United Bankshares, Inc. Increases Earnings For The Second Quarter And First Half Of 2012

United Bankshares, Inc. (NASDAQ: UBSI), today reported an increase in earnings for the second quarter and the first half of 2012 as compared to the same time periods in 2011. Earnings for the second quarter of 2012 were $21.0 million or $0.42 per diluted share, up $3.6 million or 21% from earnings of $17.5 million or $0.40 per diluted share for the second quarter of 2011. Earnings for the first half of 2012 were $42.1 million or $0.84 per diluted share, an increase of $6.7 million or 19% from earnings of $35.3 million or $0.81 per diluted share for the first half of 2011.

Second quarter of 2012 results produced a return on average assets of 1.00% and a return on average equity of 8.58%, respectively. For the first half of 2012, United’s return on average assets was 1.00% while the return on average equity was 8.60%. These returns compare favorably to United’s most recently reported Federal Reserve peer group’s (bank holding companies with total assets between $3 and $10 billion) average return on assets of 0.93% and average return on equity of 8.54% for the first quarter of 2012. United’s annualized returns on average assets and average equity were 0.98% and 8.66%, respectively, for the second quarter of 2011 while the returns on average assets and average equity was 1.00% and 8.85%, respectively, for the first half of 2011.

The results for the second quarter and first half of 2012 included noncash, before-tax, other-than-temporary impairment charges of $1.7 million and $3.1 million, respectively, on certain investment securities. The results for the second quarter and first half of 2011 included noncash, before-tax, other-than-temporary impairment charges of $4.1 million and $6.2 million, respectively, on certain investment securities.

United’s asset quality also continues to outperform its peers. United’s percentage of nonperforming loans to loans, net of unearned income of 1.23% at June 30, 2012 compares favorably to the most recently reported percentage of 3.33% at March 31, 2012 for United’s Federal Reserve peer group. At June 30, 2012, nonperforming loans were $77.6 million, down from nonperforming loans of $79.7 million or 1.28% of loans, net of unearned income, at December 31, 2011. As of June 30, 2012, the allowance for loan losses was $73.4 million or 1.16% of loans, net of unearned income, which was comparable to $73.9 million or 1.18% of loans, net of unearned income, at December 31, 2011. United’s coverage ratio of its allowance for loan losses to nonperforming loans also compares favorably to its peers. The coverage ratio for United was 94.64% and 92.73% at June 30, 2012 and December 31, 2011, respectively. The coverage ratio for United’s Federal Reserve peer group was 85.99% at March 31, 2012. Total nonperforming assets of $126.2 million, including OREO of $48.6 million at June 30, 2012, represented 1.49% of total assets which also compares favorably to the most recently reported percentage of 2.62% at March 31, 2012 for United’s Federal Reserve peer group.

United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 14.0% at June 30, 2012 while its Tier I capital and leverage ratios are 12.8% and 10.5%, respectively. The regulatory requirements for a well-capitalized financial institution are a risk-based capital ratio of 10%, a Tier I capital ratio of 6% and a leverage ratio of 5%.

“United’s earnings continue to be strong with solid asset quality favorable to peers,” stated Richard M. Adams, United’s Chairman of the Board and Chief Executive Officer. “United also continues to be well-capitalized based upon regulatory guidelines.”

Tax-equivalent net interest income for the second quarter of 2012 was $70.6 million, an increase of $10.4 million or 17% from the second quarter of 2011. This increase in tax-equivalent net interest income was primarily attributable to an increase in average earning assets from the Centra acquisition. Average earning assets increased $1.2 billion or 19% from the second quarter of 2011. Average net loans increased $1.0 billion or 20% for the second quarter of 2012. In addition, the average cost of funds declined 29 basis points from the second quarter of 2011. Partially offsetting the increases to tax-equivalent net interest income for the second quarter of 2012 was a decline of 30 basis points in the average yield on earning assets for the second quarter of 2012 as compared to the same quarter in 2011. The net interest margin for the second quarter of 2012 was 3.76%, which was a decrease of 7 basis points from a net interest margin of 3.83% for the second quarter of 2011.

