CONSOLIDATED BALANCE SHEETS | ||||
(Dollars In Thousands) | December 31, | |||
2021 | 2020 | |||
ASSETS | ||||
Cash and cash equivalents | $ | 167,146 | $ | 192,896 |
Interest-bearing deposits | 474,154 | 392,305 | ||
Investment securities, net of allowance for credit losses of $245,000 and $0 | 4,524,353 | 3,146,787 | ||
Loans held for sale | 11,187 | 3,966 | ||
Loans | 9,241,861 | 9,243,174 | ||
Less: Allowance for credit losses - loans | (195,397) | (130,648) | ||
Net loans | 9,046,464 | 9,112,526 | ||
Premises and equipment | 105,655 | 111,062 | ||
Federal Home Loan Bank stock | 28,736 | 28,736 | ||
Interest receivable | 57,187 | 53,948 | ||
Goodwill and other intangibles | 570,860 | 572,893 | ||
Cash surrender value of life insurance | 291,041 | 292,745 | ||
Other real estate owned | 558 | 940 | ||
Tax asset, deferred and receivable | 35,641 | 12,340 | ||
Other assets | 140,167 | 146,066 | ||
TOTAL ASSETS | $ | 15,453,149 | $ | 14,067,210 |
LIABILITIES | ||||
Deposits: | ||||
Noninterest-bearing | $ | 2,709,646 | $ | 2,298,138 |
Interest-bearing | 10,022,931 | 9,063,472 | ||
Total Deposits | 12,732,577 | 11,361,610 | ||
Borrowings: | ||||
Securities sold under repurchase agreements | 181,577 | 177,102 | ||
Federal Home Loan Bank advances | 334,055 | 389,430 | ||
Subordinated debentures and other borrowings | 118,618 | 118,380 | ||
Total Borrowings | 634,250 | 684,912 | ||
Interest payable | 2,762 | 3,287 | ||
Other liabilities | 170,989 | 141,756 | ||
Total Liabilities | 13,540,578 | 12,191,565 | ||
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 - 53,410,411 and 53,922,359 shares | 6,676 | 6,740 | ||
Additional paid-in capital | 985,818 | 1,005,366 | ||
Retained earnings | 864,839 | 788,578 | ||
Accumulated other comprehensive income | 55,113 | 74,836 | ||
Total Stockholders' Equity | 1,912,571 | 1,875,645 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 15,453,149 | $ | 14,067,210 |
CONSOLIDATED STATEMENTS OF INCOME | Three Months Ended | Twelve Months Ended | ||||||
(Dollars In Thousands, Except Per Share Amounts) | December 31, | December 31, | ||||||
2021 | 2020 | 2021 | 2020 | |||||
INTEREST INCOME | ||||||||
Loans receivable: | ||||||||
Taxable | $ | 80,583 | $ | 90,138 | $ | 338,009 | $ | 358,264 |
Tax-exempt | 5,635 | 5,414 | 22,110 | 21,483 | ||||
Investment securities: | ||||||||
Taxable | 8,028 | 5,263 | 29,951 | 24,440 | ||||
Tax-exempt | 15,411 | 12,056 | 55,331 | 42,341 | ||||
Deposits with financial institutions | 173 | 139 | 634 | 938 | ||||
Federal Home Loan Bank stock | 163 | 214 | 597 | 1,042 | ||||
Total Interest Income | 109,993 | 113,224 | 446,632 | 448,508 | ||||
INTEREST EXPENSE | ||||||||
Deposits | 5,589 | 7,509 | 23,319 | 51,740 | ||||
Federal funds purchased | 1 | 2 | 5 | 120 | ||||
Securities sold under repurchase agreements | 75 | 77 | 314 | 604 | ||||
Federal Home Loan Bank advances | 1,389 | 1,656 | 5,672 | 6,973 | ||||
Subordinated debentures and other borrowings | 1,666 | 1,669 | 6,642 | 6,944 | ||||
Total Interest Expense | 8,720 | 10,913 | 35,952 | 66,381 | ||||
NET INTEREST INCOME | 101,273 | 102,311 | 410,680 | 382,127 | ||||
