LBAI » Topics » Provision for Loan and Lease Losses

This excerpt taken from the LBAI 10-Q filed May 11, 2009.

Provision for Loan and Lease Losses

In determining the provision for loan and lease losses, management considers historical loan loss experience, changes in composition and volume of the portfolio, the level and composition of non-performing loans and leases, the adequacy of the allowance for loan and lease losses, and prevailing economic conditions.

The provision for loan and lease losses increased to $6.4 million for the first quarter of 2009 from $1.3 million for the same period last year as a result of management’s evaluation of the adequacy of the allowance for loan and lease losses. During the first quarter of 2009, the Company charged off loans of $6.5 million and recovered $680,000 in previously charged off loans compared to $587,000 and $91,000, respectively, during the same period in 2008. The higher provision for loan and lease losses in the first quarter of 2009 compared to the first quarter of 2008 reflects a higher level of non-performing loans and leases and net charge-offs. The provision in the first quarter of 2009 included $5.8 million for the Company’s leases compared to $433,000 for the same period last year. For more information regarding the determination of the provision, see “Risk Elements” under “Financial Condition.”

These excerpts taken from the LBAI 10-K filed Mar 16, 2009.

Provision for Loan and Lease Losses

In determining the provision for loan and lease losses, management considers national and local economic conditions; trends in the portfolio including orientation to specific loan types or industries; experience, ability and depth of lending management in relation to the complexity of the portfolio; adequacy and adherence to policies, procedures and practices; levels and trends in delinquencies, impaired loans and leases and net charge-offs and the results of independent third party loan and lease review. The provision for loan and lease losses at $23.7 million in 2008 increased from $6.0 million in 2007 due to management’s evaluation of the loan and lease portfolio and reflected higher levels of nonperforming loans and leases and charge-offs in 2008 compared to 2007. As mentioned in the Financial Overview above, the 2008 provision included $17.8 million for the Company’s leasing portfolio. For more information, see Financial Condition—Risk Elements below. Net charge-offs increased from $4.7 million in 2007 to $13.4 million in 2008, including $11.1 million in net charge-offs of leases. Net charge-offs as a percent of average loans and leases outstanding increased from 0.28% in 2007 to 0.68% in 2008.

The provision for loan and lease losses at $6.0 million in 2007 increased from $1.7 million in 2006 due to management’s evaluation of the loan and lease portfolio and reflected higher levels of nonperforming loans and leases and charge-offs in 2007 compared to 2006. Net charge-offs increased from $1.4 million in 2006 to $4.7 million in 2007, including a $3.1 million charge-off of a single commercial and industrial loan. Net charge-offs as a percent of average loans and leases outstanding increased from 0.10% in 2006 to 0.28% in 2007.

 

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Provision for Loan and Lease Losses

FACE="Times New Roman" SIZE="2">In determining the provision for loan and lease losses, management considers national and local economic conditions; trends in the portfolio including orientation to specific loan types or industries; experience,
ability and depth of lending management in relation to the complexity of the portfolio; adequacy and adherence to policies, procedures and practices; levels and trends in delinquencies, impaired loans and leases and net charge-offs and the results
of independent third party loan and lease review. The provision for loan and lease losses at $23.7 million in 2008 increased from $6.0 million in 2007 due to management’s evaluation of the loan and lease portfolio and reflected higher levels of
nonperforming loans and leases and charge-offs in 2008 compared to 2007. As mentioned in the Financial Overview above, the 2008 provision included $17.8 million for the Company’s leasing portfolio. For more information, see Financial
Condition—Risk Elements below. Net charge-offs increased from $4.7 million in 2007 to $13.4 million in 2008, including $11.1 million in net charge-offs of leases. Net charge-offs as a percent of average loans and leases outstanding increased
from 0.28% in 2007 to 0.68% in 2008.

The provision for loan and lease losses at $6.0 million in 2007 increased from $1.7 million in 2006
due to management’s evaluation of the loan and lease portfolio and reflected higher levels of nonperforming loans and leases and charge-offs in 2007 compared to 2006. Net charge-offs increased from $1.4 million in 2006 to $4.7 million in 2007,
including a $3.1 million charge-off of a single commercial and industrial loan. Net charge-offs as a percent of average loans and leases outstanding increased from 0.10% in 2006 to 0.28% in 2007.

