INDIANA | 35-1544218 |
(State or other jurisdiction of incorporation) | (IRS Employer Identification No.) |
Exhibit No. | Description |
99.1 | Press Release, dated July 23, 2015, issued by First Merchants Corporation |
CONSOLIDATED BALANCE SHEETS | |||||||
(Dollars In Thousands) | June 30, | ||||||
2015 | 2014 | ||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 105,928 | $ | 115,891 | |||
Interest-bearing time deposits | 26,669 | 27,856 | |||||
Investment securities | 1,212,516 | 1,214,087 | |||||
Loans held for sale | 8,295 | 7,370 | |||||
Loans | 4,238,205 | 3,722,733 | |||||
Less: Allowance for loan losses | (62,550 | ) | (68,367 | ) | |||
Net loans | 4,175,655 | 3,654,366 | |||||
Premises and equipment | 84,841 | 74,856 | |||||
Federal Reserve and Federal Home Loan Bank stock | 34,630 | 43,127 | |||||
Interest receivable | 19,880 | 18,341 | |||||
Core deposit intangibles and goodwill | 220,196 | 201,583 | |||||
Cash surrender value of life insurance | 170,813 | 165,974 | |||||
Other real estate owned | 19,242 | 18,621 | |||||
Tax asset, deferred and receivable | 39,622 | 44,622 | |||||
Other assets | 22,021 | 28,426 | |||||
TOTAL ASSETS | $ | 6,140,308 | $ | 5,615,120 | |||
LIABILITIES | |||||||
Deposits: | |||||||
Noninterest-bearing | $ | 1,122,688 | $ | 917,825 | |||
Interest-bearing | 3,666,889 | 3,411,785 | |||||
Total Deposits | 4,789,577 | 4,329,610 | |||||
Borrowings: | |||||||
Federal funds purchased | 40,748 | 100,000 | |||||
Securities sold under repurchase agreements | 137,240 | 133,137 | |||||
Federal Home Loan Bank advances | 247,687 | 220,765 | |||||
Subordinated debentures and term loans | 126,882 | 126,874 | |||||
Total Borrowings | 552,557 | 580,776 | |||||
Interest payable | 3,211 | 2,489 | |||||
Other liabilities | 45,008 | 31,649 | |||||
Total Liabilities | 5,390,353 | 4,944,524 | |||||
STOCKHOLDERS' EQUITY | |||||||
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 - 37,824,649 and 36,052,209 shares | 4,728 | 4,507 | |||||
Additional paid-in capital | 432,294 | 394,774 | |||||
Retained earnings | 319,298 | 266,980 | |||||
Accumulated other comprehensive loss | (6,490 | ) | 4,210 | ||||
Total Stockholders' Equity | 749,955 | 670,596 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 6,140,308 | $ | 5,615,120 |
CONSOLIDATED STATEMENTS OF INCOME | Three Months Ended | Six Months Ended | |||||||||||||
(Dollars In Thousands, Except Per Share Amounts) | June 30, | June 30, | |||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
INTEREST INCOME | |||||||||||||||
Loans receivable: | |||||||||||||||
Taxable | $ | 45,320 | $ | 42,323 | $ | 88,871 | $ | 84,348 | |||||||
Tax-exempt | 736 | 58 | 984 | 119 | |||||||||||
Investment securities: | |||||||||||||||
Taxable | 4,425 | 5,046 | 9,148 | 9,856 | |||||||||||
Tax-exempt | 4,231 | 3,570 | 8,066 | 7,008 | |||||||||||
Deposits with financial institutions | 31 | 35 | 68 | 58 | |||||||||||
Federal Reserve and Federal Home Loan Bank stock | 459 | 495 | 1,009 | 1,147 | |||||||||||
Total Interest Income | 55,202 | 51,527 | 108,146 | 102,536 | |||||||||||
INTEREST EXPENSE | |||||||||||||||
Deposits | 3,686 | 2,874 | 7,202 | 5,423 | |||||||||||
Federal funds purchased | 19 | 23 | 42 | 72 | |||||||||||
Securities sold under repurchase agreements | 90 | 187 | 168 | 383 | |||||||||||
Federal Home Loan Bank advances | 706 | 676 | 1,397 | 1,358 | |||||||||||
