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Interim Consolidated Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Interest income:    
Loans $ 148,172 $ 123,744
Available-for-sale securities:    
Taxable 54,420 45,752
Non-taxable 796 799
Federal funds sold, securities purchased under agreements to resell and other short-term investment securities 1,636 719
Total interest income 205,024 171,014
Interest expense:    
Deposits 2,904 2,051
Borrowings 5,792 5,794
Total interest expense 8,696 7,845
Net interest income 196,328 163,169
Provision for loan losses 494 5,813
Net interest income after provision for loan losses 195,834 157,356
Noninterest income:    
Gains on investment securities, net 223,912 27,438
Gains on derivative instruments, net 24,167 10,292
Foreign exchange fees 17,196 14,196
Credit card fees 10,282 7,448
Deposit service charges 9,607 8,793
Lending related fees 6,303 3,974
Letters of credit and standby letters of credit income 4,140 3,435
Client investment fees 3,418 3,475
Other 11,200 (447)
Total noninterest income 310,225 78,604
Noninterest expense:    
Compensation and benefits 102,507 88,704
Professional services 21,189 17,160
Premises and equipment 11,582 10,725
Business development and travel 10,194 8,272
Net occupancy 7,320 5,767
FDIC assessments 4,128 3,382
Correspondent bank fees 3,203 3,055
Provision for unfunded credit commitments 1,123 2,014
Other 11,190 9,935
Total noninterest expense 172,436 [1] 149,014 [1]
Income before income tax expense 333,623 [2] 86,946 [2]
Income tax expense 58,917 26,401
Net income before noncontrolling interests 274,706 60,545
Net income attributable to noncontrolling interests (183,405) (19,654)
Net income available to common stockholders $ 91,301 $ 40,891
Earnings per common share—basic (dollars per share) $ 1.99 $ 0.91
Earnings per common share—diluted (dollars per share) $ 1.95 $ 0.90
[1] The Global Commercial Bank segment includes direct depreciation and amortization of $4.9 million and $4.4 million for the three months ended March 31, 2014 and 2013, 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.