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First Merchants Corporation Announces Second Quarter 2014 Earnings Per Share Increase of Nearly 21 Percent as Return on Assets Totaled 1.10 Percent
[July 24, 2014]

First Merchants Corporation Announces Second Quarter 2014 Earnings Per Share Increase of Nearly 21 Percent as Return on Assets Totaled 1.10 Percent


MUNCIE, Ind. --(Business Wire)--

First Merchants Corporation (NASDAQ: FRME) has reported second quarter 2014 net income of $15.2 million, compared to $10 million during the same period in 2013. Earnings per share for the period totaled $.41 per share an increase of nearly 21 percent over $.34 per share earned in the second quarter of 2013. Year-to-date net income totaled $28.8 million, compared to $21 million in 2013. Earnings per share totaled $.79 per share through six months of 2014 compared to $.72 in 2013.

Total assets equaled $5.6 billion as of quarter-end and loans were $3.7 billion. The Corporation's loan portfolio increased, by $803 million, over the past twelve months. Of the increase, $206 million was the result of organic growth and $597 million resulted from the acquisition of CFS Bancorp in November of 2013. The Corporation's loan-to-deposit ratio is 86 percent and the loan-to-asset ratio is 66 percent.

Michael C. Rechin, President and Chief Executive Officer, stated, "Second quarter 2014 results were in line with our expectations and include the successful realization of our projected cost savings related to our Citizens integration." Rechin also added, "Management was pleased by organic loan growth throughout our franchise and optimistic about the acceleration the recently announced Community Bank of Noblesville merger will add to our Hamilton county business and the greater Indianapolis MSA ."

Net-interest income totaled $46.1 million for the quarter, and net-interest margin remained strong during the quarter totaling 3.89 percent, as yields on earning assets totaled 4.33 percent and the cost of supporting liabilities totaled .44 percent.

Non-interest income totaled $15.9 million for the quarter, an increase from the second quarter of 2013 total of $14.1 million. Gains on sale of mortgage loans, during the quarter, declined by $1.3 million from the second quarter of 2013. Non-interest expense totaled $41.3 million for the quarter an improvement over the first quarter of 2014 of $1.8 million. When adjusted for other real estate owned expenses, core expenses declined on a linked quarter-over-quarter basis by $2.7 million.

The Corporation did not make a provision to the allowance for loan losses during the quarter due to improvements in non-accrual loan totals as well as criticized and classified loans. The allowance for loan losses totaled $68.4 million, or 1.83 percent of total loans and 133 percent of non-accrual loans. Non-performing assets have declined by $10.4 million since the close of our Citizens acquisition at year-end and now total $71.3 million.

As of June 30, 2014, the Corporation's total risk-based capital equaled 15.11 percent, Tier 1 common risk-based capital equaled 11.00 percent, and tangible common equity ratio totaled 8.74 percent.

CONFERENCE CALL

First Merchants Corporation will conduct a second quarter earnings conference call and web cast at 2:30 p.m. (ET) on Thursday, July 24, 2014.

To participate, dial (Toll Free) 877-507-0578 and reference First Merchants Corporation's second quarter earnings release. International callers please call +1 412-317-1073. A replay of the call will be available until July 24, 2015. To access a replay of the call, US participants should dial (Toll Free) 877-344-7529 or for International participants, dial +1 412-317-0088. The replay passcode is 10048248.

In order to view the web cast and presentation slides, please go to http://services.choruscall.com/links/frme140724.html during the time of the call.

During the call, Forward-Looking Statements about the relative business outlook may be made. These Forward-Looking Statements and all other statements made during the call that do not concern historical facts, are subject to risks and uncertainties that may materially affect actual results.

Specific Forward-Looking Statements include, but are not limited to, any indications regarding the Financial Services industry, the economy and future growth of the balance sheet or income statement.

Detailed financial results are reported on the attached pages.

About First Merchants Corporation

First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. The Corporation is comprised of First Merchants Bank, N.A., which also operates as Lafayette Bank & Trust, Commerce National Bank, and First Merchants Trust Company as divisions of First Merchants Bank, N.A. First Merchants Corporation also operates First Merchants Insurance Group, a full-service property casualty, personal lines, and healthcare insurance agency.