Provision for credit losses - loans | - | 4,482 | - | 58,673 | ||||
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 101,273 | 97,829 | 410,680 | 323,454 | ||||
OTHER INCOME | ||||||||
Service charges on deposit accounts | 6,462 | 5,508 | 23,571 | 20,999 | ||||
Fiduciary and wealth management fees | 7,078 | 6,251 | 28,362 | 23,747 | ||||
Card payment fees | 3,937 | 3,502 | 16,619 | 19,502 | ||||
Net gains and fees on sales of loans | 3,423 | 5,393 | 19,689 | 18,271 | ||||
Derivative hedge fees | 1,562 | 2,281 | 3,850 | 6,977 | ||||
Other customer fees | 361 | 394 | 1,490 | 1,497 | ||||
Earnings on cash surrender value of life insurance | 2,051 | 1,283 | 7,060 | 5,140 | ||||
Net realized gains on sales of available for sale securities | 358 | 2,398 | 5,674 | 11,895 | ||||
Other income | 615 | 473 | 3,008 | 1,898 | ||||
Total Other Income | 25,847 | 27,483 | 109,323 | 109,926 | ||||
OTHER EXPENSES | ||||||||
Salaries and employee benefits | 42,432 | 41,809 | 166,995 | 155,937 | ||||
Net occupancy | 5,644 | 9,653 | 23,326 | 26,756 | ||||
Equipment | 4,994 | 5,555 | 19,401 | 19,344 | ||||
Marketing | 1,840 | 1,763 | 5,762 | 6,609 | ||||
Outside data processing fees | 4,581 | 3,839 | 18,317 | 14,432 | ||||
Printing and office supplies | 356 | 307 | 1,217 | 1,304 | ||||
Intangible asset amortization | 1,463 | 1,476 | 5,747 | 5,987 | ||||
FDIC assessments | 1,862 | 1,560 | 6,243 | 5,804 | ||||
Other real estate owned and foreclosure expenses | 171 | (1,576) | 992 | 330 | ||||
Professional and other outside services | 3,627 | 2,836 | 11,913 | 8,901 | ||||
Other expenses | 5,466 | 5,314 | 19,300 | 18,001 | ||||
Total Other Expenses | 72,436 | 72,536 | 279,213 | 263,405 | ||||
INCOME BEFORE INCOME TAX | 54,684 | 52,776 | 240,790 | 169,975 | ||||
Income tax expense | 6,951 | 7,641 | 35,259 | 21,375 | ||||
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ | 47,733 | $ | 45,135 | $ | 205,531 | $ | 148,600 |
Per Share Data: | ||||||||
Basic Net Income Available to Common Stockholders | $ | 0.89 | $ | 0.83 | $ | 3.82 | $ | 2.75 |
Diluted Net Income Available to Common Stockholders | $ | 0.89 | $ | 0.83 | $ | 3.81 | $ | 2.74 |
Cash Dividends Paid | $ | 0.29 | $ | 0.26 | $ | 1.13 | $ | 1.04 |
Average Diluted Shares Outstanding (in thousands) | 53,660 | 54,050 | 53,984 | 54,220 |
FINANCIAL HIGHLIGHTS | ||||||||
(Dollars in thousands) | Three Months Ended | Twelve Months Ended | ||||||
December 31, | December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
NET CHARGE-OFFS | $ | 4,575 | $ | 560 | $ | 9,306 | $ | 8,309 |
AVERAGE BALANCES: | ||||||||
Total Assets | $ | 15,298,655 | $ | 13,968,047 | $ | 14,830,397 | $ | 13,466,269 |
Total Loans | 9,076,652 | 9,240,304 | 9,170,650 | 9,051,155 | ||||
Total Earning Assets | 14,053,310 | 12,663,803 | 13,579,113 | 12,123,317 | ||||
Total Deposits | 12,647,737 | 11,283,040 | 12,176,231 | 10,728,106 | ||||
Total Stockholders' Equity | 1,890,229 | 1,856,896 | 1,866,632 | 1,825,135 | ||||
FINANCIAL RATIOS: | ||||||||
Return on Average Assets | 1.25 | % | 1.29 | % | 1.39 | % | 1.10 | % |
Return on Average Stockholders' Equity | 10.10 | 9.72 | 11.01 | 8.14 | ||||
