First Merchants Corporation Announces 2012 Record Net Income of More Than $40 Million Dollars
First Merchants Corporation (NASDAQ: FRME) has reported full year 2012
record net income available to common shareholders of $40.6 million
compared to $9.0 million earned in 2011.
Michael C. Rechin, President and Chief Executive Officer, stated, “Our
2012 results represent a return to high performance banking. Our Board
of Directors, management team and dedicated employees are very pleased
to have established record high net income results for our shareholders.
Beyond the level of net income, our highlights for 2012 include a
successful closing of an immediately accretive in-market acquisition, an
increase in the rate of organic loan growth and an increase in the level
of our common dividend.” Rechin also stated, “our team is encouraged by
the momentum we take into 2013 despite the challenging low interest rate
environment.”
Year-to-date earnings per share totaled $1.41, a $1.07 per share
increase over the prior year total of $.34 per share. Within the $1.41
earnings per share, $.21 is related to the one-time gain on the
Corporation’s FDIC purchase and assumption agreement with SCB Bank in
Shelbyville, Indiana, during the first quarter of 2012. The balance of
our 2012 results represent increased levels of earnings from our
relationship-driven banking model that produced higher levels of revenue
from multiple income sources.
Fourth quarter 2012 earnings per share of $.32 compared to $.24 per
share during the same period in 2011. Net income available to common
shareholders totaled $9.2 million for the quarter, a $2.7 million
increase over the fourth quarter of 2011.
Total assets equaled $4.3 billion, as loans and investments totaled $2.9
billion and $874 million, respectively. Loans increased for the fifth
consecutive quarter due to the addition of calling officers and economic
improvements in our marketplace. The Corporation’s loan-to-deposit ratio
and loan-to-asset ratio remained steady at 87 percent and 67 percent,
respectively.
Net-interest income totaled $38.3 million for the fourth quarter of 2012
and net-interest margin remained strong totaling 4.10 percent as yields
on earning assets totaled 4.58 percent and the cost of supporting
liabilities totaled .48 percent. Discount accretion resulting from the
SCB transaction added $1.3 million, or 13 basis points, to net-interest
income and net-interest margin for the fourth quarter of 2012. YTD
net-interest income totaled $152.3 million, an increase of $9.0 million
over 2011.
Non-interest income totaled $14.2 million for the fourth quarter of 2012
and $64.3 million year-to-date. After normalizing for bond gains and the
first quarter 2012 FDIC gain, non-interest income for 2012 improved by
$5.7 million, or 12 percent over 2011. Gains from the sale of mortgage
loans accounted for $3.2 million of the increase as our investment in
mortgage origination and fulfillment maximized the advantageous mortgage
rate environment. Total non-interest expenses of $137.1 million
increased by $1.2 million, or less than 1 percent, during 2012.
Provision expense totaled $4.5 million for the fourth quarter 2012 and
$18.5 million year-to-date, compared to $5.9 million and $22.6 million
in 2011. Net charge-offs were $4.6 million for the fourth quarter of
2012 and $20.1 million year-to-date, compared to $8.0 million and $34.7
million in 2011. The allowance for loan losses is $69.4 million, or 2.37
percent of total loans and 130 percent of non-accrual loans, the highest
coverage ratio since 2006.
As of December 31, 2012, the Corporation’s total risk-based capital
equaled 16.34 percent, Tier 1 common risk-based capital equaled 9.62
percent, and tangible common equity ratio totaled 7.55 percent. As of
December 31, 2011 the Corporation’s total risk-based capital equaled
16.54 percent, Tier 1 common risk-based capital equaled 8.83 percent,
and tangible common equity ratio totaled 6.84 percent.
CONFERENCE CALL
First Merchants Corporation will conduct a fourth quarter earnings
conference call and web cast at 2:30 p.m. (ET) on Thursday, January 24,
2013.
To participate, dial (Toll Free) 888-317-6016 and reference First
Merchants Corporation’s fourth quarter earnings release. International
callers please call +1 412-317-6016. A replay of the call will be
available until January 24, 2014. To access a replay of the call, US
participants should dial (Toll Free) 877-344-7529 or for International
participants, dial +1 412-317-0088. The replay passcode is 10023446.
In order to view the web cast and presentation slides, please go to http://services.choruscall.com/links/frme130124.html
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, Commerce
National Bank, and First Merchants Trust Company as divisions of First
Merchants Bank, N.A. First Merchants Corporation also operates First
Merchants Insurance Group, a full-service property casualty, personal
lines, and healthcare insurance agency.
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).
