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Segment Reporting (Tables)
6 Months Ended
Jun. 30, 2016
Segment Results

The following table provides a summary of the Company’s segment results for the three months ended June 30, 2016, on an internally managed accounting basis:

 

     For the Three Months Ended June 30, 2016  
(in thousands)    Banking
Operations
     Residential
Mortgage Banking
     Total Company  

Net interest income

   $ 321,663       $ 3,910       $ 325,573   

Provision for loan losses

     895         —           895   

Non-interest income:

        

Third party (1)

     29,899         7,467         37,366   

Inter-segment

     (4,317      4,317         —     
  

 

 

    

 

 

    

 

 

 

Total non-interest income

     25,582         11,784         37,366   

Non-interest expense (2)

     144,152         16,759         160,911   
  

 

 

    

 

 

    

 

 

 

Income before income tax expense

     202,198         (1,065      201,133   

Income tax expense (benefit)

     75,097         (424      74,673   
  

 

 

    

 

 

    

 

 

 

Net income (loss)

   $ 127,101       $ (641    $ 126,460   
  

 

 

    

 

 

    

 

 

 

Identifiable segment assets (period-end)

   $ 48,137,359       $ 898,388       $ 49,035,747   
  

 

 

    

 

 

    

 

 

 

 

(1) Includes ancillary fee income.
(2) Includes both direct and indirect expenses.

The following table provides a summary of the Company’s segment results for the six months ended June 30, 2016, on an internally managed accounting basis:

 

     For the Six Months Ended June 30, 2016  
(in thousands)    Banking
Operations
     Residential
Mortgage Banking
     Total Company  

Net interest income

   $ 646,580       $ 6,859       $ 653,439   

Provision for loan losses

     719         —           719   

Non-Interest Income:

        

Third party(1)

     60,485         12,118         72,603   

Inter-segment

     (8,429      8,429         —     
  

 

 

    

 

 

    

 

 

 

Total non-interest income

     52,056         20,547         72,603   
  

 

 

    

 

 

    

 

 

 

Non-interest expense(2)

     286,202         33,157         319,359   
  

 

 

    

 

 

    

 

 

 

Income before income tax expense

     411,715         (5,751      405,964   

Income tax expense (benefit)

     151,912         (2,317      149,595   
  

 

 

    

 

 

    

 

 

 

Net income (loss)

   $ 259,803       $ (3,434    $ 256,369   
  

 

 

    

 

 

    

 

 

 

Identifiable segment assets (period-end)

   $ 48,137,359       $ 898,388       $ 49,035,747   
  

 

 

    

 

 

    

 

 

 

 

(1) Includes ancillary fee income.
(2) Includes both direct and indirect expenses.

 

The following table provides a summary of the Company’s segment results for the three months ended June 30, 2015, on an internally managed accounting basis:

 

     For the Three Months Ended June 30, 2015  
(in thousands)    Banking
Operations
     Residential
Mortgage Banking
     Total Company  

Net interest income

   $ 280,006       $ 5,091       $ 285,097   

Provision for loan losses

     334         —           334   

Non-interest income:

        

Third party (1)

     45,355         16,546         61,901   

Inter-segment

     (4,061      4,061         —     
  

 

 

    

 

 

    

 

 

 

Total non-interest income

     41,294         20,607         61,901   

Non-interest expense (2)

     135,476         16,454         151,930   
  

 

 

    

 

 

    

 

 

 

Income before income tax expense

     185,490         9,244         194,734   

Income tax expense

     67,246         3,784         71,030   
  

 

 

    

 

 

    

 

 

 

Net income

   $ 118,244       $ 5,460       $ 123,704   
  

 

 

    

 

 

    

 

 

 

Identifiable segment assets (period-end)

   $ 48,011,913       $ 636,619       $ 48,648,532   
  

 

 

    

 

 

    

 

 

 

 

(1) Includes ancillary fee income.
(2) Includes both direct and indirect expenses.

The following table provides a summary of the Company’s segment results for the six months ended June 30, 2015, on an internally managed accounting basis:

 

     For the Six Months Ended June 30, 2015  
(in thousands)    Banking
Operations
     Residential
Mortgage Banking
     Total Company  

Net interest income

   $ 569,291       $ 8,574       $ 577,865   

Recovery of loan losses

     341         —           341   

Non-interest income:

        

Third party (1)

     78,509         35,626         114,135   

Inter-segment

     (8,231      8,231         —     
  

 

 

    

 

 

    

 

 

 

Total non-interest income

     70,278         43,857         114,135   

Non-interest expense (2)

     275,627         33,139         308,766   
  

 

 

    

 

 

    

 

 

 

Income before income tax expense

     363,601         19,292         382,893   

Income tax expense

     132,136         7,794         139,930   
  

 

 

    

 

 

    

 

 

 

Net income

   $ 231,465       $ 11,498       $ 242,963   
  

 

 

    

 

 

    

 

 

 

Identifiable segment assets (period-end)

   $ 48,011,913       $ 636,619       $ 48,648,532   
  

 

 

    

 

 

    

 

 

 

 

(1) Includes ancillary fee income.
(2) Includes both direct and indirect expenses.