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Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest Income:        
Loans and leases $ 381,884 $ 387,634 $ 773,796 $ 767,424
Securities and money market investments 41,191 66,118 90,321 132,502
Total interest income 423,075 453,752 864,117 899,926
Interest Expense:        
Interest-bearing checking and money market accounts 10,059 47,772 38,623 97,931
Savings accounts 8,208 8,861 17,142 16,944
Certificates of deposit 65,233 80,651 144,789 148,426
Borrowed funds 73,703 78,778 153,224 157,610
Total interest expense 157,203 216,062 353,778 420,911
Net interest income 265,872 237,690 510,339 479,015
Provision for credit losses 17,574 1,844 38,176 622
Net interest income after provision for credit losses 248,298 235,846 472,163 478,393
Non-Interest Income:        
Fee income 3,723 7,487 10,741 14,715
Bank-owned life insurance 9,503 6,479 16,892 13,454
Net gain on securities 887 493 1,421 7,480
Other 1,267 3,138 3,225 6,733
Total non-interest income 15,380 17,597 32,279 42,382
Operating expenses:        
Compensation and benefits 75,705 72,573 155,156 154,013
Occupancy and equipment 21,177 21,889 39,051 44,851
General and administrative 26,711 28,590 54,907 62,955
Total non-interest expense 123,593 123,052 249,114 261,819
Income before income taxes 140,085 130,391 255,328 258,956
Income tax expense 34,738 33,145 49,653 64,133
Net income 105,347 97,246 205,675 194,823
Preferred stock dividends 8,207 8,207 16,414 16,414
Net income available to common shareholders $ 97,140 $ 89,039 $ 189,261 $ 178,409
Basic earnings per common share $ 0.21 $ 0.19 $ 0.40 $ 0.38
Diluted earnings per common share $ 0.21 $ 0.19 $ 0.40 $ 0.38
Net income $ 105,347 $ 97,246 $ 205,675 $ 194,823
Other comprehensive income, net of tax:        
Change in net unrealized gain (loss) on securities available for sale, net of tax of ($20,404); ($10,232); ($15,793) and ($23,100), respectively 53,796 26,258 41,639 59,013
Change in pension and post-retirement obligations, net of tax of ($18); ($15); ($36) and ($31), respectively 47 40 92 77
Change in net unrealized gain (loss) on cash flow hedges, net of tax of $2,295 and $15,692 (5,463)   (41,351)  
Less: Reclassification adjustment for sales of available-for-sale securities, net of tax of $(4); $10; $202 and $1,527, respectively 11 (26) (532) (3,918)
Reclassification adjustment for defined benefit pension plan, net of tax of ($488); ($695); ($976) and ($1,390), respectively 1,286 1,783 2,574 3,566
Reclassification adjustment for net gain on cash flow hedges included in net income, net of tax of ($405) and ($227) 1,068   601  
Total other comprehensive income, net of tax 50,745 28,055 3,023 58,738
Total comprehensive income, net of tax $ 156,092 $ 125,301 $ 208,698 $ 253,561