-----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, M5pW82hg9jithnQLTkiqC4QTKslSKFrrXLVl8WhMYYuPLmbUQL1VFqoFnjalp8of pBB3pqfF83C6M5mrEWF0XQ== 0000712534-07-000126.txt : 20070720 0000712534-07-000126.hdr.sgml : 20070720 20070720103432 ACCESSION NUMBER: 0000712534-07-000126 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20070630 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070720 DATE AS OF CHANGE: 20070720 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: 07990440 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 f8ker2ndqtr07.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): July 20, 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 July 20, 2007, First Merchants Corporation issued a press release to report its financial results for the second quarter ended June 30, 2007. 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 July 20, 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: July 20, 2007 Page 3 of 11 EXHIBIT INDEX ------------- Exhibit No. Description - ----------- ----------- 99.1 Press Release, dated July 20, 2007, issued by First Merchants Corporation. Page 4 of 11 First Merchants Corporation Exhibit No. 99.1 Press Release, dated July 20, 2007 N / E / W / S R / E / L / E / A / S / E July 20, 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 SECOND QUARTER EARNINGS PER SHARE First Merchants Corporation (NASDAQ - FRME) has reported June 30, 2007 net income of $13,979,000, a $821,000 decrease over the $14,800,000 earned in the first half of 2006. Diluted earnings per share totaled $.76, a $.04 decrease over 2006 first half earnings per share of $.80. Second quarter net income totaled $6,208,000, down from the 2006 second quarter $7,291,000. Diluted earnings per share totaled $.34, a $.05 decline from the second quarter of 2006. Included in the second quarter and first half results were special charges related to the early redemption of the Corporation's subordinated debentures payable to First Merchants Capital Trust I and subsequent redemption by First Merchants Capital Trust I of its outstanding common and preferred fixed rate securities (NASDAQ-FRMEP) as reported on Form 8-K on April 26, 2007. The early redemption of the debentures required the Corporation to accelerate the recognition of the remaining unamortized underwriting fee of approximately $1.8 million, or $.06 per share, during the second quarter. Going forward, the Corporation's more favorable terms provide savings of $1.2 million, or $.04 per share annually. Additionally, in a January 24, 2007 press release, the Corporation announced its plan to integrate the data operations of its Columbus, Ohio, bank into its corporate operations center. The company finalized the re-branding of four bank charters into First Merchants Bank on April 1, 2007. Of the four merged charters one data consolidation is complete. The expense related to these efforts was reported to cost just over $1 million in 2007. As of June 30, 2007, the Corporation has expensed $601,000, or $.02 per share. Total assets equaled $3.67 billion at quarter-end, an increase of $261 million, or 7.7 percent, from June 30, 2006. Loans and investments, the Corporation's primary earning assets, totaled $3.29 billion, an increase of $227 million, or 7.5 percent, over the prior period. Non-interest income increased by $2,562,000, or 15.1 percent, through June as service charges on deposits increased by $777,000, earnings on cash surrender value of bank-owned life insurance increased by $612,000, and insurance commission increased by $457,000. Second quarter net-Interest margin, when normalized for the recognition of the previously mentioned remaining unamortized underwriting fee totaling approximately $1.8 million, or 22 basis points, equaled the first quarter net-interest margin of 3.50 percent. Year-to-date operating expense, absent