(State or other jurisdiction of incorporation) | (IRS Employer Identification No.) |
Title of Each Class | Trading Symbol(s) | Name of each exchange on which registered |
Exhibit No. | Description |
CONSOLIDATED BALANCE SHEETS | |||||||
(Dollars In Thousands) | September 30, | ||||||
2019 | 2018 | ||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 202,383 | $ | 142,501 | |||
Interest-bearing time deposits | 230,101 | 66,763 | |||||
Investment securities | 2,489,420 | 1,625,251 | |||||
Loans held for sale | 7,910 | 3,022 | |||||
Loans | 8,299,260 | 7,088,071 | |||||
Less: Allowance for loan losses | (80,571 | ) | (78,406 | ) | |||
Net loans | 8,218,689 | 7,009,665 | |||||
Premises and equipment | 113,446 | 93,728 | |||||
Federal Home Loan Bank stock | 28,736 | 24,588 | |||||
Interest receivable | 45,923 | 38,531 | |||||
Goodwill and other intangibles | 579,751 | 471,409 | |||||
Cash surrender value of life insurance | 286,747 | 223,865 | |||||
Other real estate owned | 7,156 | 8,859 | |||||
Tax asset, deferred and receivable | 15,187 | 25,933 | |||||
Other assets | 99,612 | 53,167 | |||||
TOTAL ASSETS | $ | 12,325,061 | $ | 9,787,282 | |||
LIABILITIES | |||||||
Deposits: | |||||||
Noninterest-bearing | $ | 1,777,365 | $ | 1,464,190 | |||
Interest-bearing | 7,988,086 | 6,168,962 | |||||
Total Deposits | 9,765,451 | 7,633,152 | |||||
Borrowings: | |||||||
Federal funds purchased | — | 90,000 | |||||
Securities sold under repurchase agreements | 191,603 | 118,824 | |||||
Federal Home Loan Bank advances | 354,609 | 385,458 | |||||
Subordinated debentures and term loans | 138,630 | 138,408 | |||||
Total Borrowings | 684,842 | 732,690 | |||||
Interest payable | 7,855 | 5,920 | |||||
Other liabilities | 117,901 | 54,094 | |||||
Total Liabilities | 10,576,049 | 8,425,856 | |||||
STOCKHOLDERS' EQUITY | |||||||
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 -- 100,000,000 shares | |||||||
Issued and outstanding - 55,345,672 and 49,304,542 shares | 6,918 | 6,163 | |||||
Additional paid-in capital | 1,053,148 | 837,996 | |||||
Retained earnings | 663,173 | 552,551 | |||||
Accumulated other comprehensive income (loss) | 25,648 | (35,409 | ) | ||||
Total Stockholders' Equity | 1,749,012 | 1,361,426 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 12,325,061 | $ | 9,787,282 |
CONSOLIDATED STATEMENTS OF INCOME | Three Months Ended | Nine Months Ended | |||||||||||||
(Dollars In Thousands, Except Per Share Amounts) | September 30, | September 30, | |||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
INTEREST INCOME | |||||||||||||||
Loans receivable: | |||||||||||||||
Taxable | $ | 96,850 | $ | 88,479 | $ | 280,155 | $ | 251,409 | |||||||
Tax-exempt | 4,500 | 3,761 | 12,897 | 10,989 | |||||||||||
Investment securities: | |||||||||||||||
Taxable | 6,729 | 5,514 | 19,822 | 16,044 | |||||||||||
Tax-exempt | 8,335 | 6,493 | 22,660 | 18,865 | |||||||||||
Deposits with financial institutions | 1,363 | 270 | 3,022 | 1,034 | |||||||||||
Federal Home Loan Bank stock | 355 | 283 | 1,028 | 950 | |||||||||||
Total Interest Income | 118,132 | 104,800 | 339,584 | 299,291 | |||||||||||
INTEREST EXPENSE | |||||||||||||||
Deposits | 24,830 | 13,685 | 67,511 | 34,852 | |||||||||||
Federal funds purchased | 15 | 229 | 225 | 670 | |||||||||||
Securities sold under repurchase agreements | 385 | 174 | 1,057 | 519 | |||||||||||
Federal Home Loan Bank advances | 1,894 | 2,137 | 5,400 | 6,141 | |||||||||||
Subordinated debentures and term loans | 2,076 | 2,089 | 6,315 | 6,136 | |||||||||||
Total Interest Expense | 29,200 | 18,314 | 80,508 | 48,318 | |||||||||||
NET INTEREST INCOME | 88,932 | 86,486 | 259,076 | 250,973 | |||||||||||
