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Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Interest Income:        
Mortgage and other loans $ 370,482 $ 357,999 $ 731,205 $ 722,503
Securities and money market investments 49,133 63,621 112,220 128,030
Total interest income 419,615 421,620 843,425 850,533
Interest Expense:        
NOW and money market accounts 15,286 11,727 29,905 22,779
Savings accounts 7,354 12,925 17,562 25,258
Certificates of deposit 18,738 15,729 34,628 32,845
Borrowed funds 52,664 96,142 107,891 191,786
Total interest expense 94,042 136,523 189,986 272,668
Net interest income 325,573 285,097 653,439 577,865
Provision for (recovery of) losses 895 334 719 341
Net interest income after provisions for (recoveries of) loan losses 324,678 284,763 652,720 577,524
Non-Interest Income:        
Mortgage banking income 6,957 15,968 11,095 34,374
Fee income 7,917 8,778 15,840 17,172
Bank-owned life insurance 6,843 6,774 16,179 13,478
Net gain on sales of loans 5,878 8,757 11,653 14,703
Net gain on sales of securities 13 592 176 803
FDIC indemnification (expense) income (1,479) 1,764 (3,797) 2,466
Other income 11,237 19,268 21,457 31,139
Total non-interest income [1] 37,366 61,901 72,603 114,135
Operating expenses:        
Compensation and benefits 85,847 83,067 175,151 170,276
Occupancy and equipment 23,675 25,941 49,490 51,240
General and administrative 49,533 41,577 90,803 84,321
Total operating expenses 159,055 150,585 315,444 305,837
Amortization of core deposit intangibles 606 1,345 1,452 2,929
Merger-related expenses 1,250   2,463  
Total non-interest expense [2] 160,911 151,930 319,359 308,766
Income before income taxes 201,133 194,734 405,964 382,893
Income tax expense 74,673 71,030 149,595 139,930
Net income 126,460 123,704 256,369 242,963
Other comprehensive income (loss), net of tax:        
Change in net unrealized gain/loss on securities available for sale, net of tax of $836; $1,294; $1,582; and $133, respectively 1,180 (2,098) 2,242 (383)
Change in the non-credit portion of OTTI losses recognized in other comprehensive income (loss), net of tax of $12; $11; $24; and $22, respectively 19 17 38 34
Change in pension and post-retirement obligations, net of tax of $946; $915; $1,891; and $1,759, respectively 1,335 1,177 2,671 2,425
Total other comprehensive income, net of tax 2,534 (904) 4,951 2,076
Total comprehensive income, net of tax $ 128,994 $ 122,800 $ 261,320 $ 245,039
Basic earnings per share $ 0.26 $ 0.28 $ 0.52 $ 0.55
Diluted earnings per share $ 0.26 $ 0.28 $ 0.52 $ 0.55
Non-Covered Loans        
Interest Expense:        
Provision for (recovery of) losses $ 2,744 $ (1,872) $ 5,465 $ (2,742)
Covered Loans        
Interest Expense:        
Provision for (recovery of) losses $ (1,849) $ 2,206 $ (4,746) $ 3,083
[1] Includes ancillary fee income.
[2] Includes both direct and indirect expenses.