Tax-equivalent net interest income for the first half of 2012 was $141.3 million, an increase of $20.2 million or 17% from the first half of 2011. This increase in tax-equivalent net interest income was primarily attributable to an increase in average earning assets from the Centra acquisition. Average earning assets increased $1.2 billion or 20% from the first half of 2011. Average net loans increased $1.0 billion or 19% for the first half of 2012. In addition, the average cost of funds declined 30 basis points from the first half of 2011. Partially offsetting the increases to tax-equivalent net interest income for the first half of 2012 was a decline of 34 basis points in the average yield on earning assets for the first half of 2012 as compared to the first half of 2011. The net interest margin for the first half of 2012 was 3.77%, which was a decrease of 11 basis points from a net interest margin of 3.88% for the first half of 2011.

On a linked-quarter basis, United’s tax-equivalent net interest income for the second quarter of 2012 was flat from the first quarter of 2012, decreasing $20 thousand or less than 1% due mainly to a decrease in the average yield on earning assets. The second quarter of 2012 average yield on earning assets decreased 6 basis points while the average cost of funds decreased 5 basis points from the first quarter of 2012. Average earning assets were flat, increasing $36.8 million or less than 1% during the quarter. Average net loans were flat for the quarter as well, increasing $10.2 million or less than 1%. Average short-term investments increased $85.5 million or 16% while average investments declined $58.9 million or 7% for the quarter. The net interest margin of 3.76% for the second quarter of 2012 was a decrease of 2 basis points from the net interest margin of 3.78% for the first quarter of 2012.

For the quarters ended June 30, 2012 and 2011, the provision for credit losses was $3.4 million and $4.8 million, respectively, while the provision for the first six months of 2012 was $7.6 million as compared to $9.2 million for the first six months of 2011. Net charge-offs were $4.0 million and $4.6 million for the second quarter of 2012 and 2011, respectively. Net charge-offs were $8.0 million and $9.1 million for the first half of 2012 and 2011, respectively. Annualized net charge-offs as a percentage of average loans was 0.26% for both the second quarter and first half of 2012. United’s most recently reported Federal Reserve peer group’s net charge-offs to average loans percentage was 0.70% for the first quarter of 2012.

Noninterest income for the second quarter of 2012 was $16.6 million, which was an increase of $3.3 million from the second quarter of 2011. Included in noninterest income for the second quarter of 2012 were noncash, before-tax, other-than-temporary impairment charges of $1.7 million on certain investment securities as compared to noncash, before-tax other-than-temporary impairment charges of $4.1 million on certain investment securities for the second quarter of 2011. Excluding the results of the noncash, other-than-temporary impairment charges as well as net gains and losses from sales and calls of investment securities, noninterest income for the second quarter of 2012 would have increased $1.3 million or 8% from the second quarter of 2011. This increase for the second quarter of 2012 was due primarily to increases of $576 thousand in income from trust and brokerage services due to increases in volume and the value of assets under management and $352 thousand in mortgage banking income due to increased sales of mortgage loans in the secondary market.

Noninterest income for the first half of 2012 was $32.9 million, which was an increase of $4.9 million from the first half of 2011. Included in noninterest income for the first half of 2012 were noncash, before-tax, other-than-temporary impairment charges of $3.1 million on certain investment securities as compared to noncash, before-tax other-than-temporary impairment charges of $6.2 million on certain investment securities for the first half of 2011. Excluding the results of the noncash, other-than-temporary impairment charges as well as net gains and losses from sales and calls of investment securities, noninterest income for the first half of 2012 would have increased $2.9 million or 9% from the first half of 2011. This increase for the first half of 2012 was due primarily to increases of $1.3 million in income from trust and brokerage services due to increases in volume and the value of assets under management, $733 thousand in fees from deposit services due to the Centra merger and $436 thousand in mortgage banking income due to increased sales of mortgage loans in the secondary market.

On a linked-quarter basis, noninterest income for the second quarter of 2012 increased $261 thousand from the first quarter of 2012. Included in the results for the second quarter of 2012 and first quarter of 2012 were noncash, before-tax, other-than-temporary impairment charges of $1.7 million and $1.4 million, respectively. Excluding the results of the noncash, other-than-temporary impairment charges as well as net gains and losses from sales and calls of investment securities, noninterest income would have increased $345 thousand or 2% on a linked-quarter basis due primarily to an increase of $165 thousand in mortgage banking income due to an increased spread on the sales of mortgage loans in the secondary market.