Provision for loan losses | 600 | 1,400 | 2,300 | 5,563 | |||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 88,332 | 85,086 | 256,776 | 245,410 | |||||||||||
OTHER INCOME | |||||||||||||||
Service charges on deposit accounts | 6,107 | 5,619 | 16,639 | 15,434 | |||||||||||
Fiduciary and wealth management fees | 4,429 | 3,673 | 12,178 | 11,064 | |||||||||||
Card payment fees | 5,158 | 4,586 | 14,813 | 13,642 | |||||||||||
Net gains and fees on sales of loans | 2,227 | 1,841 | 5,258 | 5,262 | |||||||||||
Derivative hedge fees | 1,684 | 775 | 3,952 | 1,848 | |||||||||||
Other customer fees | 450 | 452 | 1,230 | 1,349 | |||||||||||
Earnings on cash surrender value of life insurance | 1,144 | 961 | 3,079 | 3,144 | |||||||||||
Net realized gains on sales of available for sale securities | 393 | 1,285 | 3,376 | 4,016 | |||||||||||
Other income | 524 | 335 | 1,918 | 1,520 | |||||||||||
Total Other Income | 22,116 | 19,527 | 62,443 | 57,279 | |||||||||||
OTHER EXPENSES | |||||||||||||||
Salaries and employee benefits | 38,942 | 32,936 | 104,679 | 97,354 | |||||||||||
Net occupancy | 4,777 | 4,586 | 14,273 | 13,604 | |||||||||||
Equipment | 4,030 | 3,483 | 11,789 | 10,707 | |||||||||||
Marketing | 1,332 | 1,216 | 5,158 | 3,574 | |||||||||||
Outside data processing fees | 4,435 | 3,422 | 12,048 | 9,848 | |||||||||||
Printing and office supplies | 312 | 334 | 961 | 992 | |||||||||||
Intangible asset amortization | 1,356 | 1,650 | 4,404 | 5,094 | |||||||||||
FDIC assessments | (668 | ) | 856 | 717 | 2,286 | ||||||||||
Other real estate owned and foreclosure expenses | 294 | 455 | 2,362 | 1,219 | |||||||||||
Professional and other outside services | 8,251 | 1,844 | 12,511 | 5,174 | |||||||||||
Other expenses | 4,293 | 4,240 | 12,660 | 12,361 | |||||||||||
Total Other Expenses | 67,354 | 55,022 | 181,562 | 162,213 | |||||||||||
INCOME BEFORE INCOME TAX | 43,094 | 49,591 | 137,657 | 140,476 | |||||||||||
Income tax expense | 6,337 | 8,478 | 21,027 | 23,050 | |||||||||||
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ | 36,757 | $ | 41,113 | $ | 116,630 | $ | 117,426 | |||||||
Per Share Data: | |||||||||||||||
Basic Net Income Available to Common Stockholders | $ | 0.71 | $ | 0.83 | $ | 2.33 | $ | 2.38 | |||||||
Diluted Net Income Available to Common Stockholders | $ | 0.71 | $ | 0.83 | $ | 2.32 | $ | 2.37 | |||||||
Cash Dividends Paid | $ | 0.26 | $ | 0.22 | $ | 0.74 | $ | 0.62 | |||||||
Average Diluted Shares Outstanding (in thousands) | 51,570 | 49,492 | 50,227 | 49,458 |
FINANCIAL HIGHLIGHTS | |||||||||||||||
(Dollars in thousands) | Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
NET CHARGE-OFFS | $ | 1,303 | $ | 537 | $ | 2,281 | $ | 2,189 | |||||||
AVERAGE BALANCES: | |||||||||||||||
Total Assets | $ | 11,277,742 | $ | 9,756,680 | $ | 10,623,664 | $ | 9,610,219 | |||||||
Total Loans | 7,773,328 | 7,099,694 | 7,464,910 | 6,962,460 | |||||||||||
Total Earning Assets | 10,192,183 | 8,810,758 | 9,618,285 | 8,657,152 | |||||||||||
Total Deposits | 8,922,222 | 7,603,625 | 8,397,056 | 7,466,187 | |||||||||||
Total Stockholders' Equity | 1,596,595 | 1,358,904 | 1,502,474 | 1,331,867 | |||||||||||
FINANCIAL RATIOS: | |||||||||||||||
Return on Average Assets | 1.30 | % | 1.69 | % | 1.46 | % | 1.63 | % | |||||||
Return on Average Stockholders' Equity | 9.21 | 12.10 | 10.35 | 11.76 | |||||||||||
Return on Average Common Stockholders' Equity | 9.21 | 12.10 | 10.35 | 11.76 | |||||||||||
Average Earning Assets to Average Assets | 90.37 | 90.30 | 90.54 | 90.08 | |||||||||||
Allowance for Loan Losses as % of Total Loans | 0.97 | 1.11 | 0.97 | 1.11 | |||||||||||
Net Charge-offs as % of Average Loans (Annualized) | 0.07 | 0.03 | 0.04 | 0.04 | |||||||||||
