(State or other jurisdiction of incorporation) | |||||
(Commission File Number) | (IRS Employer Identification No.) |
Title of Each Class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
First Merchants Corporation | |||||||||||
(Registrant) | |||||||||||
By: /s/ Michele M. Kawiecki Michele M. Kawiecki Executive Vice President, Chief Financial Officer (Principal Financial and Accounting Officer) | |||||||||||
Dated: April 26, 2022 |
CONSOLIDATED BALANCE SHEETS | |||||||||||
(Dollars In Thousands) | March 31, | ||||||||||
2022 | 2021 | ||||||||||
ASSETS | |||||||||||
Cash and due from banks | $ | 148,277 | $ | 187,901 | |||||||
Interest-bearing deposits | 395,262 | 392,806 | |||||||||
Investment securities, net of allowance for credit losses of $245,000 and $245,000 | 4,489,263 | 3,700,857 | |||||||||
Loans held for sale | 3,938 | 4,430 | |||||||||
Loans | 9,356,241 | 9,318,228 | |||||||||
Less: Allowance for credit losses - loans | (195,984) | (201,082) | |||||||||
Net loans | 9,160,257 | 9,117,146 | |||||||||
Premises and equipment | 105,883 | 109,432 | |||||||||
Federal Home Loan Bank stock | 26,422 | 28,736 | |||||||||
Interest receivable | 56,081 | 54,662 | |||||||||
Goodwill and other intangibles | 569,494 | 571,536 | |||||||||
Cash surrender value of life insurance | 291,881 | 293,766 | |||||||||
Other real estate owned | 6,271 | 604 | |||||||||
Tax asset, deferred and receivable | 73,422 | 40,163 | |||||||||
Other assets | 138,807 | 127,027 | |||||||||
TOTAL ASSETS | $ | 15,465,258 | $ | 14,629,066 | |||||||
LIABILITIES | |||||||||||
Deposits: | |||||||||||
Noninterest-bearing | $ | 2,745,235 | $ | 2,494,891 | |||||||
Interest-bearing | 10,160,718 | 9,456,889 | |||||||||
Total Deposits | 12,905,953 | 11,951,780 | |||||||||
Borrowings: | |||||||||||
Securities sold under repurchase agreements | 169,697 | 185,721 | |||||||||
Federal Home Loan Bank advances | 308,960 | 359,337 | |||||||||
Subordinated debentures and other borrowings | 118,677 | 118,439 | |||||||||
Total Borrowings | 597,334 | 663,497 | |||||||||
Interest payable | 3,589 | 4,020 | |||||||||
Other liabilities | 150,749 | 203,913 | |||||||||
Total Liabilities | 13,657,625 | 12,823,210 | |||||||||
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 -- 100,000,000 shares | |||||||||||
Issued and outstanding - 53,424,823 and 53,953,723 shares | 6,678 | 6,744 | |||||||||
Additional paid-in capital | 987,404 | 1,007,300 | |||||||||
Retained earnings | 897,818 | 755,877 | |||||||||
Accumulated other comprehensive income | (84,392) | 35,810 | |||||||||
Total Stockholders' Equity | 1,807,633 | 1,805,856 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 15,465,258 | $ | 14,629,066 |
CONSOLIDATED STATEMENTS OF INCOME | Three Months Ended | ||||||||||
(Dollars In Thousands, Except Per Share Amounts) | March 31, | ||||||||||
2022 | 2021 | ||||||||||
INTEREST INCOME | |||||||||||
Loans receivable: | |||||||||||
Taxable | $ | 79,075 | $ | 85,105 | |||||||
Tax-exempt | 5,704 | 5,339 | |||||||||
Investment securities: | |||||||||||
Taxable | 8,510 | 6,695 | |||||||||
Tax-exempt | 15,875 | 12,385 | |||||||||
Deposits with financial institutions | 230 | 114 | |||||||||
Federal Home Loan Bank stock | 146 | 178 | |||||||||
Total Interest Income | 109,540 | 109,816 | |||||||||
INTEREST EXPENSE | |||||||||||