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CONSOLIDATED BALANCE SHEETS
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(Dollars In Thousands)
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December 31,
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2012
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2011
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ASSETS
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Cash and cash equivalents
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$
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101,460
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$
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73,312
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Interest-bearing time deposits
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38,443
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52,851
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Investment securities
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874,363
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946,400
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Mortgage loans held for sale
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22,300
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17,864
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Loans
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2,902,209
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2,713,415
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Less: Allowance for loan losses
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(69,366
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)
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(70,898
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)
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Net loans
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2,832,843
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2,642,517
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Premises and equipment
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52,749
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51,013
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Federal Reserve and Federal Home Loan Bank stock
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32,785
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31,270
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Interest receivable
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16,367
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17,723
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Core deposit intangibles and goodwill
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149,529
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150,471
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Cash surrender value of life insurance
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125,397
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124,329
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Other real estate owned
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13,263
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16,289
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Tax asset, deferred and receivable
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30,867
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36,424
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Other assets
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14,455
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12,613
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TOTAL ASSETS
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$
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4,304,821
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$
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4,173,076
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LIABILITIES
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Deposits:
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Noninterest-bearing
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$
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801,597
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$
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646,508
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Interest-bearing
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2,544,786
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2,488,147
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Total Deposits
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3,346,383
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3,134,655
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Borrowings:
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Federal funds purchased
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18,862
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Securities sold under repurchase agreements
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141,828
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156,305
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Federal Home Loan Bank advances
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94,238
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138,095
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Subordinated debentures and term loans
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112,161
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194,974
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Total Borrowings
