First Merchants Corporation (NASDAQ - FRME)
First Quarter 2024 Highlights:
- Net income available to common stockholders was $47.5
million and diluted earnings per common share totaled $0.80
compared to $63.6 million and $1.07 in the first quarter of 2023,
and $42.0 million and $0.71 in the fourth quarter of
2023. Net income and diluted earnings
per common share, excluding non-core charges of $3.5 million
incurred during the quarter, totaled $50.1 million and $0.85,
respectively.
- Strong capital position with Common Equity Tier 1
Capital Ratio of 11.25 percent.
- Total loans declined $24.3 million, or 0.8 percent
annualized on a linked quarter basis, but increased $346.4 million,
or 2.8 percent during the last twelve months when excluding the
impact of a non-relationship commercial loan portfolio sale of
$116.6 million that occurred during the second quarter of
2023.
- Total deposits increased $63.1 million, or 1.7 percent
annualized on a linked quarter basis, and $181.3 million, or 1.2
percent during the last twelve months.
- Net charge-offs totaled 7 basis points of average loans
(annualized) compared to 10 basis points on a linked quarter
basis.
- Nonperforming assets to
total assets were 37 basis points compared to 32 basis points on a
linked quarter basis.
- The efficiency ratio totaled
59.21 percent for the quarter and 57.03 percent excluding $3.5
million of non-core charges incurred during the
quarter.
Mark Hardwick, Chief Executive Officer, stated, "Given the
length and severity of the inverted yield curve, we were pleased to
see relative stabilization of our net interest margin during the
quarter. Capital, liquidity, the allowance for credit losses and
earnings are strong and supported share repurchase activity during
the quarter of $30 million, as well as, the redemption of $40
million in sub-debt." Hardwick added, "Three of our four major
technology initiatives have also been deployed to include in-branch
account opening, consumer online and mobile upgrades, and a new
Private Wealth platform."
First Quarter Financial Results:
First Merchants Corporation (the “Corporation) has reported
first quarter 2024 net income available to common stockholders of
$47.5 million compared to $63.6 million during the same period in
2023. Diluted earnings per common share for the period
totaled $0.80 compared to the first quarter of 2023 result of $1.07
per share. The corporation incurred $3.5 million of non-core
charges during the quarter including $1.1 million from an
additional FDIC special assessment and $2.4 million of digital
platform conversion costs.
Total assets equaled $18.3 billion as of quarter-end and loans
totaled $12.5 billion. During the past twelve months,
total loans grew by $346.4 million, or 2.8 percent and were offset
by a non-relationship based commercial loan sale of $116.6 million
that occurred in the second quarter of 2023. On a
linked quarter basis, loans declined $24.3 million, or 0.8 percent
annualized.
Investments securities, totaling $3.8 billion, decreased $273.8
million, or 6.7 percent, during the last twelve months and
decreased $27.8 million, or 2.9 percent annualized on a linked
quarter basis.
Total deposits equaled $14.9 billion as of quarter-end and
increased by $181.3 million, or 1.2 percent, over the past twelve
months. Total deposits increased $63.1 million, or 1.7 percent
annualized on a linked quarter basis. During the
quarter, customer deposits increased $87.3 million which was offset
by a reduction in brokered deposits of $24.2 million. The loan to
deposit ratio declined slightly to 83.9 percent at period end from
84.4 percent in the prior quarter.
The Corporation’s Allowance for Credit Losses – Loans (ACL)
totaled $204.7 million as of quarter-end, a decrease of $0.3
million from prior quarter. Loan charge-offs, net of
recoveries, for the quarter totaled $2.3 million. Provision expense
for loans was recorded during the quarter of $2.0 million resulting
in an ACL as a percent of loans of 1.64 percent.
Reserves for unfunded commitments totaling $19.5 million remain
unchanged from prior quarter. Non-performing assets to
total assets were 0.37 percent for the first quarter of 2024, an
increase of five basis points compared to 0.32 percent in the prior
quarter.
Net interest income, totaling $127.1 million for the quarter,
declined $3.0 million, or 2.3 percent, compared to prior quarter
and decreased $17.1 million, or 11.8 percent, compared to the first
quarter of 2023. Stated net-interest margin on a tax
equivalent basis totaling 3.10 percent, declined by six basis
points compared to the fourth quarter of 2023 and decreased 48
basis points compared to the first quarter of 2023.
During the quarter, increased deposit costs and a continued change
in deposit mix offset the increase in earning asset yields reducing
net-interest margin.
Noninterest income, totaling $26.6 million for the quarter,
increased $0.2 million, compared to the fourth quarter of 2023 and
increased $1.6 million from the first quarter of 2023.
Customer-related fees declined $1.2 million from prior quarter due
to lower gains on sales of loans and derivative hedge
fees. Non-customer related fees increased $1.4 million
from prior quarter primarily due to realized losses on the sales of
securities recorded in the prior quarter.
Noninterest expense totaled $96.9 million for the quarter, a
decrease of $11.2 million from the fourth quarter of 2023 due to a
decline in non-core charges and lower marketing spend.
Non-core charges incurred during the quarter totaled $3.5 million
and included $1.1 million from an additional FDIC special
assessment and $2.4 million of digital platform conversion
costs. Non-core charges recorded in the prior quarter
totaled $12.7 million and included $4.3 million from an FDIC
special assessment, $6.3 million of early retirement and severance
costs, and $2.1 million from a lease
termination.
The Corporation’s total risk-based capital ratio equaled 13.34
percent, common equity tier 1 capital ratio equaled 11.25 percent,
and the tangible common equity ratio totaled 8.32 percent. These
ratios continue to demonstrate the Corporation’s strong capital
position.
CONFERENCE CALL
First Merchants Corporation will conduct a
fourth quarter earnings conference call and web cast at 11:30 a.m.
(ET) on Thursday, April 25, 2024.
To access via phone, participants will need to register using
the following link where they will be provided a phone number and
access code:
(https://register.vevent.com/register/BIdd109dbd75ba4d42a3ddae5a62b4e2a1)
In order to view the webcast and presentation slides, please go
to (https://edge.media-server.com/mmc/p/8p72e5ye) during the time
of the call. A replay of the webcast will be available until April
25, 2025.
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 (including the ability to
grow and maintain core deposits and retain large, uninsured
deposits), 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.