Noninterest expense for the second quarter of 2012 was $51.3 million, an increase of $9.6 million or 23% from the second quarter of 2011 due primarily to increases of $3.0 million in employee compensation due to additional employees from the Centra merger and $1.7 million in employee benefits due mainly to an increase in health insurance and pension costs. The remainder of the increase in noninterest expense from the second quarter of 2011 was due mainly to the additional offices and equipment from the Centra merger.

Noninterest expense for the first half of 2012 was $101.5 million, an increase of $16.4 million or 19% from the first half of 2011 due primarily to increases of $6.0 million in employee compensation due to additional employees from the Centra merger and $2.5 million in employee benefits due mainly to an increase in health insurance and pension costs. The remainder of the increase in noninterest expense from the first half of 2011 was due mainly to the additional offices and equipment from the Centra merger.

On a linked-quarter basis, noninterest expense for the second quarter of 2012 increased $990 thousand or 2% from the first quarter of 2012. This increase was due primarily to increases of $631 thousand in employee benefits due to higher health insurance expense and $477 thousand in equipment expense due to increased depreciation and maintenance costs.

During the second quarter of 2012, United’s Board of Directors declared a cash dividend of $0.31 per share. United has increased its dividend to shareholders for 38 consecutive years. The annualized 2012 dividend of $1.24 equates to a yield of approximately 5% based on recent UBSI market prices.

United has consolidated assets of approximately $8.5 billion with 123 full service offices in West Virginia, Virginia, Maryland, Ohio, Pennsylvania and Washington, D.C. United Bankshares stock is traded on the NASDAQ Global Select Market under the quotation symbol " UBSI".

Cautionary Statements

The Company is required under generally accepted accounting principles to evaluate subsequent events through the filing of its June 30, 2012 consolidated financial statements on Form 10-Q. As a result, the Company will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates made as of June 30, 2012 and will adjust amounts preliminarily reported, if necessary.

Forward-Looking Statements

This press release contains certain forward-looking statements, including certain plans, expectations, goals and projections, which are subject to numerous assumptions, risks and uncertainties. Actual results could differ materially from those contained in or implied by such statements for a variety of factors including: changes in economic conditions; movements in interest rates; competitive pressures on product pricing and services; success and timing of business strategies; the nature and extent of governmental actions and reforms; and rapidly changing technology and evolving banking industry standards.

 

 

UNITED BANKSHARES, INC. AND SUBSIDIARIES

FINANCIAL SUMMARY

(In Thousands Except for Per Share Data)
   
Three Months Ended Six Months Ended
June 30

2012
June 30

2011
June 30

2012
June 30

2011
EARNINGS SUMMARY:
Interest income, taxable equivalent $ 82,665 $ 74,072 $ 166,122 $ 149,382
Interest expense 12,050 13,814 24,872 28,308
Net interest income, taxable equivalent 70,615 60,258 141,250 121,074
Taxable equivalent adjustment 1,560 1,637 3,229 3,090
Net interest income 69,055 58,621 138,021 117,984
Provision for loan losses 3,436 4,800 7,569 9,236
Noninterest income 16,587 13,334 32,913 27,985
Noninterest expense 51,252 41,677 101,514 85,146
Income taxes 9,905 8,026 19,792 16,250
Net income $ 21,049 $ 17,452 $ 42,059 $ 35,337
 
PER COMMON SHARE:
Net income:
Basic $ 0.42 $ 0.40 $ 0.84 $ 0.81
Diluted 0.42 0.40 0.84 0.81
Cash dividends $ 0.31 $ 0.30 0.62 0.60
Book value 19.52 18.43
Closing market price $ 25.88 $ 24.48
Common shares outstanding:
Actual at period end, net of treasury shares 50,275,869 43,645,485
Weighted average- basic 50,274,665 43,645,541 50,255,019 43,637,497
Weighted average- diluted 50,308,228 43,676,407 50,299,982 43,686,203
 
FINANCIAL RATIOS:
Return on average assets 1.00 % 0.98 % 1.00 % 1.00 %
Return on average shareholders’ equity 8.58 % 8.66 % 8.60 % 8.85 %
Average equity to average assets 11.64 % 11.35 % 11.62 % 11.34 %
Net interest margin 3.76 % 3.83 % 3.77 % 3.88 %
 
