EX-99.1 2 l13486aexv99w1.htm EX-99.1 Exhibit 99.1
 

EXHIBIT 99.1

                     
News
  News   News   News   News   News
 

(FIRST FINANCIAL BANCORP LOGO)

April 20, 2005

First Financial Bancorp Reports First-Quarter Earnings

  •   2005 net earnings up 7.8 percent over 2004
 
  •   Continued improvement in credit quality

HAMILTON, Ohio – First Financial Bancorp (Nasdaq: FFBC) president and chief executive officer, Claude E. Davis, today announced first-quarter 2005 earnings of $10,726,000 or 25 cents in diluted earnings per share, compared to $9,948,000 or 23 cents in diluted earnings per share for the same period in 2004.

Return on average assets for the first quarter of 2005 was 1.13 percent, compared to 1.03 percent for the same period in 2004. Return on average shareholders’ equity was 11.73 percent for the first quarter of 2005, versus 10.88 percent for the comparable period in 2004. First Financial continues to maintain strong capital with a first-quarter 2005 average equity to average assets ratio of 9.62 percent.

Davis said, “I am pleased with the overall stability in our financial performance, specifically our credit quality. I look forward to building from this base as we implement our strategic plan. This will occur as we work to satisfy client financial needs by building long-term relationships using a client-centered, value-added approach.

“Our loan growth continues to be below our long-term expectations; however, our noninterest-bearing demand deposit growth of 8.81 percent or $35 million since the first quarter of last year is encouraging. We remain focused on improving our sales efforts and recruiting new sales talent to improve our growth in all business lines.”

(The preceding overview of First Financial Bancorp’s earnings is supplemented with the following detail:)

 


 

Strategic Plan Update:

The mergers of Citizens First State Bank into Community First Bank & Trust, headquartered in Celina, Ohio, a $929 million bank, and Heritage Community Bank into First Financial Bank, headquartered in Hamilton, Ohio, a $2 billion bank, occurred in March of 2005. The previously announced sale of the Fidelity Federal Savings Bank, headquartered in Marion, Indiana, to Mutual Federal Savings Bank of Muncie, Indiana is expected to close in late 2005, pending regulatory approval.

First Financial Bancorp has selected a national bank charter for the consolidation of its operations under one company as provided for in the company’s strategic plan. To effect the consolidation, First Financial plans to merge Sand Ridge Bank, headquartered in Highland, Indiana, and Community First Bank & Trust, headquartered in Celina, Ohio, into First Financial Bank, N.A., headquartered in Hamilton, Ohio. First Financial will file applications for the merger in the second quarter of 2005, and, subject to regulatory approval, expects to complete the merger in the third quarter of 2005. Upon completion of the merger, First Financial Bancorp will have a single bank subsidiary subject to one primary regulator, the Comptroller of the Currency.

Following the consolidation, the operation of the five lines of business described in the strategic plan will be carried out under the charter of First Financial Bank, N.A. The three banking lines of business will be marketed in their local areas under the brand names Community First Bank & Trust, Sand Ridge Bank, and First Financial Bank. Throughout all of its markets, First Financial Bank, N.A. will provide wealth management services through its First Financial Wealth Management line of business, and the bank will provide insurance services through its First Financial Insurance line of business, which will become a subsidiary of the bank.

Implementation of the strategic plan that was announced in a press release dated March 14, 2005, is underway. Costs associated with the plan are still being formulated and will be released publicly as soon as the amounts are reasonably estimated. This should occur during the second quarter of 2005. These estimates will develop as certain location and other structural decisions are made. We have engaged several
subject-matter experts for consultation on these decisions.

Net Interest Income:

Net interest income for the first quarter of 2005 was $34.9 million, compared to $36.2 million in the first quarter of 2004, a decrease of 3.45 percent or $1.2 million. This decrease is due primarily to an increase

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in deposit costs. Net interest income on a linked-quarter basis (first quarter of 2005 compared to fourth quarter of 2004) decreased $478,000 or 1.35 percent due primarily to fewer days in the first quarter over the fourth quarter.