Subordinated debentures and term loans | 1,670 | 1,648 | 3,330 | 3,289 | |||||||||||
Total Interest Expense | 6,171 | 5,408 | 12,139 | 10,525 | |||||||||||
NET INTEREST INCOME | 49,031 | 46,119 | 96,007 | 92,011 | |||||||||||
Provision for loan losses | 417 | 417 | |||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 48,614 | 46,119 | 95,590 | 92,011 | |||||||||||
OTHER INCOME | |||||||||||||||
Service charges on deposit accounts | 4,090 | 4,098 | 7,638 | 7,649 | |||||||||||
Fiduciary activities | 2,309 | 2,360 | 4,816 | 4,572 | |||||||||||
Other customer fees | 4,602 | 4,049 | 8,269 | 7,782 | |||||||||||
Commission income | 1,815 | 1,886 | 4,143 | 4,154 | |||||||||||
Earnings on cash surrender value of life insurance | 640 | 653 | 1,387 | 1,401 | |||||||||||
Net gains and fees on sales of loans | 1,781 | 1,159 | 3,270 | 1,882 | |||||||||||
Net realized gains (losses) on sales of available for sale securities | (93 | ) | 844 | 932 | 1,425 | ||||||||||
Gain on sale of insurance subsidiary | 8,265 | 8,265 | |||||||||||||
Other income | 1,224 | 1,130 | 2,145 | 2,748 | |||||||||||
Total Other Income | 24,633 | 16,179 | 40,865 | 31,613 | |||||||||||
OTHER EXPENSES | |||||||||||||||
Salaries and employee benefits | 26,434 | 23,430 | 50,975 | 48,731 | |||||||||||
Net occupancy | 3,503 | 3,204 | 7,293 | 7,142 | |||||||||||
Equipment | 2,840 | 2,096 | 5,406 | 4,835 | |||||||||||
Marketing | 951 | 789 | 1,731 | 1,558 | |||||||||||
Outside data processing fees | 1,768 | 2,039 | 3,485 | 3,870 | |||||||||||
Printing and office supplies | 303 | 393 | 667 | 851 | |||||||||||
Core deposit amortization | 729 | 592 | 1,450 | 1,184 | |||||||||||
FDIC assessments | 895 | 863 | 1,758 | 1,923 | |||||||||||
Other real estate owned and foreclosure expenses | 1,372 | 2,613 | 2,601 | 4,370 | |||||||||||
Professional and other outside services | 3,134 | 1,531 | 4,625 | 2,910 | |||||||||||
Other expenses | 4,494 | 3,700 | 7,634 | 6,965 | |||||||||||
Total Other Expenses | 46,423 | 41,250 | 87,625 | 84,339 | |||||||||||
INCOME BEFORE INCOME TAX | 26,824 | 21,048 | 48,830 | 39,285 | |||||||||||
Income tax expense | 8,856 | 5,888 | 14,690 | 10,505 | |||||||||||
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ | 17,968 | $ | 15,160 | $ | 34,140 | $ | 28,780 | |||||||
Per Share Data: | |||||||||||||||
Basic Net Income Available to Common Stockholders | $ | 0.47 | $ | 0.42 | $ | 0.90 | $ | 0.80 | |||||||
Diluted Net Income Available to Common Stockholders | $ | 0.47 | $ | 0.41 | $ | 0.90 | $ | 0.79 | |||||||
Cash Dividends Paid | $ | 0.11 | $ | 0.08 | $ | 0.19 | $ | 0.13 | |||||||
Average Diluted Shares Outstanding (in thousands) | 38,043 | 36,294 | 38,022 | 36,278 |
FINANCIAL HIGHLIGHTS | |||||||||||||||
(Dollars in thousands) | Three Months Ended | Six Months Ended | |||||||||||||
June 30, | June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
NET CHARGE OFF'S | $ | 668 | $ | 1,216 | $ | 1,831 | $ | (497 | ) | ||||||
AVERAGE BALANCES: | |||||||||||||||
Total Assets | $ | 6,060,477 | $ | 5,520,483 | $ | 5,941,437 | $ | 5,460,419 | |||||||
Total Loans | 4,151,860 | 3,680,521 | 4,044,931 | 3,648,480 | |||||||||||
Total Earning Assets | 5,432,080 | 4,944,516 | 5,319,158 | 4,875,474 | |||||||||||
Total Deposits | 4,797,086 | 4,365,199 | 4,701,642 | 4,290,853 | |||||||||||
Total Stockholders' Equity | 746,181 | 662,643 | 740,378 | 653,820 | |||||||||||