Deposits | 4,294 | 6,200 | |||||||||
Federal funds purchased | — | 2 | |||||||||
Securities sold under repurchase agreements | 89 | 87 | |||||||||
Federal Home Loan Bank advances | 1,218 | 1,442 | |||||||||
Subordinated debentures and other borrowings | 1,659 | 1,657 | |||||||||
Total Interest Expense | 7,260 | 9,388 | |||||||||
NET INTEREST INCOME | 102,280 | 100,428 | |||||||||
Provision for credit losses - loans | — | — | |||||||||
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 102,280 | 100,428 | |||||||||
OTHER INCOME | |||||||||||
Service charges on deposit accounts | 6,419 | 5,264 | |||||||||
Fiduciary and wealth management fees | 7,332 | 6,422 | |||||||||
Card payment fees | 5,723 | 4,367 | |||||||||
Net gains and fees on sales of loans | 2,199 | 3,986 | |||||||||
Derivative hedge fees | 918 | 317 | |||||||||
Other customer fees | 410 | 368 | |||||||||
Earnings on cash surrender value of life insurance | 1,696 | 1,336 | |||||||||
Net realized gains on sales of available for sale securities | 566 | 1,799 | |||||||||
Other income | 634 | 232 | |||||||||
Total Other Income | 25,897 | 24,091 | |||||||||
OTHER EXPENSES | |||||||||||
Salaries and employee benefits | 42,519 | 38,811 | |||||||||
Net occupancy | 6,187 | 6,491 | |||||||||
Equipment | 5,080 | 5,030 | |||||||||
Marketing | 736 | 1,124 | |||||||||
Outside data processing fees | 4,363 | 4,244 | |||||||||
Printing and office supplies | 345 | 283 | |||||||||
Intangible asset amortization | 1,366 | 1,357 | |||||||||
FDIC assessments | 2,192 | 1,368 | |||||||||
Other real estate owned and foreclosure expenses | 564 | 734 | |||||||||
Professional and other outside services | 2,953 | 2,543 | |||||||||
Other expenses | 6,020 | 4,113 | |||||||||
Total Other Expenses | 72,325 | 66,098 | |||||||||
INCOME BEFORE INCOME TAX | 55,852 | 58,421 | |||||||||
Income tax expense | 7,266 | 8,952 | |||||||||
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ | 48,586 | $ | 49,469 | |||||||
Per Share Data: | |||||||||||
Basic Net Income Available to Common Stockholders | $ | 0.91 | $ | 0.92 | |||||||
Diluted Net Income Available to Common Stockholders | $ | 0.91 | $ | 0.91 | |||||||
Cash Dividends Paid | $ | 0.29 | $ | 0.26 | |||||||
Average Diluted Shares Outstanding (in thousands) | 53,616 | 54,134 |
FINANCIAL HIGHLIGHTS | |||||||||||
(Dollars in thousands) | Three Months Ended | ||||||||||
March 31, | |||||||||||
2022 | 2021 | ||||||||||
NET CHARGE-OFFS (RECOVERIES) | $ | (587) | $ | 3,621 | |||||||
AVERAGE BALANCES: | |||||||||||
Total Assets | $ | 15,464,605 | $ | 14,244,739 | |||||||
Total Loans | 9,255,928 | 9,236,421 | |||||||||
Total Earning Assets | 14,262,777 | 13,023,318 | |||||||||
Total Deposits | 12,817,690 | 11,567,918 | |||||||||
Total Stockholders' Equity | 1,891,223 | 1,840,432 | |||||||||
FINANCIAL RATIOS: | |||||||||||
Return on Average Assets | 1.26 | % | 1.39 | % | |||||||
Return on Average Stockholders' Equity | 10.28 | 10.75 | |||||||||
Return on Average Common Stockholders' Equity | 10.28 | 10.75 | |||||||||
Average Earning Assets to Average Assets | 92.23 | 91.43 | |||||||||
Allowance for Credit Losses - Loans as % of Total Loans | 2.09 | 2.16 | |||||||||
Net Charge-offs as % of Average Loans (Annualized) | (0.03) | 0.16 | |||||||||
Average Stockholders' Equity to Average Assets | 12.23 | 12.92 | |||||||||