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

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



   
CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands) June 30,
2014 2013
ASSETS
Cash and cash equivalents $ 115,891 $ 69,404
Interest-bearing time deposits 27,856 59,898
Investment securities 1,214,087 908,992
Mortgage loans held for sale 7,370 14,531
Loans 3,722,733 2,920,080
Less: Allowance for loan losses (68,367 ) (68,202 )
Net loans 3,654,366 2,851,878
Premises and equipment 74,856 54,165
Federal Reserve and Federal Home Loan Bank stock 43,127 32,790
Interest receivable 18,341 15,186
Core deposit intangibles and goodwill 201,583 148,759
Cash surrender value of life insurance 165,974 126,710
Other real estate owned 18,621 11,765
Tax asset, deferred and receivable 44,622 30,959
Other assets 28,426   13,227  
TOTAL ASSETS $ 5,615,120   $ 4,338,264  
LIABILITIES
Deposits:
Noninterest-bearing $ 917,825 $ 741,095
Interest-bearing 3,411,785   2,591,698  
Total Deposits 4,329,610 3,332,793
Borrowings:
Federal funds purchased 100,000 57,085
Securities sold under repurchase agreements 133,137 161,779
Federal Home Loan Bank advances 220,765 92,743
Subordinated debentures and term loans 126,874   111,778  
Total Borrowings 580,776 423,385
Interest payable 2,489 1,150
Other liabilities 31,649   41,643  
Total Liabilities 4,944,524 3,798,971
STOCKHOLDERS' EQUITY
Preferred Stock, no-par value, $1,000 liquidation value:
Authorized -- 500,000 shares
Senior Non-Cumulative Perpetual Preferred Stock, Series B
Issued and outstanding - 0 and 68,087 shares 68,087
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 -- 50,000,000 shares
Issued and outstanding - 36,052,209 and 28,801,848 shares 4,507 3,600
Additional paid-in capital 394,774 257,626
Retained earnings 266,980 225,034
Accumulated other comprehensive income (loss) 4,210   (15,179 )
Total Stockholders' Equity 670,596   539,293  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 5,615,120   $ 4,338,264  
 
   
CONSOLIDATED STATEMENTS OF INCOME Three Months Ended Six Months Ended
(Dollars In Thousands, Except Per Share Amounts) June 30, June 30,
2014   2013 2014   2013
INTEREST INCOME
Loans receivable:
Taxable $ 42,323 $ 34,018 $ 84,348 $ 71,177
Tax-exempt 58 113 119 230
Investment securities:
Taxable 5,046 3,577 9,856 7,195
Tax-exempt 3,570 2,515 7,008 4,969
Deposits with financial institutions 35 62 58 81
Federal Reserve and Federal Home Loan Bank stock 495   368   1,147   739  
Total Interest Income 51,527   40,653   102,536   84,391  
INTEREST EXPENSE
Deposits 2,874 2,599 5,423 5,490
Federal funds purchased 23 1 72 12
Securities sold under repurchase agreements 187 208 383 402
Federal Home Loan Bank advances 676 462 1,358 921
Subordinated debentures and term loans 1,648   733   3,289   1,458  
Total Interest Expense 5,408   4,003   10,525   8,283  
NET INTEREST INCOME 46,119 36,650 92,011 76,108
Provision for loan losses     1,997       4,099  
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 46,119   34,653   92,011   72,009  
OTHER INCOME
Service charges on deposit accounts 4,098 2,912 7,649 5,641
Fiduciary activities 2,360 2,264 4,572 4,371
Other customer fees 4,049 2,816 7,782 5,596
Commission income 1,886 1,748 4,154 3,920
Earnings on cash surrender value of life insurance 653 610 1,401 1,310
Net gains and fees on sales of loans 1,159 2,457 1,882 4,835
Net realized gains on sales of available for sale securities 844 239 1,425 487
Other income 884   1,013   2,254   1,776  
Total Other Income 15,933   14,059   31,119   27,936  
OTHER EXPENSES
Salaries and employee benefits 23,430 20,536 48,731 41,327
Net occupancy 3,204 2,267 7,142 4,869
Equipment 2,096 1,742 4,835 3,516
Marketing 789 535 1,558 1,002
Outside data processing fees 2,039 1,391 3,870 2,871
Printing and office supplies 393 311 851 642
Core deposit amortization 592 383 1,184 770
FDIC assessments 863 674 1,923 1,418
Other real estate owned and credit-related expenses 2,613 1,479 4,370 3,345
Professional and other outside services 1,531 1,833 2,910 3,492
Other expenses 3,700   2,591   6,965   5,190  
Total Other Expenses 41,250   33,742   84,339   68,442  
INCOME BEFORE INCOME TAX 20,802 14,970 38,791 31,503
Income tax expense 5,642   4,155   10,011   8,823  
NET INCOME 15,160 10,815 28,780 22,680
Preferred stock dividends     (852 )     (1,709 )
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 15,160   $ 9,963   $ 28,780   $ 20,971  
 