the $601,000 related to operational conversions, increased by $1,879,000, or 3.9 percent. The allowance for loan losses increased during the last twelve months by $1.7 million as non-performing loans totaled 1.39 basis points of average total loans and the allowance for loan losses as a percent of total loans equaled .98 percent. Michael C. Rechin, President and Chief Executive Officer, stated that, "The Corporation's normalized earnings per share for the quarter totaled $.42 per share and $.84 for the first half of 2007, representing increases of 7.7 percent and 5.0 percent, respectively." Rechin also added, "The tactical execution of our 2007 plan continues to proceed as expected. The continued growth of our balance sheet and fee income combined with the refinance of our trust preferred securities, charter consolidation and tax management should prove to accelerate our performance into the second half of 2007." Page 5 of 11 CONFERENCE CALL First Merchants Corporation will conduct a conference call at 2:30 p.m. Eastern Daylight Time on Friday, July 20, 2007. To participate, dial (Toll Free) 877-407-9210 and reference First Merchants Corporation's second quarter earnings. A replay will be available until July 27, 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 # 247985. 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., First Merchants Bank of Central Indiana, 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). * * * * Page 6 of 11
CONSOLIDATED BALANCE SHEETS (in thousands) June 30, 2007 2006 Assets Cash and due from banks $ 80,921 $ 71,275 Interest-bearing time deposits 8,898 8,529 Investment securities 479,281 466,882 Mortgage loans held for sale 2,842 5,338 Loans 2,806,068 2,591,440 Less: Allowance for loan losses (27,608) (25,884) ---------- ---------- Net loans 2,778,460 2,565,556 Premises and equipment 44,126 41,122 Federal Reserve and Federal Home Loan Bank stock 23,822 23,889 Interest receivable 21,615 19,539 Core deposit intangibles and goodwill 137,056 137,429 Cash surrender value of life insurance 69,111 44,358 Other assets 23,383 24,346 ----------- ----------- Total assets $ 3,669,515 $ 3,408,263 =========== =========== Liabilities Deposits Noninterest-bearing $ 362,083 $ 340,046 Interest-bearing 2,357,518 2,195,354 ----------- ----------- Total deposits 2,719,601 2,535,400 Borrowings 587,574 527,347 Interest payable 10,417 6,927 Other liabilities 24,543 25,585 ----------- ----------- Total liabilities 3,342,135 3,095,259 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 -- 18,285,359 and 18,259,256 shares 2,286 2,282 Additional paid-in capital 143,317 142,037 Retained earnings 193,460 181,042 Accumulated other comprehensive loss (11,683) (12,357) ----------- ----------- Total stockholders' equity 327,380 313,004 ----------- ----------- Total liabilities and stockholders' equity $ 3,669,515 $ 3,408,263 =========== ===========
FINANCIAL HIGHLIGHTS Three Months Ended Six Months Ended (In thousands) June 30, June 30, 2007 2006 2007 2006 NET CHARGE OFF'S $ 859 $ 1,468 $ 2,179 $ 2,759 AVERAGE BALANCES Total Assets $3,601,473 $3,321,852 $3,562,122 $3,279,130 Total Loans 2,764,209 2,534,675 2,733,840 2,504,886 Total Deposits 2,729,145 2,491,665 2,709,635 2,449,888 Total Stockholders' Equity 329,613 316,871 328,981 316,751 FINANCIAL RATIOS Return on Average Assets .69% .88% .78% .90% Return on Avg. Stockholders' Equity 7.53 9.20 8.50 9.35 Avg. Earning Assets to Avg. Assets 90.96 91.21 91.04 91.24 Allowance for Loan Losses as % Of Total Loans .98 1.00 .98 1.00 Net Charge Off's as % Of Avg. Loans (Annualized) .12 .23 .16 .22 Dividend Payout Ratio 67.65 58.97 60.53 57.50 Avg. Stockholders' Equity to Avg. Assets 9.15 9.54 9.24 9.66 Tax Equivalent Yield on Earning Assets 7.09 6.87 7.05 6.76 Cost of Supporting Liabilities 3.81 3.07 3.66 2.92 Net Int. Margin (FTE) on Earning Assets 3.28 3.80 3.39 3.83
