MUNCIE, Ind., April 25, 2018 (GLOBE NEWSWIRE) -- First Merchants Corporation (NASDAQ:FRME) has reported first quarter 2018 net income of $36.7 million, an increase of 58 percent, compared to $23.2 million during the same period in 2017.  Earnings per share for the period totaled $.74 per share, an increase of 32 percent, compared to the first quarter of 2017 result of $.56 per share.  The increase in net income was driven by several factors including strong core banking performance, two acquisitions that were fully integrated during the second half of 2017 and the impact of tax reform.

Total assets equaled $9.5 billion as of quarter-end and loans totaled $6.9 billion.  The Corporation’s loan portfolio increased by $1.6 billion, or 31 percent, during the past twelve months.  The acquisition of Independent Alliance Banks, Inc. in Fort Wayne, Indiana and the acquisition of The Arlington Bank in Upper Arlington, Ohio accounted for $950 million, or 18 percent, of loan growth.  Additionally, organic loan growth totaled $677 million, or 13 percent.  Total deposits equaled $7.3 billion as of quarter-end, an increase of $1.7 billion, or 30 percent.  Our acquisition activity accounted for deposit growth of $1.1 billion, or 20 percent, while organic deposit growth totaled $577 million, or 10 percent.

Michael C. Rechin, President and Chief Executive Officer, stated, “Our first quarter of 2018 results reflect the strength of First Merchants' earning power and the health of our franchise marketplaces.  2017 was a busy M&A year for the company and it makes First Merchants an even stronger, more impactful player in the Midwest banking industry.  Our management team is also pleased that organic balance sheet growth maintained momentum throughout the integration process.  We are off to a productive start in 2018 posting a return on assets of 1.57 percent, fueled by a 51.3 percent efficiency ratio.  Our organic loan and deposit growth of nearly 9 percent, should produce continued earnings improvement and stock price appreciation."

Net-interest income totaled $80 million for the quarter, an increase of $19 million, or 31 percent.  Net-interest margin totaling 3.92 percent, declined by 6 basis points and included a reduction of 13 basis points related to tax reform.  Yields on earning assets totaled 4.57 percent and the cost of supporting liabilities totaled .65 percent.

Non-interest income totaled $19.6 million for the quarter, a $4.7 million increase over the first quarter of 2017.  Non-interest expense totaled $53.7 million, up from the 2017 total of $43.1 million.  Increases in both non-interest income and non-interest expense are reflective of a significantly larger franchise as a result of the acquisition activity in 2017, which drove higher net income and improved efficiency in the quarter.

Tax expense for the first quarter of 2018 totaled $6.6 million, or 15.3 percent of pre-tax net income.  Tax expense in the prior year totaled $7.2 million, or 23.6 percent.  The improvement in tax expense was due to a decline in the federal tax rate from 35 percent to 21 percent.  Our effective rate is 5.7 percentage points lower than the federal tax rate of 21 percent, primary due to approximately $10.9 million of tax-free loan, securities and life insurance income in the quarter.

The Corporation’s provision expense totaled $2.5 million due to loan growth and net charge-offs totaling $1.1 million during the quarter.  The allowance for loan losses totaled $76.4 million as of March 31, 2018, up from $68.2 million as of March 31, 2017.  Non-accrual loans totaled $27.5 million as of quarter-end and the allowance is 1.11 percent of total loans and 1.32 percent of non-purchased loans.

As of March 31, 2018, the Corporation’s total risk-based capital ratio equaled 13.69 percent, common equity tier 1 capital ratio equaled 11.04 percent, and the tangible common equity ratio totaled 9.32 percent.

CONFERENCE CALL

First Merchants Corporation will conduct a first quarter earnings conference call and web cast at 2:30 p.m. (ET) on Thursday, April 26, 2018.

To participate, dial (Toll Free) 877-507-0578 and reference First Merchants Corporation's first quarter earnings release. International callers please call +1 412-317-1073.  A replay of the call will be available until May 26, 2018. 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 10117758.

In order to view the web cast and presentation slides, please go to http://services.choruscall.com/links/frme180426.html during the time of the call.  A replay of the web cast will be available until April 26, 2019.

