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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, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Interest income:        
Loans $ 113,935 $ 93,466 $ 223,396 $ 183,242
Available-for-sale securities:        
Taxable 44,072 44,217 91,447 85,599
Non-taxable 899 883 1,799 1,824
Federal funds sold, securities purchased under agreements to resell and other short-term investment securities 912 1,595 1,950 3,597
Total interest income 159,818 140,161 318,592 274,262
Interest expense:        
Deposits 1,614 2,559 3,095 5,664
Borrowings 6,270 7,149 12,626 17,846
Total interest expense 7,884 9,708 15,721 23,510
Net interest income 151,934 130,453 302,871 250,752
Provision for (reduction of) loan losses 7,999 134 22,528 (2,913)
Net interest income after provision for loan losses 143,935 130,319 280,343 253,665
Noninterest income:        
Gains on investment securities, net 25,809 71,680 33,648 123,017
Foreign exchange fees 12,031 10,354 24,134 20,851
Deposit service charges 8,369 7,838 16,465 14,955
Gains on derivative instruments, net 8,713 13,651 14,689 14,202
Credit card fees 6,169 4,364 11,837 8,181
Letters of credit and standby letters of credit income 3,296 2,702 6,932 5,412
Client investment fees 3,375 3,107 6,272 6,768
Other 12,664 10,012 25,742 20,276
Total noninterest income 80,426 123,708 139,719 213,662
Noninterest expense:        
Compensation and benefits 80,385 79,888 164,122 155,520
Professional services 16,514 13,891 31,121 26,878
Premises and equipment 9,419 6,440 16,983 12,352
Business development and travel 7,159 5,890 14,905 11,543
Net occupancy 5,378 4,546 11,001 9,196
Correspondent bank fees 2,840 2,202 5,528 4,365
FDIC assessments 2,731 2,163 5,229 5,638
Provision for unfunded credit commitments 1,922 976 1,664 76
Other 9,418 5,036 17,225 12,899
Total noninterest expense 135,766 [1] 121,032 [1] 267,778 [1] 238,467 [1]
Income (loss) before income tax expense 88,595 [2] 132,995 [2] 152,284 [2] 228,860 [2]
Income tax expense 31,517 43,263 55,273 66,033
Net income before noncontrolling interests 57,078 89,732 97,011 162,827
Net income attributable to noncontrolling interests (9,475) (23,982) (14,618) (64,070)
Net income available to common stockholders $ 47,603 $ 65,750 $ 82,393 $ 98,757
Earnings per common share-basic $ 1.08 $ 1.53 $ 1.87 $ 2.31
Earnings per common share-diluted $ 1.06 $ 1.50 $ 1.85 $ 2.27
[1] The Global Commercial Bank segment includes direct depreciation and amortization of $3.6 million and $2.7 million for the three months ended June 30, 2012 and 2011, respectively, and $7.0 million and $5.6 million for the six months ended June 30, 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.