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Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
INTEREST INCOME:      
Mortgage and other loans $ 1,467,944 $ 1,417,237 $ 1,472,020
Securities and money market investments 221,729 165,002 202,849
Total interest income 1,689,673 1,582,239 1,674,869
INTEREST EXPENSE:      
Interest-bearing checking and money market accounts 167,972 98,980 62,166
Savings accounts 28,994 28,447 31,982
Certificates of deposit 182,383 102,355 76,875
Borrowed funds 279,329 222,454 216,464
Total interest expense 658,678 452,236 387,487
Net interest income 1,030,995 1,130,003 1,287,382
Net interest income after provision for (recovery of) loan losses 1,012,739 1,092,761 1,283,202
NON-INTEREST INCOME:      
Fee income 29,765 31,759 32,665
Bank-owned life insurance 28,252 27,133 31,015
Mortgage banking income 19,337 27,281
Net gain on sales of loans 111 1,156 15,806
Net (loss) gain on securities (1,994) 29,924 3,347
FDIC indemnification expense (18,961) (6,155)
Gain on sale of covered loans and mortgage banking operations 82,026
Other 35,424 44,506 41,613
Total non-interest income 91,558 216,880 145,572
Operating expenses:      
Compensation and benefits 317,496 363,698 352,008
Occupancy and equipment 100,107 98,963 98,543
General and administrative 129,025 178,557 187,558
Total operating expenses 546,628 641,218 638,109
Amortization of core deposit intangibles 208 2,391
Merger-related expenses 11,146
Total non-interest expense 546,628 641,426 651,646
Income before income taxes 557,669 668,215 777,128
Income tax expense 135,252 202,014 281,727
Net income 422,417 466,201 495,401
Preferred stock dividends 32,828 24,621
Net income available to common shareholders $ 389,589 $ 441,580 $ 495,401
Basic earnings per common share $ 0.79 $ 0.90 $ 1.01
Diluted earnings per common share $ 0.79 $ 0.90 $ 1.01
Net income $ 422,417 $ 466,201 $ 495,401
Other comprehensive (loss) income, net of tax:      
Change in net unrealized gain (loss) on securities available for sale, net of tax of $32,166; $(29,740); and $1,560, respectively (49,732) 41,684 (2,207)
Change in the non-credit portion of OTTI losses recognized in other comprehensive (loss) income, net of tax of $(821); $(13); and $49, respectively (821) 20 77
Change in pension and post-retirement obligations, net of tax of $(4,897); $(2,234); and $2,924, respectively (21,943) 1,585 4,015
Less: Reclassification adjustment for sales of available-for-sale securities, net of tax of $(4); $1,245; and $1,127, respectively 10 (1,743) (1,577)
Total other comprehensive (loss) income, net of tax (72,486) 41,546 308
Total comprehensive income , net of tax 349,931 507,747 495,709
Non-Covered Loans      
INTEREST EXPENSE:      
Provision for (recovery of) losses 18,256 60,943 11,874
Covered Loans      
INTEREST EXPENSE:      
Provision for (recovery of) losses $ (23,701) $ (7,694)