First Merchants Corporation Announces 2008 Earnings of $20.6 Million
MUNCIE, Ind.--(BUSINESS WIRE)-- First Merchants Corporation (NASDAQ: FRME) has reported 2008 diluted earnings per share of $1.14, a decline of $.59 from the 2007 total of $1.73. Net Income for the year totaled $20.6 million compared to the 2007 total of $31.6 million.
Total assets reached a record $4.8 billion at quarter-end, an increase of $1 billion, from the December 31, 2007 total of $3.8 billion. Of the $1 billion increase, the completion of the merger with Lincoln Bancorp on December 31, 2008 accounted for $876 million of the increase.
The completion of the Lincoln Bancorp acquisition continues the corporation's direction of pursuing stronger growth markets. More importantly the board of directors and management of First Merchants Corporation believe the strategic focus on the Indianapolis marketplace through the addition of Lincoln and its 17 banking centers will accelerate First Merchants position in many of the fastest growing counties within Indiana. Lincoln's operating earnings did not impact First Merchants Corporation's net income during 2008 as the acquisition was completed on December 31, 2008. By contrast the December 31, 2008 balance sheet is consolidated to include Lincoln.
Loans and investments, the Corporation's primary earning assets, totaled $4.20 billion, an increase of $876 million, or 26.3 percent, over the prior year. Loans accounted for $846 million of the increase as investment securities increased by $31 million. Of the $876 million increase, Lincoln accounted for $637 million in loans and $122 million in investments.
The Corporation's allowance for loan losses as a percent of total loans increased from .98 percent to 1.31 during the year, a $20.7 million increase. Provision expense exceeded net charge-offs by $12 million and Lincoln Bank added $8.7 million to the Corporation's allowance for loan loss total at year-end. The increased allowance for loan losses total is comprised of a $2.4 million increase specific impairment reserves, $4.1 million in the general historical loss component and a $14.2 million increase in environmental factors. None of the increases in specific reserves were related to Lincoln as all recognized impairments were charged down to the fair value prior to closing the transaction. Total specific impairment reserves are $9.8 million or 20% of the total allowance methodology.
Non-performing loans totaled $88 million, including the addition of $34 million from Lincoln. Of the $88 million in non-performing loans, commercial real estate loans totaled $29 million, land and lot development loans totaled $20 million, 1-4 family residential properties totaled $18 million, commercial and industrial loans totaled $16 million and other loans totaled $5 million. The Corporation's exposure to land development, single-family residential development, condominium and duplex development projects is limited to $76 million.
The Corporation's total deposits increased during the year by $875 million as Lincoln Bank accounted for $655 million of the increase. Total borrowings increased by just $50 million including the $137 million increase from Lincoln Bank. As of December 31, 2008 the Corporation's tangible capital totaled 5.01%, tier 1 leverage ratio totaled 7.86%, tier 1 risk based capital totaled 7.31% and total risk based capital totaled 9.84%. The decrease in the Corporation's capital ratios for the year is primarily attributable to two factors.
The first factor of note is the decline in First Merchants other comprehensive income of $12.8 million resulting from investment security write-down's under FASB 115 totaling $1.3 million and the decline in pension plan asset valuations totaling $11.5 million during the year. The second factor is a combination of items related to the Lincoln Bancorp acquisition. The Corporation used cash of $16.8 million as part of the $77.3 million purchase price resulting in increased common equity of $60.1 million to acquire an $876 million institution. Additionally, as a result of the acquisition First Merchants added $32.3 million of intangibles from the closing of Lincoln Bancorp.
Core deposit intangibles totaled $12.4 million, while purchase accounting adjustments to Lincoln's assets and liabilities totaled $11.6 million resulting in Goodwill. The remaining $8.3 million is reflective of the premium paid by First Merchants Corporation over Lincoln Bancorp's tangible equity at year-end. The purchase accounting adjustments of $11.6 million reduced total risk based capital by 30 basis points, but they will positively accrete to income over the life of the individual instruments. When combining our thorough due diligence and pre-closing efforts, with our April 2009 integration efforts, First Merchants expects Lincoln to be accretive in year one.