Average Stockholders' Equity to Average Assets | 14.16 | 13.93 | 14.14 | 13.86 | |||||||||||
Tax Equivalent Yield on Average Earning Assets | 4.77 | 4.88 | 4.84 | 4.73 | |||||||||||
Interest Expense/Average Earning Assets | 1.15 | 0.83 | 1.12 | 0.74 | |||||||||||
Net Interest Margin (FTE) on Average Earning Assets | 3.62 | 4.05 | 3.72 | 3.99 | |||||||||||
Efficiency Ratio | 57.60 | 49.25 | 53.36 | 49.94 | |||||||||||
Tangible Common Book Value Per Share | $ | 21.26 | $ | 18.16 | $ | 21.26 | $ | 18.16 |
NON-PERFORMING ASSETS | |||||||||||||||||||
(Dollars In Thousands) | September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||||||
2019 | 2019 | 2019 | 2018 | 2018 | |||||||||||||||
Non-Accrual Loans | $ | 22,728 | $ | 25,635 | $ | 27,949 | $ | 26,148 | $ | 20,421 | |||||||||
Renegotiated Loans | 576 | 640 | 709 | 1,103 | 968 | ||||||||||||||
Non-Performing Loans (NPL) | 23,304 | 26,275 | 28,658 | 27,251 | 21,389 | ||||||||||||||
Other Real Estate Owned | 7,156 | 1,131 | 1,877 | 2,179 | 8,859 | ||||||||||||||
Non-Performing Assets (NPA) | 30,460 | 27,406 | 30,535 | 29,430 | 30,248 | ||||||||||||||
90+ Days Delinquent | 82 | 209 | 134 | 1,855 | 50 | ||||||||||||||
NPAs & 90 Day Delinquent | $ | 30,542 | $ | 27,615 | $ | 30,669 | $ | 31,285 | $ | 30,298 | |||||||||
Allowance for Loan Losses | $ | 80,571 | $ | 81,274 | $ | 80,902 | $ | 80,552 | $ | 78,406 | |||||||||
Quarterly Net Charge-offs | 1,303 | 128 | 850 | (482 | ) | 537 | |||||||||||||
NPAs / Actual Assets % | 0.25 | % | 0.26 | % | 0.30 | % | 0.30 | % | 0.31 | % | |||||||||
NPAs & 90 Day / Actual Assets % | 0.25 | % | 0.26 | % | 0.30 | % | 0.32 | % | 0.31 | % | |||||||||
NPAs / Actual Loans and OREO % | 0.37 | % | 0.36 | % | 0.42 | % | 0.41 | % | 0.43 | % | |||||||||
Allowance for Loan Losses / Actual Loans (%) | 0.97 | % | 1.08 | % | 1.11 | % | 1.11 | % | 1.11 | % | |||||||||
Net Charge-offs as % of Average Loans (Annualized) | 0.07 | % | 0.01 | % | 0.05 | % | (0.03 | )% | 0.03 | % |
CONSOLIDATED BALANCE SHEETS | |||||||||||||||||||
(Dollars In Thousands) | September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||||||
2019 | 2019 | 2019 | 2018 | 2018 | |||||||||||||||
ASSETS | |||||||||||||||||||
Cash and cash equivalents | $ | 202,383 | $ | 128,185 | $ | 115,878 | $ | 139,247 | $ | 142,501 | |||||||||
Interest-bearing time deposits | 230,101 | 129,614 | 70,672 | 36,963 | 66,763 | ||||||||||||||
Investment securities | 2,489,420 | 2,092,924 | 1,862,659 | 1,632,582 | 1,625,251 | ||||||||||||||
Loans held for sale | 7,910 | 5,854 | 3,330 | 4,778 | 3,022 | ||||||||||||||
Loans | 8,299,260 | 7,511,370 | 7,299,320 | 7,224,467 | 7,088,071 | ||||||||||||||
Less: Allowance for loan losses | (80,571 | ) | (81,274 | ) | (80,902 | ) | (80,552 | ) | (78,406 | ) | |||||||||
Net loans | 8,218,689 | 7,430,096 | 7,218,418 | 7,143,915 | 7,009,665 | ||||||||||||||
Premises and equipment | 113,446 | 91,767 | 91,863 | 93,420 | 93,728 | ||||||||||||||
Federal Home Loan Bank stock | 28,736 | 24,588 | 24,588 | 24,588 | 24,588 | ||||||||||||||
Interest receivable | 45,923 | 45,150 | 40,931 | 40,881 | 38,531 | ||||||||||||||
Goodwill and other intangibles | 579,751 | 466,736 | 468,256 | 469,784 | 471,409 | ||||||||||||||
Cash surrender value of life insurance | 286,747 | 226,241 | 225,928 | 224,939 | 223,865 | ||||||||||||||
Other real estate owned | 7,156 | 1,131 | 1,877 | 2,179 | 8,859 | ||||||||||||||
Tax asset, deferred and receivable | 15,187 | 12,340 | 16,094 | 23,668 | 25,933 | ||||||||||||||
Other assets | 99,612 | 83,231 | 70,431 | 47,772 | 53,167 | ||||||||||||||
TOTAL ASSETS | $ | 12,325,061 | $ | 10,737,857 | $ | 10,210,925 | $ | 9,884,716 | $ | 9,787,282 | |||||||||
LIABILITIES | |||||||||||||||||||
Deposits: | |||||||||||||||||||
