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First Merchants Corp.$37.32($.32)(.85%)

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 First Merchants Corporation Announces Record Fourth Quarter and Full Year 2016 Results
   Thursday, January 26, 2017 10:51:01 AM ET

First Merchants Corporation (FRME ) reported record 4th quarter 2016 net income of $22.3 million, compared to $14.2 million during the 4th quarter of 2015. Earnings per share for the period totaled a record $.55 per share, an increase of $.18 per share, or 48.6 percent, over the same period in 2015.

Year-to-date net income totaled a record $81.1 million, compared to $65.4 million during the same period in 2015. Earnings per share for the full year of 2016 totaled a record $1.98 per share, an increase of $.26 per share, or 15.1 percent over the same period in 2015.

Michael C. Rechin, President and Chief Executive Officer, stated, "First Merchants’ 2016 results included record performance throughout nearly every category of the balance sheet and income statement which resulted in successful achievement of our year’s high performance targets. Crisp execution, the economic and interest rate outlook, combined with our recently announced Columbus, Ohio expansion, position us to deliver sustained value through 2017 and beyond."



Total assets and total loans reached new heights totaling $7.2 billion and $5.1 billion, respectively, as of December 31, 2016; compared to $6.8 billion and $4.7 billion, as of year-end 2015. The organic growth equaled $451 million, or 6.7 percent in total assets and $446 million, or 9.5 percent in total loans. Total deposits also increased during the year by $267 million, or 5 percent totaling $5.6 billion and tangible common equity increased to record levels totaling $643 million and $15.85 per share.

Net-interest income totaled a record $226.5 million for the full year of 2016, an increase of $30.1 million over the $196.4 million total from 2015. The increase can be attributed to several factors including the closing of our Ameriana Bancorp acquisition on December 31, 2015, organic earning asset growth and the expansion of our net-interest margin of 9 basis points. Net-interest margin for 2016 totaled 3.89 percent as yields on earning assets totaled 4.32 percent and the cost of supporting liabilities totaled .43 percent. When adjusted for fair value accretion, net-interest margin totaled 3.69 percent for the year, 4 basis points more than the full year 2015 of 3.65.

Non-interest income totaled $65.2 million for the full year of 2016. When normalized for insurance commission income, the gains on the sale of First Merchants Insurance Group, the cancellation of trust preferred debt, and sales of securities, non-interest income increased by 15.1 percent.

Non-interest expense totaled $177.4 million for the full year 2016, an increase of $2.6 million or 1.5 percent from 2015. The increase includes a full year of expenses from our 2015 acquisitions, off-set by the elimination of operating expenses related to the First Merchants Insurance Group.

The Corporation’s provision expense totaled $5.7 million during the full year 2016 as net charge-offs totaled $2.1 million resulting in growth in the allowance for loan losses of $3.6 million to cover loan growth during the year. Non-accrual loans now total $30.0 million, down from the 2015 total of $31.4 million. The allowance for loan losses increased $4 million and now totals $66 million. The allowance is 1.28 percent of total loans and 1.47 percent of non-purchased loans.

As of December 31, 2016, the Corporation’s total risk-based capital ratio equaled 14.21 percent, common equity tier 1 capital ratio equaled 11.10 percent and the tangible common equity ratio totaled 9.24 percent.

The previous reference to our expansion in Columbus, Ohio relates to our proposed merger with The Arlington Bank which was announced in an 8-K filed yesterday, January 25, 2017.

CONFERENCE CALL

First Merchants Corporation will conduct a fourth quarter earnings conference call and web cast at 2:30 p.m. (ET) on Thursday, January 26, 2017.

To participate, dial (Toll Free) 877-507-0578 and reference First Merchants Corporation’s fourth quarter earnings release. International callers please call +1 412-317-1073. A replay of the call will be available until February 26, 2017. 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 10098245.

In order to view the web cast and presentation slides, please go to http://services.choruscall.com/links/frme170126.html during the time of the call. A replay of the web cast will be available until January 26, 2018.

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, which also operates as Lafayette Bank & Trust, and First Merchants Private Wealth Advisors which operates as a division of First Merchants Bank.

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

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

Forward-Looking Statements

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

                                                                                                            
CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands)                                                                                                                     December 31,
                                                                                                        2016                                                                          2015
                                                                                        ------------------------------------                                          ------------------------------------
ASSETS
  Cash and cash equivalents                                                                $   127,927                                                                   $   102,170
  Interest-bearing time deposits                                                                24,459                                                                        32,315
  Investment securities                                                                      1,304,505                                                                     1,276,999
  Loans held for sale                                                                            2,929                                                                         9,894
  Loans                                                                                      5,139,645                                                                     4,693,822
    Less: Allowance for loan losses                                                            (66,037 )                                                                     (62,453 )
                                                                                        -----------------------------------                                           -----------------------------------
      Net loans                                                                              5,073,608                                                                     4,631,369
  Premises and equipment                                                                        94,432                                                                        97,648
  Federal Reserve and Federal Home Loan Bank stock                                              17,964                                                                        37,633
  Interest receivable                                                                           26,194                                                                        24,415
  Core deposit intangibles and goodwill                                                        258,866                                                                       259,764
  Cash surrender value of life insurance                                                       201,671                                                                       200,539
  Other real estate owned                                                                        8,966                                                                        17,257
  Tax asset, deferred and receivable                                                            39,384                                                                        46,977
  Other assets                                                                                  30,706                                                     24,023  
                                                                                        -----------------------------------                                           -----------------------------------
      TOTAL ASSETS                                                                         $ 7,211,611                                                $ 6,761,003  
                                                                                        ==== ========= ====================                                           ==== ========= ====================
LIABILITIES
  Deposits:
    Noninterest-bearing                                                                    $ 1,348,267                                                                   $ 1,266,027
    Interest-bearing                                                                         4,208,231                                                  4,023,620  
                                                                                        -----------------------------------                                           -----------------------------------
      Total Deposits                                                                         5,556,498                                                                     5,289,647
  Borrowings:
    Federal funds purchased                                                                    120,349                                                                        49,721
    Securities sold under repurchase agreements                                                146,480                                                                       155,325
    Federal Home Loan Bank advances                                                            298,923                                                                       235,652
    Subordinated debentures and term loans                                                     128,445                                                    127,846  
                                                                                        -----------------------------------                                           -----------------------------------
      Total Borrowings                                                                         694,197                                                                       568,544
    Interest payable                                                                             3,110                                                                         3,092
    Other liabilities                                                                           56,149                                                     49,211  
                                                                                        -----------------------------------                                           -----------------------------------
      Total Liabilities                                                                      6,309,954                                                                     5,910,494
STOCKHOLDERS’ EQUITY
  Cumulative Preferred Stock, $1,000 par value, $1,000 liquidation
  value:
    Authorized -- 600 shares
    Issued and outstanding - 125 shares                                                            125                                                                           125
  Common Stock, $.125 stated value:
    Authorized -- 50,000,000 shares
    Issued and outstanding - 40,912,697 and 40,664,259 shares                                    5,114                                                                         5,083
  Additional paid-in capital                                                                   509,018                                                                       504,530
  Retained earnings                                                                            400,981                                                                       342,133
  Accumulated other comprehensive loss                                                         (13,581 )                                                                      (1,362 )
                                                                                        -----------------------------------                                           -----------------------------------
      Total Stockholders’ Equity                                                               901,657                                                    850,509  
                                                                                        -----------------------------------                                           -----------------------------------
      TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY                                           $ 7,211,611                                                $ 6,761,003  
                                                                                        ==== ========= ====================                                           ==== ========= ====================
                                                                                                                                                          