The Corporation recognizes the difficulties of the economy and the importance of continuing First Merchants history of being "well capitalized". On November 12, 2008 the Corporation applied for participation in the U.S. Department of Treasury's Capital Purchase Program in an amount totaling $116 million. The application has been approved by the Corporation's primary regulator and was forwarded to the Treasury Department on January 16, 2008. The addition of $116 million in preferred stock would improve the Corporation's Total Risk Based Capital Ratio to 12.80%, comfortably above the "well capitalized" guidelines.
Net-Interest margin expanded by 29 basis points from 3.55 percent in 2007 to 3.84 percent in 2008. As a result, net-interest income increased by $16.3 million, or 14.4 percent. Net interest margin remained strong even during the forth quarter as the Federal Reserve Board lowered the target Fed Funds rate to just 25 basis points. Aggressive deposit pricing and the use of interest rate floors on over $360 million of the Corporation's rate prime indexed loans helped preserve the Corporation's net interest margin.
Provision expense totaled $27.6 million in 2008, an increase of $19.1 million over the prior. The increase in provision expense exceeded the expansion of net interest income by $2.9 million.
Total non-interest income decreased by $4.2 million in 2008. Income from changes in the cash surrender value of bank owned life insurance (BOLI) declined by $3.9 million. During the fourth quarter the corporation recorded a loss of $2.1 million due to declines in market value below the stable value wrap. BOLI losses are not tax deductible resulting in a $3.9 million decrease in Net Income. On December 18, 2008, management changed the investment elections under the separate account policy structure to more conservative investments. The Corporation also lost $1.5 million on Federal Home Loan Mortgage Corporation preferred stock. The Corporation has no additional equity exposure to FHLMC and FNMA and no remaining exposure to private label mortgage backed investment securities.
Additionally, the Corporation elected to expense $1.2 million of its $15.5 million original book balance trust preferred pooled investment exposure. The loss is attributable to a Trapeza IV pool, the only pool deemed to be other than temporarily impaired as of year-end. The remaining $13.5 million of exposure to trust preferred pools is diversified among eight FTN PreTsl investments.
Total non-interest expenses for the year increased by $7.2 million or 7% as salary and benefit expense increased by $4.5 million. The remaining increases in other expense include an increase of $1.8 million in other real estate expense and $860,000 of professional services related to loan workouts. First Merchants also sold the assets of Indiana Title Insurance Company, LLC resulting in a $560,000 loss during the month of December.
Michael C. Rechin, President and Chief Executive Officer, stated that, "First Merchants Corporation's management team is focused on five objectives in 2009 including capital & liquidity management, asset quality, net interest margin management, expense management and the success of the Lincoln acquisition. We remain confident that our people, strategies, capital, liquidity, and commitment to endure the current environment will prove successful in the short and long-term time horizon."
Rechin continued, "As complex and uncertain as the Banking environment has become, First Merchants is pleased to earn more than $20 million in net income, while improving it's allowance to loans recognizing the negative economic trends nationally and in the mid-west."
CONFERENCE CALL
First Merchants Corporation will conduct a conference call at 2:30 p.m. Eastern Time on Thursday, February 5, 2009. To participate, callers in the US/Canada should dial (Toll Free) 800-860-2442 while international participants should use +1 412-858-4600. Please reference First Merchants Corporation's fourth quarter earnings. A replay will be available until 9:00 AM ET on February 13, 2009. To access replay, US/Canada participants should dial (Toll Free) 877-344-7529, or for International participants, dial +1 412-317-0088. The replay requires a pass code of 426723.
During the call, we may make Forward-Looking Statements about our relative business outlook. 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:
First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. Subsidiaries of the Corporation include First Merchants Bank, N.A., First Merchants Bank of Central Indiana, N.A., Lafayette Bank & Trust Company, N.A., Commerce National Bank, Lincoln Bank and First Merchants Trust Company, N.A. The Corporation also operates First Merchants Insurance Services, a full-service property casualty, personal lines, and healthcare insurance agency.
First Merchants Corporation's common stock is traded over-the-counter on the NASDAQ National 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).
