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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 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 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 October 31, 2019, there were 55,696,408 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
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



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


September 30,
2019

December 31,
2018

(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.

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
September 30,
 
Nine Months Ended
September 30,
 
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.


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
September 30,

Nine Months Ended
September 30,
 
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.


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 September 30, 2019
 
Preferred
 
Common Stock
 
Additional
 
 
 
Accumulated
Other
 
 
 
Shares
 
Amount
 
Shares
 
Amount
 
Paid in
Capital
 
Retained
Earnings
 
Comprehensive
Income (Loss)
 
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
stock purchase plan

 

 
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



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

 
$
125

 
49,280,188

 
$
6,160

 
$
836,549

 
$
522,362

 
$
(24,868
)
 
$
1,340,328

Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income

 

 

 

 

 
41,113

 

 
41,113

Other comprehensive loss, net of tax

 

 

 

 

 

 
(10,541
)
 
(10,541
)
Cash dividends on common stock ($.22 per share)

 

 

 

 

 
(10,924
)
 

 
(10,924
)
Share-based compensation

 

 
8,812

 
1

 
890

 

 

 
891

Stock issued under employee benefit plans

 

 
4,243

 
2

 
172

 

 

 
174

Stock issued under dividend reinvestment and
stock purchase plan

 

 
6,650

 

 
324

 

 

 
324

Stock options exercised

 

 
6,311

 

 
140

 

 

 
140

Stock redeemed

 

 
(1,662
)
 

 
(79
)
 

 

 
(79
)
Balances, September 30, 2018
125

 
$
125

 
49,304,542

 
$
6,163

 
$
837,996

 
$
552,551

 
$
(35,409
)
 
$
1,361,426

























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)

 
Nine Months Ended September 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

 

 

 

 

 
116,630

 

 
116,630

Other comprehensive income, net of tax

 

 

 

 

 

 
47,070

 
47,070

Cash dividends on common stock ($.74 per share)

 

 

 

 

 
(36,793
)
 

 
(36,793
)
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

 

 
113,043

 
14

 
2,873