UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
------------------------------
DATE OF REPORT (Date of earliest event reported): January 23, 2008
------------------------------
FIRST MERCHANTS CORPORATION
(Exact name of registrant as specified in its charter)
-------------------------------
INDIANA 0-17071 35-1544218
(State or other jurisdiction (Commission file number) (IRS Employer
of incorporation) Identification No.)
200 East Jackson Street
P.O. Box 792
Muncie, IN 47305-2814
(Address of principal executive offices, including zip code)
(765) 747-1500
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On January 23, 2008, First Merchants Corporation issued a press release to
report its financial results for the fourth quarter ended December 31, 2007. A
copy of the press release is furnished as Exhibit 99.1 to this Current Report on
Form 8-K.
The information in this Current Report on Form 8-K, including Exhibit No.
99.1 hereto, shall not be deemed "filed" for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended, or otherwise subject to liability
of that section. The information in this Current Report shall not be
incorporated by reference into any filing or other document pursuant to the
Securities Act of 1933, as amended, except as shall be expressly set forth by
specific reference in such filing or document.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits.
Exhibit 99.1 Press Release, dated January 23, 2008, issued by
First Merchants Corporation
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
First Merchants Corporation
(Registrant)
By: /s/ Mark K. Hardwick
--------------------------------------------
Mark K. Hardwick
Executive Vice President and
Chief Financial Officer
(Principal Financial and
Principal Accounting Officer)
Dated: January 23, 2008
EXHIBIT INDEX
-------------
Exhibit No. Description
----------- -----------
99.1 Press Release, dated January 23, 2008, issued by
First Merchants Corporation.
First Merchants Corporation
Exhibit No. 99.1
Press Release, dated January 23, 2008
N / E / W / S R / E / L / E / A / S / E
January 23, 2008
FOR IMMEDIATE RELEASE
For more information, contact:
Mark K. Hardwick, Executive Vice President/Chief Financial Officer, 765-751-1857
http://www.firstmerchants.com
SOURCE: First Merchants Corporation, Muncie, Indiana
FIRST MERCHANTS CORPORATION ANNOUNCES 21 PERCENT INCREASE IN FOURTH QUARTER
EARNINGS PER SHARE
First Merchants Corporation (NASDAQ - FRME) has reported fourth quarter 2007
earnings per share of $.51, a 21.4% increase over $.42 earned in the fourth
quarter of 2006. Net income for the quarter totaled $9,310,000 compared to
$7,659,000 in fourth quarter of 2006.
2007 earnings per share totaled $1.73, a 5.5% increase over the $1.64 earned in
2006. Included in the year-to-date results are two strategic non-recurring
expenses.
The first non-recurring expense is related to the early redemption of the
Corporation's subordinated debentures payable to First Merchants Capital Trust I
and subsequent redemption by First Merchants Capital Trust I of it's outstanding
common and preferred fixed rate securities (NASDAQ-FRMEP) as reported on Form
8-K on April 26, 2007. The early redemption of the debentures required the
Corporation to accelerate the recognition of the remaining unamortized
underwriting fee of approximately $1.8 million, or $.06 per share.
Additionally, in a January 24, 2007 press release, the Corporation announced its
plan to integrate the data operations of its Columbus, Ohio, bank into the
corporate operations center. The company also announced its plan to re-brand
four bank charters into First Merchants Bank, NA. The successful completion of
these actions cost $1.1 million during 2007.
The combination of these non-recurring expenses totaled $2.9 million, or $.10
per share. Excluding these non-recurring expenses, earnings per share improved
by $.19, or 11.6 percent over 2006.
Total assets equaled $3.78 billion at year-end, an increase of $227 million, or
6.4 percent, over December 31, 2006. Loans and investments, the Corporation's
primary earning assets, totaled $3.33 billion, an increase of $169 million, or
5.3 percent, over the same period last year.
Year-to-date net interest margin totaled 3.55 percent, a 16 basis point decline
from the prior year total of 3.71 percent. The decline is meaningful, however,
the Corporation's net interest margin did increase in the fourth quarter of 2007
as the Federal Reserve lowered its benchmark fed funds rate by 1 percent.
