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Consolidated Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Interest income:      
Loans $ 469,146 $ 389,830 $ 319,540
Available-for-sale securities:      
Taxable 171,863 165,449 127,422
Non-taxable 3,564 3,623 3,809
Federal funds sold, securities purchased under agreements to resell and other short-term investment securities 4,145 6,486 10,960
Total interest income 648,718 565,388 461,731
Interest expense:      
Deposits 6,660 8,862 14,778
Borrowings 24,194 30,249 28,818
Total interest expense 30,854 39,111 43,596
Net interest income 617,864 526,277 418,135
Provision for loan losses 44,330 6,101 44,628
Net interest income after provision for loan losses 573,534 520,176 373,507
Noninterest income:      
Gains on investment securities, net 122,114 195,034 93,360
Foreign exchange fees 48,992 43,891 36,150
Deposit service charges 33,421 31,208 31,669
Credit card fees 24,809 18,741 12,685
Gains on derivative instruments, net 22,120 38,681 9,522
Letters of credit and standby letters of credit fees 15,150 12,201 10,482
Client investment fees 14,539 12,421 18,020
Other 54,401 30,155 35,642
Total noninterest income 335,546 382,332 247,530
Noninterest expense:      
Compensation and benefits 326,942 313,043 248,606
Professional services 67,845 60,807 56,123
Premises and equipment 40,689 28,335 23,023
Business development and travel 29,409 24,250 20,237
Net occupancy 22,536 19,624 19,378
Correspondent bank fees 11,168 9,052 8,379
FDIC assessments 10,959 10,298 16,498
Provision for unfunded credit commitments 488 4,397 4,083
Other 35,962 30,822 26,491
Total noninterest expense 545,998 [1] 500,628 [1] 422,818 [1]
Income before income tax expense 363,082 [2] 401,880 [2] 198,219 [2]
Income tax expense 113,269 119,087 61,402
Net income before noncontrolling interests 249,813 282,793 136,817
Net income attributable to noncontrolling interests (74,710) (110,891) (41,866)
Net income available to common stockholders $ 175,103 $ 171,902 $ 94,951
Earnings per common share—basic $ 3.96 $ 4.00 $ 2.27
Earnings per common share—diluted $ 3.91 $ 3.94 $ 2.24
[1] The Global Commercial Bank segment includes direct depreciation and amortization of $16.3 million, $12.2 million and $9.7 million for 2012, 2011 and 2010, 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.