EXHIBIT 99.2
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Statements of Income
Three Months Ended | ||||||||||||||||||||
December | December | September | June | March | ||||||||||||||||
2008 | 2007 | 2008 | 2008 | 2008 | ||||||||||||||||
Interest & Loan Fees Income | $ | 103,186 | $ | 119,096 | $ | 106,760 | $ | 106,419 | $ | 113,546 | ||||||||||
Tax Equivalent Adjustment | 3,180 | 4,165 | 3,451 | 3,638 | 3,960 | |||||||||||||||
Interest & Fees Income (FTE) | 106,366 | 123,261 | 110,211 | 110,057 | 117,506 | |||||||||||||||
Interest Expense | 39,961 | 58,271 | 42,623 | 43,267 | 51,268 | |||||||||||||||
Net Interest Income (FTE) | 66,405 | 64,990 | 67,588 | 66,790 | 66,238 | |||||||||||||||
Provision for Credit Losses | 12,207 | 2,580 | 6,497 | 4,351 | 2,100 | |||||||||||||||
Non-Interest Income: | ||||||||||||||||||||
Security (losses) gains | (1,160 | ) | (562 | ) | (9,167 | ) | (46 | ) | 955 | |||||||||||
Fees from Trust & Brokerage Services | 3,568 | 4,317 | 4,522 | 4,553 | 3,939 | |||||||||||||||
Fees from Deposit Services | 9,853 | 9,701 | 10,251 | 10,002 | 9,083 | |||||||||||||||
Bankcard Fees and Merchant Discounts | 980 | 1,541 | 1,543 | 1,734 | 1,558 | |||||||||||||||
Other Charges, Commissions, and Fees | 405 | 457 | 450 | 589 | 488 | |||||||||||||||
Income from Bank Owned Life Insurance | 150 | 1,424 | 1,622 | 1,012 | 1,309 | |||||||||||||||
Mortgage Banking Income | 43 | 80 | 93 | 156 | 93 | |||||||||||||||
(Loss) Gain on Termination of Interest Rate Swaps Associated with Prepayment of FHLB Advances | — | (8,900 | ) | — | — | — | ||||||||||||||
Other Non-Interest Revenue | 5,341 | 924 | 1,016 | 1,183 | 1,185 | |||||||||||||||
Total Non-Interest Income | 19,180 | 8,982 | 10,330 | 19,183 | 18,610 | |||||||||||||||
Non-Interest Expense: | ||||||||||||||||||||
Salaries and Employees Benefits | 18,292 | 18,032 | 18,766 | 18,941 | 19,028 | |||||||||||||||
Net Occupancy | 4,248 | 4,028 | 4,163 | 3,974 | 4,297 | |||||||||||||||
Other Expenses | 21,831 | 16,749 | 17,361 | 16,428 | 16,619 | |||||||||||||||
Prepayment Penalties on FHLB Advances | — | 4,331 | — | — | — | |||||||||||||||
Amortization of Intangibles | 747 | 1,078 | 789 | 940 | 1,018 | |||||||||||||||
OREO Expense | 928 | 563 | 271 | 1,043 | 242 | |||||||||||||||
FDIC Expense | 554 | 135 | 288 | 151 | 154 | |||||||||||||||
Total Non-Interest Expense | 46,600 | 44,916 | 41,638 | 41,477 | 41,358 | |||||||||||||||
Income Before Income Taxes (FTE) | 26,778 | 26,476 | 29,783 | 40,145 | 41,390 | |||||||||||||||
Tax Equivalent Adjustment | 3,180 | 4,165 | 3,451 | 3,638 | 3,960 | |||||||||||||||
Income Before Income Taxes | 23,598 | 22,311 | 26,332 | 36,507 | 37,430 | |||||||||||||||
Income Taxes | 7,079 | 6,359 | 6,740 | 11,360 | 11,734 | |||||||||||||||
Net Income | $ | 16,519 | $ | 15,952 | $ | 19,592 | $ | 25,147 | $ | 25,696 | ||||||||||