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 has one full-service bank charter, First Merchants Bank.  The Bank also operates as Lafayette Bank & Trust  and First Merchants Private Wealth Advisors (each 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).

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.

For more information, contact:

Nicole M. Weaver, Vice President and Director of Corporate Administration
765-521-7619
http://www.firstmerchants.com

CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands)	March 31,
	2018				2017
ASSETS
Cash and cash equivalents	$	128,828			$	104,247
Interest-bearing time deposits	24,233				20,439
Investment securities	1,543,820				1,327,217
Loans held for sale	4,469				1,262
Loans	6,901,696				5,274,909
Less: Allowance for loan losses	(76,420		)		(68,225		)
Net loans	6,825,276				5,206,684
Premises and equipment	94,741				91,311
Federal Home Loan Bank stock	24,588				17,964
Interest receivable	35,223				25,174
Goodwill and other intangibles	474,777				257,963
Cash surrender value of life insurance	221,949				202,574
Other real estate owned	9,698				8,293
Tax asset, deferred and receivable	24,177				32,074
Other assets	61,017				30,991
TOTAL ASSETS	$	9,472,796			$	7,326,193
LIABILITIES
Deposits:
Noninterest-bearing	$	1,698,958			$	1,373,778
Interest-bearing	5,628,677				4,261,531
Total Deposits	7,327,635				5,635,309
Borrowings:
Federal funds purchased	50,000				102,000
Securities sold under repurchase agreements	138,910				139,007
Federal Home Loan Bank advances	449,419				338,919
Subordinated debentures and term loans	138,297				128,862
Total Borrowings	776,626				708,788
Interest payable	5,376				3,875
Other liabilities	50,086				48,751
Total Liabilities	8,159,723				6,396,723
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 -- 100,000,000 and 50,000,000 shares (1)
Issued and outstanding - 49,243,096 and 41,047,543 shares	6,155				5,131
Additional paid-in capital	834,894				509,953
Retained earnings	493,624				417,983
Accumulated other comprehensive income (loss)	(21,725		)		(3,722		)
Total Stockholders' Equity	1,313,073				929,470
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	9,472,796			$	7,326,193

⁽¹⁾ On May 1, 2017, the shareholders of First Merchants Corporation approved an amendment to the Articles of Incorporation to increase the number of shares of common stock authorized to issue from 50,000,000 to 100,000,000 shares.

CONSOLIDATED STATEMENTS OF INCOME	Three Months Ended
(Dollars In Thousands, Except Per Share Amounts)	March 31,
	2018			2017
INTEREST INCOME
Loans receivable:
Taxable	$	78,267		$	56,357
Tax-exempt	3,596			2,333
Investment securities:
Taxable	5,096			4,308
Tax-exempt	6,126			5,003
Deposits with financial institutions	131			44
Federal Home Loan Bank stock	404			189
Total Interest Income	93,620			68,234
INTEREST EXPENSE
Deposits	9,002			4,124
Federal funds purchased	380			228
Securities sold under repurchase agreements	173			88
Federal Home Loan Bank advances	2,159			978
Subordinated debentures and term loans	1,990			1,817
Total Interest Expense	13,704			7,235
NET INTEREST INCOME	79,916			60,999
Provision for loan losses	2,500			2,385
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES	77,416			58,614
OTHER INCOME
Service charges on deposit accounts	4,777			4,174
Fiduciary and wealth management fees	3,416			2,640
Other customer fees	5,416			4,863
Earnings on cash surrender value of life insurance	1,176			898
Net gains and fees on sales of loans	1,821			1,275
Net realized gains on sales of available for sale securities	1,609			598
Other income	1,346			398
Total Other Income	19,561			14,846
OTHER EXPENSES
Salaries and employee benefits	32,226			25,732
Net occupancy	4,670			4,216
Equipment	3,668			2,807
Marketing	884			565
Outside data processing fees	2,964			2,616
Printing and office supplies	334			264
Intangible asset amortization	1,726			903
FDIC assessments	719			570
Other real estate owned and foreclosure expenses	402			531
Professional and other outside services	1,541			1,734
Other expenses	4,553			3,161
Total Other Expenses	53,687			43,099
INCOME BEFORE INCOME TAX	43,290			30,361
Income tax expense	6,611			7,168
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	36,679		$	23,193
Per Share Data:
Basic Net Income Available to Common Stockholders	$	0.75		$	0.57
Diluted Net Income Available to Common Stockholders	$	0.74		$	0.56
Cash Dividends Paid	$	0.18		$	0.15
Average Diluted Shares Outstanding (in thousands)	49,428			41,221