CONSOLIDATED STATEMENTS OF INCOME                                                                                      Three Months Ended                                                                                Twelve Months Ended
(Dollars In Thousands, Except Per Share Amounts)                                                                          December 31,                                                                                      December 31,
                                                                                                  2016                               2015                                                   2016                     2015
                                                                                    --------------------------------                     -----------------------------------                     ---------------------------------                     ------------
INTEREST INCOME
  Loans receivable:
    Taxable                                                                           $ 53,895                                                $ 45,897                                             $ 210,302                                             $ 180,805
    Tax-exempt                                                                           2,096                                                   1,285                                                 6,525                                                 3,459
  Investment securities:
    Taxable                                                                              3,893                                                   4,363                                                16,415                                                17,885
    Tax-exempt                                                                           4,862                                                   4,444                                                18,622                                                16,922
  Deposits with financial institutions                                                      67                                                      67                                                   350                                                   160
  Federal Reserve and Federal Home Loan Bank stock                                         192                                  458                              1,098                              1,967
                                                                                    -------------------------------                      ----------------------------------                      --------------------------------                      ------------
      Total Interest Income                                                             65,005                               56,514                            253,312                            221,198
                                                                                    -------------------------------                      ----------------------------------                      --------------------------------                      ------------
INTEREST EXPENSE
  Deposits                                                                               3,886                                                   3,938                                                15,914                                                14,855
  Federal funds purchased                                                                   40                                                       5                                                   102                                                    74
  Securities sold under repurchase agreements                                               91                                                     104                                                   374                                                   368
  Federal Home Loan Bank advances                                                          797                                                     728                                                 3,264                                                 2,836
  Subordinated debentures and term loans                                                 1,817                                1,665                              7,185                              6,661
                                                                                    -------------------------------                      ----------------------------------                      --------------------------------                      ------------
      Total Interest Expense                                                             6,631                                6,440                             26,839                             24,794
                                                                                    -------------------------------                      ----------------------------------                      --------------------------------                      ------------
NET INTEREST INCOME                                                                     58,374                                                  50,074                                               226,473                                               196,404
  Provision for loan losses                                                              2,417                                                                   5,657                                417
                                                                                    -------------------------------                      -----------------------------------                     --------------------------------                      ------------
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES                                     55,957                               50,074                            220,816                            195,987
                                                                                    -------------------------------                      ----------------------------------                      --------------------------------                      ------------
OTHER INCOME
  Service charges on deposit accounts                                                    4,534                                                   4,118                                                17,762                                                16,201
  Fiduciary activities                                                                   2,500                                                   2,138                                                 9,818                                                 9,196
  Other customer fees                                                                    4,784                                                   4,534                                                19,315                                                16,959
  Commission income                                                                                                                                                                                                                                          4,147
  Earnings on cash surrender value of life insurance                                       886                                                     822                                                 4,273                                                 2,919
  Net gains and fees on sales of loans                                                   1,886                                                   1,308                                                 7,052                                                 6,483
  Net realized gains on sales of available for sale securities                             847                                                     623                                                 3,389                                                 2,670
  Gain on sale of insurance subsidiary                                                                                                                                                                                                                       8,265
  Other income                                                                             683                                  488                              3,594                              3,028
                                                                                    -------------------------------                      ----------------------------------                      --------------------------------                      ------------
      Total Other Income                                                                16,120                               14,031                             65,203                             69,868
                                                                                    -------------------------------                      ----------------------------------                      --------------------------------                      ------------
OTHER EXPENSES
  Salaries and employee benefits                                                        22,994                                                  25,796                                               102,552                                               101,908
  Net occupancy                                                                          4,568                                                   3,649                                                16,997                                                14,668
  Equipment                                                                              3,069                                                   2,683                                                12,497                                                10,787
  Marketing                                                                                790                                                     915                                                 3,008                                                 3,493
  Outside data processing fees                                                           2,672                                                   1,632                                                 9,148                                                 7,109
  Printing and office supplies                                                             301                                                     343                                                 1,348                                                 1,353
  Core deposit amortization                                                                977                                                     692                                                 3,910                                                 2,835
  FDIC assessments                                                                         550                                                     939                                                 3,036                                                 3,655
  Other real estate owned and foreclosure expenses                                         574                                                   1,040                                                 2,877                                                 3,956
  Professional and other outside services                                                1,634                                                   3,544                                                 6,516                                                 9,855
  Other expenses                                                                         3,805                                4,277                             15,470                             15,187
                                                                                    -------------------------------                      ----------------------------------                      --------------------------------                      ------------
      Total Other Expenses                                                              41,934                               45,510                            177,359                            174,806
                                                                                    -------------------------------                      ----------------------------------                      --------------------------------                      ------------
INCOME BEFORE INCOME TAX                                                                30,143                                                  18,595                                               108,660                                                91,049
  Income tax expense                                                                     7,850                                4,418                             27,609                             25,665
                                                                                    -------------------------------                      ----------------------------------                      --------------------------------                      ------------
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS                                           $ 22,293                             $ 14,177                          $  81,051                          $  65,384
                                                                                    === ====== ====================                      ====== ====== ====================                      === ======= ====================                      === =======
Per Share Data:
  Basic Net Income Available to Common Stockholders                                   $   0.55                                                $   0.37                                             $    1.99                                             $    1.73
  Diluted Net Income Available to Common Stockholders                                 $   0.55                                                $   0.37                                             $    1.98                                             $    1.72
  Cash Dividends Paid                                                                 $   0.15                                                $   0.11                                             $    0.54                                             $    0.41
  Average Diluted Shares Outstanding (in thousands)                                     41,124                                                  38,191                                                41,013                                                38,088
                                                                                                                     