Tax Equivalent Yield on Average Earning Assets | 3.23 | 3.52 | |||||||||
Interest Expense/Average Earning Assets | 0.20 | 0.29 | |||||||||
Net Interest Margin (FTE) on Average Earning Assets | 3.03 | 3.23 | |||||||||
Efficiency Ratio | 52.79 | 50.23 | |||||||||
Tangible Common Book Value Per Share | $ | 23.26 | $ | 22.98 |
NON-PERFORMING ASSETS | |||||||||||||||||||||||||||||
(Dollars In Thousands) | March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||||||||||
2022 | 2021 | 2021 | 2021 | 2021 | |||||||||||||||||||||||||
Non-Accrual Loans | $ | 42,698 | $ | 43,062 | $ | 51,502 | $ | 57,556 | $ | 57,923 | |||||||||||||||||||
Renegotiated Loans | 141 | 329 | 439 | 629 | 655 | ||||||||||||||||||||||||
Non-Performing Loans (NPL) | 42,839 | 43,391 | 51,941 | 58,185 | 58,578 | ||||||||||||||||||||||||
Other Real Estate Owned and Repossessions | 6,271 | 558 | 698 | 601 | 604 | ||||||||||||||||||||||||
Non-Performing Assets (NPA) | 49,110 | 43,949 | 52,639 | 58,786 | 59,182 | ||||||||||||||||||||||||
90+ Days Delinquent | 2,085 | 963 | 157 | 183 | 1,093 | ||||||||||||||||||||||||
NPAs & 90 Day Delinquent | $ | 51,195 | $ | 44,912 | $ | 52,796 | $ | 58,969 | $ | 60,275 | |||||||||||||||||||
Allowance for Credit Losses - Loans | $ | 195,984 | $ | 195,397 | $ | 199,972 | $ | 199,775 | $ | 201,082 | |||||||||||||||||||
Quarterly Net Charge-offs (Recoveries) | (587) | 4,575 | (197) | 1,307 | 3,621 | ||||||||||||||||||||||||
NPAs / Actual Assets % | 0.32 | % | 0.28 | % | 0.35 | % | 0.39 | % | 0.40 | % | |||||||||||||||||||
NPAs & 90 Day / Actual Assets % | 0.33 | % | 0.29 | % | 0.35 | % | 0.40 | % | 0.41 | % | |||||||||||||||||||
NPAs / Actual Loans and OREO % | 0.52 | % | 0.47 | % | 0.58 | % | 0.64 | % | 0.63 | % | |||||||||||||||||||
Allowance for Credit Losses - Loans / Actual Loans (%) | 2.09 | % | 2.11 | % | 2.21 | % | 2.19 | % | 2.16 | % | |||||||||||||||||||
Net Charge-offs as % of Average Loans (Annualized) | (0.03) | % | 0.20 | % | (0.01) | % | 0.06 | % | 0.16 | % | |||||||||||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||||||||||||||||||||
(Dollars In Thousands) | March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||||||||||
2022 | 2021 | 2021 | 2021 | 2021 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||
Cash and due from banks | $ | 148,277 | $ | 167,146 | $ | 169,261 | $ | 167,596 | $ | 187,901 | |||||||||||||||||||
Interest-bearing deposits | 395,262 | 474,154 | 369,447 | 438,863 | 392,806 | ||||||||||||||||||||||||
Investment securities, net of allowance for credit losses | 4,489,263 | 4,524,353 | 4,445,516 | 4,148,314 | 3,700,857 | ||||||||||||||||||||||||
Loans held for sale | 3,938 | 11,187 | 5,990 | 18,582 | 4,430 | ||||||||||||||||||||||||
Loans | 9,356,241 | 9,241,861 | 9,041,576 | 9,121,250 | 9,318,228 | ||||||||||||||||||||||||
Less: Allowance for credit losses - loans | (195,984) | (195,397) | (199,972) | (199,775) | (201,082) | ||||||||||||||||||||||||
Net loans | 9,160,257 | 9,046,464 | 8,841,604 | 8,921,475 | 9,117,146 | ||||||||||||||||||||||||
Premises and equipment | 105,883 | 105,655 | 104,814 | 103,822 | 109,432 | ||||||||||||||||||||||||
Federal Home Loan Bank stock | 26,422 | 28,736 | 28,736 | 28,736 | 28,736 | ||||||||||||||||||||||||
Interest receivable | 56,081 | 57,187 | 53,079 | 54,173 | 54,662 | ||||||||||||||||||||||||