Noninterest-bearing | $ | 1,777,365 | $ | 1,353,165 | $ | 1,381,183 | $ | 1,447,907 | $ | 1,464,190 | |||||||||
Interest-bearing | 7,988,086 | 6,966,163 | 6,666,615 | 6,306,686 | 6,168,962 | ||||||||||||||
Total Deposits | 9,765,451 | 8,319,328 | 8,047,798 | 7,754,593 | 7,633,152 | ||||||||||||||
Borrowings: | |||||||||||||||||||
Federal funds purchased | — | 75,000 | 20,000 | 104,000 | 90,000 | ||||||||||||||
Securities sold under repurchase agreements | 191,603 | 119,674 | 111,783 | 113,512 | 118,824 | ||||||||||||||
Federal Home Loan Bank advances | 354,609 | 460,042 | 345,013 | 314,986 | 385,458 | ||||||||||||||
Subordinated debentures and term loans | 138,630 | 138,574 | 138,519 | 138,463 | 138,408 | ||||||||||||||
Total Borrowings | 684,842 | 793,290 | 615,315 | 670,961 | 732,690 | ||||||||||||||
Interest payable | 7,855 | 6,740 | 7,313 | 5,607 | 5,920 | ||||||||||||||
Other liabilities | 117,901 | 116,863 | 84,651 | 45,295 | 54,094 | ||||||||||||||
Total Liabilities | 10,576,049 | 9,236,221 | 8,755,077 | 8,476,456 | 8,425,856 | ||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||
Cumulative Preferred Stock, $1,000 par value, $1,000 liquidation value: | |||||||||||||||||||
Authorized -- 600 shares | |||||||||||||||||||
Issued and outstanding | 125 | 125 | 125 | 125 | 125 | ||||||||||||||
Common Stock, $.125 stated value: | |||||||||||||||||||
Authorized -- 100,000,000 shares | |||||||||||||||||||
Issued and outstanding | 6,918 | 6,182 | 6,179 | 6,169 | 6,163 | ||||||||||||||
Additional paid-in capital | 1,053,148 | 841,365 | 839,919 | 840,052 | 837,996 | ||||||||||||||
Retained earnings | 663,173 | 639,362 | 611,220 | 583,336 | 552,551 | ||||||||||||||
Accumulated other comprehensive income (loss) | 25,648 | 14,602 | (1,595 | ) | (21,422 | ) | (35,409 | ) | |||||||||||
Total Stockholders' Equity | 1,749,012 | 1,501,636 | 1,455,848 | 1,408,260 | 1,361,426 | ||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 12,325,061 | $ | 10,737,857 | $ | 10,210,925 | $ | 9,884,716 | $ | 9,787,282 | |||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||
(Dollars In Thousands, Except Per Share Amounts) | September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||||||
2019 | 2019 | 2019 | 2018 | 2018 | |||||||||||||||
INTEREST INCOME | |||||||||||||||||||
Loans receivable: | |||||||||||||||||||
Taxable | $ | 96,850 | $ | 92,824 | $ | 90,481 | $ | 91,092 | $ | 88,479 | |||||||||
Tax-exempt | 4,500 | 4,244 | 4,153 | 3,873 | 3,761 | ||||||||||||||
Investment securities: | |||||||||||||||||||
Taxable | 6,729 | 6,998 | 6,095 | 5,553 | 5,514 | ||||||||||||||
Tax-exempt | 8,335 | 7,454 | 6,871 | 6,644 | 6,493 | ||||||||||||||
Deposits with financial institutions | 1,363 | 784 | 875 | 1,207 | 270 | ||||||||||||||
Federal Home Loan Bank stock | 355 | 335 | 338 | 284 | 283 | ||||||||||||||
Total Interest Income | 118,132 | 112,639 | 108,813 | 108,653 | 104,800 | ||||||||||||||
INTEREST EXPENSE | |||||||||||||||||||
Deposits | 24,830 | 23,087 | 19,594 | 16,690 | 13,685 | ||||||||||||||
Federal funds purchased | 15 | 117 | 93 | 48 | 229 | ||||||||||||||
Securities sold under repurchase agreements | 385 | 342 | 330 | 243 | 174 | ||||||||||||||
Federal Home Loan Bank advances | 1,894 | 1,692 | 1,814 | 1,691 | 2,137 | ||||||||||||||
Subordinated debentures and term loans | 2,076 | 2,123 | 2,116 | 2,097 | 2,089 | ||||||||||||||
Total Interest Expense | 29,200 | 27,361 | 23,947 | 20,769 | 18,314 | ||||||||||||||
NET INTEREST INCOME | 88,932 | 85,278 | 84,866 | 87,884 | 86,486 | ||||||||||||||
Provision for loan losses | 600 | 500 | 1,200 | 1,664 | 1,400 | ||||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 88,332 | 84,778 | 83,666 | 86,220 | 85,086 | ||||||||||||||
