Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - UNITED BANKSHARES INC/WV | d8k.htm |
| EX-99.1 - PRESS RELEASE - UNITED BANKSHARES INC/WV | dex991.htm |
Exhibit 99.2
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Statements of Income
| Three Months Ended | ||||||||||||||||||||
| December 2010 |
December 2009 |
September 2010 |
June 2010 |
March 2010 |
||||||||||||||||
| Interest & Loan Fees Income |
$ | 77,208 | $ | 88,181 | $ | 79,889 | $ | 82,189 | $ | 84,096 | ||||||||||
| Tax equivalent adjustment |
1,415 | 2,632 | 1,444 | 1,490 | 1,557 | |||||||||||||||
| Interest & Fees Income (FTE) |
78,623 | 90,813 | 81,333 | 83,679 | 85,653 | |||||||||||||||
| Interest Expense |
18,647 | 27,159 | 20,907 | 22,025 | 23,617 | |||||||||||||||
| Net Interest Income (FTE) |
59,976 | 63,654 | 60,426 | 61,654 | 62,036 | |||||||||||||||
| Credit Loss Provision |
(5,618 | ) | 6,719 | 6,123 | 6,400 | 6,868 | ||||||||||||||
| Non-Interest Income: |
||||||||||||||||||||
| Fees from trust & brokerage services |
3,689 | 2,823 | 3,215 | 3,461 | 3,272 | |||||||||||||||
| Fees from deposit services |
9,781 | 10,165 | 10,098 | 10,117 | 9,224 | |||||||||||||||
| Bankcard fees and merchant discounts |
1,573 | 1,070 | 1,093 | 1,078 | 1,042 | |||||||||||||||
| Other charges, commissions, and fees |
562 | 459 | 508 | 490 | 358 | |||||||||||||||
| Income from bank owned life insurance |
1,178 | 1,127 | 1,282 | 1,185 | 1,028 | |||||||||||||||
| Mortgage banking income |
303 | 132 | 118 | 129 | 112 | |||||||||||||||
| Other non-interest revenue |
1,669 | 1,032 | 1,108 | 1,424 | 915 | |||||||||||||||
| Net other-than-temporary impairment losses |
(5,369 | ) | (2,828 | ) | (1,864 | ) | (1,096 | ) | (1,486 | ) | ||||||||||
| Net (losses) gains on sales/calls of investment securities |
(30 | ) | 227 | 132 | 796 | 1,108 | ||||||||||||||
| Total Non-Interest Income |
13,356 | 14,207 | 15,690 | 17,584 | 15,573 | |||||||||||||||
| Non-Interest Expense: |
||||||||||||||||||||
| Employee compensation |
16,202 | 14,468 | 14,613 | 14,848 | 14,901 | |||||||||||||||
| Employee benefits |
3,795 | 4,751 | 4,128 | 4,332 | 4,494 | |||||||||||||||
| Net occupancy |
4,114 | 4,188 | 4,187 | 4,274 | 4,671 | |||||||||||||||
| Other expenses |
17,611 | 15,846 | 16,065 | 16,138 | 15,140 | |||||||||||||||
| Amortization of intangibles |
411 | 577 | 448 | 491 | 534 | |||||||||||||||
| OREO expense |
4,862 | 1,805 | 2,001 | 2,648 | 1,620 | |||||||||||||||
| FDIC expense |
2,380 | 2,306 | 2,456 | 2,457 | 2,391 | |||||||||||||||
| Total Non-Interest Expense |
49,375 | 43,941 | 43,898 | 45,188 | 43,751 | |||||||||||||||
| Income Before Income Taxes (FTE) |
29,575 | 27,201 | 26,095 | 27,650 | 26,990 | |||||||||||||||
| Tax equivalent adjustment |
1,415 | 2,632 | 1,444 | 1,490 | 1,557 | |||||||||||||||
| Income Before Income Taxes |
28,160 | 24,569 | 24,651 | 26,160 | 25,433 | |||||||||||||||
| Income taxes |
8,870 | 7,125 | 7,335 | 8,241 | 8,011 | |||||||||||||||
| Net Income |