For more information, contact:Nicole M. Weaver, Vice President
and Director of Corporate
Administration765-521-7619http://www.firstmerchants.com
SOURCE: First Merchants Corporation, Muncie, Indiana
| CONSOLIDATED BALANCE
SHEETS |
|
|
|
| (Dollars In Thousands) |
March 31, |
|
|
|
2024 |
|
|
|
2023 |
|
| ASSETS |
|
|
|
|
Cash and due from banks |
$ |
100,514 |
|
|
$ |
125,818 |
|
|
Interest-bearing deposits |
|
410,497 |
|
|
|
352,695 |
|
|
Investment securities, net of allowance for credit losses of
$245,000 and $245,000 |
|
3,783,574 |
|
|
|
4,057,389 |
|
|
Loans held for sale |
|
15,118 |
|
|
|
9,408 |
|
|
Loans |
|
12,465,582 |
|
|
|
12,241,461 |
|
|
Less: Allowance for credit losses - loans |
|
(204,681 |
) |
|
|
(223,052 |
) |
|
Net loans |
|
12,260,901 |
|
|
|
12,018,409 |
|
|
Premises and equipment |
|
132,706 |
|
|
|
115,857 |
|
|
Federal Home Loan Bank stock |
|
41,758 |
|
|
|
41,878 |
|
|
Interest receivable |
|
92,550 |
|
|
|
85,515 |
|
|
Goodwill and other intangibles |
|
737,144 |
|
|
|
745,647 |
|
|
Cash surrender value of life insurance |
|
306,028 |
|
|
|
309,090 |
|
|
Other real estate owned |
|
4,886 |
|
|
|
7,777 |
|
|
Tax asset, deferred and receivable |
|
101,121 |
|
|
|
103,070 |
|
|
Other assets |
|
331,006 |
|
|
|
270,777 |
|
|
TOTAL ASSETS |
$ |
18,317,803 |
|
|
$ |
18,243,330 |
|
|
LIABILITIES |
|
|
|
|
Deposits: |
|
|
|
|
Noninterest-bearing |
$ |
2,338,364 |
|
|
$ |
2,964,355 |
|
|
Interest-bearing |
|
12,546,220 |
|
|
|
11,738,932 |
|
|
Total Deposits |
|
14,884,584 |
|
|
|
14,703,287 |
|
|
Borrowings: |
|
|
|
|
Federal funds purchased |
|
— |
|
|
|
20 |
|
|
Securities sold under repurchase agreements |
|
130,264 |
|
|
|
179,067 |
|
|
Federal Home Loan Bank advances |
|
612,778 |
|
|
|
823,577 |
|
|
Subordinated debentures and other borrowings |
|
118,612 |
|
|
|
151,312 |
|
|
Total Borrowings |
|
861,654 |
|
|
|
1,153,976 |
|
|
Interest payable |
|
19,262 |
|
|
|
11,979 |
|
|
Other liabilities |
|
327,500 |
|
|
|
251,640 |
|
|
Total Liabilities |
|
16,093,000 |
|
|
|
16,120,882 |
|
| STOCKHOLDERS'
EQUITY |
|
|
|
|
Preferred Stock, $1,000 par value, $1,000 liquidation value: |
|
|
|
|
Authorized -- 600 cumulative shares |
|
|
|
|
Issued and outstanding - 125 cumulative shares |
|
125 |
|
|
|
125 |
|
|
Preferred Stock, Series A, no par value, $2,500 liquidation
preference: |
|
|
|
|
Authorized -- 10,000 non-cumulative perpetual shares |
|
|
|
|
Issued and outstanding - 10,000 non-cumulative perpetual
shares |
|
25,000 |
|
|
|
25,000 |
|
|
Common Stock, $.125 stated value: |
|
|
|
|
Authorized -- 100,000,000 shares |
|
|
|
|
Issued and outstanding - 58,564,819 and 59,257,051 shares |
|
7,321 |
|
|
|
7,407 |
|
|
Additional paid-in capital |
|
1,208,447 |
|
|
|
1,231,532 |
|
|
Retained earnings |
|
1,181,939 |
|
|
|
1,057,298 |
|
|
Accumulated other comprehensive loss |
|
(198,029 |
) |
|
|
(198,914 |
) |
|
Total Stockholders' Equity |
|
2,224,803 |
|
|
|
2,122,448 |
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
18,317,803 |
|
|
$ |
18,243,330 |
|
|
|
|
|
|
|
|
|
|
| CONSOLIDATED
STATEMENTS OF INCOME |
Three Months Ended |
| (Dollars In Thousands, Except
Per Share Amounts) |
March 31, |
|
|
|
2024 |
|
|
|
2023 |
|
| INTEREST
INCOME |
|
|
|
|
Loans receivable: |
|
|
|
|
Taxable |
$ |
198,023 |
|
|
$ |
172,353 |
|
|
Tax-exempt |
|
8,190 |
|
|
|
7,709 |
|
|
Investment securities: |
|
|
|
|
Taxable |
|
8,748 |
|
|
|
9,087 |
|
|
Tax-exempt |
|
13,611 |
|
|
|
16,070 |
|
|
Deposits with financial institutions |
|
6,493 |
|
|
|
637 |
|
|
Federal Home Loan Bank stock |
|
835 |
|
|
|
542 |
|
|
Total Interest Income |
|
235,900 |
|
|
|
206,398 |
|
| INTEREST
EXPENSE |
|
|
|
|
Deposits |
|
98,285 |
|
|
|
50,685 |
|
|
Federal funds purchased |
|
— |
|
|
|
1,297 |
|
|
Securities sold under repurchase agreements |
|
1,032 |
|
|
|
848 |
|
|
Federal Home Loan Bank advances |
|
6,773 |
|
|
|
7,064 |
|
|
Subordinated debentures and other borrowings |
|
2,747 |
|
|
|
2,385 |
|
|
Total Interest Expense |
|
108,837 |
|
|
|
62,279 |
|
| NET INTEREST
INCOME |
|
127,063 |
|
|
|
144,119 |
|
|
Provision for credit losses |
|
2,000 |
|
|
|
— |
|
| NET INTEREST INCOME
AFTER PROVISION FOR CREDIT LOSSES |
|
125,063 |
|
|
|
144,119 |
|
| NONINTEREST
INCOME |
|
|
|
|
Service charges on deposit accounts |
|
7,907 |
|
|
|
7,359 |
|
|
Fiduciary and wealth management fees |
|
8,200 |
|
|
|
7,862 |
|
|
Card payment fees |
|
4,500 |
|
|
|
5,172 |
|
|
