1st Source Corporation Reports Fourth Consecutive Quarter of Record Results, Cash Dividend Increased

QUARTERLY HIGHLIGHTS

  • Net income was a record $24.44 million, up 22.88% over the third quarter of 2018. Diluted net income per common share was also a record of $0.95, up from the prior year’s third quarter of $0.76.
  • Cash dividend of $0.29 per common share approved, up 16% from the $0.25 per common share declared a year ago.
  • Return on average assets of 1.46% and return on average common shareholders’ equity of 11.98% compared to 1.27% and 10.50%, respectively in the third quarter of 2018.
  • Net recoveries of $0.31 million and nonperforming assets to loans and leases of 0.34% compared to net charge-offs of $10.86 million and 1.00%, respectively in the third quarter of 2018.
  • Average loans and leases grew $268.93 million, up 5.58% from the third quarter of 2018.
  • Average deposits grew $272.17 million, up 5.35% from the third quarter of 2018.
  • Net interest income increased $2.83 million, up 5.21% from the third quarter of 2018.
  • Noninterest income increased $1.71 million, up 7.09% from the third quarter of 2018 (increased 11.94% excluding leased equipment depreciation).
  • Noninterest expenses decreased $0.24 million, down 0.50% from the third quarter of 2018 (increased 0.36% excluding leased equipment depreciation).

 

SOUTH BEND, Ind.–(BUSINESS WIRE)–1st Source Corporation (NASDAQ: SRCE), parent company of 1st Source Bank, today reported a record high net income of $24.44 million for the third quarter of 2019, an improvement of 22.88% compared to $19.89 million reported in the third quarter a year ago. This brought the 2019 year-to-date net income to $70.02 million compared to $60.97 million in 2018, an increase of 14.85%. The year-to-date net income comparison was positively impacted by increased net interest income of $10.51 million primarily due to higher loan rates and higher average loan and lease balances. Non-recurring 2019 items included $1.41 million of negative valuation adjustments on repossessed assets, a $1.32 million gain on the sale of our former headquarters building, and a $0.43 million FDIC insurance premium credit.

Diluted net income per common share for the third quarter of 2019 was up 25.00% to a record high of $0.95, versus $0.76 in the third quarter of 2018. Diluted net income per common share for the first nine months of 2019 was $2.72 compared to $2.33 earned a year earlier, a 16.74% increase.

At its October 2019 meeting, the Board of Directors approved a cash dividend of $0.29 per common share, up 16% from the $0.25 per common share declared a year ago. The cash dividend is payable to shareholders of record on November 5, 2019 and will be paid on November 15, 2019.

Christopher J. Murphy III, Chairman and Chief Executive Officer, commented, “We are pleased to have achieved record earnings in the third quarter which marks four consecutive quarters of record net income for 1st Source Corporation! We have been able to accomplish this through steady, organic growth in average loans and leases and deposits and continued credit quality discipline which is validated by a 0.34% ratio of nonperforming assets to loans and leases. Our net interest margin while increasing early in the year is now challenged with Federal Reserve reductions in interest rates and continued competitive pressure for deposits.

“I am also very pleased to report we welcomed a new member to our Board of Directors for both the Bank and the Holding Company in early August. John Affleck-Graves, former Executive Vice President and Chief Financial Officer of the University of Notre Dame, was elected to a term ending April 2022 and will be subject to reelection at that time. John is a renowned finance Professor who has also managed people, processes and finances for a multi-market, multi-billion-dollar complex organization. He has also been a champion of regional economic development, having chaired the Regional Development Authority for northcentral Indiana. I have worked with John in community and regional development activities over many years and have often sought his economic and financial market advice when balancing the Bank’s assets and liabilities and managing our long-term pricing strategies. He has always been thoughtful, knowledgeable, insightful and often prescient. He will bring strong value to our Boards and to the future of 1st Source.