FINANCIAL HIGHLIGHTS
(Dollars in thousands)                                                                        Three Months Ended                                                                                   Twelve Months Ended
                                                                                                 December 31,                                                                                         December 31,
                                                                                  2016                                   2015                                                        2016                                    2015
                                                                           ------------------                     ------------------                                          ------------------                     ---------------------
NET CHARGE OFF’S                                                              $      (164 )                          $       408                                                 $     2,073                              $     1,928
                                                                                                                                                                                                                      
AVERAGE BALANCES:
  Total Assets                                                                $ 7,086,456                            $ 6,301,222                                                 $ 6,899,265                              $ 6,085,687
  Total Loans                                                                   5,008,066                              4,351,621                                                   4,814,005                                4,179,839
  Total Earning Assets                                                          6,367,973                              5,678,050                                                   6,180,050                                5,464,829
  Total Deposits                                                                5,585,468                              4,994,624                                                   5,438,217                                4,806,503
  Total Stockholders’ Equity                                                      903,610                                774,560                                                     884,664                                  753,724
                                                                                                                                                                                                                      
FINANCIAL RATIOS:
  Return on Average Assets                                                           1.26  %                                0.90  %                                                     1.17  %                                  1.07   %
  Return on Average Stockholders’ Equity                                             9.87                                   7.32                                                        9.16                                     8.67
  Return on Average Common Stockholders’ Equity                                      9.87                                   7.32                                                        9.16                                     8.68
  Average Earning Assets to Average Assets                                          89.86                                  90.11                                                       89.58                                    89.80
  Allowance for Loan Losses as % of Total Loans                                      1.28                                   1.33                                                        1.28                                     1.33
  Net Charge Off’s as % of Average Loans (Annualized)                               (0.01 )                                 0.04                                                        0.04                                     0.05
  Average Stockholders’ Equity to Average Assets                                    12.75                                  12.29                                                       12.82                                    12.39
  Tax Equivalent Yield on Earning Assets                                             4.32                                   4.20                                                        4.32                                     4.25
  Cost of Supporting Liabilities                                                     0.42                                   0.45                                                        0.43                                     0.45
  Net Interest Margin (FTE) on Earning Assets                                        3.90                                   3.75                                                        3.89                                     3.80
  Efficiency Ratio                                                                  52.18                                  65.77                                                       56.51                                    61.19
  Tangible Common Book Value Per Share                                        $     15.85                            $     14.68                                                 $     15.85                              $     14.68
                                                                                                                                                                                                
NON-PERFORMING ASSETS
(Dollars In Thousands)                                                              December 31,                                          September 30,                                           June 30,                                             March 31,                                           December 31,
                                                                                        2016                                                  2016                                                  2016                                                 2016                                                  2015
                                                                         ----------------------------------                     ---------------------------------                     --------------------------------                     --------------------------------                     -----------------------------------
Non-Accrual Loans                                                           $ 29,998                                               $ 34,105                                             $ 33,565                                             $ 36,719                                                $ 31,389
Renegotiated Loans                                                             4,747                               3,940                             4,299                             1,015                                1,923  
                                                                         ---------------------------------                      --------------------------------                      -------------------------------                      -------------------------------                      ----------------------------------
Non-Performing Loans (NPL)                                                    34,745                                                 38,045                                               37,864                                               37,734                                                  33,312
Other Real Estate Owned                                                        8,966                              10,242                            13,219                            15,626                               17,257  
                                                                         ---------------------------------                      --------------------------------                      -------------------------------                      -------------------------------                      ----------------------------------
Non-Performing Assets (NPA)                                                   43,711                                                 48,287                                               51,083                                               53,360                                                  50,569
90+ Days Delinquent                                                              112                               1,625                               362                               963                                  907  
                                                                         ---------------------------------                      --------------------------------                      -------------------------------                      -------------------------------                      ----------------------------------
NPAs & 90 Day Delinquent                                                    $ 43,823                            $ 49,912                          $ 51,445                          $ 54,323                             $ 51,476  
                                                                         ==== ====== =====================                      ==== ====== ====================                      === ====== ====================                      === ====== ====================                      ====== ====== ====================
                                                                                                                                                                                                                                                                                                 
Loan Loss Reserve                                                           $ 66,037                                               $ 63,456                                             $ 62,186                                             $ 62,086                                                $ 62,453
Quarterly Net Charge-off’s                                                      (164 )                                                  630                                                  690                                                  917                                                     408
NPAs / Actual Assets %                                                          0.61  %                             0.69 %                                               0.74                    %                            0.78                    %                               0.75 %
NPAs & 90 Day / Actual Assets %                                                 0.61  %                             0.71 %                                               0.74                    %                            0.80                    %                               0.76 %
NPAs / Actual Loans and OREO %                                                  0.85  %                             0.97 %                                               1.06                    %                            1.13                    %                               1.07 %
Loan Loss Reserves / Actual Loans (%)                                           1.28  %                             1.28 %                                               1.29                    %                            1.32                    %                               1.33 %
Net Charge Off’s as % of Average Loans (Annualized)                            (0.01 )%                                                0.05 %                                               0.06                    %                            0.08                    %                               0.04 %
                                                                                                                                                                                                                            
CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands)                                                                              December 31,                                             September 30,                                              June 30,                                                 March 31,                                              December 31,
                                                                                                        2016                                                     2016                                                     2016                                                     2016                                                     2015
                                                                                        ------------------------------------                     ------------------------------------                     ------------------------------------                     ------------------------------------                     ------------------------------------
ASSETS
  Cash and cash equivalents                                                                $   127,927                                              $    99,602                                              $   120,471                                              $    85,738                                              $   102,170
  Interest-bearing time deposits                                                                24,459                                                   33,803                                                   62,533                                                   77,453                                                   32,315
  Investment securities                                                                      1,304,505                                                1,300,428                                                1,297,801                                                1,270,777                                                1,276,999
  Loans held for sale                                                                            2,929                                                    1,482                                                   18,854                                                    3,628                                                    9,894
  Loans                                                                                      5,139,645                                                4,973,844                                                4,791,429                                                4,709,907                                                4,693,822
    Less: Allowance for loan losses                                                            (66,037 )                                                (63,456 )                                                (62,186 )                                                (62,086 )                                                (62,453 )
                                                                                        -----------------------------------                      -----------------------------------                      -----------------------------------                      -----------------------------------                      -----------------------------------
      Net loans                                                                              5,073,608                                                4,910,388                                                4,729,243                                                4,647,821                                                4,631,369
  Premises and equipment                                                                        94,432                                                   95,540                                                   95,170                                                   96,494                                                   97,648
  Federal Reserve and Federal Home Loan Bank stock                                              17,964                                                   18,044                                                   18,096                                                   37,553                                                   37,633
  Interest receivable                                                                           26,194                                                   23,652                                                   23,351                                                   22,836                                                   24,415
  Core deposit intangibles and goodwill                                                        258,866                                                  259,844                                                  260,821                                                  261,799                                                  259,764
  Cash surrender value of life insurance                                                       201,671                                                  201,856                                                  201,417                                                  200,549                                                  200,539
  Other real estate owned                                                                        8,966                                                   10,242                                                   13,219                                                   15,626                                                   17,257
  Tax asset, deferred and receivable                                                            39,384                                                   31,779                                                   32,547                                                   47,982                                                   46,977
  Other assets                                                                                  30,706                                35,692                                32,895                                30,283                                24,023  
                                                                                        -----------------------------------                      -----------------------------------                      -----------------------------------                      -----------------------------------                      -----------------------------------
      TOTAL ASSETS                                                                         $ 7,211,611                           $ 7,022,352                           $ 6,906,418                           $ 6,798,539                           $ 6,761,003  
                                                                                        ==== ========= ====================                      ==== ========= ====================                      ==== ========= ====================                      ==== ========= ====================                      ==== ========= ====================
LIABILITIES
  Deposits:
    Noninterest-bearing                                                                    $ 1,348,267                                              $ 1,307,886                                              $ 1,253,747                                              $ 1,282,462                                              $ 1,266,027
    Interest-bearing                                                                         4,208,231                             4,136,354                             4,153,807                             4,028,608                             4,023,620  
                                                                                        -----------------------------------                      -----------------------------------                      -----------------------------------                      -----------------------------------                      -----------------------------------
      Total Deposits                                                                         5,556,498                                                5,444,240                                                5,407,554                                                5,311,070                                                5,289,647
  Borrowings:
    Federal funds purchased                                                                    120,349                                                   58,358                                                   20,000                                                      602                                                   49,721
    Securities sold under repurchase agreements                                                146,480                                                  138,671                                                  140,777                                                  150,134                                                  155,325
    Federal Home Loan Bank advances                                                            298,923                                                  297,022                                                  268,579                                                  263,588                                                  235,652
    Subordinated debentures and term loans                                                     128,445                               128,288                               127,678                               127,523                               127,846  
                                                                                        -----------------------------------                      -----------------------------------                      -----------------------------------                      -----------------------------------                      -----------------------------------
      Total Borrowings                                                                         694,197                                                  622,339                                                  557,034                                                  541,847                                                  568,544
    Interest payable                                                                             3,110                                                    3,733                                                    3,051                                                    3,910                                                    3,092
    Other liabilities                                                                           56,149                                51,175                                51,229                                74,449                                49,211  
                                                                                        -----------------------------------                      -----------------------------------                      -----------------------------------                      -----------------------------------                      -----------------------------------
      Total Liabilities                                                                      6,309,954                                                6,121,487                                                6,018,868                                                5,931,276                                                5,910,494
STOCKHOLDERS’ EQUITY
  Cumulative Preferred Stock, $1,000 par value, $1,000 liquidation
  value:
    Authorized -- 600 shares
    Issued and outstanding                                                                         125                                                      125                                                      125                                                      125                                                      125
  Common Stock, $.125 stated value:
    Authorized -- 50,000,000 shares
    Issued and outstanding                                                                       5,114                                                    5,100                                                    5,097                                                    5,094                                                    5,083
  Additional paid-in capital                                                                   509,018                                                  506,848                                                  505,725                                                  504,661                                                  504,530
  Retained earnings                                                                            400,981                                                  384,868                                                  369,568                                                  355,317                                                  342,133
  Accumulated other comprehensive income (loss)                                                (13,581 )                                                  3,924                                 7,035                                 2,066                                (1,362 )
                                                                                        -----------------------------------                      -----------------------------------                      -----------------------------------                      -----------------------------------                      -----------------------------------
      Total Stockholders’ Equity                                                               901,657                               900,865                               887,550                               867,263                               850,509  
                                                                                        -----------------------------------                      -----------------------------------                      -----------------------------------                      -----------------------------------                      -----------------------------------
      TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY                                           $ 7,211,611                           $ 7,022,352                           $ 6,906,418                           $ 6,798,539                           $ 6,761,003  
                                                                                        ==== ========= ====================                      ==== ========= ====================                      ==== ========= ====================                      ==== ========= ====================                      ==== ========= ====================
                                                                                                                                                                                                          