CONSOLIDATED BALANCE SHEETS
(in thousands) December 31,
2008 2007
Assets
Cash and due from banks $ 84,249 $ 134,188
Federal funds sold 66,237 495
Cash and cash equivalents 150,486 134,683
Interest-bearing time deposits 38,823 24,931
Investment securities 481,984 451,167
Mortgage loans held for sale 4,295 3,735
Loans 3,721,952 2,876,843
Less: Allowance for loan losses (48,946 ) (28,228 )
Net loans 3,673,006 2,848,615
Premises and equipment 59,641 44,445
Federal Reserve and Federal Home Loan Bank stock 34,319 25,250
Interest receivable 23,976 23,402
Core deposit intangibles and goodwill 165,974 135,856
Cash surrender value of life insurance 93,222 70,970
Other real estate owned 18,458 2,573
Other assets 40,568 16,460
Total assets $ 4,784,752 $ 3,782,087
Liabilities
Deposits
Noninterest-bearing 460,519 370,397
Interest-bearing 3,258,292 2,473,724
Total deposits 3,718,811 2,844,121
Borrowings
Fed funds purchased 52,350
Securities sold under repurchase agreements 122,311 106,497
Federal Home Loan Bank advances 360,217 294,101
Subordinated debentures, revolving credit
lines and term loans 135,826 115,826
Total borrowings 618,354 568,774
Interest payable 8,844 8,325
Other liabilities 42,840 20,931
Total liabilities 4,388,849 3,442,151
Stockholders' equity
Preferred stock, no-par value
Authorized and unissued - 500,000 shares
Cumulative Preferred Stock, $1,000 par value:
Authorized - 600 shares
Issued and outstanding - 125 shares 125
Common stock, $.125 stated value
Authorized - 50,000,000 shares
Issued and outstanding - 21,178,123 and
18,002,787 shares 2,647 2,250
Additional paid-in capital 202,299 137,801
Retained earnings 206,496 202,750
Accumulated other comprehensive loss (15,664 ) (2,865 )
Total stockholders' equity 395,903 339,936
Total liabilities and stockholders' equity $ 4,784,752 $ 3,782,087
FINANCIAL HIGHLIGHTS
Three Months Ended Twelve Months Ended
(in thousands) December 31, December 31,
2008 2007 2008 2007
NET CHARGE OFF'S $ 4,372 $ 1,857 $ 15,602 $ 6,819
AVERAGE BALANCES
Total Assets $ 3,870,159 $ 3,735,931 $ 3,811,169 $ 3,639,772
Total Loans 3,082,061 2,873,989 3,002,628 2,794,824
Total Deposits 3,009,123 2,812,760 2,902,902 2,752,443
Total Stockholders' 353,164 335,649 349,594 330,786
Equity
FINANCIAL RATIOS
Return on Average .02 % 1.00 % .54 % .87 %
Assets
Return on Avg. 0.25 11.10 5.90 9.56
Stockholders' Equity
Avg. Earning Assets to 91.15 90.70 90.88 90.91
Avg. Assets
Allowance for Loan
Losses as %
of Total Loans 1.31 .98 1.31 .98
Net Charge Off's as %
of Avg. Loans
(Annualized) .57 .26 .52 .24
Dividend Payout Ratio 2,300.00 45.10 80.70 53.18
Avg. Stockholders' 9.13 8.98 9.17 9.09
Equity to Avg. Assets
Tax Equivalent Yield 6.21 7.13 6.44 7.10
on Earning Assets
Cost of Supporting 2.33 3.47 2.60 3.55
Liabilities
Net Int. Margin (FTE) 3.88 3.66 3.84 3.55
on Earning Assets
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share data) Three Months Ended Twelve Months Ended
December 31, December 31,
2008 2007 2008 2007
Interest income
Loans receivable
Taxable $ 48,433 $ 53,338 $198,385 $207,268
Tax exempt 349 302 1,013 1,120
Investment securities
Taxable 2,907 3,487 12,046 13,744
Tax exempt 1,511 1,623 5,855 6,548
Federal funds sold 7 39 28 172
Deposits with financial institutions 194 194 755 582
Federal Reserve and Federal Home Loan 335 344 1,391 1,299
Bank stock
Total interest income 53,736 59,327 219,473 230,733
Interest expense