OTHER INCOME | |||||||||||||||||||
Service charges on deposit accounts | 6,107 | 5,437 | 5,095 | 5,516 | 5,619 | ||||||||||||||
Fiduciary and wealth management fees | 4,429 | 3,931 | 3,818 | 3,842 | 3,673 | ||||||||||||||
Card payment fees | 5,158 | 4,829 | 4,826 | 4,393 | 4,586 | ||||||||||||||
Net gains and fees on sales of loans | 2,227 | 1,736 | 1,295 | 1,767 | 1,841 | ||||||||||||||
Derivative hedge fees | 1,684 | 1,487 | 781 | 645 | 775 | ||||||||||||||
Other customer fees | 450 | 341 | 439 | 511 | 452 | ||||||||||||||
Earnings on cash surrender value of life insurance | 1,144 | 946 | 989 | 1,074 | 961 | ||||||||||||||
Net realized gains on sales of available for sale securities | 393 | 1,843 | 1,140 | 253 | 1,285 | ||||||||||||||
Other income | 524 | 1,064 | 330 | 1,179 | 335 | ||||||||||||||
Total Other Income | 22,116 | 21,614 | 18,713 | 19,180 | 19,527 | ||||||||||||||
OTHER EXPENSES | |||||||||||||||||||
Salaries and employee benefits | 38,942 | 32,709 | 33,028 | 34,350 | 32,936 | ||||||||||||||
Net occupancy | 4,777 | 4,469 | 5,027 | 4,737 | 4,586 | ||||||||||||||
Equipment | 4,030 | 4,117 | 3,642 | 3,627 | 3,483 | ||||||||||||||
Marketing | 1,332 | 2,752 | 1,074 | 1,107 | 1,216 | ||||||||||||||
Outside data processing fees | 4,435 | 3,929 | 3,684 | 3,367 | 3,422 | ||||||||||||||
Printing and office supplies | 312 | 334 | 315 | 433 | 334 | ||||||||||||||
Intangible asset amortization | 1,356 | 1,520 | 1,528 | 1,625 | 1,650 | ||||||||||||||
FDIC assessments | (668 | ) | 678 | 707 | 634 | 856 | |||||||||||||
Other real estate owned and foreclosure expenses | 294 | 903 | 1,165 | 251 | 455 | ||||||||||||||
Professional and other outside services | 8,251 | 2,376 | 1,884 | 3,002 | 1,844 | ||||||||||||||
Other expenses | 4,293 | 3,800 | 4,567 | 4,605 | 4,240 | ||||||||||||||
Total Other Expenses | 67,354 | 57,587 | 56,621 | 57,738 | 55,022 | ||||||||||||||
INCOME BEFORE INCOME TAX | 43,094 | 48,805 | 45,758 | 47,662 | 49,591 | ||||||||||||||
Income tax expense | 6,337 | 7,749 | 6,941 | 5,949 | 8,478 | ||||||||||||||
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ | 36,757 | $ | 41,056 | $ | 38,817 | $ | 41,713 | $ | 41,113 | |||||||||
Per Share Data: | |||||||||||||||||||
Basic Net Income Available to Common Stockholders | $ | 0.71 | $ | 0.83 | $ | 0.79 | $ | 0.85 | $ | 0.83 | |||||||||
Diluted Net Income Available to Common Stockholders | $ | 0.71 | $ | 0.83 | $ | 0.78 | $ | 0.85 | $ | 0.83 | |||||||||
Cash Dividends Paid | $ | 0.26 | $ | 0.26 | $ | 0.22 | $ | 0.22 | $ | 0.22 | |||||||||
Average Diluted Shares Outstanding (in thousands) | 51,570 | 49,550 | 49,541 | 49,511 | 49,492 | ||||||||||||||
FINANCIAL RATIOS: | |||||||||||||||||||
Return on Average Assets | 1.30 | % | 1.56 | % | 1.54 | % | 1.68 | % | 1.69 | % | |||||||||
Return on Average Stockholders' Equity | 9.21 | 11.10 | 10.86 | 12.10 | 12.10 | ||||||||||||||
Return on Average Common Stockholders' Equity | 9.21 | 11.10 | 10.86 | 12.10 | 12.10 | ||||||||||||||
Average Earning Assets to Average Assets | 90.37 | 90.66 | 90.60 | 90.41 | 90.30 | ||||||||||||||
Allowance for Loan Losses as % of Total Loans | 0.97 | 1.08 | 1.11 | 1.11 | 1.11 | ||||||||||||||
Net Charge-offs as % of Average Loans (Annualized) | 0.07 | 0.01 | 0.05 | (0.03 | ) | 0.03 | |||||||||||||
Average Stockholders' Equity to Average Assets | 14.16 | 14.09 | 14.18 | 13.90 | 13.93 | ||||||||||||||
Tax Equivalent Yield on Average Earning Assets | 4.77 | 4.86 | 4.89 | 4.97 | 4.88 | ||||||||||||||
Interest Expense/Average Earning Assets | 1.15 | 1.15 | 1.05 | 0.93 | 0.83 | ||||||||||||||
Net Interest Margin (FTE) on Average Earning Assets | 3.62 | 3.71 | 3.84 | 4.04 | 4.05 | ||||||||||||||