$ | 19,290 | $ | 17,444 | $ | 17,316 | $ | 17,919 | $ | 17,422 | ||||||||||
| MEMO: Effective Tax Rate |
31.50 | % | 29.00 | % | 29.76 | % | 31.50 | % | 31.50 | % | ||||||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Statements of Income
| Year Ended | ||||||||||||||||
| December 2010 |
December 2009 |
December 2008 |
December 2007 |
|||||||||||||
| Interest & Loan Fees Income |
$ | 323,382 | $ | 365,845 | $ | 429,911 | $ | 438,729 | ||||||||
| Tax equivalent adjustment |
5,906 | 11,199 | 14,229 | 16,472 | ||||||||||||
| Interest & Fees Income (FTE) |
329,288 | 377,044 | 444,140 | 455,201 | ||||||||||||
| Interest Expense |
85,196 | 120,374 | 177,119 | 213,310 | ||||||||||||
| Net Interest Income (FTE) |
244,092 | 256,670 | 267,021 | 241,891 | ||||||||||||
| Credit Loss Provision |
13,773 | 46,065 | 25,155 | 5,330 | ||||||||||||
| Non-Interest Income: |
||||||||||||||||
| Fees from trust & brokerage services |
13,637 | 13,065 | 16,582 | 15,414 | ||||||||||||
| Fees from deposit services |
39,220 | 40,289 | 39,189 | 33,835 | ||||||||||||
| Bankcard fees and merchant discounts |
4,786 | 4,155 | 5,815 | 6,063 | ||||||||||||
| Other charges, commissions, and fees |
1,918 | 1,906 | 1,932 | 1,704 | ||||||||||||
| Income from bank owned life insurance |
4,673 | 3,416 | 4,093 | 5,389 | ||||||||||||
| Mortgage banking income |
662 | 608 | 385 | 527 | ||||||||||||
| Loss on termination of interest rate swaps associated with prepayment of FHLB advances |
— | — | — | (8,113 | ) | |||||||||||
| Other non-interest revenue |
5,116 | 5,236 | 8,725 | 2,998 | ||||||||||||
| Net other-than-temporary impairment losses |
(9,815 | ) | (15,020 | ) | (10,489 | ) | (577 | ) | ||||||||
| Net gains on sales/calls of investment securities |
2,006 | 315 | 1,071 | 509 | ||||||||||||
| Total Non-Interest Income |
62,203 | 53,970 | 67,303 | 57,749 | ||||||||||||
| Non-Interest Expense: |
||||||||||||||||
| Employee compensation |
60,564 | 58,901 | 61,347 | 53,294 | ||||||||||||
| Employee benefits |
16,749 | 19,192 | 13,680 | 11,945 | ||||||||||||
| Net occupancy |
17,246 | 17,018 | 16,682 | 14,421 | ||||||||||||
| Other expenses |
64,954 | 62,791 | 72,239 | 58,548 | ||||||||||||
| Prepayment penalties on FHLB advances |
— | — | — | 5,117 | ||||||||||||
| Amortization of intangibles |
1,884 | 2,561 | 3,494 | 2,868 | ||||||||||||
| OREO expense |
11,131 | 5,487 | 2,484 | 1,167 | ||||||||||||
| FDIC expense |
9,684 | 9,177 | 1,147 | 569 | ||||||||||||
| Total Non-Interest Expense |
182,212 | 175,127 | 171,073 | 147,929 | ||||||||||||
| Income Before Income Taxes (FTE) |
110,310 | 89,448 | 138,096 | 146,381 | ||||||||||||
| Tax equivalent adjustment |
5,906 | 11,199 | 14,229 | 16,472 | ||||||||||||
| Income Before Income Taxes |
104,404 | 78,249 | 123,867 | 129,909 | ||||||||||||
| Income taxes |
32,457 | 10,951 | 36,913 | 39,235 | ||||||||||||
| Net Income |
$ | 71,947 | $ | 67,298 | $ | 86,954 | $ | 90,674 | ||||||||
| MEMO: Effective Tax Rate |
