0000712534-20-000120.txt : 20200423 0000712534-20-000120.hdr.sgml : 20200423 20200423082224 ACCESSION NUMBER: 0000712534-20-000120 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20200423 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200423 DATE AS OF CHANGE: 20200423 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: 20809234 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 a8-k1q20earningsrelease.htm 8-K 1ST QTR 2020 EARNINGS RELEASE Document
false0000712534 0000712534 2020-04-23 2020-04-23

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): April 23, 2020

 Commission File Number 0-17071
FIRST MERCHANTS CORPORATION
(Exact name of registrant as specified in its charter)

Indiana
35-1544218
(State or other jurisdiction of incorporation)
(IRS Employer 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)

Title of Each Class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.125 stated value per share
FRME
Nasdaq Global Select Market

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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On April 23, 2020, First Merchants Corporation issued a press release to report its financial results for the first quarter ended March 31, 2020. 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)    Not applicable.

(d)    Exhibits.




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,
Chief Financial Officer and Chief Operating Officer



Dated: April 23, 2020



EXHIBIT INDEX

Exhibit No.
Description



 EX-99.1 2 a1q20earningsreleaseex.htm 1ST QTR 2020 EARNINGS RELEASE Exhibit

N / E / W / S R / E / L / E / A / S / E
    
April 23, 2020

FOR IMMEDIATE RELEASE
For more information, contact:
Nicole M. Weaver, Vice President and Director of Corporate Administration
765-521-7619
http://www.firstmerchants.com

SOURCE: First Merchants Corporation, Muncie, Indiana

FIRST MERCHANTS CORPORATION ANNOUNCES FIRST QUARTER 2020 EARNINGS PER SHARE

First Merchants Corporation (NASDAQ - FRME) has reported first quarter 2020 net income of $34.3 million compared to $38.8 million during the same period in 2019. Earnings per share for the period totaled $.62 per share compared to the first quarter of 2019 result of $.78 per share.

Total assets equaled $12.7 billion as of quarter-end and loans totaled $8.6 billion. The Corporation’s loan portfolio increased by $1.3 billion, or 17.9 percent, during the past twelve months. Total deposits equaled $9.9 billion as of quarter-end and increased by $1.8 billion, or 22.6 percent over the same period in 2019. Of the increases, our acquisition of Monroe Bank & Trust (“MBT”), which closed on September 1, 2019, accounted for $733 million of loan growth and $1.1 billion of deposit growth. The resulting loan-to-deposit ratio of 87.2 percent and loan-to-asset ratio of 67.8 percent provides for fortress balance sheet levels of liquidity.

The Corporation’s provision for loan losses totaled $19.8 million and net charge-offs for the quarter totaled just $582,000. The allowance for loan losses totaled $99.5 million as of March 31, 2020, up from $80.9 million as of March 31, 2019. The increase of $18.6 million, or 22.9 percent, primarily reflects our view of increased credit risk related to the COVID-19 pandemic. Non-accrual loans totaled just $15.6 million as of quarter-end and the allowance plus fair value marks on acquired loans totals 1.54 percent of total loans. As of March 31, 2020, the Corporation’s total risk-based capital ratio equaled 13.80 percent, the common equity tier 1 capital ratio equaled 11.58 percent, and the tangible common equity ratio totaled 9.91 percent, providing fortress balance sheet levels of capital.

Michael C. Rechin, President and Chief Executive Officer, stated, “It’s humbling to lead an organization that has such a positive impact on our communities. The resiliency of our employees and our customers is a testament to the strength of the human spirit. The transformation of our business to remote work, drive-up consumer business and serving our customers through the processing of loan modifications and Paycheck Protection Program loans in the thousands is spectacular.” Rechin also added, “Our profitability levels were negatively impacted by margin compression and provision for loan losses; however, the strength of our fee income businesses provided a positive contribution to earnings. We believe our pre-tax, pre-provision earnings remain best-in-class.”

Net-interest income totaled $93.9 million for the quarter, an increase of $9 million, or 10.6 percent compared to the first quarter of 2019. Net-interest margin on a tax equivalent basis, totaling 3.46 percent, declined by 38 basis points compared to the first quarter of 2019. Yields on earning assets declined by 51 basis points and totaled 4.38 percent. The cost of supporting liabilities decreased by 13 basis points and totaled .92 percent. Fair value accretion had a favorable impact on net interest margin of 12 basis points in the first quarter of 2020, compared to 9 basis points in the first quarter of 2019.

