First Merchants (FRME) 8-K FIRST MERCHANTS CORPORATION ANNOUNCES 3rd QUARTER EARNINGS PER SHARE OF $.35

N / E / W / S     R / E / L / E / A / S / E

October 25, 2012

FOR IMMEDIATE RELEASE

For more information, contact:

David L. Ortega, First Vice President/Director of Investor Relations

765-378-8937

http://www.firstmerchants.com/

SOURCE: First Merchants Corporation, Muncie, Indiana

FIRST MERCHANTS CORPORATION ANNOUNCES 3rd QUARTER EARNINGS PER SHARE OF $.35

First Merchants Corporation (NASDAQ – FRME) has reported third quarter 2012 earnings per share of $.35 compared to a $.25 per share loss during the same period in 2011.  Net income available to common shareholders totaled $10.1 million for the quarter, a $16.5 million increase over the third quarter of 2011. The loss in the third quarter of 2011 was the result of a $.46 per share one-time charge related to the Corporation’s exit of the CPP program.

Michael C. Rechin, President and Chief Executive Officer, stated, “Our third quarter 2012 results are gratifying and a source of strength providing flexibility in capital planning, business line investment and acquisition considerations.  We continue to effectively create value through this low interest rate cycle by growing loans while maintaining disciplined pricing and credit standards.  Our traditionally strong net interest margin should continue to be incrementally supported by yield accretion resulting from our FDIC acquisition in February.”

Year-to-date earnings per share totaled $1.09, a $.99 per share increase over the prior year total of $.10 per share.  Of the $.99 per share improvement, $.32 is the result of improvements made to our banking model during the year, including business line expansion and consistent market coverage.  In addition, $.46 per share is related to the CPP repayment in the third quarter of 2011, and $.21 is related to the one-time gain on the Corporation’s FDIC purchase and assumption agreement with SCB Bank in Shelbyville, Indiana, during the first quarter of 2012. Year-to-date net income available to common shareholders totaled $31.4 million compared to $2.6 million earned in the first nine months of 2011.

Total assets equaled $4.3 billion, as loans and investments total $2.8 billion and $929 million, respectively.  The Corporation’s loan-to-deposit ratio remained steady at 89 percent while the loan-to-asset ratio increased one percentage point to 67 percent.

Net-interest income totaled $39.9 million for the third quarter of 2012 and net-interest margin remained strong totaling 4.32 percent as yields on earning assets totaled 4.89 percent and the cost of supporting liabilities totaled .57 percent.  Discount accretion resulting from the SCB transaction added $2.6 million, or 28 basis points, to net-interest income and net-interest margin for the third quarter of 2012.  YTD net-interest income totaled $114.1 million, an increase of $6.9 million over the nine months of 2011.

Non-interest income totaled $14.3 million for the third quarter of 2012 and $50.1 million year-to-date.  After normalizing for bond gains and losses and the first quarter 2012 FDIC gain, non-interest income improved by $4.4 million, or 13 percent, during the first nine months of the year.  Gains from the sale of mortgage loans accounted for $2.4 million of the increase. Non-interest expense increased slightly on both a quarterly and year-to-date basis totaling $34.4 million and $102.6 million, respectively.

Provision expense totaled $4.6 million for the third quarter 2012 and $14.0 million year-to-date, compared to $5.6 million and $16.8 million in 2011.  Net charge-offs were $5.3 million for the third quarter 2012 and $15.4 million year-to-date, compared to $9.6 million and $26.7 million in 2011.  The allowance for loan losses is $69.5 million, or 2.43 percent of total loans and 122 percent of non-accrual loans, the highest coverage ratio since 2006.

As of September 30, 2012, the Corporation’s total risk-based capital equaled 16.62 percent, Tier 1 common risk-based capital equaled 9.71 percent, and tangible common equity ratio totaled 7.51 percent.  As of September 30, 2011 the Corporation’s total risk-based capital equaled 16.21 percent, Tier 1 common risk-based capital equaled 8.53 percent, and tangible common equity ratio totaled 6.88 percent.