Net gains and fees on sales of loans |
|
3,254 |
|
|
|
2,399 |
|
|
Derivative hedge fees |
|
263 |
|
|
|
1,148 |
|
|
Other customer fees |
|
427 |
|
|
|
517 |
|
|
Earnings on cash surrender value of life insurance |
|
1,592 |
|
|
|
1,288 |
|
|
Net realized losses on sales of available for sale securities |
|
(2 |
) |
|
|
(1,571 |
) |
|
Other income |
|
497 |
|
|
|
823 |
|
|
Total Noninterest Income |
|
26,638 |
|
|
|
24,997 |
|
| NONINTEREST
EXPENSES |
|
|
|
|
Salaries and employee benefits |
|
58,293 |
|
|
|
57,459 |
|
|
Net occupancy |
|
7,312 |
|
|
|
7,259 |
|
|
Equipment |
|
6,226 |
|
|
|
6,126 |
|
|
Marketing |
|
1,198 |
|
|
|
1,309 |
|
|
Outside data processing fees |
|
6,889 |
|
|
|
6,113 |
|
|
Printing and office supplies |
|
353 |
|
|
|
383 |
|
|
Intangible asset amortization |
|
1,957 |
|
|
|
2,197 |
|
|
FDIC assessments |
|
4,287 |
|
|
|
1,396 |
|
|
Other real estate owned and foreclosure expenses |
|
534 |
|
|
|
(18 |
) |
|
Professional and other outside services |
|
3,952 |
|
|
|
3,698 |
|
|
Other expenses |
|
5,934 |
|
|
|
7,798 |
|
|
Total Noninterest Expenses |
|
96,935 |
|
|
|
93,720 |
|
| INCOME BEFORE INCOME
TAX |
|
54,766 |
|
|
|
75,396 |
|
|
Income tax expense |
|
6,825 |
|
|
|
11,317 |
|
| NET
INCOME |
|
47,941 |
|
|
|
64,079 |
|
|
Preferred stock dividends |
|
469 |
|
|
|
469 |
|
| NET INCOME AVAILABLE
TO COMMON STOCKHOLDERS |
$ |
47,472 |
|
|
$ |
63,610 |
|
| Per Share
Data: |
|
|
|
|
Basic Net Income Available to Common Stockholders |
$ |
0.80 |
|
|
$ |
1.07 |
|
|
Diluted Net Income Available to Common Stockholders |
$ |
0.80 |
|
|
$ |
1.07 |
|
|
Cash Dividends Paid to Common Stockholders |
$ |
0.34 |
|
|
$ |
0.32 |
|
|
Average Diluted Common Shares Outstanding (in thousands) |
|
59,273 |
|
|
|
59,441 |
|
|
|
|
|
|
|
|
|
|
| FINANCIAL
HIGHLIGHTS |
|
|
|
| (Dollars in thousands) |
Three Months Ended |
| |
March 31, |
|
|
|
2024 |
|
|
|
2023 |
|
| NET CHARGE-OFFS |
$ |
2,253 |
|
|
$ |
225 |
|
| |
|
|
|
| AVERAGE BALANCES: |
|
|
|
|
Total Assets |
$ |
18,430,521 |
|
|
$ |
18,022,195 |
|
|
Total Loans |
|
12,477,066 |
|
|
|
12,135,384 |
|
|
Total Earning Assets |
|
17,123,851 |
|
|
|
16,824,407 |
|
|
Total Deposits |
|
14,881,205 |
|
|
|
14,423,409 |
|
|
Total Stockholders' Equity |
|
2,242,139 |
|
|
|
2,083,125 |
|
| |
|
|
|
| FINANCIAL RATIOS: |
|
|
|
|
Return on Average Assets |
|
1.04 |
% |
|
|
1.42 |
% |
|
Return on Average Stockholders' Equity |
|
8.47 |
|
|
|
12.21 |
|
|
Return on Tangible Common Stockholders' Equity |
|
13.21 |
|
|
|
19.82 |
|
|
Average Earning Assets to Average Assets |
|
92.91 |
|
|
|
93.35 |
|
|
Allowance for Credit Losses - Loans as % of Total Loans |
|
1.64 |
|
|
|
1.82 |
|
|
Net Charge-offs as % of Average Loans (Annualized) |
|
0.07 |
|
|
|
0.01 |
|
|
Average Stockholders' Equity to Average Assets |
|
12.17 |
|
|
|
11.56 |
|
|
Tax Equivalent Yield on Average Earning Assets |
|
5.65 |
|
|
|
5.06 |
|
|
Interest Expense/Average Earning Assets |
|
2.55 |
|
|
|
1.48 |
|
|
Net Interest Margin (FTE) on Average Earning Assets |
|
3.10 |
|
|
|
3.58 |
|
|
Efficiency Ratio |
|
59.21 |
|
|
|
51.72 |
|
|
Tangible Common Book Value Per Share |
$ |
25.07 |
|
|
$ |
22.93 |
|
|
|
|
|
|
|
|
|
|
| NONPERFORMING
ASSETS |
|
|
|
|
|
|
|
|
|
| (Dollars In Thousands) |
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
| Nonaccrual Loans |
$ |
62,478 |
|
|
$ |
53,580 |
|
|
$ |
53,102 |
|
|
$ |
69,240 |
|
|
$ |
46,576 |
|
| Other Real Estate Owned and
Repossessions |
|
4,886 |
|
|
|
4,831 |
|
|
|
6,480 |
|
|
|
7,685 |
|
|
|
7,777 |
|
| Nonperforming Assets
(NPA) |
|
67,364 |
|
|
|
58,411 |
|
|
|
59,582 |
|
|
|
76,925 |
|
|
|
54,353 |
|
| 90+ Days Delinquent |
|
2,838 |
|
|
|
172 |
|
|
|
89 |
|
|
|
428 |
|
|
|
7,032 |
|
| NPAs & 90 Day
Delinquent |
$ |
70,202 |
|
|
$ |
58,583 |
|
|
$ |
59,671 |
|
|
$ |
77,353 |
|
|
$ |
61,385 |
|
| |
|
|
|
|
|
|
|
|
|
| Allowance for Credit Losses -
Loans |
$ |
204,681 |
|
|
$ |
204,934 |
|
|
$ |
205,782 |
|
|
$ |
221,147 |
|
|
$ |
223,052 |
|
| Quarterly Net Charge-offs |
|
2,253 |
|
|
|
3,148 |
|
|
|
20,365 |
|
|
|
1,905 |
|
|
|
225 |
|
| NPAs / Actual Assets % |
|
0.37 |
% |
|
|
0.32 |
% |
|
|
0.33 |
% |
|
|
0.43 |
% |
|
|
0.30 |
% |
| NPAs & 90 Day / Actual
Assets % |
|
0.38 |
% |
|
|
0.32 |
% |
|
|
0.33 |
% |
|
|
0.43 |
% |
|
|
0.34 |
% |
| NPAs / Actual Loans and OREO
% |
|
0.54 |
% |
|
|
0.47 |
% |
|
|
0.48 |
% |
|
|
0.63 |
% |
|
|
0.44 |
% |
| Allowance for Credit Losses -
Loans / Actual Loans (%) |
|