MEMO: Effective Tax Rate | 30.00 | % | 28.50 | % | 25.60 | % | 31.12 | % | 31.35 | % |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Statements of Income
Year Ended | ||||||||||||||||
December | December | December | December | |||||||||||||
2008 | 2007 | 2006 | 2005 | |||||||||||||
Interest & Loan Fees Income | $ | 429,911 | $ | 438,729 | $ | 400,683 | $ | 345,278 | ||||||||
Tax Equivalent Adjustment | 14,229 | 16,472 | 15,452 | 12,590 | ||||||||||||
Interest & Fees Income (FTE) | 444,140 | 455,201 | 416,135 | 357,868 | ||||||||||||
Interest Expense | 177,119 | 213,310 | 181,090 | 124,451 | ||||||||||||
Net Interest Income (FTE) | 267,021 | 241,891 | 235,045 | 233,417 | ||||||||||||
Credit Loss Provision | 25,155 | 5,330 | 1,437 | 5,618 | ||||||||||||
Non-Interest Income: | ||||||||||||||||
Security (losses) gains | (9,418 | ) | (68 | ) | (3,176 | ) | 695 | |||||||||
Fees from Trust & Brokerage Services | 16,582 | 15,414 | 12,948 | 11,083 | ||||||||||||
Fees from Deposit Services | 39,189 | 33,835 | 29,077 | 27,749 | ||||||||||||
Bankcard Fees and Merchant Discounts | 5,815 | 6,063 | 5,351 | 4,417 | ||||||||||||
Other Charges, Commissions, and Fees | 1,932 | 1,704 | 1,549 | 1,596 | ||||||||||||
Income from Bank Owned Life Insurance | 4,093 | 5,389 | 4,422 | 4,753 | ||||||||||||
Mortgage Banking Income | 385 | 527 | 855 | 1,055 | ||||||||||||
(Loss) Gain on Termination of Interest Rate Swaps Associated with Prepayment of FHLB Advances | — | (8,113 | ) | (4,599 | ) | — | ||||||||||
Other Non-Interest Revenue | 8,725 | 2,998 | 2,606 | 1,277 | ||||||||||||
Total Non-Interest Income | 67,303 | 57,749 | 49,033 | 52,625 | ||||||||||||
Non-Interest Expense: | ||||||||||||||||
Salaries and Employee Benefits | 75,027 | 65,239 | 63,144 | 59,685 | ||||||||||||
Net Occupancy | 16,682 | 14,421 | 12,547 | 12,201 | ||||||||||||
Other Expenses | 72,239 | 58,548 | 50,273 | 45,395 | ||||||||||||
Prepayment Penalties on FHLB Advances | — | 5,117 | 8,261 | 406 | ||||||||||||
Amortization of Intangibles | 3,494 | 2,868 | 1,886 | 2,292 | ||||||||||||
OREO Expense | 2,484 | 1,167 | 482 | 594 | ||||||||||||
FDIC Expense | 1,147 | 569 | 580 | 587 | ||||||||||||
Total Non-Interest Expense | 171,073 | 147,929 | 137,173 | 121,160 | ||||||||||||
Income Before Income Taxes (FTE) | 138,096 | 146,381 | 145,468 | 159,264 | ||||||||||||
Tax Equivalent Adjustment | 14,229 | 16,472 | 15,452 | 12,590 | ||||||||||||
Income Before Income Taxes | 123,867 | 129,909 | 130,016 | 146,674 | ||||||||||||
Taxes | 36,913 | 39,235 | 40,767 | 46,265 | ||||||||||||
Net Income | $ | 86,954 | $ | 90,674 | $ | 89,249 | $ | 100,409 | ||||||||
MEMO: Effective Tax Rate | 29.80 | % | 30.20 | % | 31.36 | % | 31.54 | % |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Balance Sheets
December 31 | December 31 | |||||||||||||||||||
2008 | 2007 | December 31 | December 31 | December 31 | ||||||||||||||||
Q-T-D Average | Q-T-D Average | 2008 | 2007 | 2006 | ||||||||||||||||
