Revenue for the fourth quarter of 2012 reached $303.6 million, up 5 percent from the year-ago period but down 4 percent from the third quarter of 2012. Revenue for the full-year 2012 totaled $1.2 billion, up 7 percent from 2011.
NET INTEREST INCOME
Fully taxable-equivalent net interest income was $209.1 million in the fourth quarter of 2012, up 1 percent from the same period of 2011 but down 3 percent from the third quarter of 2012. Fully taxable-equivalent net interest income for the full-year 2012 was $850.7 million, up 8 percent from $790.3 million in 2011.Fourth-quarter average deposits reached a record $23.4 billion, up 14 percent from the fourth quarter of 2011 and up 7 percent from the third quarter of 2012. Average deposits for the full-year 2012 totaled $21.6 billion, up 12 percent from 2011. Period-end deposits grew to $23.5 billion, up 15 percent from December 31, 2011 and up 4 percent from September 30, 2012. Average core deposits were $22.8 billion in the fourth quarter of 2012, up 15 percent from the same period of 2011 and up 7 percent from the third quarter of 2012. Full-year 2012 average core deposits grew 13 percent from 2011 to $20.9 billion. Fourth-quarter 2012 average noninterest-bearing deposits were up 31 percent from the same period of 2011 and up 11 percent from the third quarter of 2012. Average noninterest-bearing balances for the full-year 2012 were up 31 percent from 2011. Treasury Services deposit balances, which consist primarily of title, escrow and property management deposits, averaged $2.4 billion in the fourth quarter of 2012, up 32 percent from the same period of 2011 and up 6 percent from the third quarter of 2012. Treasury Services deposit balances averaged $2.2 billion for the full-year 2012, up 25 percent from 2011. The increases reflect higher residential refinance activity, as well as sales of existing homes during the quarter.
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