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Interim Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest income:        
Loans $ 368,981 $ 394,246 $ 1,116,660 $ 1,202,467
Investment securities:        
Taxable 156,517 149,656 452,449 410,768
Non-taxable 14,912 11,123 42,200 32,991
Federal funds sold, securities purchased under agreements to resell and other short-term investment securities 2,717 28,867 22,743 74,447
Total interest income 543,127 583,892 1,634,052 1,720,673
Interest expense:        
Deposits 8,218 55,106 51,310 130,163
Borrowings 7,169 8,142 17,938 27,577
Total interest expense 15,387 63,248 69,248 157,740
Net interest income 527,740 520,644 1,564,804 1,562,933
(Reduction) provision for credit losses (52,018) 36,536 257,943 89,033
Net interest income after provision for credit losses 579,758 484,108 1,306,861 1,473,900
Noninterest income:        
Gains on investment securities, net 189,837 29,849 270,760 106,575
Gains on equity warrant assets, net 53,766 37,561 93,667 107,213
Client investment fees 31,914 46,679 107,192 136,905
Foreign exchange fees 43,881 40,309 127,642 116,863
Credit card fees 22,756 30,158 72,348 86,431
Deposit service charges 22,015 22,482 67,115 65,496
Lending related fees 13,562 11,707 37,851 36,857
Letters of credit and standby letters of credit fees 12,192 10,842 35,155 31,205
Investment banking revenue 92,181 38,516 280,551 137,005
Commissions 16,257 12,275 49,197 40,812
Other 49,222 13,631 76,887 42,773
Total noninterest income 547,583 294,009 1,218,365 908,135
Noninterest expense:        
Compensation and benefits 327,369 233,840 902,752 715,073
Professional services 67,215 55,202 169,748 133,018
Premises and equipment 30,772 26,775 85,420 72,386
Net occupancy 18,965 16,981 56,156 49,716
Business development and travel 2,214 19,539 19,277 51,915
FDIC and state assessments 6,933 4,881 18,986 13,343
Other 37,553 34,106 117,903 105,059
Total noninterest expense 491,021 391,324 1,370,242 1,140,510
Income before income tax expense 636,320 386,793 1,154,984 1,241,525
Income tax expense 162,265 105,075 299,491 331,624
Net income before noncontrolling interests 474,055 281,718 855,493 909,901
Net income attributable to noncontrolling interests (27,748) (14,437) (40,035) (35,901)
Preferred stock dividends (4,594) 0 (12,557) 0
Net income available to common stockholders $ 441,713 $ 267,281 $ 802,901 $ 874,000
Earnings per common share—basic (dollars per share) $ 8.53 $ 5.19 $ 15.55 $ 16.80
Earnings per common share—diluted (dollars per share) $ 8.47 $ 5.15 $ 15.46 $ 16.67