Total other income increased by $5.9 million, or 17.2 percent. All reported line
items produced increases ranging from a low of 9.8 percent to a high of 59.7
percent reflecting the Corporation's focus on fee for service business.
Total other expenses increased by $6.1 million, or 6.4 percent, absent the
non-recurring expenses totaling $2.9 million, non-interest expense increased by
$3.2 million, or 3.4 percent.
The provision for loan losses increased by $2.2 million to $8.5 million, or 30
basis points based on the Corporation's continued evaluation of the adequacy of
the allowance for loan losses. The increased provision in 2007 is reflective of
net-charge off's totaling $6.8 million, or 24 basis points, and increased
non-performing assets of $11.6 million. The reserve for loan losses increased by
$1.7 million in 2007 to $28.2 million and the allowance for loan losses as a
percentage of total loans outstanding remained at .98 percent.
Michael C. Rechin, President and Chief Executive Officer, stated that, "The
tactical execution of our strategic plan during 2007 is reflective of the
commitment our employees have to First Merchants Corporation. Given the
distractions of a volatile market and a slowing economy, we believe that our
employees have remained focused on meeting our customers' needs and providing
great service as evidenced by our loan growth and our non-interest income
growth." Rechin also added, "2007 was a turbulent year in the banking sector and
this management team is pleased with the momentum our company continues to
build. We are committed to our culture statement whereby we expect superior
results from our company and ourselves. We are very aware of the economic and
credit environment that our industry faces in 2008, but are confident in our
ability to show continued progress."
CONFERENCE CALL
First Merchants Corporation will conduct a conference call at 2:30 p.m. Eastern
Standard Time on Wednesday, January 23, 2008. To participate, dial (Toll Free)
800-860-2442 and reference First Merchants Corporation's fourth quarter
earnings. A replay will be available until January 31, 2008. To access replay,
US/Canada participants should dial (Toll Free) 877-344-7529 or for International
participants, dial 412-317-0088. The replay passcode is 414887#.
During the call, we may make Forward Looking Statements about our relative
business outlook. These Forward Looking Statements and all other statements made
during the call that do not concern historical facts are subject to risks and
uncertainties that may materially affect actual results.
Specific Forward Looking Statements include, but are not limited to, any
indications regarding the Financial Services industry, the economy and future
growth of the balance sheet or income statement.
Detailed financial results are reported on the attached pages:
First Merchants Corporation is a financial holding company headquartered in
Muncie, Indiana. Subsidiaries of the Corporation include First Merchants Bank,
N.A., First Merchants Bank of Central Indiana, N.A., Lafayette Bank & Trust
Company, N.A., Commerce National Bank and First Merchants Trust Company, N.A.
The Corporation also operates First Merchants Insurance Services, a full-service
property casualty, personal lines, and healthcare insurance agency and is a
majority member of Indiana Title Insurance Company, LLC, a title insurance
agency.
First Merchants Corporation's common stock is traded over-the-counter on the
NASDAQ National 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).