Non-interest income totaled $29.8 million for the quarter, an $11.1 million increase from the first quarter of 2019. Gains on the sale of securities increased by $3.5 million as we took advantage of rebalancing opportunities within the investment portfolio. Additionally, gains from the sale of loans increased by $2.1 million driven by lower mortgage loan interest rates. Derivative hedge fees increased by $1.2 million as borrowers chose to lock in long-term interest rates. In addition to the highlighted items above, most line items increased due to the MBT acquisition in September 2019. Non-interest expense totaled $66.2 million in the first quarter of 2020, compared to $56.6 million in the same period of 2019. Of the $9.6 million increase, nearly all can be attributed to the acquisition of MBT in September 2019.

The effective tax rate was 9.2 percent in the first quarter of 2020, compared to 15.2 percent in the first quarter of 2019. $1.2 million of the decline is attributable to the CARES Act providing the opportunity to carryback net operating losses to pre-tax reform income tax rates.




CONFERENCE CALL

First Merchants Corporation will conduct a first quarter earnings conference call and web cast at 2:30 p.m. (ET) on Thursday, April 23, 2020.

To participate, dial (Toll Free) 877-507-0578 and reference First Merchants Corporation's first quarter earnings release. International callers please call +1 412-317-1073. A replay of the call will be available until May 23, 2020. To access a replay of the call, US participants should dial (Toll Free) 877-344-7529, Canada participants should dial 855-669-9658, or for International participants, dial +1 412-317-0088. The replay access code is 10139922.

In order to view the web cast and presentation slides, please go to http://services.choruscall.com/links/frme200423.html during the time of the call. A replay of the web cast will be available until April 30, 2021.

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 has one full-service bank charter, First Merchants Bank. The Bank also operates as First Merchants Private Wealth Advisors (as a division of First Merchants Bank).

First Merchants Corporation’s common stock is traded on the NASDAQ Global Select 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 and the Shield Logo are federally registered trademarks of First Merchants Corporation.

Forward-Looking Statements

This release contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can often, but not always, be identified by the use of words like “believe”, “continue”, “pattern”, “estimate”, “project”, “intend”, “anticipate”, “expect” and similar expressions or future or conditional verbs such as “will”, would”, “should”, “could”, “might”, “can”, “may”, or similar expressions. These statements include statements of First Merchants’ goals, intentions and expectations; statements regarding the First Merchants’ business plan and growth strategies; statements regarding the asset quality of First Merchants’ loan and investment portfolios; and estimates of First Merchants’ risks and future costs and benefits. These forward-looking statements are subject to significant risks, assumptions and uncertainties that may cause results to differ materially from those set forth in forward-looking statements, including, among other things: possible changes in monetary and fiscal policies, and laws and regulations; the effects of easing restrictions on participants in the financial services industry; the cost and other effects of legal and administrative cases; possible changes in the credit worthiness of customers and the possible impairment of collectability of loans; fluctuations in market rates of interest; competitive factors in the banking industry; changes in the banking legislation or regulatory requirements of federal and state agencies applicable to bank holding companies and banks like First Merchants’ affiliate bank; continued availability of earnings and excess capital sufficient for the lawful and prudent declaration of dividends; changes in market, economic, operational, liquidity, credit and interest rate risks associated with the First Merchants’ business; and other risks and factors identified in each of First Merchants’ filings with the Securities and Exchange Commission. First Merchants does not undertake any obligation to update any forward-looking statement, whether written or oral, relating to the matters discussed in this press release. In addition, First Merchants’ past results of operations do not necessarily indicate its anticipated future results.

