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Segment Reporting (Tables)
9 Months Ended
Sep. 30, 2016
Segment Results

The following table provides a summary of the Company’s segment results for the three months ended September 30, 2016, on an internally managed accounting basis:

 

     For the Three Months Ended September 30, 2016  
(in thousands)    Banking
Operations
     Residential
Mortgage
Banking
     Total
Company
 

Net interest income

   $ 314,081       $ 4,342       $ 318,423   

Recovery of loan losses

     (55      —           (55

Non-Interest Income:

        

Third party (1)

     27,131         13,464         40,595   

Inter-segment

     (4,863      4,863         —     
  

 

 

    

 

 

    

 

 

 

Total non-interest income

     22,268         18,327         40,595   
  

 

 

    

 

 

    

 

 

 

Non-interest expense (2)

     144,504         17,181         161,685   
  

 

 

    

 

 

    

 

 

 

Income before income tax expense

     191,900         5,488         197,388   

Income tax expense

     69,905         2,184         72,089   
  

 

 

    

 

 

    

 

 

 

Net income

   $ 121,995       $ 3,304       $ 125,299   
  

 

 

    

 

 

    

 

 

 

Identifiable segment assets (period-end)

   $ 48,478,288       $ 984,332       $ 49,462,620   
  

 

 

    

 

 

    

 

 

 

 

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

 

The following table provides a summary of the Company’s segment results for the nine months ended September 30, 2016, on an internally managed accounting basis:

 

     For the Nine Months Ended September 30, 2016  
(in thousands)    Banking
Operations
     Residential
Mortgage Banking
     Total
Company
 

Net interest income

   $ 960,661       $ 11,201       $ 971,862   

Provision for loan losses

     664         —           664   

Non-Interest Income:

        

Third party (1)

     87,616         25,582         113,198   

Inter-segment

     (13,292      13,292         —     
  

 

 

    

 

 

    

 

 

 

Total non-interest income

     74,324         38,874         113,198   
  

 

 

    

 

 

    

 

 

 

Non-interest expense (2)

     430,706         50,338         481,044   
  

 

 

    

 

 

    

 

 

 

Income (loss) before income tax expense

     603,615         (263      603,352   

Income tax expense (benefit)

     221,817         (133      221,684   
  

 

 

    

 

 

    

 

 

 

Net income (loss)

   $ 381,798       $ (130    $ 381,668   
  

 

 

    

 

 

    

 

 

 

Identifiable segment assets (period-end)

   $ 48,478,288       $ 984,332       $ 49,462,620   
  

 

 

    

 

 

    

 

 

 

 

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

The following table provides a summary of the Company’s segment results for the three months ended September 30, 2015, on an internally managed accounting basis:

 

     For the Three Months Ended September 30, 2015  
(in thousands)    Banking
Operations
     Residential
Mortgage Banking
     Total
Company
 

Net interest income

   $ 275,990       $ 3,422       $ $279,412   

Recovery of loan losses

     (9,028      —           (9,028

Non-interest income:

        

Third party (1)

     29,587         8,000         37,587   

Inter-segment

     (3,513      3,513         —     
  

 

 

    

 

 

    

 

 

 

Total non-interest income

     26,074         11,513         37,587   

Non-interest expense (2)

     130,832         16,476         147,308   
  

 

 

    

 

 

    

 

 

 

Income (loss) before income tax expense

     180,260         (1,541      178,719   

Income tax expense (benefit)

     64,654         (623      64,031   
  

 

 

    

 

 

    

 

 

 

Net income (loss)

   $ 115,606       $ (918    $ 114,688   
  

 

 

    

 

 

    

 

 

 

Identifiable segment assets (period-end)

   $ 48,342,734       $ 702,748       $ 49,045,482   
  

 

 

    

 

 

    

 

 

 

 

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

 

The following table provides a summary of the Company’s segment results for the nine months ended September 30, 2015, on an internally managed accounting basis:

 

     For the Nine Months Ended September 30, 2015  
(in thousands)    Banking
Operations
     Residential
Mortgage Banking
     Total
Company
 

Net interest income

   $ 845,281       $ 11,996       $ 857,277   

Recovery of loan losses

     (8,687      —           (8,687

Non-interest income:

        

Third party (1)

     108,096         43,626         151,722   

Inter-segment

     (11,744      11,744         —     
  

 

 

    

 

 

    

 

 

 

Total non-interest income

     96,352         55,370         151,722   

Non-interest expense (2)

     406,459         49,615         456,074   
  

 

 

    

 

 

    

 

 

 

Income before income tax expense

     543,861         17,751         561,612   

Income tax expense

     196,790         7,171         203,961   
  

 

 

    

 

 

    

 

 

 

Net income

   $ 347,071       $ 10,580       $ 357,651   
  

 

 

    

 

 

    

 

 

 

Identifiable segment assets (period-end)

   $ 48,342,734       $ 702,748       $ 49,045,482   
  

 

 

    

 

 

    

 

 

 

 

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