1.64 |
% |
|
|
1.64 |
% |
|
|
1.67 |
% |
|
|
1.80 |
% |
|
|
1.82 |
% |
| Net Charge-offs (Recoveries)
as % of Average Loans (Annualized) |
|
0.07 |
% |
|
|
0.10 |
% |
|
|
0.66 |
% |
|
|
0.06 |
% |
|
|
0.01 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CONSOLIDATED BALANCE
SHEETS |
|
|
|
|
|
|
|
|
|
| (Dollars In Thousands) |
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
| ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
100,514 |
|
|
$ |
112,649 |
|
|
$ |
125,173 |
|
|
$ |
108,975 |
|
|
$ |
125,818 |
|
|
Interest-bearing deposits |
|
410,497 |
|
|
|
436,080 |
|
|
|
348,639 |
|
|
|
219,480 |
|
|
|
352,695 |
|
|
Investment securities, net of allowance for credit losses |
|
3,783,574 |
|
|
|
3,811,364 |
|
|
|
3,713,724 |
|
|
|
3,891,491 |
|
|
|
4,057,389 |
|
|
Loans held for sale |
|
15,118 |
|
|
|
18,934 |
|
|
|
30,972 |
|
|
|
27,297 |
|
|
|
9,408 |
|
|
Loans |
|
12,465,582 |
|
|
|
12,486,027 |
|
|
|
12,271,422 |
|
|
|
12,270,233 |
|
|
|
12,241,461 |
|
|
Less: Allowance for credit losses - loans |
|
(204,681 |
) |
|
|
(204,934 |
) |
|
|
(205,782 |
) |
|
|
(221,147 |
) |
|
|
(223,052 |
) |
|
Net loans |
|
12,260,901 |
|
|
|
12,281,093 |
|
|
|
12,065,640 |
|
|
|
12,049,086 |
|
|
|
12,018,409 |
|
|
Premises and equipment |
|
132,706 |
|
|
|
133,896 |
|
|
|
132,441 |
|
|
|
114,402 |
|
|
|
115,857 |
|
|
Federal Home Loan Bank stock |
|
41,758 |
|
|
|
41,769 |
|
|
|
41,797 |
|
|
|
41,842 |
|
|
|
41,878 |
|
|
Interest receivable |
|
92,550 |
|
|
|
97,664 |
|
|
|
90,011 |
|
|
|
89,784 |
|
|
|
85,515 |
|
|
Goodwill and other intangibles |
|
737,144 |
|
|
|
739,101 |
|
|
|
741,283 |
|
|
|
743,465 |
|
|
|
745,647 |
|
|
Cash surrender value of life insurance |
|
306,028 |
|
|
|
306,301 |
|
|
|
306,106 |
|
|
|
307,020 |
|
|
|
309,090 |
|
|
Other real estate owned |
|
4,886 |
|
|
|
4,831 |
|
|
|
6,480 |
|
|
|
7,685 |
|
|
|
7,777 |
|
|
Tax asset, deferred and receivable |
|
101,121 |
|
|
|
99,883 |
|
|
|
135,521 |
|
|
|
113,724 |
|
|
|
103,070 |
|
|
Other assets |
|
331,006 |
|
|
|
322,322 |
|
|
|
340,476 |
|
|
|
318,005 |
|
|
|
270,777 |
|
|
TOTAL ASSETS |
$ |
18,317,803 |
|
|
$ |
18,405,887 |
|
|
$ |
18,078,263 |
|
|
$ |
18,032,256 |
|
|
$ |
18,243,330 |
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
$ |
2,338,364 |
|
|
$ |
2,500,062 |
|
|
$ |
2,554,984 |
|
|
$ |
2,636,017 |
|
|
$ |
2,964,355 |
|
|
Interest-bearing |
|
12,546,220 |
|
|
|
12,321,391 |
|
|
|
12,091,592 |
|
|
|
11,945,138 |
|
|
|
11,738,932 |
|
|
Total Deposits |
|
14,884,584 |
|
|
|
14,821,453 |
|
|
|
14,646,576 |
|
|
|
14,581,155 |
|
|
|
14,703,287 |
|
|
Borrowings: |
|
|
|
|
|
|
|
|
|
|
Federal funds purchased |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
20 |
|
|
Securities sold under repurchase agreements |
|
130,264 |
|
|
|
157,280 |
|
|
|
152,537 |
|
|
|
152,472 |
|
|
|
179,067 |
|
|
Federal Home Loan Bank advances |
|
612,778 |
|
|
|
712,852 |
|
|
|
713,384 |
|
|
|
723,480 |
|
|
|
823,577 |
|
|
Subordinated debentures and other borrowings |
|
118,612 |
|
|
|
158,644 |
|
|
|
158,665 |
|
|
|
151,325 |
|
|
|
151,312 |
|
|
Total Borrowings |
|
861,654 |
|
|
|
1,028,776 |
|
|
|
1,024,586 |
|
|
|
1,027,277 |
|
|
|
1,153,976 |
|
|
Interest payable |
|
19,262 |
|
|
|
18,912 |
|
|
|
16,473 |
|
|
|
13,595 |
|
|
|
11,979 |
|
|
Other liabilities |
|
327,500 |
|
|
|
289,033 |
|
|
|
297,984 |
|
|
|
264,664 |
|
|
|
251,640 |
|
|
Total Liabilities |
|
16,093,000 |
|
|
|
16,158,174 |
|
|
|
15,985,619 |
|
|
|
15,886,691 |
|
|
|
16,120,882 |
|
| STOCKHOLDERS'
EQUITY |
|
|
|
|
|
|
|
|
|
|
Preferred Stock, $1,000 par value, $1,000 liquidation value: |
|
|
|
|
|
|
|
|
|
|
Authorized -- 600 cumulative shares |
|
|
|
|
|
|
|
|
|
|
Issued and outstanding - 125 cumulative shares |
|
125 |
|
|
|
125 |
|
|
|
125 |
|
|
|
125 |
|
|
|
125 |
|
|
Preferred Stock, Series A, no par value, $2,500 liquidation
preference: |
|
|
|
|
|
|
|
|
|
|
Authorized -- 10,000 non-cumulative perpetual shares |
|
|
|
|
|
|
|
|
|
|
Issued and outstanding - 10,000 non-cumulative perpetual
shares |
|
25,000 |
|
|
|
25,000 |
|
|
|
25,000 |
|
|
|
25,000 |
|
|
|
25,000 |
|
|
Common Stock, $.125 stated value: |
|
|
|
|
|
|
|
|
|
|
Authorized -- 100,000,000 shares |
|
|
|
|
|
|
|
|
|
|
Issued and outstanding |
|
7,321 |
|
|
|
7,428 |
|
|
|
7,425 |
|
|
|
7,412 |
|
|
|
7,407 |
|
|
Additional paid-in capital |
|
1,208,447 |
|
|
|
1,236,506 |
|
|
|
1,234,402 |
|
|
|
1,233,593 |
|
|
|
1,231,532 |
|
|
Retained earnings |
|
1,181,939 |
