earningsrelease2ndqtr2010.htm

N / E / W / S R / E / L / E / A / S / E

July 28, 2010

FOR IMMEDIATE RELEASE

For more information, contact:

David L. Ortega, First Vice President/Director of Investor Relations

765-378-8937

http://www.firstmerchants.com/

SOURCE: First Merchants Corporation, Muncie, Indiana

FIRST MERCHANTS CORPORATION ANNOUNCES 2nd QUARTER RESULTS AND IMPROVED TANGIBLE CAPITAL

First Merchants Corporation (NASDAQ – FRME) has reported second quarter earnings totaling $.35 per fully diluted common share and net income available to common stockholders of $8.3 million. Year-to-date earnings per fully diluted common share and net income available to common stockholders totaled $.36 and $8.4 million, respectively.

Michael C. Rechin, President and Chief Executive Officer, stated, “Our results for the second quarter reflect continued progress in building our tangible capital, our net interest margin and in expense control. The second quarter of last year was our most difficult period through the recession so it is rewarding to post substantial improvement year over year. We are committed to working through the credit issues that remain in our loan portfolio”. Rechin also stated, “The improvement in the tangible common equity ratio to 5.88 percent provides a stable capital base for the future. Our highest priority continues to be meeting the needs of the communities and customers we serve and managing the improvement of our loan portfolio through the balance of the credit cycle.”

Total assets were $4.183 billion as of quarter end and total loans, including loans held for sale, were $3.059 billion as loan demand from our commercial and consumer customers remains soft. The added liquidity produced from growth in the Corporation’s demand deposits of $48 million and loan maturities, throughout the twelve month period, resulted in strategic reductions of higher paying deposit liabilities and borrowings and increases in the Corporation’s bond portfolio. The Corporation’s loan to deposit ratio is now 93.8 percent and its loan to asset ratio totals 73.1 percent.

Net-Interest margin expanded by 26 basis points, compared to the same three month period last year, and remained strong totaling 3.90 percent for the quarter as net interest income totaled just over $36 million, reflecting the strength of our asset yields and funding costs.

Non-interest income totaled $11.0 million for the quarter, after adjusting for gains from the sale of securities totaling $257,000 and other-than-temporary impairment (OTTI) charges of $400,000. The second quarter of 2009 totaled $12.4 million on a comparative basis. Nearly $500,000 of the decline is related to the lower income derived from interest rate floors that expired early in 2009.

Total non-interest expense for the second quarter of 2010 totaled $34.3 million, a decrease of $3.8 million compared to the second quarter 2009 results. Salary and benefit expense declined by $1.7 million, or 8.9 percent, and is the primary cause of the expense reduction.

The Corporation’s pre-tax, pre-provision earnings totaled $12.8 million for the quarter. When normalized for a fully taxable equivalent net interest income and various adjustments, the pre-tax, pre-provision earnings totaled $16.8 million for the second quarter of 2010.

The $10.1 million after-tax gain resulting from favorable accounting treatment attributed to the exchange of designated preferred securities for trust preferred securities as reported on form 8-K on July 2, 2010 was a clear contributor to the Corporation’s strong performance for the quarter.

As of June 30, 2010, the Corporation’s total risk-based capital measured 14.72 percent, Tier 1 risk-based capital totaled 11.88 percent, Tier 1 leverage ratio totaled 9.21 percent, and the tangible common equity ratio totaled 5.88 percent. All regulatory capital ratios exceed the regulatory definitions of “well capitalized”.

CONFERENCE CALL

First Merchants Corporation will conduct a second quarter earnings conference call and web cast at 2:30 p.m. (ET) on Wednesday, July 28, 2010.

To participate, dial (Toll Free) 800-860-2442 and reference First Merchants Corporation’s second quarter earnings release. International callers please call +1 412-858-4600. A replay of the call will be available until August 12, 2010 at 9:00 a.m. (ET). To access a replay of the call, US/Canada participants should dial (Toll Free) 877-344-7529 or for International participants, dial +1 412-317-0088. The replay passcode is 442131.

In order to view the web cast and presentation slides, please go to http://www.talkpoint.com/viewer/starthere.asp?Pres=131510 during the time of the call.

