INDIANA | 35-1544218 |
(State or other jurisdiction of incorporation) | (IRS Employer Identification No.) |
Exhibit No. | Description |
CONSOLIDATED BALANCE SHEETS | |||||||
(Dollars In Thousands) | March 31, | ||||||
2016 | 2015 | ||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 85,738 | $ | 89,243 | |||
Interest-bearing time deposits | 77,453 | 83,228 | |||||
Investment securities | 1,270,777 | 1,189,473 | |||||
Loans held for sale | 3,628 | 6,392 | |||||
Loans | 4,709,907 | 3,965,532 | |||||
Less: Allowance for loan losses | (62,086 | ) | (62,801 | ) | |||
Net loans | 4,647,821 | 3,902,731 | |||||
Premises and equipment | 96,494 | 77,468 | |||||
Federal Reserve and Federal Home Loan Bank stock | 37,553 | 41,273 | |||||
Interest receivable | 22,836 | 19,557 | |||||
Core deposit intangibles and goodwill | 261,799 | 218,034 | |||||
Cash surrender value of life insurance | 200,549 | 170,172 | |||||
Other real estate owned | 15,626 | 19,073 | |||||
Tax asset, deferred and receivable | 47,982 | 38,695 | |||||
Other assets | 30,283 | 22,182 | |||||
TOTAL ASSETS | $ | 6,798,539 | $ | 5,877,521 | |||
LIABILITIES | |||||||
Deposits: | |||||||
Noninterest-bearing | $ | 1,282,462 | $ | 1,100,397 | |||
Interest-bearing | 4,028,608 | 3,547,678 | |||||
Total Deposits | 5,311,070 | 4,648,075 | |||||
Borrowings: | |||||||
Federal funds purchased | 602 | ||||||
Securities sold under repurchase agreements | 150,134 | 134,023 | |||||
Federal Home Loan Bank advances | 263,588 | 166,326 | |||||
Subordinated debentures and term loans | 127,523 | 126,875 | |||||
Total Borrowings | 541,847 | 427,224 | |||||
Interest payable | 3,910 | 3,685 | |||||
Other liabilities | 74,449 | 58,879 | |||||
Total Liabilities | 5,931,276 | 5,137,863 | |||||
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 - 40,749,340 and 37,781,488 shares | 5,094 | 4,723 | |||||
Additional paid-in capital | 504,661 | 431,199 | |||||
Retained earnings | 355,317 | 305,526 | |||||
Accumulated other comprehensive income (loss) | 2,066 | (1,915 | ) | ||||
Total Stockholders' Equity | 867,263 | 739,658 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 6,798,539 | $ | 5,877,521 |
CONSOLIDATED STATEMENTS OF INCOME | Three Months Ended | ||||||
(Dollars In Thousands, Except Per Share Amounts) | March 31, | ||||||
2016 | 2015 | ||||||
INTEREST INCOME | |||||||
Loans receivable: | |||||||
Taxable | $ | 50,489 | $ | 43,551 | |||
Tax-exempt | 1,315 | 248 | |||||
Investment securities: | |||||||
Taxable | 4,328 | 4,723 | |||||
Tax-exempt | 4,509 | 3,835 | |||||
Deposits with financial institutions | 106 | 37 | |||||
Federal Reserve and Federal Home Loan Bank stock | 480 | 550 | |||||
Total Interest Income | 61,227 | 52,944 | |||||
INTEREST EXPENSE | |||||||
Deposits | 4,063 | 3,516 | |||||
Federal funds purchased | 28 | 23 | |||||
Securities sold under repurchase agreements | 100 | 78 | |||||
Federal Home Loan Bank advances | 796 | 691 | |||||
Subordinated debentures and term loans | 1,785 | 1,660 | |||||
Total Interest Expense | 6,772 | 5,968 | |||||
NET INTEREST INCOME | 54,455 | 46,976 | |||||
