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Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Interest Income:        
Mortgage and other loans and leases $ 387,634 $ 368,456 $ 767,424 $ 724,373
Securities and money market investments 66,118 48,876 132,502 97,284
Total interest income 453,752 417,332 899,926 821,657
Interest Expense:        
Interest-bearing checking and money market accounts 47,772 40,380 97,931 74,749
Savings accounts 8,861 6,630 16,944 13,851
Certificates of deposit 80,651 39,534 148,426 70,049
Borrowed funds 78,778 66,833 157,610 128,755
Total interest expense 216,062 153,377 420,911 287,404
Net interest income 237,690 263,955 479,015 534,253
Provision for losses on loans 1,844 4,714 622 14,285
Net interest income after provision for loan losses 235,846 259,241 478,393 519,968
Non-Interest Income:        
Fee income 7,487 7,492 14,715 14,819
Bank-owned life insurance 6,479 6,318 13,454 13,122
Net gain (loss) on securities 493 (303) 7,480 (769)
Other 3,138 9,199 6,733 18,391
Total non-interest income 17,597 22,706 42,382 45,563
Operating expenses:        
Compensation and benefits 72,573 80,314 154,013 164,289
Occupancy and equipment 21,889 25,026 44,851 49,910
General and administrative 28,590 32,802 62,955 63,050
Total non-interest expense 123,052 138,142 261,819 277,249
Income before income taxes 130,391 143,805 258,956 288,282
Income tax expense 33,145 36,451 64,133 74,376
Net income 97,246 107,354 194,823 213,906
Preferred stock dividends 8,207 8,207 16,414 16,414
Net income available to common shareholders $ 89,039 $ 99,147 $ 178,409 $ 197,492
Basic earnings per common share $ 0.19 $ 0.20 $ 0.38 $ 0.40
Diluted earnings per common share $ 0.19 $ 0.20 $ 0.38 $ 0.40
Net income $ 97,246 $ 107,354 $ 194,823 $ 213,906
Other comprehensive income (loss), net of tax:        
Change in net unrealized gain (loss) on securities available for sale, net of tax of ($10,232); $7,111; ($23,100) and $31,718, respectively 26,258 (17,119) 59,013 (48,257)
Change in the non-credit portion of OTTI losses recognized in other comprehensive income (loss), net of tax of $0; $0; $0; and ($821), respectively       (821)
Change in pension and post-retirement obligations, net of tax of ($710); ($547); ($1,421) and ($11,064), respectively 1,823 1,313 3,643 (7,343)
Less: Reclassification adjustment for sales of available-for-sale securities, net of tax of $10; $0; $1,527 and $0, respectively (26)   (3,918)  
Total other comprehensive income (loss), net of tax 28,055 (15,806) 58,738 (56,421)
Total comprehensive income, net of tax $ 125,301 $ 91,548 $ 253,561 $ 157,485