However, within a month, we were facing that debt-ceiling crisis in Washington, followed shortly by the downgrade of U.S. Securities by Standard & Poor’s. These events on top of a still fragile housing market and elevated unemployment have again shaken the confidence of the American public. I do feel like we still have the offense on the field that is more of the grinded out at three yards and a cloud of dust rather than a wide opened attack. Even in its environment, we were encouraged by the core performance this quarter as we climbed back toward a more normalized run rate.Credit quality and the ongoing steps of moving credit-suited process continues to play a major role on our financial performance. The increases in non-performings in the higher level of net charge-offs, both involve previously identified credits. That changes involving those credits during the period necessitated further action. We remained confident that we have done a good job of identifying and reserving for credit issues and this is reflected in the 40% drop in provision expense in the quarter year-over-year.
First Defiance Financial Corp.'s CEO Discusses Q3 2011 Results - Earnings Call Transcript
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