-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, K32rChTIY1Gq58xIZJ2yrqDE494jd8Ony6XGdcCbZQ2tdPoX3fejGI/cu3Od814l azV7J7wH2lcEuMhRq28Nbg== 0000712534-06-000004.txt : 20060127 0000712534-06-000004.hdr.sgml : 20060127 20060127100844 ACCESSION NUMBER: 0000712534-06-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20060127 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060127 DATE AS OF CHANGE: 20060127 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST MERCHANTS CORP CENTRAL INDEX KEY: 0000712534 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 351544218 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-17071 FILM NUMBER: 06555512 BUSINESS ADDRESS: STREET 1: 200 E JACKSON ST STREET 2: PO BOX 792 CITY: MUNCIE STATE: IN ZIP: 47308-0792 BUSINESS PHONE: 7657471500 MAIL ADDRESS: STREET 1: 200 EAST JACKSON STREET CITY: MUNCIE STATE: IN ZIP: 47305 8-K 1 f8k012706er4thqtr.txt EARNINGS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ------------------------------ DATE OF REPORT (Date of earliest event reported): January 27, 2006 ------------------------------ FIRST MERCHANTS CORPORATION (Exact name of registrant as specified in its charter) ------------------------------- INDIANA 0-17071 35-1544218 (State or other jurisdiction (Commission file number) (IRS Employer of incorporation) Identification No.) 200 East Jackson Street P.O. Box 792 Muncie, IN 47305-2814 (Address of principal executive offices, including zip code) (765) 747-1500 (Registrant's telephone number, including area code) Not Applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Page 1 of 12 ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On January 27, 2006, First Merchants Corporation issued a press release to report its financial results for the fourth quarter ended December 31, 2005 and year to date results for the period ending December 31, 2005. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The information in this Current Report on Form 8-K, including Exhibit No. 99.1 hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability of that section. The information in this Current Report shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document. ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS. (a) Not applicable. (b) Not applicable. (c) Exhibits. Exhibit 99.1 Press Release, dated January 27, 2006, issued by First Merchants Corporation Page 2 of 12 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. First Merchants Corporation (Registrant) By: /s/ Mark K. Hardwick -------------------------------------------- Mark K. Hardwick Senior Vice President and Chief Financial Officer (Principal Financial and Chief Accounting Officer) Dated: January 27, 2006 Page 3 of 12 EXHIBIT INDEX ------------- Exhibit No. - ----------- 99.1 Description ----------- Press Release, dated January 27, 2006, issued by First Merchants Corporation. Page 4 of 12 First Merchants Corporation Exhibit No. 99.1 Press Release, dated January 27, 2006 N / E / W / S R / E / L / E / A / S / E January 27, 2006 FOR IMMEDIATE RELEASE For more information, contact: Mark K. Hardwick, Executive Vice President/Chief Financial Officer, 765-751-1857 http://firstmerchants.com SOURCE: First Merchants Corporation, Muncie, Indiana FIRST MERCHANTS CORPORATION ANNOUNCES INCREASE IN 2005 EARNINGS PER SHARE First Merchants Corporation (NASDAQ - FRME) has reported fourth-quarter diluted earnings per share of $.41, a 2.5 percent increase over $.40 recorded in the fourth quarter of 2004. Net income during the quarter totaled $8.2 million compared to $7.7 million in 2004. Full-year 2005 diluted earnings per share totaled $1.63, a 3.2 percent increase over $1.58 recorded in 2004. Net income totaled $30.2 million compared to $29.4 million in 2004. 