UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
------------------------------
DATE OF REPORT (Date of earliest event reported): July 23, 2008
------------------------------
FIRST MERCHANTS CORPORATION
(Exact name of registrant as specified in its charter)
-------------------------------
INDIANA 0-17071 35-1544218
(State or other jurisdiction (Commission file number) (IRS Employer
of incorporation) Identification No.)
200 East Jackson Street
P.O. Box 792
Muncie, IN 47305-2814
(Address of principal executive offices, including zip code)
(765) 747-1500
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On July 23, 2008 First Merchants Corporation issued a press release to
report its financial results for the second quarter ended June 30, 2008. A copy
of the press release is furnished as Exhibit 99.1 to this Current Report on Form
8-K.
The information in this Current Report on Form 8-K, including Exhibit No.
99.1 hereto, shall not be deemed "filed" for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended, or otherwise subject to liability
of that section. The information in this Current Report shall not be
incorporated by reference into any filing or other document pursuant to the
Securities Act of 1933, as amended, except as shall be expressly set forth by
specific reference in such filing or document.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits.
Exhibit 99.1 Press Release, dated July 23, 2008, issued by
First Merchants Corporation
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
First Merchants Corporation
(Registrant)
By: /s/ Mark K. Hardwick
--------------------------------------------
Mark K. Hardwick
Executive Vice President and
Chief Financial Officer
(Principal Financial and
Principal Accounting Officer)
Dated: July 23, 2008
EXHIBIT INDEX
-------------
Exhibit No. Description
- ----------- -----------
99.1 Press Release, dated July 23, 2008, issued by
First Merchants Corporation.
First Merchants Corporation
Exhibit No. 99.1
Press Release, dated July 23, 2008
<page>
N / E / W / S R / E / L / E / A / S / E
July 23, 2008
FOR IMMEDIATE RELEASE
For more information, contact:
Mark K. Hardwick, Executive Vice President/Chief Financial Officer, 765-751-1857
http://www.firstmerchants.com
SOURCE: First Merchants Corporation, Muncie, Indiana
FIRST MERCHANTS CORPORATION ANNOUNCES 5.9 PERCENT INCREASE IN SECOND QUARTER
EARNINGS PER SHARE
First Merchants Corporation (NASDAQ - FRME) has reported second quarter 2008
diluted earnings per share of $.36, a 5.9 percent increase over 2007 second
quarter earnings per share of $.34. Net Income for the quarter totaled $6.5
million, an increase of $334,000.
Year-to-date diluted earnings per share totaled $.81, a 6.6 percent increase
over 2007 first half earnings per share of $.76. Net Income totaled $14.7
million, an increase of $689,000.
Total assets reached $3.8 billion at quarter-end, an increase of $153 million,
or 4.2 percent, from June 30, 2007. Loans and investments, the Corporation's
primary earning assets, totaled $3.43 billion, an increase of $142 million, or
4.3 percent over the prior year. Loans accounted for $213 million of the
increase as investment securities declined by $71 million as spreads between
investment securities and borrowings remain below historical levels.
Net-Interest margin expanded by 35 basis points from 3.50 percent in the second
quarter of 2007 to 3.85 percent in 2008. As a result, net-interest income
increased by $4.6 million or 16.5 percent. On March 21, 2008 the Corporation
reported on form 8-K the sale of three prime-based interest rate floors. For the
quarter, $561,000 of the $4.7 million gain was recognized in the Corporation's
net interest margin. The remaining $3.6 million will be recognized over the 13
months of the original contracts.
Total non-interest income increased by $568,000, or 5.8 percent, during the
quarter and total expenses declined by $1.3 million. In the second quarter of
2007 the Corporation expensed $1.8 million of underwriting expense related to
the early redemption of the Corporation's trust preferred securities and
$601,000 of expense related to integration and re-branding initiatives.
Provision expense increased by $5.4 million, during the quarter as net
charge-offs totaled $4.6 million. Non-performing assets increased from 93 basis
points of total assets to 135 basis points during the quarter and the allowance
for loan losses as a percent of total loans increased to 1.05 percent.
