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): October 22, 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 October 22, 2008 First Merchants Corporation issued a press release to
report its financial results for the second quarter ended September 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 October 22, 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: October 22, 2008
EXHIBIT INDEX
-------------
Exhibit No. Description
- ----------- -----------
99.1 Press Release, dated October 22, 2008, issued by
First Merchants Corporation.
First Merchants Corporation
Exhibit No. 99.1
Press Release, dated October 22, 2008
<page>
N / E / W / S R / E / L / E / A / S / E
October 22, 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 3rd QUARTER YEAR-TO-DATE NET INCOME OF
$20.4 MILLION.
First Merchants Corporation (NASDAQ - FRME) has reported third quarter 2008
diluted earnings per share of $.32, a decline from 2007 third quarter earnings
per share of $.46. Net Income for the quarter totaled $5.7 million, a decrease
from the 3rd quarter 2007 total of $8.3 million.
Year-to-date diluted earnings per share totaled $1.13, a decrease of 7.4
percent, from 2007 earnings per share of $1.22. Net Income totaled $20.4
million, a decline of $1.9 million from the prior year total of $22.3 million.
Total assets reached $3.8 billion at quarter-end, an increase of $110 million,
or 2.9 percent, from September 30, 2007. Loans and investments, the
Corporation's primary earning assets, totaled $3.47 billion, an increase of $122
million, or 3.6 percent, over the prior year. Loans accounted for $208 million
of the increase as investment securities declined by $86 million as spreads
between investment securities and borrowings remain below historical levels. At
September 30, 2008, the Corporation's tangible capital was 5.9%, tier 1 capital
was 7.3%, tier 1 risk based capital was 8.5% and total risk based capital was
11.2%.
Net-Interest margin expanded by 39 basis points from 3.52 percent in the third
quarter of 2007 to 3.91 percent in 2008. As a result, net-interest income
increased by $4.7 million, or 16.5 percent. Year-to-date net interest margin
improved by 32 basis points as net interest income increased by $13 million or
15.6 percent.
Provision expense totaled $7.1 million for the quarter, an increase of $4.3
million, as net charge-offs totaled $3.7 million. Year-to-date provision expense
totaled $18 million, an increase of $12 million over the prior year, as
charge-off's totaled $11.2 million. Non-performing assets increased from 84
basis points of total assets to 142 basis points during the year.
The Corporation's allowance for loan losses as a percent of total loans
increased from .96 to 1.14 percent since September 30, 2007. The increase totals
$7.4 million in additional reserves. The increased allowance for loan losses
total is comprised of a $2.0 million increase in the general historical loss
component, a $6.3 increase in environmental factors and a decline in specific
reserves of $924,000.
Total non-interest income decreased by $1.6 million, during the quarter, due
primarily to a $1.5 million write-off of FHLMC preferred stock. Total expenses
increased during the quarter by $2.1 million totaling $27.1 million.
Year-to-date non-interest income declined by $337,000 and non-interest expense
increased $2,857,000.
Michael C. Rechin, President and Chief Executive Officer, stated that, "First
Merchants has the people, strategies, capital, liquidity, and commitment to
weather the current environment. While our short-term earnings have been
impacted by credit costs, the strengthening of our balance sheet by building our
loan loss reserve is prudent for the future and warranted by the economic trends
we see in the Midwest. The volatility in our local markets and the capital
markets does create opportunity and we have been successful in the strategic
building of relationships and revenues."
Rechin continued, "First Merchants exceeds the Federal Reserve's capital
adequacy requirements and continues to meet their definition of "well
capitalized". Despite prudent provisioning, the Corporation's earnings and
liquidity remain strong." Rechin also added that, "We look forward to the
conclusion of our announced acquisition of Lincoln Bancorp. All required
applications for approval have been filed and, at this time, no delays are
expected in completing the transaction by our announced target date of December
31, 2008."
<page>
CONFERENCE CALL
First Merchants Corporation will conduct a conference call at 2:30 p.m. Eastern
Daylight Time on Wednesday, October 22, 2008. To participate, dial (Toll Free)
800-860-2442 and reference First Merchants Corporation's third quarter earnings.
A replay will be available until October 29, 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., and 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).