During the call, Forward-Looking Statements about the relative business outlook may be made. 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.

About First Merchants Corporation

First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. The Corporation is comprised of First Merchants Bank, N.A., which also operates as Lafayette Bank & Trust, A Division of First Merchants Bank, N.A., Commerce National Bank, A Division of First Merchants Bank, N.A., as well as First Merchants Trust Company, N.A., and First Merchants Insurance Group, a full-service property casualty, personal lines, and healthcare 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).

* * * *

First Merchants Corporation

2nd Quarter 2010 - Earnings Release

CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)	June 30,
	2010			2009
ASSETS
Cash and due from banks	$	60,223		$	73,668
Federal funds sold		4,101
Cash and cash equivalents		64,324			73,668
Interest-bearing time deposits		40,823			44,595
Investment securities		646,185			630,958
Mortgage loans held for sale		7,600			23,070
Loans		3,051,346			3,554,229
Less: Allowance for loan losses		(86,970	)		(77,119	)
Net loans		2,964,376			3,477,110
Premises and equipment		53,437			58,692
Federal Reserve and Federal Home Loan Bank stock		36,218			34,441
Interest receivable		18,894			20,778
Core deposit intangibles and goodwill		156,340			161,294
Cash surrender value of life insurance		95,666			93,876
Other real estate owned		20,124			20,227
Tax asset, deferred and receivable		52,839			62,183
Other assets		26,422			16,153
TOTAL ASSETS	$	4,183,248		$	4,717,045
LIABILITIES
Deposits:
Noninterest-bearing	$	516,769		$	512,368
Interest-bearing		2,744,194			3,078,555
Total Deposits		3,260,963			3,590,923
Borrowings:
Federal Funds purchased					15,042
Securities sold under repurchase agreements		107,505			115,011
Federal Home Loan Bank advances		100,540			268,938
Subordinated debentures, revolving credit lines and term loans		225,867			194,783
Total Borrowings		433,912			593,774
Interest payable		4,911			7,351
Other liabilities		25,933			51,619
Total Liabilities		3,725,719			4,243,667
STOCKHOLDERS' EQUITY
Preferred Stock, no-par value:
Authorized -- 500,000 shares
Series A, Issued and outstanding - 69,600 and 116,000 shares		67,649			112,009
Cumulative Preferred Stock, $1,000 par value, $1,000 liquidation value:
Authorized -- 600 shares
Issued and outstanding - 125 shares		125			125
Common Stock, $.125 stated value:
Authorized -- 50,000,000 shares
Issued and outstanding - 25,524,948 and 21,067,477 shares		3,191			2,633
Additional paid-in capital		231,372			204,403
Retained earnings		158,118			172,688
Accumulated other comprehensive loss		(2,926	)		(18,480	)
Total Stockholders' Equity		457,529			473,378
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	4,183,248		$	4,717,045

