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COMMUNITY BANK SYSTEM, INC. | ||
(Exact name of registrant as specified in its charter) |
Delaware | 001-13695 | 16-1213679 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
5790 Widewaters Parkway, DeWitt, New York | 13214-1883 | |
(Address of principal executive offices) | (Zip Code) |
Check the appropriate box below if the form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions: | ||
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Date: April 26, 2011 | /s/ Mark E. Tryniski |
Mark E. Tryniski, President, Chief Executive Officer | |
and Director | |
Date: April 26, 2011 | /s/ Scott Kingsley |
Scott Kingsley, Executive Vice President and Chief | |
Financial Officer |
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News Release |
5790 Widewaters Parkway, DeWitt, N.Y. 13214
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For further information, please contact:
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Summary of Financial Data
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(Dollars in thousands, except per share data)
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2011
|
2010
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1st Qtr
|
4th Qtr
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3rd Qtr
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2nd Qtr
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1st Qtr
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Earnings
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|||||
Loan income
|
$42,297
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$44,085
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$45,094
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$44,851
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$44,673
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Investment income
|
17,990
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17,924
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17,503
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17,772
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16,379
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Total interest income
|
60,287
|
62,009
|
62,597
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62,623
|
61,052
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Interest expense
|
14,764
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15,876
|
16,273
|
16,678
|
17,770
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Net interest income
|
45,523
|
46,133
|
46,324
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45,945
|
43,282
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Provision for loan losses
|
1,050
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1,935
|
1,400
|
2,050
|
1,820
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Net interest income after provision for loan losses
|
44,473
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44,198
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44,924
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43,895
|
41,462
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Deposit service fees
|
9,685
|
10,321
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11,180
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11,337
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10,519
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Mortgage banking revenues
|
396
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1,408
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1,215
|
592
|
483
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Other banking services
|
398
|
462
|
863
|
523
|
440
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Trust, investment and asset management fees
|
2,180
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2,391
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2,400
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2,666
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2,376
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Benefit plan administration, consulting and actuarial fees
|
8,183
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7,201
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7,256
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7,260
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7,899
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Total noninterest income
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20,842
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21,783
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22,914
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22,378
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21,717
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Salaries and employee benefits
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23,111
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22,900
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23,056
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22,509
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22,936
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Professional fees
|
1,339
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1,714
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1,013
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1,505
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1,300
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Occupancy and equipment and furniture
|
6,057
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5,520
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5,574
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5,614
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6,225
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Amortization of intangible assets
|
901
|
972
|
1,277
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1,849
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1,859
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FDIC insurance
|
1,361
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1,182
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1,599
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1,485
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1,572
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Acquisition expenses & special charges
|
691
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1,107
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57
|
199
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0
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Other
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9,856
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10,726
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11,776
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11,059
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10,301
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Total operating expenses
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43,316
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44,121
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44,352
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44,220
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44,193
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Income before income taxes
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21,999
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21,860
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23,486
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22,053
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18,986
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Income taxes
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5,839
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5,966
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6,224
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5,891
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4,984
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Net income
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$16,160
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$15,894
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$17,262
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$16,162
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$14,002
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Basic earnings per share
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$0.48
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$0.48
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$0.52
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$0.49
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$0.42
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Diluted earnings per share
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$0.48
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$0.47
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$0.51
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$0.48
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$0.42
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Profitability
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Return on assets
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1.19%
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1.15%
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1.25%
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1.19%
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1.05%
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Return on equity
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10.70%
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10.27%
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11.28%
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11.12%
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9.91%
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Noninterest income/operating income (FTE) (1)
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29.6%
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30.3%
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31.4%
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31.0%
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31.6%
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Efficiency ratio (2)
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59.2%
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57.9%
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57.9%
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58.0%
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61.6%
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Components of Net Interest Margin (FTE)
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Loan yield
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5.73%
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5.73%
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5.81%
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5.87%
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5.91%
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Cash equivalents yield
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0.25%
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0.25%
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0.27%
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0.25%
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0.25%
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Investment yield
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5.01%
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5.00%
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4.84%
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4.97%
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5.06%
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Earning asset yield
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5.30%
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5.36%
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5.41%
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5.48%
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5.41%
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Interest-bearing deposit rate
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0.75%
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0.86%
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0.90%
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0.96%
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1.08%
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Borrowing rate
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4.28%
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4.28%
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4.28%
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4.28%
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4.34%
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Cost of all interest-bearing funds
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1.47%
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1.56%
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1.59%
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1.64%
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1.77%
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Cost of funds (includes DDA)
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1.25%
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1.32%
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1.35%
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1.39%
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1.50%
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Net interest margin (FTE)
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4.08%
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4.07%
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4.08%
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4.10%
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3.93%
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Fully tax-equivalent adjustment
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$3,969
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$3,865
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$3,788
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$3,835
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$3,712
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Summary of Financial Data
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(Dollars in thousands, except per share data)
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2011 | 2010 | |||||
1st Qtr
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4th Qtr
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3rd Qtr
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2nd Qtr
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1st Qtr
