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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, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Interest income:        
Loans $ 139,687 $ 121,446 $ 395,216 $ 344,842
Available-for-sale securities:        
Taxable 43,604 38,493 134,013 129,940
Non-taxable 797 894 2,403 2,693
Federal funds sold, securities purchased under agreements to resell and other short-term investment securities 1,152 1,125 2,605 3,075
Total interest income 185,240 161,958 534,237 480,550
Interest expense:        
Deposits 2,397 1,740 6,533 4,835
Borrowings 5,747 5,788 17,358 18,414
Total interest expense 8,144 7,528 23,891 23,249
Net interest income 177,096 154,430 510,346 457,301
Provision for loan losses 10,638 6,788 35,023 29,316
Net interest income after provision for loan losses 166,458 147,642 475,323 427,985
Noninterest income:        
Gains on investment securities, net 187,862 20,228 255,861 53,876
Foreign exchange fees 12,887 12,211 39,113 36,345
Gains on derivative instruments, net 10,202 1,111 30,218 15,800
Deposit service charges 8,902 8,369 26,602 24,834
Credit card fees 8,188 6,348 23,245 18,185
Letters of credit and standby letters of credit income 3,790 3,495 10,879 10,427
Client investment fees 3,393 3,954 10,392 10,226
Other 22,426 13,423 38,183 39,165
Total noninterest income 257,650 69,139 434,493 208,858
Noninterest expense:        
Compensation and benefits 96,869 79,262 270,315 243,384
Professional services 18,966 17,759 52,759 48,880
Premises and equipment 12,171 11,247 34,298 28,230
Business development and travel 7,378 6,838 23,433 21,743
Net occupancy 5,898 5,666 17,460 16,667
FDIC assessments 2,913 2,836 9,148 8,065
Correspondent bank fees 2,906 3,000 9,009 8,528
Provision for (reduction of) unfunded credit commitments 2,774 (400) 6,135 1,264
Other 10,649 8,963 30,273 26,188
Total noninterest expense 160,524 [1] 135,171 [1] 452,830 402,949
Income before income tax expense 263,584 [2] 81,610 [2] 456,986 [2] 233,894 [2]
Income tax expense 47,404 28,470 103,773 83,743
Net income before noncontrolling interests 216,180 53,140 353,213 150,151
Net income attributable to noncontrolling interests (148,559) (10,851) (196,117) (25,469)
Net income available to common stockholders $ 67,621 $ 42,289 $ 157,096 $ 124,682
Earnings per common share—basic (dollars per share) $ 1.48 $ 0.95 $ 3.48 $ 2.82
Earnings per common share—diluted (dollars per share) $ 1.46 $ 0.94 $ 3.43 $ 2.79
[1] The Global Commercial Bank segment includes direct depreciation and amortization of $5.6 million and $4.5 million for the three months ended September 30, 2013 and 2012, respectively, and $16.0 million and $11.6 million for the nine months ended September 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.