Efficiency Ratio | 57.60 | 51.00 | 51.18 | 50.97 | 49.25 | ||||||||||||||
Tangible Common Book Value Per Share | $ | 21.26 | $ | 21.01 | $ | 20.07 | $ | 19.12 | $ | 18.16 |
LOANS | |||||||||||||||||||
(Dollars In Thousands) | September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||||||
2019 | 2019 | 2019 | 2018 | 2018 | |||||||||||||||
Commercial and industrial loans | $ | 2,034,311 | $ | 1,877,042 | $ | 1,788,628 | $ | 1,726,664 | $ | 1,655,569 | |||||||||
Agricultural production financing and other loans to farmers | 90,462 | 83,452 | 80,357 | 92,404 | 88,504 | ||||||||||||||
Real estate loans: | |||||||||||||||||||
Construction | 670,138 | 624,548 | 542,501 | 545,729 | 668,608 | ||||||||||||||
Commercial and farmland | 3,144,649 | 2,821,689 | 2,838,798 | 2,832,102 | 2,699,629 | ||||||||||||||
Residential | 1,155,403 | 993,802 | 976,668 | 966,421 | 965,893 | ||||||||||||||
Home equity | 601,335 | 548,006 | 536,208 | 528,157 | 517,303 | ||||||||||||||
Individuals' loans for household and other personal expenditures | 131,246 | 98,384 | 108,216 | 99,788 | 98,709 | ||||||||||||||
Public finance and other commercial loans | 471,716 | 464,447 | 427,944 | 433,202 | 393,856 | ||||||||||||||
Loans | 8,299,260 | 7,511,370 | 7,299,320 | 7,224,467 | 7,088,071 | ||||||||||||||
Allowance for loan losses | (80,571 | ) | (81,274 | ) | (80,902 | ) | (80,552 | ) | (78,406 | ) | |||||||||
NET LOANS | $ | 8,218,689 | $ | 7,430,096 | $ | 7,218,418 | $ | 7,143,915 | $ | 7,009,665 |
DEPOSITS | |||||||||||||||||||
(Dollars In Thousands) | September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||||||
2019 | 2019 | 2019 | 2018 | 2018 | |||||||||||||||
Demand deposits | $ | 5,183,971 | $ | 4,309,473 | $ | 4,101,156 | $ | 3,985,178 | $ | 3,870,816 | |||||||||
Savings deposits | 2,808,745 | 2,358,720 | 2,338,266 | 2,282,701 | 2,212,675 | ||||||||||||||
Certificates and other time deposits of $100,000 or more | 731,693 | 720,536 | 670,199 | 593,592 | 602,002 | ||||||||||||||
Other certificates and time deposits | 811,780 | 729,392 | 704,527 | 646,682 | 625,341 | ||||||||||||||
Brokered deposits | 229,262 | 201,207 | 233,650 | 246,440 | 322,318 | ||||||||||||||
TOTAL DEPOSITS | $ | 9,765,451 | $ | 8,319,328 | $ | 8,047,798 | $ | 7,754,593 | $ | 7,633,152 |
CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||
September 30, 2019 | September 30, 2018 | ||||||||||||||||||||
Average Balance | Interest Income / Expense | Average Rate | Average Balance | Interest Income / Expense | Average Rate | ||||||||||||||||
Assets: | |||||||||||||||||||||
Interest-bearing time deposits | $ | 262,082 | $ | 1,363 | 2.06 | % | $ | 52,027 | $ | 270 | 2.08 | % | |||||||||
Federal Home Loan Bank stock | 24,633 | 355 | 5.76 | 24,588 | 283 | 4.60 | |||||||||||||||
Investment Securities: (1) | |||||||||||||||||||||
Taxable | 1,104,612 | 6,729 | 2.44 | 857,507 | 5,514 | 2.57 | |||||||||||||||
Tax-Exempt (2) | 1,027,528 | 10,551 | 4.11 | 776,942 | 8,219 | 4.23 | |||||||||||||||
Total Investment Securities | 2,132,140 | 17,280 | 3.24 | 1,634,449 | 13,733 | 3.36 | |||||||||||||||
Loans held for sale | 21,913 | 274 | 5.00 | 11,038 | 142 | 5.15 | |||||||||||||||
Loans: (3) | |||||||||||||||||||||
Commercial | 5,674,956 | 77,370 | 5.45 | 5,226,284 | 71,223 | 5.45 | |||||||||||||||
Real Estate Mortgage | 822,874 | 9,518 | 4.63 | 739,356 | 8,383 | 4.54 | |||||||||||||||
Installment | 715,428 | 9,688 | 5.42 | 655,738 | 8,731 | 5.33 | |||||||||||||||
Tax-Exempt (2) | 538,157 | 5,696 | 4.23 | 467,278 | 4,761 | 4.08 | |||||||||||||||
Total Loans | 7,773,328 | 102,546 | 5.28 | 7,099,694 | 93,240 | 5.25 | |||||||||||||||
Total Earning Assets | 10,192,183 | 121,544 | 4.77 | % | 8,810,758 | 107,526 | 4.88 | % | |||||||||||||