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CONSOLIDATED STATEMENTS OF INCOME (in thousands, except share data) Three Months Ended Six Months Ended June 30, June 30, 2007 2006 2007 2006 Interest income Loans receivable Taxable $ 51,204 $ 45,658 $100,849 $ 88,737 Tax exempt 249 231 450 399 Investment securities Taxable 3,394 3,082 6,676 5,808 Tax exempt 1,651 1,613 3,312 3,260 Federal funds sold 91 11 92 28 Deposits with financial institutions 120 132 243 246 Federal Reserve and Federal Home Loan Bank stock 299 320 627 631 -------- -------- -------- -------- Total interest income 57,008 51,047 112,249 99,109 -------- -------- -------- -------- Interest expense Deposits 22,390 16,914 44,196 31,333 Federal funds purchased 1,047 625 1,901 1,114 Securities sold under repurchase agreements 910 1,053 1,479 1,888 Federal Home Loan Bank advances 3,009 2,610 5,945 5,266 Subordinated debentures, revolving credit lines and term loans 3,808 2,020 5,809 4,011 Other borrowings 59 142 -------- -------- -------- -------- Total interest expense 31,164 23,281 59,330 43,754 -------- -------- -------- -------- Net interest income 25,844 27,766 52,919 55,355 Provision for loan losses 1,648 1,729 3,247 3,455 -------- -------- -------- -------- Net interest income after provision for loan losses 24,196 26,037 49,672 51,900 -------- -------- -------- -------- Other income Fiduciary activities 2,257 1,949 4,293 3,900 Service charges on deposit accounts 3,091 2,771 5,974 5,197 Other customer fees 1,535 1,389 3,026 2,744 Net realized gains on sales of available-for-sale securities (9) (1) Commission income 1,269 946 2,907 2,450 Earnings on cash surrender value of life insurance 782 432 1,467 855 Net gains and fees on sales of loans 611 511 1,143 1,065 Other income 221 422 761 797 -------- -------- -------- -------- Total other income 9,766 8,411 19,570 17,008 -------- -------- -------- -------- Other expenses Salaries and employee benefits 14,796 13,543 29,522 27,935 Net occupancy expenses 1,612 1,477 3,210 2,911 Equipment expenses 1,783 2,007 3,505 3,956 Marketing expense 653 438 1,140 838 Outside data processing fees 1,036 921 1,987 1,804 Printing and office supplies 388 424 687 728 Core deposit amortization 790 761 1,581 1,523 Other expenses 4,910 4,323 8,530 7,987 -------- -------- -------- -------- Total other expenses 25,968 23,894 50,162 47,682 -------- -------- -------- -------- Income before income tax 7,994 10,554 19,080 21,226 Income tax expense 1,786 3,263 5,101 6,426 -------- -------- -------- -------- Net income $ 6,208 $ 7,291 $ 13,979 $ 14,800 ======== ======== ======== ======== Per Share Data Basic Net Income .34 .39 .76 .80 Diluted Net Income .34 .39 .76 .80 Cash Dividends Paid .23 .23 .46 .46 Average Diluted Shares Outstanding (in thousands) 18,369 18,463 18,432 18,495
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CONSOLIDATED BALANCE SHEETS (in thousands) June 30, March 31, December 31, September 30, June 30, 2007 2007 2006 2006 2006 Assets Cash and due from banks $ 80,921 $ 43,629 $ 89,957 $ 65,641 $ 71,275 Interest-bearing time deposits 8,898 6,785 11,284 8,717 8,529 Investment securities 479,281 476,199 465,217 468,074 466,882 Mortgage loans held for sale 2,842 2,732 5,413 3,395 5,338 Loans 2,806,068 2,731,140 2,692,601 2,641,644 2,591,440 Less: Allowance for loan losses (27,608) (26,819) (26,540) (26,975) (25,884) ----------- ----------- ----------- ----------- ----------- Net loans 2,778,460 2,704,321 2,666,061 2,614,669 2,565,556 Premises and equipment 44,126 43,262 42,393 40,511 41,122 Federal Reserve and Federal Home Loan Bank stock 23,822 23,691 23,691 23,620 23,889 Interest receivable 21,615 21,941 24,345 23,946 19,539 Core deposit intangibles and goodwill 137,056 137,847 138,638 136,666 137,429 Cash surrender value of life insurance 69,111 68,360 64,213 63,539 44,358 