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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, 2022
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from _______ to _______
FIRST MERCHANTS CORPORATION
(Exact name of registrant as specified in its charter)
| | | | | |
Indiana |
(State or other jurisdiction of incorporation) |
001-41342 | 35-1544218 |
(Commission File Number) | (IRS Employer 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)
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
Title of Each Class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, $0.125 stated value per share | FRME | The Nasdaq Stock Market LLC |
Depositary Shares, each representing a 1/100th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series A | FRMEP | The Nasdaq Stock Market LLC |
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.
| | | | | | | | | | | | | | | | | |
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 November 3, 2022, there were 59,562,630 outstanding common shares of the registrant.
Table of Contents
TABLE OF CONTENTS
FIRST MERCHANTS CORPORATION
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Item 1. | | |
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Item 2. | | |
Item 3. | | |
Item 4. | | |
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Item 1. | | |
Item 1A. | | |
Item 2. | | |
Item 3. | | |
Item 4. | | |
Item 5. | | |
Item 6. | | |
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Table of Contents
GLOSSARY OF DEFINED TERMS
FIRST MERCHANTS CORPORATION
| | | | | |
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2021 CAA | The 2021 Consolidated Appropriations Act, signed into law on December 27, 2020, which included the Economic Aid to Hard-Hit-Small Businesses, Nonprofits, and Venues Act, amending the CARES Act. |
ACL | Allowance for Credit Losses |
Ameribor | The American interbank offered rate, a potential replacement for LIBOR, is a benchmark interest rate calculated as a volume-weighted average of the daily transactions in overnight unsecured loans on the American Financial Exchange, LLC, a self-regulated electronic exchange for direct lending by American banks and financial institutions. |
ASC | Accounting Standards Codification |
ASU | Accounting Standards Update |
Bank | First Merchants Bank, a wholly-owned subsidiary of the Corporation |
CARES Act | Coronavirus Aid, Relief and Economic Security Act |
CECL | FASB Accounting Standards Update No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, adopted by the Corporation on January 1, 2021. |
CET1 | Common Equity Tier 1 |
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Corporation | First Merchants Corporation |
COVID or COVID-19 | 2019 novel coronavirus disease, which was declared a pandemic by the World Health Organization on March 11, 2020. |
ESPP | Employee Stock Purchase Plan |
FASB | Financial Accounting Standards Board |
FDIC | Federal Deposit Insurance Corporation |
Federal Reserve | Board of Governors of the Federal Reserve System |
FHLB | Federal Home Loan Bank |
FOMC | Federal Open Market Committee, the monetary policymaking body of the Federal Reserve System. |
FTE | Fully taxable equivalent |
GAAP | U.S. Generally Accepted Accounting Principles |
Hoosier | Hoosier Trust Company, which was acquired by the Bank on April 1, 2021. |
IRS | Internal Revenue Service |
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Level One | Level One Bancorp, Inc., which was acquired by the Corporation on April 1, 2022. |
OREO | Other real estate owned |
PPP | Paycheck Protection Program, which was established by the CARES Act and implemented by the SBA to provide small business loans. |
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PCD | Purchased credit deteriorated loans |
RSA | Restricted Stock Awards |
SBA | Small Business Administration |
| |
TEFRA | Tax Equity and Fiscal Responsibility Act |
Table of Contents
PART I. FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(table dollar amounts in thousands, except share data)
CONSOLIDATED CONDENSED BALANCE SHEETS
| | | | | | | | | | | |
| September 30, 2022 | | December 31, 2021 |
| (Unaudited) | |
ASSETS | | | |
Cash and due from banks | $ | 119,532 | | | $ | 167,146 | |