FINANCIAL RATIOS: | |||||||||||||||
Return on Average Assets | 1.19 | % | 1.10 | % | 1.15 | % | 1.05 | % | |||||||
Return on Average Stockholders' Equity | 9.63 | 9.15 | 9.22 | 8.80 | |||||||||||
Return on Average Common Stockholders' Equity | 9.63 | 9.15 | 9.22 | 8.81 | |||||||||||
Average Earning Assets to Average Assets | 89.63 | 89.57 | 89.53 | 89.29 | |||||||||||
Allowance for Loan Losses as % of Total Loans | 1.47 | 1.83 | 1.47 | 1.83 | |||||||||||
Net Charge Off's as % of Average Loans (Annualized) | 0.06 | 0.13 | 0.09 | (0.03 | ) | ||||||||||
Average Stockholders' Equity to Average Assets | 12.31 | 12.00 | 12.46 | 11.97 | |||||||||||
Tax Equivalent Yield on Earning Assets | 4.26 | 4.33 | 4.25 | 4.36 | |||||||||||
Cost of Supporting Liabilities | 0.45 | 0.44 | 0.46 | 0.43 | |||||||||||
Net Interest Margin (FTE) on Earning Assets | 3.81 | 3.89 | 3.79 | 3.93 | |||||||||||
Tangible Book Value Per Share | $ | 14.15 | $ | 13.14 | $ | 14.15 | $ | 13.14 |
NON-PERFORMING ASSETS | |||||||||||||||||||
(Dollars In Thousands) | June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||
2015 | 2015 | 2014 | 2014 | 2014 | |||||||||||||||
Non-Accrual Loans | $ | 37,713 | $ | 44,321 | $ | 48,789 | $ | 49,104 | $ | 51,289 | |||||||||
Renegotiated Loans | 885 | 1,326 | 1,992 | 1,171 | 1,359 | ||||||||||||||
Non-Performing Loans (NPL) | 38,598 | 45,647 | 50,781 | 50,275 | 52,648 | ||||||||||||||
Other Real Estate Owned | 19,242 | 19,073 | 19,293 | 14,540 | 18,621 | ||||||||||||||
Non-Performing Assets (NPA) | 57,840 | 64,720 | 70,074 | 64,815 | 71,269 | ||||||||||||||
90+ Days Delinquent | 632 | 1,655 | 4,663 | 831 | 1,135 | ||||||||||||||
NPAs & 90 Day Delinquent | $ | 58,472 | $ | 66,375 | $ | 74,737 | $ | 65,646 | $ | 72,404 | |||||||||
Loan Loss Reserve | $ | 62,550 | $ | 62,801 | $ | 63,964 | $ | 65,596 | $ | 68,367 | |||||||||
Quarterly Net Charge-off's | 668 | 1,163 | 2,592 | 4,371 | 1,216 | ||||||||||||||
NPAs / Actual Assets % | 0.94 | % | 1.10 | % | 1.20 | % | 1.16 | % | 1.27 | % | |||||||||
NPAs & 90 Day / Actual Assets % | 0.95 | % | 1.13 | % | 1.28 | % | 1.17 | % | 1.29 | % | |||||||||
NPAs / Actual Loans and OREO % | 1.36 | % | 1.62 | % | 1.77 | % | 1.71 | % | 1.90 | % | |||||||||
Loan Loss Reserves / Actual Loans (%) | 1.47 | % | 1.58 | % | 1.63 | % | 1.74 | % | 1.83 | % | |||||||||
Net Charge Off's as % of Average Loans (Annualized) | 0.06 | % | 0.12 | % | 0.27 | % | 0.47 | % | 0.13 | % | |||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||||||||||
(Dollars In Thousands) | June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||
2015 | 2015 | 2014 | 2014 | 2014 | |||||||||||||||
ASSETS | |||||||||||||||||||
Cash and cash equivalents | $ | 105,928 | $ | 89,243 | $ | 118,616 | $ | 74,237 | $ | 115,891 | |||||||||
Interest-bearing time deposits | 26,669 | 83,228 | 47,520 | 24,171 | 27,856 | ||||||||||||||
Investment securities | 1,212,516 | 1,189,473 | 1,180,631 | 1,189,814 | 1,214,087 | ||||||||||||||
Loans held for sale | 8,295 | 6,392 | 7,235 | 6,423 | 7,370 | ||||||||||||||
Loans | 4,238,205 | 3,965,532 | 3,924,865 | 3,772,467 | 3,722,733 | ||||||||||||||
Less: Allowance for loan losses | (62,550 | ) | (62,801 | ) | (63,964 | ) | (65,596 | ) | (68,367 | ) | |||||||||
Net loans | 4,175,655 | 3,902,731 | 3,860,901 | 3,706,871 | 3,654,366 | ||||||||||||||
