XML 14 R4.htm IDEA: XBRL DOCUMENT v3.5.0.2
Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Interest Income:        
Mortgage and other loans $ 367,932 $ 357,916 $ 1,099,137 $ 1,080,419
Securities and money market investments 48,164 58,634 160,384 186,664
Total interest income 416,096 416,550 1,259,521 1,267,083
Interest Expense:        
NOW and money market accounts 15,866 11,770 45,771 34,549
Savings accounts 7,439 12,739 25,001 37,997
Certificates of deposit 20,501 15,539 55,129 48,384
Borrowed funds 53,867 97,090 161,758 288,876
Total interest expense 97,673 137,138 287,659 409,806
Net interest income 318,423 279,412 971,862 857,277
Provision for (recovery of) losses (55) (9,028) 664 (8,687)
Net interest income after provision for (recoveries of) loan losses 318,478 288,440 971,198 865,964
Non-Interest Income:        
Mortgage banking income 12,925 7,474 24,020 41,848
Fee income 8,640 8,765 24,480 25,937
Bank-owned life insurance 7,029 7,117 23,208 20,595
Net gain on sales of loans 3,465 7,013 15,118 21,716
Net gain on sales of securities 237 140 413 943
FDIC indemnification expense (1,031) (6,813) (4,828) (4,347)
Other income 9,330 13,891 30,787 45,030
Total non-interest income [1] 40,595 37,587 113,198 151,722
Operating expenses:        
Compensation and benefits 86,079 84,177 261,230 254,453
Occupancy and equipment 24,347 25,976 73,837 77,216
General and administrative 48,506 35,875 139,309 120,196
Total operating expenses 158,932 146,028 474,376 451,865
Amortization of core deposit intangibles 542 1,280 1,994 4,209
Merger-related expenses 2,211   4,674  
Total non-interest expense [2] 161,685 147,308 481,044 456,074
Income before income taxes 197,388 178,719 603,352 561,612
Income tax expense 72,089 64,031 221,684 203,961
Net income 125,299 114,688 381,668 357,651
Other comprehensive income, net of tax:        
Change in net unrealized gain/loss on securities available for sale, net of tax of $396; $759; $1,186; and $892, respectively (558) (1,047) 1,684 (1,430)
Change in the non-credit portion of OTTI losses recognized in other comprehensive income, net of tax of $12; $11; $36; and $33, respectively 19 18 57 52
Change in pension and post-retirement obligations, net of tax of $946; $879; $2,837; and $2,638, respectively 1,336 1,212 4,007 3,637
Total other comprehensive income, net of tax 797 183 5,748 2,259
Total comprehensive income, net of tax $ 126,096 $ 114,871 $ 387,416 $ 359,910
Basic earnings per share $ 0.26 $ 0.26 $ 0.78 $ 0.80
Diluted earnings per share $ 0.26 $ 0.26 $ 0.78 $ 0.80
Non-Covered Loans        
Interest Expense:        
Provision for (recovery of) losses $ 1,234 $ (512) $ 6,699 $ (3,254)
Covered Loans        
Interest Expense:        
Provision for (recovery of) losses $ (1,289) $ (8,516) $ (6,035) $ (5,433)
[1] Includes ancillary fee income.
[2] Includes both direct and indirect expenses.