First Merchants Earnings 2019-09-30
FRME 10Q Quarterly Report
Comparables ($MM TTM)
Ticker
M Cap
Assets
Liab
Rev
G Profit
Net Inc
EBITDA
EV
G Margin
EV/EBITDA
ROA
HTH
1,901
14,266
12,214
0
0
166
374
1,407
3.8
1%
BANF
1,863
7,642
6,686
0
0
132
231
158
0.7
2%
ABCB
1,846
11,889
10,352
0
0
164
332
1,507
4.5
1%
BANR
1,832
11,847
10,326
0
0
148
260
1,586
6.1
1%
SFBS
1,830
8,740
7,961
0
0
141
275
944
3.4
2%
FRME
1,798
10,738
9,236
0
0
163
295
1,670
5.7
2%
NWBI
1,796
10,505
9,172
0
0
0
79
1,689
21.4
0%
EGBN
1,754
8,388
7,240
0
0
156
315
1,850
5.9
2%
HOPE
1,713
15,339
13,344
0
0
176
455
1,300
2.9
1%
WABC
1,651
5,523
4,830
0
0
75
100
1,651
16.5
1%
Document
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FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________________
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from _______ to _______
Commission File Number 0-17071
FIRST MERCHANTS CORP ORATION
(Exact name of registrant as specified in its charter)
Indiana 35-1544218
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
200 East Jackson Street , Muncie , IN 47305-2814
(Address of principal executive offices) (Zip code)
(Registrant’s telephone number, including area code): ( 765 ) 747-1500
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report)
Title of Each Class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.125 state value per share
FRME
NASDAQ
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every interactive data file required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Copy History
Large Accelerated Filer
☒
Accelerated Filer
☐
Non-Accelerated Filer
☐
Smaller Reporting Company
☐
Emerging Growth Company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of October 31, 2019 , there were 55,696,408 outstanding common shares of the registrant.
FIRST MERCHANTS CORPORATION
Copy History
Page No.
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
GLOSSARY OF DEFINED TERMS
FIRST MERCHANTS CORPORATION
ASC
Accounting Standards Codification
Bank
First Merchants Bank, a wholly-owned subsidiary of the Corporation
CET1
Common Equity Tier 1
CMT
Constant Maturity Treasury
Corporation
First Merchants Corporation
ESPP
Employee Stock Purchase Plan
FDIC
Federal Deposit Insurance Corporation
FHLB
Federal Home Loan Bank
FTE
Fully taxable equivalent
GAAP
Generally Accepted Accounting Principles
MBT
MBT Financial Corp., which was acquired by the Corporation on September 1, 2019
OREO
Other real estate owned
RSA
Restricted Stock Awards
TEFRA
Tax Equity and Fiscal Responsibility Act
PART I. FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(table dollar amounts in thousands, except share data)
CONSOLIDATED CONDENSED BALANCE SHEETS
Copy History
September 30,
December 31,
(Unaudited)
ASSETS
Cash and cash equivalents
$
202,383
$
139,247
Interest-bearing time deposits
230,101
36,963
Investment securities available for sale
1,646,399
1,142,195
Investment securities held to maturity (fair value of $865,286 and $489,217)
843,021
490,387
Loans held for sale
7,910
4,778
Loans, net of allowance for loan losses of $80,571 and $80,552
8,218,689
7,143,915
Premises and equipment
113,446
93,420
Federal Home Loan Bank stock
28,736
24,588
Interest receivable
45,923
40,881
Goodwill
543,199
445,355
Other intangibles
36,552
24,429
Cash surrender value of life insurance
286,747
224,939
Other real estate owned
7,156
2,179
Tax asset, deferred and receivable
15,187
23,668
Other assets
99,612
47,772
TOTAL ASSETS
$
12,325,061
$
9,884,716
LIABILITIES
Deposits:
Noninterest-bearing
$
1,777,365
$
1,447,907
Interest-bearing
7,988,086
6,306,686
Total Deposits
9,765,451
7,754,593
Borrowings:
Federal funds purchased
—
104,000
Securities sold under repurchase agreements
191,603
113,512
Federal Home Loan Bank advances
354,609
314,986
Subordinated debentures and term loans
138,630
138,463
Total Borrowings
684,842
670,961
Interest payable
7,855
5,607
Other liabilities
117,901
45,295
Total Liabilities
10,576,049
8,476,456
COMMITMENTS AND CONTINGENT LIABILITIES
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 shares
Issued and outstanding - 55,345,672 and 49,349,800 shares
6,918
6,169
Additional paid-in capital
1,053,148
840,052
Retained earnings
663,173
583,336
Accumulated other comprehensive income (loss)
25,648
(21,422
)
Total Stockholders' Equity
1,749,012
1,408,260
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
12,325,061
$
9,884,716
See NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS.