* * * *



CONSOLIDATED BALANCE SHEETS
 
 
 
(Dollars In Thousands)
March 31,
 
2020
 
2019
ASSETS
 
 
 
Cash and cash equivalents
$
127,731

 
$
115,878

Interest-bearing time deposits
132,944

 
70,672

Investment securities
2,697,954

 
1,862,659

Loans held for sale
5,039

 
3,330

Loans
8,606,849

 
7,299,320

Less: Allowance for loan losses
(99,454
)
 
(80,902
)
Net loans
8,507,395

 
7,218,418

Premises and equipment
114,045

 
91,863

Federal Home Loan Bank stock
28,736

 
24,588

Interest receivable
47,489

 
40,931

Goodwill and other intangibles
577,366

 
468,256

Cash surrender value of life insurance
289,574

 
225,928

Other real estate owned
7,972

 
1,877

Tax asset, deferred and receivable
9,497

 
16,094

Other assets
147,776

 
70,431

TOTAL ASSETS
$
12,693,518

 
$
10,210,925

LIABILITIES
 
 
 
Deposits:
 
 
 
Noninterest-bearing
$
1,688,205

 
$
1,381,183

Interest-bearing
8,182,279

 
6,666,615

Total Deposits
9,870,484

 
8,047,798

Borrowings:
 
 
 
Federal funds purchased
47,000

 
20,000

Securities sold under repurchase agreements
183,317

 
111,783

Federal Home Loan Bank advances
480,995

 
345,013

Subordinated debentures and term loans
128,741

 
138,519

Total Borrowings
840,053

 
615,315

Interest payable
7,746

 
7,313

Other liabilities
197,275

 
84,651

Total Liabilities
10,915,558

 
8,755,077

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 - 53,754,137 and 49,428,468 shares
6,719

 
6,179

Additional paid-in capital
1,000,942

 
839,919

Retained earnings
716,518

 
611,220

Accumulated other comprehensive income (loss)
53,656

 
(1,595
)
Total Stockholders' Equity
1,777,960

 
1,455,848

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
12,693,518

 
$
10,210,925







CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
(Dollars In Thousands, Except Per Share Amounts)
March 31,
 
2020
 
2019
INTEREST INCOME
 
 
 
Loans receivable:
 
 
 
Taxable
$
96,652

 
$
90,481

Tax-exempt
5,315

 
4,153

Investment securities:
 
 
 
Taxable
7,631

 
6,095

Tax-exempt
9,335

 
6,871

Deposits with financial institutions
575

 
875

Federal Home Loan Bank stock
299

 
338

Total Interest Income
119,807

 
108,813

INTEREST EXPENSE
 
 
 
Deposits
21,748

 
19,594

Federal funds purchased
111

 
93

Securities sold under repurchase agreements
352

 
330

Federal Home Loan Bank advances
1,774

 
1,814

Subordinated debentures and term loans
1,945

 
2,116

Total Interest Expense
25,930

 
23,947

NET INTEREST INCOME
93,877

 
84,866

Provision for loan losses
19,752

 
1,200

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
74,125

 
83,666

OTHER INCOME
 
 
 
Service charges on deposit accounts
5,970

 
5,095

Fiduciary and wealth management fees
5,985

 
3,818

Card payment fees
5,907

 
4,826

Net gains and fees on sales of loans
3,363

 
1,295

Derivative hedge fees
1,939

 
781

Other customer fees
398

 
439

Earnings on cash surrender value of life insurance
1,360

 
989

Net realized gains on sales of available for sale securities
4,612

 
1,140

Other income
265

 
330

Total Other Income
29,799

 
18,713

OTHER EXPENSES
 
 
 
Salaries and employee benefits
39,243

 
33,028

Net occupancy
5,801

 
5,027

Equipment
4,344

 
3,642

Marketing
1,443

 
1,074

Outside data processing fees
4,199

 
3,684

Printing and office supplies
387

 
315

Intangible asset amortization
1,514

 
1,528

FDIC assessments
1,523

 
707

Other real estate owned and foreclosure expenses
505

 
1,165

Professional and other outside services
2,258

 
1,884

Other expenses
4,954

 
4,567

Total Other Expenses
66,171

 
56,621

INCOME BEFORE INCOME TAX
37,753

 
45,758

Income tax expense
3,490

 
6,941

NET INCOME AVAILABLE TO COMMON STOCKHOLDERS
$
34,263

 
$
38,817

Per Share Data:
 
 
 
Basic Net Income Available to Common Stockholders
$
0.63

 
$
0.79

Diluted Net Income Available to Common Stockholders
$
0.62

 
$
0.78

Cash Dividends Paid
$
0.26

 
$
0.22

Average Diluted Shares Outstanding (in thousands)
54,918

 
49,541




FINANCIAL HIGHLIGHTS
 
 
 
