Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Income (Unaudited)

 v2.3.0.11
Condensed Consolidated Statements of Income (Unaudited) (USD $)
In Thousands, except Per Share data
 3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Loans and leases        
Taxable $ 428,266 $ 467,268 $ 862,227 $ 946,389
Tax-exempt 3,028 1,302 5,731 2,015
Available-for-sale and other securities        
Taxable 54,603 59,614 112,254 118,601
Tax-exempt 2,320 2,859 5,196 5,950
Held-to-maturity securities - taxable 1,287   1,287  
Other 2,633 4,610 7,319 9,477
Total interest income 492,137 535,653 994,014 1,082,432
Interest expense        
Deposits 68,304 114,822 144,100 243,124
Short-term borrowings 856 515 1,805 991
Federal Home Loan Bank advances 215 1,035 435 2,247
Subordinated notes and other long-term debt 19,425 19,625 40,007 42,521
Total interest expense 88,800 135,997 186,347 288,883
Net interest income 403,337 399,656 807,667 793,549
Provision for credit losses 35,797 193,406 85,182 428,414
Net interest income after provision for credit losses 367,540 206,250 722,485 365,135
Service charges on deposit accounts 60,675 75,934 114,999 145,273
Mortgage banking income 23,835 45,530 46,519 70,568
Trust services income 30,392 28,399 61,134 56,164
Electronic banking income 31,728 28,107 60,514 53,244
Insurance income 16,399 18,074 34,344 36,934
Brokerage income 20,819 18,424 41,330 35,326
Bank owned life insurance income 17,602 14,392 32,421 30,862
Automobile operating lease income 7,307 11,842 16,154 24,145
Net gains on sales of investment securities 1,689 2,980 5,894 9,410
Impairment losses on investment securities:        
Impairment recoveries (losses) on investment securities 1,218 5,193 11,094 (3,207)
Noncredit-related (recoveries) losses on securities not expected to be sold (recognized in other comprehensive income) (1,400) (8,017) (15,441) (6,078)
Net impairment losses on investment securities (182) (2,824) (4,347) (9,285)
Other income 45,503 28,785 83,750 57,854
Total noninterest income 255,767 269,643 492,712 510,495
Personnel costs 218,570 194,875 437,598 378,517
Outside data processing and other services 43,889 40,670 84,171 79,752
Net occupancy 26,885 25,388 55,321 54,474
Deposit and other insurance expense 23,823 26,067 41,719 50,822
Professional services 20,080 24,388 33,545 47,085
Equipment 21,921 21,585 44,398 42,209
Marketing 20,102 17,682 36,997 28,835
Amortization of intangibles 13,386 15,141 26,756 30,287
OREO and foreclosure expense 4,398 4,970 8,329 16,500
Automobile operating lease expense 5,434 9,667 12,270 19,733
Other expense 29,921 33,377 78,004 63,689
Total noninterest expense 428,409 413,810 859,108 811,903
Income before income taxes 194,898 62,083 356,089 63,727
Provision (benefit) for income taxes 48,980 13,319 83,725 (24,774)
Net income 145,918 48,764 272,364 88,501
Dividends on preferred shares 7,704 29,426 15,407 58,783
Net income applicable to common shares $ 138,214 $ 19,338 $ 256,957 $ 29,718
Average common shares - basic 863,358 716,580 863,358 716,450
Average common shares - diluted 867,469 719,387 867,353 718,990
Per common share:        
Net income - basic $ 0.16 $ 0.03 $ 0.30 $ 0.04
Net income - diluted $ 0.16 $ 0.03 $ 0.30 $ 0.04
Cash dividends declared, prior period $ 0.01 $ 0.01 $ 0.02 $ 0.02