Goodwill and other intangibles | 569,494 | 570,860 | 572,323 | 573,786 | 571,536 | ||||||||||||||||||||||||
Cash surrender value of life insurance | 291,881 | 291,041 | 291,825 | 294,462 | 293,766 | ||||||||||||||||||||||||
Other real estate owned | 6,271 | 558 | 698 | 601 | 604 | ||||||||||||||||||||||||
Tax asset, deferred and receivable | 73,422 | 35,641 | 39,504 | 36,924 | 40,163 | ||||||||||||||||||||||||
Other assets | 138,807 | 140,167 | 137,928 | 135,763 | 127,027 | ||||||||||||||||||||||||
TOTAL ASSETS | $ | 15,465,258 | $ | 15,453,149 | $ | 15,060,725 | $ | 14,923,097 | $ | 14,629,066 | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||
Noninterest-bearing | $ | 2,745,235 | $ | 2,709,646 | $ | 2,554,323 | $ | 2,479,853 | $ | 2,494,891 | |||||||||||||||||||
Interest-bearing | 10,160,718 | 10,022,931 | 9,794,366 | 9,723,547 | 9,456,889 | ||||||||||||||||||||||||
Total Deposits | 12,905,953 | 12,732,577 | 12,348,689 | 12,203,400 | 11,951,780 | ||||||||||||||||||||||||
Borrowings: | |||||||||||||||||||||||||||||
Securities sold under repurchase agreements | 169,697 | 181,577 | 183,589 | 146,904 | 185,721 | ||||||||||||||||||||||||
Federal Home Loan Bank advances | 308,960 | 334,055 | 334,149 | 334,243 | 359,337 | ||||||||||||||||||||||||
Subordinated debentures and other borrowings | 118,677 | 118,618 | 118,558 | 118,498 | 118,439 | ||||||||||||||||||||||||
Total Borrowings | 597,334 | 634,250 | 636,296 | 599,645 | 663,497 | ||||||||||||||||||||||||
Interest payable | 3,589 | 2,762 | 3,736 | 2,929 | 4,020 | ||||||||||||||||||||||||
Other liabilities | 150,749 | 170,989 | 203,914 | 245,323 | 203,913 | ||||||||||||||||||||||||
Total Liabilities | 13,657,625 | 13,540,578 | 13,192,635 | 13,051,297 | 12,823,210 | ||||||||||||||||||||||||
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 -- 100,000,000 shares | |||||||||||||||||||||||||||||
Issued and outstanding | 6,678 | 6,676 | 6,689 | 6,747 | 6,744 | ||||||||||||||||||||||||
Additional paid-in capital | 987,404 | 985,818 | 988,659 | 1,009,182 | 1,007,300 | ||||||||||||||||||||||||
Retained earnings | 897,818 | 864,839 | 832,728 | 795,666 | 755,877 | ||||||||||||||||||||||||
Accumulated other comprehensive income | (84,392) | 55,113 | 39,889 | 60,080 | 35,810 | ||||||||||||||||||||||||
Total Stockholders' Equity | 1,807,633 | 1,912,571 | 1,868,090 | 1,871,800 | 1,805,856 | ||||||||||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 15,465,258 | $ | 15,453,149 | $ | 15,060,725 | $ | 14,923,097 | $ | 14,629,066 | |||||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||||||||||||
(Dollars In Thousands, Except Per Share Amounts) | March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||||||||||
2022 | 2021 | 2021 | 2021 | 2021 | |||||||||||||||||||||||||
INTEREST INCOME | |||||||||||||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||
Taxable | $ | 79,075 | $ | 80,583 | $ | 85,319 | $ | 87,002 | $ | 85,105 | |||||||||||||||||||
Tax-exempt | 5,704 | 5,635 | 5,591 | 5,545 | 5,339 | ||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||||||
Taxable | 8,510 | 8,028 | 7,788 | 7,440 | 6,695 | ||||||||||||||||||||||||
Tax-exempt | 15,875 | 15,411 | 14,464 | 13,071 | 12,385 | ||||||||||||||||||||||||
Deposits with financial institutions | 230 | 173 | 218 | 129 | 114 | ||||||||||||||||||||||||
Federal Home Loan Bank stock | 146 | 163 | 168 | 88 | 178 | ||||||||||||||||||||||||