(Dollars in thousands)
Three Months Ended
 
March 31,
 
2020
 
2019
NET CHARGE-OFFS
$
582

 
$
850

 

 

AVERAGE BALANCES:

 

Total Assets
$
12,573,238

 
$
10,080,142

Total Loans
8,526,571

 
7,230,119

Total Earning Assets
11,292,430

 
9,132,129

Total Deposits
9,886,273

 
7,936,656

Total Stockholders' Equity
1,816,418

 
1,429,739

 
 
 
 
FINANCIAL RATIOS:
 
 
 
Return on Average Assets
1.09
%
 
1.54
%
Return on Average Stockholders' Equity
7.55

 
10.86

Return on Average Common Stockholders' Equity
7.55

 
10.86

Average Earning Assets to Average Assets
89.81

 
90.60

Allowance for Loan Losses as % of Total Loans
1.15

 
1.11

Net Charge-offs as % of Average Loans (Annualized)
0.03

 
0.05

Average Stockholders' Equity to Average Assets
14.45

 
14.18

Tax Equivalent Yield on Average Earning Assets
4.38

 
4.89

Interest Expense/Average Earning Assets
0.92

 
1.05

Net Interest Margin (FTE) on Average Earning Assets
3.46

 
3.84

Efficiency Ratio
52.17


51.18

Tangible Common Book Value Per Share
$
22.46

 
$
20.07



NON-PERFORMING ASSETS
 
 
 
 
 
 
 
 
 
(Dollars In Thousands)
March 31,
 
December 31,
 
September 30,
 
June 30,
 
March 31,
 
2020
 
2019
 
2019
 
2019
 
2019
Non-Accrual Loans
$
15,649

 
$
15,949

 
$
22,728

 
$
25,635

 
$
27,949

Renegotiated Loans
665

 
841

 
576

 
640

 
709

Non-Performing Loans (NPL)
16,314

 
16,790

 
23,304

 
26,275

 
28,658

Other Real Estate Owned and Repossessions
8,017

 
7,527

 
7,156

 
1,131

 
1,877

Non-Performing Assets (NPA)
24,331

 
24,317

 
30,460

 
27,406

 
30,535

90+ Days Delinquent
312

 
69

 
82

 
209

 
134

NPAs & 90 Day Delinquent
$
24,643

 
$
24,386

 
$
30,542

 
$
27,615

 
$
30,669

 
 
 
 
 
 
 
 
 
 
Allowance for Loan Losses
$
99,454

 
$
80,284

 
$
80,571

 
$
81,274

 
$
80,902

Quarterly Net Charge-offs
582

 
787

 
1,303

 
128

 
850

NPAs / Actual Assets %
0.19
%
 
0.20
%
 
0.25
%
 
0.26
%
 
0.30
%
NPAs & 90 Day / Actual Assets %
0.19
%
 
0.20
%
 
0.25
%
 
0.26
%
 
0.30
%
NPAs / Actual Loans and OREO %
0.28
%
 
0.29
%
 
0.37
%
 
0.36
%
 
0.42
%
Allowance for Loan Losses / Actual Loans (%)
1.15
%
 
0.95
%
 
0.97
%
 
1.08
%
 
1.11
%
Net Charge-offs as % of Average Loans (Annualized)
0.03
%
 
0.04
%
 
0.07
%
 
0.01
%
 
0.05
%



CONSOLIDATED BALANCE SHEETS
 
 
 
 
 
 
 
 
 
(Dollars In Thousands)
March 31,
 
December 31,
 
September 30,
 
June 30,
 
March 31,
 
2020
 
2019
 
2019
 
2019
 
2019
ASSETS
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
127,731

 
$
177,201

 
$
202,383

 
$
128,185

 
$
115,878

Interest-bearing time deposits
132,944

 
118,263

 
230,101

 
129,614

 
70,672

Investment securities
2,697,954

 
2,596,063

 
2,489,420

 
2,092,924

 
1,862,659

Loans held for sale
5,039

 
9,037

 
7,910

 
5,854

 
3,330

Loans
8,606,849

 
8,459,310

 
8,299,260

 
7,511,370

 
7,299,320

Less: Allowance for loan losses
(99,454
)
 
