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Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest Income:        
Loans and leases $ 380,337 $ 391,920 $ 1,154,133 $ 1,159,344
Securities and money market investments 37,712 62,631 128,033 195,133
Total interest income 418,049 454,551 1,282,166 1,354,477
Interest Expense:        
Interest-bearing checking and money market accounts 9,328 42,465 47,951 140,396
Savings accounts 7,593 9,326 24,735 26,270
Certificates of deposit 44,481 86,934 189,270 235,360
Borrowed funds 74,761 79,911 227,985 237,521
Total interest expense 136,163 218,636 489,941 639,547
Net interest income 281,886 235,915 792,225 714,930
Provision for credit losses 13,016 4,781 51,192 5,403
Net interest income after provision for credit losses 268,870 231,134 741,033 709,527
Non-Interest Income:        
Fee income 5,240 7,580 15,981 22,295
Bank-owned life insurance 7,566 6,791 24,458 20,245
Net (loss) gain on securities (284) 275 1,137 7,755
Other 1,246 9,740 4,471 16,473
Total non-interest income 13,768 24,386 46,047 66,768
Operating expenses:        
Compensation and benefits 73,182 75,159 228,338 229,172
Occupancy and equipment 23,960 21,748 63,011 66,599
General and administrative 31,366 26,395 86,273 89,350
Total non-interest expense 128,508 123,302 377,622 385,121
Income before income taxes 154,130 132,218 409,458 391,174
Income tax expense 38,360 33,172 88,013 97,305
Net income 115,770 99,046 321,445 293,869
Preferred stock dividends 8,207 8,207 24,621 24,621
Net income available to common shareholders $ 107,563 $ 90,839 $ 296,824 $ 269,248
Basic earnings per common share $ 0.23 $ 0.19 $ 0.63 $ 0.57
Diluted earnings per common share $ 0.23 $ 0.19 $ 0.63 $ 0.57
Net income $ 115,770 $ 99,046 $ 321,445 $ 293,869
Other comprehensive income, net of tax:        
Change in net unrealized gain (loss) on securities available for sale, net of tax of ($444); $666; ($16,237) and ($22,434), respectively 1,170 (757) 42,809 58,256
Change in pension and post-retirement obligations, net of tax of ($18); ($2); ($54) and ($33), respectively 46 7 138 84
Change in net unrealized gain (loss) on cash flow hedges, net of tax of $520 and $16,212 (1,373)   (42,724)  
Less: Reclassification adjustment for sales of available-for-sale securities, net of tax of ($14); $0; $188 and $1,527, respectively 37   (495) (3,918)
Reclassification adjustment for defined benefit pension plan, net of tax of ($488); ($708); ($1,464) and ($2,098), respectively 1,287 1,814 3,861 5,380
Reclassification adjustment for net gain on cash flow hedges included in net income, net of tax of ($1,415) and ($1,642) 3,730   4,331  
Total other comprehensive income, net of tax 4,897 1,064 7,920 59,802
Total comprehensive income, net of tax $ 120,667 $ 100,110 $ 329,365 $ 353,671