Our net interest margin, on a fully tax equivalent basis, was 3.91% for the fourth quarter of 2011 compared to 3.90% for the third quarter of 2011 and 3.83% for the fourth quarter of 2010. The margin increase from 2010 was due to a decrease in our average cost of funds as a result of an improved deposit mix and downward repricing of interest bearing deposits, as well as an improved interest earning asset mix and a lower level of non-performing loans.
Our net interest margin, on a fully tax equivalent basis, was 3.90% for the year ended December 31, 2011 compared to 3.83% for the year ended December 31, 2010. The margin increase from 2010 was due to a decrease in our average cost of funds as a result of an improved deposit mix and downward repricing of interest bearing deposits, as well as a lower level of non-performing loans.
See the supplemental net interest margin tables for further detail.
Other Income (in thousands):
|Three Months Ended||Year Ended|
|December 31,||September 30,||June 30,||March 31,||December 31,||December 31,||December 31,|
|Core other income:|
|Loan service fees||$||1,601||$||2,159||$||2,812||$||1,126||$||1,532||$||7,698||$||6,517|
|Deposit service fees||10,085||9,932||9,023||10,030||9,920||39,070||38,934|
|Lease financing, net||7,801||6,494||6,861||5,783||7,185||26,939||21,853|
|Trust and asset management fees||4,166||4,272||4,455||4,431||4,243||17,324||15,037|
Increase in cash surrender value of life insurance
|Accretion of FDIC indemnification asset||683||985||1,339||1,831||3,009||4,838||9,678|
|Other operating income||1,632||1,690||1,979||1,598||1,570||6,899||4,947|
|Total core other income||29,585||29,890||31,597||28,974||31,907||120,046||112,551|
|Non-core other income: (1)|
Net gain (loss) on sale of investment securities
|Net (loss) gain on sale of other assets||(87||)||-||13||357||419||283||630|
|Net gain on sale of loans held for sale (A)||-||-||1,790||-||-||1,790||-|
Net loss recognized on other real estate owned (B)
Net loss recognized on other real estate owned related to FDIC transactions (B)
|Acquisition related gains||-||-||-||-||-||-||62,649|
Increase (decrease) in market value of assets held in trust for deferred compensation (A)
|Total non-core other income||(5,134||)||(3,523||)||(2,452||)||169||(1,112||)||(10,940||)||73,205|
|Total other income||$||24,451||$||26,367||$||29,145||$||29,143||$||30,795||$||109,106||$||185,756|
|(1)||Letter denotes the corresponding line items where these non-core other income items reside in the consolidated statements of income as follows: A – Other operating income, B – Net loss recognized on other real estate owned.|
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