Provision for loan losses | 550 | ||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 53,905 | 46,976 | |||||
OTHER INCOME | |||||||
Service charges on deposit accounts | 4,145 | 3,548 | |||||
Fiduciary activities | 2,494 | 2,507 | |||||
Other customer fees | 5,059 | 3,667 | |||||
Commission income | 2,328 | ||||||
Earnings on cash surrender value of life insurance | 1,476 | 747 | |||||
Net gains and fees on sales of loans | 1,460 | 1,489 | |||||
Net realized gains (losses) on sales of available for sale securities | 997 | 1,025 | |||||
Other income | 690 | 921 | |||||
Total Other Income | 16,321 | 16,232 | |||||
OTHER EXPENSES | |||||||
Salaries and employee benefits | 27,337 | 24,541 | |||||
Net occupancy | 4,022 | 3,790 | |||||
Equipment | 3,238 | 2,566 | |||||
Marketing | 737 | 780 | |||||
Outside data processing fees | 2,069 | 1,717 | |||||
Printing and office supplies | 364 | 364 | |||||
Core deposit amortization | 978 | 721 | |||||
FDIC assessments | 950 | 863 | |||||
Other real estate owned and foreclosure expenses | 1,235 | 1,229 | |||||
Professional and other outside services | 2,162 | 1,491 | |||||
Other expenses | 3,867 | 3,140 | |||||
Total Other Expenses | 46,959 | 41,202 | |||||
INCOME BEFORE INCOME TAX | 23,267 | 22,006 | |||||
Income tax expense | 5,574 | 5,834 | |||||
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ | 17,693 | $ | 16,172 | |||
Per Share Data: | |||||||
Basic Net Income Available to Common Stockholders | $ | 0.43 | $ | 0.43 | |||
Diluted Net Income Available to Common Stockholders | $ | 0.43 | $ | 0.43 | |||
Cash Dividends Paid | $ | 0.11 | $ | 0.08 | |||
Average Diluted Shares Outstanding (in thousands) | 40,917 | 38,000 |
FINANCIAL HIGHLIGHTS | |||||||
(Dollars in thousands) | Three Months Ended | ||||||
March 31, | |||||||
2016 | 2015 | ||||||
NET CHARGE OFF'S | $ | 917 | $ | 1,163 | |||
AVERAGE BALANCES: | |||||||
Total Assets | $ | 6,743,315 | $ | 5,821,074 | |||
Total Loans | 4,669,568 | 3,936,814 | |||||
Total Earning Assets | 6,020,317 | 5,204,981 | |||||
Total Deposits | 5,297,289 | 4,605,138 | |||||
Total Stockholders' Equity | 861,652 | 734,511 | |||||
FINANCIAL RATIOS: | |||||||
Return on Average Assets | 1.05 | % | 1.11 | % | |||
Return on Average Stockholders' Equity | 8.21 | 8.81 | |||||
Return on Average Common Stockholders' Equity | 8.21 | 8.81 | |||||
Average Earning Assets to Average Assets | 89.28 | 89.42 | |||||
Allowance for Loan Losses as % of Total Loans | 1.32 | 1.58 | |||||
Net Charge Off's as % of Average Loans (Annualized) | 0.08 | 0.12 | |||||
Average Stockholders' Equity to Average Assets | 12.78 | 12.62 | |||||
Tax Equivalent Yield on Earning Assets | 4.28 | 4.24 | |||||
Cost of Supporting Liabilities | 0.45 | 0.46 | |||||
Net Interest Margin (FTE) on Earning Assets | 3.83 | 3.78 | |||||
Tangible Book Value Per Share | $ | 15.02 | $ | 13.96 |
NON-PERFORMING ASSETS | |||||||||||||||||||
(Dollars In Thousands) | March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||
2016 | 2015 | 2015 | 2015 | 2015 | |||||||||||||||
Non-Accrual Loans | $ | 36,719 | $ | 31,389 | $ | 32,597 | $ | 37,713 | $ | 44,321 | |||||||||