Page 1
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Michael C. Rechin, President and Chief Executive Officer, stated that, "Despite
the state of the banking industry and the continuation of negative press
regarding peer institutions, First Merchants remains confident in its ability to
produce net income sufficient to maintain adequate capital levels, dividend
payouts and a growing balance sheet." Rechin also added that, "We continue to
manage our loan portfolio rigorously recognizing that declines in client cash
flows require current valuations of collateral and guarantee positions of our
secondary sources of repayment. As we identify deficiencies in primary and
secondary sources of repayment the loans are placed on non-accrual and specific
reserves are applied to match the shortfall. First Merchants continues to
maintain its earnings momentum while at the same time very prudently addressing
any required credit costs as reflected in our year-to-date results."
CONFERENCE CALL
First Merchants Corporation will conduct a conference call at 2:30 p.m. Eastern
Daylight Time on Wednesday, July 23, 2008. To participate, dial (Toll Free)
800-860-2442 and reference First Merchants Corporation's second quarter
earnings. A replay will be available until July 30, 2008. To access replay,
US/Canada participants should dial (Toll Free) 877-344-7529 or for International
participants, dial 412-317-0088. The replay will require the passcode is 420850.
During the call, we may make Forward Looking Statements about our relative
business outlook. 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:
First Merchants Corporation is a financial holding company headquartered in
Muncie, Indiana. Subsidiaries of the Corporation include First Merchants Bank,
N.A., First Merchants Bank of Central Indiana, N.A., Lafayette Bank & Trust
Company, N.A., Commerce National Bank and First Merchants Trust Company, N.A.
The Corporation also operates First Merchants Insurance Services, a full-service
property casualty, personal lines, and healthcare insurance agency and is a
majority member of Indiana Title Insurance Company, LLC, a title insurance
agency.
First Merchants Corporation's common stock is traded over-the-counter on the
NASDAQ National 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).
* * * *
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<page>
<table>
<caption>
CONSOLIDATED BALANCE SHEETS
(in thousands) June 30,
2008 2007
<s>
Assets
Cash and due from banks $ 80,996 $ 80,264
Federal funds sold
657
--------- ----------
Cash and cash equivalents 80,996 80,921
Interest-bearing time deposits 7,267 8,898
Investment securities 408,324 479,281
Mortgage loans held for sale 3,234 2,842
Loans 3,018,596 2,806,068
Less: Allowance for loan losses (31,597) (27,608)
---------- ----------
Net loans 2,986,999 2,778,460
Premises and equipment 44,232 44,126
Federal Reserve and Federal Home Loan Bank 25,455 23,822
stock
Interest receivable 19,680 21,615
Core deposit intangibles and goodwill 136,230 137,056
Cash surrender value of life insurance 72,948 69,111
Other real estate owned 17,243 2,274
Other assets 19,852 21,109
---------- -----------
Total assets $ 3,822,460 $ 3,669,515
========== ===========
Liabilities
Deposits
Noninterest-bearing $ 403,152 $ 362,083
Interest-bearing 2,460,483 2,357,518
---------- ----------
Total deposits 2,863,635 2,719,601
Borrowings
Fed funds purchased 151,356 125,650
Securities sold under repurchase agreements 90,872 91,038
Federal Home Loan Bank advances 228,196 268,680
Subordinated debentures, revolving credit
lines and term loans 115,826 102,206
---------- -----------