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Provision for Loan and Lease Losses

FACE="Times New Roman" SIZE="2">In determining the provision for loan and lease losses, management considers national and local economic conditions; trends in the portfolio including orientation to specific loan types or industries; experience,
ability and depth of lending management in relation to the complexity of the portfolio; adequacy and adherence to policies, procedures and practices; levels and trends in delinquencies, impaired loans and leases and net charge-offs and the results
of independent third party loan and lease review. The provision for loan and lease losses at $23.7 million in 2008 increased from $6.0 million in 2007 due to management’s evaluation of the loan and lease portfolio and reflected higher levels of
nonperforming loans and leases and charge-offs in 2008 compared to 2007. As mentioned in the Financial Overview above, the 2008 provision included $17.8 million for the Company’s leasing portfolio. For more information, see Financial
Condition—Risk Elements below. Net charge-offs increased from $4.7 million in 2007 to $13.4 million in 2008, including $11.1 million in net charge-offs of leases. Net charge-offs as a percent of average loans and leases outstanding increased
from 0.28% in 2007 to 0.68% in 2008.

The provision for loan and lease losses at $6.0 million in 2007 increased from $1.7 million in 2006
due to management’s evaluation of the loan and lease portfolio and reflected higher levels of nonperforming loans and leases and charge-offs in 2007 compared to 2006. Net charge-offs increased from $1.4 million in 2006 to $4.7 million in 2007,
including a $3.1 million charge-off of a single commercial and industrial loan. Net charge-offs as a percent of average loans and leases outstanding increased from 0.10% in 2006 to 0.28% in 2007.

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This excerpt taken from the LBAI 10-Q filed Nov 10, 2008.

Provision for Loan and Lease Losses

The provision for loan and lease losses increased to $12.7 million for the first nine months of 2008 from $2.1 million for the same period last year. This was a result of management’s evaluation of the adequacy of the allowance for loan and lease losses and the impact current economic conditions have had on our lease portfolio as previously mentioned in the quarterly analysis. During the first nine months of 2008, the Company charged off loans of $7.7 million and recovered $460,000 in previously charged off loans compared to $1.3 million and $492,000, respectively, during the same period in 2007. The higher provision for loan and lease losses reflects trends in non-performing loans and leases and net charge-offs in the first nine months of 2008 compared to the first nine months of 2007. For more information regarding the determination of the provision, see “Risk Elements” under “Financial Condition.”

This excerpt taken from the LBAI 10-Q filed Aug 8, 2008.

Provision for Loan and Lease Losses

The provision for loan and lease losses increased to $9.4 million for the first half of 2008 from $1.3 million for the same period last year. This was a result of management’s evaluation of the adequacy of the allowance for loan and lease losses and the impact current economic conditions have had on our lease portfolio as previously mentioned in the quarterly analysis. During the

 

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first half of 2008, the Company charged off loans of $4.2 million and recovered $241,000 in previously charged off loans compared to $1.2 million and $396,000, respectively, during the same period in 2007. The higher provision for loan and lease losses reflects loan growth and a higher level of non-performing loans and leases and net charge-offs in the first half of 2008 compared to the first half of 2007. For more information regarding the determination of the provision, see “Risk Elements” under “Financial Condition.”

This excerpt taken from the LBAI 10-Q filed May 9, 2008.

Provision for Loan and Lease Losses

In determining the provision for loan and lease losses, management considers historical loan loss experience, changes in composition and volume of the portfolio, the level and composition of non-performing loans and leases, the adequacy of the allowance for loan and lease losses, and prevailing economic conditions.

The provision for loan and lease losses increased to $1.3 million for the first quarter of 2008 from $602,000 for the same period last year as a result of management’s evaluation of the adequacy of the allowance for loan and lease losses. During the first quarter of 2008, the Company charged off loans of $587,000 and recovered $91,000 in previously charged off loans compared to $391,000 and $262,000, respectively, during the same period in 2007. The higher provision for loan and lease losses reflects loan growth and a higher level of non-performing loans and leases and net charge-offs in the first quarter of 2008 compared to first quarter 2007. For more information regarding the determination of the provision, see “Risk Elements” under “Financial Condition.”

These excerpts taken from the LBAI 10-K filed Mar 14, 2008.