Renegotiated Loans | 1,015 | 1,923 | 3,823 | 885 | 1,326 | ||||||||||||||
Non-Performing Loans (NPL) | 37,734 | 33,312 | 36,420 | 38,598 | 45,647 | ||||||||||||||
Other Real Estate Owned | 15,626 | 17,257 | 14,809 | 19,242 | 19,073 | ||||||||||||||
Non-Performing Assets (NPA) | 53,360 | 50,569 | 51,229 | 57,840 | 64,720 | ||||||||||||||
90+ Days Delinquent | 963 | 907 | 1,947 | 632 | 1,655 | ||||||||||||||
NPAs & 90 Day Delinquent | $ | 54,323 | $ | 51,476 | $ | 53,176 | $ | 58,472 | $ | 66,375 | |||||||||
Loan Loss Reserve | $ | 62,086 | $ | 62,453 | $ | 62,861 | $ | 62,550 | $ | 62,801 | |||||||||
Quarterly Net Charge-off's | 917 | 408 | (311 | ) | 668 | 1,163 | |||||||||||||
NPAs / Actual Assets % | 0.78 | % | 0.75 | % | 0.83 | % | 0.94 | % | 1.10 | % | |||||||||
NPAs & 90 Day / Actual Assets % | 0.80 | % | 0.76 | % | 0.86 | % | 0.95 | % | 1.13 | % | |||||||||
NPAs / Actual Loans and OREO % | 1.13 | % | 1.07 | % | 1.18 | % | 1.36 | % | 1.62 | % | |||||||||
Loan Loss Reserves / Actual Loans (%) | 1.32 | % | 1.33 | % | 1.45 | % | 1.47 | % | 1.58 | % | |||||||||
Net Charge Off's as % of Average Loans (Annualized) | 0.08 | % | 0.04 | % | (0.03 | )% | 0.06 | % | 0.12 | % | |||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||||||||||
(Dollars In Thousands) | March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||
2016 | 2015 | 2015 | 2015 | 2015 | |||||||||||||||
ASSETS | |||||||||||||||||||
Cash and cash equivalents | $ | 85,738 | $ | 102,170 | $ | 84,677 | $ | 105,928 | $ | 89,243 | |||||||||
Interest-bearing time deposits | 77,453 | 32,315 | 27,111 | 26,669 | 83,228 | ||||||||||||||
Investment securities | 1,270,777 | 1,276,999 | 1,208,793 | 1,212,516 | 1,189,473 | ||||||||||||||
Loans held for sale | 3,628 | 9,894 | 1,943 | 8,295 | 6,392 | ||||||||||||||
Loans | 4,709,907 | 4,693,822 | 4,321,715 | 4,238,205 | 3,965,532 | ||||||||||||||
Less: Allowance for loan losses | (62,086 | ) | (62,453 | ) | (62,861 | ) | (62,550 | ) | (62,801 | ) | |||||||||
Net loans | 4,647,821 | 4,631,369 | 4,258,854 | 4,175,655 | 3,902,731 | ||||||||||||||
Premises and equipment | 96,494 | 97,648 | 83,457 | 84,841 | 77,468 | ||||||||||||||
Federal Reserve and Federal Home Loan Bank stock | 37,553 | 37,633 | 34,498 | 34,630 | 41,273 | ||||||||||||||
Interest receivable | 22,836 | 24,415 | 22,048 | 19,880 | 19,557 | ||||||||||||||
Core deposit intangibles and goodwill | 261,799 | 259,764 | 219,503 | 220,196 | 218,034 | ||||||||||||||
Cash surrender value of life insurance | 200,549 | 200,539 | 171,530 | 170,813 | 170,172 | ||||||||||||||
Other real estate owned | 15,626 | 17,257 | 14,809 | 19,242 | 19,073 | ||||||||||||||
Tax asset, deferred and receivable | 47,982 | 46,977 | 38,339 | 39,622 | 38,695 | ||||||||||||||
Other assets | 30,283 | 24,023 | 24,235 | 22,021 | 22,182 | ||||||||||||||
TOTAL ASSETS | $ | 6,798,539 | $ | 6,761,003 | $ | 6,189,797 | $ | 6,140,308 | $ | 5,877,521 | |||||||||
LIABILITIES | |||||||||||||||||||
Deposits: | |||||||||||||||||||
Noninterest-bearing | $ | 1,282,462 | $ | 1,266,027 | $ | 1,110,905 | $ | 1,122,688 | $ | 1,100,397 | |||||||||