Total Interest Income | 109,540 | 109,993 | 113,548 | 113,275 | 109,816 | ||||||||||||||||||||||||
INTEREST EXPENSE | |||||||||||||||||||||||||||||
Deposits | 4,294 | 5,589 | 5,707 | 5,823 | 6,200 | ||||||||||||||||||||||||
Federal funds purchased | — | 1 | — | 2 | 2 | ||||||||||||||||||||||||
Securities sold under repurchase agreements | 89 | 75 | 77 | 75 | 87 | ||||||||||||||||||||||||
Federal Home Loan Bank advances | 1,218 | 1,389 | 1,389 | 1,452 | 1,442 | ||||||||||||||||||||||||
Subordinated debentures and other borrowings | 1,659 | 1,666 | 1,660 | 1,659 | 1,657 | ||||||||||||||||||||||||
Total Interest Expense | 7,260 | 8,720 | 8,833 | 9,011 | 9,388 | ||||||||||||||||||||||||
NET INTEREST INCOME | 102,280 | 101,273 | 104,715 | 104,264 | 100,428 | ||||||||||||||||||||||||
Provision for credit losses - loans | — | — | — | — | — | ||||||||||||||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 102,280 | 101,273 | 104,715 | 104,264 | 100,428 | ||||||||||||||||||||||||
OTHER INCOME | |||||||||||||||||||||||||||||
Service charges on deposit accounts | 6,419 | 6,462 | 6,249 | 5,596 | 5,264 | ||||||||||||||||||||||||
Fiduciary and wealth management fees | 7,332 | 7,078 | 7,352 | 7,510 | 6,422 | ||||||||||||||||||||||||
Card payment fees | 5,723 | 3,937 | 4,156 | 4,159 | 4,367 | ||||||||||||||||||||||||
Net gains and fees on sales of loans | 2,199 | 3,423 | 3,955 | 8,325 | 3,986 | ||||||||||||||||||||||||
Derivative hedge fees | 918 | 1,562 | 1,028 | 943 | 317 | ||||||||||||||||||||||||
Other customer fees | 410 | 361 | 393 | 368 | 368 | ||||||||||||||||||||||||
Earnings on cash surrender value of life insurance | 1,696 | 2,051 | 2,468 | 1,205 | 1,336 | ||||||||||||||||||||||||
Net realized gains on sales of available for sale securities | 566 | 358 | 1,756 | 1,761 | 1,799 | ||||||||||||||||||||||||
Other income | 634 | 615 | 1,144 | 1,017 | 232 | ||||||||||||||||||||||||
Total Other Income | 25,897 | 25,847 | 28,501 | 30,884 | 24,091 | ||||||||||||||||||||||||
OTHER EXPENSES | |||||||||||||||||||||||||||||
Salaries and employee benefits | 42,519 | 42,432 | 43,314 | 42,438 | 38,811 | ||||||||||||||||||||||||
Net occupancy | 6,187 | 5,644 | 5,576 | 5,615 | 6,491 | ||||||||||||||||||||||||
Equipment | 5,080 | 4,994 | 4,529 | 4,848 | 5,030 | ||||||||||||||||||||||||
Marketing | 736 | 1,840 | 1,676 | 1,122 | 1,124 | ||||||||||||||||||||||||
Outside data processing fees | 4,363 | 4,581 | 4,794 | 4,698 | 4,244 | ||||||||||||||||||||||||
Printing and office supplies | 345 | 356 | 265 | 313 | 283 | ||||||||||||||||||||||||
Intangible asset amortization | 1,366 | 1,463 | 1,463 | 1,464 | 1,357 | ||||||||||||||||||||||||
FDIC assessments | 2,192 | 1,862 | 1,552 | 1,461 | 1,368 | ||||||||||||||||||||||||
Other real estate owned and foreclosure expenses | 564 | 171 | (91) | 178 | 734 | ||||||||||||||||||||||||
Professional and other outside services | 2,953 | 3,627 | 2,767 | 2,976 | 2,543 | ||||||||||||||||||||||||
Other expenses | 6,020 | 5,466 | 5,539 | 4,182 | 4,113 | ||||||||||||||||||||||||
Total Other Expenses | 72,325 | 72,436 | 71,384 | 69,295 | 66,098 | ||||||||||||||||||||||||
INCOME BEFORE INCOME TAX | 55,852 | 54,684 | 61,832 | 65,853 | 58,421 | ||||||||||||||||||||||||
Income tax expense | 7,266 | 6,951 | 9,062 | 10,294 | 8,952 | ||||||||||||||||||||||||
