165,975 129,786 302,183 252,835
Total other expense 576,895 476,068 1,076,466 965,430
Income before taxes 447,963 279,716 756,616 499,394
Income taxes 125,605 90,967 227,985 159,690
Net income 322,358 188,749 528,631 339,704
Net income available to common shareholders        
Basic 297,164 173,588 487,283 310,026
Diluted $ 297,179 $ 173,597 $ 487,308 $ 310,037
Net income per common share        
Basic $ 2.43 $ 1.47 $ 4.04 $ 2.63
Diluted $ 2.42 $ 1.46 $ 4.02 $ 2.61
Cash dividends per common share $ 0.70 $ 0.70 $ 1.40 $ 1.40
Average common shares outstanding        
Basic 122,181 118,054 120,699 117,910
Diluted 122,796 118,878 121,332 118,569