Interest-bearing deposits | 179,593 | | | 474,154 | |
Investment securities available for sale | 1,983,972 | | | 2,344,551 | |
Investment securities held to maturity, net of allowance for credit losses of $245 and $245 (fair value of $1,867,088 and $2,202,503) | 2,310,796 | | | 2,179,802 | |
Loans held for sale | 25,394 | | | 11,187 | |
Loans | 11,650,002 | | | 9,241,861 | |
Less: Allowance for credit losses - loans | (226,702) | | | (195,397) | |
Net loans | 11,423,300 | | | 9,046,464 | |
Premises and equipment | 116,306 | | | 105,655 | |
Federal Home Loan Bank stock | 38,056 | | | 28,736 | |
Interest receivable | 71,605 | | | 57,187 | |
| | | |
Goodwill | 712,568 | | | 545,385 | |
Other intangibles | 38,145 | | | 25,475 | |
Cash surrender value of life insurance | 306,932 | | | 291,041 | |
Other real estate owned | 6,454 | | | 558 | |
Tax asset, deferred and receivable | 142,110 | | | 35,641 | |
Other assets | 244,222 | | | 140,167 | |
TOTAL ASSETS | $ | 17,718,985 | | | $ | 15,453,149 | |
LIABILITIES | | | |
Deposits: | | | |
Noninterest-bearing | $ | 3,356,651 | | | $ | 2,709,646 | |
Interest-bearing | 11,078,174 | | | 10,022,931 | |
Total Deposits | 14,434,825 | | | 12,732,577 | |
Borrowings: | | | |
Federal funds purchased | 185,000 | | | — | |
Securities sold under repurchase agreements | 194,482 | | | 181,577 | |
Federal Home Loan Bank advances | 643,769 | | | 334,055 | |
Subordinated debentures and other borrowings | 151,301 | | | 118,618 | |
Total Borrowings | 1,174,552 | | | 634,250 | |
Interest payable | 4,971 | | | 2,762 | |
Other liabilities | 197,971 | | | 170,989 | |
Total Liabilities | 15,812,319 | | | 13,540,578 | |
COMMITMENTS AND CONTINGENT LIABILITIES | | | |
STOCKHOLDERS' EQUITY | | | |
| | | |
| | | |
| | | |
| | | |
Preferred Stock, $1,000 par value, $1,000 liquidation value: | | | |
Authorized - 600 cumulative shares | | | |
Issued and outstanding - 125 cumulative shares | 125 | | | 125 | |
Preferred Stock, Series A, no par value, $2,500 liquidation preference: | | | |
Authorized - 10,000 non-cumulative perpetual shares | | | |
Issued and outstanding - 10,000 non-cumulative perpetual shares | 25,000 | | | — | |
Common Stock, $0.125 stated value: | | | |
Authorized - 100,000,000 shares | | | |
Issued and outstanding - 59,145,414 and 53,410,411 shares | 7,393 | | | 6,676 | |
Additional paid-in capital | 1,226,695 | | | 985,818 | |
Retained earnings | 961,542 | | | 864,839 | |
Accumulated other comprehensive income (loss) | (314,089) | | | 55,113 | |
Total Stockholders' Equity | 1,906,666 | | | 1,912,571 | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 17,718,985 | | | $ | 15,453,149 | |
See NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS.
Table of Contents
PART I. FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(table dollar amounts in thousands, except share data)
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2022 | | 2021 | | 2022 | | 2021 |
INTEREST INCOME | | | | | | | |
Loans receivable: | | | | | | | |
Taxable | $ | 128,504 | | | $ | 85,319 | | | $ | 314,366 | | | $ | 257,426 | |
Tax exempt | 6,500 | | | 5,591 | | | 18,194 | | | 16,475 | |
Investment securities: | | | | | | | |
Taxable | 10,055 | | | 7,788 | | | 28,937 | | | 21,923 | |
Tax exempt | 17,261 | | | 14,464 | | | 50,348 | | | 39,920 | |
| | | | | | | |
Deposits with financial institutions | 704 | | | 218 | | | 1,544 | | | 461 | |
Federal Home Loan Bank stock | 314 | | | 168 | | | 635 | | | 434 | |
Total Interest Income | 163,338 | | | 113,548 | | | 414,024 | | | 336,639 | |
INTEREST EXPENSE | | | | | | | |
Deposits | 16,644 | | | 5,707 | | | 29,423 | | | 17,730 | |
Federal funds purchased | 418 | | | — | | | 494 | | | 4 | |
Securities sold under repurchase agreements | 372 | | | 77 | | | 595 | | | 239 | |
Federal Home Loan Bank advances | 3,493 | | | 1,389 | | | 6,485 | | | 4,283 | |
Subordinated debentures and other borrowings | 2,105 | | | 1,660 | | | 5,780 | | | 4,976 | |
Total Interest Expense | 23,032 | | | 8,833 | | | 42,777 | | | 27,232 | |
NET INTEREST INCOME | 140,306 | | | 104,715 | | | 371,247 | | | 309,407 | |
Provision for credit losses | — | | | — | | | 16,755 | | | — | |
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 140,306 | | | 104,715 | | | 354,492 | | | 309,407 | |