Cash & Cash Equivalents | $ | 199,752 | $ | 210,148 | $ | 213,534 | $ | 230,651 | $ | 259,013 | ||||||||||
Securities Available for Sale | 1,151,121 | 1,111,068 | 1,097,043 | 1,156,561 | 1,010,252 | |||||||||||||||
Securities Held to Maturity | 124,427 | 157,785 | 116,407 | 157,228 | 212,296 | |||||||||||||||
Other Investment Securities | 76,453 | 70,395 | 78,372 | 80,975 | 52,922 | |||||||||||||||
Total Securities | 1,352,001 | 1,339,248 | 1,291,822 | 1,394,764 | 1,275,470 | |||||||||||||||
Total Cash and Securities | 1,551,753 | 1,549,396 | 1,505,356 | 1,625,415 | 1,534,483 | |||||||||||||||
Loans Held for Sale | 933 | 960 | 868 | 1,270 | 2,041 | |||||||||||||||
Commercial Loans | 3,855,156 | 3,497,159 | 3,916,768 | 3,648,999 | 2,757,957 | |||||||||||||||
Mortgage Loans | 1,753,300 | 1,776,940 | 1,754,100 | 1,772,441 | 1,694,922 | |||||||||||||||
Consumer Loans | 352,661 | 384,894 | 349,690 | 379,121 | 360,829 | |||||||||||||||
Gross Loans | 5,961,117 | 5,658,993 | 6,020,558 | 5,800,561 | 4,813,708 | |||||||||||||||
Unearned Income | (6,604 | ) | (7,060 | ) | (6,403 | ) | (7,077 | ) | (6,961 | ) | ||||||||||
Loans, Net of Unearned Income | 5,954,513 | 5,651,933 | 6,014,155 | 5,793,484 | 4,806,747 | |||||||||||||||
Allowance for Loan Losses | (57,416 | ) | (50,345 | ) | (61,494 | ) | (50,456 | ) | (43,629 | ) | ||||||||||
Goodwill | 312,370 | 312,784 | 312,263 | 312,111 | 167,421 | |||||||||||||||
Other Intangibles | 7,795 | 11,431 | 7,384 | 10,878 | 2,640 | |||||||||||||||
Total Intangibles | 320,165 | 324,215 | 319,647 | 322,989 | 170,061 | |||||||||||||||
Real Estate Owned | 13,777 | 5,980 | 19,817 | 6,365 | 4,231 | |||||||||||||||
Other Assets | 291,511 | 287,462 | 303,742 | 295,672 | 243,664 | |||||||||||||||
Total Assets | $ | 8,075,236 | $ | 7,769,601 | $ | 8,102,091 | $ | 7,994,739 | $ | 6,717,598 | ||||||||||
MEMO: Earning Assets | $ | 7,289,879 | $ | 6,981,493 | $ | 7,267,990 | $ | 7,167,127 | $ | 6,082,080 | ||||||||||
Interest-bearing Deposits | $ | 4,722,244 | $ | 4,459,350 | $ | 4,741,855 | $ | 4,436,323 | $ | 3,924,985 | ||||||||||
Noninterest-bearing Deposits | 893,494 | 867,133 | 906,099 | 913,427 | 903,207 | |||||||||||||||
Total Deposits | 5,615,738 | 5,326,483 | 5,647,954 | 5,349,750 | 4,828,192 | |||||||||||||||
Short-term Borrowings | 763,681 | 817,027 | 778,320 | 1,036,063 | 682,266 | |||||||||||||||
Long-term Borrowings | 853,597 | 792,642 | 852,685 | 774,162 | 499,200 | |||||||||||||||
Total Borrowings | 1,617,278 | 1,609,669 | 1,631,005 | 1,810,225 | 1,181,466 | |||||||||||||||
Other Liabilities | 57,107 | 66,650 | 86,420 | 73,565 | 73,848 | |||||||||||||||
Total Liabilities | 7,290,123 | 7,002,802 | 7,365,379 | 7,233,540 | 6,083,506 | |||||||||||||||
Preferred Equity | — | — | — | — | — | |||||||||||||||
Common Equity | 785,113 | 766,799 | 736,712 | 761,199 | 634,092 | |||||||||||||||
Total Shareholders’ Equity | 785,113 | 766,799 | 736,712 | 761,199 | 634,092 | |||||||||||||||