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367,089
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489,374
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Interest payable
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1,841
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2,925
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Other liabilities
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37,272
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31,655
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Total Liabilities
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3,752,585
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3,658,609
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STOCKHOLDERS' EQUITY
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Preferred Stock, no-par value, $1,000 liquidation value:
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Authorized -- 500,000 shares
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Senior Non-Cumulative Perpetual Preferred Stock, Series B
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Issued and outstanding - 90,782.94 shares
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90,783
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90,783
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Cumulative Preferred Stock, $1,000 par value, $1,000 liquidation
value:
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Authorized -- 600 shares
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Issued and outstanding - 125 shares
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125
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125
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Common Stock, $.125 stated value:
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Authorized -- 50,000,000 shares
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Issued and outstanding - 28,692,616 and 28,559,707 shares
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3,587
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3,570
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Additional paid-in capital
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256,843
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254,874
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Retained earnings
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206,397
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168,717
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Accumulated other comprehensive loss
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(5,499
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)
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(3,602
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)
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Total Stockholders' Equity
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552,236
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514,467
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
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$
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4,304,821
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$
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4,173,076
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CONSOLIDATED STATEMENTS OF INCOME
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Three Months Ended
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Twelve Months Ended
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(Dollars In Thousands, Except Per Share Amounts)
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December 31,
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December 31,
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2012
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2011
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2012
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2011
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INTEREST INCOME
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Loans receivable:
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Taxable
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$
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36,085
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$
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36,497
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$
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146,745
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$
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149,716
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Tax-exempt
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122
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93
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480
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528
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Investment securities:
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Taxable
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3,809
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4,565
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17,027
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19,230
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Tax-exempt
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2,544
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2,550
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10,189
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10,167