FINANCIAL HIGHLIGHTS
(Dollars in thousands)	Three Months Ended
	March 31,
	2018				2017
NET CHARGE-OFFS	$	1,112			$	197
AVERAGE BALANCES:
Total Assets	$	9,372,736			$	7,217,151
Total Loans	6,811,087				5,180,243
Total Earning Assets	8,415,177				6,526,685
Total Deposits	7,153,164				5,590,357
Total Stockholders' Equity	1,308,804				914,062
FINANCIAL RATIOS:
Return on Average Assets	1.57		%		1.29		%
Return on Average Stockholders' Equity	11.21				10.15
Return on Average Common Stockholders' Equity	11.21				10.15
Average Earning Assets to Average Assets	89.78				90.43
Allowance for Loan Losses as % of Total Loans	1.11				1.29
Net Charge-offs as % of Average Loans (Annualized)	0.07				0.02
Average Stockholders' Equity to Average Assets	13.96				12.67
Tax Equivalent Yield on Earning Assets	4.57				4.42
Cost of Supporting Liabilities	0.65				0.44
Net Interest Margin (FTE) on Earning Assets	3.92				3.98
Efficiency Ratio	51.47				52.61
Tangible Common Book Value Per Share	$	17.14			$	16.49

NON-PERFORMING ASSETS
(Dollars In Thousands)	March  31,				December 31,				September 30,				June 30,				March 31,
	2018				2017				2017				2017				2017
Non-Accrual Loans	$	27,497			$	28,724			$	32,253			$	27,347			$	27,920
Renegotiated Loans	579				1,013				626				384				876
Non-Performing Loans (NPL)	28,076				29,737				32,879				27,731				28,796
Other Real Estate Owned	9,698				10,373				11,912				11,893				8,293
Non-Performing Assets (NPA)	37,774				40,110				44,791				39,624				37,089
90+ Days Delinquent	738				924				425				634				123
NPAs & 90 Day Delinquent	$	38,512			$	41,034			$	45,216			$	40,258			$	37,212
Allowance for Loan Losses	$	76,420			$	75,032			$	73,354			$	70,471			$	68,225
Quarterly Net Charge-offs	1,112				122				(800		)		629				197
NPAs / Actual Assets %	0.40		%		0.43		%		0.49		%		0.51		%		0.51		%
NPAs & 90 Day / Actual Assets %	0.41		%		0.44		%		0.50		%		0.52		%		0.51		%
NPAs / Actual Loans and OREO %	0.55		%		0.59		%		0.69		%		0.70		%		0.70		%
Allowance for Loan Losses / Actual Loans (%)	1.11		%		1.11		%		1.13		%		1.25		%		1.29		%
Net Charge-offs as % of Average Loans (Annualized)	0.07		%		0.01		%		(0.05		)%		0.05		%		0.02		%

CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands)	March 31,				December 31,				September 30,				June 30,				March 31,
	2018				2017				2017				2017				2017
ASSETS
Cash and cash equivalents	$	128,828			$	154,905			$	146,607			$	142,650			$	104,247
Interest-bearing time deposits	24,233				35,027				72,950				48,305				20,439
Investment securities	1,543,820				1,560,602				1,468,887				1,343,323				1,327,217
Loans held for sale	4,469				7,216				4,514				4,036				1,262
Loans	6,901,696				6,751,199				6,483,448				5,613,144				5,274,909
Less: Allowance for loan losses	(76,420		)		(75,032		)		(73,354		)		(70,471		)		(68,225		)
Net loans	6,825,276				6,676,167				6,410,094				5,542,673				5,206,684
Premises and equipment	94,741				95,852				102,485				92,637				91,311
Federal Home Loan Bank stock	24,588				23,825				23,825				19,015				17,964
Interest receivable	35,223				37,130				32,366				27,597				25,174
Goodwill and other intangibles	474,777				476,503				478,558				309,686				257,963
Cash surrender value of life insurance	221,949				223,557				222,437				200,125				202,574
Other real estate owned	9,698				10,373				11,912				11,893				8,293
Tax asset, deferred and receivable	24,177				23,983				36,024				27,331				32,074
Other assets	61,017				42,338				38,744				35,758				30,991
TOTAL ASSETS	$	9,472,796			$	9,367,478			$	9,049,403			$	7,805,029			$	7,326,193
LIABILITIES
Deposits:
Noninterest-bearing	$	1,698,958			$	1,761,553			$	1,662,814			$	1,398,237			$	1,373,778
Interest-bearing	5,628,677				5,410,977				5,248,205				4,618,867				4,261,531
Total Deposits	7,327,635				7,172,530				6,911,019				6,017,104				5,635,309
Borrowings:
Federal funds purchased	50,000				144,038				100,000				134,608				102,000
Securities sold under repurchase agreements	138,910				136,623				142,107				127,884				139,007
Federal Home Loan Bank advances	449,419				414,377				406,820				312,715				338,919
Subordinated debentures and term loans	138,297				139,349				139,686				128,742				128,862
Total Borrowings	776,626				834,387				788,613				703,949				708,788
Interest payable	5,376				4,390				4,956				3,477				3,875
Other liabilities	50,086				52,708				61,695				45,383				48,751
Total Liabilities	8,159,723				8,064,015				7,766,283				6,769,913				6,396,723
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 -- 100,000,000 and 50,000,000 shares (1)
Issued and outstanding	6,155				6,145				6,143				5,394				5,131
Additional paid-in capital	834,894				834,870				833,451				593,904				509,953
Retained earnings	493,624				465,231				449,759				434,309				417,983
Accumulated other comprehensive income (loss)	(21,725		)		(2,908		)		(6,358		)		1,384				(3,722		)
Total Stockholders' Equity	1,313,073				1,303,463				1,283,120				1,035,116				929,470
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	9,472,796			$	9,367,478			$	9,049,403			$	7,805,029			$	7,326,193

⁽¹⁾ On May 1, 2017, the shareholders of First Merchants Corporation approved an amendment to the Articles of Incorporation to increase the number of shares of common stock authorized to issue from 50,000,000 to 100,000,000 shares.

