-----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, VadGW/2A1HsvB9A+dOruYEx8nek32y6kkb9+O7AUCqc5SE3RKsWyQ/zk2kE1uLAP r233iZfMhOdra+fJqnQ/+g== 0000712534-08-000021.txt : 20080123 0000712534-08-000021.hdr.sgml : 20080123 20080123095959 ACCESSION NUMBER: 0000712534-08-000021 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20080123 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080123 DATE AS OF CHANGE: 20080123 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: 08543587 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 f8k4thqtr07er.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, 2008 ------------------------------ 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)) ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On January 23, 2008, First Merchants Corporation issued a press release to report its financial results for the fourth quarter ended December 31, 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 January 23, 2008, issued by First Merchants Corporation 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, 2008 EXHIBIT INDEX ------------- Exhibit No. Description - ----------- ----------- 99.1 Press Release, dated January 23, 2008, issued by First Merchants Corporation. First Merchants Corporation Exhibit No. 99.1 Press Release, dated January 23, 2008 N / E / W / S R / E / L / E / A / S / E January 23, 2008 FOR IMMEDIATE RELEASE For more information, contact: Mark K. Hardwick, Executive Vice President/Chief Financial Officer, 765-751-1857 http://www.firstmerchants.com SOURCE: First Merchants Corporation, Muncie, Indiana FIRST MERCHANTS CORPORATION ANNOUNCES 21 PERCENT INCREASE IN FOURTH QUARTER EARNINGS PER SHARE First Merchants Corporation (NASDAQ - FRME) has reported fourth quarter 2007 earnings per share of $.51, a 21.4% increase over $.42 earned in the fourth quarter of 2006. Net income for the quarter totaled $9,310,000 compared to $7,659,000 in fourth quarter of 2006. 2007 earnings per share totaled $1.73, a 5.5% increase over the $1.64 earned in 2006. Included in the year-to-date results are two strategic non-recurring expenses. The first non-recurring expense is 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 it's 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. Additionally, in a January 24, 2007 press release, the Corporation announced its plan to integrate the data operations of its Columbus, Ohio, bank into the corporate operations center. The company also announced its plan to re-brand four bank charters into First Merchants Bank, NA. The successful completion of these actions cost $1.1 million during 2007. The combination of these non-recurring expenses totaled $2.9 million, or $.10 per share. Excluding these non-recurring expenses, earnings per share improved by $.19, or 11.6 percent over 2006. Total assets equaled $3.78 billion at year-end, an increase of $227 million, or 6.4 percent, over December 31, 2006. Loans and investments, the Corporation's primary earning assets, totaled $3.33 billion, an increase of $169 million, or 5.3 percent, over the same period last year. Year-to-date net interest margin totaled 3.55 percent, a 16 basis point decline from the prior year total of 3.71 percent. The decline is meaningful, however, the Corporation's net interest margin did increase in the fourth quarter of 2007 as the Federal Reserve lowered its benchmark fed funds rate by 1 percent. Total other income increased by $5.9 million, or 17.2 percent. All reported line items produced increases ranging from a low of 9.8 percent to a high of 59.7 percent reflecting the Corporation's focus on fee for service business. Total other expenses increased by $6.1 million, or 6.4 percent, absent the non-recurring expenses totaling $2.9 million, non-interest expense increased by $3.2 million, or 3.4 percent. The provision for loan losses increased by $2.2 million to $8.5 million, or 30 basis points based on the Corporation's continued evaluation of the adequacy of the allowance for loan losses. The increased provision in 2007 is reflective of net-charge off's totaling $6.8 million, or 24 basis points, and increased non-performing assets of $11.6 million. The reserve for loan losses increased by $1.7 million in 2007 to $28.2 million and the allowance for loan losses as a percentage of total loans outstanding remained at .98 percent. Michael C. Rechin, President and Chief Executive Officer, stated that, "The tactical execution of our strategic plan during 2007 is reflective of the commitment our employees have to First Merchants Corporation. Given the distractions of a volatile market and a slowing economy, we believe that our employees have remained focused on meeting our customers' needs and providing great service as evidenced by our loan growth and our non-interest income growth." Rechin also added, "2007 was a turbulent year in the banking sector and this management team is pleased with the momentum our company continues to build. We are committed to our culture statement whereby we expect superior results from our company and ourselves. We are very aware of the economic and credit environment that our industry faces in 2008, but are confident in our ability to show continued progress." CONFERENCE CALL First Merchants Corporation will conduct a conference call at 2:30 p.m. Eastern Standard Time on Wednesday, January 23, 2008. To participate, dial (Toll Free) 800-860-2442 and reference First Merchants Corporation's fourth quarter earnings. A replay will be available until January 31, 2008. To access replay, US/Canada participants should dial (Toll Free) 877-344-7529 or for International participants, dial 412-317-0088. The replay passcode is 414887#. 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).