2005 net-interest income improved by $5.7 million, or 5.4 percent, as net-interest margin improved to 3.97 percent, a 9-basis point increase over 2004. Core non-interest income also increased by $1,353,000, or 4.1 percent, after discounting nonrecurring gains from the sale of securities of $1.2 million taken in 2004. The allowance for loan losses improved to 1.02 percent of total loans on December 31, 2005, a 9-basis point improvement over 2004. The improvement in the allowance is reflective of increased provisions of $2.6 million during 2005. Additionally, non-performing assets declined from 79-basis points in 2004 to 69 basis points in 2005, a $2 million dollar improvement. Operating expenses increased by $2.3 million, or 2.5 percent in 2005. However, as reported in the Corporation's 8-K filing of February 16, 2005, a $1.6 million charge related to the curtailment of the Corporation's defined benefit pension plan is included in the increase. Absent the curtailment charge, operating expenses increased by just .7 percent. Total assets equaled $3.2 billion at year-end, an increase of $45 million, or 1.4 percent from December 31, 2004. Loans, investments and bank-owned life insurance, the Corporation's three primary earning assets, totaled $2.9 billion, an increase of $44 million over the prior year. Michael L. Cox, President and Chief Executive Officer, stated that, "Given the many extraordinary events of the year, including our voluntary increase in the allowance for loan losses, the absence of non-recurring gains from the sale of securities and the pension curtailment expense, 2005 represents a good improvement in the overall run rate and financial condition of the Corporation. First Merchants' earnings have now increased in 29 of the past 30 years." CONFERENCE CALL First Merchants Corporation will conduct a conference call at 2:30 p.m. (ET) today, Friday, January 27, 2006. To participate dial (Toll Free) 877-407-9210 and reference First Merchants Corporation's fourth quarter earnings release. A replay will be available until February 3, 2006. To access, US/Canada participants should dial (Toll Free) 877-660-6853 or for International participants, dial 201-612-7415. The replay will require the Account # 286 and Conference ID # 186821. During the call we may make Forward Looking statements about our relative business outlook. These Forward Looking statements and all other statements made during the call that do not concern historical facts are subject to risks and uncertainties that may materially affect actual results. Specific Forward Looking statements include but are not limited to any indications regarding the Financial Services industry, the economy and future growth of the balance sheet or income statement. Detailed financial results are reported on the attached pages. First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. Subsidiaries of the Corporation include First Merchants Bank, Madison Community Bank, United Communities National Bank, First National Bank, Decatur Bank & Trust Company, Frances Slocum Bank, Lafayette Bank & Trust Company, Commerce National Bank and Merchants Trust Company. The Corporation also operates First Merchants Insurance Services, a full-service property casualty, personal lines, and healthcare insurance agency, headquartered in Muncie, Indiana, and is a majority member of Indiana Title Insurance Company, LLC, a title insurance agency. First Merchants Corporation's common stock is traded over-the-counter on the NASDAQ National Market System under the symbol FRME. Quotations are carried in daily newspapers and can be found on the company's Internet web page (http:/www.firstmerchants.com). * * * *
