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Interim Consolidated Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Interest income:        
Loans $ 121,446 $ 101,693 $ 344,842 $ 284,935
Available-for-sale securities:        
Taxable 38,493 39,357 129,940 124,956
Non-taxable 894 899 2,693 2,723
Federal funds sold, securities purchased under agreements to resell and other short-term investment securities 1,125 1,375 3,075 4,972
Total interest income 161,958 143,324 480,550 417,586
Interest expense:        
Deposits 1,740 1,715 4,835 7,379
Borrowings 5,788 6,154 18,414 24,000
Total interest expense 7,528 7,869 23,249 31,379
Net interest income 154,430 135,455 457,301 386,207
Provision for (reduction of) loan losses 6,788 769 29,316 (2,144)
Net interest income after provision for loan losses 147,642 134,686 427,985 388,351
Noninterest income:        
Gains on investment securities, net 20,228 52,262 53,876 175,279
Foreign exchange fees 12,211 11,546 36,345 32,397
Deposit service charges 8,369 8,259 24,834 23,214
Credit card fees 6,348 4,506 18,185 12,687
Gains on derivative instruments, net 1,111 9,951 15,800 24,153
Letters of credit and standby letters of credit income 3,495 3,040 10,427 8,452
Client investment fees 3,954 2,939 10,226 9,707
Other 13,423 3,108 39,165 23,384
Total noninterest income 69,139 95,611 208,858 309,273
Noninterest expense:        
Compensation and benefits 79,262 77,009 243,384 232,529
Professional services 17,759 16,122 48,880 43,000
Premises and equipment 11,247 7,220 28,230 19,572
Business development and travel 6,838 5,886 21,743 17,429
Net occupancy 5,666 4,967 16,667 14,163
Correspondent bank fees 3,000 2,336 8,528 6,701
FDIC assessments 2,836 2,302 8,065 7,940
Provision for unfunded credit commitments (400) 2,055 1,264 2,131
Other 8,963 9,554 26,188 22,453
Total noninterest expense 135,171 [1] 127,451 [1] 402,949 [1] 365,918 [1]
Income (loss) before income tax expense 81,610 [2] 102,846 [2] 233,894 [2] 331,706 [2]
Income tax expense 28,470 26,770 83,743 92,803
Net income before noncontrolling interests 53,140 76,076 150,151 238,903
Net income attributable to noncontrolling interests (10,851) (38,505) (25,469) (102,575)
Net income available to common stockholders $ 42,289 $ 37,571 $ 124,682 $ 136,328
Earnings per common share-basic $ 0.95 $ 0.87 $ 2.82 $ 3.18
Earnings per common share-diluted $ 0.94 $ 0.86 $ 2.79 $ 3.12
[1] The Global Commercial Bank segment includes direct depreciation and amortization of $4.5 million and $3.1 million for the three months ended September 30, 2012 and 2011, respectively, and $11.6 million and $8.7 million for the nine months ended September 30, 2012 and 2011, respectively.
[2] The internal reporting model used by management to assess segment performance does not calculate income tax expense by segment. Our effective tax rate is a reasonable approximation of the segment rates.