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ALLOWANCE FOR LOAN AND LEASE LOSSES | 3 Months Ended
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Mar. 31, 2012
ALLOWANCE FOR LOAN AND LEASE LOSSES [Abstract] |
ALLOWANCE FOR LOAN AND LEASE LOSSES | 6. ALLOWANCE FOR LOAN AND LEASE LOSSES The following table presents the changes in the Allowance for the periods indicated:
| Three Months Ended |
| March 31, |
| 2012 |  |  | 2011 |
| (Dollars in thousands) |
Balance, beginning of period | $ | 122,093 |  |  | $ | 192,854 |
Provision (credit) for loan and lease losses |  | (4,990 | ) |  |  | (1,575 | )
|  | 117,103 |  |  |  | 191,279 |
Charge-offs |  | (3,962 | ) |  |  | (18,131 | )
Recoveries |  | 1,181 |  |  |  | 4,862 |
Net charge-offs |  | (2,781 | ) |  |  | (13,269 | )
Balance, end of period | $ | 114,322 |  |  | $ | 178,010 |
Our Provision was a credit of $5.0 million in the three months ended March 31, 2012, compared to a credit of $1.6 million in the three months ended March 31, 2011. The decrease in both our Provision and Allowance is directly attributable to continued improvement in our credit risk profile as evidenced by declines in nonperforming assets and lower levels of net charge-offs. The following table presents by class, the activity in the Allowance for the periods indicated:
| Commercial, |  | Real estate |  |  |  |  |  |  |  |  |
| financial & |  |  |  | Mortgage - |  | Mortgage - |  |  |  |  |  |  |  |  |
| agricultural |  | Construction |  | residential |  | commercial |  | Consumer |  | Leases |  | Unallocated |  | Total |
| (Dollars in thousands) |
Three Months Ended March 31, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 6,110 |  | $ | 28,630 |  | $ | 32,736 |  | $ | 47,729 |  | $ | 2,335 |  | $ | 553 |  | $ | 4,000 |  | $ | 122,093 |
Provision (credit) for loan |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
and lease losses |  | 603 |  |  | (6,049 | ) |  | 792 |  |  | (1,820 | ) |  | (170 | ) |  | (346 | ) |  | 2,000 |  |  | (4,990 | )
|  | 6,713 |  |  | 22,581 |  |  | 33,528 |  |  | 45,909 |  |  | 2,165 |  |  | 207 |  |  | 6,000 |  |  | 117,103 |
Charge-offs |  | (1,682 | ) |  | (1,626 | ) |  | (200 | ) |  | - |  |  | (426 | ) |  | (28 | ) |  | - |  |  | (3,962 | )
Recoveries |  | 270 |  |  | 425 |  |  | 117 |  |  | 2 |  |  | 366 |  |  | 1 |  |  | - |  |  | 1,181 |
Net charge-offs |  | (1,412 | ) |  | (1,201 | ) |  | (83 | ) |  | 2 |  |  | (60 | ) |  | (27 | ) |  | - |  |  | (2,781 | )
Ending balance | $ | 5,301 |  | $ | 21,380 |  | $ | 33,445 |  | $ | 45,911 |  | $ | 2,105 |  | $ | 180 |  | $ | 6,000 |  | $ | 114,322 |
Three Months Ended March 31, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 13,426 |  | $ | 76,556 |  | $ | 31,830 |  | $ | 64,308 |  | $ | 3,155 |  | $ | 1,579 |  | $ | 2,000 |  | $ | 192,854 |
Provision (credit) for loan |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
and lease losses |  | (1,318 | ) |  | (6,986 | ) |  | 329 |  |  | 4,870 |  |  | (424 | ) |  | (46 | ) |  | 2,000 |  |  | (1,575 | )
|  | 12,108 |  |  | 69,570 |  |  | 32,159 |  |  | 69,178 |  |  | 2,731 |  |  | 1,533 |  |  | 4,000 |  |  | 191,279 |
Charge-offs |  | (1,406 | ) |  | (13,858 | ) |  | (2,036 | ) |  | (226 | ) |  | (605 | ) |  | - |  |  | - |  |  | (18,131 | )
Recoveries |  | 432 |  |  | 3,366 |  |  | 700 |  |  | 39 |  |  | 325 |  |  | - |  |  | - |  |  | 4,862 |
Net charge-offs |  | (974 | ) |  | (10,492 | ) |  | (1,336 | ) |  | (187 | ) |  | (280 | ) |  | - |  |  | - |  |  | (13,269 | )
Ending balance | $ | 11,134 |  | $ | 59,078 |  | $ | 30,823 |  | $ | 68,991 |  | $ | 2,451 |  | $ | 1,533 |  | $ | 4,000 |  | $ | 178,010 |
In determining the amount of our Allowance, we rely on an analysis of our loan portfolio, our experience and our evaluation of general economic conditions, as well as regulatory requirements and input. If our assumptions prove to be incorrect, our current Allowance may not be sufficient to cover future loan losses and we may experience increases to our Provision.

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