CONSOLIDATED STATEMENTS OF INCOME
(Dollars In Thousands, Except Per Share Amounts)	March 31,				December 31,				September 30,				June 30,				March 31,
	2018				2017				2017				2017				2017
INTEREST INCOME
Loans receivable:
Taxable	$	78,267			$	76,470			$	71,491			$	59,386			$	56,357
Tax-exempt	3,596				3,018				2,851				2,492				2,333
Investment securities:
Taxable	5,096				4,477				4,524				4,180				4,308
Tax-exempt	6,126				5,830				5,455				5,091				5,003
Deposits with financial institutions	131				294				284				114				44
Federal Home Loan Bank stock	404				259				242				204				189
Total Interest Income	93,620				90,348				84,847				71,467				68,234
INTEREST EXPENSE
Deposits	9,002				7,835				6,710				5,137				4,124
Federal funds purchased	380				55				175				103				228
Securities sold under repurchase agreements	173				146				133				110				88
Federal Home Loan Bank advances	2,159				1,577				1,464				1,177				978
Subordinated debentures and term loans	1,990				1,970				1,945				1,840				1,817
Total Interest Expense	13,704				11,583				10,427				8,367				7,235
NET INTEREST INCOME	79,916				78,765				74,420				63,100				60,999
Provision for loan losses	2,500				1,800				2,083				2,875				2,385
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES	77,416				76,965				72,337				60,225				58,614
OTHER INCOME
Service charges on deposit accounts	4,777				5,066				5,044				4,438				4,174
Fiduciary and wealth management fees	3,416				3,345				2,995				2,609				2,640
Other customer fees	5,416				5,346				5,341				5,406				4,863
Earnings on cash surrender value of life insurance	1,176				1,133				1,575				2,971				898
Net gains and fees on sales of loans	1,821				2,355				2,317				1,617				1,275
Net realized gains on sales of available for sale securities	1,609				1,134				332				567				598
Other income	1,346				682				1,064				826				398
Total Other Income	19,561				19,061				18,668				18,434				14,846
OTHER EXPENSES
Salaries and employee benefits	32,226				33,760				33,244				27,076				25,732
Net occupancy	4,670				4,424				4,371				3,965				4,216
Equipment	3,668				3,898				3,478				2,907				2,807
Marketing	884				1,361				1,021				792				565
Outside data processing fees	2,964				3,378				3,162				3,086				2,616
Printing and office supplies	334				378				366				275				264
Intangible asset amortization	1,726				2,055				1,698				991				903
FDIC assessments	719				711				704				579				570
Other real estate owned and foreclosure expenses	402				311				330				731				531
Professional and other outside services	1,541				1,914				5,843				3,266				1,734
Other expenses	4,553				4,243				4,491				3,648				3,161
Total Other Expenses	53,687				56,433				58,708				47,316				43,099
INCOME BEFORE INCOME TAX	43,290				39,593				32,297				31,343				30,361
Income tax expense	6,611				15,210				7,939				7,207				7,168
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	36,679			$	24,383			$	24,358			$	24,136			$	23,193
Per Share Data:
Basic Net Income Available to Common Stockholders	$	0.75			$	0.49			$	0.50			$	0.57			$	0.57
Diluted Net Income Available to Common Stockholders	$	0.74			$	0.49			$	0.50			$	0.57			$	0.56
Cash Dividends Paid	$	0.18			$	0.18			$	0.18			$	0.18			$	0.15
Average Diluted Shares Outstanding (in thousands)	49,428				49,379				48,644				42,244				41,221
FINANCIAL RATIOS:
Return on Average Assets	1.57		%		1.06		%		1.11		%		1.28		%		1.29		%
Return on Average Stockholders' Equity	11.21				7.53				7.83				9.82				10.15
Return on Average Common Stockholders' Equity	11.21				7.53				7.83				9.82				10.15
Average Earning Assets to Average Assets	89.78				88.73				89.16				89.97				90.43
Allowance for Loan Losses as % of Total Loans	1.11				1.11				1.13				1.25				1.29
Net Charge-offs as % of Average Loans (Annualized)	0.07				0.01				(0.05		)		0.05				0.02
Average Stockholders' Equity to Average Assets	13.96				14.11				14.15				12.98				12.67
Tax Equivalent Yield on Earning Assets	4.57				4.67				4.56				4.44				4.42
Cost of Supporting Liabilities	0.65				0.57				0.53				0.49				0.44
Net Interest Margin (FTE) on Earning Assets	3.92				4.10				4.03				3.95				3.98
Efficiency Ratio	51.47				53.29				58.30				53.61				52.61
Tangible Common Book Value Per Share	$	17.14			$	16.96			$	16.62			$	16.97			$	16.49

LOANS
(Dollars In Thousands)	March 31,				December 31,				September 30,				June 30,				March 31,
	2018				2017				2017				2017				2017
Commercial and industrial loans	$	1,554,169			$	1,493,493			$	1,436,092			$	1,289,884			$	1,258,840
Agricultural production financing and other loans to farmers	98,315				121,757				117,751				75,746				77,021
Real estate loans:
Construction	590,093				612,219				498,862				442,389				336,931
Commercial and farmland	2,713,994				2,562,691				2,571,253				2,167,729				2,118,431
Residential	948,644				962,765				938,437				847,580				737,918
Home equity	510,545				514,021				502,240				436,038				423,708
Individuals' loans for household and other personal expenditures	88,235				86,935				86,406				79,887				77,590
Lease financing receivables, net of unearned income	2,193				2,527				3,877				232				261
Other commercial loans	395,508				394,791				328,530				273,659				244,209
Loans	6,901,696				6,751,199				6,483,448				5,613,144				5,274,909
Allowance for loan losses	(76,420		)		(75,032		)		(73,354		)		(70,471		)		(68,225		)
NET LOANS	$	6,825,276			$	6,676,167			$	6,410,094			$	5,542,673			$	5,206,684

