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Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Interest Income:        
Mortgage and other loans $ 368,456 $ 361,330 $ 724,373 $ 719,732
Securities and money market investments 48,876 37,745 97,284 78,462
Total interest income 417,332 399,075 821,657 798,194
Interest Expense:        
Interest-bearing checking and money market accounts 40,380 24,084 74,749 43,793
Savings accounts 6,630 7,150 13,851 13,960
Certificates of deposit 39,534 24,006 70,049 46,137
Borrowed funds 66,833 56,066 128,755 111,618
Total interest expense 153,377 111,306 287,404 215,508
Net interest income 263,955 287,769 534,253 582,686
Net interest income after provision for (recovery of) loan losses 259,241 294,030 519,968 592,955
Non-Interest Income:        
Bank-owned life insurance 6,318 6,519 13,122 12,856
Mortgage banking income   8,196   17,960
Net (loss) gain on securities (303) 26,936 (769) 28,915
FDIC indemnification expense   (14,325)   (18,961)
Other 9,199 14,960 18,391 25,828
Total non-interest income 22,706 50,437 45,563 82,609
Operating expenses:        
Compensation and benefits 80,314 93,512 164,289 189,718
Occupancy and equipment 25,026 23,403 49,910 48,462
General and administrative 32,802 46,820 63,050 92,344
Total operating expenses 138,142 163,735 277,249 330,524
Amortization of core deposit intangibles   30   184
Total non-interest expense 138,142 163,765 277,249 330,708
Income before income taxes 143,805 180,702 288,282 344,856
Income tax expense 36,451 65,447 74,376 125,644
Net (Loss) income 107,354 115,255 213,906 219,212
Preferred stock dividends 8,207 8,207 16,414 8,207
Net income available to common shareholders $ 99,147 $ 107,048 $ 197,492 $ 211,005
Basic earnings per common share $ 0.20 $ 0.22 $ 0.40 $ 0.43
Diluted earnings per common share $ 0.20 $ 0.22 $ 0.40 $ 0.43
Net income $ 107,354 $ 115,255 $ 213,906 $ 219,212
Other comprehensive (loss) income, net of tax:        
Change in net unrealized gain/loss on securities available for sale, net of tax of $7,111; $(38,189); $31,718; and $(38,542), respectively (17,119) 53,538 (48,257) 54,033
Change in the non-credit portion of OTTI losses recognized in other comprehensive income, net of tax of $0; $0; $(821); and $(13), respectively   1 (821) 20
Change in pension and post-retirement obligations, net of tax of $(547); $(869); $(11,064) and $(1,741), respectively 1,313 1,219 (7,343) 2,437
Less: Reclassification adjustment for sales of available-for-sale securities, net of tax of $770       (1,078)
Total other comprehensive (loss) income, net of tax (15,806) 54,758 (56,421) 55,412
Total comprehensive income, net of tax 91,548 170,013 157,485 274,624
Fee Income        
Non-Interest Income:        
Fee income 7,492 8,151 14,819 16,011
Non-Covered Loans        
Interest Expense:        
Provision for (recovery of) losses $ 4,714 11,645 $ 14,285 13,432 [1]
Covered Loans        
Interest Expense:        
Provision for (recovery of) losses   $ (17,906)   $ (23,701)
[1] Represents allowance for losses on non-covered loans, excluding PCI loans.