Net unrealized gain (loss) on securities available for sale | 30,353 | (15,245 | ) | ||||||||||||||||||
Allowance for loan losses | (80,918 | ) | (77,763 | ) | |||||||||||||||||
Cash and cash equivalents | 143,266 | 128,557 | |||||||||||||||||||
Premises and equipment | 99,021 | 94,422 | |||||||||||||||||||
Other assets | 893,837 | 815,951 | |||||||||||||||||||
Total Assets | $ | 11,277,742 | $ | 9,756,680 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||
Interest-bearing deposits | $ | 3,134,675 | $ | 9,285 | 1.18 | % | $ | 2,399,477 | $ | 4,909 | 0.82 | % | |||||||||
Money market deposits | 1,307,647 | 3,766 | 1.14 | 1,062,154 | 1,551 | 0.58 | |||||||||||||||
Savings deposits | 1,244,859 | 2,523 | 0.80 | 1,081,369 | 1,500 | 0.55 | |||||||||||||||
Certificates and other time deposits | 1,736,759 | 9,256 | 2.11 | 1,536,697 | 5,725 | 1.49 | |||||||||||||||
Total Interest-bearing Deposits | 7,423,940 | 24,830 | 1.33 | 6,079,697 | 13,685 | 0.90 | |||||||||||||||
Borrowings | 660,107 | 4,370 | 2.59 | 741,092 | 4,629 | 2.50 | |||||||||||||||
Total Interest-bearing Liabilities | 8,084,047 | 29,200 | 1.43 | 6,820,789 | 18,314 | 1.07 | |||||||||||||||
Noninterest-bearing deposits | 1,498,282 | 1,523,928 | |||||||||||||||||||
Other liabilities | 98,818 | 53,059 | |||||||||||||||||||
Total Liabilities | 9,681,147 | 8,397,776 | |||||||||||||||||||
Stockholders' Equity | 1,596,595 | 1,358,904 | |||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 11,277,742 | 29,200 | $ | 9,756,680 | 18,314 | |||||||||||||||
Net Interest Income (FTE) | $ | 92,344 | $ | 89,212 | |||||||||||||||||
Net Interest Spread (FTE) (4) | 3.34 | % | 3.81 | % | |||||||||||||||||
Net Interest Margin (FTE): | |||||||||||||||||||||
Interest Income (FTE) / Average Earning Assets | 4.77 | % | 4.88 | % | |||||||||||||||||
Interest Expense / Average Earning Assets | 1.15 | % | 0.83 | % | |||||||||||||||||
Net Interest Margin (FTE) (5) | 3.62 | % | 4.05 | % | |||||||||||||||||
(1) Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments. | |||||||||||||||||||||
(2) Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2019 and 2018. These totals equal $3,412 and $2,726 for the three months ended September 30, 2019 and 2018, respectively. | |||||||||||||||||||||
(3) Non accruing loans have been included in the average balances. | |||||||||||||||||||||
(4) Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities. | |||||||||||||||||||||
(5) Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets. |
CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
For the Nine Months Ended | |||||||||||||||||||||
September 30, 2019 | September 30, 2018 | ||||||||||||||||||||
Average Balance | Interest Income / Expense | Average Rate | Average Balance | Interest Income / Expense | Average Rate | ||||||||||||||||
Assets: | |||||||||||||||||||||
Interest-bearing time deposits | $ | 184,640 | $ | 3,022 | 2.18 | % | $ | 76,570 | $ | 1,034 | 1.80 | % | |||||||||
Federal Home Loan Bank stock | 24,603 | 1,028 | 5.57 | 24,521 | 950 | 5.17 | |||||||||||||||
Investment Securities: (1) | |||||||||||||||||||||
Taxable | 1,021,102 | 19,822 | 2.59 | 840,425 | 16,044 | 2.55 | |||||||||||||||
Tax-Exempt (2) | 923,030 | 28,684 | 4.14 | 753,176 | 23,880 | 4.23 | |||||||||||||||
Total Investment Securities | 1,944,132 | 48,506 | 3.33 | 1,593,601 | 39,924 | 3.34 | |||||||||||||||
Loans held for sale | 13,618 | 512 | 5.01 | 9,520 | 363 | 5.08 | |||||||||||||||
Loans: (3) | |||||||||||||||||||||
Commercial | 5,469,377 | 224,766 | 5.48 | 5,116,405 | 200,886 | 5.24 | |||||||||||||||
Real Estate Mortgage | 778,778 | 26,526 | 4.54 | 732,469 | 25,174 | 4.58 | |||||||||||||||