Return on Average Common Stockholders' Equity | 10.10 | 9.72 | 11.01 | 8.14 | ||||
Average Earning Assets to Average Assets | 91.86 | 90.66 | 91.56 | 90.03 | ||||
Allowance for Credit Losses - Loans as % of Total Loans | 2.11 | 1.41 | 2.11 | 1.41 | ||||
Net Charge-offs as % of Average Loans (Annualized) | 0.20 | 0.02 | 0.10 | 0.09 | ||||
Average Stockholders' Equity to Average Assets | 12.36 | 13.29 | 12.59 | 13.55 | ||||
Tax Equivalent Yield on Average Earning Assets | 3.29 | 3.72 | 3.44 | 3.84 | ||||
Interest Expense/Average Earning Assets | 0.25 | 0.34 | 0.26 | 0.55 | ||||
Net Interest Margin (FTE) on Average Earning Assets | 3.04 | 3.38 | 3.18 | 3.29 | ||||
Efficiency Ratio | 53.49 | 55.01 | 50.94 | 51.71 | ||||
Tangible Common Book Value Per Share | $ | 25.21 | $ | 24.27 | $ | 25.21 | $ | 24.27 |
NON-PERFORMING ASSETS | ||||||||||
(Dollars In Thousands) | December 31, | September 30, | June 30, | March 31, | December 31, | |||||
2021 | 2021 | 2021 | 2021 | 2020 | ||||||
Non-Accrual Loans | $ | 43,062 | $ | 51,502 | $ | 57,556 | $ | 57,923 | $ | 61,471 |
Renegotiated Loans | 329 | 439 | 629 | 655 | 3,240 | |||||
Non-Performing Loans (NPL) | 43,391 | 51,941 | 58,185 | 58,578 | 64,711 | |||||
Other Real Estate Owned and Repossessions | 558 | 698 | 601 | 604 | 940 | |||||
Non-Performing Assets (NPA) | 43,949 | 52,639 | 58,786 | 59,182 | 65,651 | |||||
90+ Days Delinquent | 963 | 157 | 183 | 1,093 | 746 | |||||
NPAs & 90 Day Delinquent | $ | 44,912 | $ | 52,796 | $ | 58,969 | $ | 60,275 | $ | 66,397 |
Allowance for Credit Losses - Loans | $ | 195,397 | $ | 199,972 | $ | 199,775 | $ | 201,082 | $ | 130,648 |
Quarterly Net Charge-offs | 4,575 | (197) | 1,307 | 3,621 | 560 | |||||
NPAs / Actual Assets % | 0.28 | % | 0.35 | % | 0.39 | % | 0.40 | % | 0.47 | % |
NPAs & 90 Day / Actual Assets % | 0.29 | % | 0.35 | % | 0.40 | % | 0.41 | % | 0.47 | % |
NPAs / Actual Loans and OREO % | 0.47 | % | 0.58 | % | 0.64 | % | 0.63 | % | 0.71 | % |
Allowance for Credit Losses - Loans / Actual Loans (%) | 2.11 | % | 2.21 | % | 2.19 | % | 2.16 | % | 1.41 | % |
Net Charge-offs as % of Average Loans (Annualized) | 0.20 | % | (0.01) | % | 0.06 | % | 0.16 | % | 0.02 | % |
CONSOLIDATED BALANCE SHEETS | ||||||||||
(Dollars In Thousands) | December 31, | September 30, | June 30, | March 31, | December 31, | |||||
2021 | 2021 | 2021 | 2021 | 2020 | ||||||
ASSETS | ||||||||||
Cash and cash equivalents | $ | 167,146 | $ | 169,261 | $ | 167,596 | $ | 187,901 | $ | 192,896 |
Interest-bearing deposits | 474,154 | 369,447 | 438,863 | 392,806 | 392,305 | |||||
Investment securities, net of allowance for credit losses | 4,524,353 | 4,445,516 | 4,148,314 | 3,700,857 | 3,146,787 | |||||
Loans held for sale | 11,187 | 5,990 | 18,582 | 4,430 | 3,966 | |||||
Loans | 9,241,861 | 9,041,576 | 9,121,250 | 9,318,228 | 9,243,174 | |||||
Less: Allowance for credit losses - loans | (195,397) | (199,972) | (199,775) | (201,082) | (130,648) | |||||
Net loans | 9,046,464 | 8,841,604 | 8,921,475 | 9,117,146 | 9,112,526 | |||||
Premises and equipment | 105,655 | 104,814 | 103,822 | 109,432 | 111,062 | |||||