Per Share Data:
Basic Net Income Available to Common Stockholders $ 0.42 $ 0.35 $ 0.80 $ 0.73
Diluted Net Income Available to Common Stockholders $ 0.41 $ 0.34 $ 0.79 $ 0.72
Cash Dividends Paid $ 0.08 $ 0.05 $ 0.13 $ 0.08
Average Diluted Shares Outstanding (in thousands) 36,294 29,024 36,278 28,997
 
       
FINANCIAL HIGHLIGHTS
(Dollars in thousands) Three Months Ended Six Months Ended
June 30, June 30,
2014 2013 2014 2013
NET CHARGE OFF'S $ 1,216 $ 2,332 $ (497 ) $ 5,263
 
AVERAGE BALANCES:
Total Assets $ 5,520,483 $ 4,329,579 $ 5,460,419 $ 4,289,490
Total Loans 3,680,521 2,909,688 3,648,480 2,909,901
Total Earning Assets 4,944,516 3,922,303 4,875,474 3,883,239
Total Deposits 4,365,199 3,385,922 4,290,853 3,351,508
Total Stockholders' Equity 662,643 542,921 653,820 538,384
 
FINANCIAL RATIOS:
Return on Average Assets 1.10 % 0.92 % 1.05 % 0.98 %
Return on Average Stockholders' Equity 9.15 7.34 8.80 7.79
Return on Average Common Stockholders' Equity 9.15 8.40 8.81 8.93
Average Earning Assets to Average Assets 89.57 90.59 89.29 90.53
Allowance for Loan Losses as % of Total Loans 1.83 2.32 1.83 2.32
Net Charge Off's as % of Average Loans (Annualized) 0.13 0.32 (0.03 ) 0.36
Average Stockholders' Equity to Average Assets 12.00 12.54 11.97 12.55
Tax Equivalent Yield on Earning Assets 4.33 4.29 4.36 4.49
Cost of Supporting Liabilities 0.44 0.41 0.43 0.43
Net Interest Margin (FTE) on Earning Assets 3.89 3.88 3.93 4.06
Tangible Book Value Per Share $ 13.14 $ 11.27 $ 13.14 $ 11.27
 
         
NON-PERFORMING ASSETS
(Dollars In Thousands) June 30, March 31, December 31, September 30, June 30,
2014 2014 2013 2013 2013
Non-Accrual Loans $ 51,289 $ 55,686 $ 56,402 $ 34,992 $ 38,971
Renegotiated Loans 1,359   378   3,048   3,269   4,407  
Non-Performing Loans (NPL) 52,648 56,064 59,450 38,261 43,378
Other Real Estate Owned 18,621   21,077   22,246   12,052   11,765  
Non-Performing Assets (NPA) 71,269 77,141 81,696 50,313 55,143
90+ Days Delinquent 1,135   1,709   1,350   837   1,072  
NPAS & 90 Day Delinquent $ 72,404   $ 78,850   $ 83,046   $ 51,150   $ 56,215  
 
Loan Loss Reserve $ 68,367 $ 69,583 $ 67,870 $ 66,224 $ 68,202
Quarterly Net Charge-offs 1,216 (1,713 ) (630 ) 3,511 2,332
NPAs / Actual Assets % 1.27 % 1.41 % 1.50 % 1.16 % 1.27 %
NPAs & 90 Day / Actual Assets % 1.29 % 1.45 % 1.53 % 1.18 % 1.30 %
NPAs / Actual Loans and OREO % 1.90 % 2.12 % 2.23 % 1.71 % 1.87 %
Loan Loss Reserves / Actual Loans (%) 1.83 % 1.92 % 1.87 % 2.26 % 2.32 %
Net Charge Off's as % of Average Loans (Annualized) 0.13 % (0.19 )% (0.08 )% 0.48 % 0.32 %
 