CONFERENCE CALL

First Merchants Corporation will conduct a third quarter earnings conference call and web cast at 2:30 p.m. (ET) on Thursday, October 25, 2012.

To participate, dial (Toll Free) 877-317-6789 and reference First Merchants Corporation’s third quarter earnings release. International callers please call +1 412-317-6789. A replay of the call will be available until October 25, 2013. 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 10019381.

In order to view the web cast and presentation slides, please go to http://services.choruscall.com/links/frme121025.htmlduring 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).

* * * *

CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands)	September 30,
	2012			2011
ASSETS
Cash and cash equivalents	$	57,027		$	60,166
Interest-bearing time deposits		35,324			16,115
Investment securities		928,716			937,828
Mortgage loans held for sale		27,711			12,257
Loans		2,836,324			2,712,938
Less: Allowance for loan losses		(69,493	)		(73,074	)
Net loans		2,766,831			2,639,864
Premises and equipment		51,373			51,432
Federal Reserve and Federal Home Loan Bank stock		32,824			31,381
Interest receivable		17,519			17,770
Core deposit intangibles and goodwill		150,019			151,062
Cash surrender value of life insurance		124,702			123,524
Other real estate owned		13,780			19,425
Tax asset, deferred and receivable		29,344			35,804
Other assets		14,998			21,881
TOTAL ASSETS	$	4,250,168		$	4,118,509
LIABILITIES
Deposits:
Noninterest-bearing	$	679,818		$	598,139
Interest-bearing		2,514,933			2,466,111
Total Deposits		3,194,751			3,064,250
Borrowings:
Federal funds purchased		57,024			27,946
Securities sold under repurchase agreements		153,454			117,097
Federal Home Loan Bank advances		145,467			168,764
Subordinated debentures and term loans		112,169			194,961
Total Borrowings		468,114			508,768
Interest payable		1,591			2,186
Other liabilities		38,857			30,760
Total Liabilities		3,703,313			3,605,964
STOCKHOLDERS' EQUITY
Preferred Stock, no-par value, $1,000 liquidation value:
Authorized -- 500,000 shares
Senior Non-Cumulative Perpetual Preferred Stock, Series B
Issued and outstanding - 90,782.94 shares		90,783			90,783
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 - 28,672,177 and 28,538,164 shares		3,584			3,567
Additional paid-in capital		256,290			254,801
Retained earnings		198,094			162,669
Accumulated other comprehensive income (loss)		(2,021	)		600
Total Stockholders' Equity		546,855			512,545
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	4,250,168		$	4,118,509

CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars In Thousands, Except Per Share Amounts)	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2012			2011			2012			2011
INTEREST INCOME
Loans receivable:
Taxable	$	38,160		$	37,024		$	110,660		$	113,219
Tax-exempt		118			86			358			435
Investment securities:
Taxable		4,176			5,078			13,218			14,665
Tax-exempt		2,532			2,529			7,645			7,617
Federal funds sold											3
Deposits with financial institutions		16			45			69			228
Federal Reserve and Federal Home Loan Bank stock		345			323			1,035			1,005
Total Interest Income		45,347			45,085			132,985			137,172
INTEREST EXPENSE
Deposits		3,517			5,046			11,566			17,776
Federal funds purchased		38			16			62			22
Securities sold under repurchase agreements		211			384			703			1,148
Federal Home Loan Bank advances		492			1,089			2,123			3,067
Subordinated debentures and term loans		1,187			2,699			4,460			7,984
Total Interest Expense		5,445			9,234			18,914			29,997
NET INTEREST INCOME		39,902			35,851			114,071			107,175
Provision for loan losses		4,609			5,556			14,029			16,775
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES		35,293			30,295			100,042			90,400
OTHER INCOME
Service charges on deposit accounts		2,913			3,169			8,625			8,945
Fiduciary activities		1,986			1,881			5,907			5,846
Other customer fees		2,740			2,583			8,476			7,452
Commission income		1,618			1,528			4,770			4,440
Earnings on cash surrender value of life insurance		685			644			2,725			1,793
Net gains and fees on sales of loans		2,849			1,768			7,115			4,671
Net realized gains on sales of available for sale securities		843			861			2,134			2,149
Other-than-temporary impairment on available for sale securities											(400	)
Gain on FDIC modified whole bank transaction								9,124
Other income		639			796			1,220			1,253
Total Other Income		14,273			13,230			50,096			36,149
OTHER EXPENSES
Salaries and employee benefits		20,083			19,964			59,078			55,700
Net occupancy		2,568			2,530			7,692			7,690
Equipment		1,798			1,662			5,259			5,122
Marketing		536			534			1,542			1,352
Outside data processing fees		1,413			1,391			4,295			4,294
Printing and office supplies		287			301			848			902
Core deposit amortization		489			755			1,438			2,957
FDIC assessments		792			1,201			2,771			4,756
Other real estate owned and credit-related expenses		2,104			2,007			6,412			8,045
Other expenses		4,334			3,877			13,277			11,684
Total Other Expenses		34,404			34,222			102,612			102,502
INCOME BEFORE INCOME TAX		15,162			9,303			47,526			24,047
Income tax expense		3,926			2,561			12,714			6,356
NET INCOME		11,236			6,742			34,812			17,691
Loss on CPP unamortized discount					(1,401	)					(1,401	)
Loss on extinguishment of trust preferred securities					(10,857	)					(10,857	)
Preferred stock dividends and discount accretion		(1,134	)		(868	)		(3,404	)		(2,846	)
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS	$	10,102		$	(6,384	)	$	31,408		$	2,587
Per Share Data:
Basic Net Income (Loss) Available to Common Stockholders	$	0.35		$	(0.25	)	$	1.09		$	0.10
Diluted Net Income (Loss) Available to Common Stockholders	$	0.35		$	(0.25	)	$	1.09		$	0.10
Cash Dividends Paid	$	0.03		$	0.01		$	0.07		$	0.03
Average Diluted Shares Outstanding (in thousands)		28,888			26,367			28,819			26,019

FINANCIAL HIGHLIGHTS
(Dollars In Thousands)	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2012			2011			2012			2011
NET CHARGE OFF'S	$	5,259		$	9,615		$	15,434		$	26,678
AVERAGE BALANCES:
Total Assets	$	4,237,590		$	4,113,316		$	4,230,186		$	4,124,697
Total Loans		2,845,398			2,725,449			2,803,706			2,758,635
Total Earning Assets		3,829,127			3,714,401			3,818,805			3,736,503
Total Deposits		3,248,100			3,101,458			3,243,217			3,179,218
Total Stockholders' Equity		540,988			478,836			530,153			466,671
FINANCIAL RATIOS:
Return on Average Assets		0.95	%		-0.62	%		0.99	%		0.08	%
Return on Average Stockholders' Equity		7.47			(5.33	)		7.90			0.74
Return on Average Common Stockholders' Equity		8.98			(6.23	)		9.53			0.86
Average Earning Assets to Average Assets		90.36			90.30			90.28			90.59
Allowance for Loan Losses as % of Total Loans		2.43			2.68			2.43			2.68
Net Charge Off's as % of Average Loans (Annualized)		0.74			1.41			0.73			1.29
Average Stockholders' Equity to Average Assets		12.77			11.64			12.53			11.31
Tax Equivalent Yield on Earning Assets		4.89			5.01			4.79			5.05
Cost of Supporting Liabilities		0.57			0.99			0.66			1.07
Net Interest Margin (FTE) on Earning Assets		4.32			4.02			4.13			3.98