31.09 | % | 14.00 | % | 29.80 | % | 30.20 | % | ||||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Balance Sheets
| December
31 2010 Q-T-D Average |
December 31 2009 Q-T-D Average |
December 31 2010 |
December 31 2009 |
December 31 2008 |
||||||||||||||||
| Cash & Cash Equivalents |
$ | 636,467 | $ | 492,304 | $ | 461,389 | $ | 449,767 | $ | 213,534 | ||||||||||
| Securities Available for Sale |
704,758 | 902,873 | 653,276 | 811,777 | 1,097,043 | |||||||||||||||
| Securities Held to Maturity |
67,253 | 81,777 | 67,036 | 77,421 | 116,407 | |||||||||||||||
| Other Investment Securities |
76,690 | 77,723 | 74,403 | 77,722 | 78,372 | |||||||||||||||
| Total Securities |
848,701 | 1,062,373 | 794,715 | 966,920 | 1,291,822 | |||||||||||||||
| Total Cash and Securities |
1,485,168 | 1,554,677 | 1,256,104 | 1,416,687 | 1,505,356 | |||||||||||||||
| Loans Held for Sale |
6,470 | 5,015 | 6,869 | 5,284 | 868 | |||||||||||||||
| Commercial Loans |
3,550,037 | 3,806,711 | 3,533,559 | 3,801,254 | 3,916,768 | |||||||||||||||
| Mortgage Loans |
1,489,752 | 1,624,467 | 1,459,286 | 1,606,560 | 1,754,100 | |||||||||||||||
| Consumer Loans |
272,514 | 344,149 | 270,506 | 332,964 | 349,690 | |||||||||||||||
| Gross Loans |
5,312,303 | 5,775,327 | 5,263,351 | 5,740,778 | 6,020,558 | |||||||||||||||
| Unearned Income |
(3,089 | ) | (4,204 | ) | (3,025 | ) | (3,969 | ) | (6,403 | ) | ||||||||||
| Loans, Net of Unearned Income |
5,309,214 | 5,771,123 | 5,260,326 | 5,736,809 | 6,014,155 | |||||||||||||||
| Allowance for Loan Losses |
(72,759 | ) | (67,988 | ) | (73,033 | ) | (67,853 | ) | (61,494 | ) | ||||||||||
| Goodwill |
311,831 | 312,139 | 311,765 | 312,069 | 312,263 | |||||||||||||||
| Other Intangibles |
3,149 | 5,127 | 2,940 | 4,823 | 7,384 | |||||||||||||||
| Total Intangibles |
314,980 | 317,266 | 314,705 | 316,892 | 319,647 | |||||||||||||||
| Real Estate Owned |
48,939 | 41,491 | 44,770 | 40,058 | 19,817 | |||||||||||||||
| Other Assets |
336,501 | 304,870 | 345,978 | 357,224 | 303,742 | |||||||||||||||
| Total Assets |
$ | 7,428,513 | $ | 7,926,454 | $ | 7,155,719 | $ | 7,805,101 | $ | 8,102,091 | ||||||||||
| MEMO: Earning Assets |
$ | 6,598,071 | $ | 7,136,412 | $ | 6,334,914 | $ | 6,956,322 | $ | 7,267,990 | ||||||||||
| Interest-bearing Deposits |
$ | 4,474,950 | $ | 4,896,135 | $ | 4,510,279 | $ | 4,862,943 | $ | 4,741,855 | ||||||||||
| Noninterest-bearing Deposits |
1,203,002 | 1,080,107 | 1,203,255 | 1,108,157 | 906,099 | |||||||||||||||
| Total Deposits |
5,677,952 | 5,976,242 | 5,713,534 | 5,971,100 | 5,647,954 | |||||||||||||||
| Short-term Borrowings |
288,873 | 310,591 | 193,214 | 222,944 | 778,320 | |||||||||||||||
| Long-term Borrowings |
620,156 | 807,468 | 386,458 | 771,935 | 852,685 | |||||||||||||||
| Total Borrowings |
909,029 | 1,118,059 | 579,672 | 994,879 | 1,631,005 | |||||||||||||||
| Other Liabilities |
47,614 | 55,935 | 69,501 | 77,572 | 86,420 | |||||||||||||||
| Total Liabilities |
6,634,595 | 7,150,236 | 6,362,707 | 7,043,551 | 7,365,379 | |||||||||||||||