         
CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands) June 30, March 31, December 31, September 30, June 30,
2014 2014 2013 2013 2013
ASSETS
Cash and cash equivalents $ 115,891 $ 112,920 $ 109,434 $ 92,341 $ 69,404
Interest-bearing time deposits 27,856 37,078 55,069 18,875 59,898
Investment securities 1,214,087 1,149,977 1,095,579 914,135 908,992
Mortgage loans held for sale 7,370 6,586 5,331 5,312 14,531
Loans 3,722,733 3,616,627 3,632,409 2,925,457 2,920,080
Less: Allowance for loan losses (68,367 ) (69,583 ) (67,870 ) (66,224 ) (68,202 )
Net loans 3,654,366 3,547,044 3,564,539 2,859,233 2,851,878
Premises and equipment 74,856 74,847 74,454 54,386 54,165
Federal Reserve and Federal Home Loan Bank stock 43,127 38,990 38,990 32,790 32,790
Interest receivable 18,341 18,001 18,672 16,171 15,186
Core deposit intangibles and goodwill 201,583 202,175 202,766 148,376 148,759
Cash surrender value of life insurance 165,974 165,320 164,571 127,322 126,710
Other real estate owned 18,621 21,077 22,246 12,052 11,765
Tax asset, deferred and receivable 44,622 50,684 56,614 31,385 30,959
Other assets 28,426   28,237   28,997   13,533   13,227  
TOTAL ASSETS $ 5,615,120   $ 5,452,936   $ 5,437,262   $ 4,325,911   $ 4,338,264  
LIABILITIES
Deposits:
Noninterest-bearing 917,825 936,741 930,772 790,174 741,095
Interest-bearing 3,411,785   3,346,438   3,300,696   2,465,672   2,591,698  

Total Deposits

4,329,610 4,283,179 4,231,468 3,255,846 3,332,793
Borrowings:
Federal funds purchased 100,000 48,357 125,645 115,938 57,085
Securities sold under repurchase agreements 133,137 137,381 148,672 123,935 161,779
Federal Home Loan Bank advances 220,765 170,887 122,140 172,292 92,743
Subordinated debentures and term loans 126,874   127,172   126,807   111,849   111,778  
Total Borrowings 580,776 483,797 523,264 524,014 423,385
Interest payable 2,489 3,192 1,771 1,155 1,150
Other liabilities 31,649   30,657   45,836   31,427   41,643  
Total Liabilities 4,944,524 4,800,825 4,802,339 3,812,442 3,798,971
STOCKHOLDERS' EQUITY
Preferred Stock, no-par value, $1,000 liquidation value:
Authorized -- 500,000 shares
Senior Non-Cumulative Perpetual Preferred Stock, Series B
Issued and outstanding 34,043 68,087
Cumulative Preferred Stock, $1,000 par value, $1,000 liquidation value:
Authorized -- 600 shares
Issued and outstanding 125 125 125 125 125
Common Stock, $.125 stated value:
Authorized -- 50,000,000 shares
Issued and outstanding 4,507 4,502 4,490 3,603 3,600
Additional paid-in capital 394,774 393,765 393,783 258,350 257,626
Retained earnings 266,980 254,735 242,935 233,546 225,034
Accumulated other comprehensive income (loss) 4,210   (1,016 ) (6,410 ) (16,198 ) (15,179 )
Total Stockholders' Equity 670,596   652,111   634,923   513,469   539,293  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 5,615,120   $ 5,452,936   $ 5,437,262   $ 4,325,911   $ 4,338,264  
 
