Noninterest expense for the three months ended September 30, 2012 was $49.4 million, up $4.4 million or 9.7%, for the same period in 2011.  Salaries and employee benefits increased $1.6 million, or 6.3%, for the three months ended September 30, 2012, compared with the same period in 2011. This increase was due primarily to increases in full-time-equivalent employees from acquisitions, merit increases, and increased pension expenses. Occupancy expenses for the three months ended September 30, 2012 increased $0.6 million, or 14.1%, over the same period in 2011 primarily due to aforementioned expansion. Professional fees and outside services increased approximately $0.5 million, or 23.5%, for the three months ended September 30, 2012 as compared to the same period in 2011, due primarily to a nonrecurring consulting fee incurred during the period.  Merger related expenses totaled $0.6 million for the three months ended September 30, 2012 as compared with $0.2 for the same period in 2011, which also contributed to the increase in noninterest expense for the period. Other operating expenses increased $0.8 million for the three months ended September 30, 2012 as compared to the same period in 2011. Income tax expense for the three month period ended September 30, 2012 was $5.5 million, up from $5.1 million for the same period in 2011. The effective tax rate was 27.5% for the three months ended September 30, 2012, compared to 25.2% for the same period in 2011.

Balance Sheet

Total assets were $6.0 billion at September 30, 2012, up $430.5 million or 7.7% from December 31, 2011. Loans and leases were $4.3 billion at September 30, 2012, up $450.9 million from December 31, 2011. Total deposits were $4.8 billion at September 30, 2012, up $438.9 million from December 31, 2011. Stockholders' equity was $576.7 million, representing a total equity-to-total assets ratio of 9.56% at September 30, 2012, compared with $538.1 million or a total equity-to-total assets ratio of 9.61% at December 31, 2011.

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