CONSOLIDATED BALANCE SHEETS (in thousands) December 31, 2005 2004 Assets Cash and due from banks $ 70,417 $ 69,960 Interest-bearing time deposits 8,748 9,343 Investment securities 434,266 421,535 Mortgage loans held for sale 4,910 3,367 Loans 2,457,427 2,428,051 Less: Allowance for loan losses (25,188) (22,548) ---------- ---------- Net Loans 2,432,239 2,405,503 Premises and equipment 39,417 38,254 Federal Reserve and Federal Home Loan Bank stock 23,200 22,858 Interest receivable 19,690 17,318 Core deposit intangibles and goodwill 138,833 141,284 Cash surrender value of life insurance 43,579 42,061 Other assets 21,780 20,185 ----------- ----------- Total assets $ 3,237,079 $ 3,191,668 =========== =========== Liabilities Deposits Noninterest-bearing $ 314,335 $ 330,685 Interest-bearing 2,068,241 2,077,465 ----------- ----------- Total deposits 2,382,576 2,408,150 Borrowings 508,236 440,891 Interest payable 5,874 4,411 Other liabilities 26,997 23,613 ----------- ----------- Total liabilities 2,923,683 2,877,065 Stockholders' equity Preferred stock, no-par value Authorized and unissued -- 500,000 shares Common stock, $.125 stated value Authorized -- 50,000,000 shares Issued and outstanding - 18,416,714 and 18,573,997 2,302 2,322 Additional paid-in capital 145,682 150,862 Retained earnings 174,717 161,459 Accumulated other comprehensive loss (9,305) (40) ----------- ----------- Total stockholders' equity 313,396 314,603 ----------- ----------- Total liabilities and stockholders' equity $ 3,237,079 $ 3,191,668 =========== ===========
FINANCIAL HIGHLIGHTS Three Months Ended Year Ended (In thousands) December 31, December 31, 2005 2004 2005 2004 NET CHARGE OFF'S $ 1,906 $ 3,929 $ 5,714 $ 8,650 AVERAGE BALANCES Total Assets $3,160,619 $3,184,109 $3,179,464 $3,109,104 Total Loans 2,447,794 2,409,170 2,434,134 2,369,017 Total Deposits 2,414,251 2,444,563 2,418,752 2,365,306 Total Stockholders' Equity 317,510 315,869 315,525 310,004 FINANCIAL RATIOS Return on Average Assets .95% .94% .95% .95% Return on Avg. Stockholders' Equity 9.49 9.46 9.58 9.49 Avg. Earning Assets to Avg. Assets 91.47 91.38 90.93 90.28 Allowance for Loan Losses as % Of Total Loans 1.02 .93 1.02 .93 Net Charge Off's as % Of Avg. Loans (Annualized) .31 .65 .23 .37 Dividend Payout Ratio 56.10 57.50 56.44 58.23 Avg. Stockholders' Equity to Avg. Assets 10.05 9.92 9.92 9.97 Tax Equivalent Yield on Earning Assets 6.62 5.74 6.26 5.72 Cost of Supporting Liabilities 2.59 1.89 2.29 1.84 Net Int. Margin (FTE) on Earning Assets 4.03 3.85 3.97 3.88
CONSOLIDATED STATEMENTS OF INCOME (in thousands, except share data) Three Months Ended Year Ended December 31, December 31, 2005 2004 2005 2004 Interest income Loans receivable Taxable $ 41,930 $ 36,363 $ 158,436 $ 139,953 Tax exempt 160 138 643 581 Investment securities Taxable 2,480 2,224 9,612 8,371 Tax exempt 1,672 1,569 6,374 6,098 Federal funds sold 74 92 264 165 Deposits with financial institutions 202 167 695 555 Federal Reserve and Federal Home Loan Bank stock 296 297 1,185 1,251 -------- -------- -------- -------- Total interest income 46,814 40,850 177,209 156,974 -------- -------- -------- -------- Interest expense Deposits 13,414 9,288 46,121 33,844 Securities sold under repurchase agreements 647 183 1,612 517 Federal Home Loan Bank advances 2,410 2,418 9,777 9,777 Subordinated debentures, revolving