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Interim Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Interest income:    
Loans $ 227,341 $ 197,942
Investment securities:    
Taxable 89,803 91,050
Non-taxable 646 596
Federal funds sold, securities purchased under agreements to resell and other short-term investment securities 3,136 2,070
Total interest income 320,926 291,658
Interest expense:    
Deposits 1,717 1,188
Borrowings 9,216 9,049
Total interest expense 10,933 10,237
Net interest income 309,993 281,421
Provision for credit losses (1) 29,679 33,341
Provision for credit losses [1] 30,734 33,475
Net interest income after provision for credit losses 279,259 247,946
Noninterest income:    
Gains (losses) on investment securities, net 15,970 (4,684)
Gains and losses on equity warrant assets [2] 6,690 6,606
Foreign exchange fees 26,247 26,966
Credit card fees 17,730 15,507
Deposit service charges 13,975 12,672
Client investment fees 9,026 7,995
Lending related fees 8,961 7,813
Letters of credit and standby letters of credit fees 6,639 5,589
Other (2) [2] 12,421 7,670
Total noninterest income 117,659 86,134
Noninterest expense:    
Compensation and benefits 147,176 122,262
Professional services 25,419 19,000
Premises and equipment 15,858 14,984
Business development and travel 9,195 12,246
Net occupancy 11,651 10,035
FDIC and state assessments 8,682 6,927
Correspondent bank fees 3,445 3,652
Other 16,207 14,793
Total noninterest expense (1) [1] 237,633 203,899
Income before income tax expense 159,285 130,181
Income tax expense (3) 51,405 [3] 53,584
Net income before noncontrolling interests 107,880 76,597
Net (income) loss attributable to noncontrolling interests (6,397) 2,577
Net income available to common stockholders (3) $ 101,483 [3] $ 79,174
Earnings per common share—basic (dollars per share) $ 1.94 [3] $ 1.53
Earnings per common share—diluted (dollars per share) $ 1.91 [3] $ 1.52
[1] Our consolidated statements of income were modified from prior period's presentation to conform to the current period's presentation, which reflects our provision for loan losses and provision for unfunded credit commitments together as our “provision for credit losses”. In prior periods, our provision for unfunded credit commitments were reported as a component of noninterest expense.
[2] Our consolidated statements of income were modified from prior period's presentation to conform to the current period's presentation, which reflects a new line item to separately disclose net gains on equity warrant assets. In prior periods, net gains on equity warrant assets were reported as a component of gains on derivative instruments, net. We removed the line item gains on derivative instruments, net and reclassified all other gains on derivative instruments, net to other noninterest income.
[3] Included in income tax expense, net income available to common shareholders, earnings per common share-basic and earnings for common share-diluted, for the three months ended March 31, 2017, are tax benefits recognized associated with the adoption of Accounting Standards Update ("ASU") 2016-09, Improvements to Employee Share-Based Payment Accounting in the first quarter of 2017. This guidance was adopted on a prospective basis with no change to prior period amounts.