First Merchants Corporation

2nd Quarter 2010 - Earnings Release

CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2010			2009			2010			2009
INTEREST INCOME
Loans receivable:
Taxable	$	43,977		$	52,843		$	89,425		$	106,636
Tax exempt		252			247			529			462
Investment securities:
Taxable		3,286			3,261			6,177			7,024
Tax exempt		2,548			2,362			5,194			4,131
Federal funds sold		3			42			20			54
Deposits with financial institutions		95			116			155			218
Federal Reserve and Federal Home Loan Bank stock		330			199			690			672
Total Interest Income		50,491			59,070			102,190			119,197
INTEREST EXPENSE
Deposits		10,520			15,569			22,015			32,280
Federal funds purchased		4						4			22
Securities sold under repurchase agreements		429			507			928			974
Federal Home Loan Bank advances		1,440			2,447			3,004			5,396
Subordinated debentures, revolving credit lines and term loans		1,919			2,113			3,845			3,592
Total Interest Expense		14,312			20,636			29,796			42,264
NET INTEREST INCOME		36,179			38,434			72,394			76,933
Provision for loan losses		15,015			58,995			28,884			71,916
NET INTEREST INCOME (LOSS) AFTER PROVISION FOR LOAN LOSSES		21,164			(20,561	)		43,510			5,017
OTHER INCOME
Service charges on deposit accounts		3,506			3,888			6,768			7,430
Fiduciary activities		1,978			1,680			4,038			3,739
Other customer fees		2,195			1,946			4,693			3,949
Commission income		1,487			1,698			3,476			3,757
Earnings on cash surrender value of life insurance		526			331			1,034			654
Net gains and fees on sales of loans		1,185			1,678			2,334			3,108
Net realized gains/(losses) on sales of available for sale securities		257			1,154			2,099			3,946
Other-than-temporary impairment on available for sale securities		(400	)		(2,045	)		(888	)		(2,523	)
Other income		208			1,160			352			1,901
Total Other Income		10,942			11,490			23,906			25,961
OTHER EXPENSES
Salaries and employee benefits		17,942			19,685			35,504			39,700
Net occupancy		2,058			2,443			4,909			5,012
Equipment		1,861			1,909			3,714			3,785
Marketing		495			564			924			1,113
Outside data processing fees		1,311			1,405			2,591			3,338
Printing and office supplies		321			397			639			760
Core deposit amortization		1,192			1,278			2,399			2,555
FDIC assessments		2,243			3,494			3,965			4,070
Other expenses		6,920			7,017			14,338			12,573
Total Other Expenses		34,343			38,192			68,983			72,906
INCOME (LOSS) BEFORE INCOME TAX		(2,237	)		(47,263	)		(1,567	)		(41,928	)
Income tax expense (benefit)		(1,894	)		(17,534	)		(2,810	)		(16,316	)
NET INCOME (LOSS)		(343	)		(29,729	)		1,243			(25,612	)
Gain on exchange of preferred stock for trust preferred debt		10,052						10,052
Preferred stock dividends and discount accretion		(1,443	)		(1,450	)		(2,893	)		(2,078	)
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS	$	8,266		$	(31,179	)	$	8,402		$	(27,690	)
Per Share Data:
Basic Net Income (Loss) Available to Common Stockholders	$	0.35		$	(1.49	)	$	0.36		$	(1.32	)
Diluted Net Income (Loss) Available to Common Stockholders	$	0.35		$	(1.49	)	$	0.36		$	(1.32	)
Cash Dividends Paid	$	0.01		$	0.08		$	0.02		$	0.31
Average Diluted Shares Outstanding (in thousands)		25,633			21,060			23,555			21,041

First Merchants Corporation

2nd Quarter 2010 - Earnings Release

FINANCIAL HIGHLIGHTS
(Dollars in thousands)	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2010			2009			2010			2009
NET CHARGE OFF'S	$	16,613		$	40,378		$	34,045		$	46,380

AVERAGE BALANCES:
Total Assets	$	4,282,299		$	4,813,639		$	4,322,808		$	4,767,145
Total Loans		3,100,249			3,636,233			3,151,751			3,665,989
Total Earning Assets		3,868,749			4,383,570			3,912,442			4,341,330
Total Deposits		3,332,958			3,669,103			3,382,122			3,653,466
Total Stockholders' Equity		491,162			507,484			479,145			479,554

FINANCIAL RATIOS:
Return on Average Assets		0.77	%		-2.59	%		0.39	%		-1.16	%
Return on Average Stockholders' Equity		6.73			(24.58	)		3.51			(11.56	)
Average Earning Assets to Average Assets		90.34			91.07			90.51			91.07
Allowance for Loan Losses as % of Total Loans		2.84			2.16			2.84			2.16
Net Charge Off's as % of Average Loans (Annualized)		2.14			4.44			2.16			2.53
Dividend Payout Ratio		3.13			(5.41	)		5.56			(23.66	)
Average Stockholders' Equity to Average Assets		11.47			10.54			11.08			10.05
Tax Equivalent Yield on Earning Assets		5.38			5.52			5.38			5.61
Cost of Supporting Liabilities		1.48			1.88			1.52			1.95
Net Interest Margin (FTE) on Earning Assets		3.90			3.64			3.86			3.66

