Noninterest income for the fourth quarter of 2012 was $55.6 million, up 27% from the prior quarter and up 89% from the fourth quarter a year ago. For the year ended December 31, 2012, noninterest income was $168.7 million, up 43% from 2011.
Noninterest expense for the fourth quarter of 2012 was $183.1 million, compared to $178.4 million for the prior quarter and $158.0 million for the fourth quarter a year ago, a 3% increase over the prior quarter and a 16% increase year-over-year. For the year ended December 31, 2012, noninterest expense was $697.8 million, up 21% from 2011.Noninterest expense has grown primarily due to an increase in personnel to support loan, deposit and wealth management growth, increased occupancy costs as the Bank added both corporate office space and deposit offices, increased costs related to investments in technology and increased expenses related to tax credit investments. Efficiency ratio The Bank’s efficiency ratio was 51.2% for the fourth quarter of 2012, compared to 52.1% for the third quarter of 2012 and 50.2% for the fourth quarter a year ago. For the year ended December 31, 2012 and 2011, the efficiency ratio was 52.0% and 48.7%, respectively. Excluding the impact of purchase accounting, the Bank’s efficiency ratio was 56.2% for the fourth quarter of 2012, compared to 58.6% for the third quarter of 2012 and 59.9% for the fourth quarter a year ago. For the year ended December 31, 2012, the efficiency ratio was 58.6% versus 59.2% during 2011. (1) Income tax rate The Bank’s effective tax rate for 2012 was 30.4%, compared to 35.7% for 2011. The decrease in the effective tax rate in 2012 was the result of a higher level of tax-exempt securities, bank-owned life insurance, tax credit investments and tax-advantaged loans.
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