DEPOSITS
(Dollars In Thousands)	March 31,			December 31,			September 30,			June 30,			March 31,
	2018			2017			2017			2017			2017
Demand deposits	$	3,740,395		$	3,746,654		$	3,562,718		$	3,015,846		$	2,861,384
Savings deposits	2,109,071			1,994,366			1,884,705			1,708,478			1,565,174
Certificates and other time deposits of $100,000 or more	552,643			468,895			503,668			362,589			312,327
Other certificates and time deposits	584,377			581,894			585,042			511,935			476,741
Brokered deposits	341,149			380,721			374,886			418,256			419,683
TOTAL DEPOSITS	$	7,327,635		$	7,172,530		$	6,911,019		$	6,017,104		$	5,635,309

NET INTEREST INCOME
(Dollars in Thousands)	For the Three Months Ended
	March 31, 2018											March 31, 2017
	Average Balance				Interest  Income / Expense				Average Rate			Average Balance				Interest  Income / Expense				Average Rate
Assets:
Interest-bearing time deposits	$	32,776			$	131			1.60	%		$	30,463			$	45			0.59	%
Federal Home Loan Bank stock	24,385				404				6.63			17,964				189				4.21
Investment Securities: (1)
Taxable	810,385				5,096				2.52			711,490				4,308				2.42
Tax-Exempt (2)	736,544				7,754				4.21			586,525				7,697				5.25
Total Investment Securities	1,546,929				12,850				3.32			1,298,015				12,005				3.70
Loans held for sale	10,636				137				5.15			3,840				45				4.69
Loans: (3)
Commercial	4,980,450				62,154				4.99			3,781,045				44,092				4.66
Real Estate Mortgage	728,725				7,999				4.39			545,148				6,121				4.49
Installment	623,429				7,977				5.12			532,128				6,098				4.58
Tax-Exempt (2)	467,847				4,552				3.89			318,082				3,589				4.51
Total Loans	6,811,087				82,819				4.86			5,180,243				59,945				4.63
Total Earning Assets	8,415,177				96,204				4.57			6,526,685				72,184				4.42
Net unrealized gain (loss) on securities available for sale	(6,440		)									593
Allowance for loan losses	(75,851		)									(66,933		)
Cash and cash equivalents	126,484											104,017
Premises and equipment	95,525											93,018
Other assets	817,841											559,771
Total Assets	$	9,372,736										$	7,217,151
Liabilities:
Interest-bearing deposits:
Interest-bearing NOW deposits	$	1,980,141			$	2,689			0.54	%		$	1,512,839			$	838			0.22	%
Money market deposits	1,089,694				1,275				0.47			789,378				341				0.17
Savings deposits	945,940				381				0.16			776,519				156				0.08
Certificates and other time deposits	1,486,093				4,657				1.25			1,165,079				2,789				0.96
Total Interest-bearing Deposits	5,501,868				9,002				0.65			4,243,815				4,124				0.39
Borrowings	848,208				4,702				2.22			664,921				3,111				1.87
Total Interest-bearing Liabilities	6,350,076				13,704				0.86			4,908,736				7,235				0.59
Noninterest-bearing deposits	1,651,296											1,346,542
Other liabilities	62,560											47,811
Total Liabilities	8,063,932											6,303,089
Stockholders' Equity	1,308,804											914,062
Total Liabilities and Stockholders' Equity	$	9,372,736			13,704							$	7,217,151			7,235
Net Interest Income (FTE)					$	82,500										$	64,949
Net Interest Spread (FTE)									3.71	%										3.83	%
Net Interest Margin (FTE):
Interest Income (FTE) / Average Earning Assets									4.57	%										4.42	%
Interest Expense / Average Earning Assets									0.65	%										0.44	%
Net Interest Margin (FTE)									3.92	%										3.98	%
(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 21 percent and 35 percent for 2018 and 2017, respectively.  These totals equal $2,584 and $3,950 for the three months ended March 31, 2018 and 2017, respectively.
(3)  Non accruing loans have been included in the average balances.

 

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