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Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Interest Income:    
Loans and leases $ 391,911 $ 379,790
Securities and money market investments 49,131 66,384
Total interest income 441,042 446,174
Interest Expense:    
Interest-bearing checking and money market accounts 28,564 50,159
Savings accounts 8,934 8,083
Certificates of deposit 79,555 67,775
Borrowed funds 79,522 78,832
Total interest expense 196,575 204,849
Net interest income 244,467 241,325
Provision for (recovery of) credit losses 20,601 (1,222)
Net interest income after provision for (recovery of) credit losses 223,866 242,547
Non-Interest Income:    
Fee income 7,018 7,228
Bank-owned life insurance 7,389 6,975
Net gain on securities 534 6,987
Other 1,958 3,595
Total non-interest income 16,899 24,785
Operating expenses:    
Compensation and benefits 79,451 81,440
Occupancy and equipment 17,875 22,962
General and administrative 28,196 34,365
Total non-interest expense 125,522 138,767
Income before income taxes 115,243 128,565
Income tax expense 14,915 30,988
Net income 100,328 97,577
Preferred stock dividends 8,207 8,207
Net income available to common shareholders $ 92,121 $ 89,370
Basic earnings per common share $ 0.20 $ 0.19
Diluted earnings per common share $ 0.20 $ 0.19
Net income $ 100,328 $ 97,577
Other comprehensive (loss) income, net of tax:    
Change in net unrealized gain (loss) on securities available for sale, net of tax of $4,611; and $(12,868), respectively (12,157) 32,755
Change in pension and post-retirement obligations, net of tax of $(19); and $(16), respectively 45 37
Change in net unrealized gain (loss) on cash flow hedges, net of tax of $13,397 (35,888) 0
Less: Reclassification adjustment for sales of available-for-sale securities, net of tax of $206; and $1,517, respectively (543) (3,892)
Reclassification adjustment for net gain on cash flow hedges included in net income, net of tax of $178 (467)  
Reclassification adjustment for defined benefit pension plan, net of tax of $(487) and $(695), respectively 1,288 1,783
Total other comprehensive (loss) income, net of tax (47,722) 30,683
Total comprehensive income, net of tax $ 52,606 $ 128,260