-----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, EeUg9AvIKJln58v7thKaP2wn5ljl/EoAdq03MsSeG8n1Gp5YF0HSAh5i11YTSTUl Z8GdgZMA0euSETDms/yDjw== 0000712534-07-000015.txt : 20070123 0000712534-07-000015.hdr.sgml : 20070123 20070123100600 ACCESSION NUMBER: 0000712534-07-000015 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20061231 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070123 DATE AS OF CHANGE: 20070123 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: 07544841 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 f8k012307er4thqtr06.txt 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 23, 2007 ------------------------------ 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 11 ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On January 23 2007, First Merchants Corporation issued a press release to report its financial results for the fourth quarter ended December 31, 2006. 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 23, 2007, issued by First Merchants Corporation Page 2 of 11 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 Executive Vice President and Chief Financial Officer (Principal Financial and Principal Accounting Officer) Dated: January 23, 2007 Page 3 of 11 EXHIBIT INDEX ------------- Exhibit No. - ----------- 99.1 Description ----------- Press Release, dated January 23, 2007, issued by First Merchants Corporation. Page 4 of 11 First Merchants Corporation Exhibit No. 99.1 Press Release, dated January 23, 2007 N / E / W / S R / E / L / E / A / S / E January 23, 2007 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 2006 EARNINGS PER SHARE First Merchants Corporation (NASDAQ - FRME) has reported December 31, 2006 diluted earnings per share totaling $1.64, a $.01 increase over 2005 earnings per share of $1.63. Net Income for 2006 totaled $30.2 million. Fourth quarter diluted earnings per share totaled $.42, a $.01 increase from fourth quarter earnings per share of $.41 in 2005. Net income for the quarter totaled $7.7 million. Total assets again reached record levels totaling $3.55 billion at year-end, an increase of $318 million, or 9.8 percent from December 31, 2005. Loans and investments, the Corporation's primary earning assets, totaled $3.16 billion, an increase of $266 million or 9.2 percent over the prior year. Net-Interest margin declined by 26 basis points in 2006, from 3.97 percent in 2005 to 3.71 percent in 2006. As a result, net-interest income declined by $1,034,000 despite strong improvements in earning assets as the Corporation's volume variance totaled a positive $6,987,000 mitigated by a negative rate variance of $8,021,000. The decline in net-interest margin represents $.26 in earnings per share for the year. Non-interest income declined by $104,000 during 2006. Core non-interest income improved by $607,000 as earnings on cash surrender value of bank owned life insurance increased by $619,000, insurance commission increased by $481,000 and other customer fees improved by $423,000. Positive advances in non-interest income were mitigated by reduced gains from the sale of mortgage loans totaling $731,000 and one time gains in 2005 of $711,000. Year-to-date operating expense increased by a modest 2.2 percent as management continues the process of streamlining its operating structure. The allowance for loan losses increased during the year by $1.35 million as the Corporation's provision for loan losses declined by $2.1 million. As of December 31, 2006, non-performing loans totaled 87 basis points of average total loans and the allowance for loan losses as a percent of total loans equaled .99 percent. Michael L. Cox, President and Chief Executive Officer, stated that, "Margin compression resulting from the inversion of the yield curve and competition masked much of the Corporations success