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ | 48,586 | $ | 47,733 | $ | 52,770 | $ | 55,559 | $ | 49,469 | |||||||||||||||||||
Per Share Data: | |||||||||||||||||||||||||||||
Basic Net Income Available to Common Stockholders | $ | 0.91 | $ | 0.89 | $ | 0.98 | $ | 1.03 | $ | 0.92 | |||||||||||||||||||
Diluted Net Income Available to Common Stockholders | $ | 0.91 | $ | 0.89 | $ | 0.98 | $ | 1.03 | $ | 0.91 | |||||||||||||||||||
Cash Dividends Paid | $ | 0.29 | $ | 0.29 | $ | 0.29 | $ | 0.29 | $ | 0.26 | |||||||||||||||||||
Average Diluted Shares Outstanding (in thousands) | 53,616 | 53,660 | 53,960 | 54,184 | 54,134 | ||||||||||||||||||||||||
FINANCIAL RATIOS: | |||||||||||||||||||||||||||||
Return on Average Assets | 1.26 | % | 1.25 | % | 1.41 | % | 1.51 | % | 1.39 | % | |||||||||||||||||||
Return on Average Stockholders' Equity | 10.28 | 10.10 | 11.17 | 12.04 | 10.75 | ||||||||||||||||||||||||
Return on Average Common Stockholders' Equity | 10.28 | 10.10 | 11.17 | 12.04 | 10.75 | ||||||||||||||||||||||||
Average Earning Assets to Average Assets | 92.23 | 91.86 | 91.57 | 91.87 | 91.43 | ||||||||||||||||||||||||
Allowance for Credit Losses - Loans as % of Total Loans | 2.09 | 2.11 | 2.21 | 2.19 | 2.16 | ||||||||||||||||||||||||
Net Charge-offs (Recoveries) as % of Average Loans (Annualized) | (0.03) | 0.20 | (0.01) | 0.06 | 0.16 | ||||||||||||||||||||||||
Average Stockholders' Equity to Average Assets | 12.23 | 12.36 | 12.59 | 12.51 | 12.92 | ||||||||||||||||||||||||
Tax Equivalent Yield on Average Earning Assets | 3.23 | 3.29 | 3.46 | 3.49 | 3.52 | ||||||||||||||||||||||||
Interest Expense/Average Earning Assets | 0.20 | 0.25 | 0.26 | 0.27 | 0.29 | ||||||||||||||||||||||||
Net Interest Margin (FTE) on Average Earning Assets | 3.03 | 3.04 | 3.20 | 3.22 | 3.23 | ||||||||||||||||||||||||
Efficiency Ratio | 52.79 | 53.49 | 51.18 | 48.91 | 50.23 | ||||||||||||||||||||||||
Tangible Common Book Value Per Share | $ | 23.26 | $ | 25.21 | $ | 24.31 | $ | 24.15 | $ | 22.98 |
LOANS | |||||||||||||||||||||||||||||
(Dollars In Thousands) | March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||||||||||
2022 | 2021 | 2021 | 2021 | 2021 | |||||||||||||||||||||||||
Commercial and industrial loans | $ | 2,826,660 | $ | 2,714,565 | $ | 2,573,615 | $ | 2,671,076 | $ | 2,876,212 | |||||||||||||||||||
Agricultural land, production and other loans to farmers | 209,077 | 246,442 | 240,686 | 235,020 | 245,631 | ||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Construction | 552,975 | 523,066 | 521,889 | 491,200 | 541,224 | ||||||||||||||||||||||||
Commercial real estate, non-owner occupied | 2,073,197 | 2,135,459 | 2,150,387 | 2,263,497 | 2,178,832 | ||||||||||||||||||||||||
Commercial real estate, owner occupied | 974,521 | 986,720 | 952,441 | 953,501 | 950,038 | ||||||||||||||||||||||||
Residential | 1,226,695 | 1,159,127 | 1,154,373 | 1,127,442 | 1,239,925 | ||||||||||||||||||||||||
Home equity | 512,641 | 523,754 | 531,307 | 489,997 | 482,229 | ||||||||||||||||||||||||
Individuals' loans for household and other personal expenditures | 147,593 | 146,092 | 135,093 | 130,819 | 126,387 | ||||||||||||||||||||||||
Public finance and other commercial loans | 832,882 | 806,636 | 781,785 | 758,698 | 677,750 | ||||||||||||||||||||||||