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Average Balances
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Loans
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$3,005,926
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$3,061,060
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$3,088,590
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$3,074,259
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$3,076,230
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Cash equivalents
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159,044
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105,242
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50,484
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64,731
|
187,030
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Taxable investment securities
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1,188,182
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1,159,110
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1,182,243
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1,204,551
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1,071,958
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Nontaxable investment securities
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565,564
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554,014
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550,660
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524,697
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518,959
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Total interest-earning assets
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4,918,716
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4,879,426
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4,871,977
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4,868,238
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4,854,177
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Total assets
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5,487,618
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5,481,129
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5,474,952
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5,454,073
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5,425,045
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Interest-bearing deposits
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3,234,986
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3,206,327
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3,217,831
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3,252,025
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3,222,093
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Borrowings
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830,454
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831,025
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832,568
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837,356
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856,662
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Total interest-bearing liabilities
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4,065,440
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4,037,352
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4,050,399
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4,089,381
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4,078,755
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Noninterest-bearing deposits
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739,515
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743,698
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736,203
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717,171
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716,172
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Shareholders' equity
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$612,559
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$613,734
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$606,912
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$582,715
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$573,047
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Balance Sheet Data
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Cash and cash equivalents
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$296,938
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$211,837
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$179,556
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$133,967
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$208,267
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Investment securities
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1,792,246
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1,742,324
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1,769,149
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1,757,967
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1,746,565
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Loans:
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Business lending
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1,006,114
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1,023,286
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1,045,849
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1,061,828
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1,048,841
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Consumer mortgage
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1,055,164
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1,057,332
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1,065,297
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1,064,471
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1,049,398
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Home equity
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299,925
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305,936
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312,396
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312,118
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312,502
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Consumer installment - indirect
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500,058
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494,813
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508,502
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511,810
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515,496
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Consumer installment - direct
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139,183
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144,996
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148,353
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140,924
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136,285
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Total loans
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3,000,444
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3,026,363
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3,080,397
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3,091,151
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3,062,522
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Allowance for loan losses
|
42,147
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42,510
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42,610
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42,603
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42,095
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Intangible assets
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311,076
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311,714
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312,686
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313,963
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315,812
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Other assets
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190,815
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194,778
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197,039
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193,357
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194,729
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Total assets
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5,549,372
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5,444,506
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5,496,217
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5,447,802
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5,485,800
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Deposits
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Noninterest-bearing
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754,892
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741,166
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738,994
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713,544
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724,097
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Non-maturity interest-bearing
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2,361,312
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2,272,013
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2,253,447
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2,203,686
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2,166,727
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Time
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904,827
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920,866
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973,894
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1,022,745
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1,097,453
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Total deposits
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4,021,031
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3,934,045
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3,966,335
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3,939,975
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3,988,277
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Borrowings
|
728,385
|
728,460
|
729,508
|
729,557
|
754,606
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Subordinated debt held by unconsolidated subsidiary trusts
|
102,030
|
102,024
|
102,018
|
102,012
|
102,005
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Other liabilities
|
73,826
|
72,719
|
82,556
|
76,438
|
62,515
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Total liabilities
|
4,925,272
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4,837,248
|
4,880,417
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4,847,982
|
4,907,403
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Shareholders' equity
|
624,100
|
607,258
|
615,800
|
599,820
|
578,397
|
|
Total liabilities and shareholders' equity
|
5,549,372
|
5,444,506
|
5,496,217
|
5,447,802
|
5,485,800
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|
Capital
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||||||
Tier 1 leverage ratio
|
8.42%
|
8.23%
|
7.99%
|
7.75%
|
7.56%
|
|
Tangible equity / net tangible assets (3)
|
6.36%
|
6.14%
|
6.21%
|
5.92%
|
5.43%
|
|
Diluted weighted average common shares O/S
|
33,989
|
33,786
|
33,606
|
33,570
|
33,327
|
|
Period end common shares outstanding
|
33,429
|
33,319
|
33,162
|
33,146
|
33,081
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|
Cash dividends declared per common share
|
$0.24
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$0.24
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$0.24
|
$0.24
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$0.22
|
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Book value
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$18.67
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$18.23
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$18.57
|
$18.10
|
$17.48
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Tangible book value(3)
|
$10.01
|
$9.49
|
$9.74
|
$9.20
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$8.51
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Common stock price (end of period)
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$24.27
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$27.77
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$23.01
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$22.03
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$22.78
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Summary of Financial Data
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(Dollars in thousands, except per share data)
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2011 | 2010 |
1st Qtr
|
4th Qtr
|
3rd Qtr
|
2nd Qtr
|
1st Qtr
|
|
Asset Quality
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Nonaccrual loans
|
$14,953
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$15,378
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$16,025
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$18,798
|
$18,251
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Accruing loans 90+ days delinquent
|
2,774
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3,091
|
1,863
|
2,076
|
930
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Total nonperforming loans
|
17,727
|
18,469
|
17,888
|
20,874
|
19,181
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Other real estate owned (OREO)
|
1,945
|
2,011
|
2,689
|
1,555
|
1,479
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Total nonperforming assets
|
19,672
|
20,480
|
20,577
|
22,429
|
20,660
|
Net charge-offs
|
1,413
|
2,035
|
1,393
|
1,542
|
1,635
|
Loan loss allowance/loans outstanding
|
1.40%
|
1.40%
|
1.38%
|
1.38%
|
1.37%
|
Nonperforming loans/loans outstanding
|
0.59%
|
0.61%
|
0.58%
|
0.68%
|
0.63%
|
Loan loss allowance/nonperforming loans
|
238%
|
230%
|
238%
|
204%
|
219%
|
Net charge-offs/average loans
|
0.19%
|
0.26%
|
0.18%
|
0.20%
|
0.22%
|
Delinquent loans/ending loans
|
1.46%
|
1.91%
|
1.64%
|
1.45%
|
1.43%
|
Loan loss provision/net charge-offs
|
74%
|
95%
|
100%
|
133%
|
111%
|
Nonperforming assets/total assets
|
0.35%
|
0.38%
|
0.37%
|
0.41%
|
0.38%
|
(1) Excludes gain (loss) on investment securities.
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(2) Excludes intangible amortization, goodwill impairment, acquisition expenses, special charges and gain (loss) on investment securities.
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(3) Includes deferred tax liabilities (of approximately $21.6 million at 3/31/11) related to tax deductible goodwill.
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