|
|
|
1,154,624 |
|
|
|
1,132,962 |
|
|
|
1,097,399 |
|
|
|
1,057,298 |
|
|
Accumulated other comprehensive loss |
|
(198,029 |
) |
|
|
(175,970 |
) |
|
|
(307,270 |
) |
|
|
(217,964 |
) |
|
|
(198,914 |
) |
|
Total Stockholders' Equity |
|
2,224,803 |
|
|
|
2,247,713 |
|
|
|
2,092,644 |
|
|
|
2,145,565 |
|
|
|
2,122,448 |
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
18,317,803 |
|
|
$ |
18,405,887 |
|
|
$ |
18,078,263 |
|
|
$ |
18,032,256 |
|
|
$ |
18,243,330 |
|
| |
|
|
|
|
|
|
|
|
|
| CONSOLIDATED
STATEMENTS OF INCOME |
|
|
|
|
|
|
|
|
|
| (Dollars In Thousands, Except
Per Share Amounts) |
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
| INTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
Loans receivable: |
|
|
|
|
|
|
|
|
|
|
Taxable |
$ |
198,023 |
|
|
$ |
197,523 |
|
|
$ |
191,705 |
|
|
$ |
186,256 |
|
|
$ |
172,353 |
|
|
Tax-exempt |
|
8,190 |
|
|
|
8,197 |
|
|
|
8,288 |
|
|
|
7,760 |
|
|
|
7,709 |
|
|
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
8,748 |
|
|
|
8,644 |
|
|
|
8,590 |
|
|
|
8,886 |
|
|
|
9,087 |
|
|
Tax-exempt |
|
13,611 |
|
|
|
13,821 |
|
|
|
13,947 |
|
|
|
14,279 |
|
|
|
16,070 |
|
|
Deposits with financial institutions |
|
6,493 |
|
|
|
8,034 |
|
|
|
5,884 |
|
|
|
3,164 |
|
|
|
637 |
|
|
Federal Home Loan Bank stock |
|
835 |
|
|
|
771 |
|
|
|
719 |
|
|
|
1,020 |
|
|
|
542 |
|
| Total Interest
Income |
|
235,900 |
|
|
|
236,990 |
|
|
|
229,133 |
|
|
|
221,365 |
|
|
|
206,398 |
|
| INTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
98,285 |
|
|
|
96,655 |
|
|
|
85,551 |
|
|
|
73,201 |
|
|
|
50,685 |
|
|
Federal funds purchased |
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
123 |
|
|
|
1,297 |
|
|
Securities sold under repurchase agreements |
|
1,032 |
|
|
|
827 |
|
|
|
797 |
|
|
|
979 |
|
|
|
848 |
|
|
Federal Home Loan Bank advances |
|
6,773 |
|
|
|
6,431 |
|
|
|
6,896 |
|
|
|
6,815 |
|
|
|
7,064 |
|
|
Subordinated debentures and other borrowings |
|
2,747 |
|
|
|
3,013 |
|
|
|
2,506 |
|
|
|
2,412 |
|
|
|
2,385 |
|
| Total Interest
Expense |
|
108,837 |
|
|
|
106,927 |
|
|
|
95,750 |
|
|
|
83,530 |
|
|
|
62,279 |
|
| NET INTEREST
INCOME |
|
127,063 |
|
|
|
130,063 |
|
|
|
133,383 |
|
|
|
137,835 |
|
|
|
144,119 |
|
|
Provision for credit losses |
|
2,000 |
|
|
|
1,500 |
|
|
|
2,000 |
|
|
|
— |
|
|
|
— |
|
| NET INTEREST INCOME
AFTER PROVISION FOR CREDIT LOSSES |
|
125,063 |
|
|
|
128,563 |
|
|
|
131,383 |
|
|
|
137,835 |
|
|
|
144,119 |
|
| NONINTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
7,907 |
|
|
|
7,690 |
|
|
|
7,975 |
|
|
|
7,813 |
|
|
|
7,359 |
|
|
Fiduciary and wealth management fees |
|
8,200 |
|
|
|
8,187 |
|
|
|
7,394 |
|
|
|
7,397 |
|
|
|
7,862 |
|
|
Card payment fees |
|
4,500 |
|
|
|
4,437 |
|
|
|
4,716 |
|
|
|
4,537 |
|
|
|
5,172 |
|
|
Net gains and fees on sales of loans |
|
3,254 |
|
|
|
4,111 |
|
|
|
5,517 |
|
|
|
3,632 |
|
|
|
2,399 |
|
|
Derivative hedge fees |
|
263 |
|
|
|
1,049 |
|
|
|
516 |
|
|
|
672 |
|
|
|
1,148 |
|
|
Other customer fees |
|
427 |
|
|
|
237 |
|
|
|
384 |
|
|
|
742 |
|
|
|
517 |
|
|
Earnings on cash surrender value of life insurance |
|
1,592 |
|
|
|
3,202 |
|
|
|
1,761 |
|
|
|
2,096 |
|
|
|
1,288 |
|
|
Net realized losses on sales of available for sale securities |
|
(2 |
) |
|
|
(2,317 |
) |
|
|
(1,650 |
) |
|
|
(1,392 |
) |
|
|
(1,571 |
) |
|
Other income (loss) |
|
497 |
|
|
|
(152 |
) |
|
|
1,229 |
|
|
|
822 |
|
|
|
823 |
|
|
Total Noninterest Income |
|
26,638 |
|
|
|
26,444 |
|
|
|
27,842 |
|
|
|
26,319 |
|
|
|
24,997 |
|
| NONINTEREST
EXPENSES |
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
58,293 |
|
|
|
60,967 |
|
|
|
55,566 |
|
|
|
54,753 |
|
|
|
57,459 |
|
|
Net occupancy |
|
7,312 |
|
|
|
9,089 |
|
|
|
6,837 |
|
|
|
6,674 |
|
|
|
7,259 |
|
|
Equipment |
|
6,226 |
|
|
|
6,108 |
|
|
|
5,698 |
|
|
|
6,181 |
|
|
|
6,126 |
|
|
Marketing |
|
1,198 |
|
|
|
2,647 |
|
|
|
2,369 |
|
|
|
1,102 |
|
|
|
1,309 |
|
|
Outside data processing fees |
|
6,889 |
|
|
|
5,875 |
|
|
|
6,573 |
|
|
|
6,604 |
|
|
|
6,113 |
|
|
Printing and office supplies |
|
353 |
|
|
|
402 |
|
|
|
333 |
|
|
|
434 |
|
|
|
383 |
|
|
Intangible asset amortization |
|
1,957 |
|
|
|
2,182 |
|
|
|
2,182 |
|
|
|
2,182 |
|
|
|
2,197 |
|
|
FDIC assessments |
|
4,287 |
|
|
|
7,557 |
|
|
|
2,981 |
|
|
|
2,740 |
|
|
|
1,396 |
|
|
Other real estate owned and foreclosure expenses |
|
534 |
|
|
|
1,743 |
|
|
|
677 |
|
|
|
916 |
|
|
|
(18 |
) |
|
Professional and other outside services |