Premises and equipment | 84,841 | 77,468 | 77,691 | 74,105 | 74,856 | ||||||||||||||
Federal Reserve and Federal Home Loan Bank stock | 34,630 | 41,273 | 41,353 | 43,127 | 43,127 | ||||||||||||||
Interest receivable | 19,880 | 19,557 | 19,984 | 19,455 | 18,341 | ||||||||||||||
Core deposit intangibles and goodwill | 220,196 | 218,034 | 218,755 | 200,991 | 201,583 | ||||||||||||||
Cash surrender value of life insurance | 170,813 | 170,172 | 169,424 | 165,423 | 165,974 | ||||||||||||||
Other real estate owned | 19,242 | 19,073 | 19,293 | 14,540 | 18,621 | ||||||||||||||
Tax asset, deferred and receivable | 39,622 | 38,695 | 41,960 | 41,131 | 44,622 | ||||||||||||||
Other assets | 22,021 | 22,182 | 20,764 | 31,095 | 28,426 | ||||||||||||||
TOTAL ASSETS | $ | 6,140,308 | $ | 5,877,521 | $ | 5,824,127 | $ | 5,591,383 | $ | 5,615,120 | |||||||||
LIABILITIES | |||||||||||||||||||
Deposits: | |||||||||||||||||||
Noninterest-bearing | 1,122,688 | 1,100,397 | 1,070,859 | 939,540 | 917,825 | ||||||||||||||
Interest-bearing | 3,666,889 | 3,547,678 | 3,569,835 | 3,370,583 | 3,411,785 | ||||||||||||||
Total Deposits | 4,789,577 | 4,648,075 | 4,640,694 | 4,310,123 | 4,329,610 | ||||||||||||||
Borrowings: | |||||||||||||||||||
Federal funds purchased | 40,748 | 15,381 | 61,428 | 100,000 | |||||||||||||||
Securities sold under repurchase agreements | 137,240 | 134,023 | 124,539 | 117,892 | 133,137 | ||||||||||||||
Federal Home Loan Bank advances | 247,687 | 166,326 | 145,264 | 255,423 | 220,765 | ||||||||||||||
Subordinated debentures and term loans | 126,882 | 126,875 | 126,810 | 126,874 | 126,874 | ||||||||||||||
Total Borrowings | 552,557 | 427,224 | 411,994 | 561,617 | 580,776 | ||||||||||||||
Interest payable | 3,211 | 3,685 | 3,201 | 3,819 | 2,489 | ||||||||||||||
Other liabilities | 45,008 | 58,879 | 41,411 | 31,271 | 31,649 | ||||||||||||||
Total Liabilities | 5,390,353 | 5,137,863 | 5,097,300 | 4,906,830 | 4,944,524 | ||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||
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 | 4,728 | 4,723 | 4,709 | 4,509 | 4,507 | ||||||||||||||
Additional paid-in capital | 432,294 | 431,199 | 431,220 | 395,582 | 394,774 | ||||||||||||||
Retained earnings | 319,298 | 305,526 | 292,403 | 280,187 | 266,980 | ||||||||||||||
Accumulated other comprehensive income (loss) | (6,490 | ) | (1,915 | ) | (1,630 | ) | 4,150 | 4,210 | |||||||||||
Total Stockholders' Equity | 749,955 | 739,658 | 726,827 | 684,553 | 670,596 | ||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 6,140,308 | $ | 5,877,521 | $ | 5,824,127 | $ | 5,591,383 | $ | 5,615,120 | |||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||
(Dollars In Thousands, Except Per Share Amounts) | June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||
2015 | 2015 | 2014 | 2014 | 2014 | |||||||||||||||
INTEREST INCOME | |||||||||||||||||||
Loans receivable: | |||||||||||||||||||
Taxable | $ | 45,320 | $ | 43,551 | $ | 43,710 | $ | 43,981 | $ | 42,323 | |||||||||
Tax-exempt | 736 | 248 | 147 | 61 | 58 | ||||||||||||||
Investment securities: | |||||||||||||||||||
Taxable | 4,425 | 4,723 | 4,980 | 5,046 | 5,046 | ||||||||||||||
Tax-exempt | 4,231 | 3,835 | 3,692 | 3,683 | 3,570 | ||||||||||||||
Deposits with financial institutions | 31 | 37 | 48 | 18 | 35 | ||||||||||||||
Federal Reserve and Federal Home Loan Bank stock | 459 | 550 | 476 | 501 | 495 | ||||||||||||||