(80,284
)
 
(80,571
)
 
(81,274
)
 
(80,902
)
Net loans
8,507,395

 
8,379,026

 
8,218,689

 
7,430,096

 
7,218,418

Premises and equipment
114,045

 
113,055

 
113,446

 
91,767

 
91,863

Federal Home Loan Bank stock
28,736

 
28,736

 
28,736

 
24,588

 
24,588

Interest receivable
47,489

 
48,901

 
45,923

 
45,150

 
40,931

Goodwill and other intangibles
577,366

 
578,880

 
579,751

 
466,736

 
468,256

Cash surrender value of life insurance
289,574

 
288,206

 
286,747

 
226,241

 
225,928

Other real estate owned
7,972

 
7,527

 
7,156

 
1,131

 
1,877

Tax asset, deferred and receivable
9,497

 
12,165

 
15,187

 
12,340

 
16,094

Other assets
147,776

 
100,194

 
99,612

 
83,231

 
70,431

TOTAL ASSETS
$
12,693,518

 
$
12,457,254

 
$
12,325,061

 
$
10,737,857

 
$
10,210,925

LIABILITIES
 
 
 
 
 
 
 
 
 
Deposits:
 
 
 
 
 
 
 
 
 
Noninterest-bearing
$
1,688,205

 
$
1,736,396

 
$
1,777,365

 
$
1,353,165

 
$
1,381,183

Interest-bearing
8,182,279

 
8,103,560

 
7,988,086

 
6,966,163

 
6,666,615

Total Deposits
9,870,484

 
9,839,956

 
9,765,451

 
8,319,328

 
8,047,798

Borrowings:
 
 
 
 
 
 
 
 
 
Federal funds purchased
47,000

 
55,000

 
—

 
75,000

 
20,000

Securities sold under repurchase agreements
183,317

 
187,946

 
191,603

 
119,674

 
111,783

Federal Home Loan Bank advances
480,995

 
351,072

 
354,609

 
460,042

 
345,013

Subordinated debentures and term loans
128,741

 
138,685

 
138,630

 
138,574

 
138,519

Total Borrowings
840,053

 
732,703

 
684,842

 
793,290

 
615,315

Interest payable
7,746

 
6,754

 
7,855

 
6,740

 
7,313

Other liabilities
197,275

 
91,404

 
117,901

 
116,863

 
84,651

Total Liabilities
10,915,558

 
10,670,817

 
10,576,049

 
9,236,221

 
8,755,077

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
6,719

 
6,921

 
6,918

 
6,182

 
6,179

Additional paid-in capital
1,000,942

 
1,054,997

 
1,053,148

 
841,365

 
839,919

Retained earnings
716,518

 
696,520

 
663,173

 
639,362

 
611,220

Accumulated other comprehensive income (loss)
53,656

 
27,874

 
25,648

 
14,602

 
(1,595
)
Total Stockholders' Equity
1,777,960

 
1,786,437

 
1,749,012

 
1,501,636

 
1,455,848

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
12,693,518

 
$
12,457,254

 
$
12,325,061

 
$
10,737,857

 
$
10,210,925

 
 
 
 
 
 
 
 
 
 







CONSOLIDATED STATEMENTS OF INCOME
 
 
 
 
 
 
 
 
 
(Dollars In Thousands, Except Per Share Amounts)
March 31,
 
December 31,
 
September 30,
 
June 30,
 
March 31,
 
2020
 
2019
 
2019
 
2019
 
2019
INTEREST INCOME
 
 
 
 
 
 
 
 
 
Loans receivable:
 
 
 
 
 
 
 
 
 
Taxable
$
96,652

 
$
102,617

 
$
96,850

 
$
92,824

 
$
90,481

Tax-exempt
5,315

 
4,671

 
4,500

 
4,244

 
4,153

Investment securities:
 
 
 
 
 
 
 
 
 
Taxable
7,631

 
7,993

 
6,729

 
6,998

 
6,095

Tax-exempt
9,335

 
8,995

 
8,335

 
7,454

 
6,871

Deposits with financial institutions
575

 
1,203

 
1,363

 
784

 
875

Federal Home Loan Bank stock
299

 
342

 
355

 
335

 
338

Total Interest Income
119,807

 
125,821

 
118,132

 
112,639

 
108,813

INTEREST EXPENSE
 
 
 