The company’s net interest margin decreased to 3.97 percent in the first quarter of 2005 from 4.00 percent in the first quarter of 2004.
Linked-quarter net interest margin increased 6 basis points from 3.91 percent to 3.97.

Average total loans for the first quarter of 2005 increased 1.90 percent from the comparable period a year ago. On a linked-quarter basis, average outstanding loan balances decreased 0.92 percent. This level of loan growth is well below our expectations and will be proactively addressed as we execute our strategic plan.

Average deposit balances for the first quarter increased $47.2 million or 1.61 percent from the comparable period a year ago due primarily to an 8.81 percent increase in average noninterest-bearing deposit accounts. This increase in noninterest-bearing deposit accounts marks the successful efforts of focused strategies over the past twelve months. On a linked-quarter basis, average deposits have increased 1.27%.

Credit Quality:

The provision for loan losses for the first quarter of 2005 was $505,000 compared to $2.6 million for the same period in 2004. The provision is the result of the quarterly analysis of the adequacy of the allowance for loan losses and is directionally consistent with the improvements in asset quality. Net charge-offs of $1.2 million for the first quarter were $1.5 million less than the $2.7 million in net charge-offs for the first quarter of 2004. The percentage of net charge-offs to average loans for the first quarter of 2005 was 0.18 percent compared to 0.38 percent for the same period in 2004.

First Financial continued to maintain appropriate risk coverage with an allowance to ending loans ratio of 1.60 percent at quarter end versus 1.68 percent for the same quarter a year ago. It is management’s belief that the allowance for loan losses of $46.0 million is adequate to absorb credit losses inherent in the portfolio at March 31, 2005.

The nonperforming assets to ending loans ratio decreased to 0.71 percent as of March 31, 2005, from 1.16 percent at the end of the first quarter of 2004. Total nonperforming assets — which include nonaccrual loans, restructured loans, and other real estate owned – decreased 38.40 percent to $20.3 million at the end of the first quarter of 2005 from $33.0 million at March 31, 2004. Nonaccrual loans decreased $10.1

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million, restructured loans decreased $2.5 million, and other real estate owned decreased $116,000. On a linked-quarter basis, total nonperforming assets decreased $3.6 million or 15.02 percent. A significant driver to the improvement of credit quality in the first quarter is the workout of a few large credits.

Loans delinquent over 90 days decreased 56.13 percent to $590,000 at the end of the first quarter of 2005 from $1.3 million at the end of the first quarter of 2004.

This continued credit quality improvement has been positively influenced by economic recovery and improved credit risk and risk management disciplines. Given the current economic environment, First Financial expects continued stable credit quality trends through 2005, although moderate fluctuations could occur.

Noninterest Income:

First-quarter 2005 noninterest income was $15.1 million, an increase of $683,000 or 4.73 percent from the first quarter of 2004 due to changes in estimated life insurance income of $830,000 reflected in other noninterest income. Service charge income decreased $396,000 or 8.58 percent from the same quarter a year ago largely due to decreased insufficient funds charges. Improvements to insufficient funds charges are expected as some deposit product enhancements occur during the latter portion of 2005. Trust revenues for the first quarter of 2005 increased 5.19 percent or $202,000 more than the comparable period last year as a result of year-over-year market value improvements, improved sales efforts, and service-fee changes on certain accounts. Bankcard interchange income increased $247,000 or 20.84 percent from the same quarter in 2004. The other category of noninterest income increased $459,000 or 10.28 percent from a year ago principally as a result of the aforementioned change in estimated insurance income. Gains on the sale of mortgage loans were $464,000 for the first quarter of 2005 versus $289,000 for the comparable period in 2004, an increase of $175,000.

On a linked-quarter basis, total noninterest income was up 3.02 percent or $444,000. Decreases in trust revenues and service charges on deposit accounts were more than offset by the previously discussed life insurance income.