credit lines and term loans 1,910 1,717 7,432 6,784 Other borrowings 307 126 1,138 663 -------- -------- -------- -------- Total interest expense 18,688 13,732 66,080 51,585 -------- -------- -------- -------- Net interest income 28,126 27,118 111,129 105,389 Provision for loan losses 1,945 1,233 8,354 5,705 -------- -------- -------- -------- Net interest income after provision for loan losses 26,181 25,885 102,775 99,684 -------- -------- -------- -------- Other income Fiduciary activities 1,762 1,897 7,481 7,632 Service charges on deposit accounts 2,691 2,924 11,298 11,638 Other customer fees 1,432 1,068 5,094 4,083 Net realized gains (losses) on sales of available-for-sale securities (24) 456 (2) 1,188 Commission income 690 671 3,821 3,088 Earnings on cash surrender value of life insurance 386 439 1,667 1,798 Net gains and fees on sales of loans 676 801 2,902 3,629 Other income 516 415 2,456 1,498 -------- -------- -------- -------- Total other income 8,129 8,671 34,717 34,554 -------- -------- -------- -------- Other expenses Salaries and employee benefits 12,596 13,309 54,059 52,479 Net occupancy expenses 1,428 1,328 5,796 5,308 Equipment expenses 1,952 1,879 7,562 7,665 Marketing expense 625 521 2,012 1,709 Outside data processing fees 989 1,158 4,010 4,920 Printing and office supplies 400 397 1,369 1,580 Core deposit amortization 767 802 3,102 3,375 Other expenses 4,469 4,272 16,047 14,606 -------- -------- -------- -------- Total other expenses 23,226 23,666 93,957 91,642 -------- -------- -------- -------- Income before income tax 11,084 10,890 43,535 42,596 Income tax expense 3,553 3,422 13,296 13,185 -------- -------- -------- -------- Net income $ 7,531 $ 7,468 $ 30,239 $ 29,411 ======== ======== ======== ======== Per Share Data Basic Net Income .41 .41 1.64 1.59 Diluted Net Income .41 .40 1.63 1.58 Cash Dividends Paid .23 .23 .92 .92 Average Diluted Shares Outstanding (in thousands) 18,558 18,721 18,596 18,667
CONSOLIDATED BALANCE SHEETS (in thousands) December 31, September 30, June 30, March 31, December 31, 2005 2005 2005 2005 2004 Assets Cash and due from banks $ 70,417 $ 81,310 $ 71,498 $ 67,904 $ 69,960 Federal funds sold 22,075 ----------- ----------- ----------- ----------- ----------- Cash and cash equivalents 70,417 81,310 71,498 89,979 69,960 Interest-bearing time deposits 8,748 10,708 9,255 10,737 9,343 Investment securities 434,266 436,794 420,685 409,820 421,535 Mortgage loans held for sale 4,910 5,026 1,356 3,084 3,367 Loans 2,457,427 2,443,931 2,440,906 2,414,099 2,428,051 Less: Allowance for loan losses (25,188) (25,149) (25,091) (24,488) (22,548) ----------- ----------- ----------- ----------- ----------- Net loans 2,432,239 2,418,782 2,415,815 2,389,611 2,405,503 Premises and equipment 39,417 38,473 37,240 37,525 38,254 Federal Reserve and Federal Home Loan Bank stock 23,200 23,165 23,054 22,883 22,858 Interest receivable 19,690 19,561 16,950 16,606 17,318 Core deposit intangibles and goodwill 138,833 139,597 139,799 140,578 141,284 Cash surrender value of life insurance 43,579 43,230 42,827 42,426 42,061 Other assets 21,780 21,792 22,819 24,337 20,185 ----------- ----------- ----------- ----------- ----------- Total assets $ 3,237,079 $ 3,238,438 $ 3,201,298 $ 3,187,586 $ 3,191,668 =========== =========== =========== =========== =========== Liabilities Deposits Noninterest-bearing $ 314,335 $ 346,318 $ 363,654 $ 333,614 $ 330,685 Interest-bearing 2,068,241 2,118,975 2,040,624 2,118,605 2,077,465 ----------- ----------- ----------- ----------- ----------- Total deposits 2,382,576 2,465,293 2,404,278 2,452,219 