* * * *
<page>
<table>
CONSOLIDATED BALANCE SHEETS
(in thousands) September 30,
2008 2007
<s>
Assets
Cash and due from banks $ 69,846 $ 83,845
Federal funds sold 7,818 1,800
----------- -----------
Cash and cash equivalents 77,664 85,645
Interest-bearing time deposits 15,623 22,295
Investment securities 388,808 474,613
Mortgage loans held for sale 2,062 4,328
Loans 3,078,768 2,869,001
Less: Allowance for loan losses (34,985) (27,635)
----------- -----------
Net loans 3,043,783 2,841,366
Premises and equipment 44,402 44,255
Federal Reserve and Federal Home Loan Bank stock 25,494 25,050
Interest receivable 21,569 25,954
Core deposit intangibles and goodwill 135,701 136,266
Cash surrender value of life insurance 73,448 70,082
Other real estate owned 16,916 2,081
Other assets 18,604 22,365
----------- -----------
Total assets $ 3,864,074 $ 3,754,300
=========== ===========
Liabilities
Deposits
Noninterest-bearing 384,928 355,339
Interest-bearing 2,529,355 2,403,836
----------- -----------
Total deposits 2,914,283 2,759,175
Borrowings
Fed funds purchased 57,600 95,697
Securities sold under repurchase agreements 100,227 103,846
Federal Home Loan Bank advances 237,225 310,100
Subordinated debentures, revolving credit
lines and term loans 176,256 110,826
----------- -----------
Total borrowings 571,308 620,469
Interest payable 6,529 9,170
Other liabilities 19,861 32,745
----------- -----------
Total liabilities 3,511,981 3,421,559
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 - 18,125,090 and
18,153,828 shares 2,266 2,269
Additional paid-in capital 141,777 140,642
Retained earnings 210,605 197,609
Accumulated other comprehensive loss (2,680) (7,779)
----------- -----------
Total stockholders' equity 352,093 332,741
----------- -----------
Total liabilities and stockholders' equity $ 3,864,074 $ 3,754,300
=========== ===========
</table>
<table>
FINANCIAL HIGHLIGHTS
Three Months Ended Nine Months Ended
(in thousands) September 30, September 30,
2008 2007 2008 2007
NET CHARGE OFF'S $ 3,706 $ 2,783 $ 11,230 $ 4,962
AVERAGE BALANCES
Total Assets $ 3,844,905 $ 3,696,382 $ 3,791,362 $ 3,607,367
Total Loans 3,045,672 2,835,639 2,975,957 2,768,146
Total Deposits 2,929,774 2,776,346 2,867,237 2,732,117
Total Stockholders' Equity 349,652 329,474 348,396 329,147
FINANCIAL RATIOS
Return on Average Assets .60% .90% .72% .83%
Return on Avg. Stockholders' Equity 6.58 10.14 7.81 9.05
Avg. Earning Assets to Avg. Assets 91.02 90.88 90.78 90.98
Allowance for Loan Losses as %
of Total Loans 1.14 .96 1.14 .96
Net Charge Off's as % of Avg. Loans
(Annualized) .49 .39 .50 .24
Dividend Payout Ratio 71.88 50.00 61.06 56.56
Avg. Stockholders' Equity to Avg. Assets 9.09 8.91 9.19 9.12
Tax Equivalent Yield on Earning Assets 6.39 7.17 6.52 7.09
Cost of Supporting Liabilities 2.48 3.65 2.69 3.58
Net Int. Margin (FTE) on Earning Assets 3.91 3.52 3.83 3.51
<page>
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share data) Three Months Ended Nine Months Ended
September 30, September 30,
2008 2007 2008 2007
Interest income
Loans receivable
Taxable $ 49,828 $ 53,081 $149,952 $153,930
Tax exempt 321 368 664 818
Investment securities
Taxable 2,943 3,581 9,139 10,257
Tax exempt 1,379 1,613 4,344 4,925
Federal funds sold 10 41 21 133
Deposits with financial institutions 146 145 561 388
Federal Reserve and Federal Home Loan Bank stock 351 328 1,056 955
----------- ----------- ----------- -----------
Total interest income 54,978 59,157 165,737 171,406
----------- ----------- ----------- -----------
Interest expense
Deposits 16,213 23,327 51,943 67,523
Federal funds purchased 502 996 1,748 2,897
Securities sold under repurchase agreements 650 1,195 2,098 2,674
Federal Home Loan Bank advances 2,724 3,302 8,585 9,247
Subordinated debentures, revolving credit lines
and term loans 1,635 1,802 5,127 5,840
----------- ----------- ----------- -----------
Total interest expense 21,724 30,622 69,501 88,181