| Preferred Equity |
— | — | — | — | — | |||||||||||||||
| Common Equity |
793,918 | 776,218 | 793,012 | 761,550 | 736,712 | |||||||||||||||
| Total Shareholders’ Equity |
793,918 | 776,218 | 793,012 | 761,550 | 736,712 | |||||||||||||||
| Total Liabilities & Equity |
$ | 7,428,513 | $ | 7,926,454 | $ | 7,155,719 | $ | 7,805,101 | $ | 8,102,091 | ||||||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
| Three Months Ended | ||||||||||||||||||||
| Quarterly Share Data: | December 2010 |
December 2009 |
September 2010 |
June 2010 |
March 2010 |
|||||||||||||||
| Earnings Per Share: |
||||||||||||||||||||
| Basic |
$ | 0.44 | $ | 0.40 | $ | 0.40 | $ | 0.41 | $ | 0.40 | ||||||||||
| Diluted |
$ | 0.44 | $ | 0.40 | $ | 0.40 | $ | 0.41 | $ | 0.40 | ||||||||||
| Common Dividend Declared Per Share |
$ | 0.30 | $ | 0.30 | $ | 0.30 | $ | 0.30 | $ | 0.30 | ||||||||||
| High Common Stock Price |
$ | 30.25 | $ | 20.81 | $ | 27.25 | $ | 31.99 | $ | 28.00 | ||||||||||
| Low Common Stock Price |
$ | 24.15 | $ | 16.39 | $ | 22.09 | $ | 23.82 | $ | 20.15 | ||||||||||
| Average Shares Outstanding (Net of Treasury Stock): |
||||||||||||||||||||
| Basic |
43,606,591 | 43,426,784 | 43,588,021 | 43,539,531 | 43,455,296 | |||||||||||||||
| Diluted |
43,677,279 | 43,460,382 | 43,645,653 | 43,640,805 | 43,534,435 | |||||||||||||||
| Memorandum Items: |
||||||||||||||||||||
| Tax Applicable to Security Sales/Calls |
$ | (11 | ) | $ | 79 | $ | 46 | $ | 279 | $ | 388 | |||||||||
| Common Dividends |
$ | 13,087 | $ | 13,044 | $ | 13,084 | $ | 13,078 | $ | 13,051 | ||||||||||
| Year Ended | ||||||||||||||||||||
| YTD Share Data: | December 2010 |
December 2009 |
December 2008 |
December 2007 |
||||||||||||||||
| Earnings Per Share: |
||||||||||||||||||||
| Basic |
$ | 1.65 | $ | 1.55 | $ | 2.01 | $ | 2.16 | ||||||||||||
| Diluted |
$ | 1.65 | $ | 1.55 | $ | 2.00 | $ | 2.15 | ||||||||||||
| Common Dividend Declared Per Share |
$ | 1.20 | $ | 1.17 | $ | 1.16 | $ | 1.13 | ||||||||||||
| Average Shares Outstanding (Net of Treasury Stock): |
||||||||||||||||||||
| Basic |
43,547,965 | 43,410,431 | 43,286,894 | 41,901,422 | ||||||||||||||||
| Diluted |
43,625,183 | 43,456,889 | 43,434,083 | 42,222,899 | ||||||||||||||||
| Memorandum Items: |
||||||||||||||||||||
| Tax Applicable to Security Sales/Calls |
$ | 702 | $ | 110 | $ | 375 | $ | 178 | ||||||||||||
| Common Dividends |
$ | 52,300 | $ | 50,837 | $ | 50,231 | $ | 47,446 | ||||||||||||
| EOP Employees (full-time equivalent) |
1,451 | 1,477 | 1,531 | 1,537 | ||||||||||||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
| Three Months Ended | ||||||||||||||||||||
| EOP Share Data: | December 2010 |
December 2009 |
September 2010 |
June 2010 |
March 2010 |
|||||||||||||||
| Book Value Per Share |
$ | 18.18 | $ | 17.53 | $ | 18.00 | $ | 17.84 | $ | 17.68 | ||||||||||
| Tangible Book Value Per Share |
$ | 10.96 | $ | 10.24 | $ | 10.77 | $ | 10.60 | $ | 10.41 | ||||||||||
| 52-week High Common Stock Price |
