Our municipal securities, totaling $639.2 million, are located in 27 states, with approximately $25.9 million, or 4.1%, located within the state of California. Our largest holdings are in New Jersey at 14.2%, Michigan at 12.3% and Illinois at 11.7%. All municipal bond securities are performing.

During the third quarter of 2012, we purchased $86.6 million in MBS with an average yield of 1.97% and $3.53 million in municipal securities with an average tax-equivalent yield of 3.30%. MBS purchased during the third quarter have a weighted average duration of about 5.7 years.

Loans

Total loans and leases, net of deferred fees and discount, of $3.44 billion at September 30, 2012, increased by $47.8 million, or 1.41%, from $3.39 billion at June 30, 2012. Quarter-over-quarter, non-covered loans grew by $50.6 million, while covered loans declined by $2.8 million.

Total loans and leases, net of deferred fees and discount, of $3.44 billion at September 30, 2012, decreased by $46.9 million, or 1.35%, from $3.48 billion at December 31, 2011. Non-covered loans grew by $8.3 million for the first nine months of 2012, while covered loans declined by $55.2 million.

Deposits & Customer Repurchase Agreements

Total deposits of $4.78 billion and customer repurchase agreements of $448.8 million totaled $5.23 billion at September 30, 2012. This represents an increase of $116.0 million, or 2.27%, when compared with total deposits and customer repurchase agreements of $5.11 billion at December 31, 2011 and $63.4 million, or 1.23%, when compared with the prior quarter.

Non-interest bearing deposits were $2.32 billion at September 30, 2012, an increase of $296.5 million, or 14.62%, compared to $2.03 billion at December 31, 2011 and an increase of $72.1 million, or 3.20%, when compared to the quarter ended June 30, 2012. At September 30, 2012, non-interest bearing deposits were 48.62% of total deposits, up from 44.04% at December 31, 2011 and 47.93% at June 30, 2012.

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