Total borrowings 586,250 587,574
Interest payable 6,658 10,417
Other liabilities 18,525 24,543
---------- -----------
Total liabilities 3,475,068 3,342,135
Stockholders' equity
Preferred stock, no-par value
Authorized and unissued -- 500,000 shares
Cumulative Preferred Stock, $1,000 par value:
Authorized -- 600 shares
Issued and outstanding -- 125 shares 125
Common stock, $.125 stated value
Authorized -- 50,000,000 shares
Issued and outstanding -- 18,062,701 and
18,285,359 shares 2,258 2,286
Additional paid-in capital 140,258 143,317
Retained earnings 209,059 193,460
Accumulated other comprehensive loss (4,308) (11,683)
---------- -----------
Total stockholders' equity 347,392 327,380
---------- -----------
Total liabilities and stockholders' equity $ 3,822,460 $ 3,669,515
========== ===========
Page 3
<page>
</table>
FINANCIAL HIGHLIGHTS
Three Months Ended Six Months Ended
(In thousands) June 30, June 30,
2008 2007 2008 2007
NET CHARGE OFF'S $ 4,567 $ 859 $ 7,524 $ 2,179
AVERAGE BALANCES
Total Assets $ 3,770,260 $ 3,601,473 $ 3,764,296 $ 3,562,122
Total Loans 2,973,270 2,764,209 2,940,716 2,733,840
Total Deposits 2,835,076 2,729,145 2,835,625 2,709,635
Total Stockholders' Equity 350,800 329,613 347,761 328,981
FINANCIAL RATIOS
Return on Average Assets .69% .69% .78% .78%
Return on Avg. Stockholders' Equity 7.46 7.53 8.44 8.50
Avg. Earning Assets to Avg. Assets 90.94 90.96 90.66 91.04
Allowance for Loan Losses as %
Of Total Loans 1.05 .98 1.05 .98
Net Charge Off's as % Of Avg. Loans
(Annualized) .61 .12 .51 .16
Dividend Payout Ratio 63.85 67.65 56.79 60.53
Avg. Stockholders' Equity to Avg. Assets 9.30 9.15 9.24 9.24
Tax Equivalent Yield on Earning Assets 6.41 7.09 6.60 7.05
Cost of Supporting Liabilities 2.56 3.59 2.80 3.55
Net Int. Margin (FTE) on Earning Assets 3.85 3.50 3.80 3.50
Page 4
</table>
<page>
<table>
<caption>
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share data) Three Months Ended Six Months Ended
June 30, June 30,
2008 2007 2008 2007
Interest income
Loans receivable
Taxable $ 49,023 $ 51,204 $ 100,124 $ 100,849
Tax exempt 178 249 343 450
Investment securities
Taxable 2,947 3,394 6,196 6,676
Tax exempt 1,452 1,651 2,965 3,312
Federal funds sold 3 91 11 92
Deposits with financial institutions 133 120 415 243
Federal Reserve and Federal Home Loan Bank stock 370 299 705 627
-------- -------- -------- --------
Total interest income 54,106 57,008 110,759 112,249
-------- -------- -------- --------
Interest expense
Deposits 16,297 22,390 35,730 44,196
Federal funds purchased 577 1,047 1,246 1,901
Securities sold under repurchase agreements 632 910 1,448 1,479
Federal Home Loan Bank advances 2,825 3,009 5,861 5,945
Subordinated debentures, revolving credit
lines and term loans 1,602 2,037 3,492 4,038
-------- -------- -------- --------
Total interest expense 21,933 29,393 47,777 57,559
-------- -------- -------- --------
Net interest income 32,173 27,615 62,982 54,690
Provision for loan losses 7,070 1,648 10,893 3,247
-------- -------- -------- --------
Net interest income
after provision for loan losses 25,103 25,967 52,089 51,443
-------- -------- -------- --------
Other income
Service charges on deposit accounts 3,157 3,091 6,088 5,974
Fiduciary activities 2,126 2,257 4,268 4,293
Other customer fees 1,767 1,535 3,446 3,026
Commission income 1,427 1,269 3,096 2,907
Earnings on cash surrender value
of life insurance 606 782 1,344 1,467
Net gains and fees on sales of loans 668 611 1,311 1,143
Net realized gains (losses) on sale of
available-for-sale securities 13 86 (1)
Other income 570 221 1,222 761
-------- -------- -------- --------