NON-INTEREST INCOME | | | | | | | |
Service charges on deposit accounts | 7,165 | | | 6,249 | | | 21,274 | | | 17,109 | |
Fiduciary and wealth management fees | 7,221 | | | 7,352 | | | 22,187 | | | 21,284 | |
Card payment fees | 4,776 | | | 4,156 | | | 15,674 | | | 12,682 | |
Net gains and fees on sales of loans | 2,543 | | | 3,955 | | | 7,968 | | | 16,266 | |
Derivative hedge fees | 700 | | | 1,028 | | | 3,062 | | | 2,288 | |
Other customer fees | 501 | | | 393 | | | 1,573 | | | 1,129 | |
Increase in cash surrender value of life insurance | 1,376 | | | 1,198 | | | 3,831 | | | 3,592 | |
Gains on life insurance benefits | 5,279 | | | 1,270 | | | 5,828 | | | 1,417 | |
Net realized gains on sales of available for sale securities | 481 | | | 1,756 | | | 1,137 | | | 5,316 | |
Other income (loss) | (425) | | | 1,144 | | | 1,257 | | | 2,393 | |
Total Non-Interest Income | 29,617 | | | 28,501 | | | 83,791 | | | 83,476 | |
NON-INTEREST EXPENSES | | | | | | | |
Salaries and employee benefits | 56,002 | | | 43,314 | | | 154,562 | | | 124,563 | |
Net occupancy | 6,738 | | | 5,576 | | | 19,573 | | | 17,682 | |
Equipment | 5,997 | | | 4,529 | | | 17,797 | | | 14,407 | |
Marketing | 2,401 | | | 1,676 | | | 4,551 | | | 3,922 | |
Outside data processing fees | 6,827 | | | 4,794 | | | 16,071 | | | 13,736 | |
Printing and office supplies | 472 | | | 265 | | | 1,198 | | | 861 | |
Intangible asset amortization | 2,303 | | | 1,463 | | | 5,972 | | | 4,284 | |
FDIC assessments | 2,824 | | | 1,552 | | | 7,940 | | | 4,381 | |
Other real estate owned and foreclosure expenses | 328 | | | (91) | | | 626 | | | 821 | |
Professional and other outside services | 4,461 | | | 2,767 | | | 17,681 | | | 8,286 | |
Other expenses | 8,025 | | | 5,539 | | | 20,045 | | | 13,834 | |
Total Non-Interest Expenses | 96,378 | | | 71,384 | | | 266,016 | | | 206,777 | |
INCOME BEFORE INCOME TAX | 73,545 | | | 61,832 | | | 172,267 | | | 186,106 | |
Income tax expense | 9,793 | | | 9,062 | | | 20,938 | | | 28,308 | |
NET INCOME | 63,752 | | | 52,770 | | | 151,329 | | | 157,798 | |
Preferred stock dividends | 469 | | | — | | | 938 | | | — | |
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ | 63,283 | | | $ | 52,770 | | | $ | 150,391 | | | $ | 157,798 | |
Per Share Data: | | | | | | | |
Basic Net Income Available to Common Stockholders | $ | 1.08 | | | $ | 0.98 | | | $ | 2.63 | | | $ | 2.93 | |
Diluted Net Income Available to Common Stockholders | $ | 1.08 | | | $ | 0.98 | | | $ | 2.62 | | | $ | 2.92 | |
Cash Dividends Paid | $ | 0.32 | | | $ | 0.29 | | | $ | 0.93 | | | $ | 0.84 | |
Average Diluted Common Shares Outstanding (in thousands) | 59,339 | | | 53,960 | | | 57,468 | | | 54,093 | |
See NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS.
Table of Contents
PART I. FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(table dollar amounts in thousands, except share data)
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2022 | | 2021 | | 2022 | | 2021 |
Net income | $ | 63,752 | | | $ | 52,770 | | | $ | 151,329 | | | $ | 157,798 | |
Other comprehensive income/( loss): | | | | | | | |
Unrealized gains/(losses) on securities available-for-sale: | | | | | | | |
Unrealized holding gain/(loss) arising during the period | (145,935) | | | (24,048) | | | (467,210) | | | (39,721) | |
Reclassification adjustment for losses/(gains) included in net income | (481) | | | (1,756) | | | (1,137) | | | (5,316) | |
Tax effect | 30,747 | | | 5,419 | | | 98,353 | | | 9,458 | |
Net of tax | (115,669) | | | (20,385) | | | (369,994) | | | (35,579) | |
| | | | | | | |
Unrealized gain/(loss) on cash flow hedges: | | | | | | | |
Unrealized holding gain/(loss) arising during the period | 94 | | | (20) | | | 507 | | | 22 | |
Reclassification adjustment for losses/(gains) included in net income | 78 | | | 266 | | | 496 | | | 779 | |
Tax effect | (36) | | | (52) | | | (211) | | | (169) | |
Net of tax | 136 | | | 194 | | | 792 | | | 632 | |
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Total other comprehensive income/(loss), net of tax | (115,533) | | | (20,191) | | | (369,202) | | | (34,947) | |
Comprehensive income/(loss) | $ | (51,781) | | | $ | 32,579 | | | $ | (217,873) | | | $ | 122,851 | |
See NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS.