----------- ----------- ----------- -----------
Net interest income 33,254 28,535 96,236 83,225
Provision for loan losses 7,094 2,810 17,987 6,057
----------- ----------- ----------- -----------
Net interest income
After provision for loan losses 26,160 25,725 78,249 77,168
----------- ----------- ----------- -----------
Other income
Services charges on deposit accounts 3,568 3,241 9,656 9,215
Fiduciary activities 1,932 1,985 6,200 6,278
Other customer fees 1,696 1,767 5,142 4,793
Commission income 1,457 1,175 4,553 4,082
Earnings on cash surrender value
of life insurance 519 998 1,863 2,465
Net gains and fees on sales of loans 648 749 1,959 1,892
Net realized gains (losses) on sale of
available-for-sale securities (1,255) (1,169)
Other income 655 933 1,877 1,693
----------- ----------- ----------- -----------
Total other income 9,220 10,848 30,081 30,418
----------- ----------- ----------- -----------
Other expenses
Salaries and employee benefits 15,330 14,583 47,126 44,105
Net occupancy 1,857 1,818 5,412 5,028
Equipment 1,649 1,645 4,946 5,150
Marketing 605 560 1,701 1,700
Outside data processing fees 1,068 972 2,959 2,959
Printing and office supplies 281 394 853 1,081
Core deposit amortization 809 789 2,407 2,370
Write-off of unamortized underwriting expense 1,771
Other expenses 5,516 4,241 14,388 12,771
----------- ----------- ----------- -----------
Total other expenses 27,115 25,002 79,792 76,935
----------- ----------- ----------- -----------
Income before income tax 8,265 11,571 28,538 30,651
Income tax expense 2,516 3,221 8,121 8,322
----------- ----------- ----------- -----------
Net income $ 5,749 $ 8,350 $ 20,417 $ 22,329
=========== =========== =========== ===========
Per Share Data
Basic Net Income .32 .46 1.13 1.22
Diluted Net Income .32 .46 1.13 1.22
Cash Dividends Paid .23 .23 .69 .69
Average Diluted Shares
Outstanding (in thousands) 18,196 18,276 18,129 18,375
</table>
<page>
<table>
CONSOLIDATED BALANCE SHEETS
(in thousands) September 30, June 30, March 31, December 31, September 30,
2008 2008 2008 2007 2007
Assets
Cash and due from banks $ 69,846 $ 80,996 $ 89,961 $ 134,188 $ 83,845
Federal funds sold 7,818 495 1,800
----------- ----------- ----------- ----------- -----------
Cash and cash equivalents 77,664 80,996 89,961 134,683 85,645
Interest-bearing time deposits 15,623 7,267 21,280 24,931 22,295
Investment securities 388,808 408,324 426,055 451,167 474,613
Mortgage loans held for sale 2,062 3,234 3,494 3,735 4,328
Loans 3,078,768 3,018,596 2,937,710 2,876,843 2,869,001
Less: Allowance for loan losses (34,985) (31,597) (29,094) (28,228) (27,635)
----------- ----------- ----------- ----------- -----------
Net loans 3,043,783 2,986,999 2,908,616 2,848,615 2,841,366
Premises and equipment 44,402 44,232 44,526 44,445 44,255
Federal Reserve and Federal Home Loan Bank Stock 25,494 25,455 25,345 25,250 25,050
Interest receivable 21,569 19,680 21,212 23,402 25,954
Core deposit intangibles and goodwill 135,701 136,230 135,056 135,856 136,266
Cash surrender value of life insurance 73,448 72,948 71,663 70,970 70,082
Other real estate owned 16,916 17,243 7,372 2,573 2,081
Other assets 18,604 19,852 12,578 16,460 22,365
----------- ----------- ----------- ----------- -----------
Total assets $ 3,864,074 $ 3,822,460 $ 3,767,158 $ 3,782,087 $ 3,754,300
=========== =========== =========== =========== ===========
Liabilities
Deposits
Noninterest-bearing 384,928 403,152 380,364 370,397 355,339
Interest-bearing 2,529,355 2,460,483 2,432,763 2,473,724 2,403,836
----------- ----------- ----------- ----------- -----------
Total deposits 2,914,283 2,863,635 2,813,127 2,844,121 2,759,175
Borrowings
Fed funds purchased 57,600 151,356 111,144 52,350 95,697
Securities sold under repurchase agreements 100,227 90,872 103,024 106,497 103,846
Federal Home Loan Bank advances 237,225 228,196 244,468 294,101 310,100
Subordinated debentures, revolving credit,
lines and term loans 176,256 115,826 115,826 115,826 110,826