Deposits 15,638 22,398 67,581 89,921
Federal funds purchased 108 692 1,856 3,589
Securities sold under repurchase 502 1,182 2,600 3,856
agreements
Federal Home Loan Bank advances 2,583 3,250 11,168 12,497
Subordinated debentures, revolving
credit lines
and term loans 1,757 1,910 6,884 7,750
Total interest expense 20,588 29,432 90,089 117,613
Net interest income 33,148 29,895 129,384 113,120
Provision for loan losses 9,654 2,450 27,641 8,507
Net interest income
After provision for loan losses 23,494 27,445 101,743 104,613
Other income
Services charges on deposit accounts 3,346 3,206 13,002 12,421
Fiduciary activities 1,831 2,094 8,031 8,372
Other customer fees 1,634 1,686 6,776 6,479
Commission income 1,271 1,031 5,824 5,113
Earnings on cash surrender value
of life insurance (2,130 ) 1,186 (267 ) 3,651
Net gains and fees on sales of loans 531 546 2,490 2,438
Net realized gains (losses) on sale of
available-for-sale securities (914 ) 1 (2,083 )
Other income 717 383 2,594 2,077
Total other income 6,286 10,133 36,367 40,551
Other expenses
Salaries and employee benefits 16,219 14,738 63,345 58,843
Net occupancy 2,299 1,619 7,711 6,647
Equipment 1,713 1,619 6,659 6,769
Marketing 610 505 2,311 2,205
Outside data processing fees 1,128 872 4,087 3,831
Printing and office supplies 361 329 1,214 1,410
Core deposit amortization 809 789 3,216 3,159
Write-off of unamortized underwriting 1,771
expense
Other expenses 6,458 4,776 20,846 17,547
Total other expenses 29,597 25,247 109,389 102,182
Income before income tax 183 12,331 28,721 42,982
Income tax expense (38 ) 3,021 8,083 11,343
Net income $ 221 $ 9,310 $ 20,638 $ 31,639
Per Share Data
Basic Net Income .01 .51 1.14 1.73
Diluted Net Income .01 .51 1.14 1.73
Cash Dividends Paid .23 .23 .92 .92
Average Diluted Shares
Outstanding (in thousands) 18,257 18,138 18,162 18,314
CONSOLIDATED
BALANCE SHEETS
(in thousands) December September June 30, March 31, December
31, 30, 31,
2008 2008 2008 2008 2007
Assets
Cash and due from $ 84,249 $ 69,846 $ 80,996 $ 89,961 $ 134,188
banks
Federal funds sold 66,237 7,818 495
Cash and cash 150,486 77,664 80,996 89,961 134,683
equivalents
Interest-bearing 38,823 15,623 7,267 21,280 24,931
time deposits
Investment 481,984 388,808 408,324 426,055 451,167
securities
Mortgage loans held 4,295 2,062 3,234 3,494 3,735
for sale
Loans 3,721,952 3,078,768 3,018,596 2,937,710 2,876,843
Less: Allowance for (48,946 ) (34,985 ) (31,597 ) (29,094 ) (28,228 )
loan losses
Net loans 3,673,006 3,043,783 2,986,999 2,908,616 2,848,615
Premises and 59,641 44,402 44,232 44,526 44,445
equipment
Federal Reserve and
Federal Home Loan 34,319 25,494 25,455 25,345 25,250
Bank Stock
Interest receivable 23,976 21,569 19,680 21,212 23,402
Core deposit
intangibles and 165,974 135,701 136,230 135,056 135,856
goodwill
Cash surrender
value of life 93,222 73,448 72,948 71,663 70,970
insurance
Other real estate 18,458 16,916 17,243 7,372 2,573
owned
Other assets 40,568 18,604 19,852 12,578 16,460
Total assets $ $ $ $ $
4,784,752 3,864,074 3,822,460 3,767,158 3,782,087
Liabilities
Deposits
Noninterest-bearing 460,519 384,928 403,152 380,364 370,397
Interest-bearing 3,258,292 2,529,355 2,460,483 2,432,763 2,473,724
Total deposits 3,718,811 2,914,283 2,863,635 2,813,127 2,844,121
Borrowings
Fed funds purchased 57,600 151,356 111,144 52,350
Securities sold
under repurchase 122,311 100,227 90,872 103,024 106,497
agreements
