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Consolidated Statements of Income and Comprehensive Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Interest Income:        
Mortgage and other loans $ 360,499 $ 370,341 $ 1,056,586 $ 1,125,496
Securities and money market investments 66,572 57,334 203,678 151,560
Total interest income 427,071 427,675 1,260,264 1,277,056
Interest Expense:        
NOW and money market accounts 10,632 8,613 28,399 27,565
Savings accounts 9,741 6,285 24,473 15,512
Certificates of deposit 18,330 20,206 55,854 64,223
Borrowed funds 99,339 98,340 294,867 300,465
Total interest expense 138,042 133,444 403,593 407,765
Net interest income 289,029 294,231 856,671 869,291
(Recovery of) provision for loan losses (3,945) 14,467 (18,387) 33,587
Net interest income after (recovery of) provision for loan losses 292,974 279,764 875,058 835,704
Non-Interest Income:        
Mortgage banking income 16,606 16,205 46,507 65,530
Fee income 9,188 9,799 27,512 28,532
Bank-owned life insurance 6,888 7,916 20,530 22,506
Net gain on sales of securities 182 1,019 5,317 17,764
FDIC indemnification (expense) income (3,156) 7,573 (14,710) 14,869
Gain on Visa shares sold     3,856  
Other income 11,578 8,212 42,102 30,819
Total non-interest income 41,286 50,724 131,114 180,020
Operating expenses:        
Compensation and benefits 78,033 77,083 228,616 237,989
Occupancy and equipment 23,619 24,342 73,997 72,101
General and administrative 41,524 44,785 130,319 135,279
Total operating expenses 143,176 146,210 432,932 445,369
Amortization of core deposit intangibles 2,019 4,117 6,424 12,719
Total non-interest expense 145,195 [1] 150,327 [1] 439,356 [1] 458,088 [1]
Income before income taxes 189,065 180,161 566,816 557,636
Income tax expense 68,807 65,961 212,616 202,244
Net income 120,258 114,200 354,200 355,392
Other comprehensive income, net of tax:        
Change in net unrealized gain/loss on securities available for sale, net of tax of $292; $1,770; $3,696; and $4,152, respectively (432) (2,625) 5,453 (6,143)
Change in the non-credit portion of OTTI losses recognized in other comprehensive income, net of tax of $110; $10; $132; and $4,795, respectively 166 16 200 7,557
Change in pension and post-retirement obligations, net of tax of $357; $1,008; $1,070; and $3,024, respectively 526 1,486 1,578 4,458
Less: Reclassification adjustment for sales of available-for-sale securities, net of tax of $73; $405; $2,146; and $2,503, respectively (109) (614) (3,171) (3,709)
Total other comprehensive income (loss), net of tax 151 (1,737) 4,060 2,163
Total comprehensive income, net of tax 120,409 112,463 358,260 357,555
Basic earnings per share $ 0.27 $ 0.26 $ 0.80 $ 0.80
Diluted earnings per share $ 0.27 $ 0.26 $ 0.80 $ 0.80
Non-Covered Loans
       
Interest Expense:        
(Recovery of) provision for loan losses   5,000   15,000
Covered Loans
       
Interest Expense:        
(Recovery of) provision for loan losses $ (3,945) $ 9,467 $ (18,387) $ 18,587
[1] Includes both direct and indirect expenses.