June 30

2012
June 30

2011
December 31

2011
March 31

2012
PERIOD END BALANCES:
Assets $ 8,457,009 $ 7,133,983 $ 8,451,470 $ 8,529,469
Earning assets 7,488,617 6,307,773 7,498,333 7,579,030
Loans, net of unearned income 6,314,916 5,252,096 6,236,710 6,200,120
Loans held for sale 9,279 1,057 3,902 7,401
Investment securities 722,854 741,845 824,219 790,936
Total deposits 6,860,441 5,728,536 6,819,010 6,881,610
Shareholders’ equity 981,181 804,241 968,844 976,303
 
UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)
         
Consolidated Statements of Income
Three Months Ended Six Months Ended
June June March June June
2012 2011 2012 2012 2011
 
Interest & Loan Fees Income $ 81,105 $ 72,435 $ 81,788 $ 162,893 $ 146,292
Tax equivalent adjustment   1,560     1,637     1,669     3,229     3,090  
Interest & Fees Income (FTE) 82,665 74,072 83,457 166,122 149,382
Interest expense   12,050     13,814     12,822     24,872     28,308  
Net Interest Income (FTE) 70,615 60,258 70,635 141,250 121,074
 
Provision for Loan Losses 3,436 4,800 4,133 7,569 9,236
 
Non-Interest Income:
Fees from trust & brokerage services 4,013 3,437 3,984 7,997 6,747
Fees from deposit services 10,393 10,341 10,312 20,705 19,972
Bankcard fees and merchant discounts 738 683 647 1,385 1,238
Other charges, commissions, and fees 600 381 577 1,177 835
Income from bank-owned life insurance 1,255 1,228 1,289 2,544 2,403
Mortgage banking income 483 131 318 801 365
Other non-interest revenue 648 599 658 1,306 1,450
Net other-than-temporary impairment losses (1,742 ) (4,096 ) (1,377 ) (3,119 ) (6,206 )
Net gains (losses) on sales/calls of investment

securities
 

199
   

630
    (82 )  

117
   

1,181
 
Total Non-Interest Income   16,587     13,334     16,326     32,913     27,985  
 
Non-Interest Expense:
Employee compensation 17,965 15,015 17,907 35,872 29,885
Employee benefits 5,823 4,131 5,192 11,015 8,509
Net occupancy 5,321 4,140 5,042 10,363 8,527
Other expenses 17,764 14,477 17,476 35,240 29,824
Amortization of intangibles 724 354 762 1,486 737
OREO expense 2,160 1,233 2,328 4,488 3,000
FDIC expense   1,495     2,327     1,555     3,050     4,664  
Total Non-Interest Expense   51,252     41,677     50,262     101,514     85,146  
 
Income Before Income Taxes (FTE) 32,514 27,115 32,566 65,080 54,677
 
Tax equivalent adjustment   1,560     1,637     1,669     3,229     3,090  
 
Income Before Income Taxes 30,954 25,478 30,897 61,851 51,587
 
Taxes   9,905     8,026     9,887     19,792     16,250  
 
Net Income $ 21,049   $ 17,452   $ 21,010   $ 42,059   $ 35,337  
 
MEMO: Effective Tax Rate 32.00 % 31.50 % 32.00 % 32.00 % 31.50 %
 
UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)
         
Consolidated Balance Sheets
June 30 June 30
2012 2011 June 30 December 31 June 30
Q-T-D Average Q-T-D Average 2012 2011 2011
 
Cash & Cash Equivalents $ 759,990 $ 501,535 $ 673,208 $ 636,003 $ 508,069
 
Securities Available for Sale 637,180 653,490 607,144 696,518 608,334
Held to Maturity Securities 55,141 64,142 53,274 59,289 63,699
Other Investment Securities   64,526     70,874     62,436     68,412     69,812  
Total Securities   756,847     788,506     722,854     824,219     741,845  
Total Cash and Securities   1,516,837     1,290,041     1,396,062     1,460,222     1,249,914  
 
Loans held for sale 7,971 1,464 9,279 3,902 1,057
 
Commercial Loans 4,403,617 3,533,509 4,507,375 4,378,345 3,570,556
Mortgage Loans 1,525,191 1,416,138 1,516,450 1,562,838 1,410,321
Consumer Loans   306,784     269,733     302,981     299,030     274,911  
 
Gross Loans 6,235,592 5,219,380 6,326,806 6,240,213 5,255,788
 
Unearned income   (12,392 )   (3,341 )   (11,890 )   (3,503 )   (3,692 )
 
