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Interim Consolidated Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Interest income:    
Loans $ 123,744 $ 109,461
Available-for-sale securities:    
Taxable 45,752 47,375
Non-taxable 799 900
Federal funds sold, securities purchased under agreements to resell and other short-term investment securities 719 1,038
Total interest income 171,014 158,774
Interest expense:    
Deposits 2,051 1,481
Borrowings 5,794 6,356
Total interest expense 7,845 7,837
Net interest income 163,169 150,937
Provision for loan losses 5,813 14,529
Net interest income after provision for loan losses 157,356 136,408
Noninterest income:    
Gains on investment securities, net (includes losses of $45 and $874, respectively, in unrealized net losses on available-for-sale securities reclassified out of AOCI) 27,438 7,839
Foreign exchange fees 13,448 12,103
Gains on derivative instruments, net 11,040 5,976
Deposit service charges 8,793 8,096
Credit card fees 7,448 5,668
Client investment fees 3,475 2,897
Letters of credit and standby letters of credit income 3,435 3,636
Other 3,527 13,078
Total noninterest income 78,604 59,293
Noninterest expense:    
Compensation and benefits 88,704 83,737
Professional services 17,160 14,607
Premises and equipment 10,725 7,564
Business development and travel 8,272 7,746
Net occupancy 5,767 5,623
FDIC assessments 3,382 2,498
Correspondent bank fees 3,055 2,688
Provision for (reduction of) unfunded credit commitments 2,014 (258)
Other 9,935 7,807
Total noninterest expense 149,014 [1] 132,012 [1]
Income before income tax expense 86,946 [2] 63,689 [2]
Income tax expense (includes income tax benefits of $18 and $357, respectively, from AOCI reclassification items) 26,401 23,756
Net income before noncontrolling interests 60,545 39,933
Net income attributable to noncontrolling interests (19,654) (5,143)
Net income available to common stockholders $ 40,891 $ 34,790
Earnings per common share—basic $ 0.91 $ 0.79
Earnings per common share—diluted $ 0.90 $ 0.78
[1] The Global Commercial Bank segment includes direct depreciation and amortization of $5.0 million and $3.4 million for the three months ended March 31, 2013 and 2012, 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.