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CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest income:        
Loans, including fees $ 401,997 $ 457,564 $ 829,334 $ 905,333
Investment securities available for sale 44,935 52,794 96,588 102,732
Loans held for sale 1,914 752 2,706 1,165
Federal Reserve Bank balances 394 2,701 1,902 6,371
Other earning assets 2,329 2,320 4,936 5,369
Total interest income 451,569 516,131 935,466 1,020,970
Interest expense:        
Deposits 56,474 92,700 142,476 180,383
Federal funds purchased, securities sold under repurchase agreements, and other short-term borrowings 1,778 7,294 7,710 10,757
Long-term debt 16,751 18,875 35,454 35,392
Total interest expense 75,003 118,869 185,640 226,532
Net interest income 376,566 397,262 749,826 794,438
Provision for credit losses [1] 141,851 12,119 300,573 35,688
Net interest income after provision for credit losses 234,715 385,143 449,253 758,750
Non-interest revenue:        
Service charges on deposit accounts 15,567 21,994 36,255 42,853
Fiduciary and asset management fees 14,950 14,478 30,124 28,057
Card fees 9,186 11,161 20,136 22,037
Brokerage revenue 9,984 10,052 22,383 19,431
Mortgage banking income 23,530 7,907 35,757 12,962
Capital markets income 6,050 8,916 17,294 14,161
Income from bank-owned life insurance 7,756 5,176 13,794 10,466
Investment securities gains (losses), net 69,409 (1,845) 78,144 (1,771)
Other non-interest revenue 17,052 11,968 23,454 20,989
Total non-interest revenue 173,484 89,807 277,341 169,185
Non-interest expense:        
Salaries and other personnel expense 159,597 143,009 309,274 282,436
Net occupancy, equipment, and software expense 41,727 39,851 83,921 78,245
Third-party processing and other services 21,366 19,118 42,846 36,875
Professional fees 15,305 9,312 25,980 15,660
FDIC insurance and other regulatory fees 6,851 7,867 12,129 14,629
Merger-related expense 0 7,401 0 57,140
Other operating expenses 39,295 37,568 86,271 71,552
Total non-interest expense 284,141 264,126 560,421 556,537
Income before income taxes 124,058 210,824 166,173 371,398
Income tax expense 30,866 54,640 34,461 95,028
Net income 93,192 156,184 131,712 276,370
Less: Preferred stock dividends 8,291 3,150 16,581 6,300
Net income available to common shareholders $ 84,901 $ 153,034 $ 115,131 $ 270,070
Net income per common share, basic (in dollars per share) $ 0.58 $ 0.97 $ 0.78 $ 1.70
Net income per common share, diluted (in dollars per share) $ 0.57 $ 0.96 $ 0.78 $ 1.68
Weighted average common shares outstanding, basic (in shares) 147,288 157,389 147,300 159,148
Weighted average common shares outstanding, diluted (in shares) 147,733 159,077 148,067 160,908
[1] Beginning January 1, 2020, provision calculation is based on current expected credit loss methodology. Prior to January 1, 2020, calculation was based on incurred loss methodology.