CONSOLIDATED STATEMENTS OF INCOME
(Dollars In Thousands, Except Per Share Amounts)                                              December 31,                                          September 30,                                           June 30,                                             March 31,                                           December 31,
                                                                                                  2016                                                  2016                                                  2016                                                 2016                                                  2015
                                                                                    ---------------------------------                     ---------------------------------                     --------------------------------                     --------------------------------                     -----------------------------------
INTEREST INCOME
  Loans receivable:
    Taxable                                                                            $ 53,895                                              $ 53,819                                             $ 52,099                                             $ 50,489                                                $ 45,897
    Tax-exempt                                                                            2,096                                                 1,649                                                1,465                                                1,315                                                   1,285
  Investment securities:
    Taxable                                                                               3,893                                                 3,992                                                4,202                                                4,328                                                   4,363
    Tax-exempt                                                                            4,862                                                 4,668                                                4,583                                                4,509                                                   4,444
  Deposits with financial institutions                                                       67                                                    55                                                  122                                                  106                                                      67
  Federal Reserve and Federal Home Loan Bank stock                                          192                                193                               233                               480                                  458  
                                                                                    --------------------------------                      --------------------------------                      -------------------------------                      -------------------------------                      ----------------------------------
      Total Interest Income                                                              65,005                             64,376                            62,704                            61,227                               56,514  
                                                                                    --------------------------------                      --------------------------------                      -------------------------------                      -------------------------------                      ----------------------------------
INTEREST EXPENSE
  Deposits                                                                                3,886                                                 3,926                                                4,039                                                4,063                                                   3,938
  Federal funds purchased                                                                    40                                                    27                                                    7                                                   28                                                       5
  Securities sold under repurchase agreements                                                91                                                    91                                                   92                                                  100                                                     104
  Federal Home Loan Bank advances                                                           797                                                   853                                                  818                                                  796                                                     728
  Subordinated debentures and term loans                                                  1,817                              1,797                             1,786                             1,785                                1,665  
                                                                                    --------------------------------                      --------------------------------                      -------------------------------                      -------------------------------                      ----------------------------------
      Total Interest Expense                                                              6,631                              6,694                             6,742                             6,772                                6,440  
                                                                                    --------------------------------                      --------------------------------                      -------------------------------                      -------------------------------                      ----------------------------------
NET INTEREST INCOME                                                                      58,374                                                57,682                                               55,962                                               54,455                                                  50,074
  Provision for loan losses                                                               2,417                              1,900                               790                               550                         
                                                                                    --------------------------------                      --------------------------------                      -------------------------------                      -------------------------------                      -----------------------------------
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES                                      55,957                             55,782                            55,172                            53,905                               50,074  
                                                                                    --------------------------------                      --------------------------------                      -------------------------------                      -------------------------------                      ----------------------------------
OTHER INCOME
  Service charges on deposit accounts                                                     4,534                                                 4,667                                                4,416                                                4,145                                                   4,118
  Fiduciary activities                                                                    2,500                                                 2,448                                                2,376                                                2,494                                                   2,138
  Other customer fees                                                                     4,784                                                 4,777                                                4,695                                                5,059                                                   4,534
  Earnings on cash surrender value of life insurance                                        886                                                   614                                                1,297                                                1,476                                                     822
  Net gains and fees on sales of loans                                                    1,886                                                 1,989                                                1,717                                                1,460                                                   1,308
  Net realized gains on sales of available for sale securities                              847                                                   839                                                  706                                                  997                                                     623
  Other income                                                                              683                              1,527                             1,178                               206                                  488  
                                                                                    --------------------------------                      --------------------------------                      -------------------------------                      -------------------------------                      ----------------------------------
      Total Other Income                                                                 16,120                             16,861                            16,385                            15,837                               14,031  
                                                                                    --------------------------------                      --------------------------------                      -------------------------------                      -------------------------------                      ----------------------------------
OTHER EXPENSES
  Salaries and employee benefits                                                         22,994                                                26,651                                               25,570                                               27,337                                                  25,796
  Net occupancy                                                                           4,568                                                 4,348                                                4,059                                                4,022                                                   3,649
  Equipment                                                                               3,069                                                 2,947                                                3,243                                                3,238                                                   2,683
  Marketing                                                                                 790                                                   630                                                  851                                                  737                                                     915
  Outside data processing fees                                                            2,672                                                 2,382                                                2,025                                                2,069                                                   1,632
  Printing and office supplies                                                              301                                                   314                                                  369                                                  364                                                     343
  Core deposit amortization                                                                 977                                                   978                                                  977                                                  978                                                     692
  FDIC assessments                                                                          550                                                   534                                                1,002                                                  950                                                     939
  Other real estate owned and foreclosure expenses                                          574                                                   637                                                  915                                                  751                                                   1,040
  Professional and other outside services                                                 1,634                                                 1,242                                                1,478                                                2,162                                                   3,544
  Other expenses                                                                          3,805                              3,452                             4,346                             3,867                                4,277  
                                                                                    --------------------------------                      --------------------------------                      -------------------------------                      -------------------------------                      ----------------------------------
      Total Other Expenses                                                               41,934                             44,115                            44,835                            46,475                               45,510  
                                                                                    --------------------------------                      --------------------------------                      -------------------------------                      -------------------------------                      ----------------------------------
INCOME BEFORE INCOME TAX                                                                 30,143                                                28,528                                               26,722                                               23,267                                                  18,595
  Income tax expense                                                                      7,850                              7,469                             6,716                             5,574                                4,418  
                                                                                    --------------------------------                      --------------------------------                      -------------------------------                      -------------------------------                      ----------------------------------
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS                                            $ 22,293                           $ 21,059                          $ 20,006                          $ 17,693                             $ 14,177  
                                                                                    ==== ====== ====================                      ==== ====== ====================                      === ====== ====================                      === ====== ====================                      ====== ====== ====================
                                                                                                                                                                                                                                                                                                           