NON-PERFORMING ASSETS
(Dollars in thousands)	June 30,			March 31,			December 31,			September 30,			June 30,
	2010			2010			2009			2009			2009
Non-Accrual Loans	$	120,205		$	122,891		$	118,409		$	123,290		$	112,220
Renegotiated Loans		1,657			859			8,833			5,595			4,216
Non-Performing Loans (NPL)		121,862			123,750			127,242			128,885			116,436
Real Estate Owned and Repossessed Assets		20,124			18,268			14,879			21,778			20,227
Non-Performing Assets (NPA)		141,986			142,018			142,121			150,663			136,663
90+ Days Delinquent		4,537			2,600			3,967			5,422			3,596
NPAS & 90 Day Delinquent	$	146,523		$	144,618		$	146,088		$	156,085		$	140,259
Loan Loss Reserve	$	86,970		$	88,568		$	92,131		$	86,918		$	77,119
YTD Charge-offs		34,045			17,432			81,628			60,821			46,380
NPAs / Actual Assets %		3.39	%		3.25	%		3.17	%		3.37	%		2.90	%
NPAs & 90 Day / Actual Assets %		3.50	%		3.30	%		3.26	%		3.49	%		2.97	%
NPAs / Actual Loans and REO %		4.61	%		4.50	%		4.32	%		4.37	%		3.80	%
Loan Loss Reserves / Actual Loans (%)		2.84	%		2.82	%		2.81	%		2.54	%		2.16	%
NCOs / YTD Average Loans (%)		1.08	%		0.54	%		2.30	%		1.68	%		1.27	%

First Merchants Corporation

2nd Quarter 2010 - Earnings Release

CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)	June 30,			March 31,			December 31,			September 30,			June 30,
	2010			2010			2009			2009			2009
ASSETS
Cash and due from banks	$	60,223		$	52,679		$	76,801		$	66,887		$	73,668
Federal funds sold		4,101			7,044			102,346			52,828
Cash and cash equivalents		64,324			59,723			179,147			119,715			73,668
Interest-bearing time deposits		40,823			157,735			74,025			44,312			44,595
Investment securities		646,185			639,081			563,117			489,010			630,958
Mortgage loans held for sale		7,600			3,646			8,036			25,173			23,070
Loans		3,051,346			3,134,540			3,269,788			3,398,722			3,554,229
Less: Allowance for loan losses		(86,970	)		(88,568	)		(92,131	)		(86,918	)		(77,119	)
Net loans		2,964,376			3,045,972			3,177,657			3,311,804			3,477,110
Premises and equipment		53,437			54,431			55,804			58,482			58,692
Federal Reserve and Federal Home Loan Bank stock		36,218			36,721			38,576			38,576			34,441
Interest receivable		18,894			19,532			20,818			22,359			20,778
Core deposit intangibles and goodwill		156,340			157,532			158,740			160,017			161,294
Cash surrender value of life insurance		95,666			95,146			94,636			94,267			93,876
Other real estate owned		20,124			18,268			14,879			21,778			20,227
Tax asset, deferred and refundable		52,839			59,190			64,394			59,244			62,183
Other assets		26,422			28,889			31,123			31,747			16,153
TOTAL ASSETS	$	4,183,248		$	4,375,866		$	4,480,952		$	4,476,484		$	4,717,045
LIABILITIES
Deposits:
Noninterest-bearing	$	516,769		$	520,551		$	516,487		$	477,040		$	512,368
Interest-bearing		2,744,194			2,877,235			3,020,049			3,035,455			3,078,555
Total Deposits		3,260,963			3,397,786			3,536,536			3,512,495			3,590,923
Borrowings:
Federal funds purchased														15,042
Securities sold under repurchase agreements		107,505			112,826			125,687			125,045			115,011
Federal Home Loan Bank advances		100,540			123,261			129,749			130,024			268,938
Subordinated debentures, revolving credit lines and term loans		225,867			194,794			194,790			194,787			194,783
Total Borrowings		433,912			430,881			450,226			449,856			593,774
Interest payable		4,911			4,812			5,711			5,722			7,351
Other liabilities		25,933			53,446			24,694			32,511			51,619
Total Liabilities		3,725,719			3,886,925			4,017,167			4,000,584			4,243,667
STOCKHOLDERS' EQUITY
Preferred Stock, no-par value:
Authorized -- 500,000 shares
Series A, Issued and outstanding - 69,600 and 116,000 shares		67,649			112,559			112,373			112,190			112,009
Cumulative Preferred Stock, $1,000 par value, $1,000 liquidation value:
Authorized -- 600 shares
Issued and outstanding - 125 shares		125			125			125			125			125
Common Stock, $.125 stated value:
Authorized -- 50,000,000 shares
Issued and outstanding - 25,524,948 and 21,067,477 shares		3,191			3,187			2,653			2,648			2,633
Additional paid-in capital		231,372			230,764			206,600			205,759			204,403
Retained earnings		158,118			150,595			150,860			164,419			172,688
Accumulated other comprehensive loss		(2,926	)		(8,289	)		(8,826	)		(9,241	)		(18,480	)
Total Stockholders' Equity		457,529			488,941			463,785			475,900			473,378
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	4,183,248		$	4,375,866		$	4,480,952		$	4,476,484		$	4,717,045