Other assets 23,383 26,047 23,658 23,261 24,346 ----------- ----------- ----------- ----------- ----------- Total assets $ 3,669,515 $ 3,554,814 $ 3,554,870 $ 3,472,039 $ 3,408,263 =========== =========== =========== =========== =========== Liabilities Deposits Noninterest-bearing $ 362,083 $ 325,615 $ 362,058 $ 324,601 $ 340,046 Interest-bearing 2,357,518 2,361,773 2,388,480 2,369,690 2,195,354 ----------- ----------- ----------- ----------- ----------- Total deposits 2,719,601 2,687,388 2,750,538 2,694,291 2,535,400 Borrowings 587,574 497,188 440,764 419,146 527,347 Interest payable 10,417 10,834 9,326 10,236 6,927 Other liabilities 24,543 30,756 26,917 26,075 25,585 ----------- ----------- ----------- ----------- ----------- Total liabilities 3,342,135 3,226,166 3,227,545 3,149,748 3,095,259 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 2,286 2,289 2,305 2,292 2,282 Additional paid-in capital 143,317 143,672 146,460 143,688 142,037 Retained earnings 193,460 191,476 187,965 184,555 181,042 Accumulated other comprehensive loss (11,683) (8,789) (9,405) (8,244) (12,357) ----------- ----------- ----------- ----------- ----------- Total stockholders' equity 327,380 328,648 327,325 322,291 313,004 ----------- ----------- ----------- ----------- ----------- Total liabilities and stockholders' equity $ 3,669,515 $ 3,554,814 $ 3,554,870 $ 3,472,039 $ 3,408,263 =========== =========== =========== =========== ===========
NON-PERFORMING ASSETS (in thousands) June 30, March 31, December 31, September 30, June 30, 2007 2007 2006 2006 2006 90 days past due $ 5,203 $ 4,554 $ 2,870 $ 4,253 $ 8,818 Non-accrual loans 30,820 22,704 17,926 16,524 12,611 Other real estate 2,274 3,102 2,160 2,194 2,497 ---------- ---------- ---------- ---------- ---------- Total non-performing assets $ 38,297 $ 30,360 $ 22,956 $ 22,971 $ 23,926 ========== ========== ========== ========== ========== Average total loans for the quarter $2,764,209 $2,703,134 $2,653,700 $2,613,805 $2,534,675 Total non-performing assets as a percent of average total loans 1.39% 1.12% .87% .87% .94% Restructured loans $ 58 $ 59 $ 84 $ 93 $ 111
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CONSOLIDATED STATEMENTS OF INCOME Three Months Ended (in thousands, except share data) June 30, March 31, December 31, September 30 June 30, 2007 2007 2006 2006 2006 Interest Income Loans receivable Taxable $ 51,204 $ 49,645 $ 49,293 $ 48,738 $ 45,658 Tax exempt 249 201 240 189 231 Investment securities Taxable 3,394 3,282 3,219 3,289 3,082 Tax exempt 1,651 1,661 1,660 1,645 1,613 Federal funds sold 91 1 332 13 11 Deposits with financial institutions 120 123 110 144 132 Federal Reserve and Federal Home Loan Bank stock 299 328 318 307 320 -------- -------- -------- -------- -------- Total interest income 57,008 55,241 55,172 54,325 51,047 -------- -------- -------- -------- -------- Interest expense Deposits 22,390 21,806 22,690 20,291 16,914 Federal funds purchased 1,047 854 93 635 625 Securities sold under repurchase agreements 910 569 488 852 1,053 Federal Home Loan Bank advances 3,009 2,936 2,672 2,796 2,610 Subordinated debentures, revolving credit lines and term loans 3,808 2,001 2,046 2,067 2,020 Other borrowings 67 60 59 -------- -------- -------- -------- -------- Total interest expense 31,164 28,166 28,056 26,701 23,281 -------- -------- -------- -------- -------- Net interest income 25,844 27,075 27,116 27,624 27,766 Provision for loan losses 1,648 1,599 1,245 1,558 1,729 -------- -------- -------- -------- -------- Net interest income after provision for loan losses 24,196 25,476 25,871 26,066 26,037 -------- -------- -------- -------- -------- Other income Fiduciary activities 2,257 2,036 1,862 1,863 1,949 Service charges on deposit accounts 3,091 2,883 3,010 3,055 2,771 Other customer fees 1,535 1,491 1,387 1,386 1,389 Net realized gains (losses) on