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Federal funds sold
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3
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Deposits with financial institutions
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31
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54
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100
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|
282
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Federal Reserve and Federal Home Loan Bank stock
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373
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314
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1,408
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1,319
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Total Interest Income
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42,964
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44,073
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175,949
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181,245
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INTEREST EXPENSE
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Deposits
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3,234
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4,505
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14,800
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22,281
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Federal funds purchased
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7
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3
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69
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25
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Securities sold under repurchase agreements
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204
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363
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907
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1,511
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Federal Home Loan Bank advances
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501
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1,114
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2,624
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4,181
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Subordinated debentures and term loans
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753
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1,908
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5,213
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9,892
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Total Interest Expense
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4,699
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7,893
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23,613
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37,890
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NET INTEREST INCOME
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38,265
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36,180
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152,336
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143,355
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Provision for loan losses
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4,505
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5,855
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18,534
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22,630
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NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
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33,760
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30,325
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133,802
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120,725
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OTHER INCOME
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Service charges on deposit accounts
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2,962
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|
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3,027
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|
|
11,587
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|
|
11,972
|
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Fiduciary activities
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|
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1,984
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|
|
|
1,804
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|
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7,891
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7,650
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Other customer fees
|
|
|
2,757
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|
|
|
2,572
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|
|
|
11,233
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|
|
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10,024
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Commission income
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1,454
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|
|
|
1,220
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|
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6,224
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|
|
|
5,660