         
CONSOLIDATED STATEMENTS OF INCOME
(Dollars In Thousands, Except Per Share Amounts) June 30, March 31, December 31, September 30, June 30,
2014 2014   2013 2013 2013
INTEREST INCOME
Loans receivable:
Taxable $ 42,323 $ 42,025 $ 38,027 $ 33,548 $ 34,018
Tax-exempt 58 61 78 85 113
Investment securities:
Taxable 5,046 4,810 4,143 3,876 3,577
Tax-exempt 3,570 3,438 3,020 2,840 2,515
Deposits with financial institutions 35 23 59 18 62
Federal Reserve and Federal Home Loan Bank stock 495   652     380   369   368  
Total Interest Income 51,527   51,009     45,707   40,736   40,653  
INTEREST EXPENSE
Deposits 2,874 2,549 2,350 2,213 2,599
Federal funds purchased 23 49 18 72 1
Securities sold under repurchase agreements 187 196 193 192 208
Federal Home Loan Bank advances 676 682 669 506 462
Subordinated debentures and term loans 1,648   1,641     1,342   731   733  
Total Interest Expense 5,408   5,117     4,572   3,714   4,003  
NET INTEREST INCOME 46,119 45,892 41,135 37,022 36,650
Provision for loan losses           1,016   1,533   1,997  
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 46,119   45,892     40,119   35,489   34,653  
OTHER INCOME
Service charges on deposit accounts 4,098 3,551 3,639 3,120 2,912
Fiduciary activities 2,360 2,212 2,237 1,986 2,264
Other customer fees 4,049 3,733 3,371 2,899 2,816
Commission income 1,886 2,268 1,585 1,636 1,748
Earnings on cash surrender value of life insurance 653 748 692 611 610
Net gains and fees on sales of loans 1,159 723 1,003 1,673 2,457
Net realized gains on sales of available for sale securities 844 581 239
Other income 884   1,370     2,546   (125 ) 1,013  
Total Other Income 15,933   15,186     15,073   11,800   14,059  
OTHER EXPENSES
Salaries and employee benefits 23,430 25,301 23,470 20,616 20,536
Net occupancy 3,204 3,938 2,992 2,430 2,267
Equipment 2,096 2,739 2,369 1,852 1,742
Marketing 789 769 675 559 535
Outside data processing fees 2,039 1,831 1,205 1,515 1,391
Printing and office supplies 393 458 378 320 311
Core deposit amortization 592 592 496 383 383
FDIC assessments 863 1,060 767 677 674
Other real estate owned and credit-related expenses 2,613 1,757 1,668 1,648 1,479
Professional and other outside services 1,531 1,379 3,361 1,444 1,833
Other expenses 3,700   3,265     3,177   2,775   2,591  
Total Other Expenses 41,250   43,089     40,558   34,219   33,742  
INCOME BEFORE INCOME TAX 20,802 17,989 14,634 13,070 14,970
Income tax expense 5,642   4,369     3,187   2,667   4,155  
NET INCOME 15,160 13,620 11,447 10,403 10,815
Preferred stock dividends           (241 ) (430 ) (852 )
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 15,160   $ 13,620     $ 11,206   $ 9,973   $ 9,963  
 
Per Share Data:
Basic Net Income Available to Common Stockholders $ 0.42 $ 0.38 $ 0.34 $ 0.35 $ 0.35
Diluted Net Income Available to Common Stockholders $ 0.41 $ 0.38 $ 0.34 $ 0.35 $ 0.34
Cash Dividends Paid $ 0.08 $ 0.05 $ 0.05 $ 0.05 $ 0.05
Average Diluted Shares Outstanding (in thousands) 36,294 36,261 32,913 29,081 29,024
FINANCIAL RATIOS:
Return on Average Assets 1.10 % 1.01 % 0.91 % 0.93 % 0.92 %
Return on Average Stockholders' Equity 9.15 8.45 7.78 7.85 7.34
Return on Average Common Stockholders' Equity 9.15 8.45 8.05 8.42 8.40
Average Earning Assets to Average Assets 89.57 89.00 89.08 90.71 90.59
Allowance for Loan Losses as % of Total Loans 1.83 1.92 1.87 2.26 2.32
Net Charge Off's as % of Average Loans (Annualized) 0.13 (0.19 ) (0.08 ) 0.48 0.32
Average Stockholders' Equity to Average Assets 12.00 11.94 11.64 11.85 12.54
Tax Equivalent Yield on Earning Assets 4.33 4.40 4.30 4.35 4.29
Cost of Supporting Liabilities 0.44 0.43 0.41 0.38 0.41
Net Interest Margin (FTE) on Earning Assets 3.89 3.97 3.89 3.97 3.88
Tangible Book Value Per Share $ 13.14 $ 12.63 $ 12.17 $ 11.56 $ 11.27
 
         
LOANS
(Dollars In Thousands) June 30, March 31, December 31, September 30, June 30,
2014 2014 2013 2013 2013
Commercial and industrial loans $ 857,844 $ 787,390 $ 761,705 $ 652,356 $ 657,764
Agricultural production financing and other loans to farmers 102,270 99,226 114,348 98,489 105,175
Real estate loans:
Construction 165,388 155,117 177,082 149,875 101,909
Commercial and farmland 1,621,436 1,606,735 1,611,809 1,264,180 1,272,761
Residential 629,162 626,202 616,385 452,277 460,108
Home Equity 261,811 256,790 255,223 206,816 203,788
Individuals' loans for household and other personal expenditures 61,533 61,742 69,783 70,380 79,258
Lease financing receivables, net of unearned income 1,231 1,378 1,545 1,815 1,828
Other loans 22,058   22,047   24,529   29,269   37,489  
Loans 3,722,733 3,616,627 3,632,409 2,925,457 2,920,080
Allowance for loan losses (68,367 ) (69,583 ) (67,870 ) (66,224 ) (68,202 )
NET LOANS $ 3,654,366   $ 3,547,044   $ 3,564,539   $ 2,859,233   $ 2,851,878  
 