 
 
 
 
 
 
Deposits
21,748

 
24,074

 
24,830

 
23,087

 
19,594

Federal funds purchased
111

 
26

 
15

 
117

 
93

Securities sold under repurchase agreements
352

 
367

 
385

 
342

 
330

Federal Home Loan Bank advances
1,774

 
1,776

 
1,894

 
1,692

 
1,814

Subordinated debentures and term loans
1,945

 
1,994

 
2,076

 
2,123

 
2,116

Total Interest Expense
25,930

 
28,237

 
29,200

 
27,361

 
23,947

NET INTEREST INCOME
93,877

 
97,584

 
88,932

 
85,278

 
84,866

Provision for loan losses
19,752

 
500

 
600

 
500

 
1,200

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
74,125

 
97,084

 
88,332

 
84,778

 
83,666

OTHER INCOME
 
 
 
 
 
 
 
 
 
Service charges on deposit accounts
5,970

 
6,312

 
6,107

 
5,437

 
5,095

Fiduciary and wealth management fees
5,985

 
5,384

 
4,429

 
3,931

 
3,818

Card payment fees
5,907

 
5,430

 
5,158

 
4,829

 
4,826

Net gains and fees on sales of loans
3,363

 
2,633

 
2,227

 
1,736

 
1,295

Derivative hedge fees
1,939

 
1,405

 
1,684

 
1,487

 
781

Other customer fees
398

 
434

 
450

 
341

 
439

Earnings on cash surrender value of life insurance
1,360

 
1,458

 
1,144

 
946

 
989

Net realized gains on sales of available for sale securities
4,612

 
1,039

 
393

 
1,843

 
1,140

Other income
265

 
150

 
524

 
1,064

 
330

Total Other Income
29,799

 
24,245

 
22,116

 
21,614

 
18,713

OTHER EXPENSES
 
 
 
 
 
 
 
 
 
Salaries and employee benefits
39,243

 
39,358

 
38,942

 
32,709

 
33,028

Net occupancy
5,801

 
5,311

 
4,777

 
4,469

 
5,027

Equipment
4,344

 
4,429

 
4,030

 
4,117

 
3,642

Marketing
1,443

 
1,492

 
1,332

 
2,752

 
1,074

Outside data processing fees
4,199

 
4,428

 
4,435

 
3,929

 
3,684

Printing and office supplies
387

 
484

 
312

 
334

 
315

Intangible asset amortization
1,514

 
1,590

 
1,356

 
1,520

 
1,528

FDIC assessments
1,523

 
—
 
(668
)
 
678

 
707

Other real estate owned and foreclosure expenses
505

 
66

 
294

 
903

 
1,165

Professional and other outside services
2,258

 
2,899

 
8,251

 
2,376

 
1,884

Other expenses
4,954

 
5,144

 
4,293

 
3,800

 
4,567

Total Other Expenses
66,171

 
65,201

 
67,354

 
57,587

 
56,621

INCOME BEFORE INCOME TAX
37,753

 
56,128

 
43,094

 
48,805

 
45,758

Income tax expense
3,490

 
8,298

 
6,337

 
7,749

 
6,941

NET INCOME AVAILABLE TO COMMON STOCKHOLDERS
$
34,263

 
$
47,830

 
$
36,757

 
$
41,056

 
$
38,817

 
 
 
 
 
 
 
 
 
 
Per Share Data:
 
 
 
 
 
 
 
 
 
Basic Net Income Available to Common Stockholders
$
0.63

 
$
0.87

 
$
0.71

 
$
0.83

 
$
0.79

Diluted Net Income Available to Common Stockholders
$
0.62

 
$
0.87

 
$
0.71

 
$
0.83

 
$
0.78

Cash Dividends Paid
$
0.26

 
$
0.26

 
$
0.26

 
$
0.26

 
$
0.22

Average Diluted Shares Outstanding (in thousands)
54,918

 
55,520

 
51,570

 
49,550

 
49,541

FINANCIAL RATIOS:
 
 
 
 
 
 
 
 
 