Federal Home Loan Bank stock | 28,736 | 28,736 | 28,736 | 28,736 | 28,736 | |||||
Interest receivable | 57,187 | 53,079 | 54,173 | 54,662 | 53,948 | |||||
Goodwill and other intangibles | 570,860 | 572,323 | 573,786 | 571,536 | 572,893 | |||||
Cash surrender value of life insurance | 291,041 | 291,825 | 294,462 | 293,766 | 292,745 | |||||
Other real estate owned | 558 | 698 | 601 | 604 | 940 | |||||
Tax asset, deferred and receivable | 35,641 | 39,504 | 36,924 | 40,163 | 12,340 | |||||
Other assets | 140,167 | 137,928 | 135,763 | 127,027 | 146,066 | |||||
TOTAL ASSETS | $ | 15,453,149 | $ | 15,060,725 | $ | 14,923,097 | $ | 14,629,066 | $ | 14,067,210 |
LIABILITIES | ||||||||||
Deposits: | ||||||||||
Noninterest-bearing | $ | 2,709,646 | $ | 2,554,323 | $ | 2,479,853 | $ | 2,494,891 | $ | 2,298,138 |
Interest-bearing | 10,022,931 | 9,794,366 | 9,723,547 | 9,456,889 | 9,063,472 | |||||
Total Deposits | 12,732,577 | 12,348,689 | 12,203,400 | 11,951,780 | 11,361,610 | |||||
Borrowings: | ||||||||||
Securities sold under repurchase agreements | 181,577 | 183,589 | 146,904 | 185,721 | 177,102 | |||||
Federal Home Loan Bank advances | 334,055 | 334,149 | 334,243 | 359,337 | 389,430 | |||||
Subordinated debentures and other borrowings | 118,618 | 118,558 | 118,498 | 118,439 | 118,380 | |||||
Total Borrowings | 634,250 | 636,296 | 599,645 | 663,497 | 684,912 | |||||
Interest payable | 2,762 | 3,736 | 2,929 | 4,020 | 3,287 | |||||
Other liabilities | 170,989 | 203,914 | 245,323 | 203,913 | 141,756 | |||||
Total Liabilities | 13,540,578 | 13,192,635 | 13,051,297 | 12,823,210 | 12,191,565 | |||||
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 | 6,676 | 6,689 | 6,747 | 6,744 | 6,740 | |||||
Additional paid-in capital | 985,818 | 988,659 | 1,009,182 | 1,007,300 | 1,005,366 | |||||
Retained earnings | 864,839 | 832,728 | 795,666 | 755,877 | 788,578 | |||||
Accumulated other comprehensive income | 55,113 | 39,889 | 60,080 | 35,810 | 74,836 | |||||
Total Stockholders' Equity | 1,912,571 | 1,868,090 | 1,871,800 | 1,805,856 | 1,875,645 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 15,453,149 | $ | 15,060,725 | $ | 14,923,097 | $ | 14,629,066 | $ | 14,067,210 |
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||
(Dollars In Thousands, Except Per Share Amounts) | December 31, | September 30, | June 30, | March 31, | December 31, | |||||
2021 | 2021 | 2021 | 2021 | 2020 | ||||||
INTEREST INCOME | ||||||||||
Loans receivable: | ||||||||||
Taxable | $ | 80,583 | $ | 85,319 | $ | 87,002 | $ | 85,105 | $ | 90,138 |
Tax-exempt | 5,635 | 5,591 | 5,545 | 5,339 | 5,414 | |||||
Investment securities: | ||||||||||
Taxable | 8,028 | 7,788 | 7,440 | 6,695 | 5,263 | |||||
Tax-exempt | 15,411 | 14,464 | 13,071 | 12,385 | 12,056 | |||||
Deposits with financial institutions | 173 | 218 | 129 | 114 | 139 | |||||
Federal Home Loan Bank stock | 163 | 168 | 88 | 178 | 214 | |||||
Total Interest Income | 109,993 | 113,548 | 113,275 | 109,816 | 113,224 | |||||
INTEREST EXPENSE | ||||||||||
Deposits | 5,589 | 5,707 | 5,823 | 6,200 | 7,509 | |||||
Federal funds purchased | 1 | - | 2 | 2 | 2 | |||||