CONSOLIDATED BALANCE SHEETS
(in thousands) December 31,
2007 2006
Assets
Cash and due from banks $ 134,683 $ 89,957
Interest-bearing time deposits 24,931 11,284
Investment securities 451,167 465,217
Mortgage loans held for sale 3,735 5,413
Loans 2,876,843 2,692,601
Less: Allowance for loan losses (28,228) (26,540)
---------- ----------
Net loans 2,848,615 2,666,061
Premises and equipment 44,445 42,393
Federal Reserve and Federal Home Loan Bank stock 25,250 23,691
Interest receivable 23,402 24,345
Core deposit intangibles and goodwill 135,856 138,638
Cash surrender value of life insurance 70,970 64,213
Other assets 19,033 23,658
----------- -----------
Total assets $ 3,782,087 $ 3,554,870
=========== ===========
Liabilities
Deposits
Noninterest-bearing $ 370,397 $ 362,058
Interest-bearing 2,473,724 2,388,480
----------- -----------
Total deposits 2,844,121 2,750,538
Borrowings 568,774 440,764
Interest payable 8,325 9,326
Other liabilities 20,931 26,917
----------- -----------
Total liabilities 3,442,151 3,227,545
Stockholders' equity
Preferred stock, no-par value
Authorized and unissued -- 500,000 shares
Common stock, $.125 stated value
Authorized -- 50,000,000 shares
Issued and outstanding -- 18,002,787 and 18,439,843 shares 2,250 2,305
Additional paid-in capital 137,801 146,460
Retained earnings 202,750 187,965
Accumulated other comprehensive loss (2,865) (9,405)
----------- -----------
Total stockholders' equity 339,936 327,325
----------- -----------
Total liabilities and stockholders' equity $ 3,782,087 $ 3,554,870
=========== ===========
FINANCIAL HIGHLIGHTS
Three Months Ended Year Ended
(In thousands) December 31, December 31,
2007 2006 2007 2006
NET CHARGE OFF'S $ 1,857 $ 1,680 $ 6,819 $ 4,906
AVERAGE BALANCES
Total Assets $3,735,931 $3,499,774 $3,639,772 $3,371,386
Total Loans 2,873,989 2,653,700 2,794,824 2,569,847
Total Deposits 2,812,760 2,755,145 2,752,443 2,568,070
Total Stockholders' Equity 335,649 326,158 330,786 319,519
FINANCIAL RATIOS
Return on Average Assets 1.00% .88% .87% .90%
Return on Avg. Stockholders' Equity 11.10 9.39 9.56 9.45
Avg. Earning Assets to Avg. Assets 90.70 90.87 90.91 91.15
Allowance for Loan Losses as %
Of Total Loans .98 .99 .98 .99
Net Charge Off's as % Of Avg. Loans
(Annualized) .26 .25 .24 .19
Dividend Payout Ratio 45.10 56.10 53.18 56.10
Avg. Stockholders' Equity to Avg. Assets 8.98 9.32 9.09 9.48
Tax Equivalent Yield on Earning Assets 7.13 7.07 7.10 6.92
Cost of Supporting Liabilities 3.47 3.53 3.55 3.21
Net Int. Margin (FTE) on Earning Assets 3.66 3.54 3.55 3.71
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share data) Three Months Ended Year Ended
December 31, December 31,
2007 2006 2007 2006
Interest income
Loans receivable
Taxable $ 53,338 $ 49,293 $207,268 $186,768
Tax exempt 302 240 1,120 828
Investment securities
Taxable 3,487 3,219 13,744 12,316
Tax exempt 1,623 1,660 6,548 6,565
Federal funds sold 39 332 172 373
Deposits with financial institutions 194 110 582 500
Federal Reserve and Federal Home Loan Bank stock 344 318 1,299 1,256
-------- -------- -------- --------
Total interest income 59,327 55,172 230,733 208,606
-------- -------- -------- --------
Interest expense
Deposits 22,398 22,690 89,921 74,314
Federal funds purchased 692 93 3,589 1,842
Securities sold under repurchase agreements 1,182 488 3,856 3,228
Federal Home Loan Bank advances 3,250 2,672 12,497 10,734
Subordinated debentures, revolving credit lines
and term loans 1,910 2,046 7,750 8,124
Other borrowings - 67 - 269
-------- -------- -------- --------
Total interest expense 29,432 28,056 117,613 98,511
-------- -------- -------- --------
Net interest income 29,895 27,116 113,120 110,095