Provision for Loan and Lease Losses

In determining the provision for loan and lease losses, management considers national and local economic conditions; trends in the portfolio including orientation to specific loan types or industries; experience, ability and depth of lending management in relation to the complexity of the portfolio; adequacy and adherence to policies, procedures and practices; levels and trends in delinquencies, impaired loans and net charge-offs and the results of independent third party loan review. The provision for loan and lease losses at $6.0 million in 2007 increased from $1.7 million in 2006 due to management’s evaluation of the loan portfolio and reflected higher levels of nonperforming loans and charge-offs in 2007 compared to 2006. For more information, see Financial Condition—Risk Elements below. Net charge-offs increased from $1.4 million in 2006 to $4.7 million in 2007 including the $3.1 million charge-off of a single commercial and industrial loan referred to in the Financial Overview above. Net charge-offs as a percent of average loans outstanding increased from 0.10% in 2006 to 0.28% in 2007.

The 2006 provision for loan and lease losses at $1.7 million increased from $1.6 million in 2005 due to management’s evaluation of the loan portfolio. Net charge-offs were $5.0 million in 2005, including a $3.0 million charge-off of a commercial lease pool due to the settlement with the last surety company which issued surety bonds to guarantee the income stream of such lease pool. For more information on the commercial lease pools, please see Note 14 to the Consolidated Financial Statements. The ratio of net charge-offs to average loans outstanding was 0.41% in 2005. Without the impact of the commercial lease pool charge-off in 2005, the ratio of net-charge-offs to average loans outstanding would have been 0.16%.

Provision for Loan and Lease
Losses

In determining the provision for loan and lease losses, management considers national and local economic conditions;
trends in the portfolio including orientation to specific loan types or industries; experience, ability and depth of lending management in relation to the complexity of the portfolio; adequacy and adherence to policies, procedures and practices;
levels and trends in delinquencies, impaired loans and net charge-offs and the results of independent third party loan review. The provision for loan and lease losses at $6.0 million in 2007 increased from $1.7 million in 2006 due to
management’s evaluation of the loan portfolio and reflected higher levels of nonperforming loans and charge-offs in 2007 compared to 2006. For more information, see Financial Condition—Risk Elements below. Net charge-offs increased from
$1.4 million in 2006 to $4.7 million in 2007 including the $3.1 million charge-off of a single commercial and industrial loan referred to in the Financial Overview above. Net charge-offs as a percent of average loans outstanding increased from 0.10%
in 2006 to 0.28% in 2007.

The 2006 provision for loan and lease losses at $1.7 million increased from $1.6 million in 2005 due to
management’s evaluation of the loan portfolio. Net charge-offs were $5.0 million in 2005, including a $3.0 million charge-off of a commercial lease pool due to the settlement with the last surety company which issued surety bonds to guarantee
the income stream of such lease pool. For more information on the commercial lease pools, please see Note 14 to the Consolidated Financial Statements. The ratio of net charge-offs to average loans outstanding was 0.41% in 2005. Without the impact of
the commercial lease pool charge-off in 2005, the ratio of net-charge-offs to average loans outstanding would have been 0.16%.

Noninterest Income

Noninterest income increased from $14.2 million in 2006 to $18.6 million in 2007 as a result of an increase in gains (losses) on
securities from a loss of $3.0 million in 2006 to a gain of $1.8 million in 2007. In 2007, the Company recognized a $1.8 million gain on equity securities in its investment portfolio resulting from the acquisition of a financial institution in which
the Company owned stock. In 2006, the Company effected a balance sheet restructuring in which the Company sold $97.3 million in securities at a loss of $3.3 million. Commissions and fees decreased $499,000 or 14% to $3.1 million in 2007 due to a
decrease in investment services brokerage income and a decrease in loan fee income. Other income increased $276,000 to $1.8 million as a result of non-interest related leasing income. Noninterest income represented 20.6% of total revenue in 2007.
(Total revenue is defined as net interest income plus non-interest income.)

Noninterest income declined from $14.5 million in 2005
to $14.2 million in 2006 as a result of the balance sheet restructuring in 2006 referred to above. As a result, losses on sales of investment securities increased from

 


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$583,000 in 2005 to $3.0 million in 2006. Offsetting the impact of the loss on the sale of securities was a $1.2 million or 12% increase in service charges on deposit
accounts from 2005 to 2006 resulting from the overdraft privilege program that was implemented in May of 2005. Commissions and fees increased $521,000 or 17% to $3.6 million in 2006 due to an increase in investment services brokerage income from
$284,000 in 2005 to $1.0 million in 2006. In 2005, Lakeland received commission income on the sales of investment services net of commission expense paid to the licensed sales representatives. In 2006, Lakeland employed its own sales
representatives, and as a result, recorded gross commission income received on the sales of investments and $495,000 in commission expense paid to its sales representatives in salaries and benefit expense. Partially offsetting the increase in
commission income is a decrease in loan fees of $186,000. Other income increased $340,000 to $1.6 million as a result of a gain on the sale of a branch completed in the first quarter of 2006. Noninterest income represented 17.5% of total revenue in
2006.

This excerpt taken from the LBAI 10-Q filed Nov 8, 2007.

Provision for Loan and Lease Losses

In determining the provision for loan and lease losses, management considers historical loan loss experience, changes in composition and volume of the portfolio, the level and composition of non-performing loans, the adequacy of the allowance for loan and lease losses, and prevailing economic conditions.

The provision for loan losses increased to $2.1 million for the first nine months of 2007 from $1.0 million for the same period last year as a result of management’s evaluation of the adequacy of the allowance for loan and lease losses. During the first nine months of 2007, the Company charged off loans of $1.3 million and recovered $492,000 in previously charged off loans compared to $2.2 million and $1.1 million, respectively, during the same period in 2006. The higher provision reflects a higher level of non-performing loans in the first nine months of 2007 compared to the first nine months of 2006. For more information regarding the determination of the provision, see “Risk Elements” under “Financial Condition.”

This excerpt taken from the LBAI 10-Q filed Aug 8, 2007.

Provision for Loan and Lease Losses

In determining the provision for loan and lease losses, management considers historical loan loss experience, changes in composition and volume of the portfolio, the level and composition of non-performing loans, the adequacy of the allowance for loan and lease losses, and prevailing economic conditions.

The provision for loan losses increased to $1.3 million for the first half of 2007 from $651,000 for the same period last year as a result of management’s evaluation of the adequacy of the allowance for loan and lease losses. During the first half of 2007, the Company charged off loans of $1.2 million and recovered $396,000 in previously charged off loans compared to $1.6 million and $873,000, respectively, during the same period in 2006. The higher provision reflects a higher level of non-performing loans in the first half of 2007 compared to the first half of 2006. For more information regarding the determination of the provision, see “Risk Elements” under “Financial Condition.”

This excerpt taken from the LBAI 10-Q filed May 9, 2007.

Provision for Loan and Lease Losses

In determining the provision for loan and lease losses, management considers historical loan loss experience, changes in composition and volume of the portfolio, the level and composition of non-performing loans, the adequacy of the allowance for loan and lease losses, and prevailing economic conditions.

The provision for loan losses increased to $602,000 for the first quarter of 2007 from $332,000 for the same period last year as a result of management’s evaluation of the adequacy of the allowance for loan and lease losses. During the first quarter of 2007, the Company charged off loans of $390,000 and recovered $262,000 in previously charged off loans compared to $392,000 and $121,000, respectively, during the same period in 2006. The higher provision reflects a higher level of non-performing loans in first quarter 2007 compared to first quarter 2006. For more information regarding the determination of the provision, see “Risk Elements” under “Financial Condition.”

This excerpt taken from the LBAI 10-K filed Mar 16, 2007.

Provision for Loan and Lease Losses

In determining the provision for loan and lease losses, management considers national and local economic conditions; trends in the portfolio including orientation to specific loan types or industries; experience, ability and depth of lending management in relation to the complexity of the portfolio; adequacy and adherence to policies, procedures and practices; levels and trends in delinquencies, impaired loans and net charge-offs and the results of independent third party loan review. The provision for loan and lease losses at $1.7 million in 2006 increased from $1.6 million in 2005 due to management’s evaluation of the loan portfolio. For more information, see Financial Condition—Risk Elements below. Net charge-offs decreased from $5.0 million in 2005 to $1.4 million in 2006. Charge-offs in 2005 included a charge-off of $3.0 million in one of the commercial lease pools due to the settlement with the last surety company which issued surety bonds to guarantee the income stream of such lease pool. Net charge-offs as a percent of average loans outstanding decreased from 0.41% in 2005 to 0.10% in 2006. Without the impact of the commercial lease pool charge-offs, net charge-offs as a percentage of average loans outstanding would have been 0.16% for 2005.

The 2005 provision for loan and lease losses at $1.6 million decreased from $3.6 million in 2004 due to management’s evaluation of the loan portfolio including its evaluation of the risk in the commercial lease pools discussed above. Net charge-offs were $6.2 million in 2004, including a $3.4 million charge-off in one of the commercial lease pools due to a settlement with one of the surety companies which issued surety bonds to guarantee the income stream of several commercial lease pools. The ratio of net charge-offs to average loans outstanding was 0.62%. Without the impact of the commercial lease pool charge-off in 2004, the ratio of net-charge-offs to average loans outstanding would have been 0.28%.

This excerpt taken from the LBAI 10-Q filed Nov 8, 2006.

Provision for Loan and Lease Losses

In determining the provision for loan and lease losses, management considers historical loan loss experience, changes in composition and volume of the portfolio, the level and composition of non-performing loans, the adequacy of the allowance for loan and lease losses, and prevailing economic conditions.

The provision for loan losses decreased to $988,000 for the first nine months of 2006 from $1.4 million for the same period last year as a result of management’s evaluation of the adequacy of the allowance for loan and lease losses. During the first nine months of 2006, the Company charged off loans of $2.2 million and recovered $1.1 million in previously charged off loans compared to $5.4 million and $1.0 million, respectively, during the same period in 2005. Charge-offs in the first nine months of 2005 included a $3.0 million charge-off related to the settlement of litigation concerning the remaining commercial lease pool discussed in Note 10. The lower provision reflects lower net charge-offs during the first nine months of 2006 and an improvement in asset quality from the first nine months of 2005 to the first nine months of 2006. For more information regarding the determination of the provision, see “Risk Elements” under “Financial Condition.”

This excerpt taken from the LBAI 10-Q filed Aug 8, 2006.

Provision for Loan and Lease Losses

In determining the provision for loan and lease losses, management considers historical loan loss experience, changes in composition and volume of the portfolio, the level and composition of non-performing loans, the adequacy of the allowance for loan and lease losses, and prevailing economic conditions.

The provision for loan losses decreased to $651,000 for the first half of 2006 from $1.1 million for the same period last year as a result of management’s evaluation of the adequacy of the allowance for loan and lease losses. During the first half of 2006, the Company charged off loans of $1.6 million and recovered $873,000 in previously charged off loans compared to $1.8 million and $582,000, respectively, during the same period in 2005. The lower provision reflects lower net charge-offs during the first half of 2006 and an improvement in asset quality from the first half of 2005 to the first half of 2006. For more information regarding the determination of the provision, see “Risk Elements” under “Financial Condition.”

This excerpt taken from the LBAI 10-Q filed May 9, 2006.

Provision for Loan and Lease Losses

In determining the provision for loan and lease losses, management considers historical loan loss experience, changes in composition and volume of the portfolio, the level and composition of non-performing loans, the adequacy of the allowance for loan and lease losses, and prevailing economic conditions.

The provision for loan losses decreased to $332,000 for the first quarter of 2006 from $783,000 for the same period last year as a result of management’s evaluation of the adequacy of the allowance for loan and lease losses. During the first quarter of 2006, the Company charged off loans of $392,000 and recovered $121,000 in previously charged off loans compared to $1.2 million and $204,000, respectively, during the same period in 2005. The lower provision reflects lower net charge-offs during first quarter 2006 and an improvement in asset quality from first quarter 2005 to first quarter 2006. For more information regarding the determination of the provision, see “Risk Elements” under “Financial Condition.”

This excerpt taken from the LBAI 10-K filed Mar 16, 2006.

Provision for Loan and Lease Losses

In determining the provision for loan and lease losses, management considers national and local economic conditions; trends in the portfolio including orientation to specific loan types or industries; experience, ability and depth of lending management in relation to the complexity of the portfolio; adequacy and adherence to policies, procedures and practices; levels and trends in delinquencies, impaired loans and net charge-offs and the results of independent third party loan review. The provision for loan and lease losses at $1.6 million in 2005 decreased from $3.6 million in 2004 due to management’s evaluation of the loan portfolio. For more information, see Financial Condition—Risk Elements below. Net charge-offs decreased from $6.2 million in 2004 to $5.0 million in 2005. Charge-offs in 2005 and 2004 included charge-offs of $3.0 million and $3.4 million, respectively, in two of the commercial lease pools due to the settlement with two of the surety companies which issued surety bonds to guarantee the income stream of several commercial lease pools. Net charge-offs as a percent of average loans outstanding decreased from 0.62% in 2004 to 0.41% in 2005. Without the impact of the commercial lease pool charge-offs, net charge-offs as a percentage of average loans outstanding would have been 0.16% and 0.41% for 2005 and 2004, respectively.