Securities sold under repurchase agreements | 75 | 77 | 75 | 87 | 77 | |||||
Federal Home Loan Bank advances | 1,389 | 1,389 | 1,452 | 1,442 | 1,656 | |||||
Subordinated debentures and other borrowings | 1,666 | 1,660 | 1,659 | 1,657 | 1,669 | |||||
Total Interest Expense | 8,720 | 8,833 | 9,011 | 9,388 | 10,913 | |||||
NET INTEREST INCOME | 101,273 | 104,715 | 104,264 | 100,428 | 102,311 | |||||
Provision for credit losses - loans | - | - | - | - | 4,482 | |||||
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 101,273 | 104,715 | 104,264 | 100,428 | 97,829 | |||||
OTHER INCOME | ||||||||||
Service charges on deposit accounts | 6,462 | 6,249 | 5,596 | 5,264 | 5,508 | |||||
Fiduciary and wealth management fees | 7,078 | 7,352 | 7,510 | 6,422 | 6,251 | |||||
Card payment fees | 3,937 | 4,156 | 4,159 | 4,367 | 3,502 | |||||
Net gains and fees on sales of loans | 3,423 | 3,955 | 8,325 | 3,986 | 5,393 | |||||
Derivative hedge fees | 1,562 | 1,028 | 943 | 317 | 2,281 | |||||
Other customer fees | 361 | 393 | 368 | 368 | 394 | |||||
Earnings on cash surrender value of life insurance | 2,051 | 2,468 | 1,205 | 1,336 | 1,283 | |||||
Net realized gains on sales of available for sale securities | 358 | 1,756 | 1,761 | 1,799 | 2,398 | |||||
Other income | 615 | 1,144 | 1,017 | 232 | 473 | |||||
Total Other Income | 25,847 | 28,501 | 30,884 | 24,091 | 27,483 | |||||
OTHER EXPENSES | ||||||||||
Salaries and employee benefits | 42,432 | 43,314 | 42,438 | 38,811 | 41,809 | |||||
Net occupancy | 5,644 | 5,576 | 5,615 | 6,491 | 9,653 | |||||
Equipment | 4,994 | 4,529 | 4,848 | 5,030 | 5,555 | |||||
Marketing | 1,840 | 1,676 | 1,122 | 1,124 | 1,763 | |||||
Outside data processing fees | 4,581 | 4,794 | 4,698 | 4,244 | 3,839 | |||||
Printing and office supplies | 356 | 265 | 313 | 283 | 307 | |||||
Intangible asset amortization | 1,463 | 1,463 | 1,464 | 1,357 | 1,476 | |||||
FDIC assessments | 1,862 | 1,552 | 1,461 | 1,368 | 1,560 | |||||
Other real estate owned and foreclosure expenses | 171 | (91) | 178 | 734 | (1,576) | |||||
Professional and other outside services | 3,627 | 2,767 | 2,976 | 2,543 | 2,836 | |||||
Other expenses | 5,466 | 5,539 | 4,182 | 4,113 | 5,314 | |||||
Total Other Expenses | 72,436 | 71,384 | 69,295 | 66,098 | 72,536 | |||||
INCOME BEFORE INCOME TAX | 54,684 | 61,832 | 65,853 | 58,421 | 52,776 | |||||
Income tax expense | 6,951 | 9,062 | 10,294 | 8,952 | 7,641 | |||||
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ | 47,733 | $ | 52,770 | $ | 55,559 | $ | 49,469 | $ | 45,135 |
Per Share Data: | ||||||||||
Basic Net Income Available to Common Stockholders | $ | 0.89 | $ | 0.98 | $ | 1.03 | $ | 0.92 | $ | 0.83 |
Diluted Net Income Available to Common Stockholders | $ | 0.89 | $ | 0.98 | $ | 1.03 | $ | 0.91 | $ | 0.83 |
Cash Dividends Paid | $ | 0.29 | $ | 0.29 | $ | 0.29 | $ | 0.26 | $ | 0.26 |
Average Diluted Shares Outstanding (in thousands) | 53,660 | 53,960 | 54,184 | 54,134 | 54,050 | |||||
FINANCIAL RATIOS: | ||||||||||
Return on Average Assets | 1.25 | % | 1.41 | % | 1.51 | % | 1.39 | % | 1.29 | % |