during the year. The Corporation's balance sheet is diversified, short in average life and generally very well structured. Consequently, the management team and Board of Directors of First Merchants are pleased with the overall success of the year and believe when evaluating 2006 that it is important to acknowledge the impact of margin compression." Cox also added, that "Balance sheet growth, credit quality, expense management, talent acquisition and infrastructure improvements represent the success of many key initiatives and that management is diligently executing a plan to produce a positive 2007." CONFERENCE CALL First Merchants Corporation will conduct a conference call at 2:30 p.m. Eastern Daylight Time on Wednesday, January 24, 2007. To participate, dial (Toll Free) 877-407-9210 and reference First Merchants Corporation's fourth quarter earnings. A replay will be available until January 31, 2007. To access replay, 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 # 226600. 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, N.A., Madison Community Bank, N.A., United Communities National Bank, First National Bank, Decatur Bank & Trust Company, N.A., Frances Slocum Bank, N.A., Lafayette Bank & Trust Company, N.A., Commerce National Bank and First Merchants Trust Company, N.A. The Corporation also operates First Merchants Insurance Services, a full-service property casualty, personal lines, and healthcare insurance agency 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, 2006 2005 Assets Cash and due from banks $ 89,957 $ 70,417 Interest-bearing time deposits 11,284 8,748 Investment securities 465,217 434,266 Mortgage loans held for sale 5,413 4,910 Loans 2,692,601 2,457,427 Less: Allowance for loan losses (26,540) (25,188) ---------- ---------- Net loans 2,666,061 2,432,239 Premises and equipment 42,393 39,417 Federal Reserve and Federal Home Loan Bank stock 23,691 23,200 Interest receivable 24,345 19,690 Core deposit intangibles and goodwill 138,638 138,833 Cash surrender value of life insurance 64,213 43,579 Other assets 23,658 21,780 ----------- ----------- Total assets $ 3,554,870 $ 3,237,079 =========== =========== Liabilities Deposits Noninterest-bearing $ 362,058 $ 314,335 Interest-bearing 2,388,480 2,068,241 ----------- ----------- Total deposits 2,750,538 2,382,576 Borrowings 440,764 508,236 Interest payable 9,326 5,874 Other liabilities 26,917 26,997 ----------- ----------- Total liabilities 3,227,545 2,923,683 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 -- 18,439,843 and 18,416,714 shares 2,305 2,302 Additional paid-in capital 146,460 145,682 Retained earnings 187,965 174,717 Accumulated other comprehensive loss (9,405) (9,305) ----------- ----------- Total stockholders' equity 327,325 313,396 ----------- ----------- Total liabilities and stockholders' equity $ 3,554,870 $ 3,237,079 =========== ===========
FINANCIAL HIGHLIGHTS Three Months Ended Year Ended (In thousands) December 31, December 31, 2006 2005 2006 2005 NET CHARGE OFF'S $ 1,680 $ 1,906 $ 4,906 $ 5,714 AVERAGE BALANCES Total Assets $3,499,774 $3,160,619 $3,371,386 $3,179,464 Total Loans 2,653,700 2,447,794 2,569,847 2,434,134 Total Deposits 2,755,145 2,414,251 2,568,070 2,418,752 Total Stockholders' Equity 326,158 317,510 319,519 315,525 FINANCIAL RATIOS Return on Average Assets .88% .95% .90% .95% Return on Avg. Stockholders' Equity 9.39 9.49 9.45 9.58 Avg. Earning Assets to Avg. Assets 90.87 91.47 91.15 90.93 Allowance for Loan Losses as % Of Total Loans .99 1.02 .99 1.02 Net Charge Off's as % Of Avg. Loans (Annualized) .25 .31 .19 .23 Dividend Payout Ratio 56.10 56.10 56.10 56.44 Avg. Stockholders' Equity to Avg. Assets 9.32 10.05 9.48 9.92 Tax Equivalent Yield on Earning Assets 7.07 6.62 6.92 6.26 Cost of Supporting Liabilities 3.53 2.59 3.21 2.29 Net Int. Margin (FTE) on Earning Assets 3.54 4.03 3.71 3.97
