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Interim Consolidated Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Interest income:        
Loans $ 131,785 $ 113,935 $ 255,529 $ 223,396
Available-for-sale securities:        
Taxable 44,657 44,072 90,409 91,447
Non-taxable 807 899 1,606 1,799
Federal funds sold, securities purchased under agreements to resell and other short-term investment securities 734 912 1,453 1,950
Total interest income 177,983 159,818 348,997 318,592
Interest expense:        
Deposits 2,085 1,614 4,136 3,095
Borrowings 5,817 6,270 11,611 12,626
Total interest expense 7,902 7,884 15,747 15,721
Net interest income 170,081 151,934 333,250 302,871
Provision for loan losses 18,572 7,999 24,385 22,528
Net interest income after provision for loan losses 151,509 143,935 308,865 280,343
Noninterest income:        
Gains on investment securities, net 40,561 25,809 67,999 33,648
Foreign exchange fees 12,778 12,031 26,226 24,134
Gains on derivative instruments, net 8,976 8,713 20,016 14,689
Deposit service charges 8,907 8,369 17,700 16,465
Credit card fees 7,609 6,169 15,057 11,837
Client investment fees 3,524 3,375 6,999 6,272
Letters of credit and standby letters of credit income 3,654 3,296 7,089 6,932
Other 12,230 12,664 15,757 25,742
Total noninterest income 98,239 80,426 176,843 139,719
Noninterest expense:        
Compensation and benefits 84,742 80,385 173,446 164,122
Professional services 16,633 16,514 33,793 31,121
Premises and equipment 11,402 9,419 22,127 16,983
Business development and travel 7,783 7,159 16,055 14,905
Net occupancy 5,795 5,378 11,562 11,001
FDIC assessments 2,853 2,731 6,235 5,229
Correspondent bank fees 3,049 2,840 6,104 5,528
Provision for unfunded credit commitments 1,347 1,922 3,361 1,664
Other 9,688 9,418 19,623 17,225
Total noninterest expense 143,292 [1] 135,766 [1] 292,306 267,778
Income before income tax expense 106,456 [2] 88,595 [2] 193,402 [2] 152,284 [2]
Income tax expense 29,968 31,517 56,369 55,273
Net income before noncontrolling interests 76,488 57,078 137,033 97,011
Net income attributable to noncontrolling interests (27,904) (9,475) (47,558) (14,618)
Net income available to common stockholders $ 48,584 $ 47,603 $ 89,475 $ 82,393
Earnings per common share—basic (dollars per share) $ 1.08 $ 1.08 $ 1.99 $ 1.87
Earnings per common share—diluted (dollars per share) $ 1.06 $ 1.06 $ 1.96 $ 1.85
[1] The Global Commercial Bank segment includes direct depreciation and amortization of $5.3 million and $3.6 million for the three months ended June 30, 2013 and 2012, respectively, and $10.4 million and $7.0 million for the six months ended June 30, 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.