Total Liabilities & Equity | $ | 8,075,236 | $ | 7,769,601 | $ | 8,102,091 | $ | 7,994,739 | $ | 6,717,598 | ||||||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended | ||||||||||||||||||||
December | December | September | June | March | ||||||||||||||||
2008 | 2007 | 2008 | 2008 | 2008 | ||||||||||||||||
Quarterly Share Data: | ||||||||||||||||||||
Earnings Per Share: | ||||||||||||||||||||
Basic | $ | 0.38 | $ | 0.37 | $ | 0.45 | $ | 0.58 | $ | 0.59 | ||||||||||
Diluted | $ | 0.38 | $ | 0.37 | $ | 0.45 | $ | 0.58 | $ | 0.59 | ||||||||||
Common Dividend Declared Per Share | $ | 0.29 | $ | 0.29 | $ | 0.29 | $ | 0.29 | $ | 0.29 | ||||||||||
High Common Stock Price | $ | 35.00 | $ | 33.61 | $ | 42.00 | $ | 31.33 | $ | 33.07 | ||||||||||
Low Common Stock Price | $ | 21.05 | $ | 25.54 | $ | 18.52 | $ | 22.95 | $ | 24.00 | ||||||||||
Average Shares Outstanding (Net of Treasury Stock): | ||||||||||||||||||||
Basic | 43,358,278 | 43,216,077 | 43,276,962 | 43,264,809 | 43,246,852 | |||||||||||||||
Diluted | 43,546,679 | 43,438,997 | 43,421,333 | 43,419,616 | 43,418,571 | |||||||||||||||
Memorandum Items: | ||||||||||||||||||||
Tax Applicable to Security Transactions | $ | (406 | ) | $ | (197 | ) | $ | (3,208 | ) | $ | (16 | ) | $ | 334 | ||||||
Common Dividends | $ | 12,589 | $ | 12,537 | $ | 12,552 | $ | 12,548 | $ | 12,542 |
Year Ended | ||||||||||||||||||||
December | December | December | December | |||||||||||||||||
2008 | 2007 | 2006 | 2005 | |||||||||||||||||
YTD Share Data: | ||||||||||||||||||||
Earnings Per Share: | ||||||||||||||||||||
Basic | $ | 2.01 | $ | 2.16 | $ | 2.15 | $ | 2.36 | ||||||||||||
Diluted | $ | 2.00 | $ | 2.15 | $ | 2.13 | $ | 2.33 | ||||||||||||
Common Dividend Declared Per Share | $ | 1.16 | $ | 1.13 | $ | 1.09 | $ | 1.05 | ||||||||||||
Average Shares Outstanding (Net of Treasury Stock): | ||||||||||||||||||||
Basic | 43,286,894 | 41,901,422 | 41,532,121 | 42,514,445 | ||||||||||||||||
Diluted | 43,434,083 | 42,222,899 | 41,942,889 | 43,024,861 | ||||||||||||||||
Memorandum Items: | ||||||||||||||||||||
Tax Applicable to Security Transactions | $ | (3,296 | ) | $ | (24 | ) | $ | (1,112 | ) | $ | 243 | |||||||||
Common Dividends | $ | 50,231 | $ | 47,446 | $ | 45,219 | $ | 44,575 | ||||||||||||
EOP Employees (full-time equivalent) | 1,531 | 1,537 | 1,367 | 1,374 |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended | ||||||||||||||||||||
December | December | September | June | March | ||||||||||||||||
2008 | 2007 | 2008 | 2008 | 2008 | ||||||||||||||||
EOP Share Data: | ||||||||||||||||||||
Book Value Per Share | $ | 16.97 | $ | 17.61 | $ | 17.86 | $ | 17.86 | $ | 17.83 | ||||||||||
Tangible Book Value Per Share | $ | 9.61 | $ | 10.14 | $ | 10.46 | $ | 10.44 | $ | 10.39 | ||||||||||
52-week High Common Stock Price | $ | 42.00 | $ | 39.50 | $ | 42.00 | $ | 33.61 | $ | 35.37 | ||||||||||
Date | 09/19/08 | 01/03/07 | 09/19/08 | 10/05/07 | 04/03/07 | |||||||||||||||
