• First Merchants Corporation Announces 2021 Record Results

    المصدر: Nasdaq GlobeNewswire / 27 يناير 2022 07:00:02   America/Chicago

    MUNCIE, Ind., Jan. 27, 2022 (GLOBE NEWSWIRE) -- First Merchants Corporation (NASDAQ - FRME) has reported fourth quarter 2021 net income of $47.7 million compared to $45.1 million during the same period in 2020. Earnings per share for the period totaled $.89 per share compared to the fourth quarter 2020 result of $.83 per share. Net income for the year ended December 31, 2021 totaled $205.5 million, compared to $148.6 million during the same period in 2020. Year-to-date earnings per share totaled $3.81 compared to $2.74 in 2020.

    Total assets equaled $15.5 billion as of year-end and loans totaled $9.3 billion. The Corporation experienced organic loan growth of $566 million, or 6.6 percent, during 2021. This was offset by the forgiveness of Paycheck Protection Program (“PPP”) loans of $560 million, resulting in net loan growth of $6 million. Investments increased $1.4 billion, or 43.8 percent, during the year and now total $4.5 billion. Total deposits equaled $12.7 billion as of year-end and increased by $1.4 billion, or 12.1 percent, during 2021.

    The Corporation’s Allowance for Credit Losses – Loans (ACL) totaled $195.4 million as of year-end, or 2.11 percent of total loans. Net charge-offs for the quarter totaled $4.6 million and no provision expense was recorded during the quarter or during the year ended 2021. Provision expense taken during the three and twelve months ended December 31, 2020 of $4.5 million and $58.7 million, respectively, reflected our view of increased credit risk in 2020 related to the COVID-19 pandemic. An increase of $74.1 million in the ACL was also recorded on January 1, 2021 reflecting the adoption of the current expected credit losses (CECL) model. Non-accrual loans totaled $43.1 million as of year-end.

    Mark Hardwick, Chief Executive Officer, stated, “2021 proved to be a record year on many levels, including total assets, loans, deposits, net income and earnings per share. Our employees, customers and communities showed an incredible amount of toughness, determination, teamwork and compassion for one another during a difficult year. First Merchants’ future is bright because of this special combination of heart and grit.” Hardwick also added, “It’s an honor to lead this First Merchants team and to be part of the dynamic markets that we serve.”

    Net-interest income totaled $410.7 million for the year, an increase of $28.6 million or 7.5 percent, in the face of a net-interest margin decline of 11 basis points to 3.18 percent, reflecting an asset sensitive balance sheet. Yield on earning assets declined by 40 basis points totaling 3.44 percent offset by a decline of 29 basis points in the cost of supporting liabilities, which totaled 26 basis points for the year-ended 2021. Yield on earning assets for the fourth quarter totaled 3.29 percent with cost of supporting liabilities totaling 25 basis points, resulting in a margin of 3.04 percent. PPP loans contributed 8 basis points to margin during the fourth quarter of 2021, which was a decline of 9 basis points from the third quarter 2021 and a decline of 8 basis points from the fourth quarter of 2020, as the pace of PPP loan forgiveness slowed.

    Non-interest income totaled $109.3 million for the year, a $0.6 million decline from 2020. Customer-related line items accounted for an increase of $2.6 million, or 3 percent, and was offset by a decline of $6.2 million on the gains on sales of securities. Fiduciary and wealth management fees hit a record high of $28.4 million for 2021, which included an increase of $1 million from the acquisition of Hoosier Trust Company. This was offset by the headwinds of the full year impact of the Durbin Amendment adoption on card payment fees which was effective July of 2020.

    Non-interest expense totaled $279.2 million for the year ended 2021, a $15.8 million increase from 2020. The increase is primarily due to higher salaries, incentives, and employee benefits costs.

    The Corporation’s loan to deposit ratio now totals 73 percent and loan to asset ratio totals 60 percent. Additionally, the Corporation’s total risk-based capital ratio equaled 13.92 percent, common equity tier 1 capital ratio equaled 11.68 percent, and the tangible common equity ratio totaled 9.01 percent. These ratios continue to reflect the Corporation’s strong liquidity and capital positions.

    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 27, 2022.

    To participate, dial (Toll Free) 877-806-2932 and reference Conference ID 2169777. International callers please call +1 478-219-0639.

    In order to view the webcast and presentation slides, please go to https://edge.media-server.com/mmc/p/i8985qq2 during the time of the call. A replay of the webcast will be available until January 27, 2023.

    Detailed financial results are reported on the attached pages.

    About First Merchants Corporation

    First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. The Corporation has one full-service bank charter, First Merchants Bank. The Bank also operates as First Merchants Private Wealth Advisors (as a division of First Merchants Bank).

    First Merchants Corporation’s common stock is traded on the NASDAQ Global Select Market System under the symbol FRME. Quotations are carried in daily newspapers and can be found on the company’s Internet web page (http://www.firstmerchants.com).

    FIRST MERCHANTS and the Shield Logo are federally registered trademarks of First Merchants Corporation.

    Forward-Looking Statements

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

    SOURCE: First Merchants Corporation, Muncie, Indiana

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


    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 INCOMEThree 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)December 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.
    (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.
    (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.
    (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.
    (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.

     


    Primary Logo

شارك على،