sales of available-for-sale securities (1) (4) (9) Commission income 1,269 1,638 881 971 946 Earnings on cash surrender value of life insurance 782 685 712 719 432 Net gains and fees on sales of loans 611 532 613 493 511 Other income 221 540 309 348 422 -------- -------- -------- -------- -------- Total other income 9,766 9,804 8,770 8,835 8,411 -------- -------- -------- -------- -------- Other expenses Salaries and employee benefits 14,796 14,726 14,157 14,033 13,543 Net occupancy expenses 1,612 1,598 1,498 1,477 1,477 Equipment expenses 1,783 1,722 1,956 2,035 2,007 Marketing expense 653 487 508 586 438 Outside data processing fees 1,036 951 804 841 921 Printing and office supplies 388 299 401 367 424 Core deposit amortization 790 791 781 762 761 Other expenses 4,910 3,620 4,315 3,854 4,323 -------- -------- -------- -------- -------- Total other expenses 25,968 24,194 24,420 23,955 23,894 -------- -------- -------- -------- -------- Income before income tax 7,994 11,086 10,221 10,946 10,554 Income tax expense 1,786 3,315 2,562 3,207 3,263 -------- -------- -------- -------- -------- Net income $ 6,208 $ 7,771 $ 7,659 $ 7,739 $ 7,291 ======== ======== ======== ======== ======== Per Share Data Basic Net Income $ .34 $ .42 $ .42 $ .42 $ .39 Diluted Net Income .34 .42 .42 .42 .39 Cash Dividends Paid .23 .23 .23 .23 .23 Average Diluted Shares Outstanding (in thousands) 18,369 18,497 18,498 18,381 18,463 FINANCIAL RATIOS Return on Average Assets .69% .88% .88% .90% .88% Return on Avg. Stockholders' Equity 7.53 9.47 9.39 9.72 9.20 Avg. Earning Assets to Avg. Assets 90.96 91.13 90.87 91.26 91.21 Allowance for Loan Losses as % Of Total Loans .98 .98 .99 1.02 1.00 Net Charge Off's as % Of Avg. Loans (Annualized) .23 .20 .25 .07 .23 Dividend Payout Ratio 67.65 54.76 56.10 54.76 58.97 Avg. Stockholders' Equity to Avg. Assets 9.15 9.32 9.32 9.30 9.54 Tax Equivalent Yield on Earning Assets 7.09 7.01 7.07 7.08 6.87 Cost of Supporting Liabilities 3.81 3.51 3.53 3.42 3.07 Net Int. Margin (FTE) on Earning Assets 3.28 3.50 3.54 3.66 3.80
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LOANS (in thousands) June 30, March 31, December 31, September 30, June 30, 2007 2007 2006 2006 2006 Commercial and industrial loans $ 590,345 $ 557,304 $ 537,305 $ 497,280 $ 501,238 Agricultural production financing and other loans to farmers 103,713 97,784 100,098 104,147 95,352 Real estate loans: Construction 172,247 151,782 169,491 175,753 178,254 Commercial and farmland 895,301 906,726 861,429 835,403 813,171 Residential 768,392 756,316 749,921 757,116 744,552 Individuals' loans for household and other personal expenditures 206,435 210,578 223,504 215,237 208,768 Tax exempt loans 23,181 15,306 14,423 16,550 13,656 Lease financing receivables, net of unearned income 7,906 7,648 8,010 8,543 8,589 Other loans 38,548 27,696 28,420 31,615 27,860 ----------- ---------- ------------ ---------- ---------- 2,806,068 2,731,140 2,692,601 2,641,644 2,591,440 Allowance for loan losses (27,608) (26,819) (26,540) (26,975) (25,884) ----------- ---------- ------------ ---------- ---------- Total loans $2,778,460 $2,704,321 $2,666,061 $2,614,669 $2,565,556 =========== ========== ============ ========== ========== DEPOSITS (in thousands) June 30, March 31, December 31, September 30, June 30, 2007 2007 2006 2006 2006 Demand deposits $ 855,458 $ 787,538 $ 883,294 $ 743,154 $ 758,132 Savings deposits 494,738 530,692 507,431 512,112 510,878 Certificates and other time deposits of $100,000 or more 443,355 398,061 408,910 394,724 313,751 Other certificates and time deposits 926,050 971,097 950,903 1,044,301 952,639 ----------- ---------- ----------- ----------- ----------- Total deposits $ 2,719,601 $2,687,388 $2,750,538 $2,694,291 $2,535,400 =========== ========== =========== =========== ===========
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