Total Interest Income | 55,202 | 52,944 | 53,053 | 53,290 | 51,527 | ||||||||||||||
INTEREST EXPENSE | |||||||||||||||||||
Deposits | 3,686 | 3,516 | 3,402 | 2,853 | 2,874 | ||||||||||||||
Federal funds purchased | 19 | 23 | 3 | 102 | 23 | ||||||||||||||
Securities sold under repurchase agreements | 90 | 78 | 72 | 74 | 187 | ||||||||||||||
Federal Home Loan Bank advances | 706 | 691 | 750 | 734 | 676 | ||||||||||||||
Subordinated debentures and term loans | 1,670 | 1,660 | 1,666 | 1,661 | 1,648 | ||||||||||||||
Total Interest Expense | 6,171 | 5,968 | 5,893 | 5,424 | 5,408 | ||||||||||||||
NET INTEREST INCOME | 49,031 | 46,976 | 47,160 | 47,866 | 46,119 | ||||||||||||||
Provision for loan losses | 417 | 960 | 1,600 | ||||||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 48,614 | 46,976 | 46,200 | 46,266 | 46,119 | ||||||||||||||
OTHER INCOME | |||||||||||||||||||
Service charges on deposit accounts | 4,090 | 3,548 | 3,979 | 4,119 | 4,098 | ||||||||||||||
Fiduciary activities | 2,309 | 2,507 | 2,242 | 2,152 | 2,360 | ||||||||||||||
Other customer fees | 4,602 | 3,667 | 3,926 | 3,991 | 4,049 | ||||||||||||||
Commission income | 1,815 | 2,328 | 1,534 | 1,723 | 1,886 | ||||||||||||||
Earnings on cash surrender value of life insurance | 640 | 747 | 734 | 1,524 | 653 | ||||||||||||||
Net gains and fees on sales of loans | 1,781 | 1,489 | 1,559 | 1,458 | 1,159 | ||||||||||||||
Net realized gains (losses) on sales of available for sale securities | (93 | ) | 1,025 | 1,246 | 910 | 844 | |||||||||||||
Gain on sale of insurance subsidiary | 8,265 | ||||||||||||||||||
Other income | 1,224 | 921 | 1,155 | 2,535 | 1,130 | ||||||||||||||
Total Other Income | 24,633 | 16,232 | 16,375 | 18,412 | 16,179 | ||||||||||||||
OTHER EXPENSES | |||||||||||||||||||
Salaries and employee benefits | 26,434 | 24,541 | 23,595 | 24,173 | 23,430 | ||||||||||||||
Net occupancy | 3,503 | 3,790 | 3,288 | 3,401 | 3,204 | ||||||||||||||
Equipment | 2,840 | 2,566 | 2,315 | 2,187 | 2,096 | ||||||||||||||
Marketing | 951 | 780 | 836 | 1,070 | 789 | ||||||||||||||
Outside data processing fees | 1,768 | 1,717 | 1,592 | 1,853 | 2,039 | ||||||||||||||
Printing and office supplies | 303 | 364 | 364 | 350 | 393 | ||||||||||||||
Core deposit amortization | 729 | 721 | 669 | 592 | 592 | ||||||||||||||
FDIC assessments | 895 | 863 | 895 | 920 | 863 | ||||||||||||||
Other real estate owned and foreclosure expenses | 1,372 | 1,229 | 1,055 | 2,618 | 2,613 | ||||||||||||||
Professional and other outside services | 3,134 | 1,491 | 3,633 | 1,573 | 1,531 | ||||||||||||||
Other expenses | 4,494 | 3,140 | 3,435 | 3,839 | 3,700 | ||||||||||||||
Total Other Expenses | 46,423 | 41,202 | 41,677 | 42,576 | 41,250 | ||||||||||||||
INCOME BEFORE INCOME TAX | 26,824 | 22,006 | 20,898 | 22,102 | 21,048 | ||||||||||||||
Income tax expense | 8,856 | 5,834 | 5,638 | 5,980 | 5,888 | ||||||||||||||
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ | 17,968 | $ | 16,172 | $ | 15,260 | $ | 16,122 | $ | 15,160 | |||||||||
Per Share Data: | |||||||||||||||||||
Basic Net Income Available to Common Stockholders | $ | 0.47 | $ | 0.43 | $ | 0.41 | $ | 0.45 | $ | 0.42 | |||||||||
Diluted Net Income Available to Common Stockholders | $ | 0.47 | $ | 0.43 | $ | 0.41 | $ | 0.45 | $ | 0.41 | |||||||||
Cash Dividends Paid | $ | 0.11 | $ | 0.08 | $ | 0.08 | $ | 0.08 | $ | 0.08 | |||||||||
