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Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Interest Income:        
Mortgage and other loans $ 368,264 $ 350,990 $ 1,092,637 $ 1,070,722
Securities and money market investments 56,880 42,685 154,164 121,147
Total interest income 425,144 393,675 1,246,801 1,191,869
Interest Expense:        
Interest-bearing checking and money market accounts 44,497 27,620 119,246 71,413
Savings accounts 7,325 7,109 21,176 21,069
Certificates of deposit 51,249 27,649 121,298 73,786
Borrowed funds 72,567 54,954 201,322 166,572
Total interest expense 175,638 117,332 463,042 332,840
Net interest income 249,506 276,343 783,759 859,029
Net interest income after provision for (recovery of) loan losses 248,305 231,758 768,273 824,713
Non-Interest Income:        
Bank-owned life insurance 7,302 8,314 20,424 21,170
Mortgage banking income   1,486   19,446
Net (loss) gain on securities (41)   (810) 28,915
FDIC indemnification expense       (18,961)
Gain on sale of covered loans and mortgage banking operations   82,026   82,026
Other 8,424 9,130 26,815 34,958
Total non-interest income 22,922 108,928 68,485 191,537
Operating expenses:        
Compensation and benefits 78,283 92,246 242,572 281,964
Occupancy and equipment 24,401 25,133 74,311 73,595
General and administrative 31,749 44,831 94,799 137,175
Total operating expenses 134,433 162,210 411,682 492,734
Amortization of core deposit intangibles   24   208
Total non-interest expense 134,433 162,234 411,682 492,942
Income before income taxes 136,794 178,452 425,076 523,308
Income tax expense 30,022 67,984 104,398 193,628
Net (Loss) income 106,772 110,468 320,678 329,680
Preferred stock dividends 8,207 8,207 24,621 16,414
Net income available to common shareholders $ 98,565 $ 102,261 $ 296,057 $ 313,266
Basic earnings per common share $ 0.20 $ 0.21 $ 0.60 $ 0.64
Diluted earnings per common share $ 0.20 $ 0.21 $ 0.60 $ 0.64
Net income $ 106,772 $ 110,468 $ 320,678 $ 329,680
Other comprehensive (loss) income, net of tax:        
Change in net unrealized gain/loss on securities available for sale, net of tax of $8,738; $3,049; $40,456; and $(35,493), respectively (20,790) (4,285) (69,047) 49,748
Change in the non-credit portion of OTTI losses recognized in other comprehensive income, net of tax of $0; $0; $(821); and $(13), respectively     (821) 20
Change in pension and post-retirement obligations, net of tax of $(547); $(870); $(11,611) and $(2,611), respectively 1,314 1,219 (6,029) 3,656
Less: Reclassification adjustment for sales of available-for-sale securities, net of tax of $770       (1,078)
Total other comprehensive (loss) income, net of tax (19,476) (3,066) (75,897) 52,346
Total comprehensive income, net of tax 87,296 107,402 244,781 382,026
Fee Income        
Non-Interest Income:        
Fee income 7,237 7,972 22,056 23,983
Non-Covered Loans        
Interest Expense:        
Provision for (recovery of) losses $ 1,201 $ 44,585 $ 15,486 58,017
Covered Loans        
Interest Expense:        
Provision for (recovery of) losses       $ (23,701)