Installment | 686,055 | 28,351 | 5.51 | 637,140 | 24,986 | 5.23 | |||||||||||||||
Tax-Exempt (2) | 517,082 | 16,325 | 4.21 | 466,926 | 13,910 | 3.97 | |||||||||||||||
Total Loans | 7,464,910 | 296,480 | 5.30 | 6,962,460 | 265,319 | 5.08 | |||||||||||||||
Total Earning Assets | 9,618,285 | 349,036 | 4.84 | % | 8,657,152 | 307,227 | 4.73 | % | |||||||||||||
Net unrealized gain on securities available for sale | 12,856 | (11,616 | ) | ||||||||||||||||||
Allowance for loan losses | (81,172 | ) | (76,944 | ) | |||||||||||||||||
Cash and cash equivalents | 130,587 | 129,181 | |||||||||||||||||||
Premises and equipment | 94,628 | 94,897 | |||||||||||||||||||
Other assets | 848,480 | 817,549 | |||||||||||||||||||
Total Assets | $ | 10,623,664 | $ | 9,610,219 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||
Interest-bearing deposits | $ | 2,921,762 | $ | 24,844 | 1.13 | % | $ | 2,236,644 | $ | 12,013 | 0.72 | % | |||||||||
Money market deposits | 1,222,860 | 10,057 | 1.10 | 1,077,792 | 4,270 | 0.53 | |||||||||||||||
Savings deposits | 1,187,173 | 7,315 | 0.82 | 1,041,600 | 3,214 | 0.41 | |||||||||||||||
Certificates and other time deposits | 1,652,141 | 25,295 | 2.04 | 1,504,851 | 15,355 | 1.36 | |||||||||||||||
Total Interest-bearing Deposits | 6,983,936 | 67,511 | 1.29 | 5,860,887 | 34,852 | 0.79 | |||||||||||||||
Borrowings | 636,295 | 12,997 | 2.72 | 754,054 | 13,466 | 2.38 | |||||||||||||||
Total Interest-bearing Liabilities | 7,620,231 | 80,508 | 1.41 | 6,614,941 | 48,318 | 0.97 | |||||||||||||||
Noninterest-bearing deposits | 1,413,120 | 1,605,300 | |||||||||||||||||||
Other liabilities | 87,839 | 58,111 | |||||||||||||||||||
Total Liabilities | 9,121,190 | 8,278,352 | |||||||||||||||||||
Stockholders' Equity | 1,502,474 | 1,331,867 | |||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 10,623,664 | 80,508 | $ | 9,610,219 | 48,318 | |||||||||||||||
Net Interest Income (FTE) | $ | 268,528 | $ | 258,909 | |||||||||||||||||
Net Interest Spread (FTE) (4) | 3.43 | % | 3.76 | % | |||||||||||||||||
Net Interest Margin (FTE): | |||||||||||||||||||||
Interest Income (FTE) / Average Earning Assets | 4.84 | % | 4.73 | % | |||||||||||||||||
Interest Expense / Average Earning Assets | 1.12 | % | 0.74 | % | |||||||||||||||||
Net Interest Margin (FTE) (5) | 3.72 | % | 3.99 | % | |||||||||||||||||
(1) Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments. | |||||||||||||||||||||
(2) Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2019 and 2018. These totals equal $9,452 and $7,936 for the nine months ended September 30, 2019 and 2018, respectively. | |||||||||||||||||||||
(3) Non accruing loans have been included in the average balances. | |||||||||||||||||||||
(4) Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities. | |||||||||||||||||||||
(5) Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets. |
Document and Entity Information Document |
Oct. 24, 2019 |
---|---|
Cover page. | |
Document Type | 8-K |
Document Period End Date | Oct. 24, 2019 |
Entity File Number | 0-17071 |
Entity Registrant Name | FIRST MERCHANTS CORP |
Entity Incorporation, State or Country Code | IN |
Entity Tax Identification Number | 35-1544218 |
Entity Address, Address Line One | 200 East Jackson Street |
Entity Address, Address Line Two | P.O. Box 792 |
Entity Address, City or Town | Muncie |
Entity Address, State or Province | IN |
Entity Address, Postal Zip Code | 47305-2814 |
City Area Code | 765 |
Local Phone Number | 747-1500 |
Title of 12(b) Security | Common Stock, $0.125 state value per share |
Trading Symbol | FRME |
Security Exchange Name | NASDAQ |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000712534 |
Amendment Flag | false |
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