Return on Average Stockholders' Equity | 10.10 | 11.17 | 12.04 | 10.75 | 9.72 | |||||
Return on Average Common Stockholders' Equity | 10.10 | 11.17 | 12.04 | 10.75 | 9.72 | |||||
Average Earning Assets to Average Assets | 91.86 | 91.57 | 91.87 | 91.43 | 90.66 | |||||
Allowance for Credit Losses - Loans as % of Total Loans | 2.11 | 2.21 | 2.19 | 2.16 | 1.41 | |||||
Net Charge-offs as % of Average Loans (Annualized) | 0.20 | (0.01) | 0.06 | 0.16 | 0.02 | |||||
Average Stockholders' Equity to Average Assets | 12.36 | 12.59 | 12.51 | 12.92 | 13.29 | |||||
Tax Equivalent Yield on Average Earning Assets | 3.29 | 3.46 | 3.49 | 3.52 | 3.72 | |||||
Interest Expense/Average Earning Assets | 0.25 | 0.26 | 0.27 | 0.29 | 0.34 | |||||
Net Interest Margin (FTE) on Average Earning Assets | 3.04 | 3.20 | 3.22 | 3.23 | 3.38 | |||||
Efficiency Ratio | 53.49 | 51.18 | 48.91 | 50.23 | 55.01 | |||||
Tangible Common Book Value Per Share | $ | 25.21 | $ | 24.31 | $ | 24.15 | $ | 22.98 | $ | 24.27 |
LOANS | ||||||||||
(Dollars In Thousands) | December 31, | September 30, | June 30, | March 31, | December 31, | |||||
2021 | 2021 | 2021 | 2021 | 2020 | ||||||
Commercial and industrial loans | $ | 2,714,565 | $ | 2,573,615 | $ | 2,671,076 | $ | 2,876,212 | $ | 2,776,699 |
Agricultural land, production and other loans to farmers | 246,442 | 240,686 | 235,020 | 245,631 | 281,884 | |||||
Real estate loans: | ||||||||||
Construction | 523,066 | 521,889 | 491,200 | 541,224 | 484,723 | |||||
Commercial real estate, non-owner occupied | 2,135,459 | 2,150,387 | 2,263,497 | 2,178,832 | 2,220,949 | |||||
Commercial real estate, owner occupied | 986,720 | 952,441 | 953,501 | 950,038 | 958,501 | |||||
Residential | 1,159,127 | 1,154,373 | 1,127,442 | 1,239,925 | 1,234,741 | |||||
Home equity | 523,754 | 531,307 | 489,997 | 482,229 | 508,259 | |||||
Individuals' loans for household and other personal expenditures | 146,092 | 135,093 | 130,819 | 126,387 | 129,479 | |||||
Public finance and other commercial loans | 806,636 | 781,785 | 758,698 | 677,750 | 647,939 | |||||
Loans | 9,241,861 | 9,041,576 | 9,121,250 | 9,318,228 | 9,243,174 | |||||
Allowance for credit losses - loans | (195,397) | (199,972) | (199,775) | (201,082) | (130,648) | |||||
NET LOANS | $ | 9,046,464 | $ | 8,841,604 | $ | 8,921,475 | $ | 9,117,146 | $ | 9,112,526 |
DEPOSITS | ||||||||||
(Dollars In Thousands) | Deember 31, | September 30, | June 30, | March 31, | December 31, | |||||
2021 | 2021 | 2021 | 2021 | 2020 | ||||||
Demand deposits | $ | 7,704,190 | $ | 7,317,399 | $ | 7,261,603 | $ | 7,245,850 | $ | 6,821,152 |
Savings deposits | 4,334,802 | 4,301,483 | 4,157,552 | 3,857,624 | 3,661,713 | |||||
Certificates and other time deposits of $100,000 or more | 273,379 | 283,396 | 304,394 | 332,745 | 346,194 | |||||
Other certificates and time deposits | 389,752 | 404,010 | 423,922 | 449,655 | 459,168 | |||||
Brokered deposits | 30,454 | 42,401 | 55,929 | 65,906 | 73,383 | |||||
TOTAL DEPOSITS | $ | 12,732,577 | $ | 12,348,689 | $ | 12,203,400 | $ | 11,951,780 | $ | 11,361,610 |
CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS | ||||||||||||
(Dollars in Thousands) | ||||||||||||
For the Three Months Ended | ||||||||||||
December 31, 2021 | December 31, 2020 | |||||||||||
Average Balance |
Interest Income / Expense |
Average Rate | Average Balance |
Interest Income / Expense |
Average Rate | |||||||
Assets: | ||||||||||||
Interest-bearing deposits | $ | 558,677 | $ | 173 | 0.12 | % | $ | 437,766 | $ | 139 | 0.13 | % |
Federal Home Loan Bank stock | 28,736 | 163 | 2.27 | 28,736 | 214 | 2.98 | ||||||
Investment Securities: (1)
| ||||||||||||
Taxable | 1,936,519 | 8,028 | 1.66 | 1,222,916 | 5,263 | 1.72 | ||||||
Tax-Exempt (2)
| 2,452,726 | 19,508 | 3.18 | 1,734,081 | 15,261 | 3.52 | ||||||
Total Investment Securities | 4,389,245 | 27,536 | 2.51 | 2,956,997 | 20,524 | 2.78 | ||||||
Loans held for sale | 20,688 | 196 | 3.79 | 19,103 | 200 | 4.19 | ||||||
Loans: (3)
| ||||||||||||
Commercial | 6,703,241 | 65,867 | 3.93 | 6,925,491 | 73,530 | 4.25 | ||||||
Real Estate Mortgage | 889,571 | 7,866 | 3.54 | 911,042 | 9,482 | 4.16 | ||||||
Installment | 711,309 | 6,654 | 3.74 | 698,619 | 6,925 | 3.96 | ||||||
Tax-Exempt (2)
| 751,843 | 7,133 | 3.79 | 686,049 | 6,854 | 4.00 | ||||||
Total Loans | 9,076,652 | 87,716 | 3.87 | 9,240,304 | 96,991 | 4.20 | ||||||
Total Earning Assets | 14,053,310 | 115,588 | 3.29 | % | 12,663,803 | 117,868 | 3.72 | % | ||||
Total Non-Earning Assets | 1,245,345 | 1,304,244 | ||||||||||
Total Assets | $ | 15,298,655 | $ | 13,968,047 | ||||||||
Liabilities: | ||||||||||||
Interest-bearing deposits: | ||||||||||||
Interest-bearing deposits | $ | 4,912,556 | $ | 3,637 | 0.30 | % | $ | 4,393,991 | $ | 3,888 | 0.35 | % |
Money market deposits | 2,518,612 | 809 | 0.13 | 2,051,985 | 1,164 | 0.23 | ||||||
Savings deposits | 1,828,631 | 461 | 0.10 | 1,613,886 | 634 | 0.16 | ||||||
Certificates and other time deposits | 706,617 | 682 | 0.39 | 961,187 | 1,823 | 0.76 | ||||||
Total Interest-bearing Deposits | 9,966,416 | 5,589 | 0.22 | 9,021,049 | 7,509 | 0.33 | ||||||
Borrowings | 620,398 | 3,131 | 2.02 | 683,068 | 3,404 | 1.99 | ||||||
Total Interest-bearing Liabilities | 10,586,814 | 8,720 | 0.33 | 9,704,117 | 10,913 | 0.45 | ||||||
Noninterest-bearing deposits | 2,681,321 | 2,261,991 | ||||||||||
Other liabilities | 140,291 | 145,043 | ||||||||||
Total Liabilities | 13,408,426 | 12,111,151 | ||||||||||
Stockholders' Equity | 1,890,229 | 1,856,896 | ||||||||||
Total Liabilities and Stockholders' Equity | $ | 15,298,655 | 8,720 | $ | 13,968,047 | 10,913 | ||||||
Net Interest Income (FTE) | $ | 106,868 | $ | 106,955 | ||||||||
Net Interest Spread (FTE) (4)
| 2.96 | % | 3.27 | % | ||||||||
Net Interest Margin (FTE): | ||||||||||||
Interest Income (FTE) / Average Earning Assets | 3.29 | % | 3.72 | % | ||||||||
Interest Expense / Average Earning Assets | 0.25 | % | 0.34 | % | ||||||||
Net Interest Margin (FTE) (5)
| 3.04 | % | 3.38 | % | ||||||||
(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.
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(2) Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2021 and 2020. These totals equal $5,595 and $4,644 for the three months ended December 31, 2021 and 2020, respectively.