Return on Average Assets
1.09
%
 
1.53
%
 
1.30
%
 
1.56
%
 
1.54
%
Return on Average Stockholders' Equity
7.55

 
10.82

 
9.21

 
11.10

 
10.86

Return on Average Common Stockholders' Equity
7.55

 
10.82

 
9.21

 
11.10

 
10.86

Average Earning Assets to Average Assets
89.81

 
89.71

 
90.37

 
90.66

 
90.60

Allowance for Loan Losses as % of Total Loans
1.15

 
0.95

 
0.97

 
1.08

 
1.11

Net Charge-offs as % of Average Loans (Annualized)
0.03

 
0.04

 
0.07

 
0.01

 
0.05

Average Stockholders' Equity to Average Assets
14.45

 
14.17

 
14.16

 
14.09

 
14.18

Tax Equivalent Yield on Average Earning Assets
4.38

 
4.63

 
4.77

 
4.86

 
4.89

Interest Expense/Average Earning Assets
0.92

 
1.01

 
1.15

 
1.15

 
1.05

Net Interest Margin (FTE) on Average Earning Assets
3.46

 
3.62

 
3.62

 
3.71

 
3.84

Efficiency Ratio
52.17

 
51.07

 
57.60

 
51.00

 
51.18

Tangible Common Book Value Per Share
$
22.46

 
$
21.94

 
$
21.26

 
$
21.01

 
$
20.07




LOANS
 
 
 
 
 
 
 
 
 
(Dollars In Thousands)
March 31,
 
December 31,
 
September 30,
 
June 30,
 
March 31,
 
2020
 
2019
 
2019
 
2019
 
2019
Commercial and industrial loans
$
2,199,226

 
$
2,109,879

 
$
2,034,311

 
$
1,877,042

 
$
1,788,628

Agricultural production financing and other loans to farmers
87,421

 
93,861

 
90,462

 
83,452

 
80,357

Real estate loans:
 
 
 
 
 
 
 
 
 
Construction
643,674

 
787,568

 
670,138

 
624,548

 
542,501

Commercial and farmland
3,268,168

 
3,052,698

 
3,144,649

 
2,821,689

 
2,838,798

Residential
1,121,556

 
1,143,217

 
1,155,403

 
993,802

 
976,668

Home equity
570,398

 
588,984

 
601,335

 
548,006

 
536,208

Individuals' loans for household and other personal expenditures
129,765

 
135,989

 
131,246

 
98,384

 
108,216

Public finance and other commercial loans
586,641

 
547,114

 
471,716

 
464,447

 
427,944

Loans
8,606,849

 
8,459,310

 
8,299,260

 
7,511,370

 
7,299,320

Allowance for loan losses
(99,454
)
 
(80,284
)
 
(80,571
)
 
(81,274
)
 
(80,902
)
NET LOANS
$
8,507,395

 
$
8,379,026

 
$
8,218,689

 
$
7,430,096

 
$
7,218,418



DEPOSITS
 
 
 
 
 
 
 
 
 
(Dollars In Thousands)
March 31,
 
December 31,
 
September 30,
 
June 30,
 
March 31,
 
2020
 
2019
 
2019
 
2019
 
2019
Demand deposits
$
5,293,200

 
$
5,250,568

 
$
5,183,971

 
$
4,309,473

 
$
4,101,156

Savings deposits
2,962,821

 
2,896,177

 
2,808,745

 
2,358,720

 
2,338,266

Certificates and other time deposits of $100,000 or more
694,062

 
736,843

 
731,693

 
720,536

 
670,199

Other certificates and time deposits
717,723

 
741,759

 
811,780

 
729,392

 
704,527

Brokered deposits
202,678

 
214,609

 
229,262

 
201,207

 
233,650

TOTAL DEPOSITS
$
9,870,484

 
$
9,839,956

 
$
9,765,451

 
$
8,319,328

 
$
8,047,798




CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS
 
 
 
 
 
 
 
(Dollars in Thousands)
 
 
 
 
 
 
 
 
 
 
 

For the Three Months Ended
 
March 31, 2020
 
March 31, 2019
 
Average Balance
 
Interest
 Income /
Expense
 
Average
Rate
 
Average Balance
 
Interest
 Income /
Expense
 
Average
Rate
Assets:
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing time deposits
$
159,859