Interest-bearing | 4,028,608 | 4,023,620 | 3,703,684 | 3,666,889 | 3,547,678 | ||||||||||||||
Total Deposits | 5,311,070 | 5,289,647 | 4,814,589 | 4,789,577 | 4,648,075 | ||||||||||||||
Borrowings: | |||||||||||||||||||
Federal funds purchased | 602 | 49,721 | 52,896 | 40,748 | |||||||||||||||
Securities sold under repurchase agreements | 150,134 | 155,325 | 153,822 | 137,240 | 134,023 | ||||||||||||||
Federal Home Loan Bank advances | 263,588 | 235,652 | 237,856 | 247,687 | 166,326 | ||||||||||||||
Subordinated debentures and term loans | 127,523 | 127,846 | 121,936 | 126,882 | 126,875 | ||||||||||||||
Total Borrowings | 541,847 | 568,544 | 566,510 | 552,557 | 427,224 | ||||||||||||||
Interest payable | 3,910 | 3,092 | 3,710 | 3,211 | 3,685 | ||||||||||||||
Other liabilities | 74,449 | 49,211 | 38,004 | 45,008 | 58,879 | ||||||||||||||
Total Liabilities | 5,931,276 | 5,910,494 | 5,422,813 | 5,390,353 | 5,137,863 | ||||||||||||||
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 | 5,094 | 5,083 | 4,734 | 4,728 | 4,723 | ||||||||||||||
Additional paid-in capital | 504,661 | 504,530 | 433,577 | 432,294 | 431,199 | ||||||||||||||
Retained earnings | 355,317 | 342,133 | 332,162 | 319,298 | 305,526 | ||||||||||||||
Accumulated other comprehensive income (loss) | 2,066 | (1,362 | ) | (3,614 | ) | (6,490 | ) | (1,915 | ) | ||||||||||
Total Stockholders' Equity | 867,263 | 850,509 | 766,984 | 749,955 | 739,658 | ||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 6,798,539 | $ | 6,761,003 | $ | 6,189,797 | $ | 6,140,308 | $ | 5,877,521 | |||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||
(Dollars In Thousands, Except Per Share Amounts) | March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||
2016 | 2015 | 2015 | 2015 | 2015 | |||||||||||||||
INTEREST INCOME | |||||||||||||||||||
Loans receivable: | |||||||||||||||||||
Taxable | $ | 50,489 | $ | 45,897 | $ | 46,037 | $ | 45,320 | $ | 43,551 | |||||||||
Tax-exempt | 1,315 | 1,285 | 1,190 | 736 | 248 | ||||||||||||||
Investment securities: | |||||||||||||||||||
Taxable | 4,328 | 4,363 | 4,374 | 4,425 | 4,723 | ||||||||||||||
Tax-exempt | 4,509 | 4,444 | 4,412 | 4,231 | 3,835 | ||||||||||||||
Deposits with financial institutions | 106 | 67 | 25 | 31 | 37 | ||||||||||||||
Federal Reserve and Federal Home Loan Bank stock | 480 | 458 | 500 | 459 | 550 | ||||||||||||||
Total Interest Income | 61,227 | 56,514 | 56,538 | 55,202 | 52,944 | ||||||||||||||
INTEREST EXPENSE | |||||||||||||||||||
Deposits | 4,063 | 3,938 | 3,715 | 3,686 | 3,516 | ||||||||||||||
Federal funds purchased | 28 | 5 | 27 | 19 | 23 | ||||||||||||||
Securities sold under repurchase agreements | 100 | 104 | 96 | 90 | 78 | ||||||||||||||
Federal Home Loan Bank advances | 796 | 728 | 711 | 706 | 691 | ||||||||||||||
Subordinated debentures and term loans | 1,785 | 1,665 | 1,666 | 1,670 | 1,660 | ||||||||||||||
Total Interest Expense | 6,772 | 6,440 | 6,215 | 6,171 | 5,968 | ||||||||||||||
NET INTEREST INCOME | 54,455 | 50,074 | 50,323 | 49,031 | 46,976 | ||||||||||||||