First Merchants Corporation

2nd Quarter 2010 - Earnings Release

CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)	June 30,			March 31,			December 31,			September 30,			June 30,
	2010			2010			2009			2009			2009
INTEREST INCOME
Loans receivable:
Taxable	$	43,977		$	45,448		$	48,297		$	50,683		$	52,843
Tax exempt		252			277			296			280			247
Investment securities:
Taxable		3,286			2,891			2,348			2,963			3,261
Tax exempt		2,548			2,646			2,668			2,788			2,362
Federal funds sold		3			17			37			27			42
Deposits with financial institutions		95			60			75			73			116
Federal Reserve and Federal Home Loan Bank stock		330			360			348			359			199
Total Interest Income		50,491			51,699			54,069			57,173			59,070
INTEREST EXPENSE
Deposits		10,520			11,495			12,445			13,666			15,569
Federal funds purchased		4									6
Securities sold under repurchase agreements		429			499			511			512			507
Federal Home Loan Bank advances		1,440			1,564			1,627			2,209			2,447
Subordinated debentures, revolving credit lines and term loans		1,919			1,926			1,921			1,932			2,113
Total Interest Expense		14,312			15,484			16,504			18,325			20,636
NET INTEREST INCOME		36,179			36,215			37,565			38,848			38,434
Provision for loan losses		15,015			13,869			26,020			24,240			58,995
NET INTEREST INCOME (LOSS) AFTER PROVISION FOR LOAN LOSSES		21,164			22,346			11,545			14,608			(20,561	)
OTHER INCOME
Service charges on deposit accounts		3,506			3,262			3,735			3,963			3,888
Fiduciary activities		1,978			2,060			1,826			1,844			1,680
Other customer fees		2,195			2,498			1,969			2,004			1,946
Commission income		1,487			1,989			1,181			1,459			1,698
Earnings on cash surrender value of life insurance		526			508			569			391			331
Net gains and fees on sales of loans		1,185			1,149			1,744			1,997			1,678
Net realized and unrealized gains on sales of available for sale securities		257			1,842			1,984			5,211			1,154
Other-than-temporary impairment on available for sale securities		(400	)		(488	)		(2,979	)		(1,227	)		(2,045	)
Other income		208			144			(472	)		41			1,160
Total Other Income		10,942			12,964			9,557			15,683			11,490
OTHER EXPENSES
Salaries and employee benefits		17,942			17,562			18,680			17,945			19,685
Net occupancy		2,058			2,851			2,816			2,422			2,443
Equipment		1,861			1,853			1,935			1,875			1,909
Marketing		495			429			513			508			564
Outside data processing fees		1,311			1,280			1,488			1,360			1,405
Printing and office supplies		321			318			359			300			397
Core deposit amortization		1,192			1,207			1,277			1,277			1,278
FDIC assessments		2,243			1,722			3,203			3,121			3,494
Other expenses		6,920			7,418			9,386			10,187			7,017
Total Other Expenses		34,343			34,640			39,657			38,995			38,192
INCOME (LOSS) BEFORE INCOME TAX		(2,237	)		670			(18,555	)		(8,704	)		(47,263	)
Income tax expense (benefit)		(1,894	)		(916	)		(8,334	)		(3,774	)		(17,534	)
NET INCOME (LOSS)		(343	)		1,586			(10,221	)		(4,930	)		(29,729	)
Gain on exchange of preferred stock for trust preferred debt		10,052
Preferred stock dividends and discount accretion		(1,443	)		(1,450	)		(1,451	)		(1,450	)		(1,450	)
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS	$	8,266		$	136		$	(11,672	)	$	(6,380	)	$	(31,179	)
PER SHARE:
Basic Net Income (Loss) Available to Common Stockholders	$	0.35		$	0.01		$	(0.55	)	$	(0.30	)	$	(1.49	)
Diluted Net Income (Loss) Available to Common Stockholders	$	0.35		$	0.01		$	(0.55	)	$	(0.30	)	$	(1.49	)
Cash Dividends Paid	$	0.01		$	0.01		$	0.08		$	0.08		$	0.08
Average Diluted Shares Outstanding (in thousands)		25,633			21,462			21,211			21,170			21,060
FINANCIAL RATIOS:
Return on Average Assets		0.77	%		0.01	%		-1.04	%		-0.55	%		-2.59	%
Return on Average Stockholders' Equity		6.73			0.12			(9.87	)		(5.35	)		(24.58	)
Average Earning Assets to Average Assets		90.34			90.64			90.28			90.82			91.07
Allowance for Loan Losses as % of Total Loans		2.84			2.82			2.81			2.54			2.16
Net Charge Off's as % of Average Loans (Annualized)		2.14			2.18			2.49			1.64			4.44
Dividend Payout Ratio		3.13			100.00			(14.55	)		(26.67	)		(5.41	)
Average Stockholders' Equity to Average Assets		11.47			10.70			10.50			10.23			10.54
Tax Equivalent Yield on Earning Assets		5.38			5.39			5.48			5.56			5.52
Cost of Supporting Liabilities		1.48			1.57			1.62			1.73			1.88
Net Interest Margin (FTE) on Earning Assets		3.90			3.82			3.86			3.83			3.64

