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CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE 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 Income:        
Mortgage and other loans $ 406,481 $ 408,292 $ 804,665 $ 824,234
Securities and money market investments 48,499 60,716 96,953 115,697
Total interest income 454,980 469,008 901,618 939,931
Interest Expense:        
NOW and money market accounts 9,357 10,398 18,090 21,552
Savings accounts 3,565 4,206 7,061 8,333
Certificates of deposit 23,489 24,952 47,209 51,926
Borrowed funds 121,913 127,508 244,188 252,924
Total interest expense 158,324 167,064 316,548 334,735
Net interest income 296,656 301,944 585,070 605,196
Provision for losses on loans     48,448 49,708
Net interest income after provisions for loan losses 263,208 278,236 536,622 555,488
Non-Interest Income:        
Total loss on OTTI of securities   (18,124)   (18,124)
Less: Non-credit portion of OTTI recorded in other comprehensive income (before taxes)            
Net loss on OTTI recognized in earnings   (18,124)   (18,124)
Fee income 9,433 12,143 19,191 24,042
Bank-owned life insurance 6,802 7,564 16,387 14,453
Net gain on sales of securities 141 18,743 859 28,735
Mortgage banking income 58,323 11,774 93,488 31,712
Gain on business disposition   9,823   9,823
FDIC indemnification income 14,759 7,624 14,759 7,624
Other 8,747 9,341 15,517 19,233
Total non-interest income 98,205 58,888 160,201 117,498
Operating expenses:        
Compensation and benefits 73,591 73,218 147,208 145,286
Occupancy and equipment 23,249 21,770 45,133 43,710
General and administrative 53,669 52,912 103,186 98,221
Total operating expenses 150,509 147,900 295,527 287,217
Amortization of core deposit intangibles 4,920 7,144 10,079 14,529
Total non-interest expense 155,429 [1] 155,044 [1] 305,606 [1] 301,746 [1]
Income before income tax expense 205,984 182,080 391,217 371,240
Income tax expense 74,772 62,621 141,752 128,605
Net Income 131,212 119,459 249,465 242,635
Other comprehensive income (loss), net of tax:        
Change in net unrealized gain/loss on securities available for sale, net of tax of $2,096; $5,065; $3,473; and $7,643, respectively 3,094 (7,439) 5,185 (11,276)
Change in the non-credit portion of OTTI losses recognized in other comprehensive income, net of tax of $16; $4,811; $31; and $4,825, respectively 26 7,187 49 7,207
Change in pension and post-retirement obligations, net of tax of $1,044; $505; $2,086; and $1,006, respectively 1,537 740 3,074 1,484
Less: Reclassification adjustment for sales of available for sale securities and loss on OTTI of securities, net of tax of $57; $250; $332; and $1,428, respectively (84) (369) (527) (2,122)
Total other comprehensive income (loss), net of tax 4,573 119 7,781 (4,707)
Total comprehensive income, net of tax 135,785 119,578 257,246 237,928
Basic earnings per share $ 0.30 $ 0.27 $ 0.56 $ 0.55
Diluted earnings per share $ 0.30 $ 0.27 $ 0.56 $ 0.55
Non-Covered Loans
       
Interest Expense:        
Provision for losses on loans 15,000 15,000 30,000 41,000
Covered Loans
       
Interest Expense:        
Provision for losses on loans $ 18,448 $ 8,708 $ 18,448 $ 8,708
[1] Includes both direct and indirect expenses.