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Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Interest Income:        
Mortgage and other loans $ 357,916 $ 360,499 $ 1,080,419 $ 1,056,586
Securities and money market investments 58,634 66,572 186,664 203,678
Total interest income 416,550 427,071 1,267,083 1,260,264
Interest Expense:        
NOW and money market accounts 11,770 10,632 34,549 28,399
Savings accounts 12,739 9,741 37,997 24,473
Certificates of deposit 15,539 18,330 48,384 55,854
Borrowed funds 97,090 99,339 288,876 294,867
Total interest expense 137,138 138,042 409,806 403,593
Net interest income 279,412 289,029 857,277 856,671
Recovery of loan losses (9,028) (3,945) (8,687) (18,387)
Net interest income after recoveries of loan losses 288,440 292,974 865,964 875,058
Non-Interest Income:        
Mortgage banking income 7,474 16,606 41,848 46,507
Fee income 8,765 9,188 25,937 27,512
Bank-owned life insurance 7,117 6,888 20,595 20,530
Net gain on sales of securities 140 182 943 5,317
FDIC indemnification expense (6,813) (3,156) (4,347) (14,710)
Gain on Visa shares sold       3,856
Other income 20,904 11,578 66,746 42,102
Total non-interest income 37,587 41,286 151,722 131,114
Operating expenses:        
Compensation and benefits 84,177 78,033 254,453 228,616
Occupancy and equipment 25,976 23,619 77,216 73,997
General and administrative 35,875 41,524 120,196 130,319
Total operating expenses 146,028 143,176 451,865 432,932
Amortization of core deposit intangibles 1,280 2,019 4,209 6,424
Total non-interest expense [1] 147,308 145,195 456,074 439,356
Income before income taxes 178,719 189,065 561,612 566,816
Income tax expense 64,031 68,807 203,961 212,616
Net income 114,688 120,258 357,651 354,200
Other comprehensive income, net of tax:        
Change in net unrealized gain/loss on securities available for sale, net of tax of $759; $292; $892; and $3,696, respectively (1,047) (432) (1,430) 5,453
Change in the non-credit portion of OTTI losses recognized in other comprehensive income, net of tax of $11; $110; $33; and $132, respectively 18 166 52 200
Change in pension and post-retirement obligations, net of tax of $879; $357; $2,638; and $1,070, respectively 1,212 526 3,637 1,578
Less: Reclassification adjustment for sales of available-for-sale securities, net of tax of $73 and $2,146, respectively   (109)   (3,171)
Total other comprehensive income, net of tax 183 151 2,259 4,060
Total comprehensive income, net of tax $ 114,871 $ 120,409 $ 359,910 $ 358,260
Basic earnings per share $ 0.26 $ 0.27 $ 0.80 $ 0.80
Diluted earnings per share $ 0.26 $ 0.27 $ 0.80 $ 0.80
Non-Covered Loans        
Interest Expense:        
Recovery of loan losses $ (512)   $ (3,254)  
Covered Loans        
Interest Expense:        
Recovery of loan losses $ (8,516) $ (3,945) $ (5,433) $ (18,387)
[1] Includes both direct and indirect expenses.