PART I. FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(table dollar amounts in thousands, except share data)
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(Unaudited)
Copy History
Three Months Ended
Nine Months Ended
2019
2018
2019
2018
INTEREST INCOME
Loans receivable:
Taxable
$
96,850
$
88,479
$
280,155
$
251,409
Tax exempt
4,500
3,761
12,897
10,989
Investment securities:
Taxable
6,729
5,514
19,822
16,044
Tax exempt
8,335
6,493
22,660
18,865
Deposits with financial institutions
1,363
270
3,022
1,034
Federal Home Loan Bank stock
355
283
1,028
950
Total Interest Income
118,132
104,800
339,584
299,291
INTEREST EXPENSE
Deposits
24,830
13,685
67,511
34,852
Federal funds purchased
15
229
225
670
Securities sold under repurchase agreements
385
174
1,057
519
Federal Home Loan Bank advances
1,894
2,137
5,400
6,141
Subordinated debentures and term loans
2,076
2,089
6,315
6,136
Total Interest Expense
29,200
18,314
80,508
48,318
NET INTEREST INCOME
88,932
86,486
259,076
250,973
Provision for loan losses
600
1,400
2,300
5,563
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
88,332
85,086
256,776
245,410
OTHER INCOME
Service charges on deposit accounts
6,107
5,619
16,639
15,434
Fiduciary and wealth management fees
4,429
3,673
12,178
11,064
Card payment fees
5,158
4,586
14,813
13,642
Other customer fees
450
452
1,230
1,349
Increase in cash surrender value of life insurance
1,144
961
3,060
2,946
Gains on life insurance benefits
—
—
19
198
Net gains and fees on sales of loans
2,227
1,841
5,258
5,262
Net realized gains on sales of available for sale securities
393
1,285
3,376
4,016
Derivative hedge fees
1,684
775
3,952
1,848
Other income
524
335
1,918
1,520
Total Other Income
22,116
19,527
62,443
57,279
OTHER EXPENSES
Salaries and employee benefits
38,942
32,936
104,679
97,354
Net occupancy
4,777
4,586
14,273
13,604
Equipment
4,030
3,483
11,789
10,707
Marketing
1,332
1,216
5,158
3,574
Outside data processing fees
4,435
3,422
12,048
9,848
Printing and office supplies
312
334
961
992
Intangible asset amortization
1,356
1,650
4,404
5,094
FDIC assessments
(668
)
856
717
2,286
Other real estate owned and foreclosure expenses
294
455
2,362
1,219
Professional and other outside services
8,251
1,844
12,511
5,174
Other expenses
4,293
4,240
12,660
12,361
Total Other Expenses
67,354
55,022
181,562
162,213
INCOME BEFORE INCOME TAX
43,094
49,591
137,657
140,476
Income tax expense
6,337
8,478
21,027
23,050
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS
$
36,757
$
41,113
$
116,630
$
117,426
Per Share Data:
Basic Net Income Available to Common Stockholders
$
0.71
$
0.83
$
2.33
$
2.38
Diluted Net Income Available to Common Stockholders
$
0.71
$
0.83
$
2.32
$
2.37
Cash Dividends Paid
$
0.26
$
0.22
$
0.74
$
0.62
Average Diluted Shares Outstanding (in thousands)
51,570
49,492
50,227
49,458
See NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS.
PART I. FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(table dollar amounts in thousands, except share data)
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Copy History
Three Months Ended
Nine Months Ended
2019
2018
2019
2018
Net income
$
36,757
$
41,113
$
116,630
$
117,426
Other comprehensive income (loss), net of tax:
Unrealized holding gain (loss) on securities available for sale arising during the period, net of tax of $3,034, $2,596, $13,436, and $7,470
11,415
(9,765
)
50,545
(30,032
)
Unrealized gain (loss) on cash flow hedges arising during the period, net of tax of $37, $44, $267 and $212
(141
)
166
(1,003
)
1,039
Reclassification adjustment for net gains included in net income, net of tax of $61, $250, $657 and $766
(228
)
(942
)
(2,472
)
(2,882
)
Total other comprehensive income (loss), net of tax
11,046
(10,541
)
47,070
(31,875
)
Comprehensive income
$
47,803
$
30,572
$
163,700
$
85,551
See NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS.
PART I. FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(table dollar amounts in thousands, except share data)
CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
Copy History
Three Months Ended September 30, 2019
Preferred
Common Stock
Additional
Accumulated
Shares
Amount
Shares
Amount
Paid in
Retained
Comprehensive
Total
Balances, June 30, 2019
125
$
125
49,456,594
$
6,182
$
841,365
$
639,362
$
14,602
$
1,501,636
Comprehensive income:
Net income
—
—
—
—
—
36,757
—
36,757
Other comprehensive income, net of tax
—
—
—
—
—
—
11,046
11,046
Cash dividends on common stock ($.26 per share)
—
—
—
—
—
(12,946
)
—
(12,946
)
Issuance of common stock related to acquisition
—
—
6,383,806
798
229,128
—
—
229,926
Repurchase of common stock
—
—
(516,016
)
(65
)
(18,976
)
—
—
(19,041
)
Share-based compensation
—
—
4,405
—
1,062
—
—
1,062
Stock issued under employee benefit plans
—
—
4,870
1
155
—
—
156
Stock issued under dividend reinvestment and
—
—
10,263
1
399
—
—
400
Stock options exercised
—
—
1,750
1
15
—
—
16
Stock redeemed
—
—
—
—
—
—
—
—
Balances, September 30, 2019
125
$
125
55,345,672
$
6,918
$
1,053,148
$
663,173
$
25,648
$
1,749,012
Copy History
Three Months Ended September 30, 2018
Preferred
Common Stock
Additional
Accumulated
Shares
Amount
Shares
Amount
Paid in
Retained
Comprehensive