NON-PERFORMING ASSETS
(Dollars In Thousands)	September 30,			June 30,			March 31,			December 31,			September 30,
	2012			2012			2012			2011			2011
Non-Accrual Loans	$	56,999		$	63,127		$	74,456		$	69,592		$	78,933
Renegotiated Loans		6,871			3,921			6,695			14,308			6,701
Non-Performing Loans (NPL)		63,870			67,048			81,151			83,900			85,634
Other Real Estate Owned		13,780			14,183			15,628			16,289			19,425
Non-Performing Assets (NPA)		77,650			81,231			96,779			100,189			105,059
90+ Days Delinquent		1,974			665			253			580			1,595
NPAS & 90 Day Delinquent	$	79,624		$	81,896		$	97,032		$	100,769		$	106,654
Loan Loss Reserve	$	69,493		$	70,143		$	70,369		$	70,898		$	73,074
Quarterly Net Charge-offs		5,259			4,771			5,404			8,031			9,615
NPAs / Actual Assets %		1.83	%		1.92	%		2.28	%		2.40	%		2.55	%
NPAs & 90 Day / Actual Assets %		1.87	%		1.93	%		2.29	%		2.41	%		2.59	%
NPAs / Actual Loans and REO %		2.70	%		2.87	%		3.42	%		3.65	%		3.83	%
Loan Loss Reserves / Actual Loans (%)		2.43	%		2.49	%		2.50	%		2.60	%		2.68	%
Net Charge Off's as % of Average Loans (Annualized)		0.74	%		0.68	%		0.78	%		1.18	%		1.41	%

CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands)	September 30,			June 30,			March 31,			December 31,			September 30,
	2012			2012			2012			2011			2011
ASSETS
Cash and due from banks	$	57,027		$	68,493		$	60,991		$	73,312		$	60,166
Interest-bearing time deposits		35,324			41,760			34,290			52,851			16,115
Investment securities		928,716			944,321			960,032			946,400			937,828
Mortgage loans held for sale		27,711			15,278			22,138			17,864			12,257
Loans		2,836,324			2,797,634			2,792,989			2,713,415			2,712,938
Less: Allowance for loan losses		(69,493	)		(70,143	)		(70,369	)		(70,898	)		(73,074	)
Net loans		2,766,831			2,727,491			2,722,620			2,642,517			2,639,864
Premises and equipment		51,373			51,335			51,541			51,013			51,432
Federal Reserve and Federal Home Loan Bank stock		32,824			33,033			33,026			31,270			31,381
Interest receivable		17,519			16,506			16,730			17,723			17,770
Core deposit intangibles and goodwill		150,019			150,006			150,486			150,471			151,062
Cash surrender value of life insurance		124,702			124,018			123,355			124,329			123,524
Other real estate owned		13,780			14,183			15,628			16,289			19,425
Tax asset, deferred and receivable		29,344			32,003			32,112			36,424			35,804
Other assets		14,998			13,996			13,417			12,613			21,881
TOTAL ASSETS	$	4,250,168		$	4,232,423		$	4,236,366		$	4,173,076		$	4,118,509
LIABILITIES
Deposits:
Noninterest-bearing	$	679,818		$	684,101		$	677,643		$	646,508		$	598,139
Interest-bearing		2,514,933			2,604,797			2,601,935			2,488,147			2,466,111
Total Deposits		3,194,751			3,288,898			3,279,578			3,134,655			3,064,250
Borrowings:
Federal funds purchased		57,024			652			10,936						27,946
Securities sold under repurchase agreements		153,454			160,127			139,308			156,305			117,097
Federal Home Loan Bank advances		145,467			96,847			131,496			138,095			168,764
Subordinated debentures and term loans		112,169			115,951			115,969			194,974			194,961
Total Borrowings		468,114			373,577			397,709			489,374			508,768
Interest payable		1,591			2,168			2,094			2,925			2,186
Other liabilities		38,857			32,104			29,044			31,655			30,760
Total Liabilities		3,703,313			3,696,747			3,708,425			3,658,609			3,605,964
STOCKHOLDERS' EQUITY
Preferred Stock, no-par value, $1,000 liquidation value:
Authorized -- 500,000 shares
Senior Non-Cumulative Perpetual Preferred Stock, Series B
Issued and outstanding		90,783			90,783			90,783			90,783			90,783
Cumulative Preferred Stock, $1,000 par value, $1,000 liquidation value:
Authorized -- 600 shares
Issued and outstanding		125			125			125			125			125
Common Stock, $.125 stated value:
Authorized -- 50,000,000 shares
Issued and outstanding		3,584			3,580			3,578			3,570			3,567
Additional paid-in capital		256,290			255,632			255,116			254,874			254,801
Retained earnings		198,094			188,863			181,664			168,717			162,669
Accumulated other comprehensive income (loss)		(2,021	)		(3,307	)		(3,325	)		(3,602	)		600
Total Stockholders' Equity		546,855			535,676			527,941			514,467			512,545
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	4,250,168		$	4,232,423		$	4,236,366		$	4,173,076		$	4,118,509

CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars In Thousands, Except Per Share Amounts)	September 30,			June 30,			March 31,			December 31,			September 30,
	2012			2012			2012			2011			2011
INTEREST INCOME
Loans receivable:
Taxable	$	38,160		$	36,652		$	35,848		$	36,497		$	37,024
Tax exempt		118			123			117			93			86
Investment securities:
Taxable		4,176			4,468			4,574			4,565			5,078
Tax exempt		2,532			2,551			2,562			2,550			2,529
Federal funds sold
Deposits with financial institutions		16			28			25			54			45
Federal Reserve and Federal Home Loan Bank stock		345			347			343			314			323
Total Interest Income		45,347			44,169			43,469			44,073			45,085
INTEREST EXPENSE
Deposits		3,517			3,939			4,110			4,505			5,046
Federal funds purchased		38			12			12			3			16
Securities sold under repurchase agreements		211			197			295			363			384
Federal Home Loan Bank advances		492			637			994			1,114			1,089
Subordinated debentures, revolving credit lines and term loans		1,187			1,331			1,942			1,908			2,699
Total Interest Expense		5,445			6,116			7,353			7,893			9,234
NET INTEREST INCOME		39,902			38,053			36,116			36,180			35,851
Provision for loan losses		4,609			4,545			4,875			5,855			5,556
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES		35,293			33,508			31,241			30,325			30,295
OTHER INCOME
Service charges on deposit accounts		2,913			2,893			2,819			3,027			3,169
Fiduciary activities		1,986			1,938			1,983			1,804			1,881
Other customer fees		2,740			3,150			2,586			2,572			2,583
Commission income		1,618			1,485			1,667			1,220			1,528
Earnings on cash surrender value of life insurance		685			662			1,378			803			644
Net gains and fees on sales of loans		2,849			2,314			1,952			2,747			1,768
Net realized gains on sales of available for sale securities		843			502			789			290			861
Gain on FDIC modified whole bank transaction								9,124
Other income		639			221			360			508			796
Total Other Income		14,273			13,165			22,658			12,971			13,230
OTHER EXPENSES
Salaries and employee benefits		20,083			19,641			19,354			19,035			19,964
Net occupancy		2,568			2,473			2,651			2,428			2,530
Equipment		1,798			1,656			1,805			1,672			1,662
Marketing		536			564			442			650			534
Outside data processing fees		1,413			1,506			1,376			1,377			1,391
Printing and office supplies		287			294			267			340			301
Core deposit amortization		489			480			469			591			755
FDIC assessments		792			862			1,117			775			1,201
Other real estate owned and credit-related expenses		2,104			2,122			2,186			2,569			2,007
Other expenses		4,334			4,582			4,361			3,999			3,877
Total Other Expenses		34,404			34,180			34,028			33,436			34,222
INCOME BEFORE INCOME TAX		15,162			12,493			19,871			9,860			9,303
Income tax expense		3,926			3,288			5,500			2,299			2,561
NET INCOME		11,236			9,205			14,371			7,561			6,742
Loss on CPP unamortized discount														(1,401	)
Loss on extinguishment of trust preferred securities														(10,857	)
Preferred stock dividends and discount accretion		(1,134	)		(1,135	)		(1,135	)		(1,135	)		(868	)
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS	$	10,102		$	8,070		$	13,236		$	6,426		$	(6,384	)
PER SHARE:
Basic Net Income (Loss) Available to Common Stockholders	$	0.35		$	0.28		$	0.46		$	0.24		$	(0.25	)
Diluted Net Income (Loss) Available to Common Stockholders	$	0.35		$	0.28		$	0.46		$	0.24		$	(0.25	)
Cash Dividends Paid	$	0.03		$	0.03		$	0.01		$	0.01		$	0.01
Average Diluted Shares Outstanding (in thousands)		28,888			28,815			28,755			28,700			26,367
FINANCIAL RATIOS:
Return on Average Assets		0.95	%		0.76	%		1.26	%		0.61	%		-0.62	%
Return on Average Stockholders' Equity		7.47			6.07			10.23			5.01			(5.33	)
Return on Average Common Stockholders' Equity		8.98			7.32			12.40			6.08			(6.23	)
Average Earning Assets to Average Assets		90.36			90.30			90.16			89.66			90.30
Allowance for Loan Losses as % of Total Loans		2.43			2.49			2.50			2.60			2.68
Net Charge Off's as % of Average Loans (Annualized)		0.74			0.68			0.78			1.18			1.41
Average Stockholders' Equity to Average Assets		12.77			12.51			12.32			12.22			11.64
Tax Equivalent Yield on Earning Assets		4.89			4.75			4.74			4.83			5.01
Cost of Supporting Liabilities		0.57			0.64			0.78			0.84			0.99
Net Interest Margin (FTE) on Earning Assets		4.32			4.11			3.96			3.99			4.02

