XML 46 R4.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
INTEREST INCOME:      
Mortgage and other loans and leases $ 1,553,004 $ 1,467,944 $ 1,417,237
Securities and money market investments 252,156 221,729 165,002
Total interest income 1,805,160 1,689,673 1,582,239
INTEREST EXPENSE:      
Interest-bearing checking and money market accounts 174,347 167,972 98,980
Savings accounts 35,705 28,994 28,447
Certificates of deposit 320,234 182,383 102,355
Borrowed funds 317,474 279,329 222,454
Total interest expense 847,760 658,678 452,236
Net interest income 957,400 1,030,995 1,130,003
Net interest income after provision for (recovery of) loan losses 950,295 1,012,739 1,092,761
NON-INTEREST INCOME:      
Fee income 29,297 29,765 31,759
Bank-owned life insurance 28,363 28,252 27,133
Net gain (loss) on securities 7,725 (1,994) 29,924
Mortgage banking income     19,337
FDIC indemnification expense     (18,961)
Gain on sale of covered loans and mortgage banking operations     82,026
Other 18,845 35,535 45,662
Total non-interest income 84,230 91,558 216,880
Operating expenses:      
Compensation and benefits 301,697 317,496 363,698
Occupancy and equipment 89,174 100,107 98,963
General and administrative 120,347 129,025 178,557
Total operating expenses 511,218 546,628 641,218
Amortization of core deposit intangibles     208
Total non-interest expense 511,218 546,628 641,426
Income before income taxes 523,307 557,669 668,215
Income tax expense 128,264 135,252 202,014
Net income 395,043 422,417 466,201
Preferred stock dividends 32,828 32,828 24,621
Net income available to common shareholders $ 362,215 $ 389,589 $ 441,580
Basic earnings per common share $ 0.77 $ 0.79 $ 0.90
Diluted earnings per common share $ 0.77 $ 0.79 $ 0.90
Net income $ 395,043 $ 422,417 $ 466,201
Other comprehensive income (loss), net of tax:      
Change in net unrealized gain (loss) on securities available for sale, net of tax of $(17,669); $32,166; and $(29,740), respectively 45,934 (49,732) 41,684
Change in the non-credit portion of OTTI losses recognized in other comprehensive income (loss), net of tax of $000; $(821); and $(13), respectively   (821) 20
Change in pension and post-retirement obligations, net of tax of $(5,033); $(4,897); and $(2,234), respectively 11,941 (21,943) 1,585
Change in net unrealized gain (loss) on cash flow hedges, net of tax of $(376) 964    
Less: Reclassification adjustment for sales of available-for-sale securities, net of tax of $1,527; $(4); and $1,245, respectively (3,918) 10 (1,743)
Reclassification adjustment for net gain on cash flow hedges included in net income, net of tax of $43 (111)    
Total other comprehensive income (loss), net of tax 54,810 (72,486) 41,546
Total comprehensive income, net of tax 449,853 349,931 507,747
Non-Covered Loans      
INTEREST EXPENSE:      
Provision for (recovery of) losses $ 7,105 $ 18,256 60,943
Covered Loans      
INTEREST EXPENSE:      
Provision for (recovery of) losses     $ (23,701)