|
3,952 |
|
|
|
3,981 |
|
|
|
3,833 |
|
|
|
4,660 |
|
|
|
3,698 |
|
|
Other expenses |
|
5,934 |
|
|
|
7,552 |
|
|
|
6,805 |
|
|
|
6,347 |
|
|
|
7,798 |
|
|
Total Noninterest Expenses |
|
96,935 |
|
|
|
108,103 |
|
|
|
93,854 |
|
|
|
92,593 |
|
|
|
93,720 |
|
| INCOME BEFORE INCOME
TAX |
|
54,766 |
|
|
|
46,904 |
|
|
|
65,371 |
|
|
|
71,561 |
|
|
|
75,396 |
|
|
Income tax expense |
|
6,825 |
|
|
|
4,425 |
|
|
|
9,005 |
|
|
|
10,699 |
|
|
|
11,317 |
|
| NET
INCOME |
|
47,941 |
|
|
|
42,479 |
|
|
|
56,366 |
|
|
|
60,862 |
|
|
|
64,079 |
|
|
Preferred stock dividends |
|
469 |
|
|
|
469 |
|
|
|
468 |
|
|
|
469 |
|
|
|
469 |
|
| NET INCOME AVAILABLE
TO COMMON STOCKHOLDERS |
$ |
47,472 |
|
|
$ |
42,010 |
|
|
$ |
55,898 |
|
|
$ |
60,393 |
|
|
$ |
63,610 |
|
| Per Share
Data: |
|
|
|
|
|
|
|
|
|
|
Basic Net Income Available to Common Stockholders |
$ |
0.80 |
|
|
$ |
0.71 |
|
|
$ |
0.95 |
|
|
$ |
1.02 |
|
|
$ |
1.07 |
|
|
Diluted Net Income Available to Common Stockholders |
$ |
0.80 |
|
|
$ |
0.71 |
|
|
$ |
0.94 |
|
|
$ |
1.02 |
|
|
$ |
1.07 |
|
|
Cash Dividends Paid to Common Stockholders |
$ |
0.34 |
|
|
$ |
0.34 |
|
|
$ |
0.34 |
|
|
$ |
0.34 |
|
|
$ |
0.32 |
|
|
Average Diluted Common Shares Outstanding (in thousands) |
|
59,273 |
|
|
|
59,556 |
|
|
|
59,503 |
|
|
|
59,448 |
|
|
|
59,441 |
|
| FINANCIAL
RATIOS: |
|
|
|
|
|
|
|
|
|
|
Return on Average Assets |
|
1.04 |
% |
|
|
0.92 |
% |
|
|
1.24 |
% |
|
|
1.34 |
% |
|
|
1.42 |
% |
|
Return on Average Stockholders' Equity |
|
8.47 |
|
|
|
7.89 |
|
|
|
10.38 |
|
|
|
11.29 |
|
|
|
12.21 |
|
|
Return on Tangible Common Stockholders' Equity |
|
13.21 |
|
|
|
12.75 |
|
|
|
16.54 |
|
|
|
18.04 |
|
|
|
19.82 |
|
|
Average Earning Assets to Average Assets |
|
92.91 |
|
|
|
93.62 |
|
|
|
93.36 |
|
|
|
93.38 |
|
|
|
93.35 |
|
|
Allowance for Credit Losses - Loans as % of Total Loans |
|
1.64 |
|
|
|
1.64 |
|
|
|
1.67 |
|
|
|
1.80 |
|
|
|
1.82 |
|
|
Net Charge-offs as % of Average Loans (Annualized) |
|
0.07 |
|
|
|
0.10 |
|
|
|
0.66 |
|
|
|
0.06 |
|
|
|
0.01 |
|
|
Average Stockholders' Equity to Average Assets |
|
12.17 |
|
|
|
11.58 |
|
|
|
11.87 |
|
|
|
11.78 |
|
|
|
11.56 |
|
|
Tax Equivalent Yield on Average Earning Assets |
|
5.65 |
|
|
|
5.64 |
|
|
|
5.55 |
|
|
|
5.36 |
|
|
|
5.06 |
|
|
Interest Expense/Average Earning Assets |
|
2.55 |
|
|
|
2.48 |
|
|
|
2.26 |
|
|
|
1.97 |
|
|
|
1.48 |
|
|
Net Interest Margin (FTE) on Average Earning Assets |
|
3.10 |
|
|
|
3.16 |
|
|
|
3.29 |
|
|
|
3.39 |
|
|
|
3.58 |
|
|
Efficiency Ratio |
|
59.21 |
|
|
|
63.26 |
|
|
|
53.91 |
|
|
|
52.21 |
|
|
|
51.72 |
|
|
Tangible Common Book Value Per Share |
$ |
25.07 |
|
|
$ |
25.06 |
|
|
$ |
22.43 |
|
|
$ |
23.34 |
|
|
$ |
22.93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LOANS |
|
|
|
|
|
|
|
|
|
| (Dollars In Thousands) |
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
| Commercial and industrial
loans |
$ |
3,722,365 |
|
|
$ |
3,670,948 |
|
|
$ |
3,490,953 |
|
|
$ |
3,531,395 |
|
|
$ |
3,502,204 |
|
| Agricultural land, production
and other loans to farmers |
|
234,431 |
|
|
|
263,414 |
|
|
|
233,838 |
|
|
|
230,003 |
|
|
|
219,598 |
|
| Real estate loans: |
|
|
|
|
|
|
|
|
|
|
Construction |
|
941,726 |
|
|
|
957,545 |
|
|
|
1,022,261 |
|
|
|
949,918 |
|
|
|
960,979 |
|
|
Commercial real estate, non-owner occupied |
|
2,368,360 |
|
|
|
2,400,839 |
|
|
|
2,360,596 |
|
|
|
2,379,819 |
|
|
|
2,375,410 |
|
|
Commercial real estate, owner occupied |
|
1,137,894 |
|
|
|
1,162,083 |
|
|
|
1,153,707 |
|
|
|
1,179,739 |
|
|
|
1,244,117 |
|
|
Residential |
|
2,316,490 |
|
|
|
2,288,921 |
|
|
|
2,257,385 |
|
|
|
2,248,473 |
|
|
|
2,185,943 |
|
|
Home equity |
|
618,258 |
|
|
|
617,571 |
|
|
|
609,352 |
|
|
|
614,366 |
|
|
|
621,354 |
|
| Individuals' loans for
household and other personal expenditures |
|
161,459 |
|
|
|
168,388 |
|
|
|
176,523 |
|
|
|
172,896 |
|
|
|
172,389 |
|
| Public finance and other
commercial loans |
|
964,599 |
|
|
|
956,318 |
|
|
|
966,807 |
|
|
|
963,624 |
|
|
|
959,467 |
|
|
Loans |
|
12,465,582 |
|
|
|
12,486,027 |
|
|
|
12,271,422 |
|
|
|
12,270,233 |
|
|
|
12,241,461 |
|
|
Allowance for credit losses - loans |
|
(204,681 |
) |
|
|
(204,934 |
) |
|
|
(205,782 |
) |
|
|
(221,147 |
) |
|
|
(223,052 |
) |
|
NET LOANS |
$ |
12,260,901 |
|
|
$ |
12,281,093 |
|
|
$ |
12,065,640 |
|
|
$ |
12,049,086 |
|
|
$ |
12,018,409 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DEPOSITS |
|
|
|
|
|
