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Section 1: 10-Q (FIRST MERCHANTS CORPORATION 10-Q)

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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 June 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 CORPORATION
(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.
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 July 31, 2019, there were 49,696,573 outstanding common shares of the registrant.

1

Table of Contents
TABLE OF CONTENTS


FIRST MERCHANTS CORPORATION



 
 
Page No.
 
 
 
 
Item 1.
 
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
 
 
 
 
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
 
 
 

2

Table of Contents
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
OREO
Other real estate owned
RSA
Restricted Stock Awards
TEFRA
Tax Equity and Fiscal Responsibility Act



3

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

June 30,
2019

December 31,
2018

(Unaudited)

ASSETS
 

 
Cash and cash equivalents
$
128,185


$
139,247

Interest-bearing time deposits
129,614


36,963

Investment securities available for sale
1,399,959


1,142,195

Investment securities held to maturity (fair value of $708,915 and $489,217)
692,965


490,387

Loans held for sale
5,854


4,778

Loans, net of allowance for loan losses of $81,274 and $80,552
7,430,096


7,143,915

Premises and equipment
91,767


93,420

Federal Home Loan Bank stock
24,588


24,588

Interest receivable
45,150


40,881

Goodwill
445,355


445,355

Other intangibles
21,381


24,429

Cash surrender value of life insurance
226,241


224,939

Other real estate owned
1,131


2,179

Tax asset, deferred and receivable
12,340


23,668

Other assets
83,231


47,772

TOTAL ASSETS
$
10,737,857


$
9,884,716

LIABILITIES
 

 
Deposits:
 

 
Noninterest-bearing
$
1,353,165


$
1,447,907

Interest-bearing
6,966,163


6,306,686

Total Deposits
8,319,328


7,754,593

Borrowings:
 

 
Federal funds purchased
75,000


104,000

Securities sold under repurchase agreements
119,674


113,512

Federal Home Loan Bank advances
460,042


314,986

Subordinated debentures and term loans
138,574


138,463

Total Borrowings
793,290


670,961

Interest payable
6,740


5,607

Other liabilities
116,863


45,295

Total Liabilities
9,236,221


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 - 49,456,594 and 49,349,800 shares
6,182


6,169

Additional paid-in capital
841,365


840,052

Retained earnings
639,362


583,336

Accumulated other comprehensive income (loss)
14,602


(21,422
)
Total Stockholders' Equity
1,501,636


1,408,260

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
10,737,857


$
9,884,716

 

See NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS.

4

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
June 30,
 
Six Months Ended
June 30,
 
2019
 
2018
 
2019
 
2018
INTEREST INCOME
 
 
 
 
 
 
 
Loans receivable:
 
 
 
 
 
 
 
Taxable
$
92,824

 
$
84,663

 
$
183,305

 
$
162,930

Tax exempt
4,244

 
3,632

 
8,397

 
7,228

Investment securities:
 
 
 
 
 
 
 
Taxable
6,998

 
5,434

 
13,093

 
10,530

Tax exempt
7,454

 
6,246

 
14,325

 
12,372

Deposits with financial institutions
784

 
633

 
1,659

 
764

Federal Home Loan Bank stock
335

 
263

 
673

 
667

Total Interest Income
112,639

 
100,871

 
221,452

 
194,491

INTEREST EXPENSE
 
 
 
 
 
 
 
Deposits
23,087

 
12,165

 
42,681

 
21,167

Federal funds purchased
117

 
61

 
210

 
441

Securities sold under repurchase agreements
342

 
172

 
672

 
345

Federal Home Loan Bank advances
1,692

 
1,845

 
3,506

 
4,004

Subordinated debentures and term loans
2,123

 
2,057

 
4,239

 
4,047

Total Interest Expense
27,361

 
16,300

 
51,308

 
30,004

NET INTEREST INCOME
85,278

 
84,571

 
170,144

 
164,487

Provision for loan losses
500

 
1,663

 
1,700

 
4,163

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
84,778

 
82,908

 
168,444

 
160,324

OTHER INCOME
 
 
 
 
 
 
 
Service charges on deposit accounts
5,437

 
5,038

 
10,532

 
9,815

Fiduciary and wealth management fees
3,931

 
3,595

 
7,749

 
7,391

Card payment fees
4,829

 
4,462

 
9,655

 
9,056

Other customer fees
341

 
455

 
780

 
897

Increase in cash surrender value of life insurance
927

 
907

 
1,916

 
1,985

Gains on life insurance benefits
19

 
100

 
19

 
198

Net gains and fees on sales of loans
1,736

 
1,600

 
3,031

 
3,421

Net realized gains on sales of available for sale securities
1,843

 
1,122

 
2,983

 
2,731

Derivative hedge fees
1,487

 
231

 
2,268

 
1,073

Other income
1,064

 
681

 
1,394

 
1,185

Total Other Income
21,614

 
18,191

 
40,327

 
37,752

OTHER EXPENSES
 
 
 
 
 
 
 
Salaries and employee benefits
32,709

 
32,192

 
65,737

 
64,418

Net occupancy
4,469

 
4,348

 
9,496

 
9,018

Equipment
4,117

 
3,556

 
7,759

 
7,224

Marketing
2,752

 
1,474

 
3,826

 
2,358

Outside data processing fees
3,929

 
3,462

 
7,613

 
6,426

Printing and office supplies
334

 
324

 
649

 
658

Intangible asset amortization
1,520

 
1,718

 
3,048

 
3,444

FDIC assessments
678

 
711

 
1,385

 
1,430

Other real estate owned and foreclosure expenses
903

 
362

 
2,068

 
764

Professional and other outside services
2,376

 
1,789

 
4,260

 
3,330

Other expenses
3,800

 
3,568

 
8,367

 
8,121

Total Other Expenses
57,587

 
53,504

 
114,208

 
107,191

INCOME BEFORE INCOME TAX
48,805

 
47,595

 
94,563

 
90,885

Income tax expense
7,749

 
7,961

 
14,690

 
14,572

NET INCOME AVAILABLE TO COMMON STOCKHOLDERS
$
41,056

 
$
39,634

 
$
79,873

 
$
76,313

Per Share Data:
 