Federal Home Loan 360,217 237,225 228,196 244,468 294,101
Bank advances
Subordinated
debentures,
revolving credit,
lines and term 135,826 176,256 115,826 115,826 115,826
loans
Total borrowings 618,354 571,308 586,250 574,462 568,774
Interest payable 8,844 6,529 6,658 7,621 8,325
Other liabilities 42,840 19,861 18,525 23,107 20,931
Total liabilities 4,388,849 3,511,981 3,475,068 3,418,317 3,442,151
Stockholders'
equity
Preferred stock,
no-par value
Authorized and
unissued - 500,000
shares
Cumulative
Preferred Stock,
$1,000 par value:
Authorized - 600 125 125 125 125
shares
Issued and
outstanding
Common stock, $.125
stated value
Authorized -
50,000,000 shares
Issued and 2,647 2,266 2,258 2,247 2,250
outstanding
Additional paid-in 202,299 141,777 140,258 137,633 137,801
capital
Retained earnings 206,496 210,605 206,059 206,710 202,750
Accumulated other (15,664 ) (2,680 ) (4,308 ) (2,126 ) (2,865 )
comprehensive loss
Total stockholders' 395,903 352,093 347,392 348,841 339,936
equity
Total liabilities $ $ $ $ $
and stockholders' 4,784,752 3,864,074 3,822,460 3,767,158 3,782,087
equity
NON-PERFORMING
ASSETS
December 31, September 30, June 30, March 31, December 31,
2008 2008 2008 2008 2007
Non Accrual 87,546 37,879 34,410 27,465 29,031
Loans
Renegotiated 130 135 136 142 145
Loans
Non Performing 87,676 38,014 34,546 27,607 29,176
Loans (NPL)
Real Estate
Owned and 18,458 16,916 17,243 7,372 2,573
Repossessed
Assets
Non Performing 106,134 54,930 51,789 34,979 31,749
Assets (NPA)
90+ Days 5,982 8,056 3,538 4,996 3,578
Delinquent
NPAs & 90 Day 112,116 62,986 55,327 39,975 35,327
Delinquent
Loan Loss 48,946 34,985 31,597 29,094 28,228
Reserve
YTD Charge-offs 15,602 11,230 7,524 2,957 6,819
NPAs / Actual 2.22 % 1.42 % 1.35 % 0.93 % 0.84 %
Assets %
NPAs & 90 Day / 2.34 % 1.63 % 1.45 % 1.06 % 0.93 %
Actual Assets %
NPAs / Actual 2.83 % 1.77 % 1.70 % 1.19 % 1.10 %
Loans & REO (%)
Loan Loss
Reserves / 1.31 % 1.14 % 1.05 % 0.99 % 0.98 %
Actual Loans (%)
NCOs / YTD
Average Loans 0.52 % 0.38 % 0.26 % 0.10 % 0.24 %
(%)
CONSOLIDATED
STATEMENTS OF
INCOME
December 31, September June 30, March 31, December
30, 31,
(in thousands, 2008 2008 2008 2008 2007
except share data)
Loans receivable
Taxable $ 48,433 $ $ $ $
49,828 49,023 51,101 53,338
Tax exempt 349 321 178 165 302
Investment
securities
Taxable 2,907 2,943 2,947 3,249 3,487
Tax exempt 1,511 1,379 1,452 1,513 1,623
Federal funds sold 7 10 3 8 39
Deposits with
financial 194 146 133 282 194
institutions
Federal Reserve
and Federal Home
Loan
Bank stock 335 351 370 335 344
Total interest 53,736 54,978 54,106 56,653 59,327
income
Interest expense
Deposits 15,638 16,213 16,297 19,433 23,398
Federal funds 108 502 577 669 692
purchased
Securities sold
under repurchase 502 650 632 816 1,182
agreements
Federal Home Loan 2,583 2,724 2,825 3,036 3,250
Bank advances
Subordinated
debentures,
revolving credit
lines and term 1,757 1,635 1,602 1,890 1,910
loans
Total interest 20,588 21,724 21,933 25,844 29,432
expense
Net interest 33,148 33,254 32,173 30,809 29,895
income
Provision for loan 9,654 7,094 7,070 3,823 2,450
losses
Net interest
income
After provision 23,494 26,160 25,103 26,986 27,445
for loan losses
Other income
Service charges on 3,346 3,568 3,157 2,931 3,206
deposit accounts
Fiduciary 1,831 1,932 2,126 2,142 2,094
activities
Other customer 1,634 1,696 1,767 1,679 1,686
fees
Commission income 1,271 1,457 1,427 1,669 1,031
Earnings on cash