Loans, net of unearned income 6,223,200 5,216,039 6,314,916 6,236,710 5,252,096
 
Allowance for Loan Losses (73,931 ) (72,909 ) (73,413 ) (73,874 ) (73,132 )
 
Goodwill 371,656 311,641 371,650 371,693 311,641
Other Intangibles   11,915     2,391     11,472     12,950     2,202  
Total Intangibles 383,571 314,032 383,122 384,643 313,843
 
Other Real Estate Owned 48,716 43,271 48,608 51,760 45,671
Other Assets   374,359     334,537     378,435     388,107     344,534  
 
Total Assets $ 8,480,723   $ 7,126,475   $ 8,457,009   $ 8,451,470   $ 7,133,983  
 
MEMO: Earning Assets $ 7,535,416   $ 6,308,764   $ 7,488,617   $ 7,498,333   $ 6,307,773  
 
Interest-bearing Deposits $ 5,166,826 $ 4,308,770 $ 5,117,149 $ 5,199,848 $ 4,292,987
Noninterest-bearing Deposits   1,691,478     1,375,842     1,743,292     1,619,162     1,435,549  
Total Deposits 6,858,304 5,684,612 6,860,441 6,819,010 5,728,536
 
Short-term Borrowings 278,692 247,706 265,077 254,766 201,438
Long-term Borrowings   308,934     336,139     290,227     345,366     336,063  
Total Borrowings 587,626 583,845 555,304 600,132 537,501
 
Other Liabilities   47,600     49,367     60,083     63,484     63,705  
 
Total Liabilities   7,493,530     6,317,824     7,475,828     7,482,626     6,329,742  
 
Preferred Equity --- --- --- --- ---
Common Equity   987,193     808,651     981,181     968,844     804,241  
Total Shareholders' Equity   987,193     808,651     981,181     968,844     804,241  
 
Total Liabilities & Equity $ 8,480,723   $ 7,126,475   $ 8,457,009   $ 8,451,470   $ 7,133,983  
 
MEMO: Interest-bearing Liabilities $ 5,754,452   $ 4,892,615   $ 5,672,453   $ 5,799,980   $ 4,830,488  
 
UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)
       
Three Months Ended Six Months Ended
June June March June June
Quarterly/Year-to-Date Share Data: 2012 2011 2012 2012 2011
 
Earnings Per Share:
Basic $ 0.42 $ 0.40 $ 0.42 $ 0.84 $ 0.81
Diluted $ 0.42 $ 0.40 $ 0.42 $ 0.84 $ 0.81
 
Common Dividend Declared Per Share: $ 0.31 $ 0.30 $ 0.31 $ 0.62 $ 0.60
 
High Common Stock Price $ 29.45 $ 27.46 $ 30.91 $ 30.91 $ 30.84
Low Common Stock Price $ 23.87 $ 22.36 $ 27.36 $ 23.87 $ 22.36
 
Average Shares Outstanding (Net of Treasury Stock):
Basic 50,274,665 43,645,541 50,235,374 50,255,019 43,637,497
Diluted 50,308,228 43,676,407 50,300,538 50,299,982 43,686,203
 
Memorandum Items:
 
Tax Applicable to Security Sales/Calls $ 70 $ 220 $ (29 ) $ 41 $ 413
 
Common Dividends $ 15,605 $ 13,099 $ 15,570 $ 31,175 $ 26,194
 
Dividend Payout Ratio 74.14 % 75.06 % 74.11 % 74.12 % 74.13 %
 
June June March
EOP Share Data: 2012 2011 2012
 
Book Value Per Share $ 19.52 $ 18.43 $ 19.42
Tangible Book Value Per Share $ 11.90 $ 11.24 $ 11.78
 
52-week High Common Stock Price $ 30.91 $ 30.84 $ 30.91
Date 03/19/12 01/19/11 03/19/12
52-week Low Common Stock Price $ 18.78 $ 22.09 $ 18.78
Date 09/22/11 08/24/10 09/22/11
 
EOP Shares Outstanding (Net of Treasury Stock): 50,275,869 43,645,485 50,274,104
 
Memorandum Items:
 
EOP Employees (full-time equivalent) 1,626 1,438 1,637
 
UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)
     
Three Months Ended Six Months Ended
June June March June June
Selected Yields and Net Interest Margin: 2012 2011 2012 2012 2011
 