2,408,150 Borrowings 508,236 423,959 454,400 391,193 440,891 Interest payable 5,874 5,643 5,068 6,562 4,411 Other liabilities 26,997 25,153 24,194 27,014 23,613 ----------- ----------- ----------- ----------- ----------- Total liabilities 2,923,683 2,920,048 2,887,940 2,876,988 2,877,065 Stockholders' equity Preferred stock, no-par value Authorized and unissued -- 500,000 shares Common stock, $.125 stated value Authorized -- 50,000,000 shares Issued and outstanding 2,302 2,313 2,302 2,312 2,322 Additional paid-in capital 145,682 148,004 146,057 148,347 150,862 Retained earnings 174,717 171,419 167,452 163,761 161,459 Accumulated other comprehensive loss (9,305) (3,346) (2,453) (3,822) (40) ----------- ----------- ----------- ----------- ----------- Total stockholders' equity 313,396 318,390 313,358 310,598 314,603 ----------- ----------- ----------- ----------- ----------- Total liabilities and stockholders' equity$ 3,237,079 $ 3,238,438 $ 3,201,298 $ 3,187,586 $ 3,191,668 =========== =========== =========== =========== ===========
NON-PERFORMING ASSETS (in thousands) December 31, September 30, June 30, March 31, December 31, 2005 2005 2005 2005 2004 90 days past due $ 3,965 $ 3,560 $ 3,696 $ 1,948 $ 1,907 Non-accrual loans 10,030 11,757 11,626 13,272 15,355 Other real estate 2,835 3,023 1,804 2,003 1,650 ---------- ---------- ---------- ---------- ---------- Total non-performing assets $ 16,830 $ 18,340 $ 17,126 $ 17,223 $ 18,912 ========== ========== ========== ========== ========== Average total loans for the quarter $2,447,794 $2,444,131 $2,430,081 $2,414,050 $2,409,170 Total non-performing assets as a percent of average total loans .69% .75% .70% .71% .79% Restructured loans $ 310 $ 454 $ 531 $ 337 $ 2,019
CONSOLIDATED STATEMENTS OF INCOME Three Months Ended (in thousands, except share data) December 31, September 30, June 30, March 31, December 31, 2005 2005 2005 2005 2004 Interest Income Loans receivable Taxable $ 41,930 $ 40,853 $ 38,831 $ 36,822 $ 36,363 Tax exempt 160 160 189 134 138 Investment securities Taxable 2,480 2,427 2,376 2,329 2,224 Tax exempt 1,672 1,595 1,554 1,553 1,569 Federal funds sold 74 51 112 27 92 Deposits with financial institutions 202 185 166 142 167 Federal Reserve and Federal Home Loan Bank stock 296 296 285 308 297 -------- -------- -------- -------- -------- Total interest income 46,814 45,567 43,513 41,315 40,850 -------- -------- -------- -------- -------- Interest expense Deposits 13,414 12,172 10,729 9,806 9,288 Securities sold under repurchase agreements 647 523 193 249 183 Federal Home Loan Bank advances 2,410 2,549 2,443 2,375 2,418 Subordinated debentures, revolving credit Lines and term loans 1,910 1,894 1,839 1,789 1,717 Other borrowings 307 289 388 154 126 -------- -------- -------- -------- -------- Total interest expense 18,688 17,427 15,592 14,373 13,732 -------- -------- -------- -------- -------- Net interest income 28,126 28,140 27,921 26,942 27,118 Provision for loan losses 1,945 1,794 1,948 2,667 1,233 -------- -------- -------- -------- -------- Net interest income after provision for loan losses 26,181 26,346 25,973 24,275 25,885 -------- -------- -------- -------- -------- Other income Fiduciary activities 1,762 1,794 1,963 1,962 1,897 Service charges on deposit accounts 2,691 2,836 3,048 2,723 2,924 Other customer fees 1,432 1,389 1,188 1,085 1,068 Net realized gains (losses) on sales of available-for-sale securities (24) 16 6 456 Commission income 690 870 757 1,504 671 Earnings on cash surrender value of life insurance 386 441 439 401 439 Net gains and fees on sales of loans 676 770 779 