Provision for loan losses 2,450 1,245 8,507 6,258
-------- -------- -------- --------
Net interest income
after provision for loan losses 27,445 25,871 104,613 103,837
-------- -------- -------- --------
Other income
Fiduciary activities 2,094 1,862 8,372 7,625
Service charges on deposit accounts 3,206 3,010 12,421 11,262
Other customer fees 1,686 1,387 6,479 5,517
Net realized gains (losses) on sales of
available-for-sale securities 1 (4) - (4)
Commission income 1,031 881 5,113 4,302
Earnings on cash surrender value
of life insurance 1,186 712 3,651 2,286
Net gains and fees on sales of loans 546 613 2,438 2,171
Other income 383 309 2,077 1,454
-------- -------- -------- --------
Total other income 10,133 8,770 40,551 34,613
-------- -------- -------- --------
Other expenses
Salaries and employee benefits 14,738 14,157 58,843 56,125
Net occupancy expenses 1,619 1,498 6,647 5,886
Equipment expenses 1,619 1,956 6,769 7,947
Marketing expense 505 508 2,205 1,932
Outside data processing fees 872 804 3,831 3,449
Printing and office supplies 329 401 1,410 1,496
Core deposit amortization 789 781 3,159 3,066
Write-off of unamortized
underwriting expense - - 1,771 -
Other expenses 4,776 4,315 17,547 16,156
-------- -------- -------- --------
Total other expenses 25,247 24,420 102,182 96,057
-------- -------- -------- --------
Income before income tax 12,331 10,221 42,982 42,393
Income tax expense 3,021 2,562 11,343 12,195
-------- -------- -------- --------
Net income $ 9,310 $ 7,659 $ 31,639 $ 30,198
======== ======== ======== ========
Per Share Data
Basic Net Income .51 .42 1.73 1.64
Diluted Net Income .51 .42 1.73 1.64
Cash Dividends Paid .23 .23 .92 .92
Average Diluted Shares
Outstanding (in thousands) 18,144 18,498 18,307 18,467
CONSOLIDATED BALANCE SHEETS
(in thousands) December 31, September 30, June 30, March 31, December 31,
2007 2007 2007 2007 2006
Assets
Cash and due from banks $ 134,683 $ 85,645 $ 80,921 $ 43,629 $ 89,957
Interest-bearing time deposits 24,931 22,295 8,898 6,785 11,284
Investment securities 451,167 474,613 479,281 476,199 465,217
Mortgage loans held for sale 3,735 4,328 2,842 2,732 5,413
Loans 2,876,843 2,869,001 2,806,068 2,731,140 2,692,601
Less: Allowance for loan losses (28,228) (27,635) (27,608) (26,819) (26,540)
----------- ----------- ----------- ----------- -----------
Net loans 2,848,615 2,841,366 2,778,460 2,704,321 2,666,061
Premises and equipment 44,445 44,255 44,126 43,262 42,393
Federal Reserve and Federal Home Loan Bank stock 25,250 25,050 23,822 23,691 23,691
Interest receivable 23,402 25,954 21,615 21,941 24,345
Core deposit intangibles and goodwill 135,856 136,266 137,056 137,847 138,638
Cash surrender value of life insurance 70,970 70,082 69,111 68,360 64,213
Other assets 19,033 24,446 23,383 26,047 23,658
----------- ----------- ----------- ----------- -----------
Total assets $ 3,782,087 $ 3,754,300 $ 3,669,515 $ 3,554,814 $ 3,554,870
=========== =========== =========== =========== ===========
Liabilities
Deposits
Noninterest-bearing $ 370,397 $ 355,339 $ 362,083 $ 325,615 $ 362,058
Interest-bearing 2,473,724 2,403,836 2,357,518 2,361,773 2,388,480
----------- ----------- ----------- ----------- -----------
Total deposits 2,844,121 2,759,175 2,719,601 2,687,388 2,750,538
Borrowings 568,774 620,469 587,574 497,188 440,764
Interest payable 8,325 9,170 10,417 10,834 9,326
Other liabilities 20,931 32,745 24,543 30,756 26,917
----------- ----------- ----------- ----------- -----------
Total liabilities 3,442,151 3,421,559 3,342,135 3,226,166 3,227,545
Stockholders' equity
Preferred stock, no-par value
Authorized and unissued -- 500,000 shares
