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Segment Reporting (Tables)
6 Months Ended
Jun. 30, 2011
Segment Results

The following table provides a summary of the Company’s segment results for the three months ended June 30, 2011, on an internally managed accounting basis.

 

     For the Three Months Ended June 30, 2011  
(in thousands)    Banking
Operations
    Residential
Mortgage Banking
     Total
Company
 

Non-interest revenue – third party(1)

   $ 46,047      $ 12,841       $ 58,888   

Non-interest revenue – inter-segment

     (4,777     4,777         —     
  

 

 

   

 

 

    

 

 

 

Total non-interest revenue

     41,270        17,618         58,888   
  

 

 

   

 

 

    

 

 

 

Net interest income

     298,689        3,255         301,944   
  

 

 

   

 

 

    

 

 

 

Total net revenue

     339,959        20,873         360,832   

Provision for loan losses

     23,708        —           23,708   

Non-interest expense(2)

     137,099        17,945         155,044   
  

 

 

   

 

 

    

 

 

 

Income before income tax expense

     179,152        2,928         182,080   

Income tax expense

     61,423        1,198         62,621   

Net income

   $ 117,729      $ 1,730       $ 119,459   
  

 

 

   

 

 

    

 

 

 

Identifiable segment assets (period-end)

   $ 39,933,758      $ 668,867       $ 40,602,625   
  

 

 

   

 

 

    

 

 

 

 

(1) Includes ancillary fee income and leasing revenue.
(2) Includes both direct and indirect expenses.

 

The following table provides a summary of the Company’s segment results for the six months ended June 30, 2011, on an internally managed accounting basis.

 

     For the Six Months Ended June 30, 2011  
(in thousands)    Banking
Operations
    Residential
Mortgage  Banking
     Total
Company
 

Non-interest revenue – third party(1)

   $ 84,384      $ 33,114       $ 117,498   

Non-interest revenue – inter-segment

     (9,545     9,545         —     
  

 

 

   

 

 

    

 

 

 

Total non-interest revenue

     74,839        42,659         117,498   
  

 

 

   

 

 

    

 

 

 

Net interest income

     596,541        8,655         605,196   
  

 

 

   

 

 

    

 

 

 

Total net revenue

     671,380        51,314         722,694   

Provision for loan losses

     49,708        —           49,708   

Non-interest expense(2)

     265,899        35,847         301,746   
  

 

 

   

 

 

    

 

 

 

Income before income tax expense

     355,773        15,467         371,240   

Income tax expense

     122,277        6,328         128,605   
  

 

 

   

 

 

    

 

 

 

Net income

   $ 233,496      $ 9,139       $ 242,635   
  

 

 

   

 

 

    

 

 

 

Identifiable segment assets (period-end)

   $ 39,933,758      $ 668,867       $ 40,602,625   
  

 

 

   

 

 

    

 

 

 

 

(1) Includes ancillary fee income and leasing revenue.
(2) Includes both direct and indirect expenses.

The following table provides a summary of the Company’s segment results for the three months ended June 30, 2010, on an internally managed accounting basis.

 

     For the Three Months Ended June 30, 2010  
(in thousands)    Banking
Operations
    Residential
Mortgage Banking
     Total
Company
 

Non-interest revenue – third party(1)

   $ 31,996      $ 40,520       $ 72,516   

Non-interest revenue – inter-segment

     (3,450     3,450         —     
  

 

 

   

 

 

    

 

 

 

Total non-interest revenue

     28,546        43,970         72,516   
  

 

 

   

 

 

    

 

 

 

Net interest income

     290,396        3,805         294,201   
  

 

 

   

 

 

    

 

 

 

Total net revenue

     318,942        47,775         366,717   

Provision for loan losses

     22,000        —           22,000   

Non-interest expense(2)

     124,389        16,982         141,371   
  

 

 

   

 

 

    

 

 

 

Income before income tax expense

     172,553        30,793         203,346   

Income tax expense

     59,965        11,954         71,919   
  

 

 

   

 

 

    

 

 

 

Net income

   $ 112,588      $ 18,839       $ 131,427   
  

 

 

   

 

 

    

 

 

 

Identifiable segment assets (period-end)

   $ 41,037,122      $ 968,794       $ 42,005,916   
  

 

 

   

 

 

    

 

 

 

 

(1) Includes ancillary fee income and leasing revenue.
(2) Includes both direct and indirect expenses.

The following table provides a summary of the Company’s segment results for the six months ended June 30, 2010, on an internally managed accounting basis.

 

     For the Six Months Ended June 30, 2010  
(in thousands)    Banking
Operations
    Residential
Mortgage Banking
     Total
Company
 

Non-interest revenue – third party(1)

   $ 57,451      $ 70,109       $ 127,560   

Non-interest revenue – inter-segment

     (7,042     7,042         —     
  

 

 

   

 

 

    

 

 

 

Total non-interest revenue

     50,409        77,151         127,560   
  

 

 

   

 

 

    

 

 

 

Net interest income

     581,880        6,905         588,785   
  

 

 

   

 

 

    

 

 

 

Total net revenue

     632,289        84,056         716,345   

Provision for loan losses

     42,000        —           42,000   

Non-interest expense(2)

     244,648        33,470         278,118   
  

 

 

   

 

 

    

 

 

 

Income before income tax expense

     345,641        50,586         396,227   

Income tax expense

     121,014        19,637         140,651   
  

 

 

   

 

 

    

 

 

 

Net income

   $ 224,627      $ 30,949       $ 255,576   
  

 

 

   

 

 

    

 

 

 

Identifiable segment assets (period-end)

   $ 41,037,122      $ 968,794       $ 42,000,916   
  

 

 

   

 

 

    

 

 

 

 

(1) Includes ancillary fee income and leasing revenue.
(2) Includes both direct and indirect expenses.