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Interim Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
[1]
Sep. 30, 2014
Interest income:        
Loans $ 174,993 $ 153,292 $ 507,746 $ 449,144
Investment securities:        
Taxable 87,609 73,540 253,496 191,384
Non-taxable 707 772 2,220 2,362
Federal funds sold, securities purchased under agreements to resell and other short-term investment securities 1,482 1,722 4,071 5,301
Total interest income 264,791 229,326 767,533 648,191
Interest expense:        
Deposits 1,158 2,961 4,283 8,933
Borrowings 8,973 5,800 25,894 17,400
Total interest expense 10,131 8,761 30,177 26,333
Net interest income 254,660 220,565 737,356 621,858
Provision for loan losses 33,403 16,610 66,368 19,051
Net interest income after provision for loan losses 221,257 203,955 670,988 602,807
Noninterest income:        
Gains on investment securities, net 18,768 5,644 77,006 172,236
Gains on derivative instruments, net 10,244 26,538 66,290 63,480
Foreign exchange fees 22,995 17,911 63,037 53,035
Credit card fees 14,536 10,909 40,841 31,440
Deposit service charges 12,272 10,126 34,309 29,344
Lending related fees 7,561 6,029 23,746 18,208
Client investment fees 5,683 3,814 15,429 10,751
Letters of credit and standby letters of credit fees 5,341 4,557 15,315 11,507
Other 11,077 (5,361) 22,315 14,601
Total noninterest income 108,477 80,167 358,288 404,602
Noninterest expense:        
Compensation and benefits 109,345 99,932 350,030 302,259
Professional services 21,137 26,081 58,834 68,383
Premises and equipment 12,356 12,631 36,800 36,267
Business development and travel 8,028 10,022 28,904 29,465
Net occupancy 8,548 7,437 24,010 22,436
FDIC and state assessments 6,954 4,587 18,705 13,660
Correspondent bank fees 3,070 3,278 9,775 9,755
Provision for unfunded credit commitments 1,047 2,225 249 5,533
Other [2] 14,270 13,568 42,101 33,355
Total noninterest expense [2] 184,755 179,761 569,408 521,113
Income before income tax expense [2] 144,979 104,361 459,868 486,296
Income tax expense [2] 57,017 40,207 175,057 137,431
Net income before noncontrolling interests [2],[3],[4] 87,962 64,154 284,811 [5] 348,865 [5],[6]
Net income attributable to noncontrolling interests [3] (6,229) (177) (28,419) (142,985)
Net income available to common stockholders [2] $ 81,733 $ 63,977 $ 256,392 $ 205,880
Earnings per common share—basic (dollars per share) [2] $ 1.59 $ 1.26 $ 5.00 $ 4.26
Earnings per common share—diluted (dollars per share) $ 1.57 $ 1.24 $ 4.94 $ 4.18
[1] Amounts for the nine months ended September 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.
[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 nine months ended September 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] 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.
[5] Cash flows for the nine months ended September 30, 2015 were revised to reflect the adoption of ASU 2015-02 as of January 1, 2015 and cash flows for the nine months ended September 30, 2014 were revised to reflect the retrospective application of our adoption of ASU 2014-01.
[6] 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.