The Company’s net interest margin for the quarters and years ended December 31, 2012 and 2011 was also impacted by reclassifications from non-accretable difference to accretable yield on ACI loans. Non-accretable difference at acquisition represented the difference between the total contractual payments due and the cash flows expected to be received on these loans. The accretable yield on ACI loans represented the amount by which undiscounted expected future cash flows exceeded the carrying value of the loans. As the Company’s expected cash flows from ACI loans have increased since the FSB Acquisition (as defined below), the Company has reclassified amounts from non-accretable difference to accretable yield.
Changes in accretable yield on ACI loans for the years ended December 31, 2012 and 2011 were as follows (in thousands):
|Balance, December 31, 2010||$||1,833,974|
|Reclassifications from non-accretable difference||135,933|
|Balance, December 31, 2011||1,523,615|
|Reclassifications from non-accretable difference||206,934|
|Balance, December 31, 2012||$||1,286,066|
Non-interest income for the quarter ended December 31, 2012 was $5.5 million, as compared to $13.3 million for the quarter ended December 31, 2011. For the year ended December 31, 2012, non-interest income was $89.2 million as compared to $163.2 million for the year ended December 31, 2011.
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