Total other income 10,334 9,766 20,861 19,570
-------- -------- -------- --------
Other expenses
Salaries and employee benefits 15,698 14,796 31,796 29,522
Net occupancy 1,750 1,612 3,555 3,210
Equipment 1,643 1,783 3,297 3,505
Marketing 612 653 1,096 1,140
Outside data processing fees 1,009 1,036 1,891 1,987
Printing and office supplies 291 388 572 687
Core deposit amortization 808 790 1,598 1,581
Write-off of unamortized underwriting expense 1,771 1,771
Other expenses 4,593 4,910 8,872 8,530
-------- -------- -------- --------
Total other expenses 26,404 27,739 52,677 51,933
-------- -------- -------- --------
Income before income tax 9,033 7,994 20,273 19,080
Income tax expense 2,491 1,786 5,605 5,101
-------- -------- -------- --------
Net income $ 6,542 $ 6,208 $ 14,668 $ 13,979
======== ======== ======== ========
Per Share Data
Basic Net Income $ .37 $ .34 $ .82 $ .76
Diluted Net Income .36 .34 .81 .76
Cash Dividends Paid .23 .23 .46 .46
Average Diluted Shares
Outstanding (in thousands) 18,159 18,369 18,108 18,432
Page 5
</table>
<page>
<table>
<caption>
CONSOLIDATED BALANCE SHEETS
(in thousands) June 30, March 31, December 31, September 30, June 30,
2008 2008 2007 2007 2007
<c>
Assets
Cash and due from banks $ 80,996 $ 89,961 $ 134,188 $ 83,845 $ 80,264
Federal funds sold 495 1,800 657
----------- ----------- ----------- ----------- -----------
Cash and cash equivalents 80,996 89,961 134,683 85,645 80,921
Interest-bearing time deposits 7,267 21,280 24,931 22,295 8,898
Investment securities 408,324 426,055 451,167 474,613 479,281
Mortgage loans held for sale 3,234 3,494 3,735 4,328 2,842
Loans 3,018,596 2,937,710 2,876,843 2,869,001 2,806,068
Less: Allowance for loan losses (31,597) (29,094) (28,228) (27,635) (27,608)
----------- ----------- ----------- ----------- -----------
Net loans 2,986,999 2,908,616 2,848,615 2,841,366 2,778,460
Premises and equipment 44,232 44,526 44,445 44,255 44,126
Federal Reserve and Federal Home Loan Bank stock 25,455 25,345 25,250 25,050 23,822
Interest receivable 19,680 21,212 23,402 25,954 21,615
Core deposit intangibles and goodwill 136,230 135,056 135,856 136,266 137,056
Cash surrender value of life insurance 72,948 71,663 70,970 70,082 69,111
Other real estate owned 17,243 7,372 2,573 2,081 2,274
Other assets 19,852 12,578 16,460 22,365 21,109
----------- ----------- ----------- ----------- -----------
Total assets $ 3,822,460 $3,767,158 $ 3,782,087 $ 3,754,300 $ 3,669,515
=========== =========== =========== =========== ===========
Liabilities
Deposits
Noninterest-bearing $403,152 $ 380,364 $ 370,397 $ 355,339 $ 362,083
Interest-bearing 2,460,483 2,432,763 2,473,724 2,403,836 2,357,518
----------- ----------- ----------- ----------- -----------
Total deposits 2,863,635 2,813,127 2,844,121 2,759,175 2,719,601
Borrowings
Fed funds purchased 151,356 111,144 52,350 95,697 125,650
Securities sold under repurchase agreements 90,872 103,024 106,497 103,846 91,038
Federal Home Loan Bank advances 228,196 244,468 294,101 310,100 268,680
Subordinated debentures, revolving credit
lines and term loans 115,826 115,826 115,826 110,826 102,206
----------- ----------- ----------- ----------- -----------
Total borrowings 586,250 574,462 568,774 620,469 587,574
Interest payable 6,658 7,621 8,325 9,170 10,417
Other liabilities 18,525 23,107 20,931 32,745 24,543
----------- ----------- ----------- ----------- -----------
Total liabilities 3,475,068 3,418,317 3,442,151 3,421,559 3,342,135
Stockholders' equity
Preferred stock, no-par value
Authorized and unissued -- 500,000 shares
Cumulative Preferred Stock, $1,000 par value:
Authorized -- 600 shares