CONSOLIDATED BALANCE SHEETS (in thousands) December 31, 2007 2006 Assets Cash and due from banks $ 134,683 $ 89,957 Interest-bearing time deposits 24,931 11,284 Investment securities 451,167 465,217 Mortgage loans held for sale 3,735 5,413 Loans 2,876,843 2,692,601 Less: Allowance for loan losses (28,228) (26,540) ---------- ---------- Net loans 2,848,615 2,666,061 Premises and equipment 44,445 42,393 Federal Reserve and Federal Home Loan Bank stock 25,250 23,691 Interest receivable 23,402 24,345 Core deposit intangibles and goodwill 135,856 138,638 Cash surrender value of life insurance 70,970 64,213 Other assets 19,033 23,658 ----------- ----------- Total assets $ 3,782,087 $ 3,554,870 =========== =========== Liabilities Deposits Noninterest-bearing $ 370,397 $ 362,058 Interest-bearing 2,473,724 2,388,480 ----------- ----------- Total deposits 2,844,121 2,750,538 Borrowings 568,774 440,764 Interest payable 8,325 9,326 Other liabilities 20,931 26,917 ----------- ----------- Total liabilities 3,442,151 3,227,545 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 -- 18,002,787 and 18,439,843 shares 2,250 2,305 Additional paid-in capital 137,801 146,460 Retained earnings 202,750 187,965 Accumulated other comprehensive loss (2,865) (9,405) ----------- ----------- Total stockholders' equity 339,936 327,325 ----------- ----------- Total liabilities and stockholders' equity $ 3,782,087 $ 3,554,870 =========== ===========
FINANCIAL HIGHLIGHTS Three Months Ended Year Ended (In thousands) December 31, December 31, 2007 2006 2007 2006 NET CHARGE OFF'S $ 1,857 $ 1,680 $ 6,819 $ 4,906 AVERAGE BALANCES Total Assets $3,735,931 $3,499,774 $3,639,772 $3,371,386 Total Loans 2,873,989 2,653,700 2,794,824 2,569,847 Total Deposits 2,812,760 2,755,145 2,752,443 2,568,070 Total Stockholders' Equity 335,649 326,158 330,786 319,519 FINANCIAL RATIOS Return on Average Assets 1.00% .88% .87% .90% Return on Avg. Stockholders' Equity 11.10 9.39 9.56 9.45 Avg. Earning Assets to Avg. Assets 90.70 90.87 90.91 91.15 Allowance for Loan Losses as % Of Total Loans .98 .99 .98 .99 Net Charge Off's as % Of Avg. Loans (Annualized) .26 .25 .24 .19 Dividend Payout Ratio 45.10 56.10 53.18 56.10 Avg. Stockholders' Equity to Avg. Assets 8.98 9.32 9.09 9.48 Tax Equivalent Yield on Earning Assets 7.13 7.07 7.10 6.92 Cost of Supporting Liabilities 3.47 3.53 3.55 3.21 Net Int. Margin (FTE) on Earning Assets 3.66 3.54 3.55 3.71
CONSOLIDATED STATEMENTS OF INCOME (in thousands, except share data) Three Months Ended Year Ended December 31, December 31, 2007 2006 2007 2006 Interest income Loans receivable Taxable $ 53,338 $ 49,293 $207,268 $186,768 Tax exempt 302 240 1,120 828 Investment securities Taxable 3,487 3,219 13,744 12,316 Tax exempt 1,623 1,660 6,548 6,565 Federal funds sold 39 332 172 373 Deposits with financial institutions 194 110 582 500 Federal Reserve and Federal Home Loan Bank stock 344 318 1,299 1,256 -------- -------- -------- -------- Total interest income 59,327 55,172 230,733 208,606 -------- -------- -------- -------- Interest expense Deposits 22,398 22,690 89,921 74,314 Federal funds purchased 692 93 3,589 1,842 Securities sold under repurchase agreements 1,182 488 3,856 3,228 Federal Home Loan Bank advances 3,250 2,672 12,497 10,734 Subordinated debentures, revolving credit lines and term loans 1,910 2,046 7,750 8,124 Other borrowings - 67 - 269 -------- -------- -------- -------- Total interest expense 29,432 28,056 117,613 98,511 -------- -------- -------- -------- Net interest income 29,895 27,116 113,120 110,095 Provision for loan losses 2,450 1,245 8,507 6,258 -------- -------- -------- -------- Net interest income after provision for loan losses 27,445 25,871 104,613 103,837 -------- -------- -------- -------- Other income Fiduciary activities 2,094 1,862 8,372 7,625 Service charges on deposit accounts 3,206 3,010 12,421 11,262 Other customer fees 1,686 1,387 6,479 5,517 Net realized gains (losses) on sales of available-for-sale securities 1 (4) - (4) Commission income 1,031 881 5,113 4,302 Earnings on cash surrender value of life insurance 1,186 712 3,651 2,286 Net gains and fees on sales of loans 546 613 2,438 2,171 Other income 383 309 2,077 1,454 -------- -------- -------- -------- Total other income 10,133 8,770 40,551 34,613 -------- -------- -------- -------- Other expenses Salaries and employee benefits 14,738 14,157 58,843 56,125 Net occupancy expenses 1,619 1,498 6,647 5,886 Equipment expenses 1,619 1,956 6,769 7,947 Marketing expense 505 508 2,205 1,932 Outside data processing fees 872 804 3,831 3,449 Printing and office supplies 329 401 1,410 1,496 Core deposit amortization 789 781 3,159 3,066 Write-off of unamortized underwriting expense - - 1,771 - Other expenses 4,776 4,315 17,547 16,156 -------- -------- -------- -------- Total other expenses 25,247 24,420 102,182 96,057 -------- -------- -------- -------- Income before income tax 12,331 10,221 42,982 42,393 Income tax expense 3,021 2,562 11,343 12,195 -------- -------- -------- -------- Net income $ 9,310 $ 7,659 $ 31,639 $ 30,198 ======== ======== ======== ======== Per Share Data Basic Net Income .51 .42 1.73 1.64 Diluted Net Income .51 .42 1.73 1.64 Cash Dividends Paid .23 .23 .92 .92 Average Diluted Shares Outstanding (in thousands) 18,144 18,498 18,307 18,467
CONSOLIDATED BALANCE SHEETS (in thousands) December 31, September 30, June 30, March 31, December 31, 2007 2007 2007 2007 2006 Assets Cash and due from banks $ 134,683 $ 85,645 $ 80,921 $ 43,629 $ 89,957 Interest-bearing time deposits 24,931 22,295 8,898 6,785 11,284 Investment securities 451,167 474,613 479,281 476,199 465,217 Mortgage loans held for sale 3,735 4,328 2,842 2,732 5,413 Loans 2,876,843 2,869,001 2,806,068 2,731,140 2,692,601 Less: Allowance for loan losses (28,228) (27,635) (27,608) (26,819) (26,540) ----------- ----------- ----------- ----------- ----------- Net loans 2,848,615 2,841,366 2,778,460 2,704,321 2,666,061 Premises and equipment 44,445 44,255 44,126 43,262 42,393 Federal Reserve and Federal Home Loan Bank stock 25,250 25,050 23,822 23,691 23,691 Interest receivable 23,402 25,954 21,615 21,941 24,345 Core deposit intangibles and goodwill 135,856 136,266 137,056 137,847 138,638 Cash surrender value of life insurance 70,970 70,082 69,111 68,360 64,213 Other assets 19,033 24,446 23,383 26,047 23,658 ----------- ----------- ----------- ----------- ----------- Total assets $ 3,782,087 $ 3,754,300 $ 3,669,515 $ 3,554,814 $ 3,554,870 =========== =========== =========== =========== =========== Liabilities Deposits Noninterest-bearing $ 370,397 $ 355,339 $ 362,083 $ 325,615 $ 362,058 Interest-bearing 2,473,724 2,403,836 2,357,518 2,361,773 2,388,480 ----------- ----------- ----------- ----------- ----------- Total deposits 2,844,121 2,759,175 2,719,601 2,687,388 2,750,538 Borrowings 568,774 620,469 587,574 497,188 440,764 Interest payable 8,325 9,170 10,417 10,834 9,326 Other liabilities 20,931 32,745 24,543 30,756 26,917 ----------- ----------- ----------- ----------- ----------- Total liabilities 3,442,151 3,421,559 3,342,135 3,226,166 3,227,545 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 2,250 2,269 2,286 2,289 2,305 Additional paid-in capital 137,801 140,642 143,317 143,672 146,460 Retained earnings 202,750 197,609 193,460 191,476 187,965 Accumulated other comprehensive loss (2,865) (7,779) (11,683) (8,789) (9,405) ----------- ----------- ----------- ----------- ----------- Total stockholders' equity 339,936 332,741 327,380 328,648 327,325 ----------- ----------- ----------- ----------- ----------- Total liabilities and stockholders' equity $ 3,782,087 $ 3,754,300 $ 3,669,515 $ 3,554,814 $ 3,554,870 =========== =========== =========== =========== ===========
