Charge-offs while down from the last two quarters remained considerably above historic levels. Under current regulatory interpretation, any loan deem collateral dependent must be charged down to current market value regardless of whether the loan is paying current or not. In the past we would establish a specific valuation allowance for these credits as part of the reserve.The increase was not related to any credits, were not previously on our watch-list. Provision expense was also up over both the link quarter and the second quarter 2011 level. Some of the increase in provision however relates to the loan growth this quarter.
First Defiance Financial's CEO Discusses Q2 2012 Results - Earnings Call Transcript
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