$ | 31.99 | $ | 33.64 | $ | 31.99 | $ | 31.99 | $ | 28.00 | ||||||||||
| Date |
04/23/10 | 01/02/09 | 04/23/10 | 04/23/10 | 03/23/10 | |||||||||||||||
| 52-week Low Common Stock Price |
$ | 20.15 | $ | 13.15 | $ | 16.39 | $ | 16.39 | $ | 16.39 | ||||||||||
| Date |
01/06/10 | 03/06/09 | 11/20/09 | 11/20/09 | 11/20/09 | |||||||||||||||
| EOP Shares Outstanding (Net of Treasury Stock): |
43,621,635 | 43,437,738 | 43,597,507 | 43,581,834 | 43,498,754 | |||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| December 2010 |
December 2009 |
September 2010 |
June 2010 |
March 2010 |
||||||||||||||||
| Selected Yields and Net Interest Margin: |
||||||||||||||||||||
| Loans |
5.16 | % | 5.43 | % | 5.30 | % | 5.33 | % | 5.32 | % | ||||||||||
| Investment Securities |
4.33 | % | 4.76 | % | 4.52 | % | 4.75 | % | 4.97 | % | ||||||||||
| Money Market Investments/FFS |
0.28 | % | 0.22 | % | 0.28 | % | 0.33 | % | 0.38 | % | ||||||||||
| Average Earning Assets Yield |
4.74 | % | 5.06 | % | 4.84 | % | 5.01 | % | 5.05 | % | ||||||||||
| Interest-bearing Deposits |
1.06 | % | 1.50 | % | 1.17 | % | 1.26 | % | 1.35 | % | ||||||||||
| Short-term Borrowings |
0.04 | % | 0.06 | % | 0.07 | % | 0.06 | % | 0.05 | % | ||||||||||
| Long-term Borrowings |
4.24 | % | 4.25 | % | 4.33 | % | 4.32 | % | 4.32 | % | ||||||||||
| Average Liability Costs |
1.37 | % | 1.79 | % | 1.50 | % | 1.58 | % | 1.66 | % | ||||||||||
| Net Interest Spread |
3.37 | % | 3.27 | % | 3.34 | % | 3.43 | % | 3.39 | % | ||||||||||
| Net Interest Margin |
3.62 | % | 3.55 | % | 3.60 | % | 3.69 | % | 3.65 | % | ||||||||||
| Selected Financial Ratios: |
||||||||||||||||||||
| Return on Average Common Equity |
9.64 | % | 8.92 | % | 8.73 | % | 9.23 | % | 9.17 | % | ||||||||||
| Return on Average Assets |
1.03 | % | 0.87 | % | 0.91 | % | 0.96 | % | 0.92 | % | ||||||||||
| Efficiency Ratio |
56.02 | % | 51.65 | % | 53.24 | % | 52.87 | % | 53.34 | % | ||||||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
| Year Ended | ||||||||||||||||
| December 2010 |
December 2009 |
December 2008 |
December 2007 |
|||||||||||||
| Selected Yields and Net Interest Margin: |
||||||||||||||||
| Loans |
5.23 | % | 5.46 | % | 6.34 | % | 7.44 | % | ||||||||
| Investment Securities |
4.65 | % | 5.08 | % | 5.46 | % | 5.70 | % | ||||||||
| Money Market Investments/FFS |
0.31 | % | 0.18 | % | 1.94 | % | 5.14 | % | ||||||||
| Average Earning Assets Yield |
4.91 | % | 5.27 | % | 6.15 | % | 7.07 | % | ||||||||
| Interest-bearing Deposits |
1.21 | % | 1.75 | % | 2.71 | % | 3.54 | % | ||||||||
| Short-term Borrowings |
0.06 | % | 0.14 | % | 1.69 | % | 4.31 | % | ||||||||
| Long-term Borrowings |
4.30 | % | 4.24 | % | 4.49 | % | 5.61 | % | ||||||||
| Average Liability Costs |
1.53 | % | 1.98 | % | 2.81 | % | 3.88 | % | ||||||||
| Net Interest Spread |
3.38 | % | 3.29 | % | 3.34 | % | 3.19 | % | ||||||||
| Net Interest Margin |
3.64 | % | 3.59 | % | 3.70 | % | 3.76 | % | ||||||||
| Selected Financial Ratios: |
||||||||||||||||
| Return on Average Common Equity |