NON PERFORMING ASSETS (in thousands) December 31, September 30, June 30, March 31, December 31, 2007 2007 2007 2007 2006 Non Accrual Loans $ 29,031 $ 30,165 $30,820 $ 22,704 $ 17,926 Renegotiated Loans 145 58 58 59 84 ------------ ------------ ------------ ------------ ------------ Non Performing Loans (NPL) 29,176 30,223 30,878 22,763 18,010 Real Estate Owned and Repossessed Assets 2,573 2,081 2,274 3,102 2,160 ------------ ------------ ------------ ------------ ------------ Non Performing Assets (NPA) 31,749 32,304 33,152 25,865 20,170 90+ Days Delinquent 3,578 3,132 5,203 4,554 2,870 ------------ ------------ ------------ ------------ ------------ NPAs & 90 Day Delinquent 35,327 35,436 38,355 30,419 23,040 Loan Loss Reserve 28,228 27,635 27,608 26,819 26,540 YTD Charge-offs 6,819 4,962 2,179 1,320 4,906 NPAs / Actual Assets % 0.84% 0.86% 0.90% 0.73% 0.57% NPAs & 90 day / Actual Assets % 0.93% 0.94% 1.05% 0.86% 0.65% NPAs / Actual Loans & REO (%) 1.10% 1.12% 1.18% 0.95% 0.75% Loan Loss Reserves / Actual Loans (%) 0.98% 0.96% 0.98% 0.98% 0.98% NCOs / YTD Average Loans (%) 0.24% 0.18% 0.08% 0.05% 0.19%
CONSOLIDATED STATEMENTS OF INCOME Three Months Ended (in thousands, except share data) December 31, September 30 June 30, March 31, December 31, 2007 2007 2007 2007 2006 Interest Income Loans receivable Taxable $ 53,338 $ 53,081 $ 51,204 $ 49,645 $ 49,293 Tax exempt 302 368 249 201 240 Investment securities Taxable 3,487 3,581 3,394 3,282 3,219 Tax exempt 1,623 1,613 1,651 1,661 1,660 Federal funds sold 39 41 91 1 332 Deposits with financial institutions 194 145 120 123 110 Federal Reserve and Federal Home Loan Bank stock 344 328 299 328 318 -------- -------- -------- -------- -------- Total interest income 59,327 59,157 57,008 55,241 55,172 -------- -------- -------- -------- -------- Interest expense Deposits 22,398 23,327 22,390 21,806 22,690 Federal funds purchased 692 996 1,047 854 93 Securities sold under repurchase agreements 1,182 1,195 910 569 488 Federal Home Loan Bank advances 3,250 3,302 3,009 2,936 2,672 Subordinated debentures, revolving credit lines and term loans 1,910 1,802 2,037 2,001 2,046 Other borrowings - - - - 67 -------- -------- -------- -------- -------- Total interest expense 29,432 30,622 29,393 28,166 28,056 -------- -------- -------- -------- -------- Net interest income 29,895 28,535 27,615 27,075 27,116 Provision for loan losses 2,450 2,810 1,648 1,599 1,245 -------- -------- -------- -------- -------- Net interest income after provision for loan losses 27,445 25,725 25,967 25,476 25,871 -------- -------- -------- -------- -------- Other income Fiduciary activities 2,094 1,985 2,257 2,036 1,862 Service charges on deposit accounts 3,206 3,241 3,091 2,883 3,010 Other customer fees 1,686 1,767 1,535 1,491 1,387 Net realized gains (losses) on sales of available-for-sale securities 1 - - (1) (4) Commission income 1,031 1,175 1,269 1,638 881 Earnings on cash surrender value of life insurance 1,186 998 782 685 712 Net gains and fees on sales of loans 546 749 611 532 613 Other income 383 933 221 540 309 -------- -------- -------- -------- -------- Total