Loans | 9,356,241 | 9,241,861 | 9,041,576 | 9,121,250 | 9,318,228 | ||||||||||||||||||||||||
Allowance for credit losses - loans | (195,984) | (195,397) | (199,972) | (199,775) | (201,082) | ||||||||||||||||||||||||
NET LOANS | $ | 9,160,257 | $ | 9,046,464 | $ | 8,841,604 | $ | 8,921,475 | $ | 9,117,146 |
DEPOSITS | |||||||||||||||||||||||||||||
(Dollars In Thousands) | March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||||||||||
2022 | 2021 | 2021 | 2021 | 2021 | |||||||||||||||||||||||||
Demand deposits | $ | 7,806,033 | $ | 7,704,190 | $ | 7,317,399 | $ | 7,261,603 | $ | 7,245,850 | |||||||||||||||||||
Savings deposits | 4,444,417 | 4,334,802 | 4,301,483 | 4,157,552 | 3,857,624 | ||||||||||||||||||||||||
Certificates and other time deposits of $100,000 or more | 252,033 | 273,379 | 283,396 | 304,394 | 332,745 | ||||||||||||||||||||||||
Other certificates and time deposits | 380,293 | 389,752 | 404,010 | 423,922 | 449,655 | ||||||||||||||||||||||||
Brokered deposits | 23,177 | 30,454 | 42,401 | 55,929 | 65,906 | ||||||||||||||||||||||||
TOTAL DEPOSITS | $ | 12,905,953 | $ | 12,732,577 | $ | 12,348,689 | $ | 12,203,400 | $ | 11,951,780 |
CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS | |||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||||||||||||
March 31, 2022 | March 31, 2021 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest Income / Expense | Average Rate | Average Balance | Interest Income / Expense | Average Rate | ||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 484,626 | $ | 230 | 0.19 | % | $ | 441,254 | $ | 114 | 0.10 | % | |||||||||||||||||||||||
Federal Home Loan Bank stock | 27,914 | 146 | 2.09 | 28,736 | 178 | 2.48 | |||||||||||||||||||||||||||||
Investment Securities: (1) | |||||||||||||||||||||||||||||||||||
Taxable | 1,957,675 | 8,510 | 1.74 | 1,494,008 | 6,695 | 1.79 | |||||||||||||||||||||||||||||
Tax-Exempt (2) | 2,536,634 | 20,095 | 3.17 | 1,822,899 | 15,677 | 3.44 | |||||||||||||||||||||||||||||
Total Investment Securities | 4,494,309 | 28,605 | 2.55 | 3,316,907 | 22,372 | 2.70 | |||||||||||||||||||||||||||||
Loans held for sale | 4,352 | 40 | 3.68 | 16,139 | 156 | 3.87 | |||||||||||||||||||||||||||||
Loans: (3) | |||||||||||||||||||||||||||||||||||
Commercial | 6,868,438 | 64,679 | 3.77 | 6,876,818 | 69,174 | 4.02 | |||||||||||||||||||||||||||||
Real Estate Mortgage | 924,268 | 7,840 | 3.39 | 975,262 | 9,286 | 3.81 | |||||||||||||||||||||||||||||
Installment | 711,038 | 6,516 | 3.67 | 674,307 | 6,489 | 3.85 | |||||||||||||||||||||||||||||
Tax-Exempt (2) | 747,832 | 7,220 | 3.86 | 693,895 | 6,758 | 3.90 | |||||||||||||||||||||||||||||
Total Loans | 9,255,928 | 86,295 | 3.73 | 9,236,421 | 91,863 | 3.98 | |||||||||||||||||||||||||||||
Total Earning Assets | 14,262,777 | 115,276 | 3.23 | % | 13,023,318 | 114,527 | 3.52 | % | |||||||||||||||||||||||||||
Total Non-Earning Assets | 1,201,828 | 1,221,421 | |||||||||||||||||||||||||||||||||
Total Assets | $ | 15,464,605 | $ | 14,244,739 | |||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 5,027,466 | $ | 2,408 | 0.19 | % | $ | 4,616,988 | $ | 3,709 | 0.32 | % | |||||||||||||||||||||||
Money market deposits | 2,514,429 | 872 | 0.14 | 2,086,322 | 835 | 0.16 | |||||||||||||||||||||||||||||
Savings deposits | 1,867,411 | 441 | 0.09 | 1,660,528 | 476 | 0.11 | |||||||||||||||||||||||||||||