677 801 Other income 516 664 582 694 415 -------- -------- -------- -------- -------- Total other income 8,129 8,780 8,762 9,046 8,671 -------- -------- -------- -------- -------- Other expenses Salaries and employee benefits 12,596 13,384 13,258 14,821 13,309 Net occupancy expenses 1,428 1,570 1,422 1,376 1,328 Equipment expenses 1,952 1,901 1,852 1,857 1,879 Marketing expense 625 446 526 415 521 Outside data processing fees 989 979 1,033 1,009 1,158 Printing and office supplies 400 328 304 337 397 Core deposit amortization 767 770 778 787 802 Other expenses 4,469 3,923 4,026 3,629 4,272 -------- -------- -------- -------- -------- Total other expenses 23,226 23,301 23,199 24,231 23,666 -------- -------- -------- -------- -------- Income before income tax 11,084 11,825 11,536 9,090 10,890 Income tax expense 3,553 3,605 3,615 2,523 3,422 -------- -------- -------- -------- -------- Net income $ 7,531 $ 8,220 $ 7,921 $ 6,567 $ 7,468 ======== ======== ======== ======== ======== Per Share Data Basic Net Income $ .41 $ .45 $ .43 $ .35 $ .41 Diluted Net Income .41 .44 .43 .35 .40 Cash Dividends Paid .23 .23 .23 .23 .23 Average Diluted Shares Outstanding (in thousands) 18,558 18,590 18,536 18,697 18,721 FINANCIAL RATIOS Return on Average Assets .95% 1.03% .99% .83% .94% Return on Avg. Stockholders' Equity 9.49 10.38 10.13 8.33 9.46 Avg. Earning Assets to Avg. Assets 91.47 90.83 90.81 90.61 91.38 Allowance for Loan Losses as % Of Total Loans 1.02 1.03 1.03 1.01 .93 Net Charge Off's as % Of Avg. Loans (Annualized) .31 .28 .22 .12 .65 Dividend Payout Ratio 56.10 52.27 53.49 65.71 57.50 Avg. Stockholders' Equity to Avg. Assets 10.05 9.89 9.80 9.97 9.92 Tax Equivalent Yield on Earning Assets 6.62 6.40 6.14 5.90 5.74 Cost of Supporting Liabilities 2.59 2.40 2.15 2.01 1.89 Net Int. Margin (FTE) on Earning Assets 4.03 4.00 3.99 3.89 3.85
LOANS (in thousands) December 31, September 30, June 30, March 31, December 31, 2005 2005 2005 2005 2004 Commercial and industrial loans $ 461,102 $ 476,010 $ 463,002 $ 447,552 $ 451,227 Agricultural production financing and other loans to farmers 95,130 94,262 93,274 83,800 98,902 Real estate loans: Construction 174,783 171,667 166,367 170,498 164,738 Commercial and farmland 734,865 719,154 723,099 726,345 709,163 Residential 751,217 746,777 759,003 760,560 761,163 Individuals' loans for household and other personal expenditures 200,139 186,792 182,362 187,552 198,532 Tax exempt loans 8,263 12,439 14,135 10,592 8,203 Lease financing receivables, net of unearned income 8,713 9,538 10,533 10,704 11,311 Other loans 23,215 27,292 29,131 16,496 24,812 ----------- ---------- ----------- ----------- ----------- 2,457,427 2,443,931 2,440,906 2,414,099 2,428,051 Allowance for loan losses (25,188) (25,149) (25,091) (24,488) (22,548) ----------- ---------- ----------- ----------- ----------- Total loans $2,432,239 $2,418,782 $2,415,815 $2,389,611 $2,405,503 =========== ========== =========== =========== =========== DEPOSITS (in thousands) December 31, September 30, June 30, March 31, December 31, 2005 2005 2005 2005 2004 Demand deposits $ 690,923 $ 697,597 $ 720,263 $ 686,695 $ 703,989 Savings deposits 566,212 568,366 593,770 655,643 634,132 Certificates and other time deposits of $100,000 or more 264,665 320,640 234,988 285,878 258,362 Other certificates and time deposits 860,776 878,690 855,257 824,003 811,667 ----------- ----------- ----------- ----------- ----------- $2,382,576 $2,465,293 $2,404,278 $2,452,219 $2,408,150 =========== =========== =========== =========== ===========
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