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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, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Interest Income:        
Mortgage and other loans $ 350,557 $ 388,156 $ 696,087 $ 755,155
Securities and money market investments 67,325 48,418 137,106 94,226
Total interest income 417,882 436,574 833,193 849,381
Interest Expense:        
NOW and money market accounts 9,371 9,777 17,767 18,952
Savings accounts 8,259 5,206 14,732 9,227
Certificates of deposit 18,464 21,782 37,524 44,017
Borrowed funds 98,296 99,925 195,528 202,125
Total interest expense 134,390 136,690 265,551 274,321
Net interest income 283,492 299,884 567,642 575,060
Provision for (recovery of) losses on covered loans 188 9,618 (14,442) 19,120
Net interest income after provisions for (recovery of) loan losses 283,304 290,266 582,084 555,940
Non-Interest Income:        
Mortgage banking income 15,291 23,216 29,901 49,325
Fee income 9,430 9,961 18,324 18,733
Bank-owned life insurance 6,813 7,337 13,642 14,590
Net gain on sales of securities 262 123 5,135 16,745
FDIC indemnification income (expense) 150 3,694 (11,554) 7,296
Gain on Visa shares sold     3,856  
Other income 20,647 9,414 30,524 22,607
Total non-interest income 52,593 53,745 89,828 129,296
Operating expenses:        
Compensation and benefits 74,843 77,400 150,583 160,906
Occupancy and equipment 24,380 24,159 50,378 47,759
General and administrative 46,531 45,925 88,795 90,494
Total operating expenses 145,754 147,484 289,756 299,159
Amortization of core deposit intangibles 2,082 4,181 4,405 8,602
Total non-interest expense 147,836 [1] 151,665 [1] 294,161 [1] 307,761 [1]
Income before income taxes 188,061 192,346 377,751 377,475
Income tax expense 69,373 69,829 143,809 136,283
Net income 118,688 122,517 233,942 241,192
Other comprehensive income, net of tax:        
Change in net unrealized gain/loss on securities available for sale, net of tax of $1,459; $2,845; $3,988; and $2,382, respectively 2,156 (4,203) 5,885 (3,518)
Change in the non-credit portion of OTTI losses recognized in other comprehensive income, net of tax of $11; $4,768; $22; and $4,785, respectively 17 7,513 34 7,541
Change in pension and post-retirement obligations, net of tax of $356; $1,008; $713; and $2,016, respectively 526 1,486 1,052 2,972
Less: Reclassification adjustment for sales of available-for-sale securities, net of tax of $104; $50; $2,073; and $2,098, respectively (158) (73) (3,062) (3,095)
Total other comprehensive income, net of tax 2,541 4,723 3,909 3,900
Total comprehensive income, net of tax 121,229 127,240 237,851 245,092
Basic earnings per share $ 0.27 $ 0.28 $ 0.53 $ 0.55
Diluted earnings per share $ 0.27 $ 0.28 $ 0.53 $ 0.55
Non-Covered Loans
       
Interest Expense:        
Provision for losses on loans   5,000   10,000
Covered Loans
       
Interest Expense:        
Provision for losses on loans 188      
Provision for (recovery of) losses on covered loans $ 188 $ 4,618 $ (14,442) $ 9,120
[1] Includes both direct and indirect expenses.