In millions, except per share items | Dec-31-22 | Dec-31-21 | Dec-31-20 | Dec-31-19 | Dec-31-18 | Dec-31-17 | Dec-31-16 | Dec-31-15 |
| 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K |
Interest income on investments | 601.3 | 445.4 | 446.5 | 459.8 | 404.5 | 302.6 | 245.3 | 215.6 |
Total interest income | 605.0 | 446.6 | 448.5 | 465.4 | 407.9 | 314.9 | 253.3 | 221.2 |
Interest expense: |
Interest on deposits | 62.9 | 23.3 | 51.7 | 91.6 | 51.5 | 23.8 | 15.9 | 14.9 |
Interest on borrowings | 11.4 | 5.7 | 7.0 | 7.2 | 7.8 | 5.2 | 3.3 | 2.8 |
| 84.8 | 36.0 | 66.4 | 108.7 | 69.1 | 37.6 | 26.8 | 24.8 |
Net interest income | 520.2 | 410.7 | 382.1 | 356.7 | 338.9 | 277.3 | 226.5 | 196.4 |
Provision for loan losses | 16.8 | | 58.7 | 2.8 | 7.2 | 9.1 | 5.7 | 0.4 |
Net interest income after provision for loan losses | 503.4 | 410.7 | 323.5 | 353.9 | 331.6 | 268.1 | 220.8 | 196.0 |
Deposit and loan fees | | | | | | | | 16.2 |
Gain on sale of investments, net | | | | | | | | 2.7 |
Other non-interest income | 107.9 | 109.3 | 109.9 | 86.7 | 76.5 | 71.0 | 65.2 | 51.0 |
Total non-interest income | 107.9 | 109.3 | 109.9 | 86.7 | 76.5 | 71.0 | 65.2 | 69.9 |
Non-interest expenses | 355.7 | 279.2 | 263.4 | 246.8 | 220.0 | 205.6 | 177.4 | 174.8 |
Pre-tax income before non-recurring items | 255.7 | 240.8 | 170.0 | 193.8 | 188.1 | 133.6 | 108.7 | 99.3 |
Non-recurring items | | | | | | | | 8.3 |
Pre-tax income | 255.7 | 240.8 | 170.0 | 193.8 | 188.1 | 133.6 | 108.7 | 91.0 |
Income taxes | 33.6 | 35.3 | 21.4 | 29.3 | 29.0 | 37.5 | 27.6 | 25.7 |
Tax rate | 13.1% | 14.6% | 12.6% | 15.1% | 15.4% | 28.1% | 25.4% | 28.2% |
Net income | 220.7 | 205.5 | 148.6 | 164.5 | 159.1 | 96.1 | 81.1 | 65.4 |
Net margin | 36.1% | 39.5% | 34.3% | 37.3% | 39.0% | 28.3% | 28.3% | 24.6% |
|
Basic EPS | $3.83 | $3.82 | $2.75 | $3.20 | $3.23 | $2.13 | $1.99 | $1.73 |
Diluted EPS | $3.81 | $3.81 | $2.74 | $3.19 | $3.22 | $2.12 | $1.98 | $1.72 |
|
Shares outstanding (basic) | 57.7 | 53.8 | 54.1 | 51.4 | 49.3 | 45.2 | 40.8 | 37.8 |
Shares outstanding (diluted) | 58.0 | 54.0 | 54.2 | 51.6 | 49.5 | 45.4 | 41.0 | 38.1 |
|
EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges. |