Revenue from our key fee initiatives increased by $2.8 million (+13.5%) from the second quarter of 2012 to the third quarter of 2012 primarily due to the growth in our capital markets and international banking services and leasing revenues. Capital markets and international banking service fees increased due primarily to an increase in interest rate swap fees. Net lease financing income increased as a result of higher promotional and remarketing income, as well as increased sales of equipment maintenance contracts. Retail and other service fees increased as a result of the increase in NSF and overdraft fees. Other operating income decreased due to lower income from low income housing partnerships. Non-core other income was primarily impacted by lower losses recognized on OREO.
Revenue from our key fee initiatives increased by $7.4 million (+13.0%) for the nine months ended September 30, 2012 compared to the nine months ended September 30, 2011. Capital markets and international banking service fees increased due to an increase in interest rate swap fees and an increase in our international banking activities. Net lease financing income increased as a result of higher promotional and remarketing income, as well as increased sales of equipment maintenance contracts. Card fee income increased due primarily to fees earned on prepaid cards and credit cards. These increases were offset by the decreases in loan service fees, retail and deposit service fees and accretion of FDIC indemnification asset. Loan service fees decreased due to a decrease in prepayment and exit fees. Retail and deposit service fees decreased due to a decrease in NSF fees. Accretion of FDIC indemnification asset decreased $3.3 million as expected. Accretion is recorded based on the FDIC indemnification asset balance which has declined as we have received loss-share payments. Non-core other income was primarily impacted by higher losses recognized on OREO.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV