Company Website:
http://www.firstmerchants.com
MUNCIE, Ind. -- (Business Wire)
First Merchants Corporation (NASDAQ: FRME) has reported third quarter
2014 earnings per share of $.45, compared to $.35 during the same period
in 2013, a 29 percent increase. Net income available to common
stockholders totaled a record $16.1 million, during the quarter,
compared to $10 million in 2013. Year-to-date earnings per share totaled
$1.24 in 2014, compared to $1.07 in 2013, nearly a 16 percent increase.
Year-to-date 2014 net income totaled $44.9 million, compared to $30.9
million in 2013.
Michael C. Rechin, President and Chief Executive Officer, stated, “Our
return on assets improved to 1.16 percent during the quarter and
virtually every key metric improved on a quarter-over-quarter basis.
Loans increased, asset quality improved and the efficiency ratio
improved driven by balance sheet growth, stabilized margins, strong fee
income and controlled expenses.” Rechin also added, “Our momentum
continues as our teams are executing on 2014 initiatives, and executive
management is focused on refining our plans for 2015 and 2016.”
Total assets equaled $5.6 billion as of quarter-end and total loans were
$3.8 billion, an increase of $847 million, or 29 percent over the same
period in 2013. Our CFS Bancorp acquisition in November 2013 accounted
for $597 million of growth and $250 million was the result of organic
growth. On a linked basis, loans increased by $50 million, as commercial
and industrial loans increased by $43 million.
Net interest income totaled $47.9 million for the quarter and
net-interest margin totaled 3.98 percent as yields on earning assets
totaled 4.41 percent and the cost of supporting liabilities totaled .43
percent. Fair value accretion of $3.5 million was included in the
quarterly results. When normalized for fair value accretion, net
interest margin totaled 3.71 percent. Year-to-date net interest income
totaled $139.9 million, compared to $113.1 million in 2013, as net
interest margin totaled 3.95 percent. When adjusted for year-to-date
fair market value accretion of $7.4 million, net interest margin totaled
3.75 percent.
Our CFS Bancorp acquisition resulted in significant variances in both
non-interest income and non-interest expenses. Non-interest income
totaled $18.3 million during the quarter, compared to $11.8 million in
2013. Year-to-date non-interest income totaled $49.4 million, compared
to $39.7 million in 2013. Non-interest expense totaled $42.6 million
during the quarter, up from $34.2 million in the third quarter of 2013.
Year-to-date non-interest expense totaled $126.9 million, compared to
$102.7 million in 2013. On a linked basis, non-interest income improved
by $2.4 million due to increased cash surrender value of life insurance
gains of $871,000, increased derivative income of $656,000 and increased
gains from the sale of mortgages totaling $299,000. On a linked basis,
non-interest expense increased by $1.3 million due primarily to
incentive and benefit accruals of $743,000, fixed asset write downs of
$305,000 and increased marketing expense of $281,000.
Non-performing assets declined to $64.8 million, or 1.16 percent of
assets. Provision expense totaled $1.6 million for the third quarter of
2014, compared to $1.5 million in 2013. Net charge-offs totaled $4.4
million for the third quarter, up from $3.5 million in the third quarter
of 2013. Year-to-date provision expense totaled $1.6 million versus $3.9
million of net charge-offs. The allowance for loan losses totaled $65.6
million and our remaining fair value mark totaled $35.5 million.
As of September 30, 2014, the Corporation's total risk-based capital
equaled 15.21 percent, Tier 1 common risk-based capital equaled 11.16
percent and tangible common equity ratio totaled 9.05 percent.
CONFERENCE CALL
First Merchants Corporation will conduct a third quarter earnings
conference call and web cast at 2:30 p.m. (ET) on Thursday, October 23,
2014.
To participate, dial (Toll Free) 877-507-0578 and reference First
Merchants Corporation's third quarter earnings release. International
callers please call +1 412-317-1073. A replay of the call will be
available until October 23, 2015. To access a replay of the call, US
participants should dial (Toll Free) 877-344-7529 or for International
participants, dial +1 412-317-0088. The replay passcode is 10053524.
In order to view the web cast and presentation slides, please go to http://services.choruscall.com/links/frme141023.html
during the time of the call.
During the call, Forward-Looking Statements about the relative business
outlook may be made. These Forward-Looking Statements and all other
statements made during the call that do not concern historical facts,
are subject to risks and uncertainties that may materially affect actual
results.
Specific Forward-Looking Statements include, but are not limited to, any
indications regarding the Financial Services industry, the economy and
future growth of the balance sheet or income statement.
Detailed financial results are reported on the attached pages.
About First Merchants Corporation
First Merchants Corporation is a financial holding company headquartered
in Muncie, Indiana. The Corporation is comprised of First Merchants
Bank, N.A., which also operates as Lafayette Bank & Trust, Commerce
National Bank, and First Merchants Trust Company as divisions of First
Merchants Bank, N.A. First Merchants Corporation also operates First
Merchants Insurance Group, a full-service property casualty, personal
lines, and healthcare insurance agency.
First Merchants Corporation’s common stock is traded on the NASDAQ
Global Select Market System under the symbol FRME. Quotations are
carried in daily newspapers and can be found on the company’s Internet
web page (http://www.firstmerchants.com).
FIRST MERCHANTS and the Shield Logo are federally registered trademarks
of First Merchants Corporation.
|
|
|
|
| | |
|
| | |
| | | | | | | | | |
|
CONSOLIDATED BALANCE SHEETS | | | | | | | | | | |
(Dollars In Thousands)
| | | | |
September 30,
|
| | | | |
2014
| | |
2013
|
ASSETS | | | | | | | | | | |
Cash and cash equivalents
| | | | |
$
|
74,237
| | | |
$
|
92,341
| |
Interest-bearing time deposits
| | | | |
24,171
| | | |
18,875
| |
Investment securities
| | | | |
1,189,814
| | | |
914,135
| |
Loans held for sale
| | | | |
6,423
| | | |
5,312
| |
Loans
| | | | |
3,772,467
| | | |
2,925,457
| |
Less: Allowance for loan losses
| | | | |
(65,596
|
)
| | |
(66,224
|
)
|
Net loans
| | | | |
3,706,871
| | | |
2,859,233
| |
Premises and equipment
| | | | |
74,105
| | | |
54,386
| |
Federal Reserve and Federal Home Loan Bank stock
| | | | |
43,127
| | | |
32,790
| |
Interest receivable
| | | | |
19,455
| | | |
16,171
| |
Core deposit intangibles and goodwill
| | | | |
200,991
| | | |
148,376
| |
Cash surrender value of life insurance
| | | | |
165,423
| | | |
127,322
| |
Other real estate owned
| | | | |
14,540
| | | |
12,052
| |
Tax asset, deferred and receivable
| | | | |
41,131
| | | |
31,385
| |
Other assets
| | | | |
31,095
|
| | |
13,533
|
|
TOTAL ASSETS | | | | |
$
|
5,591,383
|
| | |
$
|
4,325,911
|
|
LIABILITIES | | | | | | | | | | |
Deposits:
| | | | | | | | | | |
Noninterest-bearing
| | | | |
$
|
939,540
| | | |
$
|
790,174
| |
Interest-bearing
| | | | |
3,370,583
|
| | |
2,465,672
|
|
Total Deposits | | | | |
4,310,123
| | | |
3,255,846
| |
Borrowings:
| | | | | | | | | | |
Federal funds purchased
| | | | |
61,428
| | | |
115,938
| |
Securities sold under repurchase agreements
| | | | |
117,892
| | | |
123,935
| |
Federal Home Loan Bank advances
| | | | |
255,423
| | | |
172,292
| |
Subordinated debentures and term loans
| | | | |
126,874
|
| | |
111,849
|
|
Total Borrowings | | | | |
561,617
| | | |
524,014
| |
Interest payable
| | | | |
3,819
| | | |
1,155
| |
Other liabilities
| | | | |
31,271
|
| | |
31,427
|
|
Total Liabilities | | | | |
4,906,830
| | | |
3,812,442
| |
STOCKHOLDERS' EQUITY | | | | | | | | | | |
Preferred Stock, no-par value, $1,000 liquidation value:
| | | | | | | | | | |
Authorized -- 500,000 shares
| | | | | | | | | | |
Senior Non-Cumulative Perpetual Preferred Stock, Series B
| | | | | | | | | | |
Issued and outstanding - 0 and 34,043 shares
| | | | | | | | |
34,043
| |
Cumulative Preferred Stock, $1,000 par value, $1,000 liquidation
value:
| | | | | | | | | | |
Authorized -- 600 shares
| | | | | | | | | | |
Issued and outstanding - 125 shares
| | | | |
125
| | | |
125
| |
Common Stock, $.125 stated value:
| | | | | | | | | | |
Authorized -- 50,000,000 shares
| | | | | | | | | | |
Issued and outstanding - 36,074,246 and 28,825,465 shares
| | | | |
4,509
| | | |
3,603
| |
Additional paid-in capital
| | | | |
395,582
| | | |
258,350
| |
Retained earnings
| | | | |
280,187
| | | |
233,546
| |
Accumulated other comprehensive income (loss)
| | | | |
4,150
|
| | |
(16,198
|
)
|
Total Stockholders' Equity | | | | |
684,553
|
| | |
513,469
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | | | | |
$
|
5,591,383
|
| | |
$
|
4,325,911
|
|
| | | | | | | | | | | |
|
|
|
|
|
| |
|
| |
CONSOLIDATED STATEMENTS OF INCOME | | | | | | | | |
(Dollars In Thousands, Except Per Share Amounts)
| | | | |
Three Months Ended
| | |
Nine Months Ended
|
| | | | |
September 30,
| | |
September 30,
|
| | | | |
2014
|
|
2013
| | |
2014
|
|
2013
|
INTEREST INCOME | | | | | | | | | | | | | | | | |
Loans receivable:
| | | | | | | | | | | | | | | | |
Taxable
| | | | |
$
|
43,981
| | |
$
|
33,548
| | | |
$
|
128,329
| | |
$
|
104,725
| |
Tax-exempt
| | | | |
61
| | |
85
| | | |
180
| | |
315
| |
Investment securities:
| | | | | | | | | | | | | | | | |
Taxable
| | | | |
5,046
| | |
3,876
| | | |
14,902
| | |
11,071
| |
Tax-exempt
| | | | |
3,683
| | |
2,840
| | | |
10,691
| | |
7,809
| |
Deposits with financial institutions
| | | | |
18
| | |
18
| | | |
76
| | |
99
| |
Federal Reserve and Federal Home Loan Bank stock
| | | | |
501
|
| |
369
|
| | |
1,648
|
| |
1,108
|
|
Total Interest Income | | | | |
53,290
|
| |
40,736
|
| | |
155,826
|
| |
125,127
|
|
INTEREST EXPENSE | | | | | | | | | | | | | | | | |
Deposits
| | | | |
2,853
| | |
2,213
| | | |
8,276
| | |
7,703
| |
Federal funds purchased
| | | | |
102
| | |
72
| | | |
174
| | |
84
| |
Securities sold under repurchase agreements
| | | | |
74
| | |
192
| | | |
457
| | |
594
| |
Federal Home Loan Bank advances
| | | | |
734
| | |
506
| | | |
2,092
| | |
1,427
| |
Subordinated debentures and term loans
| | | | |
1,661
|
| |
731
|
| | |
4,950
|
| |
2,189
|
|
Total Interest Expense | | | | |
5,424
|
| |
3,714
|
| | |
15,949
|
| |
11,997
|
|
NET INTEREST INCOME | | | | |
47,866
| | |
37,022
| | | |
139,877
| | |
113,130
| |
Provision for loan losses
| | | | |
1,600
|
| |
1,533
|
| | |
1,600
|
| |
5,632
|
|
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | | | | |
46,266
|
| |
35,489
|
| | |
138,277
|
| |
107,498
|
|
OTHER INCOME | | | | | | | | | | | | | | | | |
Service charges on deposit accounts
| | | | |
4,119
| | |
3,120
| | | |
11,768
| | |
8,761
| |
Fiduciary activities
| | | | |
2,152
| | |
1,986
| | | |
6,724
| | |
6,357
| |
Other customer fees
| | | | |
3,991
| | |
2,899
| | | |
11,773
| | |
8,495
| |
Commission income
| | | | |
1,723
| | |
1,636
| | | |
5,877
| | |
5,556
| |
Earnings on cash surrender value of life insurance
| | | | |
1,524
| | |
611
| | | |
2,925
| | |
1,921
| |
Net gains and fees on sales of loans
| | | | |
1,458
| | |
1,673
| | | |
3,340
| | |
6,508
| |
Net realized gains on sales of available for sale securities
| | | | |
910
| | | | | | |
2,335
| | |
487
| |
Other income
| | | | |
2,417
|
| |
(125
|
)
| | |
4,671
|
| |
1,651
|
|
Total Other Income | | | | |
18,294
|
| |
11,800
|
| | |
49,413
|
| |
39,736
|
|
OTHER EXPENSES | | | | | | | | | | | | | | | | |
Salaries and employee benefits
| | | | |
24,173
| | |
20,616
| | | |
72,904
| | |
61,943
| |
Net occupancy
| | | | |
3,401
| | |
2,430
| | | |
10,543
| | |
7,299
| |
Equipment
| | | | |
2,187
| | |
1,852
| | | |
7,022
| | |
5,368
| |
Marketing
| | | | |
1,070
| | |
559
| | | |
2,628
| | |
1,561
| |
Outside data processing fees
| | | | |
1,853
| | |
1,515
| | | |
5,723
| | |
4,386
| |
Printing and office supplies
| | | | |
350
| | |
320
| | | |
1,201
| | |
962
| |
Core deposit amortization
| | | | |
592
| | |
383
| | | |
1,776
| | |
1,153
| |
FDIC assessments
| | | | |
920
| | |
677
| | | |
2,843
| | |
2,095
| |
Other real estate owned and credit-related expenses
| | | | |
2,618
| | |
1,648
| | | |
6,988
| | |
4,993
| |
Professional and other outside services
| | | | |
1,573
| | |
1,444
| | | |
4,483
| | |
4,936
| |
Other expenses
| | | | |
3,839
|
| |
2,775
|
| | |
10,804
|
| |
7,965
|
|
Total Other Expenses | | | | |
42,576
|
| |
34,219
|
| | |
126,915
|
| |
102,661
|
|
INCOME BEFORE INCOME TAX | | | | |
21,984
| | |
13,070
| | | |
60,775
| | |
44,573
| |
Income tax expense
| | | | |
5,862
|
| |
2,667
|
| | |
15,873
|
| |
11,490
|
|
NET INCOME | | | | |
16,122
| | |
10,403
| | | |
44,902
| | |
33,083
| |
Preferred stock dividends
| | | | |
|
| |
(430
|
)
| | |
|
| |
(2,139
|
)
|
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | | | | |
$
|
16,122
|
| |
$
|
9,973
|
| | |
$
|
44,902
|
| |
$
|
30,944
|
|
| | | | | | | | | | | | | | | |
|
Per Share Data: | | | | | | | | | | | | | | | | |
Basic Net Income Available to Common Stockholders
| | | | |
$
|
0.45
| | |
$
|
0.35
| | | |
$
|
1.25
| | |
$
|
1.08
| |
Diluted Net Income Available to Common Stockholders
| | | | |
$
|
0.45
| | |
$
|
0.35
| | | |
$
|
1.24
| | |
$
|
1.07
| |
Cash Dividends Paid
| | | | |
$
|
0.08
| | |
$
|
0.05
| | | |
$
|
0.21
| | |
$
|
0.13
| |
Average Diluted Shares Outstanding (in thousands)
| | | | |
36,329
| | |
29,081
| | | |
36,295
| | |
29,026
| |
| | | | | | | | | | | | | | | |
|
|
|
|
|
| | |
| | |
|
| | |
| | |
FINANCIAL HIGHLIGHTS | | | | | | | | | | | | | | | | |
(Dollars in thousands)
| | | | |
Three Months Ended
| | |
Nine Months Ended
|
| | | | |
September 30,
| | |
September 30,
|
| | | | |
2014
| |
2013
| | |
2014
| |
2013
|
NET CHARGE OFF'S
| | | | |
$
|
4,371
| | |
$
|
3,511
| | | |
$
|
3,874
| | |
$
|
8,774
| |
| | | | | | | | | | | | | | | |
|
AVERAGE BALANCES:
| | | | | | | | | | | | | | | | |
Total Assets
| | | | |
$
|
5,578,704
| | |
$
|
4,286,982
| | | |
$
|
5,500,281
| | |
$
|
4,288,645
| |
Total Loans
| | | | |
3,753,690
| | |
2,918,207
| | | |
3,683,936
| | |
2,912,700
| |
Total Earning Assets
| | | | |
5,010,877
| | |
3,888,646
| | | |
4,921,105
| | |
3,885,061
| |
Total Deposits
| | | | |
4,288,788
| | |
3,295,369
| | | |
4,290,157
| | |
3,332,589
| |
Total Stockholders' Equity
| | | | |
679,306
| | |
508,034
| | | |
662,408
| | |
528,156
| |
| | | | | | | | | | | | | | | |
|
FINANCIAL RATIOS:
| | | | | | | | | | | | | | | | |
Return on Average Assets
| | | | |
1.16
|
%
| |
0.93
|
%
| | |
1.09
|
%
| |
0.96
|
%
|
Return on Average Stockholders' Equity
| | | | |
9.49
| | |
7.85
| | | |
9.04
| | |
7.81
| |
Return on Average Common Stockholders' Equity
| | | | |
9.50
| | |
8.42
| | | |
9.04
| | |
8.76
| |
Average Earning Assets to Average Assets
| | | | |
89.82
| | |
90.71
| | | |
89.47
| | |
90.59
| |
Allowance for Loan Losses as % of Total Loans
| | | | |
1.74
| | |
2.26
| | | |
1.74
| | |
2.26
| |
Net Charge Off's as % of Average Loans (Annualized)
| | | | |
0.47
| | |
0.48
| | | |
0.14
| | |
0.4
| |
Average Stockholders' Equity to Average Assets
| | | | |
12.18
| | |
11.85
| | | |
12.04
| | |
12.32
| |
Tax Equivalent Yield on Earning Assets
| | | | |
4.41
| | |
4.35
| | | |
4.38
| | |
4.44
| |
Cost of Supporting Liabilities
| | | | |
0.43
| | |
0.38
| | | |
0.43
| | |
0.41
| |
Net Interest Margin (FTE) on Earning Assets
| | | | |
3.98
| | |
3.97
| | | |
3.95
| | |
4.03
| |
Tangible Book Value Per Share
| | | | |
$
|
13.53
| | |
$
|
11.56
| | | |
$
|
13.53
| | |
$
|
11.56
| |
| | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
| | |
| | |
| | |
| | |
| | |
NON-PERFORMING ASSETS | | | | | | | | | | | | | | | | | | |
(Dollars In Thousands)
| | | | |
September 30,
| |
June 30,
| |
March 31,
| |
December 31,
| |
September 30,
|
| | | | |
2014
| |
2014
| |
2014
| |
2013
| |
2013
|
Non-Accrual Loans
| | | | |
$
|
49,104
| | |
$
|
51,289
| | |
$
|
55,686
| | |
$
|
56,402
| | |
$
|
34,992
| |
Renegotiated Loans
| | | | |
1,171
|
| |
1,359
|
| |
378
|
| |
3,048
|
| |
3,269
|
|
Non-Performing Loans (NPL)
| | | | |
50,275
| | |
52,648
| | |
56,064
| | |
59,450
| | |
38,261
| |
Other Real Estate Owned
| | | | |
14,540
|
| |
18,621
|
| |
21,077
|
| |
22,246
|
| |
12,052
|
|
Non-Performing Assets (NPA)
| | | | |
64,815
| | |
71,269
| | |
77,141
| | |
81,696
| | |
50,313
| |
90+ Days Delinquent
| | | | |
831
|
| |
1,135
|
| |
1,709
|
| |
1,350
|
| |
837
|
|
NPAS & 90 Day Delinquent
| | | | |
$
|
65,646
|
| |
$
|
72,404
|
| |
$
|
78,850
|
| |
$
|
83,046
|
| |
$
|
51,150
|
|
| | | | | | | | | | | | | | | | | |
|
Loan Loss Reserve
| | | | |
$
|
65,596
| | |
$
|
68,367
| | |
$
|
69,583
| | |
$
|
67,870
| | |
$
|
66,224
| |
Quarterly Net Charge-offs
| | | | |
4,371
| | |
1,216
| | |
(1,713
|
)
| |
(630
|
)
| |
3,511
| |
NPAs / Actual Assets %
| | | | |
1.16
|
%
| |
1.27
|
%
| |
1.41
|
%
| |
1.50
|
%
| |
1.16
|
%
|
NPAs & 90 Day / Actual Assets %
| | | | |
1.17
|
%
| |
1.29
|
%
| |
1.45
|
%
| |
1.53
|
%
| |
1.18
|
%
|
NPAs / Actual Loans and OREO %
| | | | |
1.71
|
%
| |
1.90
|
%
| |
2.12
|
%
| |
2.23
|
%
| |
1.71
|
%
|
Loan Loss Reserves / Actual Loans (%)
| | | | |
1.74
|
%
| |
1.83
|
%
| |
1.92
|
%
| |
1.87
|
%
| |
2.26
|
%
|
Net Charge Off's as % of Average Loans (Annualized)
| | | | |
0.47
|
%
| |
0.13
|
%
| |
(0.19
|
)%
| |
(0.08
|
)%
| |
0.48
|
%
|
| | | | | | | | | | | | | | | | | |
|
|
|
|
|
| | |
| | |
| | |
| | |
| | |
CONSOLIDATED BALANCE SHEETS | | | | | | | | | | | | | | | | | | |
(Dollars In Thousands)
| | | | |
September 30,
| |
June 30,
| |
March 31,
| |
December 31,
| |
September 30,
|
| | | | |
2014
| |
2014
| |
2014
| |
2013
| |
2013
|
ASSETS | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
| | | | |
$
|
74,237
| | |
$
|
115,891
| | |
$
|
112,920
| | |
$
|
109,434
| | |
$
|
92,341
| |
Interest-bearing time deposits
| | | | |
24,171
| | |
27,856
| | |
37,078
| | |
55,069
| | |
18,875
| |
Investment securities
| | | | |
1,189,814
| | |
1,214,087
| | |
1,149,977
| | |
1,095,579
| | |
914,135
| |
Loans held for sale
| | | | |
6,423
| | |
7,370
| | |
6,586
| | |
5,331
| | |
5,312
| |
Loans
| | | | |
3,772,467
| | |
3,722,733
| | |
3,616,627
| | |
3,632,409
| | |
2,925,457
| |
Less: Allowance for loan losses
| | | | |
(65,596
|
)
| |
(68,367
|
)
| |
(69,583
|
)
| |
(67,870
|
)
| |
(66,224
|
)
|
Net loans
| | | | |
3,706,871
| | |
3,654,366
| | |
3,547,044
| | |
3,564,539
| | |
2,859,233
| |
Premises and equipment
| | | | |
74,105
| | |
74,856
| | |
74,847
| | |
74,454
| | |
54,386
| |
Federal Reserve and Federal Home Loan Bank stock
| | | | |
43,127
| | |
43,127
| | |
38,990
| | |
38,990
| | |
32,790
| |
Interest receivable
| | | | |
19,455
| | |
18,341
| | |
18,001
| | |
18,672
| | |
16,171
| |
Core deposit intangibles and goodwill
| | | | |
200,991
| | |
201,583
| | |
202,175
| | |
202,766
| | |
148,376
| |
Cash surrender value of life insurance
| | | | |
165,423
| | |
165,974
| | |
165,320
| | |
164,571
| | |
127,322
| |
Other real estate owned
| | | | |
14,540
| | |
18,621
| | |
21,077
| | |
22,246
| | |
12,052
| |
Tax asset, deferred and receivable
| | | | |
41,131
| | |
44,622
| | |
50,684
| | |
56,614
| | |
31,385
| |
Other assets
| | | | |
31,095
|
| |
28,426
|
| |
28,237
|
| |
28,997
|
| |
13,533
|
|
TOTAL ASSETS | | | | |
$
|
5,591,383
|
| |
$
|
5,615,120
|
| |
$
|
5,452,936
|
| |
$
|
5,437,262
|
| |
$
|
4,325,911
|
|
LIABILITIES | | | | | | | | | | | | | | | | | | |
Deposits:
| | | | | | | | | | | | | | | | | | |
Noninterest-bearing
| | | | |
939,540
| | |
917,825
| | |
936,741
| | |
930,772
| | |
790,174
| |
Interest-bearing
| | | | |
3,370,583
|
| |
3,411,785
|
| |
3,346,438
|
| |
3,300,696
|
| |
2,465,672
|
|
Total Deposits | | | | |
4,310,123
| | |
4,329,610
| | |
4,283,179
| | |
4,231,468
| | |
3,255,846
| |
Borrowings:
| | | | | | | | | | | | | | | | | | |
Federal funds purchased
| | | | |
61,428
| | |
100,000
| | |
48,357
| | |
125,645
| | |
115,938
| |
Securities sold under repurchase agreements
| | | | |
117,892
| | |
133,137
| | |
137,381
| | |
148,672
| | |
123,935
| |
Federal Home Loan Bank advances
| | | | |
255,423
| | |
220,765
| | |
170,887
| | |
122,140
| | |
172,292
| |
Subordinated debentures and term loans
| | | | |
126,874
|
| |
126,874
|
| |
127,172
|
| |
126,807
|
| |
111,849
|
|
Total Borrowings | | | | |
561,617
| | |
580,776
| | |
483,797
| | |
523,264
| | |
524,014
| |
Interest payable
| | | | |
3,819
| | |
2,489
| | |
3,192
| | |
1,771
| | |
1,155
| |
Other liabilities
| | | | |
31,271
|
| |
31,649
|
| |
30,657
|
| |
45,836
|
| |
31,427
|
|
Total Liabilities | | | | |
4,906,830
| | |
4,944,524
| | |
4,800,825
| | |
4,802,339
| | |
3,812,442
| |
STOCKHOLDERS' EQUITY | | | | | | | | | | | | | | | | | | |
Preferred Stock, no-par value, $1,000 liquidation value:
| | | | | | | | | | | | | | | | | | |
Authorized -- 500,000 shares
| | | | | | | | | | | | | | | | | | |
Senior Non-Cumulative Perpetual Preferred Stock, Series B
| | | | | | | | | | | | | | | | | | |
Issued and outstanding
| | | | | | | | | | | | | | | | |
34,043
| |
Cumulative Preferred Stock, $1,000 par value, $1,000 liquidation
value:
| | | | | | | | | | | | | | | | | | |
Authorized -- 600 shares
| | | | | | | | | | | | | | | | | | |
Issued and outstanding
| | | | |
125
| | |
125
| | |
125
| | |
125
| | |
125
| |
Common Stock, $.125 stated value:
| | | | | | | | | | | | | | | | | | |
Authorized -- 50,000,000 shares
| | | | | | | | | | | | | | | | | | |
Issued and outstanding
| | | | |
4,509
| | |
4,507
| | |
4,502
| | |
4,490
| | |
3,603
| |
Additional paid-in capital
| | | | |
395,582
| | |
394,774
| | |
393,765
| | |
393,783
| | |
258,350
| |
Retained earnings
| | | | |
280,187
| | |
266,980
| | |
254,735
| | |
242,935
| | |
233,546
| |
Accumulated other comprehensive income (loss)
| | | | |
4,150
|
| |
4,210
|
| |
(1,016
|
)
| |
(6,410
|
)
| |
(16,198
|
)
|
Total Stockholders' Equity | | | | |
684,553
|
| |
670,596
|
| |
652,111
|
| |
634,923
|
| |
513,469
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | | | | |
$
|
5,591,383
|
| |
$
|
5,615,120
|
| |
$
|
5,452,936
|
| |
$
|
5,437,262
|
| |
$
|
4,325,911
|
|
| | | | | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
| | |
| | |
| | |
| | |
| | |
CONSOLIDATED STATEMENTS OF INCOME | | | | | | | | | | | | | | | | | | |
(Dollars In Thousands, Except Per Share Amounts)
| | | | |
September 30,
| |
June 30,
| |
March 31,
| |
December 31,
| |
September 30,
|
| | | | |
2014
| |
2014
| |
2014
| |
2013
| |
2013
|
INTEREST INCOME | | | | | | | | | | | | | | | | | | |
Loans receivable:
| | | | | | | | | | | | | | | | | | |
Taxable
| | | | |
$
|
43,981
| | |
$
|
42,323
| | |
$
|
42,025
| | |
$
|
38,027
| | |
$
|
33,548
| |
Tax-exempt
| | | | |
61
| | |
58
| | |
61
| | |
78
| | |
85
| |
Investment securities:
| | | | | | | | | | | | | | | | | | |
Taxable
| | | | |
5,046
| | |
5,046
| | |
4,810
| | |
4,143
| | |
3,876
| |
Tax-exempt
| | | | |
3,683
| | |
3,570
| | |
3,438
| | |
3,020
| | |
2,840
| |
Deposits with financial institutions
| | | | |
18
| | |
35
| | |
23
| | |
59
| | |
18
| |
Federal Reserve and Federal Home Loan Bank stock
| | | | |
501
|
| |
495
|
|
|
652
|
| |
380
|
| |
369
|
|
Total Interest Income | | | | |
53,290
|
| |
51,527
|
|
|
51,009
|
| |
45,707
|
| |
40,736
|
|
INTEREST EXPENSE | | | | | | | | | | | | | | | | | | |
Deposits
| | | | |
2,853
| | |
2,874
| | |
2,549
| | |
2,350
| | |
2,213
| |
Federal funds purchased
| | | | |
102
| | |
23
| | |
49
| | |
18
| | |
72
| |
Securities sold under repurchase agreements
| | | | |
74
| | |
187
| | |
196
| | |
193
| | |
192
| |
Federal Home Loan Bank advances
| | | | |
734
| | |
676
| | |
682
| | |
669
| | |
506
| |
Subordinated debentures and term loans
| | | | |
1,661
|
| |
1,648
|
|
|
1,641
|
| |
1,342
|
| |
731
|
|
Total Interest Expense | | | | |
5,424
|
| |
5,408
|
|
|
5,117
|
| |
4,572
|
| |
3,714
|
|
NET INTEREST INCOME | | | | |
47,866
| | |
46,119
| | |
45,892
| | |
41,135
| | |
37,022
| |
Provision for loan losses
| | | | |
1,600
|
| |
|
|
|
|
| |
1,016
|
| |
1,533
|
|
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | | | | |
46,266
|
| |
46,119
|
|
|
45,892
|
| |
40,119
|
| |
35,489
|
|
OTHER INCOME | | | | | | | | | | | | | | | | | | |
Service charges on deposit accounts
| | | | |
4,119
| | |
4,098
| | |
3,551
| | |
3,639
| | |
3,120
| |
Fiduciary activities
| | | | |
2,152
| | |
2,360
| | |
2,212
| | |
2,237
| | |
1,986
| |
Other customer fees
| | | | |
3,991
| | |
4,049
| | |
3,733
| | |
3,371
| | |
2,899
| |
Commission income
| | | | |
1,723
| | |
1,886
| | |
2,268
| | |
1,585
| | |
1,636
| |
Earnings on cash surrender value of life insurance
| | | | |
1,524
| | |
653
| | |
748
| | |
692
| | |
611
| |
Net gains and fees on sales of loans
| | | | |
1,458
| | |
1,159
| | |
723
| | |
1,003
| | |
1,673
| |
Net realized gains on sales of available for sale securities
| | | | |
910
| | |
844
| | |
581
| | | | | | | |
Other income
| | | | |
2,417
|
| |
884
|
|
|
1,370
|
| |
2,546
|
| |
(125
|
)
|
Total Other Income | | | | |
18,294
|
| |
15,933
|
|
|
15,186
|
| |
15,073
|
| |
11,800
|
|
OTHER EXPENSES | | | | | | | | | | | | | | | | | | |
Salaries and employee benefits
| | | | |
24,173
| | |
23,430
| | |
25,301
| | |
23,470
| | |
20,616
| |
Net occupancy
| | | | |
3,401
| | |
3,204
| | |
3,938
| | |
2,992
| | |
2,430
| |
Equipment
| | | | |
2,187
| | |
2,096
| | |
2,739
| | |
2,369
| | |
1,852
| |
Marketing
| | | | |
1,070
| | |
789
| | |
769
| | |
675
| | |
559
| |
Outside data processing fees
| | | | |
1,853
| | |
2,039
| | |
1,831
| | |
1,205
| | |
1,515
| |
Printing and office supplies
| | | | |
350
| | |
393
| | |
458
| | |
378
| | |
320
| |
Core deposit amortization
| | | | |
592
| | |
592
| | |
592
| | |
496
| | |
383
| |
FDIC assessments
| | | | |
920
| | |
863
| | |
1,060
| | |
767
| | |
677
| |
Other real estate owned and credit-related expenses
| | | | |
2,618
| | |
2,613
| | |
1,757
| | |
1,668
| | |
1,648
| |
Professional and other outside services
| | | | |
1,573
| | |
1,531
| | |
1,379
| | |
3,361
| | |
1,444
| |
Other expenses
| | | | |
3,839
|
| |
3,700
|
|
|
3,265
|
| |
3,177
|
| |
2,775
|
|
Total Other Expenses | | | | |
42,576
|
| |
41,250
|
|
|
43,089
|
| |
40,558
|
| |
34,219
|
|
INCOME BEFORE INCOME TAX | | | | |
21,984
| | |
20,802
| | |
17,989
| | |
14,634
| | |
13,070
| |
Income tax expense
| | | | |
5,862
|
| |
5,642
|
|
|
4,369
|
| |
3,187
|
| |
2,667
|
|
NET INCOME | | | | |
16,122
| | |
15,160
| | |
13,620
| | |
11,447
| | |
10,403
| |
Preferred stock dividends
| | | | |
|
| |
|
|
|
|
| |
(241
|
)
| |
(430
|
)
|
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | | | | |
$
|
16,122
|
| |
$
|
15,160
|
|
|
$
|
13,620
|
| |
$
|
11,206
|
| |
$
|
9,973
|
|
| | | | | | | | | | | | | | | | | |
|
Per Share Data: | | | | | | | | | | | | | | | | | | |
Basic Net Income Available to Common Stockholders
| | | | |
$
|
0.45
| | |
$
|
0.42
| | |
$
|
0.38
| | |
$
|
0.34
| | |
$
|
0.35
| |
Diluted Net Income Available to Common Stockholders
| | | | |
$
|
0.45
| | |
$
|
0.41
| | |
$
|
0.38
| | |
$
|
0.34
| | |
$
|
0.35
| |
Cash Dividends Paid
| | | | |
$
|
0.08
| | |
$
|
0.08
| | |
$
|
0.05
| | |
$
|
0.05
| | |
$
|
0.05
| |
Average Diluted Shares Outstanding (in thousands)
| | | | |
36,329
| | |
36,294
| | |
36,261
| | |
32,913
| | |
29,081
| |
FINANCIAL RATIOS: | | | | | | | | | | | | | | | | | | |
Return on Average Assets
| | | | |
1.16
|
%
| |
1.10
|
%
| |
1.01
|
%
| |
0.91
|
%
| |
0.93
|
%
|
Return on Average Stockholders' Equity
| | | | |
9.49
| | |
9.15
| | |
8.45
| | |
7.78
| | |
7.85
| |
Return on Average Common Stockholders' Equity
| | | | |
9.50
| | |
9.15
| | |
8.45
| | |
8.05
| | |
8.42
| |
Average Earning Assets to Average Assets
| | | | |
89.82
| | |
89.57
| | |
89.00
| | |
89.08
| | |
90.71
| |
Allowance for Loan Losses as % of Total Loans
| | | | |
1.74
| | |
1.83
| | |
1.92
| | |
1.87
| | |
2.26
| |
Net Charge Off's as % of Average Loans (Annualized)
| | | | |
0.47
| | |
0.13
| | |
(0.19
|
)
| |
(0.08
|
)
| |
0.48
| |
Average Stockholders' Equity to Average Assets
| | | | |
12.18
| | |
12.00
| | |
11.94
| | |
11.64
| | |
11.85
| |
Tax Equivalent Yield on Earning Assets
| | | | |
4.41
| | |
4.33
| | |
4.40
| | |
4.30
| | |
4.35
| |
Cost of Supporting Liabilities
| | | | |
0.43
| | |
0.44
| | |
0.43
| | |
0.41
| | |
0.38
| |
Net Interest Margin (FTE) on Earning Assets
| | | | |
3.98
| | |
3.89
| | |
3.97
| | |
3.89
| | |
3.97
| |
Tangible Book Value Per Share
| | | | |
$
|
13.53
| | |
$
|
13.14
| | |
$
|
12.63
| | |
$
|
12.17
| | |
$
|
11.56
| |
| | | | | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
| | |
| | |
| | |
| | |
| | |
LOANS | | | | | | | | | | | | | | | | | | |
(Dollars In Thousands)
| | | | |
September 30,
| |
June 30,
| |
March 31,
| |
December 31,
| |
September 30,
|
| | | | |
2014
| |
2014
| |
2014
| |
2013
| |
2013
|
Commercial and industrial loans
| | | | |
$
|
900,970
| | |
$
|
857,844
| | |
$
|
787,390
| | |
$
|
761,705
| | |
$
|
652,356
| |
Agricultural production financing and other loans to farmers
| | | | |
99,649
| | |
102,270
| | |
99,226
| | |
114,348
| | |
98,489
| |
Real estate loans:
| | | | | | | | | | | | | | | | | | |
Construction
| | | | |
178,213
| | |
165,388
| | |
155,117
| | |
177,082
| | |
149,875
| |
Commercial and farmland
| | | | |
1,603,698
| | |
1,621,436
| | |
1,606,735
| | |
1,611,809
| | |
1,264,180
| |
Residential
| | | | |
625,609
| | |
629,162
| | |
626,202
| | |
616,385
| | |
452,277
| |
Home Equity
| | | | |
269,952
| | |
261,811
| | |
256,790
| | |
255,223
| | |
206,816
| |
Individuals' loans for household and other personal expenditures
| | | | |
66,832
| | |
61,533
| | |
61,742
| | |
69,783
| | |
70,380
| |
Lease financing receivables, net of unearned income
| | | | |
1,208
| | |
1,231
| | |
1,378
| | |
1,545
| | |
1,815
| |
Other loans
| | | | |
26,336
|
| |
22,058
|
| |
22,047
|
| |
24,529
|
| |
29,269
|
|
Loans
| | | | |
3,772,467
| | |
3,722,733
| | |
3,616,627
| | |
3,632,409
| | |
2,925,457
| |
Allowance for loan losses
| | | | |
(65,596
|
)
| |
(68,367
|
)
| |
(69,583
|
)
| |
(67,870
|
)
| |
(66,224
|
)
|
NET LOANS | | | | |
$
|
3,706,871
|
| |
$
|
3,654,366
|
| |
$
|
3,547,044
|
| |
$
|
3,564,539
|
| |
$
|
2,859,233
|
|
| | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | |
|
DEPOSITS | | | | | | | | | | | | | | | | | | |
(Dollars In Thousands)
| | | | |
September 30,
| |
June 30,
| |
March 31,
| |
December 31,
| |
September 30,
|
| | | | |
2014
| |
2014
| |
2014
| |
2013
| |
2013
|
Demand deposits
| | | | |
$
|
1,947,040
| | |
$
|
2,041,183
| | |
$
|
1,966,895
| | |
$
|
2,018,650
| | |
$
|
1,610,662
| |
Savings deposits
| | | | |
1,281,994
| | |
1,251,277
| | |
1,282,702
| | |
1,257,994
| | |
937,521
| |
Certificates and other time deposits of $100,000 or more
| | | | |
241,163
| | |
251,585
| | |
265,683
| | |
272,660
| | |
190,866
| |
Other certificates and time deposits
| | | | |
502,965
| | |
534,344
| | |
568,160
| | |
595,110
| | |
422,151
| |
Brokered deposits
| | | | |
336,961
|
| |
251,221
|
| |
199,739
|
| |
87,054
|
| |
94,646
|
|
TOTAL DEPOSITS | | | | |
$
|
4,310,123
|
| |
$
|
4,329,610
|
| |
$
|
4,283,179
|
| |
$
|
4,231,468
|
| |
$
|
3,255,846
|
|
| | | | | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
| | |
| | |
| | |
|
| | |
| | |
| | |
NET INTEREST INCOME | | | | | | | | | | | | | | | | | | | | | | |
(Dollars in Thousands) | | | | |
For the Three Months Ended
|
| | | | |
September 30, 2014
| | |
September 30, 2013
|
| | | | |
Average Balance
| |
Interest Income / Expense
| |
Average Rate
| | |
Average Balance
| |
Interest Income / Expense
| |
Average Rate
|
Assets: | | | | | | | | | | | | | | | | | | | | | | |
Interest-bearing time deposits
| | | | |
$
|
28,549
| | |
$
|
18
| | |
0.3
|
%
| | |
$
|
24,497
| | |
$
|
18
| | |
0.3
|
%
|
Federal Reserve and Federal Home Loan Bank stock
| | | | |
43,127
| | |
501
| | |
4.6
| | | |
32,790
| | |
369
| | |
4.5
| |
Investment Securities: (1) | | | | | | | | | | | | | | | | | | | | | | |
Taxable
| | | | |
776,270
| | |
5,046
| | |
2.6
| | | |
615,878
| | |
3,876
| | |
2.5
| |
Tax-Exempt (2) | | | | |
409,241
|
| |
5,665
|
| |
5.5
| | | |
297,274
|
| |
4,368
|
| |
5.9
| |
Total Investment Securities
| | | | |
1,185,511
|
| |
10,711
|
| |
3.6
| | | |
913,152
|
| |
8,244
|
| |
3.6
| |
Loans held for sale
| | | | |
9,393
| | |
152
| | |
6.5
| | | |
11,063
| | |
158
| | |
5.7
| |
Loans: (3) | | | | | | | | | | | | | | | | | | | | | | |
Commercial
| | | | |
2,905,920
| | |
34,344
| | |
4.7
| | | |
2,309,226
| | |
26,417
| | |
4.6
| |
Real Estate Mortgage
| | | | |
455,714
| | |
5,025
| | |
4.4
| | | |
274,345
| | |
3,049
| | |
4.4
| |
Installment
| | | | |
369,797
| | |
4,460
| | |
4.8
| | | |
308,520
| | |
3,924
| | |
5.1
| |
Tax-Exempt (2) | | | | |
12,866
|
| |
94
|
| |
2.9
| | | |
15,053
|
| |
131
|
| |
3.5
| |
Total Loans
| | | | |
3,753,690
|
| |
44,075
|
| |
4.7
| | | |
2,918,207
|
| |
33,679
|
| |
4.6
| |
Total Earning Assets
| | | | |
5,010,877
| | |
55,305
|
| |
4.4
|
%
| | |
3,888,646
| | |
42,310
|
| |
4.4
|
%
|
Net unrealized gain on securities available for sale
| | | | |
11,247
| | | | | | | | | |
(4,733
|
)
| | | | | | |
Allowance for loan losses
| | | | |
(68,123
|
)
| | | | | | | | |
(69,117
|
)
| | | | | | |
Cash and cash equivalents
| | | | |
74,773
| | | | | | | | | |
69,974
| | | | | | | |
Premises and equipment
| | | | |
74,696
| | | | | | | | | |
54,757
| | | | | | | |
Other assets
| | | | |
475,234
|
| | | | | | | | |
347,455
|
| | | | | | |
Total Assets | | | | |
$
|
5,578,704
|
| | | | | | | | |
$
|
4,286,982
|
| | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | |
Interest-bearing deposits:
| | | | | | | | | | | | | | | | | | | | | | |
Interest-bearing NOW deposits
| | | | |
$
|
1,059,163
| | |
$
|
279
| | |
0.1
|
%
| | |
$
|
847,009
| | |
$
|
224
| | |
0.1
|
%
|
Money market deposits
| | | | |
736,339
| | |
372
| | |
0.2
| | | |
576,135
| | |
290
| | |
0.2
| |
Savings deposits
| | | | |
528,746
| | |
154
| | |
0.1
| | | |
357,267
| | |
93
| | |
0.1
| |
Certificates and other time deposits
| | | | |
1,032,274
|
| |
2,048
|
| |
0.8
| | | |
739,413
|
| |
1,606
|
| |
0.9
| |
Total Interest-bearing Deposits
| | | | |
3,356,522
| | |
2,853
| | |
0.3
| | | |
2,519,824
| | |
2,213
| | |
0.4
| |
Borrowings
| | | | |
572,923
|
| |
2,571
|
| |
1.8
| | | |
446,894
|
| |
1,501
|
| |
1.3
| |
Total Interest-bearing Liabilities
| | | | |
3,929,445
| | |
5,424
|
| |
0.6
| | | |
2,966,718
| | |
3,714
| | |
0.5
| |
Noninterest-bearing deposits
| | | | |
932,266
| | | | | | | | | |
775,545
| | | | | | | |
Other liabilities
| | | | |
37,687
|
| | | | | | | | |
36,685
|
| | | | | | |
Total Liabilities
| | | | |
4,899,398
| | | | | | | | | |
3,778,948
| | | | | | | |
Stockholders' Equity
| | | | |
679,306
|
| |
|
| | | | | |
508,034
|
| |
|
| | | |
Total Liabilities and Stockholders' Equity | | | | |
$
|
5,578,704
|
| |
5,424
|
| |
0.4
| | | |
$
|
4,286,982
|
| |
3,714
|
| |
0.4
| |
Net Interest Income | | | | | | | |
$
|
49,881
|
| | | | | | | | |
$
|
38,596
|
| | | |
Net Interest Margin | | | | | | | | | | |
4.0
|
%
| | | | | | | | |
4.0
|
%
|
| | | | | | | | | | | | | | | | | | | | | |
|
(1) Average balance of securities is computed based on
the average of the historical amortized cost balances without the
effects of the fair value adjustments.
|
(2) Tax-exempt securities and loans are presented on a
fully taxable equivalent basis, using a marginal tax rate of 35
percent for 2014 and 2013. These totals equal $2,015 and $1,574 for
the three months ended September 30, 2014 and 2013, respectively.
|
(3) Non accruing loans have been included in the average
balances.
|
|
|
|
|
|
| | |
| | |
| | |
|
| | |
| | |
| | |
NET INTEREST INCOME | | | | | | | | | | | | | | | | | | | | | | |
(Dollars in Thousands) | | | | |
For the Nine Months Ended
|
| | | | |
September 30, 2014
| | |
September 30, 2013
|
| | | | |
Average Balance
| |
Interest Income / Expense
| |
Average Rate
| | |
Average Balance
| |
Interest Income / Expense
| |
Average Rate
|
Assets: | | | | | | | | | | | | | | | | | | | | | | |
Interest-bearing time deposits
| | | | |
$
|
43,906
| | |
$
|
76
| | |
0.2
|
%
| | |
$
|
60,853
| | |
$
|
99
| | |
0.2
|
%
|
Federal Reserve and Federal Home Loan Bank stock
| | | | |
41,657
| | |
1,648
| | |
5.3
| | | |
32,787
| | |
1,108
| | |
4.5
| |
Investment Securities: (1) | | | | | | | | | | | | | | | | | | | | | | |
Taxable
| | | | |
761,924
| | |
14,902
| | |
2.6
| | | |
608,343
| | |
11,071
| | |
2.4
| |
Tax-Exempt (2) | | | | |
389,682
|
| |
16,447
|
| |
5.6
| | | |
270,378
|
| |
12,013
|
| |
5.9
| |
Total Investment Securities
| | | | |
1,151,606
|
| |
31,349
|
| |
3.6
| | | |
878,721
|
| |
23,084
|
| |
3.5
| |
Loans held for sale
| | | | |
6,653
| | |
322
| | |
6.5
| | | |
19,866
| | |
691
| | |
4.6
| |
Loans: (3) | | | | | | | | | | | | | | | | | | | | | | |
Commercial
| | | | |
2,893,922
| | |
99,685
| | |
4.6
| | | |
2,290,938
| | |
82,691
| | |
4.8
| |
Real Estate Mortgage
| | | | |
417,899
| | |
14,650
| | |
4.7
| | | |
277,666
| | |
9,259
| | |
4.4
| |
Installment
| | | | |
353,134
| | |
13,672
| | |
5.2
| | | |
308,240
| | |
12,084
| | |
5.2
| |
Tax-Exempt (2) | | | | |
12,328
|
| |
277
|
| |
3.0
| | | |
15,990
|
| |
484
|
| |
4.0
| |
Total Loans
| | | | |
3,683,936
|
| |
128,606
|
| |
4.7
| | | |
2,912,700
|
| |
105,209
|
| |
4.8
| |
Total Earning Assets
| | | | |
4,921,105
| | |
161,679
|
| |
4.4
|
%
| | |
3,885,061
| | |
129,500
|
| |
4.4
|
%
|
Net unrealized gain on securities available for sale
| | | | |
7,929
| | | | | | | | | |
6,076
| | | | | | | |
Allowance for loan losses
| | | | |
(68,703
|
)
| | | | | | | | |
(69,432
|
)
| | | | | | |
Cash and cash equivalents
| | | | |
83,259
| | | | | | | | | |
67,109
| | | | | | | |
Premises and equipment
| | | | |
74,732
| | | | | | | | | |
54,142
| | | | | | | |
Other assets
| | | | |
481,959
|
| | | | | | | | |
345,689
|
| | | | | | |
Total Assets | | | | |
$
|
5,500,281
|
| | | | | | | | |
$
|
4,288,645
|
| | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | |
Interest-bearing deposits:
| | | | | | | | | | | | | | | | | | | | | | |
Interest-bearing NOW deposits
| | | | |
$
|
1,061,762
| | |
$
|
827
| | |
0.1
|
%
| | |
$
|
850,125
| | |
$
|
683
| | |
0.1
|
%
|
Money market deposits
| | | | |
755,097
| | |
1,136
| | |
0.2
| | | |
563,863
| | |
911
| | |
0.2
| |
Savings deposits
| | | | |
527,147
| | |
461
| | |
0.1
| | | |
354,941
| | |
292
| | |
0.1
| |
Certificates and other time deposits
| | | | |
1,021,044
|
| |
5,852
|
| |
0.8
| | | |
795,074
|
| |
5,817
|
| |
1.0
| |
Total Interest-bearing Deposits
| | | | |
3,365,050
| | |
8,276
| | |
0.3
| | | |
2,564,003
| | |
7,703
| | |
0.4
| |
Borrowings
| | | | |
508,992
|
| |
7,673
|
| |
2.0
| | | |
391,294
|
| |
4,294
|
| |
1.5
| |
Total Interest-bearing Liabilities
| | | | |
3,874,042
| | |
15,949
|
| |
0.5
| | | |
2,955,297
| | |
11,997
| | |
0.5
| |
Noninterest-bearing deposits
| | | | |
925,107
| | | | | | | | | |
768,586
| | | | | | | |
Other liabilities
| | | | |
38,724
|
| | | | | | | | |
36,606
|
| | | | | | |
Total Liabilities
| | | | |
4,837,873
| | | | | | | | | |
3,760,489
| | | | | | | |
Stockholders' Equity
| | | | |
662,408
|
| |
|
| | | | | |
528,156
|
| |
|
| | | |
Total Liabilities and Stockholders' Equity | | | | |
$
|
5,500,281
|
| |
15,949
|
| |
0.4
| | | |
$
|
4,288,645
|
| |
11,997
|
| |
0.4
| |
Net Interest Income | | | | | | | |
$
|
145,730
|
| | | | | | | | |
$
|
117,503
|
| | | |
Net Interest Margin | | | | | | | | | | |
4.0
|
%
| | | | | | | | |
4.0
|
%
|
| | | | | | | | | | | | | | | | | | | | | |
|
(1) Average balance of securities is computed based on
the average of the historical amortized cost balances without the
effects of the fair value adjustments.
|
(2) Tax-exempt securities and loans are presented on a
fully taxable equivalent basis, using a marginal tax rate of 35
percent for 2014 and 2013. These totals equal $5,853 and $4,373 for
the nine months ended September 30, 2014 and 2013, respectively.
|
(3) Non accruing loans have been included in the average
balances.
|
|
Contacts:
First Merchants Corporation
David L. Ortega, 765-378-8937
First
Vice President/Director of Investor Relations
http://www.firstmerchants.com
Source: First Merchants Corporation
© 2024 Canjex Publishing Ltd. All rights reserved.