52-week Low Common Stock Price | $ | 18.52 | $ | 25.54 | $ | 18.52 | $ | 22.95 | $ | 24.00 | ||||||||||
Date | 07/15/08 | 11/08/07 | 07/15/08 | 06/30/08 | 01/18/08 | |||||||||||||||
EOP Shares Outstanding (Net of Treasury Stock): | 43,403,891 | 43,234,726 | 43,283,927 | 43,270,277 | 43,260,951 |
Three Months Ended | ||||||||||||||||||||
December | December | September | June | March | ||||||||||||||||
2008 | 2007 | 2008 | 2008 | 2008 | ||||||||||||||||
Selected Yields and Net Interest Margin: | ||||||||||||||||||||
Loans | 5.97 | % | 7.36 | % | 6.21 | % | 6.34 | % | 6.86 | % | ||||||||||
Investment Securities | 5.30 | % | 5.66 | % | 5.45 | % | 5.39 | % | 5.68 | % | ||||||||||
Money Market Investments/FFS | 0.83 | % | 5.24 | % | 1.91 | % | 2.07 | % | 3.10 | % | ||||||||||
Average Earning Assets Yield | 5.82 | % | 7.02 | % | 6.05 | % | 6.13 | % | 6.61 | % | ||||||||||
Interest-bearing Deposits | 2.46 | % | 3.50 | % | 2.57 | % | 2.69 | % | 3.16 | % | ||||||||||
Short-term Borrowings | 0.54 | % | 3.84 | % | 1.54 | % | 1.64 | % | 2.77 | % | ||||||||||
Long-term Borrowings | 4.54 | % | 5.52 | % | 4.26 | % | 4.40 | % | 4.80 | % | ||||||||||
Average Liability Costs | 2.51 | % | 3.81 | % | 2.68 | % | 2.77 | % | 3.30 | % | ||||||||||
Net Interest Spread | 3.31 | % | 3.21 | % | 3.37 | % | 3.36 | % | 3.31 | % | ||||||||||
Net Interest Margin | 3.63 | % | 3.71 | % | 3.71 | % | 3.71 | % | 3.72 | % | ||||||||||
Selected Financial Ratios: | ||||||||||||||||||||
Return on Average Common Equity | 8.37 | % | 8.25 | % | 9.94 | % | 12.90 | % | 13.35 | % | ||||||||||
Return on Average Assets | 0.81 | % | 0.81 | % | 0.97 | % | 1.27 | % | 1.30 | % | ||||||||||
Efficiency Ratio | 51.79 | % | 58.06 | % | 46.60 | % | 45.91 | % | 47.80 | % |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Year Ended | ||||||||||||||||
December | December | December | December | |||||||||||||
2008 | 2007 | 2006 | 2005 | |||||||||||||
Selected Yields and Net Interest Margin: | ||||||||||||||||
Loans | 6.34 | % | 7.44 | % | 7.20 | % | 6.36 | % | ||||||||
Investment Securities | 5.46 | % | 5.70 | % | 5.67 | % | 5.11 | % | ||||||||
Money Market Investments/FFS | 1.94 | % | 5.14 | % | 4.35 | % | 3.09 | % | ||||||||
Average Earning Assets Yield | 6.15 | % | 7.07 | % | 6.84 | % | 6.04 | % | ||||||||
Interest-bearing Deposits | 2.71 | % | 3.54 | % | 3.10 | % | 2.06 | % | ||||||||
Short-term Borrowings | 1.69 | % | 4.31 | % | 4.04 | % | 2.43 | % | ||||||||
Long-term Borrowings | 4.49 | % | 5.61 | % | 6.38 | % | 5.82 | % | ||||||||
Average Liability Costs | 2.81 | % | 3.88 | % | 3.57 | % | 2.56 | % | ||||||||
Net Interest Spread | 3.34 | % | 3.19 | % | 3.27 | % | 3.48 | % | ||||||||
Net Interest Margin | 3.70 | % | 3.76 | % | 3.86 | % | 3.94 | % | ||||||||
Selected Financial Ratios: | ||||||||||||||||
Return on Average Common Equity | 11.12 | % | 12.99 | % | 13.90 | % | 15.66 | % | ||||||||
