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INTERIM CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Interest income:    
Loans $ 109,461 $ 89,776
Available-for-sale securities:    
Taxable 47,375 41,382
Non-taxable 900 941
Federal funds sold, securities purchased under agreements to resell and other short-term investment securities 1,038 2,002
Total interest income 158,774 134,101
Interest expense:    
Deposits 1,481 3,105
Borrowings 6,356 10,697
Total interest expense 7,837 13,802
Net interest income 150,937 120,299
Provision for (reduction of) loan losses 14,529 (3,047)
Net interest income after provision for loan losses 136,408 123,346
Noninterest income:    
Foreign exchange fees 12,103 10,497
Deposit service charges 8,096 7,117
Gains on investment securities, net 7,839 51,337
Gains on derivative instruments, net 5,976 551
Credit card fees 5,668 3,817
Letters of credit and standby letters of credit income 3,636 2,710
Client investment fees 2,897 3,661
Other 13,078 10,264
Total noninterest income 59,293 89,954
Noninterest expense:    
Compensation and benefits 83,737 75,632
Professional services 14,607 12,987
Business development and travel 7,746 5,653
Premises and equipment 7,564 5,912
Net occupancy 5,623 4,650
Correspondent bank fees 2,688 2,163
FDIC assessments 2,498 3,475
Reduction of provision for unfunded credit commitments (258) (900)
Other 7,807 7,863
Total noninterest expense 132,012 [1] 117,435 [1]
Income (loss) before income tax expense 63,689 [2] 95,865 [2]
Income tax expense 23,756 22,770
Net income before noncontrolling interests 39,933 73,095
Net income attributable to noncontrolling interests (5,143) (40,088)
Net income available to common stockholders $ 34,790 $ 33,007
Earnings per common share-basic $ 0.79 $ 0.78
Earnings per common share-diluted $ 0.78 $ 0.76
[1] The Global Commercial Bank segment includes direct depreciation and amortization of $3.4 million and $2.9 million for the three months ended March 31, 2012 and 2011, 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.