Issued and outstanding 125 125
Common stock, $.125 stated value
Authorized -- 50,000,000 shares
Issued and outstanding 2,258 2,247 2,250 2,269 2,286
Additional paid-in capital 140,258 137,633 137,801 140,642 143,317
Retained earnings 209,059 206,710 202,750 197,609 193,460
Accumulated other comprehensive loss (4,308) 2,126 (2,865) (7,779) (11,683)
----------- ----------- ----------- ----------- ----------
Total stockholders' equity 347,392 348,841 339,936 332,741 327,380
----------- ----------- ----------- ----------- -----------
Total liabilities and stockholders' equity $ 3,822,460 $ 3,767,158 $ 3,782,087 $ 3,754,300 $ 3,669,515
=========== =========== =========== =========== ===========
NON PERFORMING ASSETS
June 30, March 31, December 31, September June 30,
2008 2008 2007 30, 2007 2007
Non Accrual Loans $ 34,410 $ 27,465 $ 29,031 $ 30,165 $ 30,820
Renegotiated Loans 136 142 145 58 58
---------- ---------- ----------- ---------- ----------
Non Performing Loans (NPL) 34,546 27,607 29,176 30,223 30,878
Real Estate Owned and Repossessed Assets
17,243 7,372 2,573 2,081 2,274
---------- ---------- ----------- ----------- -----------
Non Performing Assets (NPA) 51,789 34,979 31,749 32,304 33,152
90+ Days Delinquent 3,538 4,996 3,578 3,132 5,203
---------- ---------- ----------- ----------- -----------
NPAs & 90 Day Delinquent 55,327 39,975 35,327 35,436 38,355
Loan Loss Reserve 31,597 29,094 28,228 27,635 27,608
YTD Charge-offs 7,524 2,957 6,819 4,962 2,179
NPAs / Actual Assets % 1.35% 0.93% 0.84% 0.86% 0.90%
NPAs & 90 day / Actual Assets % 1.45% 1.06% 0.93% 0.94% 1.05%
NPAs / Actual Loans & REO (%) 1.70% 1.19% 1.10% 1.12% 1.18%
Loan Loss Reserves / Actual Loans (%) 1.05% 0.99% 0.98% 0.96% 0.98%
NCOs / YTD Average Loans (%) 0.26% 0.10% 0.24% 0.18% 0.08%
Page 6
<page>
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
June 30, March 31, December 31, September 30, June 30,
(in thousands, except share data) 2008 2008 2007 2007 2007
Loans receivable
Taxable $49,023 $51,101 $ 53,338 $ 53,081 $ 51,204
Tax exempt 178 165 302 368 249
Investment securities
Taxable 2,947 3,249 3,487 3,581 3,394
Tax exempt 1,452 1,513 1,623 1,613 1,651
Federal funds sold 3 8 39 41 91
Deposits with financial institutions 133 282 194 145 120
Federal Reserve and Federal Home Loan
Bank stock 370 335 344 328 299
-------- -------- -------- -------- --------
Total interest income 54,106 56,653 59,327 59,157 57,008
-------- -------- -------- -------- --------
Interest expense
Deposits 16,297 19,433 22,398 23,327 22,390
Federal funds purchased 577 669 692 996 1,047
Securities sold under repurchase agreements 632 816 1,182 1,195 910
Federal Home Loan Bank advances 2,825 3,036 3,250 3,302 3,009
Subordinated debentures, revolving credit
lines and term loans 1,602 1,890 1,910 1,802 2,037
-------- -------- -------- -------- --------
Total interest expense 21,933 25,844 29,432 30,622 29,393
-------- -------- -------- -------- --------
Net interest income 32,173 30,809 29,895 28,535 27,615
Provision for loan losses 7,070 3,823 2,450 2,810 1,648
-------- -------- -------- -------- --------
Net interest income
after provision for loan losses 25,103 26,986 27,445 25,725 25,967
-------- -------- -------- -------- --------
Other income
Service charges on deposit accounts 3,157 2,931 3,206 3,241 3,091
Fiduciary activities 2,126 2,142 2,094 1,985 2,257
Other customer fees 1,767 1,679 1,686 1,767 1,535
Commission income 1,427 1,669 1,031 1,175 1,269
Earnings on cash surrender value
of life insurance 606 738 1,186 998 782
Net gains and fees on sales of loans 668 643 546 749 611
Net realized gains (losses) on sales of