Noninterest Expense:

Total noninterest expense increased $578,000 or 1.74 percent for the first quarter of 2005 from the first quarter of 2004. Salaries and employee benefits increased $705,000 or 3.81 percent due to severance charges, enhancements to the executive staff at the parent company, and increased health care costs. Net occupancy expenses for the first quarter of 2005, increased $168,000 or 7.62 percent as a result of

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increased building rent, depreciation, and related expenses. Data-processing expense for the quarter decreased $138,000 or 7.41 percent.

Earnings Conference Call and Webcast

On April 21, 2005, First Financial will host an earnings conference call that will be webcast live at 11:00 a.m. EDT. The presenters will be Claude E. Davis, president and chief executive officer, C. Douglas Lefferson, executive vice president and chief operating officer, and J. Franklin Hall, chief financial officer. Anyone may participate in the conference call by telephoning 1-877-407-8031 (no passcode needed) or by logging on to the company’s website (http://ffbc-oh.com) for a live audio webcast of the call (click on the Investor Information section and choose the category of News). Listeners should allow an extra five minutes to be connected to the call or webcast.

The event will also be archived on the company’s website for one year. Anyone who wishes to hear a replay of the event by telephone may dial 1-877-660-6853, account# 286, conference ID# 148903 between 3:00 p.m. EDT on April 21, 2005 and 11:59 p.m. on April 28, 2005.

Other Items:

First Financial repurchased 106,000 shares of its common stock during the first quarter of 2005 under a previously approved and ongoing program for general corporate purposes.

A $3.9 billion publicly owned bank holding company with over 4,000 shareholders, First Financial Bancorp currently operates 4 banking affiliates with a total of 106 retail banking centers in Ohio, Michigan, Kentucky, and Indiana, as well as an investment-advisor affiliate and an operations affiliate. Insurance services are offered through First Financial Insurance.

This release should be read in conjunction with the consolidated financial statements, notes, and tables attached and in the First Financial Bancorp Annual Report on Form 10-K for the year ended December 31, 2004. Management’s analysis may contain forward-looking statements that are provided to assist in the understanding of anticipated future financial performance. However, such performance involves risk and uncertainties that may cause actual results to differ materially. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to, the strength of the local economies in which operations are conducted, the effects of and changes in policies and laws of regulatory agencies, inflation, and interest rates. For further discussion of certain factors that may cause such forward-looking statements to differ materially from actual results, refer to the 2004 Form 10-K.

First Financial Bancorp
P.O. Box 476
Hamilton, OH 45012
Analyst Contact: J. Franklin Hall
513-867-4954
frank.hall@ffbc-oh.com
Media Contact: Cheryl R. Lipp
513-867-4929
cheryl.lipp@comfirst.com

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FRST FINANCIAL BANCORP.
CONSOLIDATED FINANCIAL DATA

(Dollars in thousands, except per share)
(Unaudited)

                                         
                    Three months ended              
    March 31,     Dec. 31,     Sep. 30,     June 30,     March 31,  
    2005     2004     2004     2004     2004  
EARNINGS
                                       
Net interest income
  $ 34,911     $ 35,389     $ 36,201     $ 36,000     $ 36,157  
Net earnings
    10,726       10,009       10,824       10,337       9,948  
Net earnings per share - basic
  $ 0.25     $ 0.23     $ 0.25     $ 0.24     $ 0.23  
Net earnings per share - diluted
  $ 0.25     $ 0.23     $ 0.25     $ 0.24     $ 0.23  
 
KEY RATIOS
                                       
Return on average assets
    1.13 %     1.03 %     1.09 %     1.06 %     1.03 %
Return on average shareholders’ equity
    11.73 %     10.74 %     11.81 %     11.40 %     10.88 %
Return on average tangible shareholders’ equity
    13.00 %     11.91 %     13.14 %     12.67 %     12.08 %
Average shareholders’ equity to average assets
    9.62 %     9.55 %     9.27 %     9.33 %     9.44 %
Net interest margin
    3.97 %     3.91 %     3.93 %     3.98 %     4.00 %
Net interest margin (fully tax equivalent)*
    4.06 %     3.99 %     4.02 %     4.07 %     4.10 %
 