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Earnings on cash surrender value of life insurance
|
|
|
693
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|
|
803
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|
|
3,418
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|
|
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2,596
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Net gains and fees on sales of loans
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|
|
3,513
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|
|
|
2,747
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|
|
|
10,628
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|
|
7,418
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Net realized gains on sales of available for sale securities
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|
|
255
|
|
|
|
290
|
|
|
|
2,389
|
|
|
|
2,439
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|
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Other-than-temporary impairment on available for sale securities
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|
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|
|
|
|
|
|
|
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|
(400
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)
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Gain on FDIC modified whole bank transaction
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|
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9,124
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|
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Other income
|
|
|
588
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|
|
|
508
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|
|
1,808
|
|
|
|
1,761
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Total Other Income
|
|
|
14,206
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|
|
|
12,971
|
|
|
|
64,302
|
|
|
|
49,120
|
|
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OTHER EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Salaries and employee benefits
|
|
|
20,320
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|
|
|
19,035
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|
|
|
79,398
|
|
|
|
74,735
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Net occupancy
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|
|
2,494
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|
|
|
2,428
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|
|
|
10,186
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|
|
10,118
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Equipment
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|
1,942
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|
|
|
1,672
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|
|
|
7,201
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|
|
|
6,794
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Marketing
|
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|
616
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|
|
650
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|
|
2,158
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|
|
|
2,002
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|
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Outside data processing fees
|
|
|
1,361
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|
|
|
1,377
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|
|
|
5,656
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|
|
|
5,671
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|
|
Printing and office supplies
|
|
|
321
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|
|
|
340
|
|
|
|
1,169
|
|
|
|
1,242
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|
|
Core deposit amortization
|
|
|
489
|
|
|
|
591
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|
|
|
1,927
|
|
|
|
3,548
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|
|
FDIC assessments
|
|
|
738
|
|
|
|
775
|
|
|
|
3,509
|
|
|
|
5,531
|
|
|
Other real estate owned and credit-related expenses
|
|
|
1,766
|
|
|
|
2,569
|
|
|
|
8,178
|
|
|
|
10,614
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|
|
Other expenses
|
|
|
4,456
|
|
|
|
3,999
|
|
|
|
17,733
|
|
|
|
15,683
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|
|
Total Other Expenses
|
|
|
34,503
|
|
|
|
33,436
|
|
|
|
137,115
|
|
|
|
135,938
|
|
|
INCOME BEFORE INCOME TAX
|
|
|
13,463
|
|
|
|
9,860
|
|
|
|
60,989
|
|
|
|
33,907
|
|
|
Income tax expense
|
|
|
3,153
|
|
|
|
2,299
|
|
|
|
15,867
|
|
|
|
8,655
|
|
|
NET INCOME
|
|
|
10,310
|
|
|
|
7,561
|
|
|
|
45,122
|
|
|
|
25,252
|
|
|
Loss on CPP unamortized discount
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,401
|
)
|
|
Loss on extinguishment of trust preferred securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10,857
|
)
|
|
Preferred stock dividends and discount accretion
|
|
|
(1,135
|
)
|
|
|
(1,135
|
)
|
|
|
(4,539
|
)
|
|
|
(3,981
|
)
|
|
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS
|
|
$
|
9,175
|
|
|
$
|
6,426
|
|
|
$
|
40,583
|
|
|
$
|
9,013
|
|
|
Per Share Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Net Income Available to Common Stockholders
|
|
$
|
0.32
|
|
|
$
|
0.24
|
|
|
$
|
1.42
|
|
|
$
|
0.34
|
|
|
Diluted Net Income Available to Common Stockholders
|
|
$
|
0.32
|
|
|
$
|
0.24
|
|
|
$
|
1.41
|
|
|
$
|
0.34
|
|
|
Cash Dividends Paid
|
|
$
|
0.03
|
|
|
$
|
0.01
|
|
|
$
|
0.10
|
|
|
$
|
0.04
|
|
|
Average Diluted Shares Outstanding (in thousands)
|
|
|
28,930
|
|
|
|
28,700
|
|
|
|
28,847
|
|
|
|
26,694