Per Share Data:
  Basic Net Income Available to Common Stockholders                                    $   0.55                                              $   0.51                                             $   0.50                                             $   0.43                                                $   0.37
  Diluted Net Income Available to Common Stockholders                                  $   0.55                                              $   0.51                                             $   0.49                                             $   0.43                                                $   0.37
  Cash Dividends Paid                                                                  $   0.15                                              $   0.14                                             $   0.14                                             $   0.11                                                $   0.11
  Average Diluted Shares Outstanding (in thousands)                                      41,124                                                41,026                                               40,969                                               40,917                                                  38,191
FINANCIAL RATIOS:
  Return on Average Assets                                                                 1.26 %                                                1.22 %                                               1.17 %                                               1.05 %                                                  0.90 %
  Return on Average Stockholders’ Equity                                                   9.87                                                  9.39                                                 9.13                                                 8.21                                                    7.32
  Return on Average Common Stockholders’ Equity                                            9.87                                                  9.39                                                 9.14                                                 8.21                                                    7.32
  Average Earning Assets to Average Assets                                                89.86                                                 89.73                                                89.41                                                89.28                                                   90.11
  Allowance for Loan Losses as % of Total Loans                                            1.28                                                  1.28                                                 1.29                                                 1.32                                                    1.33
  Net Charge Off’s as % of Average Loans (Annualized)                                     (0.01 )                                                0.05                                                 0.06                                                 0.08                                                    0.04
  Average Stockholders’ Equity to Average Assets                                          12.75                                                 12.99                                                12.78                                                12.78                                                   12.29
  Tax Equivalent Yield on Earning Assets                                                   4.32                                                  4.37                                                 4.30                                                 4.28                                                    4.20
  Cost of Supporting Liabilities                                                           0.42                                                  0.43                                                 0.44                                                 0.45                                                    0.45
  Net Interest Margin (FTE) on Earning Assets                                              3.90                                                  3.94                                                 3.86                                                 3.83                                                    3.75
  Efficiency Ratio                                                                        52.18                                                 55.12                                                57.33                                                61.78                                                   65.77
  Tangible Common Book Value Per Share                                                 $  15.85                                              $  15.86                                             $  15.53                                             $  15.02                                                $  14.68
                                                                                                                                                                                                                          
LOANS
(Dollars In Thousands)                                                                            December 31,                                             September 30,                                              June 30,                                                 March 31,                                              December 31,
                                                                                                      2016                                                     2016                                                     2016                                                     2016                                                     2015
                                                                                      ------------------------------------                     ------------------------------------                     ------------------------------------                     ------------------------------------                     ------------------------------------
Commercial and industrial loans                                                          $ 1,194,646                                              $ 1,146,538                                              $ 1,084,890                                              $ 1,060,559                                              $ 1,057,075
Agricultural production financing and other loans to farmers                                  79,689                                                   93,169                                                   95,131                                                   92,137                                                   97,711
Real estate loans:
  Construction                                                                               418,703                                                  368,241                                                  352,980                                                  391,621                                                  366,704
  Commercial and farmland                                                                  1,953,062                                                1,941,739                                                1,869,703                                                1,806,395                                                1,802,921
  Residential                                                                                739,169                                                  739,855                                                  758,870                                                  769,592                                                  786,105
  Home Equity                                                                                418,525                                                  398,837                                                  374,159                                                  353,946                                                  348,613
Individuals’ loans for household and other personal expenditures                              77,479                                                   76,497                                                   75,205                                                   73,622                                                   74,717
Lease financing receivables, net of unearned income                                              311                                                      380                                                      388                                                      461                                                      588
Other commercial loans                                                                       258,061                               208,588                               180,103                               161,574                               159,388  
                                                                                      -----------------------------------                      -----------------------------------                      -----------------------------------                      -----------------------------------                      -----------------------------------
  Loans                                                                                    5,139,645                                                4,973,844                                                4,791,429                                                4,709,907                                                4,693,822
    Allowance for loan losses                                                                (66,037 )                                                (63,456 )                                                (62,186 )                                                (62,086 )                                                (62,453 )
                                                                                      -----------------------------------                      -----------------------------------                      -----------------------------------                      -----------------------------------                      -----------------------------------
      NET LOANS                                                                          $ 5,073,608                           $ 4,910,388                           $ 4,729,243                           $ 4,647,821                           $ 4,631,369  
                                                                                      ==== ========= ====================                      ==== ========= ====================                      ==== ========= ====================                      ==== ========= ====================                      ==== ========= ====================
                                                                                                                                                                                                                  
DEPOSITS
(Dollars In Thousands)                                                                    December 31,                                             September 30,                                              June 30,                                                 March 31,                                    December 31,
                                                                                              2016                                                     2016                                                     2016                                                     2016                                           2015
                                                                              ------------------------------------                     ------------------------------------                     ------------------------------------                     ------------------------------------                     -----------------
Demand deposits                                                                  $ 2,866,853                                              $ 2,745,028                                              $ 2,717,500                                              $ 2,590,603                                                $ 2,576,283
Savings deposits                                                                   1,560,752                                                1,545,372                                                1,551,210                                                1,549,304                                                  1,518,722
Certificates and other time deposits of $100,000 or more                             276,274                                                  296,838                                                  301,695                                                  304,559                                                    323,698
Other certificates and time deposits                                                 471,247                                                  498,203                                                  517,720                                                  536,120                                                    556,476
Brokered deposits                                                                    381,372                               358,799                               319,429                               330,484                                 314,468
                                                                              -----------------------------------                      -----------------------------------                      -----------------------------------                      -----------------------------------                      -----------------
      TOTAL DEPOSITS                                                             $ 5,556,498                           $ 5,444,240                           $ 5,407,554                           $ 5,311,070                             $ 5,289,647
                                                                              ==== ========= ====================                      ==== ========= ====================                      ==== ========= ====================                      ==== ========= ====================                      ====== =========
                                                                                                                                                                                                                          
