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Interim Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
[1]
Jun. 30, 2014
Interest income:        
Loans $ 167,252 $ 147,680 $ 332,753 $ 295,852
Investment securities:        
Taxable 84,613 63,424 165,887 117,844
Non-taxable 741 794 1,513 1,590
Federal funds sold, securities purchased under agreements to resell and other short-term investment securities 1,320 1,943 2,589 3,579
Total interest income 253,926 213,841 502,742 418,865
Interest expense:        
Deposits 1,182 3,068 3,125 5,972
Borrowings 8,973 5,808 16,921 11,600
Total interest expense 10,155 8,876 20,046 17,572
Net interest income 243,771 204,965 482,696 401,293
Provision for loan losses 26,513 1,947 32,965 2,441
Net interest income after provision for loan losses 217,258 203,018 449,731 398,852
Noninterest income:        
Gains (losses) on investment securities, net 24,975 (57,320) 58,238 166,592
Gains on derivative instruments, net 16,317 12,775 56,046 36,942
Foreign exchange fees 22,364 17,928 40,042 35,124
Credit card fees 14,215 10,249 26,305 20,531
Deposit service charges 11,301 9,611 22,037 19,218
Lending related fees 8,163 5,876 16,185 12,179
Letters of credit and standby letters of credit fees 4,772 2,810 9,974 6,950
Client investment fees 5,264 3,519 9,746 6,937
Other 18,916 8,762 11,238 19,962
Total noninterest income 126,287 14,210 249,811 324,435
Noninterest expense:        
Compensation and benefits 124,915 99,820 240,685 202,327
Professional services 18,950 21,113 37,697 42,302
Premises and equipment 11,787 12,053 24,444 23,635
Business development and travel 9,764 9,249 20,876 19,443
Net occupancy 8,149 7,680 15,462 15,000
FDIC and state assessments 5,962 4,945 11,751 9,073
Correspondent bank fees 3,337 3,274 6,705 6,477
(Reduction of) provision for unfunded credit commitments (3,061) 2,185 (798) 3,308
Other [2] 14,309 10,625 27,831 19,787
Total noninterest expense [2] 194,112 170,944 384,653 341,352
Income before income tax expense [2] 149,433 46,284 314,889 381,935
Income tax expense [2] 54,974 35,928 118,040 97,224
Net income before noncontrolling interests [2],[3],[4] 94,459 10,356 196,849 [5] 284,711 [5],[6]
Net (income) loss attributable to noncontrolling interests [3] (8,316) 40,597 (22,190) (142,808)
Net income available to common stockholders [2] $ 86,143 $ 50,953 $ 174,659 $ 141,903
Earnings per common share—basic (dollars per share) [2] $ 1.68 $ 1.06 $ 3.42 $ 3.02
Earnings per common share—diluted (dollars per share) $ 1.66 $ 1.04 $ 3.37 $ 2.96
[1] {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjA2NWJiNjIxZjM0ZjRmOWVhYzRkYjZjMWUyZjAzZTk2fFRleHRTZWxlY3Rpb246ODVBMjJCNzk0NDdCOEEwRjQ3QTIwMTA2RUZDRUFERDEM}
[2] Prior period amounts have been revised to reflect the retrospective application of new accounting guidance adopted in the first quarter of 2015 related to our investments in qualified affordable housing projects (ASU 2014-01). See Note 1— "Basis of Presentation" of the "Notes to Interim Consolidated Financial Statements" under Part I, Item 1 in this report.
[3] Amounts for the six months ended June 30, 2015, have been revised to reflect the retrospective application of new accounting guidance adopted in the second quarter of 2015 related to our consolidated variable interest entities (ASU 2015-02). Amounts prior to January 1, 2015 have not been revised for the adoption of this guidance. See Note 1— "Basis of Presentation” of the “Notes to Interim Consolidated Financial Statements (unaudited)” under Part I, Item 1 of this report for additional details.
[4] {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjA2NWJiNjIxZjM0ZjRmOWVhYzRkYjZjMWUyZjAzZTk2fFRleHRTZWxlY3Rpb246QzFCMzI2RjAxNTNCRTQ1RTEyOEUwMDhEODUyMTAyQjMM}
[5] Cash flows for the six months ended June 30, 2015 were revised to reflect the adoption of ASU 2015-02 as of January 1, 2015 and cash flows for the six months ended June 30, 2014 were revised to reflect the retrospective application of our adoption of ASU 2014-01.
[6] {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjA2NWJiNjIxZjM0ZjRmOWVhYzRkYjZjMWUyZjAzZTk2fFRleHRTZWxlY3Rpb246RDkzQzlDOTUzQTZFNEMwRTFDNkEwMDkwNzIzOUVERTMM}