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(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 Twelve Months Ended | ||||||||||||
December 31, 2021 | December 31, 2020 | |||||||||||
Average Balance |
Interest Income / Expense |
Average Rate | Average Balance |
Interest Income / Expense |
Average Rate | |||||||
Assets: | ||||||||||||
Interest-bearing deposits | $ | 521,637 | $ | 634 | 0.12 | % | $ | 319,686 | $ | 938 | 0.29 | % |
Federal Home Loan Bank stock | 28,736 | 597 | 2.08 | 28,736 | 1,042 | 3.63 | ||||||
Investment Securities: (1)
| ||||||||||||
Taxable | 1,751,910 | 29,951 | 1.71 | 1,282,827 | 24,440 | 1.91 | ||||||
Tax-Exempt (2)
| 2,106,180 | 70,039 | 3.33 | 1,440,913 | 53,596 | 3.72 | ||||||
Total Investment Securities | 3,858,090 | 99,990 | 2.59 | 2,723,740 | 78,036 | 2.87 | ||||||
Loans held for sale | 19,190 | 747 | 3.89 | 18,559 | 781 | 4.21 | ||||||
Loans: (3)
| ||||||||||||
Commercial | 6,818,968 | 276,368 | 4.05 | 6,755,215 | 286,773 | 4.25 | ||||||
Real Estate Mortgage | 916,314 | 34,783 | 3.80 | 889,083 | 40,002 | 4.50 | ||||||
Installment | 683,925 | 26,111 | 3.82 | 718,815 | 30,708 | 4.27 | ||||||
Tax-Exempt (2)
| 732,253 | 27,987 | 3.82 | 669,483 | 27,194 | 4.06 | ||||||
Total Loans | 9,170,650 | 365,996 | 3.99 | 9,051,155 | 385,458 | 4.26 | ||||||
Total Earning Assets | 13,579,113 | 467,217 | 3.44 | % | 12,123,317 | 465,474 | 3.84 | % | ||||
Total Non-Earning Assets | 1,251,284 | 1,342,952 | ||||||||||
Total Assets | $ | 14,830,397 | $ | 13,466,269 | ||||||||
Liabilities: | ||||||||||||
Interest-bearing deposits: | ||||||||||||
Interest-bearing deposits | $ | 4,769,482 | $ | 14,512 | 0.30 | % | $ | 4,009,566 | $ | 20,239 | 0.50 | % |
Money market deposits | 2,351,803 | 3,203 | 0.14 | 1,769,478 | 7,810 | 0.44 | ||||||
Savings deposits | 1,754,972 | 1,886 | 0.11 | 1,534,069 | 3,641 | 0.24 | ||||||
Certificates and other time deposits | 783,733 | 3,718 | 0.47 | 1,346,967 | 20,050 | 1.49 | ||||||
Total Interest-bearing Deposits | 9,659,990 | 23,319 | 0.24 | 8,660,080 | 51,740 | 0.60 | ||||||
Borrowings | 639,791 | 12,633 | 1.97 | 768,238 | 14,641 | 1.91 | ||||||
Total Interest-bearing Liabilities | 10,299,781 | 35,952 | 0.35 | 9,428,318 | 66,381 | 0.70 | ||||||
Noninterest-bearing deposits | 2,516,241 | 2,068,026 | ||||||||||
Other liabilities | 147,743 | 144,790 | ||||||||||
Total Liabilities | 12,963,765 | 11,641,134 | ||||||||||
Stockholders' Equity | 1,866,632 | 1,825,135 | ||||||||||
Total Liabilities and Stockholders' Equity | $ | 14,830,397 | 35,952 | $ | 13,466,269 | 66,381 | ||||||
Net Interest Income (FTE) | $ | 431,265 | $ | 399,093 | ||||||||
Net Interest Spread (FTE) (4)
| 3.09 | % | 3.14 | % | ||||||||
Net Interest Margin (FTE): | ||||||||||||
Interest Income (FTE) / Average Earning Assets | 3.44 | % | 3.84 | % | ||||||||
Interest Expense / Average Earning Assets | 0.26 | % | 0.55 | % | ||||||||
Net Interest Margin (FTE) (5)
| 3.18 | % | 3.29 | % | ||||||||
(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.
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(2) Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2021 and 2020. These totals equal $20,585 and $16,966 for the twelve months ended December 31, 2021 and 2020, respectively.
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(3) Non accruing loans have been included in the average balances.
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(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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First Merchants Corporation published this content on 27 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 January 2022 13:18:05 UTC.