CONSOLIDATED STATEMENTS OF INCOME (in thousands, except share data) Three Months Ended Year Ended December 31, December 31, 2006 2005 2006 2005 Interest income Loans receivable Taxable $ 49,293 $ 41,930 $186,768 $ 158,436 Tax exempt 240 160 828 643 Investment securities Taxable 3,219 2,480 12,316 9,612 Tax exempt 1,660 1,672 6,565 6,374 Federal funds sold 332 74 373 264 Deposits with financial institutions 110 202 500 695 Federal Reserve and Federal Home Loan Bank stock 318 296 1,256 1,185 -------- -------- -------- -------- Total interest income 55,172 46,814 208,606 177,209 -------- -------- -------- -------- Interest expense Deposits 22,690 13,414 74,314 46,121 Federal funds purchased 93 163 1,842 623 Securities sold under repurchase agreements 488 647 3,228 1,612 Federal Home Loan Bank advances 2,672 2,410 10,734 9,777 Subordinated debentures, revolving credit lines and term loans 2,046 1,910 8,124 7,432 Other borrowings 67 144 269 515 -------- -------- -------- -------- Total interest expense 28,056 18,688 98,511 66,080 -------- -------- -------- -------- Net interest income 27,116 28,126 110,095 111,129 Provision for loan losses 1,245 1,945 6,258 8,354 -------- -------- -------- -------- Net interest income after provision for loan losses 25,871 26,181 103,837 102,775 -------- -------- -------- -------- Other income Fiduciary activities 1,862 1,762 7,625 7,481 Service charges on deposit accounts 3,010 2,691 11,262 11,298 Other customer fees 1,387 1,432 5,517 5,094 Net realized gains on sales of available-for-sale securities (4) (24) (4) (2) Commission income 881 690 4,302 3,821 Earnings on cash surrender value of life insurance 712 386 2,286 1,667 Net gains and fees on sales of loans 613 676 2,171 2,902 Other income 309 516 1,454 2,456 -------- -------- -------- -------- Total other income 8,770 8,129 34,613 34,717 -------- -------- -------- -------- Other expenses Salaries and employee benefits 14,157 12,596 56,125 54,059 Net occupancy expenses 1,498 1,428 5,886 5,796 Equipment expenses 1,956 1,952 7,947 7,562 Marketing expense 508 625 1,932 2,012 Outside data processing fees 804 989 3,449 4,010 Printing and office supplies 401 400 1,496 1,369 Core deposit amortization 781 767 3,066 3,102 Other expenses 4,315 4,469 16,156 16,047 -------- -------- -------- -------- Total other expenses 24,420 23,226 96,057 93,957 -------- -------- -------- -------- Income before income tax 10,221 11,084 42,393 43,535 Income tax expense 2,562 3,553 12,195 13,296 -------- -------- -------- -------- Net income $ 7,659 $ 7,531 $ 30,198 $ 30,239 ======== ======== ======== ======== Per Share Data Basic Net Income .42 .41 1.64 1.64 Diluted Net Income .42 .41 1.64 1.63 Cash Dividends Paid .23 .23 .92 .92 Average Diluted Shares Outstanding (in thousands) 18,498 18,558 18,467 18,596
CONSOLIDATED BALANCE SHEETS (in thousands) December 31, September 30, June 30, March 31, December 31, 2006 2006 2006 2006 2005 Assets Cash and due from banks $ 89,957 $ 65,641 $ 71,275 $ 59,176 $ 70,417 Interest-bearing time deposits 11,284 8,717 8,529 9,104 8,748 Investment securities 465,217 468,074 466,882 441,651 434,266 Mortgage loans held for sale 5,413 3,395 5,338 5,170 4,910 Loans 2,692,601 2,641,644 2,591,440 2,491,488 2,457,427 Less: Allowance for loan losses (26,540) (26,975) (25,884) (25,623) (25,188) ----------- ----------- ----------- ----------- ----------- Net loans 2,666,061 2,614,669 2,565,556 2,465,865 2,432,239 Premises and equipment 42,393 40,511 41,122 39,029 39,417 Federal Reserve and Federal Home Loan Bank stock 23,691 23,620 23,889 23,421 23,200 Interest receivable 24,345 23,946 19,539 19,035 19,690 Core deposit intangibles and goodwill 138,638 136,666 137,429 138,174 138,833 Cash surrender value of life insurance 64,213 63,539 44,358 