Common stock, $.125 stated value
Authorized -- 50,000,000 shares
Issued and outstanding 2,250 2,269 2,286 2,289 2,305
Additional paid-in capital 137,801 140,642 143,317 143,672 146,460
Retained earnings 202,750 197,609 193,460 191,476 187,965
Accumulated other comprehensive loss (2,865) (7,779) (11,683) (8,789) (9,405)
----------- ----------- ----------- ----------- -----------
Total stockholders' equity 339,936 332,741 327,380 328,648 327,325
----------- ----------- ----------- ----------- -----------
Total liabilities and stockholders' equity $ 3,782,087 $ 3,754,300 $ 3,669,515 $ 3,554,814 $ 3,554,870
=========== =========== =========== =========== ===========
NON PERFORMING ASSETS
(in thousands) December 31, September 30, June 30, March 31, December 31,
2007 2007 2007 2007 2006
Non Accrual Loans $ 29,031 $ 30,165 $30,820 $ 22,704 $ 17,926
Renegotiated Loans 145 58 58 59 84
------------ ------------ ------------ ------------ ------------
Non Performing Loans (NPL) 29,176 30,223 30,878 22,763 18,010
Real Estate Owned and Repossessed Assets 2,573 2,081 2,274 3,102 2,160
------------ ------------ ------------ ------------ ------------
Non Performing Assets (NPA) 31,749 32,304 33,152 25,865 20,170
90+ Days Delinquent 3,578 3,132 5,203 4,554 2,870
------------ ------------ ------------ ------------ ------------
NPAs & 90 Day Delinquent 35,327 35,436 38,355 30,419 23,040
Loan Loss Reserve 28,228 27,635 27,608 26,819 26,540
YTD Charge-offs 6,819 4,962 2,179 1,320 4,906
NPAs / Actual Assets % 0.84% 0.86% 0.90% 0.73% 0.57%
NPAs & 90 day / Actual Assets % 0.93% 0.94% 1.05% 0.86% 0.65%
NPAs / Actual Loans & REO (%) 1.10% 1.12% 1.18% 0.95% 0.75%
Loan Loss Reserves / Actual Loans (%) 0.98% 0.96% 0.98% 0.98% 0.98%
NCOs / YTD Average Loans (%) 0.24% 0.18% 0.08% 0.05% 0.19%
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
(in thousands, except share data) December 31, September 30 June 30, March 31, December 31,
2007 2007 2007 2007 2006
Interest Income
Loans receivable
Taxable $ 53,338 $ 53,081 $ 51,204 $ 49,645 $ 49,293
Tax exempt 302 368 249 201 240
Investment securities
Taxable 3,487 3,581 3,394 3,282 3,219
Tax exempt 1,623 1,613 1,651 1,661 1,660
Federal funds sold 39 41 91 1 332
Deposits with financial institutions 194 145 120 123 110
Federal Reserve and Federal Home Loan Bank stock 344 328 299 328 318
-------- -------- -------- -------- --------
Total interest income 59,327 59,157 57,008 55,241 55,172
-------- -------- -------- -------- --------
Interest expense
Deposits 22,398 23,327 22,390 21,806 22,690
Federal funds purchased 692 996 1,047 854 93
Securities sold under repurchase agreements 1,182 1,195 910 569 488
Federal Home Loan Bank advances 3,250 3,302 3,009 2,936 2,672
Subordinated debentures, revolving credit
lines and term loans 1,910 1,802 2,037 2,001 2,046
Other borrowings - - - - 67
-------- -------- -------- -------- --------
Total interest expense 29,432 30,622 29,393 28,166 28,056
-------- -------- -------- -------- --------
Net interest income 29,895 28,535 27,615 27,075 27,116
Provision for loan losses 2,450 2,810 1,648 1,599 1,245
-------- -------- -------- -------- --------
Net interest income
after provision for loan losses 27,445 25,725 25,967 25,476 25,871
-------- -------- -------- -------- --------
Other income
Fiduciary activities 2,094 1,985 2,257 2,036 1,862
Service charges on deposit accounts 3,206 3,241 3,091 2,883 3,010
Other customer fees 1,686 1,767 1,535 1,491 1,387
Net realized gains (losses) on sales of
available-for-sale securities 1 - - (1) (4)
Commission income 1,031 1,175 1,269 1,638 881
Earnings on cash surrender value
of life insurance 1,186 998 782 685 712