9.19 | % | 8.81 | % | 11.12 | % | 12.99 | % | ||||||||
| Return on Average Assets |
0.95 | % | 0.85 | % | 1.09 | % | 1.28 | % | ||||||||
| Loan / Deposit Ratio |
92.07 | % | 96.08 | % | 106.48 | % | 108.29 | % | ||||||||
| Allowance for Loan Losses/ Loans, Net of Unearned Income |
1.39 | % | 1.18 | % | 1.02 | % | 0.87 | % | ||||||||
| Allowance for Credit Losses (1)/ Loans, Net of Unearned Income |
1.43 | % | 1.22 | % | 1.06 | % | 1.01 | % | ||||||||
| Nonaccrual Loans / Loans, Net of Unearned Income |
1.14 | % | 0.89 | % | 0.70 | % | 0.24 | % | ||||||||
| 90-Day Past Due Loans/ Loans, Net of Unearned Income |
0.13 | % | 0.35 | % | 0.20 | % | 0.25 | % | ||||||||
| Non-performing Loans/ Loans, Net of Unearned Income |
1.28 | % | 1.26 | % | 0.90 | % | 0.49 | % | ||||||||
| Non-performing Assets/ Total Assets |
1.57 | % | 1.44 | % | 0.91 | % | 0.43 | % | ||||||||
| Primary Capital Ratio |
12.00 | % | 10.56 | % | 9.80 | % | 10.18 | % | ||||||||
| Shareholders’ Equity Ratio |
11.08 | % | 9.76 | % | 9.09 | % | 9.52 | % | ||||||||
| Price / Book Ratio |
1.61x | 1.14x | 1.96x | 1.59x | ||||||||||||
| Price / Earnings Ratio |
17.71x | 12.90x | 16.59x | 13.05x | ||||||||||||
| Efficiency Ratio |
53.87 | % | 51.35 | % | 48.03 | % | 48.01 | % | ||||||||
Note: (1) Includes allowances for loan losses and lending-related commitments.
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
| Asset Quality Data: | December 2010 |
December 2009 |
September 2010 |
June 2010 |
March 2010 |
|||||||||||||||
| EOP Non-Accrual Loans |
$ | 59,996 | $ | 50,856 | $ | 58,302 | $ | 64,831 | $ | 62,449 | ||||||||||
| EOP 90-Day Past Due Loans |
6,798 | 20,314 | 12,644 | 9,055 | 9,959 | |||||||||||||||
| EOP Restructured Loans |
437 | 1,087 | 438 | — | — | |||||||||||||||
| Total EOP Non-performing Loans |
$ | 67,231 | $ | 72,257 | $ | 71,384 | $ | 73,886 | $ | 72,408 | ||||||||||
| EOP Other Real Estate & Assets Owned |
44,770 | 40,058 | 50,567 | 36,019 | 41,179 | |||||||||||||||
| Total EOP Non-performing Assets |
$ | 112,001 | $ | 112,315 | $ | 121,951 | $ | 109,905 | $ | 113,587 | ||||||||||
| Three Months Ended | Year Ended | |||||||||||||||||||
| Allowance for Credit Losses:(1) | December 2010 |
December 2009 |
December 2010 |
December 2009 |
December 2008 |
|||||||||||||||
| Beginning Balance |
$ | 72,806 | $ | 69,738 | $ | 70,010 | $ | 63,603 | $ | 58,744 | ||||||||||
| Credit Loss Provision |
(5,618 | ) | 6,719 | 13,773 | 46,065 | 25,155 | ||||||||||||||
| 67,188 | 76,457 | 83,783 | 109,668 | 83,899 | ||||||||||||||||
| Gross Charge-offs |
(7,422 | ) | (6,709 | ) | (25,762 | ) | (41,077 | ) | (21,198 | ) | ||||||||||
| Recoveries |
15,273 | 262 | 17,018 | 1,419 | 902 | |||||||||||||||
| Net Recoveries (Charge-offs) |
7,851 | (6,447 | ) | (8,744 | ) | (39,658 | ) | (20,296 | ) | |||||||||||
| Ending Balance |
$ | 75,039 | $ | 70,010 | $ | 75,039 | $ | 70,010 | $ | 63,603 | ||||||||||
Note: (1) Includes allowances for loan losses and lending-related commitments.