 
$
575

 
1.44
%
 
$
145,935

 
$
875

 
2.40
%
Federal Home Loan Bank stock
28,737

 
299

 
4.16

 
24,588

 
338

 
5.50

Investment Securities: (1)
 
 
 
 
 
 
 
 
 
 
 
Taxable
1,368,546

 
7,631

 
2.23

 
902,402

 
6,095

 
2.70

Tax-Exempt (2)
1,208,717

 
11,816

 
3.91

 
829,085

 
8,697

 
4.20

Total Investment Securities
2,577,263

 
19,447

 
3.02

 
1,731,487

 
14,792

 
3.42

Loans held for sale
17,217

 
193

 
4.48

 
9,703

 
112

 
4.62

Loans: (3)
 
 
 
 
 
 
 
 
 
 
 
Commercial
6,235,336

 
76,952

 
4.94

 
5,309,998

 
72,758

 
5.48

Real Estate Mortgage
870,654

 
10,402

 
4.78

 
743,736

 
8,321

 
4.48

Installment
759,614

 
9,105

 
4.79

 
665,050

 
9,290

 
5.59

Tax-Exempt (2)
643,750

 
6,728

 
4.18

 
501,632

 
5,257

 
4.19

Total Loans
8,526,571

 
103,380

 
4.85

 
7,230,119

 
95,738

 
5.30

Total Earning Assets
11,292,430

 
123,701

 
4.38
%
 
9,132,129

 
111,743

 
4.89
%
Net unrealized gain (loss) on securities available for sale
48,656

 
 
 
 
 
(5,015
)
 
 
 
 
Allowance for loan losses
(81,160
)
 
 
 
 
 
(80,907
)
 
 
 
 
Cash and cash equivalents
159,757

 
 
 
 
 
117,224

 
 
 
 
Premises and equipment
113,812

 
 
 
 
 
93,236

 
 
 
 
Other assets
1,039,743

 
 
 
 
 
823,475

 
 
 
 
Total Assets
$
12,573,238

 
 
 
 
 
$
10,080,142

 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing deposits:
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing deposits
$
3,589,240

 
$
8,276

 
0.92
%
 
$
2,689,797

 
$
7,019

 
1.04
%
Money market deposits
1,535,844

 
3,783

 
0.99

 
1,139,062

 
2,782

 
0.98

Savings deposits
1,425,054

 
1,827

 
0.51

 
1,150,725

 
2,267

 
0.79

Certificates and other time deposits
1,666,642

 
7,862

 
1.89

 
1,565,578

 
7,526

 
1.92

Total Interest-bearing Deposits
8,216,780

 
21,748

 
1.06

 
6,545,162

 
19,594

 
1.20

Borrowings
748,185

 
4,182

 
2.24

 
635,058

 
4,353

 
2.74

Total Interest-bearing Liabilities
8,964,965

 
25,930

 
1.16

 
7,180,220

 
23,947

 
1.33

Noninterest-bearing deposits
1,669,493

 
 
 
 
 
1,391,494

 
 
 
 
Other liabilities
122,362

 
 
 
 
 
78,689

 
 
 
 
Total Liabilities
10,756,820

 
 
 
 
 
8,650,403

 
 
 
 
Stockholders' Equity
1,816,418

 
 
 
 
 
1,429,739

 
 
 
 
Total Liabilities and Stockholders' Equity
$
12,573,238

 
25,930

 


 
$
10,080,142

 
23,947

 


Net Interest Income (FTE)
 
 
$
97,771

 
 
 
 
 
$
87,796

 
 
Net Interest Spread (FTE) (4)
 
 
 
 
3.22
%
 
 
 
 
 
3.56
%












Net Interest Margin (FTE):











Interest Income (FTE) / Average Earning Assets




4.38
%





4.89
%
Interest Expense / Average Earning Assets




0.92
%





1.05
%
Net Interest Margin (FTE) (5)




3.46
%





3.84
%
 
 
 
 
 
 
 
 
 
 
 
 
(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. Annualized amounts are computed using a 30/360 day basis.
(2) Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2020 and 2019. These totals equal $3,894 and $2,930 for the three months ended March 31, 2020 and 2019, 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.
 
 
 
 
 
 
 
 
 
 
 
 

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