LOANS
(Dollars In Thousands)	September 30,			June 30,			March 31,			December 31,			September 30,
	2012			2012			2012			2011			2011
Commercial and industrial loans	$	592,517		$	552,353		$	546,304		$	532,523		$	518,848
Agricultural production financing and other loans to farmers		107,166			106,135			97,165			104,526			106,761
Real estate loans:
Construction		93,610			99,588			92,694			81,780			70,044
Commercial and farm land		1,241,054			1,219,114			1,229,195			1,194,230			1,196,270
Residential		475,272			480,917			498,354			481,493			495,954
Home Equity		204,888			207,250			210,564			191,631			196,191
Individuals' loans for household and other personal expenditures		77,171			83,933			78,711			84,172			90,810
Lease financing receivables, net of unearned income		2,970			2,976			3,112			3,555			4,160
Other loans		41,676			45,368			36,890			39,505			33,900
Loans		2,836,324			2,797,634			2,792,989			2,713,415			2,712,938
Allowance for loan losses		(69,493	)		(70,143	)		(70,369	)		(70,898	)		(73,074	)
NET LOANS	$	2,766,831		$	2,727,491		$	2,722,620		$	2,642,517		$	2,639,864

DEPOSITS
(Dollars In Thousands)	September 30,		June 30,		March 31,		December 31,		September 30,
	2012		2012		2012		2011		2011
Demand deposits	$	1,455,568	$	1,521,194	$	1,470,938	$	1,438,513	$	1,360,174
Savings deposits		837,409		822,299		801,935		757,166		712,545
Certificates and other time deposits of $100,000 or more		256,077		261,156		269,796		264,787		278,115
Other certificates and time deposits		527,304		546,182		566,934		551,247		570,380
Brokered deposits		118,393		138,067		169,975		122,942		143,036
TOTAL DEPOSITS	$	3,194,751	$	3,288,898	$	3,279,578	$	3,134,655	$	3,064,250