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Interim Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest income:        
Loans $ 365,110 $ 414,077 $ 747,679 $ 808,221
Investment securities:        
Taxable 141,547 134,395 295,932 261,112
Non-taxable 14,464 10,931 27,288 21,868
Federal funds sold, securities purchased under agreements to resell and other short-term investment securities 2,402 26,364 20,026 45,580
Total interest income 523,523 585,767 1,090,925 1,136,781
Interest expense:        
Deposits 5,694 47,150 43,092 75,057
Borrowings 4,902 9,214 10,769 19,435
Total interest expense 10,596 56,364 53,861 94,492
Net interest income 512,927 529,403 1,037,064 1,042,289
Provision for credit losses 66,481 23,946 309,961 52,497
Net interest income after provision for credit losses 446,446 505,457 727,103 989,792
Noninterest income:        
Gains on investment securities, net 34,868 47,698 80,923 76,726
Gains on equity warrant assets, net 26,506 48,347 39,901 69,652
Client investment fees 31,885 45,744 75,278 90,226
Foreign exchange fees 36,256 38,506 83,761 76,554
Credit card fees 21,288 28,790 49,592 56,273
Deposit service charges 20,511 22,075 45,100 43,014
Lending related fees 11,164 11,213 24,289 25,150
Letters of credit and standby letters of credit fees 11,421 11,009 22,963 20,363
Investment banking revenue 141,503 48,694 188,370 98,489
Commissions 16,918 14,429 32,940 28,537
Other 16,528 17,245 27,665 29,142
Total noninterest income 368,848 333,750 670,782 614,126
Noninterest expense:        
Compensation and benefits 319,797 243,172 575,383 481,233
Professional services 63,828 40,830 102,533 77,816
Premises and equipment 27,708 23,911 54,648 45,611
Net occupancy 18,845 16,687 37,191 32,735
Business development and travel 2,992 17,022 17,063 32,376
FDIC and state assessments 6,819 4,483 12,053 8,462
Other 39,647 37,417 80,350 70,953
Total noninterest expense 479,636 383,522 879,221 749,186
Income before income tax expense 335,658 455,685 518,664 854,732
Income tax expense 87,869 119,114 137,226 226,549
Net income before noncontrolling interests 247,789 336,571 381,438 628,183
Net income attributable to noncontrolling interests (14,260) (18,584) (12,287) (21,464)
Preferred stock dividends (4,594) 0 (7,963) 0
Net income available to common stockholders $ 228,935 $ 317,987 $ 361,188 $ 606,719
Earnings per common share—basic (dollars per share) $ 4.44 $ 6.12 $ 7.00 $ 11.61
Earnings per common share—diluted (dollars per share) $ 4.42 $ 6.08 $ 6.97 $ 11.51