NET INTEREST INCOME
(Dollars in Thousands)                                                                                                                                                                                       For the Three Months Ended
                                                                                                                               December 31, 2016                                                                                                                                                    December 31, 2015
                                                                          ---------------------------------------------------------------------------------------------------------------------------                                          ---------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                Interest                                                                                                                                                             Interest
                                                                                         Average                                                Income /                                     Average                                                          Average                                                Income /                                     Average
                                                                                         Balance                                                 Expense                                      Rate                                                            Balance                                                 Expense                                      Rate
                                                                          ------------------------------------                     -----------------------------------                     ----------                                          ------------------------------------                     -----------------------------------                     ----------
Assets:
Interest-bearing time deposits                                               $    49,835                                                $     66                                            0.53 %                                                $    94,150                                                $     67                                            0.28 %
Federal Reserve and Federal Home Loan Bank stock                                  18,041                                                     193                                            4.28                                                       34,909                                                     458                                            5.25
Investment Securities: (1)
  Taxable                                                                        710,902                                                   3,893                                            2.19                                                      687,265                                                   4,363                                            2.54
  Tax-Exempt (2)                                                                 581,129                                7,480                         5.15                                                      510,105                                6,837                         5.36
                                                                          -----------------------------------                      ----------------------------------                                                                          -----------------------------------                      ----------------------------------
    Total Investment Securities                                                1,292,031                               11,373                         3.52                                                    1,197,370                               11,200                         3.74
                                                                          -----------------------------------                      ----------------------------------                                                                          -----------------------------------                      ----------------------------------
Loans held for sale                                                                1,611                                                      81                                           20.11                                                        1,829                                                      93                                           20.34
Loans: (3)
  Commercial                                                                   3,655,414                                                  41,830                                            4.58                                                    3,263,959                                                  36,284                                            4.45
  Real Estate Mortgage                                                           557,259                                                   6,125                                            4.40                                                      465,097                                                   4,844                                            4.17
  Installment                                                                    519,257                                                   5,859                                            4.51                                                      430,440                                                   4,675                                            4.34
  Tax-Exempt (2)                                                                 274,525                                3,225                         4.70                                                      190,296                                1,978                         4.16
                                                                          -----------------------------------                      ----------------------------------                                                                          -----------------------------------                      ----------------------------------
    Total Loans                                                                5,008,066                               57,120                         4.56                                                    4,351,621                               47,874                         4.40
                                                                          -----------------------------------                      ----------------------------------                                                                          -----------------------------------                      ----------------------------------
    Total Earning Assets                                                       6,367,973                                                  68,752                         4.32                                                    5,678,050                                                  59,599                         4.20
                                                                                                                                   ----------------------------------                                                                                                                                   ----------------------------------
Net unrealized gain on securities available for sale                               7,221                                                                                                                                                                9,832
Allowance for loan losses                                                        (63,999 )                                                                                                                                                            (63,077 )
Cash and cash equivalents                                                        113,414                                                                                                                                                              102,144
Premises and equipment                                                            95,245                                                                                                                                                               83,800
Other assets                                                                     566,602                                                                                                                                           490,473  
                                                                          -----------------------------------                                                                                                                                  -----------------------------------
    Total Assets                                                             $ 7,086,456                                                                                                                                       $ 6,301,222  
                                                                          ==== ========= ====================                                                                                                                                  ==== ========= ====================
Liabilities:
Interest-bearing deposits:
  Interest-bearing NOW deposits                                              $ 1,524,324                                                $    730                                            0.19 %                                                $ 1,205,874                                                $    481                                            0.16 %
  Money market deposits                                                          795,045                                                     328                                            0.17                                                      844,629                                                     463                                            0.22
  Savings deposits                                                               766,232                                                     164                                            0.09                                                      645,057                                                     191                                            0.12
  Certificates and other time deposits                                         1,132,962                                2,664                         0.94                                                    1,089,465                                2,803                         1.03
                                                                          -----------------------------------                      ----------------------------------                                                                          -----------------------------------                      ----------------------------------
    Total Interest-bearing Deposits                                            4,218,563                                                   3,886                                            0.37                                                    3,785,025                                                   3,938                                            0.42
Borrowings                                                                       531,059                                2,745                         2.07                                                      488,997                                2,502                         2.05
                                                                          -----------------------------------                      ----------------------------------                                                                          -----------------------------------                      ----------------------------------
    Total Interest-bearing Liabilities                                         4,749,622                                                   6,631                                            0.56                                                    4,274,022                                                   6,440                                            0.60
Noninterest-bearing deposits                                                   1,366,905                                                                                                                                                            1,209,599
Other liabilities                                                                 66,319                                                                                                                                            43,041  
                                                                          -----------------------------------                                                                                                                                  -----------------------------------
    Total Liabilities                                                          6,182,846                                                                                                                                                            5,526,662
Stockholders’ Equity                                                             903,610                                                                                                                        774,560                         
                                                                          -----------------------------------                      -----------------------------------                                                                         -----------------------------------                      -----------------------------------
    Total Liabilities and Stockholders’ Equity                               $ 7,086,456                                6,631                         0.42                                                  $ 6,301,222                                6,440                         0.45
                                                                          ==== ========= ====================                      ----------------------------------                                                                          ==== ========= ====================                      ----------------------------------
      Net Interest Income                                                                                                               $ 62,121                                                                                                                                          $ 53,159  
                                                                                                                                   ====== ====== ====================                                                                                                                                   ====== ====== ====================
      Net Interest Margin                                                                                                                                                                   3.90 %                                                                                                                                                               3.75 %
(1) Average balance of securities is computed based on
the average of the historical amortized cost balances without the
effects of the fair value adjustments.
(2) Tax-exempt securities and loans are presented on a
fully taxable equivalent basis, using a marginal tax rate of 35
percent for 2016 and 2015. These totals equal $3,747 and $3,085 for
the three months ended December 31, 2016 and 2015, respectively.
(3) Non accruing loans have been included in the average
balances.
                                                                                                                                                                                                                           