“The third quarter of the year also saw continued investment in our banking centers. In late July, we held an official groundbreaking event for a new standalone banking center in Middlebury, Ind. Our current banking center in this community is in a rented space and does not feature many of the amenities our clients have come to expect from us. This new building will offer drive-up teller service, a drive-up ATM and our signature side-by-side banking model. We also plan to enter the Auburn, Ind. market later this year, as we have signed a lease to occupy the first-floor space of a new building currently under construction in its downtown. Auburn is a thriving community in northeast Indiana, supported by a sizable auto industry presence. These projects are part of our overall initiative to continue our investment in the communities where we live, do business and raise families.

“As a Bank deeply rooted in our community, I’d be remiss to not mention the honorees of our twentieth Ernestine M. Raclin Community Leadership Award. This year, 11 individuals across the communities we serve were chosen for this award due to their commitment to volunteer leadership. These individuals, and the many other thousands of volunteers who serve good causes, are the backbone of our communities and weave a strong fabric that supports us all. It is important that we recognize and celebrate their contributions. Honorees were presented a globe of leadership award, a $1,000 personal cash award and a $1,000 award donated to the local charity of their choice.”

THIRD QUARTER 2019 FINANCIAL RESULTS

Loans

Average loans and leases of $5.09 billion increased $268.93 million, up 5.58% in the third quarter of 2019 from the year ago quarter and have increased $89.97 million, up 1.80% from the second quarter. Seasonal reductions in the auto and light truck portfolio were offset by growth in commercial real estate loans and solar loans near the end of the third quarter. Recently, we have also seen a slight decrease in the demand for loans and leases as clients have become more concerned about trade issues and the continued strength of a record long economic expansion. Year-to-date average loans and leases of $4.98 billion increased $256.45 million, up 5.42% from the first nine months of 2018.

Deposits

Average deposits of $5.36 billion grew $272.17 million for the quarter ended September 30, 2019, up 5.35% from the year ago quarter and have increased $98.48 million, up 1.87% compared to the second quarter. Average deposits for the first nine months of 2019 were $5.23 billion, an increase of $308.56 million, up 6.27% from the same period a year ago.

Net Interest Income and Net Interest Margin

Third quarter 2019 net interest income of $57.20 million increased $2.83 million, up 5.21% from the third quarter a year ago and increased $0.77 million, up 1.36% from the second quarter. For the first nine months of 2019, tax-equivalent net interest income was $169.10 million, an increase of $10.42 million, up 6.57% compared to the same period a year ago.

Third quarter 2019 net interest margin was 3.67%, a decrease of two basis points from the 3.69% for the same period in 2018 and decreased six basis points from the second quarter. Third quarter 2019 net interest margin on a fully tax-equivalent basis was 3.68%, a decrease of three basis points from the 3.71% for the same period in 2018 and was lower by six basis points compared to the previous quarter. The margin continued to see pressure from deposit competition and Federal Reserve interest rate decreases.

Net interest margin for the first nine months of 2019 was 3.72%, an increase of three basis points from the 3.69% for the same period in 2018. Net interest margin on a fully-taxable-equivalent basis for the first nine months of 2019 was 3.74%, an increase of three basis points from the 3.71% for the same period in 2018.

Noninterest Income

Third quarter 2019 noninterest income of $25.77 million increased $1.71 million, up 7.09% from the third quarter a year ago and increased $0.10 million, up 0.39% from the second quarter. For the first nine months of 2019, noninterest income was $75.55 million, an increase of $2.66 million, up 3.65% compared to the same period a year ago.

The growth in noninterest income during 2019 compared to a year ago was mainly due to higher debit card income from increased customer use, improved mortgage banking income driven by gains on a higher volume of loan sales, higher insurance commissions primarily from increased business and higher contingent commissions, reduced losses on the sale of available-for-sale securities, increased customer swap fees and higher claim proceeds on bank owned life insurance. These positives were offset by reduced trust and wealth advisory fees resulting from a lower value of assets under management due to stock market movements and lower equipment rental income due to a reduction in the size of the average equipment rental portfolio.