COMMON STOCK DATA
                                       
Average basic shares outstanding
    43,599,866       43,708,800       43,750,598       43,868,314       43,949,362  
Average diluted shares outstanding
    43,673,090       43,762,371       43,817,398       43,951,016       43,967,599  
Ending shares outstanding
    43,544,023       43,677,236       43,695,439       43,810,651       43,924,139  
Market price:
                                       
High
  $ 19.25     $ 17.90     $ 18.78     $ 18.47     $ 18.82  
Low
  $ 16.65     $ 16.90     $ 16.71     $ 15.61     $ 16.29  
Close
  $ 18.25     $ 17.50     $ 17.08     $ 17.72     $ 18.50  
Book value
  $ 8.45     $ 8.50     $ 8.50     $ 8.24     $ 8.44  
Common dividend declared
  $ 0.16     $ 0.15     $ 0.15     $ 0.15     $ 0.15  
 
AVERAGE BALANCE SHEET ITEMS
                                       
Loans less unearned income
  $ 2,873,378     $ 2,900,008     $ 2,920,472     $ 2,859,043     $ 2,819,711  
Investment securities
    669,176       700,235       729,627       767,667       799,823  
Other earning assets
    21,616       4,926       9,818       13,827       12,279  
 
                             
Total earning assets
    3,564,170       3,605,169       3,659,917       3,640,537       3,631,813  
Total assets
    3,853,336       3,882,052       3,932,743       3,907,566       3,894,900  
Noninterest-bearing deposits
    430,774       432,775       409,237       405,098       395,894  
Interest-bearing deposits
    2,543,193       2,504,032       2,518,080       2,514,194       2,530,912  
 
                             
Total deposits
    2,973,967       2,936,807       2,927,317       2,919,292       2,926,806  
Borrowings
    480,282       547,940       616,459       595,640       573,310  
Shareholders’ equity
    370,829       370,722       364,495       364,574       367,628  
 
CREDIT QUALITY
                                       
Ending allowance for loan losses
  $ 45,976     $ 46,718     $ 48,590     $ 47,824     $ 47,672  
Nonperforming assets:
                                       
Nonaccrual
    16,508       20,102       22,203       22,723       26,586  
Restructured
    885       2,110       2,344       2,936       3,373  
OREO
    2,954       1,730       2,731       2,215       3,070  
 
                             
Total nonperforming assets
    20,347       23,942       27,278       27,874       33,029  
 
                                       
Loans delinquent over 90 days
    590       2,053       1,116       721       1,345  
 
                                       
Gross charge-offs:
                                       
Commercial real estate
    (195 )     (746 )     (166 )     (105 )     (631 )
Commercial loans and leases
    (831 )     (925 )     (429 )     (560 )     (1,036 )
Consumer
    (1,768 )     (1,484 )     (1,507 )     (2,622 )     (2,588 )
All other
    (8 )     (24 )     (22 )     (2 )     (27 )
 
                             
Total gross charge-offs
    (2,802 )     (3,179 )     (2,124 )     (3,289 )     (4,282 )
 
                                       
Recoveries:
                                       
Commercial real estate
    239       80       10       0       34  
Commercial loans and leases
    531       325       213       467       538  
Consumer
    780       559       553       723       1,011  
All other
    5       0       17       8       0  
 
                             
Total recoveries
    1,555       964       793       1,198       1,583  
 
                             
Total net charge-offs
    (1,247 )     (2,215 )     (1,331 )     (2,091 )     (2,699 )
 
CREDIT QUALITY RATIOS
                                       
Allowance to ending loans, net of unearned income
    1.60 %     1.61 %     1.66 %     1.65 %     1.68 %
Nonperforming assets to ending loans, net of unearned income plus OREO
    0.71 %     0.83 %     0.93 %     0.96 %     1.16 %
90 days past due to loans, net of unearned income
    0.02 %     0.07 %     0.04 %     0.02 %     0.05 %
Net charge-offs to average loans, net of unearned income
    0.18 %     0.30 %     0.18 %     0.29 %     0.38 %


*The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 35% tax rate. Management believes that it is a standard practice in the banking industry to present net interest margin and net interest income on a fully tax equivalent basis. Therefore, management believes, these measures provide useful information to investors by allowing them to make peer comparisons. Management also uses these measures to make peer comparisons.