Provision for loan losses | 550 | 417 | |||||||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 53,905 | 50,074 | 50,323 | 48,614 | 46,976 | ||||||||||||||
OTHER INCOME | |||||||||||||||||||
Service charges on deposit accounts | 4,145 | 4,118 | 4,445 | 4,090 | 3,548 | ||||||||||||||
Fiduciary activities | 2,494 | 2,138 | 2,242 | 2,309 | 2,507 | ||||||||||||||
Other customer fees | 5,059 | 4,534 | 4,156 | 4,602 | 3,667 | ||||||||||||||
Commission income | 4 | 1,815 | 2,328 | ||||||||||||||||
Earnings on cash surrender value of life insurance | 1,476 | 822 | 710 | 640 | 747 | ||||||||||||||
Net gains and fees on sales of loans | 1,460 | 1,308 | 1,905 | 1,781 | 1,489 | ||||||||||||||
Net realized gains (losses) on sales of available for sale securities | 997 | 623 | 1,115 | (93 | ) | 1,025 | |||||||||||||
Gain on sale of insurance subsidiary | 8,265 | ||||||||||||||||||
Other income | 690 | 1,224 | 2,322 | 1,224 | 921 | ||||||||||||||
Total Other Income | 16,321 | 14,767 | 16,899 | 24,633 | 16,232 | ||||||||||||||
OTHER EXPENSES | |||||||||||||||||||
Salaries and employee benefits | 27,337 | 25,796 | 25,137 | 26,434 | 24,541 | ||||||||||||||
Net occupancy | 4,022 | 3,649 | 3,726 | 3,503 | 3,790 | ||||||||||||||
Equipment | 3,238 | 2,683 | 2,698 | 2,840 | 2,566 | ||||||||||||||
Marketing | 737 | 915 | 847 | 951 | 780 | ||||||||||||||
Outside data processing fees | 2,069 | 1,632 | 1,992 | 1,768 | 1,717 | ||||||||||||||
Printing and office supplies | 364 | 343 | 343 | 303 | 364 | ||||||||||||||
Core deposit amortization | 978 | 692 | 693 | 729 | 721 | ||||||||||||||
FDIC assessments | 950 | 939 | 958 | 895 | 863 | ||||||||||||||
Other real estate owned and foreclosure expenses | 1,235 | 1,701 | 1,835 | 1,372 | 1,229 | ||||||||||||||
Professional and other outside services | 2,162 | 3,544 | 1,686 | 3,134 | 1,491 | ||||||||||||||
Other expenses | 3,867 | 4,352 | 3,683 | 4,494 | 3,140 | ||||||||||||||
Total Other Expenses | 46,959 | 46,246 | 43,598 | 46,423 | 41,202 | ||||||||||||||
INCOME BEFORE INCOME TAX | 23,267 | 18,595 | 23,624 | 26,824 | 22,006 | ||||||||||||||
Income tax expense | 5,574 | 4,418 | 6,557 | 8,856 | 5,834 | ||||||||||||||
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ | 17,693 | $ | 14,177 | $ | 17,067 | $ | 17,968 | $ | 16,172 | |||||||||
Per Share Data: | |||||||||||||||||||
Basic Net Income Available to Common Stockholders | $ | 0.43 | $ | 0.37 | $ | 0.46 | $ | 0.47 | $ | 0.43 | |||||||||
Diluted Net Income Available to Common Stockholders | $ | 0.43 | $ | 0.37 | $ | 0.45 | $ | 0.47 | $ | 0.43 | |||||||||
Cash Dividends Paid | $ | 0.11 | $ | 0.11 | $ | 0.11 | $ | 0.11 | $ | 0.08 | |||||||||
Average Diluted Shares Outstanding (in thousands) | 40,917 | 38,191 | 38,118 | 38,043 | 38,000 | ||||||||||||||
FINANCIAL RATIOS: | |||||||||||||||||||
Return on Average Assets | 1.05 | % | 0.90 | % | 1.11 | % | 1.19 | % | 1.11 | % | |||||||||
Return on Average Stockholders' Equity | 8.21 | 7.32 | 8.99 | 9.63 | 8.81 | ||||||||||||||
Return on Average Common Stockholders' Equity | 8.21 | 7.32 | 8.99 | 9.63 | 8.81 | ||||||||||||||
Average Earning Assets to Average Assets | 89.28 | 90.11 | 89.99 | 89.63 | 89.42 | ||||||||||||||