Average Diluted Shares Outstanding (in thousands) | 38,043 | 38,000 | 37,323 | 36,329 | 36,294 | ||||||||||||||
FINANCIAL RATIOS: | |||||||||||||||||||
Return on Average Assets | 1.19 | % | 1.11 | % | 1.06 | % | 1.16 | % | 1.10 | % | |||||||||
Return on Average Stockholders' Equity | 9.63 | 8.81 | 8.55 | 9.49 | 9.15 | ||||||||||||||
Return on Average Common Stockholders' Equity | 9.63 | 8.81 | 8.56 | 9.50 | 9.15 | ||||||||||||||
Average Earning Assets to Average Assets | 89.63 | 89.42 | 89.51 | 89.82 | 89.57 | ||||||||||||||
Allowance for Loan Losses as % of Total Loans | 1.47 | 1.58 | 1.63 | 1.74 | 1.83 | ||||||||||||||
Net Charge Off's as % of Average Loans (Annualized) | 0.06 | 0.12 | 0.27 | 0.47 | 0.13 | ||||||||||||||
Average Stockholders' Equity to Average Assets | 12.31 | 12.62 | 12.34 | 12.18 | 12.00 | ||||||||||||||
Tax Equivalent Yield on Earning Assets | 4.26 | 4.24 | 4.26 | 4.41 | 4.33 | ||||||||||||||
Cost of Supporting Liabilities | 0.45 | 0.46 | 0.46 | 0.43 | 0.44 | ||||||||||||||
Net Interest Margin (FTE) on Earning Assets | 3.81 | 3.78 | 3.80 | 3.98 | 3.89 | ||||||||||||||
Tangible Book Value Per Share | $ | 14.15 | $ | 13.96 | $ | 13.65 | $ | 13.53 | $ | 13.14 |
LOANS | |||||||||||||||||||
(Dollars In Thousands) | June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||
2015 | 2015 | 2014 | 2014 | 2014 | |||||||||||||||
Commercial and industrial loans | $ | 984,223 | $ | 938,937 | $ | 896,688 | $ | 900,970 | $ | 857,844 | |||||||||
Agricultural production financing and other loans to farmers | 93,695 | 95,652 | 104,927 | 99,649 | 102,270 | ||||||||||||||
Real estate loans: | |||||||||||||||||||
Construction | 256,082 | 237,036 | 207,221 | 178,213 | 165,388 | ||||||||||||||
Commercial and farmland | 1,705,647 | 1,646,418 | 1,672,661 | 1,603,698 | 1,621,436 | ||||||||||||||
Residential | 689,621 | 640,451 | 647,315 | 625,609 | 629,162 | ||||||||||||||
Home Equity | 302,403 | 286,914 | 286,529 | 269,952 | 261,811 | ||||||||||||||
Individuals' loans for household and other personal expenditures | 62,785 | 70,223 | 73,400 | 66,832 | 61,533 | ||||||||||||||
Lease financing receivables, net of unearned income | 742 | 853 | 1,106 | 1,208 | 1,231 | ||||||||||||||
Other commercial loans | 143,007 | 49,048 | 35,018 | 26,336 | 22,058 | ||||||||||||||
Loans | 4,238,205 | 3,965,532 | 3,924,865 | 3,772,467 | 3,722,733 | ||||||||||||||
Allowance for loan losses | (62,550 | ) | (62,801 | ) | (63,964 | ) | (65,596 | ) | (68,367 | ) | |||||||||
NET LOANS | $ | 4,175,655 | $ | 3,902,731 | $ | 3,860,901 | $ | 3,706,871 | $ | 3,654,366 |
DEPOSITS | |||||||||||||||||||
(Dollars In Thousands) | June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||
2015 | 2015 | 2014 | 2014 | 2014 | |||||||||||||||
Demand deposits | $ | 2,211,154 | $ | 2,116,135 | $ | 2,146,492 | $ | 1,947,040 | $ | 2,041,183 | |||||||||
Savings deposits | 1,439,255 | 1,402,421 | 1,376,707 | 1,281,994 | 1,251,277 | ||||||||||||||
Certificates and other time deposits of $100,000 or more | 295,159 | 283,313 | 260,685 | 241,163 | 251,585 | ||||||||||||||
Other certificates and time deposits | 517,153 | 516,500 | 523,010 | 502,965 | 534,344 | ||||||||||||||
Brokered deposits | 326,856 | 329,706 | 333,800 | 336,961 | 251,221 | ||||||||||||||
TOTAL DEPOSITS | $ | 4,789,577 | $ | 4,648,075 | $ | 4,640,694 | $ | 4,310,123 | $ | 4,329,610 |
NET INTEREST INCOME | |||||||||||||||||||||
