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Segment Reporting (Tables)
6 Months Ended
Jun. 30, 2017
Segment Results

The following tables provide a summary of the Company’s segment results for the periods indicated on an internally managed accounting basis:

 

     For the Three Months Ended June 30, 2017  
(in thousands)    Banking
Operations
     Residential
Mortgage
Banking
     Total Company  

Net interest income

   $ 284,944      $ 2,825      $ 287,769  

Recovery of loan losses

     (6,261      —          (6,261

Non-Interest Income:

        

Third party(1)

     41,756        8,681        50,437  

Inter-segment

     (4,052      4,052        —    
  

 

 

    

 

 

    

 

 

 

Total non-interest income

     37,704        12,733        50,437  
  

 

 

    

 

 

    

 

 

 

Non-interest expense(2)

     148,105        15,660        163,765  
  

 

 

    

 

 

    

 

 

 

Income (loss) before income tax expense

     180,804        (102      180,702  

Income tax expense (benefit)

     65,488        (41      65,447  
  

 

 

    

 

 

    

 

 

 

Net income (loss)

   $ 115,316      $ (61    $ 115,255  
  

 

 

    

 

 

    

 

 

 

Identifiable segment assets (period-end)

   $ 47,770,885      $ 576,773      $ 48,347,658  
  

 

 

    

 

 

    

 

 

 

 

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

 

     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 (loss) 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 tables provide a summary of the Company’s segment results for the periods indicated on an internally managed accounting basis:

 

     For the Six Months Ended June 30, 2017  
(in thousands)    Banking
Operations
     Residential
Mortgage
Banking
     Total Company  

Net interest income

   $ 577,221      $ 5,465      $ 582,686  

Recovery of loan losses

     (10,269      —          (10,269

Non-Interest Income:

        

Third party(1)

     63,625        18,984        82,609  

Inter-segment

     (7,811      7,811        —    
  

 

 

    

 

 

    

 

 

 

Total non-interest income

     55,814        26,795        82,609  
  

 

 

    

 

 

    

 

 

 

Non-interest expense(2)

     299,041        31,667        330,708  
  

 

 

    

 

 

    

 

 

 

Income before income tax expense

     344,263        593        344,856  

Income tax expense

     125,408        236        125,644  
  

 

 

    

 

 

    

 

 

 

Net income

   $ 218,855      $ 357      $ 219,212  
  

 

 

    

 

 

    

 

 

 

Identifiable segment assets (period-end)

   $ 47,770,885      $ 576,773      $ 48,347,658  
  

 

 

    

 

 

    

 

 

 

 

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