Allowance for Loan Losses as % of Total Loans | 1.32 | 1.33 | 1.45 | 1.47 | 1.58 | ||||||||||||||
Net Charge Off's as % of Average Loans (Annualized) | 0.08 | 0.04 | (0.03 | ) | 0.06 | 0.12 | |||||||||||||
Average Stockholders' Equity to Average Assets | 12.78 | 12.29 | 12.34 | 12.31 | 12.62 | ||||||||||||||
Tax Equivalent Yield on Earning Assets | 4.28 | 4.20 | 4.30 | 4.26 | 4.24 | ||||||||||||||
Cost of Supporting Liabilities | 0.45 | 0.45 | 0.45 | 0.45 | 0.46 | ||||||||||||||
Net Interest Margin (FTE) on Earning Assets | 3.83 | 3.75 | 3.85 | 3.81 | 3.78 | ||||||||||||||
Tangible Book Value Per Share | $ | 15.02 | $ | 14.68 | $ | 14.59 | $ | 14.15 | $ | 13.96 |
LOANS | |||||||||||||||||||
(Dollars In Thousands) | March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||
2016 | 2015 | 2015 | 2015 | 2015 | |||||||||||||||
Commercial and industrial loans | $ | 1,060,559 | $ | 1,057,075 | $ | 999,195 | $ | 984,223 | $ | 938,937 | |||||||||
Agricultural production financing and other loans to farmers | 92,137 | 97,711 | 91,354 | 93,695 | 95,652 | ||||||||||||||
Real estate loans: | |||||||||||||||||||
Construction | 391,621 | 366,704 | 298,250 | 256,082 | 237,036 | ||||||||||||||
Commercial and farmland | 1,806,395 | 1,802,921 | 1,695,703 | 1,705,647 | 1,646,418 | ||||||||||||||
Residential | 769,592 | 786,105 | 677,767 | 689,621 | 640,451 | ||||||||||||||
Home Equity | 353,946 | 348,613 | 318,949 | 302,403 | 286,914 | ||||||||||||||
Individuals' loans for household and other personal expenditures | 73,622 | 74,717 | 71,893 | 62,785 | 70,223 | ||||||||||||||
Lease financing receivables, net of unearned income | 461 | 588 | 614 | 742 | 853 | ||||||||||||||
Other commercial loans | 161,574 | 159,388 | 167,990 | 143,007 | 49,048 | ||||||||||||||
Loans | 4,709,907 | 4,693,822 | 4,321,715 | 4,238,205 | 3,965,532 | ||||||||||||||
Allowance for loan losses | (62,086 | ) | (62,453 | ) | (62,861 | ) | (62,550 | ) | (62,801 | ) | |||||||||
NET LOANS | $ | 4,647,821 | $ | 4,631,369 | $ | 4,258,854 | $ | 4,175,655 | $ | 3,902,731 |
DEPOSITS | |||||||||||||||||||
(Dollars In Thousands) | March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||
2016 | 2015 | 2015 | 2015 | 2015 | |||||||||||||||
Demand deposits | $ | 2,590,603 | $ | 2,576,283 | $ | 2,244,848 | $ | 2,211,154 | $ | 2,116,135 | |||||||||
Savings deposits | 1,549,304 | 1,518,722 | 1,460,244 | 1,439,255 | 1,402,421 | ||||||||||||||
Certificates and other time deposits of $100,000 or more | 304,559 | 323,698 | 286,988 | 295,159 | 283,313 | ||||||||||||||
Other certificates and time deposits | 536,120 | 556,476 | 499,286 | 517,153 | 516,500 | ||||||||||||||
Brokered deposits | 330,484 | 314,468 | 323,223 | 326,856 | 329,706 | ||||||||||||||
TOTAL DEPOSITS | $ | 5,311,070 | $ | 5,289,647 | $ | 4,814,589 | $ | 4,789,577 | $ | 4,648,075 |
NET INTEREST INCOME | |||||||||||||||||||||
(Dollars in Thousands) | For the Three Months Ended | ||||||||||||||||||||
March 31, 2016 | March 31, 2015 | ||||||||||||||||||||
Average Balance | Interest Income / Expense | Average Rate | Average Balance | Interest Income / Expense | Average Rate | ||||||||||||||||