----------- ----------- ----------- ----------- -----------
Total borrowings 571,308 586,250 574,462 568,774 620,469
Interest payable 6,529 6,658 7,621 8,325 9,170
Other liabilities 19,861 18,525 23,107 20,931 32,745
----------- ----------- ----------- ----------- -----------
Total liabilities 3,511,981 3,475,068 3,418,317 3,442,151 3,421,559
Stockholders' equity
Preferred stock, no-par value
Authorized and unissued - 500,000 shares
Cumulative Preferred Stock, $1,000 par value:
Authorized - 600 shares 125 125 125
Issued and outstanding
Common stock, $.125 stated value
Authorized - 50,000,000 shares
Issued and outstanding 2,266 2,258 2,247 2,250 2,269
Additional paid-in capital 141,777 140,258 137,633 137,801 140,642
Retained earnings 210,605 209,059 206,710 202,750 197,609
Accumulated other comprehensive loss (2,680) (4,308) 2,126 (2,865) (7,779)
----------- ----------- ----------- ----------- -----------
Total stockholders' equity 352,093 347,392 348,841 339,936 332,741
----------- ----------- ----------- ----------- -----------
Total liabilities and stockholders' equity $ 3,864,074 $ 3,822,460 $ 3,767,158 $ 3,782,087 $ 3,754,300
=========== =========== =========== =========== ===========
NON PERFORMING ASSETS
September 30, June 30, March 31, December 31, September 30,
2008 2008 2008 2007 2007
Non Accrual Loans 37,879 34,410 27,465 29,031 30,165
Renegotiated Loans 135 136 142 145 58
----------- ----------- ----------- ----------- -----------
Non Performing Loans (NPL) 38,014 34,546 27,607 29,176 30,223
Real Estate Owned and Repossessed Assets 16,916 17,243 7,372 2,573 2,081
----------- ----------- ----------- ----------- -----------
Non Performing Assets (NPA) 54,930 51,789 34,979 31,749 32,304
90+ Days Delinquent 8,056 3,538 4,996 3,578 3,132
----------- ----------- ----------- ----------- -----------
NPAs & 90 Day Delinquent 62,986 55,327 39,975 35,327 35,436
Loan Loss Reserve 34,985 31,597 29,094 28,228 27,635
YTD Charge-offs 11,230 7,524 2,957 6,819 4,962
NPAs / Actual Assets % 1.42% 1.35% 0.93% 0.84% 0.86%
NPAs & 90 Day / Actual Assets % 1.63% 1.45% 1.06% 0.93% 0.94%
NPAs / Actual Loans & REO (%) 1.77% 1.70% 1.19% 1.10% 1.12%
Loan Loss Reserves / Actual Loans (%) 1.14% 1.05% 0.99% 0.98% 0.96%
NCOs / YTD Average Loans (%) 0.38% 0.26% 0.10% 0.24% 0.18%
<page>
CONSOLIDATED STATEMENTS OF INCOME
September 30, June 30, March 31, December 31, September 30,
(in thousands, except share data) 2008 2008 2008 2007 2007
Loans receivable
Taxable $ 49,828 $ 49,023 $ 51,101 $ 53,338 $ 53,081
Tax exempt 321 178 165 302 368
Investment securities
Taxable 2,943 2,947 3,249 3,487 3,581
Tax exempt 1,379 1,452 1,513 1,623 1,613
Federal funds sold 10 3 8 39 41
Deposits with financial institutions 146 133 282 194 145
Federal Reserve and Federal Home Loan
Bank stock 351 370 335 344 328
----------- ----------- ----------- ----------- -----------
Total interest income 54,978 54,106 56,653 59,327 59,157
----------- ----------- ----------- ----------- -----------
Interest expense
Deposits 16,213 16,297 19,433 22,398 23,327
Federal funds purchased 502 577 669 692 996
Securities sold under repurchase agreements 650 632 816 1,182 1,195
Federal Home Loan Bank advances 2,724 2,825 3,036 3,250 3,302
Subordinated debentures, revolving credit
lines and term loans 1,635 1,602 1,890 1,910 1,802
---------- ----------- ----------- ----------- -----------
Total interest expense 21,724 21,933 25,844 29,432 30,622
---------- ----------- ----------- ----------- -----------
Net interest income 33,254 32,173 30,809 29,895 28,535
Provision for loan losses 7,094 7,070 3,823 2,450 2,810
---------- ----------- ----------- ----------- -----------
Net interest income
After provision for loan losses 26,160 25,103 26,986 27,445 25,725
Other income
Service charges on deposit accounts 3,568 3,157 2,931 3,206 3,241
Fiduciary activities 1,932 2,126 2,142 2,094 1,985
Other customer fees 1,696 1,767 1,679 1,686 1,767