 
 
 
 
 
 
Basic Net Income Available to Common Stockholders
$
0.83

 
$
0.80

 
$
1.62

 
$
1.55

Diluted Net Income Available to Common Stockholders
$
0.83

 
$
0.80

 
$
1.61

 
$
1.54

Cash Dividends Paid
$
0.26

 
$
0.22

 
$
0.48

 
$
0.40

Average Diluted Shares Outstanding (in thousands)
49,550

 
49,451

 
49,545

 
49,440



See NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS.


5

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
(Unaudited)


Three Months Ended
June 30,

Six Months Ended
June 30,
 
2019
 
2018

2019

2018
Net income
$
41,056


$
39,634


$
79,873


$
76,313

Other comprehensive income (loss), net of tax:
 

 

 

 
Unrealized holding gain (loss) on securities available for sale arising during the period, net of tax of $4,822, $683, $10,402, and $4,874
18,140


(2,570
)

39,130


(20,268
)
Unrealized gain (loss) on cash flow hedges arising during the period, net of tax of $148, $61, $230 and $167
(553
)

230


(862
)

874

Reclassification adjustment for net gains included in net income, net of tax of $369, $214, $596 and $516
(1,390
)

(803
)

(2,244
)

(1,940
)
Total other comprehensive income (loss), net of tax
16,197


(3,143
)

36,024


(21,334
)
Comprehensive income
$
57,253


$
36,491


$
115,897


$
54,979

 

See NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS.


6

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 June 30, 2019
 
Preferred
 
Common Stock
 
Additional
 
 
 
Accumulated
Other
 
 
 
Shares
 
Amount
 
Shares
 
Amount
 
Paid in
Capital
 
Retained
Earnings
 
Comprehensive
Income (Loss)
 
Total
Balances, March 31, 2019
125

 
$
125

 
49,428,468

 
$
6,179

 
$
839,919

 
$
611,220

 
$
(1,595
)
 
$
1,455,848

Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income

 

 

 

 

 
41,056

 

 
41,056

Other comprehensive income, net of tax

 

 

 

 

 

 
16,197

 
16,197

Cash dividends on common stock ($.26 per share)

 

 

 

 

 
(12,914
)
 

 
(12,914
)
Share-based compensation

 

 
4,978

 
1

 
843

 

 

 
844

Stock issued under employee benefit plans

 

 
5,908

 

 
188

 

 

 
188

Stock issued under dividend reinvestment and
stock purchase plan

 

 
10,178

 
1

 
368

 

 

 
369

Stock options exercised

 

 
7,500

 
1

 
64

 

 

 
65

Stock redeemed

 

 
(438
)
 

 
(17
)
 

 

 
(17
)
Balances, June 30, 2019
125

 
$
125

 
49,456,594

 
$
6,182

 
$
841,365

 
$
639,362

 
$
14,602

 
$
1,501,636



 
Three Months Ended June 30, 2018
 
Preferred
 
Common Stock
 
Additional
 
 
 
Accumulated
Other
 
 
 
Shares
 
Amount
 
Shares
 
Amount
 
Paid in
Capital
 
Retained
Earnings
 
Comprehensive
Income (Loss)
 
Total
Balances, March 31, 2018
125

 
$
125

 
49,243,096

 
$
6,155

 
$
834,894

 
$
493,624

 
$
(21,725
)
 
$
1,313,073

Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income

 

 

 

 

 
39,634

 

 
39,634

Other comprehensive loss, net of tax

 

 

 

 

 

 
(3,143
)
 
(3,143
)
Cash dividends on common stock ($.22 per share)

 

 

 

 

 
(10,896
)
 

 
(10,896
)
Share-based compensation

 

 
4,945

 

 
776

 

 

 
776

Stock issued under employee benefit plans

 

 
4,842

 

 
187

 

 

 
187

Stock issued under dividend reinvestment and
stock purchase plan

 

 
6,497

 
1

 
304

 

 

 
305

Stock options exercised

 

 
21,375

 
3

 
415

 

 

 
418

Stock redeemed

 

 
(567
)
 
1

 
(27
)
 

 

 
(26
)
Balances, June 30, 2018
125

 
$
125

 
49,280,188

 
$
6,160

 
$
836,549

 
$
522,362

 
$
(24,868
)
 
$
1,340,328


























7

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 - CONTINUED
(Unaudited)


 
Six Months Ended June 30, 2019

Preferred

Common Stock

Additional



Accumulated
Other



Shares

Amount

Shares

Amount

Paid in
Capital

Retained
Earnings

Comprehensive
Income (Loss)

Total
Balances, December 31, 2018
125


$
125


49,349,800


$
6,169


$
840,052


$
583,336


$
(21,422
)

$
1,408,260

Comprehensive income:
 

 

 

 

 

 

 


Net income










79,873




79,873

Other comprehensive income, net of tax












36,024


36,024

Cash dividends on common stock ($.48 per share)










(23,847
)



(23,847
)
Share-based compensation




108,638


14


1,811






1,825

Stock issued under employee benefit plans




11,247


1


361






362

Stock issued under dividend reinvestment and
stock purchase plan




18,686


2


707






709

Stock options exercised




11,200


1


104






105

Stock redeemed




(42,977
)

(