(Dollars in Thousands) | For the Three Months Ended | ||||||||||||||||||||
June 30, 2015 | June 30, 2014 | ||||||||||||||||||||
Average Balance | Interest Income / Expense | Average Rate | Average Balance | Interest Income / Expense | Average Rate | ||||||||||||||||
Assets: | |||||||||||||||||||||
Interest-bearing time deposits | $ | 59,979 | $ | 31 | 0.21 | % | $ | 59,030 | $ | 35 | 0.24 | % | |||||||||
Federal Reserve and Federal Home Loan Bank stock | 39,195 | 459 | 4.68 | 42,809 | 495 | 4.63 | |||||||||||||||
Investment Securities: (1) | |||||||||||||||||||||
Taxable | 696,505 | 4,425 | 2.54 | 772,384 | 5,046 | 2.61 | |||||||||||||||
Tax-Exempt (2) | 484,541 | 6,510 | 5.37 | 389,772 | 5,492 | 5.64 | |||||||||||||||
Total Investment Securities | 1,181,046 | 10,935 | 3.70 | 1,162,156 | 10,538 | 3.63 | |||||||||||||||
Loans held for sale | 6,033 | 146 | 9.68 | 5,775 | 108 | 7.48 | |||||||||||||||
Loans: (3) | |||||||||||||||||||||
Commercial | 3,193,314 | 35,661 | 4.47 | 2,850,068 | 31,730 | 4.45 | |||||||||||||||
Real Estate Mortgage | 455,470 | 4,962 | 4.36 | 450,462 | 5,636 | 5.00 | |||||||||||||||
Installment | 396,378 | 4,552 | 4.59 | 362,455 | 4,849 | 5.35 | |||||||||||||||
Tax-Exempt (2) | 100,665 | 1,131 | 4.49 | 11,761 | 89 | 3.03 | |||||||||||||||
Total Loans | 4,151,860 | 46,452 | 4.48 | 3,680,521 | 42,412 | 4.61 | |||||||||||||||
Total Earning Assets | 5,432,080 | 57,877 | 4.26 | 4,944,516 | 53,480 | 4.33 | |||||||||||||||
Net unrealized gain on securities available for sale | 12,575 | 8,820 | |||||||||||||||||||
Allowance for loan losses | (62,881 | ) | (69,188 | ) | |||||||||||||||||
Cash and cash equivalents | 97,738 | 79,974 | |||||||||||||||||||
Premises and equipment | 84,359 | 74,869 | |||||||||||||||||||
Other assets | 496,606 | 481,492 | |||||||||||||||||||
Total Assets | $ | 6,060,477 | $ | 5,520,483 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||
Interest-bearing NOW deposits | $ | 1,088,896 | $ | 283 | 0.10 | % | $ | 1,081,709 | $ | 282 | 0.10 | % | |||||||||
Money market deposits | 853,776 | 446 | 0.21 | 776,396 | 397 | 0.20 | |||||||||||||||
Savings deposits | 612,920 | 166 | 0.11 | 528,261 | 153 | 0.12 | |||||||||||||||
Certificates and other time deposits | 1,148,463 | 2,791 | 0.97 | 1,051,596 | 2,042 | 0.78 | |||||||||||||||
Total Interest-bearing Deposits | 3,704,055 | 3,686 | 0.40 | 3,437,962 | 2,874 | 0.33 | |||||||||||||||
Borrowings | 471,467 | 2,485 | 2.11 | 459,602 | 2,534 | 2.21 | |||||||||||||||
Total Interest-bearing Liabilities | 4,175,522 | 6,171 | 0.59 | 3,897,564 | 5,408 | 0.56 | |||||||||||||||
Noninterest-bearing deposits | 1,093,031 | 927,237 | |||||||||||||||||||
Other liabilities | 45,743 | 33,039 | |||||||||||||||||||
Total Liabilities | 5,314,296 | 4,857,840 | |||||||||||||||||||
Stockholders' Equity | 746,181 | 662,643 | |||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 6,060,477 | 6,171 | 0.45 | $ | 5,520,483 | 5,408 | 0.44 | |||||||||||||
Net Interest Income | $ | 51,706 | $ | 48,072 | |||||||||||||||||
Net Interest Margin | 3.81 | % | 3.89 | % | |||||||||||||||||
(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 2015 and 2014. These totals equal $2,675 and $1,953 for the three months ended June 30, 2015 and 2014, respectively. | |||||||||||||||||||||
(3) Non accruing loans have been included in the average balances. |
NET INTEREST INCOME | |||||||||||||||||||||
