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Condensed Consolidated Statements Of Income (USD $)
In Thousands, except Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Interest Income        
Interest and fees on loans $ 49,379 $ 57,367 $ 100,262 $ 114,775
Interest and dividends on investments:        
Taxable interest 8,558 9,664 16,932 20,131
Interest exempt from federal income taxes 13 1,839 199 3,990
Dividends 12 19 29 46
Interest on bank deposits 27 48 36 73
Total interest income 57,989 68,937 117,458 139,015
Interest Expense        
Interest on deposits 9,093 13,067 18,629 26,647
Interest on short-term borrowings 178 616 363 1,468
Interest on subordinated debentures 1,386 1,390 2,769 2,765
Interest on other long-term debt 447 1,268 943 2,441
Total interest on long-term debt 1,833 2,658 3,712 5,206
Total interest expense 11,104 16,341 22,704 33,321
Net Interest Income 46,885 52,596 94,754 105,694
Provision for credit losses 9,112 4,010 22,929 49,030
Net Interest Income after Provision for Credit Losses 37,773 48,586 71,825 56,664
Noninterest Income        
Change in fair value on impaired securities 448 190 2,317 (1,327)
Non-credit related gains on securities not expected to be sold (recognized in other comprehensive income) (448) (2,300) (2,317) (3,533)
Net impairment losses 0 (2,110) 0 (4,860)
Net securities gains 1,608 562 2,185 982
Trust income 1,764 1,398 3,482 2,892
Service charges on deposit accounts 3,748 4,603 7,174 8,755
Insurance and retail brokerage commissions 1,616 1,866 3,178 3,728
Income from bank owned life insurance 1,390 1,301 2,747 2,558
Letter of credit fees 892 748 1,526 1,367
Gain on sale of assets 1,251 116 1,482 413
Card related interchange income 3,042 2,686 5,842 5,006
Other income 1,753 1,479 3,776 3,259
Total noninterest income 17,064 12,649 31,392 24,100
Noninterest Expense        
Salaries and employee benefits 21,546 21,047 42,674 43,374
Net occupancy expense 3,495 3,539 7,227 7,432
Furniture and equipment expense 3,135 3,101 6,315 6,266
Data processing expense 1,525 1,478 2,949 2,915
Pennsylvania shares tax expense 1,434 1,457 2,612 2,514
Intangible amortization 389 576 779 1,233
Collection and repossession expense 1,726 794 3,042 1,717
Other professional fees and services 1,099 1,062 2,224 2,228
FDIC insurance 1,248 2,012 3,083 3,975
Loss on sale or write-down of assets 4,214 2,314 4,515 2,397
Other operating expenses 5,889 6,298 11,709 12,866
Total noninterest expense 45,700 43,678 87,129 86,917
Income (Loss) Before Income Taxes 9,137 17,557 16,088 (6,153)
Income tax provision (benefit) 1,718 4,015 3,423 (6,527)
Net Income $ 7,419 $ 13,542 $ 12,665 $ 374
Average Shares Outstanding 104,686,072 85,777,550 104,652,472 85,405,715
Average Shares Outstanding Assuming Dilution 104,686,072 85,788,566 104,653,604 85,412,371
Per Share Data:        
Basic Earnings per Share $ 0.07 $ 0.15 $ 0.12 $ 0.00
Diluted Earnings per Share $ 0.07 $ 0.15 $ 0.12 $ 0.00
Cash Dividends Declared per Common Share $ 0.03 $ 0.01 $ 0.06 $ 0.04