The 2004 provision for loan and lease losses at $3.6 million increased from $3.0 million in 2003 due to management’s evaluation of the loan portfolio including its evaluation of the risk in the commercial lease pools discussed above. Net charge-offs were $4.9 million in 2003 including a $2.1 million charge-off in one of the commercial lease pools due to a settlement with one of the surety companies which issued surety bonds to guarantee the income stream of several commercial lease pools. The ratio of net charge-offs to average loans outstanding was 0.64%. Without the impact of the commercial lease pool charge-off in 2003, the ratio of net-charge-offs to average loans outstanding would have been 0.37%.

This excerpt taken from the LBAI 10-Q filed Nov 8, 2005.

Provision for Loan and Lease Losses

 

The provision for loan losses decreased to $1.4 million for the first nine months of 2005 compared to $2.7 million for the same period last year as a result of management’s evaluation of the adequacy of the allowance for loan and lease losses. During the first nine months of 2005, the Company charged off loans of $5.4 million and recovered $1.0 million in previously charged off loans compared to $3.5 million and $359,000, respectively, during the same period in 2004. For more information regarding the determination of the provision, see “Risk Elements” under “Financial Condition.”

 

This excerpt taken from the LBAI 10-Q filed Aug 8, 2005.

Provision for Loan and Lease Losses

 

The provision for loan losses decreased to $1.1 million for the first six months of 2005 compared to $1.7 million for the same period last year as a result of management’s evaluation of the adequacy of the allowance for loan and lease losses. During the first six months of 2005, the Company charged off loans of $1.8 million and recovered $582,000 in previously charged off loans compared to $1.6 million and $252,000, respectively, during the same period in 2004. For more information regarding the determination of the provision, see “Risk Elements” under “Financial Condition.”

 

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This excerpt taken from the LBAI 10-Q filed May 6, 2005.

Provision for Loan and Lease Losses

 

In determining the provision for loan and lease losses, management considers historical loan loss experience, changes in composition and volume of the portfolio, the level and composition of non-performing loans, the adequacy of the allowance for loan and lease losses, and prevailing economic conditions.

 

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The provision for loan losses decreased to $783,000 for the first quarter of 2005 compared to $875,000 for the same period last year as a result of management’s evaluation of the adequacy of the allowance for loan and lease losses. During the first quarter of 2005, the Company charged off loans of $1.2 million and recovered $204,000 in previously charged off loans compared to $704,000 and $128,000, respectively, during the same period in 2004. For more information regarding the determination of the provision, see “Risk Elements” under “Financial Condition.”

 

This excerpt taken from the LBAI 10-K filed Mar 21, 2005.

Provision for Loan and Lease Losses

 

In determining the provision for loan and lease losses, management considers national and local economic conditions; trends in the portfolio including orientation to specific loan types or industries; experience, ability and depth of lending management in relation to the complexity of the portfolio; adequacy and adherence to policies, procedures and practices; levels and trends in delinquencies, impaired loans and net charge-offs and the results of independent third party loan review. The provision for loan and lease losses at $3.6 million in 2004 increased from $3.0 million in 2003 due to management’s evaluation of the loan portfolio. For more information, see Financial Condition—Risk Elements below. Net charge-offs increased from $4.9 million in 2003 to $6.2 million in 2004. Charge-offs in 2004 and 2003 included charge-offs of $2.1 million and $3.4 million, respectively, in two of the commercial lease pools due to the settlement with two of the surety companies which issued surety bonds to guarantee the income stream of several commercial lease pools. Net charge-offs as a percent of average loans outstanding decreased from 0.64% in 2003 to 0.62% in 2004. Without the impact of the commercial lease pool charge-offs, net charge-offs as a percentage of average loans outstanding would have been 0.41% and 0.20% for 2004 and 2003, respectively.

 

The 2003 provision for loan and lease losses at $3.0 million decreased from $10.5 million in 2002 due to management’s evaluation of the loan portfolio including its evaluation of the risk in the commercial lease pools discussed above. Included in the 2002 provision was a $7.5 million additional provision for potential losses under the commercial lease pools described in Note 15. Net charge-offs were $780,000 in 2002 and the ratio of net charge-offs to average loans outstanding was 0.12%.

 

"Provision for Loan and Lease Losses" elsewhere:

Camden National (CAC)
UNIVEST CORP OF PENNSYLVANIA (UVSP)
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