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL HIGHLIGHTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands)
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
|
|
NET CHARGE OFF'S
|
|
$
|
4,632
|
|
|
$
|
8,031
|
|
|
$
|
20,066
|
|
|
$
|
34,709
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
$
|
4,293,082
|
|
|
$
|
4,200,685
|
|
|
$
|
4,245,996
|
|
|
$
|
4,143,850
|
|
|
Total Loans
|
|
|
2,867,793
|
|
|
|
2,719,155
|
|
|
|
2,819,816
|
|
|
|
2,748,684
|
|
|
Total Earning Assets
|
|
|
3,875,969
|
|
|
|
3,766,352
|
|
|
|
3,833,174
|
|
|
|
3,744,027
|
|
|
Total Deposits
|
|
|
3,321,997
|
|
|
|
3,165,505
|
|
|
|
3,263,020
|
|
|
|
3,175,762
|
|
|
Total Stockholders' Equity
|
|
|
551,414
|
|
|
|
513,366
|
|
|
|
535,497
|
|
|
|
478,440
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Average Assets
|
|
|
0.85
|
%
|
|
|
0.61
|
%
|
|
|
0.96
|
%
|
|
|
0.22
|
%
|
|
Return on Average Stockholders' Equity
|
|
|
6.66
|
|
|
|
5.01
|
|
|
|
7.58
|
|
|
|
1.88
|
|
|
Return on Average Common Stockholders' Equity
|
|
|
7.97
|
|
|
|
6.08
|
|
|
|
9.13
|
|
|
|
2.22
|
|
|
Average Earning Assets to Average Assets
|
|
|
90.28
|
|
|
|
89.66
|
|
|
|
90.28
|
|
|
|
90.35
|
|
|
Allowance for Loan Losses as % of Total Loans
|
|
|
2.37
|
|
|
|
2.60
|
|
|
|
2.37
|
|
|
|
2.60
|
|
|
Net Charge Off's as % of Average Loans (Annualized)
|
|
|
0.65
|
|
|
|
1.18
|
|
|
|
0.71
|
|
|
|
1.26
|
|
|
Average Stockholders' Equity to Average Assets
|
|
|
12.84
|
|
|
|
12.22
|
|
|
|
12.61
|
|
|
|
11.55
|
|
|
Tax Equivalent Yield on Earning Assets
|
|
|
4.58
|
|
|
|
4.83
|
|
|
|
4.74
|
|
|
|
4.99
|
|
|
Cost of Supporting Liabilities
|
|
|
0.48
|
|
|
|
0.84
|
|
|
|
0.62
|
|
|
|
1.01
|
|
|
Net Interest Margin (FTE) on Earning Assets
|
|
|
4.10
|
|
|
|
3.99
|
|
|
|
4.12
|
|
|
|
3.98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars In Thousands)
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
|
2012
|
|
|
2012
|
|
|
2012
|
|
|
2012
|
|
|
2011
|
|
|
Non-Accrual Loans
|
|
$
|
53,399
|
|
|
$
|
56,999
|
|
|
$
|
63,127
|
|
|
$
|
74,456
|
|
|
$
|
69,592
|
|
|
Renegotiated Loans
|
|
|
12,681
|
|
|
|
6,871
|
|
|
|
3,921
|
|
|
|
6,695
|
|
|
|
14,308
|
|
|
Non-Performing Loans (NPL)
|
|
|
66,080
|
|
|
|
63,870
|
|
|
|
67,048
|
|
|
|
81,151
|
|
|
|
83,900
|
|
|
Other Real Estate Owned
|
|
|
13,263
|
|
|
|
13,780
|
|
|
|
14,183
|
|
|
|
15,628
|
|
|
|
16,289
|
|
|
Non-Performing Assets (NPA)
|
|
|
79,343
|
|
|
|
77,650
|
|
|
|
81,231
|
|
|
|
96,779
|
|
|
|
100,189
|
|
|
90+ Days Delinquent
|
|
|
2,037
|
|
|
|
1,974
|
|
|
|
665
|
|
|
|
253
|
|
|
|
580
|
|
|
NPAS & 90 Day Delinquent
|
|
$
|
81,380
|
|
|
$
|
79,624
|
|
|
$
|
81,896
|
|
|
$
|
97,032
|
|
|
$
|
100,769
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan Loss Reserve
|
|
$
|
69,366
|
|
|
$
|
69,493
|
|
|
$
|
70,143
|
|
|
$
|
70,369
|
|
|
$
|
70,898
|
|
|
Quarterly Net Charge-offs
|
|
|
4,632
|
|
|
|
5,259
|
|
|
|
4,771
|
|
|
|
5,404
|
|
|
|
8,031
|
|
|
NPAs / Actual Assets %
|
|
|
1.84
|
%
|
|
|
1.83
|
%
|
|
|
1.92
|
%
|
|
|
2.28
|
%
|
|
|
2.40
|
%
|
|
NPAs & 90 Day / Actual Assets %
|
|
|
1.89
|
%
|
|
|
1.87
|
%
|
|
|
1.93
|
%
|
|
|
2.29
|
%
|
|
|
2.41
|
%
|
|
NPAs / Actual Loans and REO %
|
|
|
2.70
|
%
|
|
|
2.70
|
%
|
|
|
2.87
|
%
|
|
|
3.42
|
%
|
|
|
3.65
|
%
|
|
Loan Loss Reserves / Actual Loans (%)
|
|
|
2.37
|
%
|
|
|
2.43
|
%
|
|
|
2.49
|
%
|
|
|
2.50
|
%
|
|
|
2.60
|
%
|
|
Net Charge Off's as % of Average Loans (Annualized)
|
|
|
0.65
|
%
|
|
|
0.74
|
%
|
|
|
0.68
|
%
|
|
|
0.78
|
%
|
|
|
1.18
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars In Thousands)
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
|
2012
|
|
|
2012
|
|
|
2012
|
|
|
2012
|
|
|
2011
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
101,460
|
|
|
$
|
57,027
|
|
|
$
|
68,493
|
|
|
$
|
60,991
|
|
|
$
|
73,312
|
|
|
Interest-bearing time deposits
|
|
|
38,443
|
|
|
|
35,324
|
|
|
|
41,760
|
|
|
|
34,290
|
|
|
|
52,851
|
|
|
Investment securities
|
|
|
874,363
|
|
|
|
928,716
|
|
|
|
944,321
|
|
|
|
960,032
|
|
|
|
946,400
|
|
|
Mortgage loans held for sale
|
|
|
22,300
|
|
|
|
27,711
|
|
|
|
15,278
|
|
|
|
22,138
|
|
|
|
17,864
|
|
|
Loans
|
|
|
2,902,209
|
|
|
|
2,836,324
|
|
|
|
2,797,634
|
|
|
|
2,792,989
|
|
|
|
2,713,415
|
|
|
Less: Allowance for loan losses
|
|
|
(69,366
|
)
|
|
|
(69,493
|
)
|
|
|
(70,143
|
)
|
|
|
(70,369
|
)
|
|
|
(70,898
|
)
|
|
Net loans
|
|
|
2,832,843
|
|
|
|
2,766,831
|
|
|
|
2,727,491
|
|
|
|
2,722,620
|
|
|
|
2,642,517
|
|
|
Premises and equipment
|
|
|
52,749
|
|
|
|
51,373
|
|
|
|
51,335
|
|
|
|
51,541
|
|
|
|
51,013
|
|
|
Federal Reserve and Federal Home Loan Bank stock
|
|
|
32,785
|
|
|
|
32,824
|
|
|
|
33,033
|
|
|
|
33,026
|
|
|
|
31,270
|
|
|
Interest receivable
|
|
|
16,367
|
|
|
|
17,519
|
|
|
|
16,506
|
|
|
|
16,730
|
|
|
|
17,723
|
|
|
Core deposit intangibles and goodwill
|
|
|
149,529
|
|
|
|
150,019
|
|
|
|
150,006
|
|
|
|
150,486
|
|
|
|
150,471
|
|
|
Cash surrender value of life insurance
|
|
|
125,397
|
|
|
|
124,702
|
|
|
|
124,018
|
|
|
|
123,355
|
|
|
|
124,329
|
|
|
Other real estate owned
|
|
|
13,263
|
|
|
|
13,780
|
|
|
|
14,183
|
|
|
|
15,628
|
|
|
|
16,289
|
|
|
Tax asset, deferred and receivable
|
|
|
30,867
|
|
|
|
29,344
|
|
|
|
32,003
|
|
|
|
32,112
|
|
|
|
36,424
|
|
|
Other assets
|
|
|
14,455
|
|
|
|
14,998
|
|
|
|
13,996
|
|
|
|
13,417
|
|
|
|
12,613
|
|
|
TOTAL ASSETS
|
|
$
|
4,304,821
|
|
|
$
|
4,250,168
|
|
|
$
|
4,232,423
|
|
|
$
|
4,236,366
|
|
|
$
|
4,173,076
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
|
|
|
801,597
|
|
|
$
|
679,818
|
|
|
$
|
684,101
|
|
|
$
|
677,643
|
|
|
$
|
646,508
|
|
|
Interest-bearing
|
|
|
2,544,786
|
|
|
|
2,514,933
|
|
|
|
2,604,797
|
|
|
|
