Operating non-interest income was $5.1 million for the fourth quarter 2012, a decrease from $5.4 million for the third quarter of 2012 and $5.6 million for the fourth quarter of 2011. 1

Net revenue was $82.5 million for the fourth quarter 2012, up from $77.3 million for the third quarter of 2012 and an increase of 11.0 percent from $74.3 million for the fourth quarter 2011. 1

Operating non-interest expense was $45.8 million for the fourth quarter 2012, compared to $43.9 million for the third quarter of 2012 and $42.8 million for the fourth quarter of 2011. 1 The Company’s operating efficiency ratio on a tax equivalent basis was 53.5 percent for the fourth quarter 2012, improved from 56.5 percent for the fourth quarter 2011. 1

The Company had 982 full-time equivalent employees December 31, 2012, compared to 942 one year ago.

A key performance metric for the Company is its pre-tax, pre-provision operating earnings, which it defines as net operating revenue less its operating non-interest expense. For the fourth quarter 2012, the Company’s performance on this metric was $36.8 million, up from $33.4 million in the third quarter 2012 and $31.5 million in the fourth quarter 2011. 1

The provision for credit losses was $11.5 million for the fourth quarter 2012, compared to $8.9 million for the third quarter 2012. The provision for the fourth quarter of 2011 was $13.1 million. Net loan charge-offs in the fourth quarter 2012 were $13.5 million, or 0.99 percent of average loans (annualized), up from 0.70 percent of average loans (annualized) for the third quarter 2012. Net charge-offs for the fourth quarter 2011 were $14.1 million, or 1.24% of average loans (annualized).

Nonaccrual loans decreased $16.5 million to $104.7 million during the quarter. Loans past due 90 days and still accruing interest totaled $1.4 million at December 31, 2012, down from $1.7 million at September 30, 2012 and from $2.6 million at December 31, 2011. Loans past due 30-89 days, still accruing interest totaled $16.6 million at quarter end, up from $10.2 million at September 30, 2012 and from $13.7 million at December 31, 2011.

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