Loans 5.01 % 5.18 % 5.02 % 5.02 % 5.21 %
Investment Securities 2.91 % 3.73 % 3.08 % 3.00 % 3.96 %
Money Market Investments/FFS 0.27 % 0.30 % 0.26 % 0.26 % 0.34 %
Average Earning Assets Yield 4.41 % 4.71 % 4.47 % 4.44 % 4.78 %
Interest-bearing Deposits 0.65 % 0.91 % 0.67 % 0.66 % 0.95 %
Short-term Borrowings 0.10 % 0.04 % 0.09 % 0.09 % 0.04 %
Long-term Borrowings 4.78 % 4.83 % 4.83 % 4.80 % 4.79 %
Average Liability Costs 0.84 % 1.13 % 0.89 % 0.87 % 1.17 %
Net Interest Spread 3.57 % 3.58 % 3.58 % 3.57 % 3.61 %
Net Interest Margin 3.76 % 3.83 % 3.78 % 3.77 % 3.88 %
 
Selected Financial Ratios:
 
Return on Average Common Equity 8.58 % 8.66 % 8.63 % 8.60 % 8.85 %
Return on Average Assets 1.00 % 0.98 % 1.00 % 1.00 % 1.00 %
Efficiency Ratio 54.50 % 52.03 % 53.35 % 53.93 % 52.83 %
 
June June March
2012 2011 2012
 
Loan / Deposit Ratio 92.05 % 91.68 % 90.10 %
Allowance for Loan Losses/ Loans, net of unearned income 1.16 % 1.39 % 1.19 %
Allowance for Credit Losses (1)/ Loans, net of unearned income 1.20 % 1.43 % 1.22 %
Nonaccrual Loans / Loans, net of unearned income 1.00 % 0.98 % 1.00 %
90-Day Past Due Loans/ Loans, net of unearned income 0.16 % 0.17 % 0.16 %
Non-performing Loans/ Loans, net of unearned income 1.23 % 1.22 % 1.23 %
Non-performing Assets/ Total Assets 1.49 % 1.54 % 1.48 %
Primary Capital Ratio 12.38 % 12.20 % 12.23 %
Shareholders' Equity Ratio 11.60 % 11.27 % 11.45 %
Price / Book Ratio 1.33 x 1.33 x 1.49 x
Price / Earnings Ratio 15.46 x 15.32 x 17.27 x
 
Note: (1) Includes allowances for loan losses and lending-related commitments.
 
UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)
           
June June December March
Asset Quality Data: 2012 2011 2011 2012
 
EOP Non-Accrual Loans $ 63,279 $ 51,237 $ 59,892 $ 62,037
EOP 90-Day Past Due Loans 10,029 8,865 16,179 9,816
EOP Restructured Loans (2)   4,255     3,886     3,592     4,335  
Total EOP Non-performing Loans $ 77,563 $ 63,988 $ 79,663 $ 76,188
 
EOP Other Real Estate Owned   48,608     45,671     51,760     49,864  
Total EOP Non-performing Assets $ 126,171   $ 109,659   $ 131,423   $ 126,052  
 
 
Three Months Ended Six Months Ended
June June March June June
Allowance for Credit Losses: (1) 2012 2011 2012 2012 2011
Beginning Balance $ 75,747 $ 75,135 $ 75,727 $ 75,727 $ 75,039
Provision for Credit Losses (3)   3,813     4,689     4,015     7,828     9,279  
79,560 79,824 79,742 83,555 84,318
Gross Charge-offs (5,188 ) (5,599 ) (4,734 ) (9,922 ) (10,340 )
Recoveries   1,153     956     739     1,892    

1,203
 
Net Charge-offs   (4,035 )   (4,643 )   (3,995 )   (8,030 )   (9,137 )

Ending Balance
$ 75,525   $ 75,181   $ 75,747   $ 75,525   $ 75,181  

 

 

Note:

(1) Includes allowances for loan losses and lending-related commitments.
(2) Restructured loans with an aggregate balance of $1,427, $3,886, $1,528 and $2,283 at June 30, 2012, June 30, 2011,

December 31, 2011 and March 31, 2012, respectively, were on nonaccrual status, but are not included in the “EOP Non-

Accrual Loans.”
(3) Includes the Provision for Loan Losses and a provision for lending-related commitments included in Other Expenses.

Copyright Business Wire 2010

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