43,964 43,579 Other assets 23,658 23,261 24,346 25,346 21,780 ----------- ----------- ----------- ----------- ----------- Total assets $ 3,554,870 $ 3,472,039 $ 3,408,263 $ 3,269,935 $ 3,237,079 =========== =========== =========== =========== =========== Liabilities Deposits Noninterest-bearing $ 362,058 $ 324,601 $ 340,046 $ 325,548 $ 314,335 Interest-bearing 2,388,480 2,369,690 2,195,354 2,120,524 2,068,241 ----------- ----------- ----------- ----------- ----------- Total deposits 2,750,538 2,694,291 2,535,400 2,446,072 2,382,576 Borrowings 440,764 419,146 527,347 469,002 508,236 Interest payable 9,326 10,236 6,927 6,412 5,874 Other liabilities 26,917 26,075 25,585 31,711 26,997 ----------- ----------- ----------- ----------- ----------- Total liabilities 3,227,545 3,149,748 3,095,259 2,953,197 2,923,683 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 2,305 2,292 2,282 2,305 2,302 Additional paid-in capital 146,460 143,688 142,037 146,374 145,682 Retained earnings 187,965 184,555 181,042 177,975 174,717 Accumulated other comprehensive loss (9,405) (8,244) (12,357) (9,916) (9,305) ----------- ----------- ----------- ----------- ----------- Total stockholders' equity 327,325 322,291 313,004 316,738 313,396 ----------- ----------- ----------- ----------- ----------- Total liabilities and stockholders' equity $ 3,554,870 $ 3,472,039 $ 3,408,263 $ 3,269,935 $ 3,237,079 =========== =========== =========== =========== ===========
NON-PERFORMING ASSETS (in thousands) December 31, September 30, June 30, March 31, December 31, 2006 2006 2006 2006 2005 90 days past due $ 2,870 $ 4,253 $ 8,818 $ 5,188 $ 3,965 Non-accrual loans 17,926 16,524 12,611 11,424 10,030 Other real estate 2,160 2,194 2,497 3,209 2,835 ---------- ---------- ---------- ---------- ---------- Total non-performing assets $ 22,956 $ 22,971 $ 23,926 $ 19,821 $ 16,830 ========== ========== ========== ========== ========== Average total loans for the quarter $2,653,700 $2,613,805 $2,534,675 $2,474,759 $2,447,794 Total non-performing assets as a percent of average total loans .87% .87% .94% .80% .69% Restructured loans $ 84 $ 93 $ 111 $ 114 $ 310
CONSOLIDATED STATEMENTS OF INCOME Three Months Ended (in thousands, except share data) December 31, September 30, June 30, March 31, December 31, 2006 2006 2006 2006 2005 Interest Income Loans receivable Taxable $ 49,293 $ 48,738 $ 45,658 $ 43,079 $ 41,930 Tax exempt 240 189 231 168 160 Investment securities Taxable 3,219 3,289 3,082 2,726 2,480 Tax exempt 1,660 1,645 1,613 1,647 1,672 Federal funds sold 332 13 11 17 74 Deposits with financial institutions 110 144 132 114 202 Federal Reserve and Federal Home Loan Bank stock 318 307 320 311 296 -------- -------- -------- -------- -------- Total interest income 55,172 54,325 51,047 48,062 46,814 -------- -------- -------- -------- -------- Interest expense Deposits 22,690 20,291 16,914 14,419 13,414 Federal funds purchased 93 635 625 489 163 Securities sold under repurchase agreements 488 852 1,053 835 647 Federal Home Loan Bank advances 2,672 2,796 2,610 2,656 2,410 Subordinated debentures, revolving credit lines and term loans 2,046 2,067 2,020 1,991 1,910 Other borrowings 67 60 59 83 144 -------- -------- -------- -------- -------- Total interest expense 28,056 26,701 23,281 20,473 18,688 -------- -------- -------- -------- -------- Net interest income 27,116 27,624 27,766 27,589 28,126 Provision for loan losses 1,245 1,558 1,729 1,726 1,945 -------- -------- -------- -------- -------- Net interest income after provision for loan losses 25,871 26,066 26,037 25,863 26,181 -------- -------- -------- -------- -------- Other income Fiduciary activities 1,862 1,863 1,949 1,951 1,762 Service charges on deposit accounts 3,010 3,055 2,771 2,426 2,691 Other customer fees 1,387 1,386 1,389 1,355 1,432 Net realized gains (losses) on sales of available-for-sale securities (4) (9) 9 (24) Commission income 881 971 946 1,504 690 Earnings on cash surrender value of life insurance 712 719 432 423 386 Net gains and fees on sales of loans 613 493 511 554 676 Other income 309 348 422 375 516 -------- -------- -------- -------- -------- Total other income 8,770 8,835 8,411 8,597 8,129 -------- -------- -------- -------- -------- Other expenses Salaries and employee benefits 14,157 14,033 13,543 14,392 12,596 Net occupancy expenses 1,498 1,477 1,477 1,434 1,428 Equipment expenses 1,956 2,035 2,007 1,949 1,952 Marketing expense 508 586 438 400 625 Outside data processing fees 804 841 921 883 989 Printing and office supplies 401 367 424 304 400 Core deposit amortization 781 762 761 762 767 Other expenses 4,315 3,854 4,323 3,664 4,469 -------- -------- -------- -------- -------- Total other expenses 24,420 23,955 23,894 23,788 23,226 -------- -------- -------- -------- -------- Income before income tax 10,221 10,946 10,554 10,672 11,084 Income tax expense 2,562 3,207 3,263 3,163 3,553 -------- -------- -------- -------- -------- Net income $ 7,659 $ 7,739 $ 7,291 $ 7,509 $ 7,531 ======== ======== ======== ======== ======== Per Share Data Basic Net Income $ .42 $ .42 $ .39 $ .41 $ .41 Diluted Net Income .42 .42 .39 .41 .41 Cash Dividends Paid .23 .23 .23 .23 .23 Average Diluted Shares Outstanding (in thousands) 18,498 18,381 18,463 18,526 18,558 FINANCIAL RATIOS Return on Average Assets .88% .90% .88% .93% .95% Return on Avg. Stockholders' Equity 9.39 9.72 9.20 9.49 9.49 Avg. Earning Assets to Avg. Assets 90.87 91.26 91.21 91.27 91.47 Allowance for Loan Losses as % Of Total Loans .99 1.02 1.00 1.03 1.02 Net Charge Off's as % Of Avg. Loans (Annualized) .25 .07 .23 .21 .31 Dividend Payout Ratio 56.10 54.76 58.97 56.10 56.10 Avg. Stockholders' Equity to Avg. Assets 9.32 9.30 9.54 9.78 10.05 Tax Equivalent Yield on Earning Assets 7.07 7.08 6.87 6.64 6.62 Cost of Supporting Liabilities 3.53 3.42 3.07 2.77 2.59 Net Int. Margin (FTE) on Earning Assets 3.54 3.66 3.80 3.87 4.03
LOANS (in thousands) December 31, September 30, June 30, March 31, December 31, 2006 2006 2006 2006 2005 Commercial and industrial loans $ 537,305 $ 497,280 $ 501,238 $ 486,411 $ 461,102 Agricultural production financing and other loans to farmers 100,098 104,147 95,352 87,433 95,130 Real estate loans: Construction 169,491 175,753 178,254 175,784 174,783 Commercial and farmland 861,429 835,403 813,171 743,905 734,865 Residential 749,921 757,116 744,552 746,410 751,217 Individuals' loans for household and other personal expenditures 223,504 215,237 208,768 202,478 200,139 Tax exempt loans 14,423 16,550 13,656 13,656 8,263 Lease financing receivables, net of unearned income 8,010 8,543 8,589 8,193 8,713 Other loans 28,420 31,615 27,860 27,218 23,215 ------------ ---------- ---------- ----------- ----------- 2,692,601 2,641,644 2,591,440 2,491,488 2,457,427 Allowance for loan losses (26,540) (26,975) (25,884) (25,623) (25,188) ------------ ---------- ---------- ----------- ----------- Total loans $2,666,061 $2,614,669 $2,565,556 $2,465,865 $2,432,239 ============ ========== ========== =========== =========== DEPOSITS (in thousands) December 31, September 30, June 30, March 31, December 31, 2006 2006 2006 2006 2005 Demand deposits $ 883,294 $ 743,154 $ 758,132 $ 671,027 $ 690,923 Savings deposits 507,431 512,112 510,878 526,554 566,212 Certificates and other time deposits of $100,000 or more 408,910 394,724 313,751 320,213 264,665 Other certificates and time deposits 950,903 1,044,301 952,639 928,278 860,776 ----------- ----------- ----------- ----------- ----------- $2,750,538 $2,694,291 $2,535,400 $2,446,072 $2,382,576 =========== =========== =========== =========== ===========
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