Commission income 1,457 1,427 1,669 1,031 1,175
Earnings on cash surrender value
of life insurance 519 606 738 1,186 998
Net gains and fees on sales of loans 648 668 643 546 749
Net realized gains (losses) on sales of
available-for-sale securities (1,255) 13 73 1
Other income 655 570 652 383 933
----------- ----------- ----------- ----------- -----------
Total other income 9,220 10,334 10,527 10,133 10,848
----------- ----------- ----------- ----------- -----------
Other expenses
Salaries and employee benefits 15,330 15,698 16,098 14,738 14,583
Net occupancy 1,857 1,750 1,805 1,619 1,818
Equipment 1,649 1,643 1,654 1,619 1,645
Marketing 605 612 484 505 560
Outside data processing fees 1,068 1,009 882 872 972
Printing and office supplies 281 291 281 329 394
Core deposit amortization 809 808 790 789 789
Other expenses 5,516 4,593 4,279 4,776 4,241
----------- ----------- ----------- ----------- -----------
Total other expenses 27,115 26,404 26,273 25,247 25,002
----------- ----------- ----------- ----------- -----------
Income before income tax 8,265 9,033 11,240 12,331 11,571
Income tax expense 2,516 2,491 3,114 3,021 3,221
----------- ----------- ----------- ----------- -----------
Net income $ 5,749 $ 6,542 $ 8,126 $ 9,310 $ 8,350
=========== =========== =========== =========== ===========
Per Share Data
Basic Net Income .32 .37 .45 .51 .46
Diluted Net Income .32 .36 .45 .51 .46
Cash Dividends Paid .23 .23 .23 .23 .23
Average Diluted Shares
Outstanding (in thousands) 18,196 18,159 18,055 18,138 18,276
FINANCIAL RATIOS
Return on Average Assets .60% .69% .86% 1.00% .90%
Return on Average Stockholders' Equity 6.58 7.46 9.43 11.10 10.14
Avg. Earning Assets to Avg. Assets 91.02 90.94 90.38 90.70 90.88
Allowance for Loan Losses as %
of Total Loans 1.14 1.05 .99 .98 .96
Net Charge Off's as % of Average Loans
(Annualized) .49 .61 .41 .26 .39
Dividend Payout Ratio 71.88 63.85 51.10 45.10 50.00
Average Stockholders' Equity to Average Assets 9.09 9.30 9.17 8.98 8.91
Tax Equivalent Yield on Earning Assets 6.39 6.41 6.78 7.13 7.17
Cost of Supporting Liabilities 2.48 2.56 3.04 3.47 3.65
Net Interest Margin (FTE) on Earning Assets 3.91 3.85 3.74 3.66 3.52
<page>
LOANS
September 30, June 30, March 31, December 31, September 30,
(in thousands, except share data) 2008 2008 2008 2007 2007
Commercial and industrial loans $ 851,233 $ 815,137 $ 724,643 $ 662,701 $626,301
Agricultural production financing and
other loans to farmers 136,176 125,125 123,314 114,324 113,132
Real estate loans:
Construction 167,512 181,598 178,171 165,425 160,624
Commercial and farmland 966,259 954,672 961,431 947,234 912,063
Residential 731,065 718,065 728,956 744,627 769,890
Individuals' loans for household and
other personal expenditures 145,345 161,387 174,857 187,880 194,181
Tax exempt loans 34,010 22,553 11,646 16,423 28,726
Lease financing receivables, net of
unearned income 9,262 9,158 8,438 8,351 8,932
Other loans 37,906 30,901 26,254 29,878 55,152
----------- ----------- ----------- ----------- -----------
3,078,768 3,018,596 2,937,710 2,876,843 2,869,001
Allowance for loan losses (34,985) (31,597) (29,094) (28,228) (27,635)
----------- ----------- ----------- ----------- -----------
Total loans $ 3,043,783 $ 2,986,999 $ 2,908,616 $ 2,848,615 $ 2,841,366
=========== =========== =========== =========== ===========
DEPOSITS
September 30, June 30, March 31, December 31, September 30,
2008 2008 2008 2007 2007
(in thousands)
Demand deposits $921,034 $932,017 $881,498 $903,380 $825,185
Savings deposits 540,596 546,951 562,942 552,379 508,139
Certificates and other time deposits of
$100,000 or more 469,426 444,967 459,038 470,733 472,842
Other certificates and time deposits 983,227 939,700 909,649 917,629 953,009
----------- ----------- ----------- ----------- -----------
Total deposits $ 2,914,283 $ 2,863,635 $ 2,813,127 $ 2,844,121 $ 2,759,175
=========== =========== =========== =========== ===========
</table>