NET INTEREST INCOME
(Dollars in Thousands)                                                                                                                                                                                           For the Years Ended
                                                                                                                               December 31, 2016                                                                                                                                                     December 31, 2015
                                                                          ---------------------------------------------------------------------------------------------------------------------------                                          ----------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                 Interest                                                                                                                                                             Interest
                                                                                         Average                                                 Income /                                    Average                                                          Average                                                 Income /                                     Average
                                                                                         Balance                                                  Expense                                     Rate                                                            Balance                                                  Expense                                      Rate
                                                                          ------------------------------------                     ------------------------------------                     ---------                                          ------------------------------------                     ------------------------------------                     ----------
Assets:
Interest-bearing time deposits                                               $    69,753                                                $     350                                           0.50 %                                                $    61,373                                                $     160                                            0.26 %
Federal Reserve and Federal Home Loan Bank stock                                  24,268                                                    1,098                                           4.52                                                       37,495                                                    1,967                                            5.25
Investment Securities: (1)
  Taxable                                                                        721,689                                                   16,415                                           2.27                                                      703,019                                                   17,885                                            2.54
  Tax-Exempt (2)                                                                 550,335                                28,649                        5.21                                                      483,103                                26,034                         5.39
                                                                          -----------------------------------                      -----------------------------------                                                                         -----------------------------------                      -----------------------------------
    Total Investment Securities                                                1,272,024                                45,064                        3.54                                                    1,186,122                                43,919                         3.70
                                                                          -----------------------------------                      -----------------------------------                                                                         -----------------------------------                      -----------------------------------
Loans held for sale                                                                4,050                                                      372                                           9.19                                                        3,725                                                      475                                           12.75
Loans: (3)
  Commercial                                                                   3,541,098                                                  162,848                                           4.60                                                    3,187,239                                                  142,696                                            4.48
  Real Estate Mortgage                                                           566,050                                                   25,156                                           4.44                                                      457,013                                                   19,457                                            4.26
  Installment                                                                    485,111                                                   21,926                                           4.52                                                      406,163                                                   18,177                                            4.48
  Tax-Exempt (2)                                                                 217,696                                10,039                        4.61                                                      125,699                                 5,322                         4.23
                                                                          -----------------------------------                      -----------------------------------                                                                         -----------------------------------                      -----------------------------------
    Total Loans                                                                4,814,005                               220,341                        4.58                                                    4,179,839                               186,127                         4.45
                                                                          -----------------------------------                      -----------------------------------                                                                         -----------------------------------                      -----------------------------------
    Total Earning Assets                                                       6,180,050                                                  266,853                        4.32 %                                                  5,464,829                                                  232,173                         4.25 %
                                                                                                                                   -----------------------------------                                                                                                                                  -----------------------------------
Net unrealized gain on securities available for sale                               9,969                                                                                                                                                               11,800
Allowance for loan losses                                                        (62,976 )                                                                                                                                                            (62,975 )
Cash and cash equivalents                                                        105,443                                                                                                                                                               98,051
Premises and equipment                                                            96,023                                                                                                                                                               82,710
Other assets                                                                     570,756                                                                                                                                           491,272  
                                                                          -----------------------------------                                                                                                                                  -----------------------------------
    Total Assets                                                             $ 6,899,265                                                                                                                                       $ 6,085,687  
                                                                          ==== ========= ====================                                                                                                                                  ==== ========= ====================
Liabilities:
Interest-bearing deposits:
  Interest-bearing NOW deposits                                              $ 1,427,535                                                $   2,579                                           0.18 %                                                $ 1,109,829                                                $   1,374                                            0.12 %
  Money market deposits                                                          825,681                                                    1,705                                           0.21                                                      840,084                                                    1,768                                            0.21
  Savings deposits                                                               731,902                                                      618                                           0.08                                                      614,675                                                      672                                            0.11
  Certificates and other time deposits                                         1,151,700                                11,012                        0.96                                                    1,121,651                                11,041                         0.98
                                                                          -----------------------------------                      -----------------------------------                                                                         -----------------------------------                      -----------------------------------
    Total Interest-bearing Deposits                                            4,136,818                                                   15,914                                           0.38                                                    3,686,239                                                   14,855                                            0.40
Borrowings                                                                       512,356                                10,925                        2.13                                                      480,794                                 9,939                         2.07
                                                                          -----------------------------------                      -----------------------------------                                                                         -----------------------------------                      -----------------------------------
    Total Interest-bearing Liabilities                                         4,649,174                                                   26,839                        0.58                                                    4,167,033                                                   24,794                                            0.60
                                                                                                                                   -----------------------------------
Noninterest-bearing deposits                                                   1,301,399                                                                                                                                                            1,120,264
Other liabilities                                                                 64,028                                                                                                                                            44,666  
                                                                          -----------------------------------                                                                                                                                  -----------------------------------
    Total Liabilities                                                          6,014,601                                                                                                                                                            5,331,963
Stockholders’ Equity                                                             884,664                                                                                                                        753,724                         
                                                                          -----------------------------------                      ------------------------------------                                                                        -----------------------------------                      ------------------------------------
    Total Liabilities and Stockholders’ Equity                               $ 6,899,265                                26,839                        0.43                                                  $ 6,085,687                                24,794                         0.45
                                                                          ==== ========= ====================                      -----------------------------------                                                                         ==== ========= ====================                      -----------------------------------
      Net Interest Income                                                                                                               $ 240,014                                                                                                                                         $ 207,379  
                                                                                                                                   ====== ======= ====================                                                                                                                                  ====== ======= ====================
      Net Interest Margin                                                                                                                                                                   3.89 %                                                                                                                                                                3.80 %
(1) Average balance of securities is computed based on
the average of the historical amortized cost balances without the
effects of the fair value adjustments.
(2) Tax-exempt securities and loans are presented on a
fully taxable equivalent basis, using a marginal tax rate of 35
percent for 2016 and 2015. These totals equal $13,541 and $10,975
for the years ended December 31, 2016 and 2015, respectively.
(3) Non accruing loans have been included in the average
balances.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20170126005789r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20170126005789/en/

SOURCE: First Merchants Corporation

First Merchants Corporation 
David L. Ortega, 765-378-8937 
First Vice President/Director of Investor Relations 
http://www.firstmerchants.com 


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