 


 

FRST FINANCIAL BANCORP.
CONSOLIDATED STATEMENTS OF EARNINGS

(Dollars in thousands)
(Unaudited)

                                         
                    Three months ended,              
    March 31,     Dec. 31,     Sep. 30,     June 30,     March 31,  
    2005     2004     2004     2004     2004  
Interest income
                                       
Loans, including fees
  $ 43,819     $ 43,736     $ 43,687     $ 42,461     $ 42,522  
Investment securities
                                       
Taxable
    5,538       5,810       6,106       6,241       6,813  
Tax-exempt
    1,230       1,307       1,321       1,381       1,449  
 
                             
Total investment securities interest
    6,768       7,117       7,427       7,622       8,262  
 
                                       
Interest-bearing deposits with other banks
    23       16       22       34       28  
Federal funds sold and securities purchased under agreements to resell
    104       8       15       9       11  
 
                             
Total interest income
    50,714       50,877       51,151       50,126       50,823  
 
                                       
Interest expense
                                       
Deposits
    10,816       10,136       9,504       9,037       9,662  
Short-term borrowings
    432       688       793       526       499  
Long-term borrowings
    4,109       4,255       4,274       4,226       4,163  
Other long-term debt
    446       409       379       337       342  
 
                             
Total interest expense
    15,803       15,488       14,950       14,126       14,666  
 
                             
Net interest income
    34,911       35,389       36,201       36,000       36,157  
Provision for loan losses
    505       343       2,097       2,243       2,600  
 
                             
Net interest income after provision for loan losses
    34,406       35,046       34,104       33,757       33,557  
 
                                       
Noninterest income
                                       
Service charges on deposit accounts
    4,217       4,520       4,920       4,794       4,613  
Trust revenues
    4,094       4,206       3,774       4,030       3,892  
Bankcard interchange income
    1,432       1,433       1,403       1,280       1,185  
Gains from sales of mortgage loans
    464       441       424       408       289  
Investment securities gains (losses)
    (6 )     13       (8 )     (1 )     (2 )
Other
    4,923       4,067       5,503       4,394       4,464  
 
                             
Total noninterest income
    15,124       14,680       16,016       14,905       14,441  
 
                                       
Noninterest expenses
                                       
Salaries and employee benefits
    19,224       19,666       19,491       19,056       18,519  
Net occupancy
    2,373       2,186       2,119       1,968       2,205  
Furniture and equipment
    1,638       1,851       1,782       1,800       1,804  
Data processing
    1,725       1,792       1,773       1,758       1,863  
Marketing
    529       579       679       718       740  
Communication
    784       713       698       694       706  
Professional Services
    1,400       1,423       1,663       1,139       1,249  
Amortization of intangibles
    220       220       220       220       216  
Other
    5,929       6,626       6,017       6,036       5,942  
 
                             
Total noninterest expenses
    33,822       35,056       34,442       33,389       33,244  
 
                             
Income before income taxes
    15,708       14,670       15,678       15,273       14,754  
Income tax expense
    4,982       4,661       4,854       4,936       4,806  
 
                             
Net earnings
  $ 10,726     $ 10,009     $ 10,824     $ 10,337     $ 9,948  
 
                             

ADDITIONAL DATA — FULLY TAX EQUIVALENT NET INTEREST INCOME*

                                         
Interest income
  $ 50,714     $ 50,877     $ 51,151     $ 50,126     $ 50,823  
Tax equivalent adjustment
    758       773       778       819       860  
 
                             
Interest income - tax equivalent
    51,472       51,650       51,929       50,945       51,683  
Interest expense
    15,803       15,488       14,950       14,126       14,666  
 
                             
 
                                       
Net interest income - tax equivalent
  $ 35,669     $ 36,162     $ 36,979     $ 36,819     $ 37,017  
 
                             


*The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 35% tax rate. Management believes that it is a standard practice in the banking industry to present net interest margin and net interest income on a fully tax equivalent basis. Therefore, management believes, these measures provide useful information to investors by allowing them to make peer comparisons. Management also uses these measures to make peer comparisons.

