Interim Financial Data

12 Months Ended

Dec. 31, 2011

Interim Financial Data [Abstract]

Interim Financial Data

NOTE 24 - INTERIM FINANCIAL DATA (UNAUDITED)

The following table details the quarterly results of operations for the years ended December 31, 2011 and 2010.

INTERIM FINANCIAL DATA

(unaudited, dollars	Quarters Ended 2011									Quarters Ended 2010
and shares in thousands,		December		September			June		March		December		September		June		March
except per share data)		31		30			30		31		31		30		30		31
Interest income	$	86,235	$	87,169		$	76,872	$	76,317	$	70,965	$	72,945	$	75,596	$	77,342
Interest expense		9,640		14,577			14,553		14,950		16,988		18,777		20,442		22,225
Net interest income		76,595		72,592			62,319		61,367		53,977		54,168		55,154		55,117
Provision for loan losses		1,036		(82	)		3,207		3,312		7,100		6,400		8,000		9,281
Noninterest income		49,147		47,326			43,589		42,821		42,205		41,979		42,974		42,992
Noninterest expense		93,680		95,158			79,758		79,925		83,272		76,102		77,871		77,060
Income before income taxes		31,026		24,842			22,943		20,951		5,810		13,645		12,257		11,768
Income tax expense		8,812		8,045			5,927		4,518		84		1,749		1,734		1,699
Net income	$	22,214	$	16,797		$	17,016	$	16,433	$	5,726	$	11,896	$	10,523	$	10,069
Net income per share :
Basic	$	0.23	$	0.18		$	0.18	$	0.17	$	0.07	$	0.13	$	0.12	$	0.12
Diluted		0.23		0.18			0.18		0.17		0.07		0.13		0.12		0.12
Average shares
Basic		94,463		94,492			94,479		94,433		86,804		86,795		86,786		86,752
Diluted		94,866		94,785			94,701		94,670		87,005		86,931		86,911		86,797

Interest income increased in 2011 primarily as a result of the acquisition of Monroe Bancorp on January 1, 2011 and Integra Bank on July 29, 2011. The lower provision for loan losses in 2011 was attributable to the following factors: (1) the loss factors applied to our performing loan portfolio have decreased during 2011 compared to 2010 as charge-offs were substantially lower, (2) apart from those loans acquired in our two acquisitions, which are substantially accounted for at fair value, our total loans decreased $16.2 million from December 31, 2010 to December 31, 2011, and (3) the percentage of our loan portfolio consisting of those loans where higher loss factors are applied (commercial and commercial real estate loans) fell to 48% in 2011 compared to 58% in 2010 while the percentage of our loan portfolio consisting of those loans where lower loss factors are applied (residential loans) increased to 21% in 2011 compared to 18% in 2010. Noninterest expense increased in 2011 primarily as a result of the acquisition of Monroe Bancorp on January 1, 2011 and Integra Bank on July 29, 2011.