2,601,935
|
|
|
|
2,488,147
|
|
|
Total Deposits
|
|
|
3,346,383
|
|
|
|
3,194,751
|
|
|
|
3,288,898
|
|
|
|
3,279,578
|
|
|
|
3,134,655
|
|
|
Borrowings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds purchased
|
|
|
18,862
|
|
|
|
57,024
|
|
|
|
652
|
|
|
|
10,936
|
|
|
|
|
|
|
Securities sold under repurchase agreements
|
|
|
141,828
|
|
|
|
153,454
|
|
|
|
160,127
|
|
|
|
139,308
|
|
|
|
156,305
|
|
|
Federal Home Loan Bank advances
|
|
|
94,238
|
|
|
|
145,467
|
|
|
|
96,847
|
|
|
|
131,496
|
|
|
|
138,095
|
|
|
Subordinated debentures and term loans
|
|
|
112,161
|
|
|
|
112,169
|
|
|
|
115,951
|
|
|
|
115,969
|
|
|
|
194,974
|
|
|
Total Borrowings
|
|
|
367,089
|
|
|
|
468,114
|
|
|
|
373,577
|
|
|
|
397,709
|
|
|
|
489,374
|
|
|
Interest payable
|
|
|
1,841
|
|
|
|
1,591
|
|
|
|
2,168
|
|
|
|
2,094
|
|
|
|
2,925
|
|
|
Other liabilities
|
|
|
37,272
|
|
|
|
38,857
|
|
|
|
32,104
|
|
|
|
29,044
|
|
|
|
31,655
|
|
|
Total Liabilities
|
|
|
3,752,585
|
|
|
|
3,703,313
|
|
|
|
3,696,747
|
|
|
|
3,708,425
|
|
|
|
3,658,609
|
|
|
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock, no-par value, $1,000 liquidation value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Authorized -- 500,000 shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior Non-Cumulative Perpetual Preferred Stock, Series B
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued and outstanding
|
|
|
90,783
|
|
|
|
90,783
|
|
|
|
90,783
|
|
|
|
90,783
|
|
|
|
90,783
|
|
|
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 -- 50,000,000 shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued and outstanding
|
|
|
3,587
|
|
|
|
3,584
|
|
|
|
3,580
|
|
|
|
3,578
|
|
|
|
3,570
|
|
|
Additional paid-in capital
|
|
|
256,843
|
|
|
|
256,290
|
|
|
|
255,632
|
|
|
|
255,116
|
|
|
|
254,874
|
|
|
Retained earnings
|
|
|
206,397
|
|
|
|
198,094
|
|
|
|
188,863
|
|
|
|
181,664
|
|
|
|
168,717
|
|
|
Accumulated other comprehensive loss
|
|
|
(5,499
|
)
|
|
|
(2,021
|
)
|
|
|
(3,307
|
)
|
|
|
(3,325
|
)
|
|
|
(3,602
|
)
|
|
Total Stockholders' Equity
|
|
|
552,236
|
|
|
|
546,855
|
|
|
|
535,676
|
|
|
|
527,941
|
|
|
|
514,467
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
$
|
4,304,821
|
|
|
$
|
4,250,168
|
|
|
$
|
4,232,423
|
|
|
$
|
4,236,366
|
|
|
$
|
4,173,076
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars In Thousands, Except Per Share Amounts)
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
|
2012
|
|
|
2012
|
|
|
2012
|
|
|
2012
|
|
|
2011
|
|
|
INTEREST INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
$
|
36,085
|
|
|
$
|
38,160
|
|
|
$
|
36,652
|
|
|
$
|
35,848
|
|
|
$
|
36,497
|
|
|
Tax exempt
|
|
|
122
|
|
|
|
118
|
|
|
|
123
|
|
|
|
117
|
|
|
|
93
|
|
|
Investment securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
3,809
|
|
|
|
4,176
|
|
|
|
4,468
|
|
|
|
4,574
|
|
|
|
4,565
|
|
|
Tax exempt
|
|
|
2,544
|
|
|
|
2,532
|
|
|
|
2,551
|
|
|
|
2,562
|
|
|
|
2,550
|
|
|
Federal funds sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits with financial institutions
|
|
|
31
|
|
|
|
16
|
|
|
|
28
|
|
|
|
25
|
|
|
|
54
|
|
|
Federal Reserve and Federal Home Loan Bank stock
|
|
|
373
|
|
|
|
345
|
|
|
|
347
|
|
|
|
343
|
|
|
|
314
|
|
|
Total Interest Income
|
|
|
42,964
|
|
|
|
45,347
|
|
|
|
44,169
|
|
|
|
43,469
|
|
|
|
44,073
|
|
|
INTEREST EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
3,234
|
|
|
|
3,517
|
|
|
|
3,939
|
|
|
|
4,110
|
|
|
|
4,505
|
|
|
Federal funds purchased
|
|
|
7
|
|
|
|
38
|
|
|
|
12
|
|
|
|
12
|
|
|
|
3
|
|
|
Securities sold under repurchase agreements
|
|
|
204
|
|
|
|
211
|
|
|
|
197
|
|
|
|
295
|
|
|
|
363
|
|
|
Federal Home Loan Bank advances
|
|
|
501
|
|
|
|
492
|
|
|
|
637
|
|
|
|
994
|
|
|
|
1,114
|
|
|
Subordinated debentures, revolving credit lines and term loans
|
|
|
753
|
|
|
|
1,187
|
|
|
|
1,331
|
|
|
|
1,942
|
|
|
|
1,908
|
|
|
Total Interest Expense
|
|
|
4,699
|
|
|
|
5,445
|
|
|
|
6,116
|
|
|
|
7,353
|
|
|
|
7,893
|
|
|
NET INTEREST INCOME
|
|
|
38,265
|
|
|
|
39,902
|
|
|
|
38,053
|
|
|
|
36,116
|
|
|
|
36,180
|
|
|
Provision for loan losses
|
|
|
4,505
|
|
|
|
4,609
|
|
|
|
4,545
|
|
|
|
4,875
|
|
|
|
5,855
|
|
|
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
|
|
|
33,760
|
|
|
|
35,293
|
|
|
|
33,508
|
|
|
|
31,241
|
|
|
|
30,325
|
|
|
OTHER INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts
|
|
|
2,962
|
|
|
|
2,913
|
|
|
|
2,893
|
|
|
|
2,819
|
|
|
|
3,027
|
|
|
Fiduciary activities
|
|
|
1,984
|
|
|
|
1,986
|
|
|
|
1,938
|
|
|
|
1,983
|
|
|
|
1,804
|
|
|
Other customer fees
|
|
|
2,757
|
|
|
|
2,740
|
|
|
|
3,150
|
|
|
|
2,586
|
|
|
|
2,572
|
|
|
Commission income
|
|
|
1,454
|
|
|
|
1,618
|
|
|
|
1,485
|
|
|
|
1,667
|
|
|
|
1,220
|
|
|
Earnings on cash surrender value of life insurance
|
|
|
693
|
|
|
|
685
|
|
|
|
662
|
|
|
|
1,378
|
|
|
|
803
|
|
|
Net gains and fees on sales of loans
|
|
|
3,513
|
|
|
|
2,849
|
|
|
|
2,314
|
|
|
|
1,952
|
|
|
|
2,747
|
|
|
Net realized gains on sales of available for sale securities
|
|
|
255
|
|
|
|
843
|
|
|
|
502
|
|
|
|
789
|
|
|
|
290
|
|
|
Gain on FDIC modified whole bank transaction
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,124
|
|
|
|
|
|
|
Other income
|
|
|
588
|
|
|
|
639
|
|
|
|
221
|
|
|
|
360
|
|
|
|
508
|
|
|
Total Other Income
|
|
|
14,206
|
|
|
|
14,273
|
|
|
|
13,165
|
|
|
|
22,658
|
|
|
|
12,971
|
|
|
OTHER EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
|
|
20,320
|
|
|
|
20,083
|
|
|
|
19,641
|
|
|
|
19,354
|
|
|
|
19,035
|
|
|
Net occupancy
|
|
|
2,494
|
|
|
|
2,568
|
|
|
|
2,473
|
|
|
|
2,651
|
|
|
|
2,428
|
|
|
Equipment
|
|
|
1,942
|
|
|
|
1,798
|
|
|
|
1,656
|
|
|
|