other income 10,133 10,848 9,766 9,804 8,770 -------- -------- -------- -------- -------- Other expenses Salaries and employee benefits 14,738 14,583 14,796 14,726 14,157 Net occupancy expenses 1,619 1,818 1,612 1,598 1,498 Equipment expenses 1,619 1,645 1,783 1,722 1,956 Marketing expense 505 560 653 487 508 Outside data processing fees 872 972 1,036 951 804 Printing and office supplies 329 394 388 299 401 Core deposit amortization 789 789 790 791 781 Write-off of unamortized underwriting expense - - 1,771 - - Other expenses 4,776 4,241 4,910 3,620 4,315 -------- -------- -------- -------- -------- Total other expenses 25,247 25,002 27,739 24,194 24,420 -------- -------- -------- -------- -------- Income before income tax 12,331 11,571 7,994 11,086 10,221 Income tax expense 3,021 3,221 1,786 3,315 2,562 -------- -------- -------- -------- -------- Net income $ 9,310 $ 8,350 $ 6,208 $ 7,771 $ 7,659 ======== ======== ======== ======== ======== Per Share Data Basic Net Income $ .51 $ .46 $ .34 $ .42 $ .42 Diluted Net Income .51 .46 .34 .42 .42 Cash Dividends Paid .23 .23 .23 .23 .23 Average Diluted Shares Outstanding (in thousands) 18,144 18,276 18,369 18,497 18,498 FINANCIAL RATIOS Return on Average Assets 1.00% .90% .69% .88% .88% Return on Avg. Stockholders' Equity 11.10 10.14 7.53 9.47 9.39 Avg. Earning Assets to Avg. Assets 90.70 90.88 90.96 91.13 90.87 Allowance for Loan Losses as % Of Total Loans .98 .96 .98 .98 .99 Net Charge Off's as % Of Avg. Loans (Annualized) .26 .39 .23 .20 .25 Dividend Payout Ratio 45.10 50.00 67.65 54.76 56.10 Avg. Stockholders' Equity to Avg. Assets 8.98 8.91 9.15 9.32 9.32 Tax Equivalent Yield on Earning Assets 7.13 7.17 7.09 7.01 7.07 Cost of Supporting Liabilities 3.47 3.65 3.59 3.51 3.53 Net Int. Margin (FTE) on Earning Assets 3.66 3.52 3.50 3.50 3.54
LOANS (in thousands) December 31, September 30, June 30, March 31, December 31, 2007 2007 2007 2007 2006 Commercial and industrial loans $ 662,701 $ 626,301 $ 590,345 $ 557,304 $ 537,305 Agricultural production financing and other loans to farmers 114,324 113,132 103,713 97,784 100,098 Real estate loans: Construction 165,425 160,624 172,247 151,782 169,491 Commercial and farmland 947,234 912,063 895,301 906,726 861,429 Residential 744,627 769,890 768,392 756,316 749,921 Individuals' loans for household and other personal expenditures 187,880 194,181 206,435 210,578 223,504 Tax exempt loans 16,423 28,726 23,181 15,306 14,423 Lease financing receivables, net of unearned income 8,351 8,932 7,906 7,648 8,010 Other loans 29,878 55,152 38,548 27,696 28,420 ------------- ---------- ---------- ---------- ------------ 2,876,843 2,869,001 2,806,068 2,731,140 2,692,601 Allowance for loan losses (28,228) (27,635) (27,608) (26,819) (26,540) ------------- ---------- ---------- ---------- ------------ Total loans $2,848,615 $2,841,366 $2,778,460 $2,704,321 $2,666,061 ============= ========== ========== ========== ============ DEPOSITS (in thousands) December 31, September 30, June 30, March 31, December 31, 2007 2007 2007 2007 2006 Demand deposits $ 903,380 $ 825,185 $ 855,458 $ 787,538 $ 883,294 Savings deposits 552,379 508,139 494,738 530,692 507,431 Certificates and other time deposits of $100,000 or more 470,733 472,842 443,355 398,061 408,910 Other certificates and time deposits 917,629 953,009 926,050 971,097 950,903 ----------- ----------- ----------- ---------- ----------- Total deposits $2,844,121 $2,759,175 $ 2,719,601 $2,687,388 $2,750,538 =========== =========== =========== ========== ===========
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