surrender value
of life insurance (2,130 ) 519 606 738 1,186
Net gains and fees 531 648 668 643 546
on sales of loans
Net realized gains
(losses) on sales
of
available-for-sale (914 ) (1,255 ) 13 73 1
securities
Other income 717 655 570 652 383
Total other income 6,286 9,220 10,334 10,527 10,133
Other expenses
Salaries and 16,219 15,330 15,698 16,098 14,738
employee benefits
Net occupancy 2,299 1,857 1,750 1,805 1,619
Equipment 1,713 1,649 1,643 1,654 1,619
Marketing 610 605 612 484 505
Outside data 1,128 1,068 1,009 882 872
processing fees
Printing and 361 281 291 281 329
office supplies
Core deposit 809 809 808 790 789
amortization
Other expenses 6,458 5,516 4,593 4,279 4,776
Total other 29,597 27,115 26,404 26,273 25,247
expenses
Income before 183 8,265 9,033 11,240 12,331
income tax
Income tax expense (38 ) 2,516 2,491 3,114 3,021
Net income $ 221 $ $ 6,542 $ 8,126 $ 9,310
5,749
Per Share Data
Basic Net Income .01 .32 .37 .45 .51
Diluted Net Income .01 .32 .36 .45 .51
Cash Dividends .23 .23 .23 .23 .23
Paid
Average Diluted
Shares
Outstanding (in 18,257 18,196 18,159 18,055 18,138
thousands)
FINANCIAL RATIOS
Return on Average .02 % .60 % .69 % .86 % 1.00 %
Assets
Return on Average
Stockholders' 0.25 6.58 7.46 9.43 11.10
Equity
Avg. Earning
Assets to Avg. 91.15 91.02 90.94 90.38 90.70
Assets
Allowance for Loan
Losses as %
of Total Loans 1.31 1.14 1.05 .99 .98
Net Charge Off's
as % of Average
Loans
(Annualized) .57 .49 .61 .41 .26
Dividend Payout 2,300.00 71.88 63.85 51.10 45.10
Ratio
Average
Stockholders' 9.13 9.09 9.30 9.17 8.98
Equity to Average
Assets
Tax Equivalent
Yield on Earning 6.21 6.39 6.41 6.78 7.13
Assets
Cost of Supporting 2.33 2.48 2.56 3.04 3.47
Liabilities
Net Interest
Margin (FTE) on 3.88 3.91 3.85 3.74 3.66
Earning Assets
LOANS
December 31, September June 30, March 31, December 31,
30,
(in
thousands, 2008 2008 2008 2008 2007
except share
data)
Commercial
and $ 904,646 $ 851,233 $ 815,137 $ 724,643 $662,701
industrial
loans
Agricultural
production
financing
and
other loans 135,099 136,176 125,125 123,314 114,324
to farmers
Real estate
loans:
Construction 252,487 167,512 181,598 178,171 165,425
Commercial 1,202,372 966,259 954,672 961,431 947,234
and farmland
Residential 956,245 731,065 718,065 728,956 744,627
Individuals'
loans for
household
and
other
personal 201,632 145,345 161,387 174,857 187,880
expenditures
Tax exempt 28,070 34,010 22,553 11,646 16,423
loans
Lease
financing
receivables,
net of
unearned 8,996 9,262 9,158 8,438 8,351
income
Other loans 32,405 37,906 30,901 26,254 29,878
3,721,952 3,078,768 3,018,596 2,937,710 2,876,843
Allowance
for loan (48,946 ) (34,985 ) (31,597 ) (29,094 ) (28,228 )
losses
Total loans $ $ $ $ $ 2,848,615
3,673,006 3,043,783 2,986,999 2,908,616
DEPOSITS
December 31, September June 30, March 31, December 30,
30,
2008 2008 2008 2008 2007
(in
thousands)
Demand $1,136,267 $921,034 $932,017 $881,498 $903,380
deposits
Savings 721,387 540,596 546,951 562,942 552,379
deposits
Certificates
and other
time
deposits of
$100,000 or 509,730 469,426 444,967 459,038 470,733
more
Other
certificates 1,351,427 983,227 939,700 909,649 917,629
and time
deposits
Total $ $ $ $ $ 2,844,121
deposits 3,718,811 2,914,283 2,863,635 2,813,127
Source: First Merchants Corporation
Contact: First Merchants Corporation Mark K. Hardwick, 765-751-1857 Executive Vice President/Chief Financial Officer http://www.firstmerchants.com