         
DEPOSITS
(Dollars In Thousands) June 30, March 31, December 31, September 30, June 30,
2014 2014 2013 2013 2013
Demand deposits $ 2,041,183 $ 1,966,895 $ 2,018,650 $ 1,610,662 $ 1,648,712
Savings deposits 1,251,277 1,282,702 1,257,994 937,521 916,481
Certificates and other time deposits of $100,000 or more 251,585 265,683 272,660 190,866 205,467
Other certificates and time deposits 534,344 568,160 595,110 422,151 448,885
Brokered deposits 251,221   199,739   87,054   94,646   113,248
TOTAL DEPOSITS $ 4,329,610   $ 4,283,179   $ 4,231,468   $ 3,255,846   $ 3,332,793
 
         
CONSOLIDATED BALANCE SHEETS (AVERAGE)
(Dollars In Thousands) June 30, March 31, December 31, September 30, June 30,
2014 2014 2013 2013 2013
ASSETS
Cash and cash equivalents $ 79,974 $ 95,255 $ 91,121 $ 69,974 $ 69,045
Interest-bearing time deposits 59,030 44,313 116,839 24,497 109,522
Investment securities 1,170,976 1,109,914 963,478 908,419 880,241
Mortgage loans held for sale 5,583 4,936 5,069 11,063 17,489
Loans 3,674,938 3,611,148 3,287,924 2,907,144 2,892,199
Less: Allowance for loan losses (69,188 ) (68,806 ) (66,949 ) (69,117 ) (69,296 )

Net loans

3,605,750 3,542,342 3,220,975 2,838,027 2,822,903
Premises and equipment 74,869 74,631 66,383 54,757 53,896
Federal Reserve and Federal Home Loan Bank stock 42,809 38,990 36,095 32,790 32,789
Interest receivable 17,919 17,118 17,359 14,026 13,864
Core deposit intangibles and goodwill 201,864 202,528 177,518 148,571 148,954
Cash surrender value of life insurance 165,545 164,842 152,972 126,922 126,315
Other real estate owned 19,539 21,867 16,557 11,669 12,202
Tax asset, deferred and receivable 48,296 54,753 49,525 32,484 27,676
Other assets 28,329   28,199   36,383   13,783   14,683  
TOTAL ASSETS $ 5,520,483   $ 5,399,688   $ 4,950,274   $ 4,286,982   $ 4,329,579  
LIABILITIES
Deposits:
Noninterest-bearing 927,238 915,635 883,044 775,545 753,695
Interest-bearing 3,437,961   3,300,046   2,977,408   2,519,824   2,632,227  
Total Deposits 4,365,199 4,215,681 3,860,452 3,295,369 3,385,922
Borrowings:
Federal funds purchased 28,628 49,140 21,367 68,236 2,267
Securities sold under repurchase agreements 132,433 147,492 135,697 126,938 158,377
Federal Home Loan Bank advances 171,372 170,125 149,278 139,941 93,014
Subordinated debentures and term loans 127,169   126,820   121,795   111,779   111,778  
Total Borrowings 459,602 493,577 428,137 446,894 365,436
Interest payable 2,984 3,047 1,811 1,592 1,808
Other liabilities 30,055   42,484   83,717   35,093   33,492  
Total Liabilities 4,857,840 4,754,789 4,374,117 3,778,948 3,786,658
STOCKHOLDERS' EQUITY
Preferred Stock, no-par value, $1,000 liquidation value:
Authorized -- 500,000 shares
Senior Non-Cumulative Perpetual Preferred Stock, Series B

Issued and outstanding

19,242 34,413 68,087
Cumulative Preferred Stock, $1,000 par value, $1,000 liquidation value:
Authorized -- 600 shares
Issued and outstanding 125 125 125 125 125
Common Stock, $.125 stated value:
Authorized -- 50,000,000 shares
Issued and outstanding 4,503 4,495 4,075 3,601 3,598
Additional paid-in capital 394,121 393,590 323,196 257,847 257,147
Retained earnings 261,742 249,978 245,083 230,077 221,606
Accumulated other comprehensive income (loss) 2,152   (3,289 ) (15,564 ) (18,029 ) (7,642 )
Total Stockholders' Equity 662,643   644,899   576,157   508,034   542,921  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 5,520,483   $ 5,399,688   $ 4,950,274   $ 4,286,982   $ 4,329,579  


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