Assets: | |||||||||||||||||||||
Interest-bearing time deposits | $ | 75,709 | $ | 106 | 0.56 | % | $ | 56,907 | $ | 36 | 0.25 | % | |||||||||
Federal Reserve and Federal Home Loan Bank stock | 37,632 | 480 | 5.10 | 41,351 | 550 | 5.32 | |||||||||||||||
Investment Securities: (1) | |||||||||||||||||||||
Taxable | 716,486 | 4,328 | 2.42 | 736,378 | 4,723 | 2.57 | |||||||||||||||
Tax-Exempt (2) | 520,922 | 6,937 | 5.33 | 433,531 | 5,899 | 5.44 | |||||||||||||||
Total Investment Securities | 1,237,408 | 11,265 | 3.64 | 1,169,909 | 10,622 | 3.63 | |||||||||||||||
Loans held for sale | 6,247 | 122 | 7.81 | 4,927 | 110 | 8.93 | |||||||||||||||
Loans: (3) | |||||||||||||||||||||
Commercial | 3,449,451 | 38,864 | 4.51 | 3,041,242 | 34,169 | 4.49 | |||||||||||||||
Real Estate Mortgage | 575,266 | 6,394 | 4.45 | 459,794 | 4,849 | 4.22 | |||||||||||||||
Installment | 456,654 | 5,109 | 4.48 | 394,063 | 4,424 | 4.49 | |||||||||||||||
Tax-Exempt (2) | 181,950 | 2,023 | 4.45 | 36,788 | 382 | 4.15 | |||||||||||||||
Total Loans | 4,669,568 | 52,512 | 4.50 | 3,936,814 | 43,934 | 4.46 | |||||||||||||||
Total Earning Assets | 6,020,317 | 64,363 | 4.28 | 5,204,981 | 55,142 | 4.24 | |||||||||||||||
Net unrealized gain on securities available for sale | 10,005 | 14,480 | |||||||||||||||||||
Allowance for loan losses | (63,213 | ) | (63,429 | ) | |||||||||||||||||
Cash and cash equivalents | 101,913 | 98,791 | |||||||||||||||||||
Premises and equipment | 96,698 | 77,707 | |||||||||||||||||||
Other assets | 577,595 | 488,544 | |||||||||||||||||||
Total Assets | $ | 6,743,315 | $ | 5,821,074 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||
Interest-bearing NOW deposits | $ | 1,300,266 | $ | 544 | 0.17 | % | $ | 1,030,433 | $ | 252 | 0.10 | % | |||||||||
Money market deposits | 865,932 | 491 | 0.23 | 823,761 | 412 | 0.20 | |||||||||||||||
Savings deposits | 689,305 | 135 | 0.08 | 571,751 | 159 | 0.11 | |||||||||||||||
Certificates and other time deposits | 1,186,458 | 2,893 | 0.98 | 1,126,098 | 2,693 | 0.96 | |||||||||||||||
Total Interest-bearing Deposits | 4,041,961 | 4,063 | 0.40 | 3,552,043 | 3,516 | 0.40 | |||||||||||||||
Borrowings | 520,087 | 2,709 | 2.08 | 437,864 | 2,452 | 2.24 | |||||||||||||||
Total Interest-bearing Liabilities | 4,562,048 | 6,772 | 0.59 | 3,989,907 | 5,968 | 0.60 | |||||||||||||||
Noninterest-bearing deposits | 1,255,328 | 1,053,095 | |||||||||||||||||||
Other liabilities | 64,287 | 43,561 | |||||||||||||||||||
Total Liabilities | 5,881,663 | 5,086,563 | |||||||||||||||||||
Stockholders' Equity | 861,652 | 734,511 | |||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 6,743,315 | 6,772 | 0.45 | $ | 5,821,074 | 5,968 | 0.46 | |||||||||||||
Net Interest Income | $ | 57,591 | $ | 49,174 | |||||||||||||||||
Net Interest Margin | 3.83 | % | 3.78 | % | |||||||||||||||||
(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 2016 and 2015. These totals equal $3,136 and $2,198 for the three months ended March 31, 2016 and 2015, respectively. | |||||||||||||||||||||
(3) Non accruing loans have been included in the average balances. |