Certificates and other time deposits | 676,661 | 573 | 0.34 | 859,334 | 1,180 | 0.55 | |||||||||||||||||||||||||||||
Total Interest-bearing Deposits | 10,085,967 | 4,294 | 0.17 | 9,223,172 | 6,200 | 0.27 | |||||||||||||||||||||||||||||
Borrowings | 616,572 | 2,966 | 1.92 | 675,117 | 3,188 | 1.89 | |||||||||||||||||||||||||||||
Total Interest-bearing Liabilities | 10,702,539 | 7,260 | 0.27 | 9,898,289 | 9,388 | 0.38 | |||||||||||||||||||||||||||||
Noninterest-bearing deposits | 2,731,723 | 2,344,746 | |||||||||||||||||||||||||||||||||
Other liabilities | 139,120 | 161,272 | |||||||||||||||||||||||||||||||||
Total Liabilities | 13,573,382 | 12,404,307 | |||||||||||||||||||||||||||||||||
Stockholders' Equity | 1,891,223 | 1,840,432 | |||||||||||||||||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 15,464,605 | 7,260 | $ | 14,244,739 | 9,388 | |||||||||||||||||||||||||||||
Net Interest Income (FTE) | $ | 108,016 | $ | 105,139 | |||||||||||||||||||||||||||||||
Net Interest Spread (FTE) (4) | 2.96 | % | 3.14 | % | |||||||||||||||||||||||||||||||
Net Interest Margin (FTE): | |||||||||||||||||||||||||||||||||||
Interest Income (FTE) / Average Earning Assets | 3.23 | % | 3.52 | % | |||||||||||||||||||||||||||||||
Interest Expense / Average Earning Assets | 0.20 | % | 0.29 | % | |||||||||||||||||||||||||||||||
Net Interest Margin (FTE) (5) | 3.03 | % | 3.23 | % | |||||||||||||||||||||||||||||||
(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. Annualized amounts are computed using a 30/360 day basis. | |||||||||||||||||||||||||||||||||||
(2) Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2022 and 2021. These totals equal $5,736 and $4,711 for the three months ended March 31, 2022 and 2021, respectively. | |||||||||||||||||||||||||||||||||||
(3) Non accruing loans have been included in the average balances. | |||||||||||||||||||||||||||||||||||
(4) Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities. | |||||||||||||||||||||||||||||||||||
(5) Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets. |
ADJUSTED EPS EXCLUDING PAYCHECK PROTECTION PROGRAM ("PPP") - NON-GAAP | |||||||||||||||||||||||||||||
(Dollars In Thousands, Except Per Share Amounts) | |||||||||||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||||||||||||
2022 | 2021 | 2021 | 2021 | 2021 | |||||||||||||||||||||||||
Net Income Available to Common Shareholders - GAAP | $ | 48,586 | $ | 47,733 | $ | 52,770 | $ | 55,559 | $ | 49,469 | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||
PPP loan income | (1,884) | (3,721) | (8,211) | (9,725) | (9,243) | ||||||||||||||||||||||||
Tax on adjustment | 462 | 912 | 2,013 | 2,385 | 2,266 | ||||||||||||||||||||||||
Adjust Net Income Available to Common Stockholders - Non-GAAP | $ | 47,164 | $ | 44,924 | $ | 46,572 | $ | 48,219 | $ | 42,492 | |||||||||||||||||||
Average Diluted Shares Outstanding (in thousands) | 53,616 | 53,660 | 53,960 | 54,184 | 54,134 | ||||||||||||||||||||||||
Diluted Earnings Per Share - GAAP | $ | 0.91 | $ | 0.89 | $ | 0.98 | $ | 1.03 | $ | 0.91 | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||
PPP loan income | (0.04) | (0.07) | (0.15) | (0.18) | (0.17) | ||||||||||||||||||||||||
Tax on adjustment | 0.01 | 0.02 | 0.04 | 0.04 | 0.04 | ||||||||||||||||||||||||
Adjusted Diluted Earnings Per Share - Non-GAAP | $ | 0.88 | $ | 0.84 | $ | 0.87 | $ | 0.89 | $ | 0.78 |