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Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Interest Income:        
Mortgage and other loans $ 361,330 $ 370,482 $ 719,732 $ 731,205
Securities and money market investments 37,745 49,133 78,462 112,220
Total interest income 399,075 419,615 798,194 843,425
Interest Expense:        
NOW and money market accounts 24,084 15,286 43,793 29,905
Savings accounts 7,150 7,354 13,960 17,562
Certificates of deposit 24,006 18,738 46,137 34,628
Borrowed funds 56,066 52,664 111,618 107,891
Total interest expense 111,306 94,042 215,508 189,986
Net interest income 287,769 325,573 582,686 653,439
Provision (recovery) for losses on loans (6,261) 895 (10,269) 719
Net interest income after provisions for (recovery of) loan losses 294,030 324,678 592,955 652,720
Non-Interest Income:        
Mortgage banking income 8,196 6,957 17,960 11,095
Fee income 8,151 7,917 16,011 15,840
Bank-owned life insurance 6,519 6,843 12,856 16,179
Net gain on sales of loans 1,397 5,878 1,131 11,653
Net gain on sales of securities 26,936 13 28,915 176
FDIC indemnification expense (14,325) (1,479) (18,961) (3,797)
Other 13,563 11,237 24,697 21,457
Total non-interest income [1] 50,437 37,366 82,609 72,603
Operating expenses:        
Compensation and benefits 92,860 85,847 188,414 175,151
Occupancy and equipment 23,403 23,675 48,462 49,490
General and administrative 47,472 49,533 93,648 90,803
Total operating expenses 163,735 159,055 330,524 315,444
Amortization of core deposit intangibles 30 606 184 1,452
Merger-related expenses   1,250   2,463
Total non-interest expense [2] 163,765 160,911 330,708 319,359
Income before income taxes 180,702 201,133 344,856 405,964
Income tax expense 65,447 74,673 125,644 149,595
Net income 115,255 126,460 219,212 256,369
Preferred stock dividends 8,207   8,207  
Net income available to common shareholders $ 107,048 $ 126,460 $ 211,005 $ 256,369
Basic earnings per common share $ 0.22 $ 0.26 $ 0.43 $ 0.52
Diluted earnings per share $ 0.22 $ 0.26 $ 0.43 $ 0.52
Net income $ 115,255 $ 126,460 $ 219,212 $ 256,369
Other comprehensive income, net of tax:        
Change in net unrealized gain/loss on securities available for sale, net of tax of $38,189; $836; $38,542; and $1,582, respectively 53,538 1,180 54,033 2,242
Change in the non-credit portion of OTTI losses recognized in other comprehensive income, net of tax of $0; $12; $13; and $24, respectively 1 19 20 38
Change in pension and post-retirement obligations, net of tax of $869; $946; $1,741 and $1,891, respectively 1,219 1,335 2,437 2,671
Less: Reclassification adjustment for sales of available-for-sale securities, net of tax of $770     (1,078)  
Total other comprehensive income, net of tax 54,758 2,534 55,412 4,951
Total comprehensive income, net of tax 170,013 128,994 274,624 261,320
Non-Covered Loans        
Interest Expense:        
Provision (recovery) for losses on loans 11,645 2,744 13,432 5,465
Covered Loans        
Interest Expense:        
Provision (recovery) for losses on loans $ (17,906) $ (1,849) $ (23,701) $ (4,746)
[1] Includes ancillary fee income.
[2] Includes both direct and indirect expenses.