 


 

FIRST FINANCIAL BANCORP.
CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in thousands)
(Unaudited)

                         
    March 31,     Dec. 31,     March 31,  
    2005     2004     2004  
ASSETS
                       
Cash and due from banks
  $ 166,753     $ 155,353     $ 138,950  
Interest-bearing deposits with other banks
    3,550       920       8,195  
Federal funds sold and securities purchased under agreements to resell
    26,450       12,049       1,987  
Investment securities, held-to-maturity
    13,443       12,809       12,482  
Investment securities, available-for-sale
    641,315       669,431       771,765  
Loans
                       
Commercial
    631,651       644,933       677,918  
Real estate-construction
    87,576       91,475       77,388  
Real estate-mortgage
    1,534,656       1,539,398       1,494,663  
Installment
    589,817       592,402       553,679  
Credit card
    20,353       21,895       20,159  
Lease financing
    4,305       5,229       10,353  
 
                 
Total loans
    2,868,358       2,895,332       2,834,160  
Less
                       
Unearned income
    2       6       48  
Allowance for loan losses
    45,976       46,718       47,672  
 
                 
Net loans
    2,822,380       2,848,608       2,786,440  
Premises and equipment
    68,419       66,898       59,816  
Goodwill
    28,656       28,444       28,344  
Other intangibles
    7,612       7,855       7,943  
Other assets
    116,765       114,304       102,703  
 
                 
Total Assets
  $ 3,895,343     $ 3,916,671     $ 3,918,625  
 
                 
 
                       
LIABILITIES
                       
Deposits
                       
Noninterest-bearing
  $ 444,137     $ 443,902     $ 403,522  
Interest-bearing
    2,595,608       2,541,084       2,528,828  
 
                 
Total deposits
    3,039,745       2,984,986       2,932,350  
Short-term borrowings
    72,484       145,144       195,191  
Federal Home Loan Bank long-term debt
    348,717       350,856       354,615  
Other long-term debt
    30,930       30,930       30,930  
Accrued interest and other liabilities
    35,320       33,300       34,724  
 
                 
Total Liabilities
    3,527,196       3,545,216       3,547,810  
 
                       
SHAREHOLDERS’ EQUITY
                       
Common stock
    395,311       395,521       395,595  
Retained earnings
    68,849       65,095       53,680  
Accumulated comprehensive income
    (8,084 )     (3,123 )     4,648  
Restricted stock awards
    (2,647 )     (3,073 )     (4,403 )
Treasury stock, at cost
    (85,282 )     (82,965 )     (78,705 )
 
                 
Total Shareholders’ Equity
    368,147       371,455       370,815  
 
                 
Total Liabilities and Shareholders’ Equity
  $ 3,895,343     $ 3,916,671     $ 3,918,625  
 
                 

ADDITIONAL DATA — RISK BASED CAPITAL

                                         
    March 31,     Dec. 31,     Sep. 30,     June 30,     March 31,  
    2005     2004     2004     2004     2004  
Tier 1 Capital
  $ 368,693     $ 367,114     $ 364,529     $ 361,597     $ 359,134  
Tier 1 Ratio
    13.45 %     13.23 %     13.24 %     12.98 %     13.19 %
Total Capital
  $ 403,108     $ 401,957     $ 399,108     $ 396,580     $ 393,331  
Total Capital Ratio
    14.70 %     14.48 %     14.50 %     14.24 %     14.45 %
Total Risk-Adjusted Assets
  $ 2,741,622     $ 2,775,584     $ 2,752,339     $ 2,785,789     $ 2,722,261  
Leverage Ratio
    9.65 %     9.54 %     9.35 %     9.33 %     9.30 %