|
|
|
|
| (Dollars In Thousands) |
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
| Demand deposits |
$ |
7,771,976 |
|
$ |
7,965,862 |
|
$ |
7,952,040 |
|
$ |
8,045,455 |
|
$ |
8,422,387 |
| Savings deposits |
|
4,679,593 |
|
|
4,516,433 |
|
|
4,572,162 |
|
|
4,530,255 |
|
|
4,499,487 |
| Certificates and other time
deposits of $100,000 or more |
|
1,451,443 |
|
|
1,408,985 |
|
|
1,280,607 |
|
|
1,160,303 |
|
|
1,040,379 |
| Other certificates and time
deposits |
|
901,280 |
|
|
849,906 |
|
|
761,196 |
|
|
680,965 |
|
|
574,886 |
| Brokered certificates of
deposits |
|
80,292 |
|
|
80,267 |
|
|
80,571 |
|
|
164,177 |
|
|
166,148 |
|
TOTAL DEPOSITS |
$ |
14,884,584 |
|
$ |
14,821,453 |
|
$ |
14,646,576 |
|
$ |
14,581,155 |
|
$ |
14,703,287 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN
ANALYSIS |
|
|
|
|
|
|
| (Dollars in Thousands) |
|
|
|
|
|
|
|
|
|
|
|
| |
For the Three Months Ended |
| |
March 31, 2024 |
|
March 31, 2023 |
| |
Average Balance |
|
Interest Income /Expense |
|
AverageRate |
|
Average Balance |
|
Interest Income /Expense |
|
AverageRate |
| ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
$ |
575,699 |
|
$ |
6,493 |
|
4.51 |
% |
|
$ |
172,814 |
|
$ |
637 |
|
1.47 |
% |
| Federal Home Loan Bank
stock |
|
41,764 |
|
|
835 |
|
8.00 |
|
|
|
39,759 |
|
|
542 |
|
5.45 |
|
| Investment Securities:
(1) |
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
1,783,057 |
|
|
8,748 |
|
1.96 |
|
|
|
1,924,079 |
|
|
9,087 |
|
1.89 |
|
|
Tax-exempt (2) |
|
2,246,265 |
|
|
17,229 |
|
3.07 |
|
|
|
2,552,371 |
|
|
20,342 |
|
3.19 |
|
|
Total Investment Securities |
|
4,029,322 |
|
|
25,977 |
|
2.58 |
|
|
|
4,476,450 |
|
|
29,429 |
|
2.63 |
|
| Loans held for sale |
|
21,782 |
|
|
328 |
|
6.02 |
|
|
|
23,538 |
|
|
360 |
|
6.12 |
|
| Loans: (3) |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
8,598,110 |
|
|
159,209 |
|
7.41 |
|
|
|
8,483,879 |
|
|
139,661 |
|
6.58 |
|
|
Real estate mortgage |
|
2,130,947 |
|
|
22,357 |
|
4.20 |
|
|
|
1,914,640 |
|
|
18,391 |
|
3.84 |
|
|
Installment |
|
821,815 |
|
|
16,129 |
|
7.85 |
|
|
|
840,450 |
|
|
13,941 |
|
6.64 |
|
|
Tax-exempt (2) |
|
904,412 |
|
|
10,367 |
|
4.59 |
|
|
|
872,877 |
|
|
9,758 |
|
4.47 |
|
|
Total Loans |
|
12,477,066 |
|
|
208,390 |
|
6.68 |
|
|
|
12,135,384 |
|
|
182,111 |
|
6.00 |
|
|
Total Earning Assets |
|
17,123,851 |
|
|
241,695 |
|
5.65 |
% |
|
|
16,824,407 |
|
|
212,719 |
|
5.06 |
% |
|
Total Non-Earning Assets |
|
1,306,670 |
|
|
|
|
|
|
1,197,788 |
|
|
|
|
|
TOTAL ASSETS |
$ |
18,430,521 |
|
|
|
|
|
$ |
18,022,195 |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
| Interest-Bearing
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
$ |
5,419,821 |
|
$ |
39,491 |
|
2.91 |
% |
|
$ |
5,263,601 |
|
$ |
24,662 |
|
1.87 |
% |
|
Money market deposits |
|
3,045,478 |
|
|
27,383 |
|
3.60 |
|
|
|
2,746,047 |
|
|
13,577 |
|
1.98 |
|
|
Savings deposits |
|
1,559,877 |
|
|
3,801 |
|
0.97 |
|
|
|
1,826,209 |
|
|
2,965 |
|
0.65 |
|
|
Certificates and other time deposits |
|
2,427,859 |
|
|
27,610 |
|
4.55 |
|
|
|
1,466,275 |
|
|
9,481 |
|
2.59 |
|
|
Total Interest-Bearing Deposits |
|
12,453,035 |
|
|
98,285 |
|
3.16 |
|
|
|
11,302,132 |
|
|
50,685 |
|
1.79 |
|
| Borrowings |
|
1,011,812 |
|
|
10,552 |
|
4.17 |
|
|
|
1,293,309 |
|
|
11,594 |
|
3.59 |
|
|
Total Interest-Bearing Liabilities |
|
13,464,847 |
|
|
108,837 |
|
3.23 |
|
|
|
12,595,441 |
|
|
62,279 |
|
1.98 |
|
| Noninterest-bearing
deposits |
|
2,428,170 |
|
|
|
|
|
|
3,121,277 |
|
|
|
|
| Other liabilities |
|
295,365 |
|
|
|
|
|
|
222,352 |
|
|
|
|
|
Total Liabilities |
|
16,188,382 |
|
|
|
|
|
|
15,939,070 |
|
|
|
|
| STOCKHOLDERS'
EQUITY |
|
2,242,139 |
|
|
|
|
|
|
2,083,125 |
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
18,430,521 |
|
|
108,837 |
|
|
|
$ |
18,022,195 |
|
|
62,279 |
|
|
|
Net Interest Income (FTE) |
|
|
$ |
132,858 |
|
|
|
|
|
$ |
150,440 |
|
|
|
Net Interest Spread (FTE)
(4) |
|
|
|
|
2.42 |
% |
|
|
|
|
|
3.08 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Margin (FTE): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income (FTE) / Average Earning Assets |
|
|
|
|
5.65 |
% |
|
|
|
|
|
5.06 |
% |
|
Interest Expense / Average Earning Assets |
|
|
|
|
2.55 |
% |
|
|
|
|
|
1.48 |
% |
|
Net Interest Margin (FTE)
(5) |
|
|
|
|
3.10 |
% |
|
|
|
|
|
3.58 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
| (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 2024 and 2023.