Return on Average Assets | 1.09 | % | 1.28 | % | 1.34 | % | 1.55 | % | ||||||||
Loan / Deposit Ratio | 106.48 | % | 108.29 | % | 99.56 | % | 100.70 | % | ||||||||
Allowance for Loan Losses/ Loans, Net of Unearned Income | 1.02 | % | 0.87 | % | 0.91 | % | 0.95 | % | ||||||||
Allowance for Credit Losses(1)/ Loans, Net of Unearned Income | 1.06 | % | 1.01 | % | 1.09 | % | 1.14 | % | ||||||||
Nonaccrual Loans / Loans, Net of Unearned Income | 0.70 | % | 0.24 | % | 0.12 | % | 0.15 | % | ||||||||
90-Day Past Due Loans/ Loans, Net of Unearned Income | 0.20 | % | 0.25 | % | 0.18 | % | 0.13 | % | ||||||||
Non-performing Loans/ Loans, Net of Unearned Income | 0.90 | % | 0.49 | % | 0.30 | % | 0.28 | % | ||||||||
Non-performing Assets/ Total Assets | 0.91 | % | 0.43 | % | 0.27 | % | 0.24 | % | ||||||||
Primary Capital Ratio | 9.80 | % | 10.18 | % | 10.14 | % | 10.15 | % | ||||||||
Shareholders’ Equity Ratio | 9.09 | % | 9.52 | % | 9.44 | % | 9.44 | % | ||||||||
Price / Book Ratio | 1.96 | x | 1.59 | x | 2.50 | x | 2.33 | x | ||||||||
Price / Earnings Ratio | 16.59 | x | 13.05 | x | 18.16 | x | 15.10 | x | ||||||||
Efficiency Ratio | 48.03 | % | 48.01 | % | 46.93 | % | 41.45 | % |
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)
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
December | December | September | June | March | ||||||||||||||||
2008 | 2007 | 2008 | 2008 | 2008 | ||||||||||||||||
Asset Quality Data: | ||||||||||||||||||||
EOP Non-Accrual Loans | $ | 42,317 | $ | 14,115 | $ | 36,065 | $ | 33,676 | $ | 25,103 | ||||||||||
EOP 90-Day Past Due Loans | 11,881 | 14,210 | 12,963 | 15,696 | 12,375 | |||||||||||||||
Total EOP Non-performing Loans | $ | 54,198 | $ | 28,325 | $ | 49,028 | $ | 49,372 | $ | 37,478 | ||||||||||
EOP Other Real Estate & Assets Owned | 19,817 | 6,365 | 13,340 | 9,618 | 7,043 | |||||||||||||||
Total EOP Non-performing Assets | $ | 74,015 | $ | 34,690 | $ | 62,368 | $ | 58,990 | $ | 44,521 | ||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||
December | December | December | December | December | ||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2006 | ||||||||||||||||
Allowance for Credit Losses:(1) | ||||||||||||||||||||
Beginning Balance | $ | 59,388 | $ | 58,617 | $ | 58,744 | $ | 52,371 | $ | 52,871 | ||||||||||
Allowance of Purchased Companies | — | — | — | 7,648 | — | |||||||||||||||
Provision Expense | 12,207 | 2,580 | 25,155 | 5,330 | 1,437 | |||||||||||||||
71,595 | 61,197 | 83,899 | 65,349 | 54,308 | ||||||||||||||||
Gross Charge-offs | (8,152 | ) | (2,786 | ) | (21,198 | ) | (7,738 | ) | (3,228 | ) | ||||||||||
Recoveries | 160 | 333 | 902 | 1,133 | 1,291 | |||||||||||||||
Net Charge-offs | (7,992 | ) | (2,453 | ) | (20,296 | ) | (6,605 | ) | (1,937 | ) | ||||||||||
Ending Balance | $ | 63,603 | $ | 58,744 | $ | 63,603 | $ | 58,744 | $ | 52,371 | ||||||||||
Note: (1) Includes allowances for loan losses and lending-related commitments.