First Merchants Corporation

2nd Quarter 2010 - Earnings Release

LOANS
(Dollars in thousands)	June 30,			March 31,			December 31,			September 30,			June 30,
	2010			2010			2009			2009			2009
Commercial and industrial loans	$	589,157		$	621,591		$	675,860		$	806,289		$	874,671
Agricultural production financing and other loans to farmers		108,439			109,457			121,031			124,601			121,361
Real estate loans:
Construction		111,070			131,548			158,725			147,343			162,765
Commercial and farmland		1,251,430			1,259,588			1,254,115			1,228,983			1,231,986
Residential		816,823			821,014			841,584			855,931			930,714
Individuals' loans for household and other personal expenditures		129,724			142,108			154,132			177,338			174,363
Tax exempt loans		18,025			23,047			22,049			23,846			23,596
Lease financing receivables, net of unearned income		6,143			6,396			7,135			7,797			8,095
Other loans		20,535			19,791			35,157			26,594			26,678
LOANS		3,051,346			3,134,540			3,269,788			3,398,722			3,554,229
Allowance for loan losses		(86,970	)		(88,568	)		(92,131	)		(86,918	)		(77,119	)
NET LOANS	$	2,964,376		$	3,045,972		$	3,177,657		$	3,311,804		$	3,477,110

DEPOSITS
(Dollars in thousands)	June 30,		March 31,		December 31,		September 30,		June 30,
	2010		2010		2009		2009		2009
Demand deposits	$	1,246,006	$	1,261,305	$	1,308,741	$	1,178,372	$	1,197,646
Savings deposits		730,105		738,742		733,142		726,894		740,340
Certificates and other time deposits of $100,000 or more		374,016		416,113		438,264		492,875		503,971
Other certificates and time deposits		715,941		750,382		781,509		803,173		835,899
Brokered deposits		194,895		231,244		274,880		311,181		313,067
TOTAL DEPOSITS	$	3,260,963	$	3,397,786	$	3,536,536	$	3,512,495	$	3,590,923