Net gains and fees on sales of loans 546 749 611 532 613
Other income 383 933 221 540 309
-------- -------- -------- -------- --------
Total other income 10,133 10,848 9,766 9,804 8,770
-------- -------- -------- -------- --------
Other expenses
Salaries and employee benefits 14,738 14,583 14,796 14,726 14,157
Net occupancy expenses 1,619 1,818 1,612 1,598 1,498
Equipment expenses 1,619 1,645 1,783 1,722 1,956
Marketing expense 505 560 653 487 508
Outside data processing fees 872 972 1,036 951 804
Printing and office supplies 329 394 388 299 401
Core deposit amortization 789 789 790 791 781
Write-off of unamortized
underwriting expense - - 1,771 - -
Other expenses 4,776 4,241 4,910 3,620 4,315
-------- -------- -------- -------- --------
Total other expenses 25,247 25,002 27,739 24,194 24,420
-------- -------- -------- -------- --------
Income before income tax 12,331 11,571 7,994 11,086 10,221
Income tax expense 3,021 3,221 1,786 3,315 2,562
-------- -------- -------- -------- --------
Net income $ 9,310 $ 8,350 $ 6,208 $ 7,771 $ 7,659
======== ======== ======== ======== ========
Per Share Data
Basic Net Income $ .51 $ .46 $ .34 $ .42 $ .42
Diluted Net Income .51 .46 .34 .42 .42
Cash Dividends Paid .23 .23 .23 .23 .23
Average Diluted Shares
Outstanding (in thousands) 18,144 18,276 18,369 18,497 18,498
FINANCIAL RATIOS
Return on Average Assets 1.00% .90% .69% .88% .88%
Return on Avg. Stockholders' Equity 11.10 10.14 7.53 9.47 9.39
Avg. Earning Assets to Avg. Assets 90.70 90.88 90.96 91.13 90.87
Allowance for Loan Losses as %
Of Total Loans .98 .96 .98 .98 .99
Net Charge Off's as % Of Avg. Loans
(Annualized) .26 .39 .23 .20 .25
Dividend Payout Ratio 45.10 50.00 67.65 54.76 56.10
Avg. Stockholders' Equity to Avg. Assets 8.98 8.91 9.15 9.32 9.32
Tax Equivalent Yield on Earning Assets 7.13 7.17 7.09 7.01 7.07
Cost of Supporting Liabilities 3.47 3.65 3.59 3.51 3.53
Net Int. Margin (FTE) on Earning Assets 3.66 3.52 3.50 3.50 3.54
LOANS
(in thousands) December 31, September 30, June 30, March 31, December 31,
2007 2007 2007 2007 2006
Commercial and industrial loans $ 662,701 $ 626,301 $ 590,345 $ 557,304 $ 537,305
Agricultural production financing and
other loans to farmers 114,324 113,132 103,713 97,784 100,098
Real estate loans:
Construction 165,425 160,624 172,247 151,782 169,491
Commercial and farmland 947,234 912,063 895,301 906,726 861,429
Residential 744,627 769,890 768,392 756,316 749,921
Individuals' loans for household and other
personal expenditures 187,880 194,181 206,435 210,578 223,504
Tax exempt loans 16,423 28,726 23,181 15,306 14,423
Lease financing receivables, net of unearned income 8,351 8,932 7,906 7,648 8,010
Other loans 29,878 55,152 38,548 27,696 28,420
------------- ---------- ---------- ---------- ------------
2,876,843 2,869,001 2,806,068 2,731,140 2,692,601
Allowance for loan losses (28,228) (27,635) (27,608) (26,819) (26,540)
------------- ---------- ---------- ---------- ------------
Total loans $2,848,615 $2,841,366 $2,778,460 $2,704,321 $2,666,061
============= ========== ========== ========== ============
DEPOSITS
(in thousands) December 31, September 30, June 30, March 31, December 31,
2007 2007 2007 2007 2006
Demand deposits $ 903,380 $ 825,185 $ 855,458 $ 787,538 $ 883,294
Savings deposits 552,379 508,139 494,738 530,692 507,431
Certificates and other time deposits of
$100,000 or more 470,733 472,842 443,355 398,061 408,910
Other certificates and time deposits 917,629 953,009 926,050 971,097 950,903
----------- ----------- ----------- ---------- -----------
Total deposits $2,844,121 $2,759,175 $ 2,719,601 $2,687,388 $2,750,538
=========== =========== =========== ========== ===========