Table of Contents
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)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2022 |
| Cumulative Preferred Stock | | Non-Cumulative Preferred Stock | | Common Stock | | Additional | | | | Accumulated Other | | |
| Shares | | Amount | | Shares | | Amount | | Shares | | Amount | | Paid in Capital | | Retained Earnings | | Comprehensive Loss | | Total |
Balances, June 30, 2022 | 125 | | | $ | 125 | | | 10,000 | | | $ | 25,000 | | | 59,059,866 | | | $ | 7,383 | | | $ | 1,226,378 | | | $ | 917,311 | | | $ | (198,556) | | | $ | 1,977,641 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Comprehensive loss: | | | | | | | | | | | | | | | | | | | |
Net income | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 63,752 | | | — | | | 63,752 | |
Other comprehensive loss, net of tax | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (115,533) | | | (115,533) | |
Cash dividends on preferred stock ($46.88 per share) | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (469) | | | — | | | (469) | |
Cash dividends on common stock ($0.32 per share) | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (19,052) | | | — | | | (19,052) | |
| | | | | | | | | | | | | | | | | | | |
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Share-based compensation | — | | | — | | | — | | | — | | | 105,409 | | | 13 | | | 1,173 | | | — | | | — | | | 1,186 | |
Stock issued under employee benefit plans | — | | | — | | | — | | | — | | | 6,017 | | | 1 | | | 202 | | | — | | | — | | | 203 | |
Stock issued under dividend reinvestment and stock purchase plan | — | | | — | | | — | | | — | | | 12,769 | | | 2 | | | 526 | | | — | | | — | | | 528 | |
| | | | | | | | | | | | | | | | | | | |
Restricted shares withheld for taxes | — | | | — | | | — | | | — | | | (38,647) | | | (6) | | | (1,584) | | | — | | | — | | | (1,590) | |
Balances, September 30, 2022 | 125 | | | $ | 125 | | | 10,000 | | | $ | 25,000 | | | 59,145,414 | | | $ | 7,393 | | | $ | 1,226,695 | | | $ | 961,542 | | | $ | (314,089) | | | $ | 1,906,666 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2021 |
| Cumulative Preferred Stock | | | | Common Stock | | Additional | | | | Accumulated Other | | |
| Shares | | Amount | | | | | | Shares | | Amount | | Paid in Capital | | Retained Earnings | | Comprehensive Income | | Total |
Balances, June 30, 2021 | 125 | | | $ | 125 | | | | | | | 53,972,386 | | | $ | 6,747 | | | $ | 1,009,182 | | | $ | 795,666 | | | $ | 60,080 | | | $ | 1,871,800 | |
Comprehensive income:: | | | | | | | | | | | | | | | | | | | |
Net income | — | | | — | | | | | | | — | | | — | | | — | | | 52,770 | | | — | | | 52,770 | |
Other comprehensive income, net of tax | — | | | — | | | | | | | — | | | — | | | — | | | — | | | (20,191) | | | (20,191) | |
| | | | | | | | | | | | | | | | | | | |
Cash dividends on common stock ($0.29 per share) | — | | | — | | | | | | | — | | | — | | | — | | | (15,708) | | | — | | | (15,708) | |
| | | | | | | | | | | | | | | | | | | |
Repurchases of common stock | — | | | — | | | | | | | (529,498) | | | (66) | | | (20,741) | | | — | | | — | | | (20,807) | |
| | | | | | | | | | | | | | | | | | | |
Share-based compensation | — | | | — | | | | | | | 89,600 | | | 11 | | | 1,206 | | | — | | | — | | | 1,217 | |
Stock issued under employee benefit plans | — | | | — | | | | | | | 3,892 | | | 1 | | | 138 | | | — | | | — | | | 139 | |
Stock issued under dividend reinvestment and stock purchase plan | — | | | — | | | | | | | 12,102 | | | 1 | | | 473 | | | — | | | — | | | 474 | |
| | | | | | | | | | | | | | | | | | | |
Restricted shares withheld for taxes | — | | | — | | | | | | | (37,737) | | | (5) | | | (1,599) | | | — | | | — | | | (1,604) | |
|