available-for-sale securities 13 73 1
Other income 570 652 383 933 221
-------- -------- -------- -------- --------
Total other income 10,334 10,527 10,133 10,848 9,766
-------- -------- -------- -------- --------
Other expenses
Salaries and employee benefits 15,698 16,098 14,738 14,583 14,796
Net occupancy 1,750 1,805 1,619 1,818 1,612
Equipment 1,643 1,654 1,619 1,645 1,783
Marketing 612 484 505 560 653
Outside data processing fees 1,009 882 872 972 1,036
Printing and office supplies 291 281 329 394 388
Core deposit amortization 808 790 789 789 790
Write-off of unamortized
underwriting expense 1,771
Other expenses 4,593 4,279 4,776 4,241 4,910
-------- -------- -------- -------- --------
Total other expenses 26,404 26,273 25,247 25,002 27,739
-------- -------- -------- -------- --------
Income before income tax 9,033 11,240 12,331 11,571 7,994
Income tax expense 2,491 3,114 3,021 3,221 1,786
-------- -------- -------- -------- --------
Net income $ 6,542 $8,126 $9,310 $8,350 $6,208
======== ======== ======== ======== ========
Per Share Data
Basic Net Income .37 $ .45 $ .51 $ .46 $ .34
Diluted Net Income .36 .45 .51 .46 .34
Cash Dividends Paid .23 .23 .23 .23 .23
Average Diluted Shares
Outstanding (in thousands) 18,159 18,055 18,138 18,276 18,369
FINANCIAL RATIOS
Return on Average Assets .69% .86% 1.00% .90% .69%
Return on Avg. Stockholders' Equity 7.46 9.43 11.10 10.14 7.53
Avg. Earning Assets to Avg. Assets 90.94 90.38 90.70 90.88 90.96
Allowance for Loan Losses as %
Of Total Loans 1.05 .99 .98 .96 .98
Net Charge Off's as % Of Avg. Loans
(Annualized) .61 .41 .26 .39 .12
Dividend Payout Ratio 63.85 51.10 45.10 50.00 67.65
Avg. Stockholders' Equity to Avg. Assets 9.30 9.17 8.98 8.91 9.15
Tax Equivalent Yield on Earning Assets 6.41 6.78 7.13 7.17 7.09
Cost of Supporting Liabilities 2.56 3.04 3.47 3.65 3.59
Net Int. Margin (FTE) on Earning Assets 3.85 3.74 3.66 3.52 3.50
Page 7
<page>
LOANS
(in thousands) June 30, March 31, December 31, September 30, June 30,
2008 2008 2007 2007 2007
Commercial and industrial loans $ 815,137 $ 724,643 $ 662,701 $626,301 $ 590,345
Agricultural production financing and
other loans to farmers 125,125 123,314 114,324 113,132 103,713
Real estate loans:
Construction 181,598 178,171 165,425 160,624 172,247
Commercial and farmland 954,672 961,431 947,234 912,063 895,301
Residential 718,065 728,956 744,627 769,890 768,392
Individuals' loans for household and
other personal expenditures 161,387 174,857 187,880 194,181 206,435
Tax exempt loans 22,553 11,646 16,423 28,726 23,181
Lease financing receivables, net of
unearned income 9,158 8,438 8,351 8,932 7,906
Other loans 30,901 26,254 29,878 55,152 38,548
---------- ---------- ------------ ----------- ----------
3,018,596 2,937,710 2,876,843 2,869,001 2,806,068
Allowance for loan losses (28,228) (27,635) (27,608) (31,597) (29,094)
---------- ---------- ------------ ----------- ----------
Total loans $ 2,986,999 $ 2,908,616 $ 2,848,615 $ 2,841,366 2,778,460
========== ========== ============= =========== ==========
DEPOSITS
(in thousands) June 30, March 31, December 31, September 30, June 30,
2008 2008 2007 2007 2007
Demand deposits $932,017 $ 881,498 $ 903,380 $ 825,185 $ 855,458
Savings deposits 546,951 562,942 552,379 508,139 494,738
Certificates and other time deposits
of $100,000 or more 444,967 459,038 470,733 472,842 443,355
Other certificates and time deposits 939,700 909,649 917,629 953,009 926,050
----------- ------------ ------------ ----------- -----------
Total deposits $2,863,635 $2,813,127 $2,844,121 $2,759,175 $ 2,719,601
============ ========== =========== ============ ===========
Page 8