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Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Interest income:      
Loans $ 1,358,480 $ 1,025,788 $ 834,155
Investment securities:      
Taxable 541,605 412,133 346,937
Non-taxable 34,616 5,714 2,234
Federal funds sold, securities purchased under agreements to resell and other short-term investment securities 35,208 21,505 10,070
Total interest income 1,969,909 1,465,140 1,193,396
Interest expense:      
Deposits 29,306 8,676 5,611
Borrowings 46,615 36,095 37,262
Net interest income 75,921 44,771 42,873
Net interest income 1,893,988 1,420,369 1,150,523
Provision for credit losses 87,870 92,304 106,679 [1]
Net interest income after provision for loan losses 1,806,118 1,328,065 1,043,844
Noninterest income:      
Gains on investment securities, net 88,094 64,603 51,740
Gains on equity warrant assets, net 89,142 54,555 37,892 [2]
Foreign exchange fees 138,812 115,760 104,183
Credit card fees 94,072 76,543 68,205
Deposit service charges 76,097 58,715 52,524
Client investment fees 130,360 56,136 32,219
Lending related fees 41,949 43,265 33,395
Letters of credit and standby letters of credit fees 34,600 28,544 25,644
Other 51,858 59,110 50,750 [2]
Noninterest income 744,984 557,231 456,552
Noninterest expense:      
Compensation and benefits 726,980 606,402 514,270
Professional services 158,835 121,935 94,982
Premises and equipment 77,918 71,753 65,502
Net occupancy 54,753 48,397 39,928
Business development and travel 48,180 41,978 40,130
FDIC and state assessments 34,276 35,069 30,285
Correspondent bank fees 13,713 12,976 12,457
Other 73,538 72,145 62,243
Total noninterest expense 1,188,193 1,010,655 859,797 [1]
Income before income tax expense 1,362,909 874,641 640,599
Income tax expense 351,561 [3] 355,463 [3] 250,333
Net income before noncontrolling interests 1,011,348 519,178 390,266
Net income attributable to noncontrolling interests (37,508) (28,672) (7,581)
Net income available to common stockholders $ 973,840 [3] $ 490,506 [3] $ 382,685
Earnings per common share—basic (usd per share) $ 18.35 [3] $ 9.33 [3] $ 7.37
Earnings per common share—diluted (usd per share) $ 18.11 [3] $ 9.20 [3] $ 7.31
[1] Our consolidated statements of income for the year ended December 31, 2016 was modified from prior periods’ presentation to conform to the current period's presentation, which reflects our provision for loan losses and provision for unfunded credit commitments together as our “provision for credit losses”. In prior periods, our provision for unfunded credit commitments were reported separately as a component of noninterest expense.
[2] Our consolidated statements of income for the year ended December 31, 2016 was modified from prior periods’ presentation to conform to the current period's presentation, which reflects a new line item to separately disclose net gains on equity warrant assets. In prior periods, net gains on equity warrant assets were reported as a component of net gains on derivative instruments. We removed the line item "gains on derivative instruments, net" and reclassified all other gains on derivative instruments, net to other noninterest income.
[3] Included in income tax expense, net income available to common stockholders, earnings per common share-basic and earnings for common share-diluted, for the years ended December 31, 2018 and 2017, are tax benefits recognized associated with the adoption of Accounting Standards Update ("ASU") 2016-09, Improvements to Employee Share-Based Payment Accounting in the first quarter of 2017. This guidance was adopted on a prospective basis with no change to prior period amounts.