 


 

FIRST FINANCIAL BANCORP.
AVERAGE CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in thousands)
(Unaudited)

                                         
                    Quarterly Averages              
    March 31,     Dec. 31,     Sep. 30,     June 30,     March 31,  
    2005     2004     2004     2004     2004  
ASSETS
                                       
Cash and due from banks
  $ 121,903     $ 117,450     $ 120,166     $ 115,009     $ 114,977  
Interest-bearing deposits with other banks
    3,624       3,008       5,124       10,422       7,588  
Federal funds sold and securities purchased under agreements to resell
    17,992       1,918       4,694       3,405       4,691  
Investment securities
    669,176       700,235       729,627       767,667       799,823  
Loans
                                       
Commercial
    627,938       638,154       652,874       667,796       669,188  
Real estate-construction
    88,247       99,346       88,056       77,963       76,193  
Real estate-mortgage
    1,543,054       1,538,621       1,556,555       1,520,659       1,488,463  
Installment
    588,867       597,299       594,796       562,990       554,374  
Credit card
    20,549       20,631       20,493       20,134       20,274  
Lease financing
    4,727       5,965       7,716       9,538       11,284  
 
                             
Total loans
    2,873,382       2,900,016       2,920,490       2,859,080       2,819,776  
Less
                                       
Unearned income
    4       8       18       37       65  
Allowance for loan losses
    46,502       48,815       48,220       47,873       47,877  
 
                             
Net loans
    2,826,876       2,851,193       2,872,252       2,811,170       2,771,834  
Premises and equipment
    67,776       64,765       61,750       60,155       59,271  
Other assets
    145,989       143,483       139,130       139,738       136,716  
 
                             
Total Assets
  $ 3,853,336     $ 3,882,052     $ 3,932,743     $ 3,907,566     $ 3,894,900  
 
                             
 
                                       
LIABILITIES
                                       
Deposits
                                       
Interest-bearing
  $ 172,515     $ 142,754     $ 160,728     $ 167,560     $ 193,256  
Savings
    1,057,304       1,060,305       1,072,417       1,057,305       1,030,709  
Time
    1,313,374       1,300,973       1,284,935       1,289,329       1,306,947  
 
                             
Total interest-bearing deposits
    2,543,193       2,504,032       2,518,080       2,514,194       2,530,912  
Noninterest-bearing
    430,774       432,775       409,237       405,098       395,894  
 
                             
Total deposits
    2,973,967       2,936,807       2,927,317       2,919,292       2,926,806  
Borrowed funds
                                       
Short-term borrowings
    99,959       163,936       234,622       215,124       209,166  
Federal Home Loan Bank long-term debt
    349,393       353,074       350,907       349,586       333,214  
Other long-term debt
    30,930       30,930       30,930       30,930       30,930  
 
                             
Total borrowed funds
    480,282       547,940       616,459       595,640       573,310  
Accrued interest and other liabilities
    28,258       26,583       24,472       28,060       27,156  
 
                             
Total Liabilities
    3,482,507       3,511,330       3,568,248       3,542,992       3,527,272  
 
                                       
SHAREHOLDERS’ EQUITY
                                       
Common stock
    395,413       395,533       395,581       395,586       395,648  
Retained earnings
    66,243       61,389       58,598       53,999       51,165  
Accumulated comprehensive income
    (3,662 )     (322 )     (4,317 )     (1,199 )     3,311  
Restricted stock awards
    (2,851 )     (3,447 )     (3,636 )     (4,124 )     (4,220 )
Treasury stock, at cost
    (84,314 )     (82,431 )     (81,731 )     (79,688 )     (78,276 )
 
                             
Total Shareholders’ Equity
    370,829       370,722       364,495       364,574       367,628  
 
                             
Total Liabilities and Shareholders’ Equity
  $ 3,853,336     $ 3,882,052     $ 3,932,743     $ 3,907,566     $ 3,894,900