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Interim Consolidated Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Interest income:        
Loans $ 153,292 $ 139,687 $ 449,144 $ 395,216
Investment securities:        
Taxable 73,540 43,604 191,384 134,013
Non-taxable 772 797 2,362 2,403
Federal funds sold, securities purchased under agreements to resell and other short-term investment securities 1,722 1,152 5,301 2,605
Total interest income 229,326 185,240 648,191 534,237
Interest expense:        
Deposits 2,961 2,397 8,933 6,533
Borrowings 5,800 5,747 17,400 17,358
Total interest expense 8,761 8,144 26,333 23,891
Net interest income 220,565 177,096 621,858 510,346
Provision for loan losses 16,610 10,638 19,051 35,023
Net interest income after provision for loan losses 203,955 166,458 602,807 475,323
Noninterest income:        
Gains on investment securities, net 5,644 187,862 172,236 255,861
Gains on derivative instruments, net 26,538 9,422 63,480 27,802
Foreign exchange fees 17,911 13,667 53,035 41,529
Credit card fees 10,909 8,188 31,440 23,245
Deposit service charges 10,126 8,902 29,344 26,602
Lending related fees 6,029 5,265 18,208 13,835
Letters of credit and standby letters of credit fees 4,557 3,790 11,507 10,879
Client investment fees 3,814 3,393 10,751 10,392
Other (5,361) 17,161 14,601 24,348
Total noninterest income 80,167 257,650 404,602 434,493
Noninterest expense:        
Compensation and benefits 99,932 96,869 302,259 270,315
Professional services 26,081 18,966 68,383 52,759
Premises and equipment 12,631 12,171 36,267 34,298
Business development and travel 10,022 7,378 29,465 23,433
Net occupancy 7,437 5,898 22,436 17,460
FDIC assessments 4,587 2,913 13,660 9,148
Correspondent bank fees 3,278 2,906 9,755 9,009
Provision for unfunded credit commitments 2,225 2,774 5,533 6,135
Other 15,796 10,649 40,113 30,273
Total noninterest expense 181,989 [1] 160,524 [1] 527,871 [1] 452,830 [1]
Income before income tax expense 102,133 [2] 263,584 [2] 479,538 [2] 456,986 [2]
Income tax expense 38,961 47,404 131,460 103,773
Net income before noncontrolling interests 63,172 216,180 348,078 353,213
Net income attributable to noncontrolling interests (177) (148,559) (142,985) (196,117)
Net income available to common stockholders $ 62,995 $ 67,621 $ 205,093 $ 157,096
Earnings per common share—basic (dollars per share) $ 1.24 $ 1.48 $ 4.25 $ 3.48
Earnings per common share—diluted (dollars per share) $ 1.22 $ 1.46 $ 4.17 $ 3.43
[1] The Global Commercial Bank segment includes direct depreciation and amortization of $5.4 million and $4.9 million for the three months ended September 30, 2014 and 2013, respectively and $15.4 million and $14.0 million for the nine months ended September 30, 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.