1,805
|
|
|
|
1,672
|
|
|
Marketing
|
|
|
616
|
|
|
|
536
|
|
|
|
564
|
|
|
|
442
|
|
|
|
650
|
|
|
Outside data processing fees
|
|
|
1,361
|
|
|
|
1,413
|
|
|
|
1,506
|
|
|
|
1,376
|
|
|
|
1,377
|
|
|
Printing and office supplies
|
|
|
321
|
|
|
|
287
|
|
|
|
294
|
|
|
|
267
|
|
|
|
340
|
|
|
Core deposit amortization
|
|
|
489
|
|
|
|
489
|
|
|
|
480
|
|
|
|
469
|
|
|
|
591
|
|
|
FDIC assessments
|
|
|
738
|
|
|
|
792
|
|
|
|
862
|
|
|
|
1,117
|
|
|
|
775
|
|
|
Other real estate owned and credit-related expenses
|
|
|
1,766
|
|
|
|
2,104
|
|
|
|
2,122
|
|
|
|
2,186
|
|
|
|
2,569
|
|
|
Other expenses
|
|
|
4,456
|
|
|
|
4,334
|
|
|
|
4,582
|
|
|
|
4,361
|
|
|
|
3,999
|
|
|
Total Other Expenses
|
|
|
34,503
|
|
|
|
34,404
|
|
|
|
34,180
|
|
|
|
34,028
|
|
|
|
33,436
|
|
|
INCOME BEFORE INCOME TAX
|
|
|
13,463
|
|
|
|
15,162
|
|
|
|
12,493
|
|
|
|
19,871
|
|
|
|
9,860
|
|
|
Income tax expense
|
|
|
3,153
|
|
|
|
3,926
|
|
|
|
3,288
|
|
|
|
5,500
|
|
|
|
2,299
|
|
|
NET INCOME
|
|
|
10,310
|
|
|
|
11,236
|
|
|
|
9,205
|
|
|
|
14,371
|
|
|
|
7,561
|
|
|
Preferred stock dividends and discount accretion
|
|
|
(1,135
|
)
|
|
|
(1,134
|
)
|
|
|
(1,135
|
)
|
|
|
(1,135
|
)
|
|
|
(1,135
|
)
|
|
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS
|
|
$
|
9,175
|
|
|
$
|
10,102
|
|
|
$
|
8,070
|
|
|
$
|
13,236
|
|
|
$
|
6,426
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Net Income Available to Common Stockholders
|
|
$
|
0.32
|
|
|
$
|
0.35
|
|
|
$
|
0.29
|
|
|
$
|
0.46
|
|
|
$
|
0.24
|
|
|
Diluted Net Income Available to Common Stockholders
|
|
$
|
0.32
|
|
|
$
|
0.35
|
|
|
$
|
0.28
|
|
|
$
|
0.46
|
|
|
$
|
0.24
|
|
|
Cash Dividends Paid
|
|
$
|
0.03
|
|
|
$
|
0.03
|
|
|
$
|
0.03
|
|
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
Average Diluted Shares Outstanding (in thousands)
|
|
|
28,930
|
|
|
|
28,888
|
|
|
|
28,815
|
|
|
|
28,755
|
|
|
|
28,700
|
|
|
FINANCIAL RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Average Assets
|
|
|
0.85
|
%
|
|
|
0.95
|
%
|
|
|
0.76
|
%
|
|
|
1.26
|
%
|
|
|
0.61
|
%
|
|
Return on Average Stockholders' Equity
|
|
|
6.66
|
|
|
|
7.47
|
|
|
|
6.07
|
|
|
|
10.23
|
|
|
|
5.01
|
|
|
Return on Average Common Stockholders' Equity
|
|
|
7.97
|
|
|
|
8.98
|
|
|
|
7.32
|
|
|
|
12.40
|
|
|
|
6.08
|
|
|
Average Earning Assets to Average Assets
|
|
|
90.28
|
|
|
|
90.36
|
|
|
|
90.30
|
|
|
|
90.16
|
|
|
|
89.66
|
|
|
Allowance for Loan Losses as % of Total Loans
|
|
|
2.37
|
|
|
|
2.43
|
|
|
|
2.49
|
|
|
|
2.50
|
|
|
|
2.60
|
|
|
Net Charge Off's as % of Average Loans (Annualized)
|
|
|
0.65
|
|
|
|
0.74
|
|
|
|
0.68
|
|
|
|
0.78
|
|
|
|
1.18
|
|
|
Average Stockholders' Equity to Average Assets
|
|
|
12.84
|
|
|
|
12.77
|
|
|
|
12.51
|
|
|
|
12.32
|
|
|
|
12.22
|
|
|
Tax Equivalent Yield on Earning Assets
|
|
|
4.58
|
|
|
|
4.89
|
|
|
|
4.75
|
|
|
|
4.74
|
|
|
|
4.83
|
|
|
Cost of Supporting Liabilities
|
|
|
0.48
|
|
|
|
0.57
|
|
|
|
0.64
|
|
|
|
0.78
|
|
|
|
0.84
|
|
|
Net Interest Margin (FTE) on Earning Assets
|
|
|
4.10
|
|
|
|
4.32
|
|
|
|
4.11
|
|
|
|
3.96
|
|
|
|
3.99
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOANS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars In Thousands)
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
|
2012
|
|
|
2012
|
|
|
2012
|
|
|
2012
|
|
|
2011
|
|
|
Commercial and industrial loans
|
|
$
|
622,579
|
|
|
$
|
592,517
|
|
|
$
|
552,353
|
|
|
$
|
546,304
|
|
|
$
|
532,523
|
|
|
Agricultural production financing and other loans to farmers
|
|
|
112,527
|
|
|
|
107,166
|
|
|
|
106,135
|
|
|
|
97,165
|
|
|
|
104,526
|
|
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction
|
|
|
98,639
|
|
|
|
93,610
|
|
|
|
99,588
|
|
|
|
92,694
|
|
|
|
81,780
|
|
|
Commercial and farm land
|
|
|
1,266,682
|
|
|
|
1,241,054
|
|
|
|
1,219,114
|
|
|
|
1,229,195
|
|
|
|
1,194,230
|
|
|
Residential
|
|
|
473,537
|
|
|
|
475,272
|
|
|
|
480,917
|
|
|
|
498,354
|
|
|
|
481,493
|
|
|
Home Equity
|
|
|
203,406
|
|
|
|
204,888
|
|
|
|
207,250
|
|
|
|
210,564
|
|
|
|
191,631
|
|
|
Individuals' loans for household and other personal expenditures
|
|
|
75,748
|
|
|
|
77,171
|
|
|
|
83,933
|
|
|
|
78,711
|
|
|
|
84,172
|
|
|
Lease financing receivables, net of unearned income
|
|
|
2,590
|
|
|
|
2,970
|
|
|
|
2,976
|
|
|
|
3,112
|
|
|
|
3,555
|
|
|
Other loans
|
|
|
46,501
|
|
|
|
41,676
|
|
|
|
45,368
|
|
|
|
36,890
|
|
|
|
39,505
|
|
|
Loans
|
|
|
2,902,209
|
|
|
|
2,836,324
|
|
|
|
2,797,634
|
|
|
|
2,792,989
|
|
|
|
2,713,415
|
|
|
Allowance for loan losses
|
|
|
(69,366
|
)
|
|
|
(69,493
|
)
|
|
|
(70,143
|
)
|
|
|
(70,369
|
)
|
|
|
(70,898
|
)
|
|
NET LOANS
|
|
$
|
2,832,843
|
|
|
$
|
2,766,831
|
|
|
$
|
2,727,491
|
|
|
$
|
2,722,620
|
|
|
$
|
2,642,517
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPOSITS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars In Thousands)
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
|
2012
|
|
|
2012
|
|
|
2012
|
|
|
2012
|
|
|
2011
|
|
|
Demand deposits
|
|
$
|
1,646,756
|
|
|
$
|
1,455,568
|
|
|
$
|
1,521,194
|
|
|
$
|
1,470,938
|
|
|
$
|
1,438,513
|
|
|
Savings deposits
|
|
|
831,952
|
|
|
|
837,409
|
|
|
|
822,299
|
|
|
|
801,935
|
|
|
|
757,166
|
|
|
Certificates and other time deposits of $100,000 or more
|
|
|
236,470
|
|
|
|
256,077
|
|
|
|
261,156
|
|
|
|
269,796
|
|
|
|
264,787
|
|
|
Other certificates and time deposits
|
|
|
502,927
|
|
|
|
527,304
|
|
|
|
546,182
|
|
|
|
566,934
|
|
|
|
551,247
|
|
|
Brokered deposits
|
|
|
128,278
|
|
|
|
118,393
|
|
|
|
138,067
|
|
|
|
169,975
|
|
|
|
122,942
|
|
|
TOTAL DEPOSITS
|
|
$
|
3,346,383
|
|
|
$
|
3,194,751
|
|
|
$
|
3,288,898
|
|
|
$
|
3,279,578
|
|
|
$
|
3,134,655
|
|
