Net interest income on a fully tax equivalent basis decreased $9.0 million during the first six months of 2012 compared to the first six months of 2011. The decrease from the first six months of 2012 to the first six months of 2011 was due primarily to a decrease in average interest earning assets of approximately $382 million and a five basis point decline in our net interest margin to 3.85% on a fully tax equivalent basis.
See the supplemental net interest margin tables for further detail.
Other Income (in thousands):
|Three Months Ended||Six Months Ended|
|June 30,||March 31,||December 31,||September 30,||June 30,||June 30,||June 30,|
|Core other income:|
|Loan service fees||$||1,683||$||1,339||$||1,601||$||2,159||$||2,812||$||3,022||$||3,938|
|Deposit service fees||9,370||9,408||10,085||9,932||9,023||18,778||19,053|
|Lease financing, net||7,334||6,958||7,801||6,494||6,861||14,292||12,644|
|Trust and asset management fees||4,535||4,404||4,166||4,272||4,455||8,939||8,886|
|Increase in cash surrender value of life insurance||870||917||944||1,014||1,451||1,787||2,419|
|Accretion of FDIC indemnification asset||222||475||683||985||1,339||697||3,170|
|Other operating income||1,832||2,162||1,632||1,690||1,979||3,994||3,577|
|Total core other income||29,539||28,962||29,585||29,890||31,597||58,501||60,571|
|Non-core other income: (1)|
|Net gain (loss) on investment securities||(34||)||(3||)||411||-||232||(37||)||229|
|Net (loss) gain on sale of other assets||(8||)||(17||)||(87||)||-||13||(25||)||370|
|Net gain on sale of loans held for sale (A)||-||-||-||-||1,790||-||1,790|
|Net loss recognized on other real estate owned (B)||(4,156||)||(4,348||)||(3,620||)||(2,354||)||(3,629||)||(8,504||)||(3,997||)|
|Net loss recognized on other real estate owned|
|related to FDIC transactions (B)||(1,285||)||(2,241||)||(1,858||)||(764||)||(1,016||)||(3,526||)||(1,020||)|
|Increase (decrease) in market value of assets held|
|in trust for deferred compensation (A)||(149||)||501||20||(405||)||158||352||345|
|Total non-core other income||(5,632||)||(6,108||)||(5,134||)||(3,523||)||(2,452||)||(11,740||)||(2,283||)|
|Total other income||$||23,907||$||22,854||$||24,451||$||26,367||$||29,145||$||46,761||$||58,288|
(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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