These totals equal $5,795 and $6,321 for the three months ended
March 31, 2024 and 2023, 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. |
| |
| ADJUSTED
NET INCOME AND DILUTED EARNINGS PER COMMON SHARE -
NON-GAAP |
| (Dollars In Thousands, Except
Per Share Amounts) |
Three Months Ended |
| |
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
| Net Income Available
to Common Stockholders - GAAP |
$ |
47,472 |
|
|
$ |
42,010 |
|
|
$ |
55,898 |
|
|
$ |
60,393 |
|
|
$ |
63,610 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
PPP loan income |
|
— |
|
|
|
(7 |
) |
|
|
(8 |
) |
|
|
(9 |
) |
|
|
(25 |
) |
|
Non-core expenses1,2 |
|
3,481 |
|
|
|
12,682 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Tax on adjustments |
|
(848 |
) |
|
|
(3,088 |
) |
|
|
2 |
|
|
|
2 |
|
|
|
6 |
|
| Adjusted Net Income Available
to Common Stockholders - Non-GAAP |
$ |
50,105 |
|
|
$ |
51,597 |
|
|
$ |
55,892 |
|
|
$ |
60,386 |
|
|
$ |
63,591 |
|
| |
|
|
|
|
|
|
|
|
|
| Average Diluted Common Shares
Outstanding (in thousands) |
|
59,273 |
|
|
|
59,556 |
|
|
|
59,503 |
|
|
|
59,448 |
|
|
|
59,441 |
|
| |
|
|
|
|
|
|
|
|
|
| Diluted Earnings Per
Common Share - GAAP |
$ |
0.80 |
|
|
$ |
0.71 |
|
|
$ |
0.94 |
|
|
$ |
1.02 |
|
|
$ |
1.07 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
PPP loan income |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Non-core expenses1,2 |
|
0.06 |
|
|
|
0.21 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Tax on adjustments |
|
(0.01 |
) |
|
|
(0.05 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Adjusted Diluted
Earnings Per Common Share - Non-GAAP |
$ |
0.85 |
|
|
$ |
0.87 |
|
|
$ |
0.94 |
|
|
$ |
1.02 |
|
|
$ |
1.07 |
|
1 - Non-core expenses in 4Q23 included $6.3 million from early
retirement and severance costs, $4.3 million from the FDIC special
assessment, and $2.1 million from a lease termination.2 - Non-core
expenses in 1Q24 included $2.4 million from duplicative online
banking conversion costs and $1.1 million from the FDIC special
assessment.
| RETURN ON
TANGIBLE COMMON EQUITY - NON-GAAP |
| (Dollars In Thousands) |
Three Months Ended |
| |
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
| Total Average
Stockholders' Equity (GAAP) |
$ |
2,242,139 |
|
|
$ |
2,130,993 |
|
|
$ |
2,154,232 |
|
|
$ |
2,139,877 |
|
|
$ |
2,083,125 |
|
|
Less: Average Preferred Stock |
|
(25,125 |
) |
|
|
(25,125 |
) |
|
|
(25,125 |
) |
|
|
(25,125 |
) |
|
|
(25,125 |
) |
|
Less: Average Intangible Assets, Net of Tax |
|
(732,432 |
) |
|
|
(734,007 |
) |
|
|
(735,787 |
) |
|
|
(737,489 |
) |
|
|
(739,190 |
) |
| Average Tangible Common
Equity, Net of Tax (Non-GAAP) |
$ |
1,484,582 |
|
|
$ |
1,371,861 |
|
|
$ |
1,393,320 |
|
|
$ |
1,377,263 |
|
|
$ |
1,318,810 |
|
| |
|
|
|
|
|
|
|
|
|
| Net Income Available
to Common Stockholders (GAAP) |
$ |
47,472 |
|
|
$ |
42,010 |
|
|
$ |
55,898 |
|
|
$ |
60,393 |
|
|
$ |
63,610 |
|
|
Plus: Intangible Asset Amortization, Net of Tax |
|
1,546 |
|
|
|
1,724 |
|
|
|
1,724 |
|
|
|
1,724 |
|
|
|
1,734 |
|
| Tangible Net Income
(Non-GAAP) |
$ |
49,018 |
|
|
$ |
43,734 |
|
|
$ |
57,622 |
|
|
$ |
62,117 |
|
|
$ |
65,344 |
|
| |
|
|
|
|
|
|
|
|
|
| Return on Tangible
Common Equity (Non-GAAP) |
|
13.21 |
% |
|
|
12.75 |
% |
|
|
16.54 |
% |
|
|
18.04 |
% |
|
|
19.82 |
% |
Grafico Azioni First Merchants (NASDAQ:FRME)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni First Merchants (NASDAQ:FRME)
Storico
Da Gen 2024 a Gen 2025