(Dollars in Thousands) | For the Six Months Ended | ||||||||||||||||||||
June 30, 2015 | June 30, 2014 | ||||||||||||||||||||
Average Balance | Interest Income / Expense | Average Rate | Average Balance | Interest Income / Expense | Average Rate | ||||||||||||||||
Assets: | |||||||||||||||||||||
Interest-bearing time deposits | $ | 58,452 | $ | 68 | 0.23 | % | $ | 51,713 | $ | 58 | 0.22 | % | |||||||||
Federal Reserve and Federal Home Loan Bank stock | 40,267 | 1,009 | 5.01 | 40,910 | 1,147 | 5.61 | |||||||||||||||
Investment Securities: (1) | |||||||||||||||||||||
Taxable | 716,331 | 9,148 | 2.55 | 754,631 | 9,856 | 2.61 | |||||||||||||||
Tax-Exempt (2) | 459,177 | 12,409 | 5.40 | 379,740 | 10,782 | 5.68 | |||||||||||||||
Total Investment Securities | 1,175,508 | 21,557 | 3.67 | 1,134,371 | 20,638 | 3.64 | |||||||||||||||
Loans held for sale | 5,483 | 256 | 9.34 | 5,419 | 180 | 6.64 | |||||||||||||||
Loans: (3) | |||||||||||||||||||||
Commercial | 3,117,698 | 69,830 | 4.48 | 2,887,823 | 65,341 | 4.53 | |||||||||||||||
Real Estate Mortgage | 457,620 | 9,811 | 4.29 | 398,677 | 9,625 | 4.83 | |||||||||||||||
Installment | 395,227 | 8,975 | 4.54 | 344,506 | 9,202 | 5.34 | |||||||||||||||
Tax-Exempt (2) | 68,903 | 1,513 | 4.39 | 12,055 | 183 | 3.04 | |||||||||||||||
Total Loans | 4,044,931 | 90,385 | 4.47 | 3,648,480 | 84,531 | 4.63 | |||||||||||||||
Total Earning Assets | 5,319,158 | 113,019 | 4.25 | % | 4,875,474 | 106,374 | 4.36 | % | |||||||||||||
Net unrealized gain on securities available for sale | 13,522 | 6,242 | |||||||||||||||||||
Allowance for loan losses | (63,154 | ) | (68,998 | ) | |||||||||||||||||
Cash and cash equivalents | 98,262 | 87,572 | |||||||||||||||||||
Premises and equipment | 81,052 | 74,751 | |||||||||||||||||||
Other assets | 492,597 | 485,378 | |||||||||||||||||||
Total Assets | $ | 5,941,437 | $ | 5,460,419 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||
Interest-bearing NOW deposits | $ | 1,059,826 | $ | 534 | 0.10 | % | $ | 1,063,084 | $ | 549 | 0.10 | % | |||||||||
Money market deposits | 838,852 | 858 | 0.20 | 764,632 | 764 | 0.20 | |||||||||||||||
Savings deposits | 592,449 | 326 | 0.11 | 526,333 | 306 | 0.12 | |||||||||||||||
Certificates and other time deposits | 1,137,342 | 5,484 | 0.96 | 1,015,335 | 3,804 | 0.75 | |||||||||||||||
Total Interest-bearing Deposits | 3,628,469 | 7,202 | 0.40 | 3,369,384 | 5,423 | 0.32 | |||||||||||||||
Borrowings | 454,758 | 4,937 | 2.17 | 476,496 | 5,102 | 2.14 | |||||||||||||||
Total Interest-bearing Liabilities | 4,083,227 | 12,139 | 0.59 | 3,845,880 | 10,525 | 0.55 | |||||||||||||||
Noninterest-bearing deposits | 1,073,173 | 921,469 | |||||||||||||||||||
Other liabilities | 44,659 | 39,250 | |||||||||||||||||||
Total Liabilities | 5,201,059 | 4,806,599 | |||||||||||||||||||
Stockholders' Equity | 740,378 | 653,820 | |||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 5,941,437 | 12,139 | 0.46 | $ | 5,460,419 | 10,525 | 0.43 | |||||||||||||
Net Interest Income | $ | 100,880 | $ | 95,849 | |||||||||||||||||
Net Interest Margin | 3.79 | % | 3.93 | % | |||||||||||||||||
(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 2015 and 2014. These totals equal $4,873 and $3,838 for the six months ended June 30, 2015 and 2014, respectively. | |||||||||||||||||||||
(3) Non accruing loans have been included in the average balances. |