The increase in noninterest income from the second quarter of 2019 was primarily the result of higher mortgage banking income on improved loan production, increased claim proceeds on bank owned life insurance, and higher partnership investment gains. These positives were offset by lower equipment rental income due to a reduction in the size of the average equipment rental portfolio, reduced trust and wealth advisory fees as a result of seasonal tax fees in the second quarter, and decreased customer swap fees.

Noninterest Expense

Third quarter 2019 noninterest expense of $47.11 million decreased $0.24 million, down 0.50% from the third quarter a year ago and decreased $0.25 million, down 0.52% from the second quarter. Excluding depreciation on leased equipment, noninterest expenses were up 0.36% from the third quarter a year ago and down 0.11% from the second quarter. For the first nine months of 2019, noninterest expense was $139.66 million, an increase of $0.89 million, or 0.64% compared to the same period a year ago.

The increase in noninterest expense during 2019 compared to a year ago was mainly due to higher salaries as a result of normal merit increases, increased group insurance costs, a rise in furniture and equipment expense due to increased software maintenance costs and equipment depreciation, and growth in the provision for unfunded loan commitments. These increases were offset by higher gains on the sale of fixed assets, fewer valuation adjustments on repossessed assets, reduced insurance expenses due to FDIC assessment credits, lower leased equipment depreciation resulting from a reduction in the average equipment rental portfolio, decreased incentive compensation from fewer vestings of share-based compensation arrangements, lower business development costs, and reduced professional fees from consulting services.

The decrease in noninterest expense from the second quarter was primarily the result of a reduction in the provision for unfunded loan commitments, lower insurance costs due to FDIC assessment credits, decreased group insurance costs on lower claims, reduced leased equipment depreciation, lower furniture and equipment expense due to reduced computer processing charges and lower professional fees offset by higher salaries due to increased staffing levels related to a summer internship program, increased business development and marketing expenses due to marketing promotions, and higher repossessed asset valuation adjustments.

Credit

The reserve for loan and lease losses as of September 30, 2019 was 2.14% of total loans and leases compared to 2.05% at June 30, 2019 and 2.04% at September 30, 2018. Net recoveries of $0.31 million were recorded for the third quarter of 2019 compared with net charge-offs of $10.86 million in the same quarter a year ago and down from the $1.19 million of net charge-offs in the second quarter.

The provision for loan and lease losses was $3.72 million for the third quarter of 2019, a decrease of $2.44 million compared with the same period in 2018 and a decrease of $0.53 million from the second quarter. The ratio of nonperforming assets to loans and leases was an improved 0.34% as of September 30, 2019, compared to 0.41% on June 30, 2019 and 1.00% on September 30, 2018.

Capital

As of September 30, 2019, the common equity-to-assets ratio was 12.15%, compared to 11.95% at June 30, 2019 and 11.92% a year ago. The tangible common equity-to-tangible assets ratio was 11.04% at September 30, 2019 compared to 10.82% at June 30, 2019 and 10.73% a year earlier. The Common Equity Tier 1 ratio, calculated under banking regulatory guidelines, was 12.26% at September 30, 2019 compared to 11.83% at June 30, 2019 and 12.38% a year ago. During the first nine months of 2019, 325,787 shares were repurchased for treasury reducing common shareholders’ equity by $15.09 million.

ABOUT 1ST SOURCE CORPORATION

1st Source common stock is traded on the NASDAQ Global Select Market under “SRCE” and appears in the National Market System tables in many daily newspapers under the code name “1st Src.” Since 1863, 1st Source has been committed to the success of its clients, individuals, businesses and the communities it serves. For more information, visit www.1stsource.com.

1st Source serves the northern half of Indiana and southwest Michigan and is the largest locally controlled financial institution headquartered in the area. While delivering a comprehensive range of consumer and commercial banking services through its community bank offices, 1st Source has distinguished itself with highly personalized services. 1st Source Bank also competes for business nationally by offering specialized financing services for new and used private and cargo aircraft, automobiles for leasing and rental agencies, medium and heavy duty trucks, and construction equipment. The Corporation includes 80 banking centers, 18 1st Source Bank Specialty Finance Group locations nationwide, eight Wealth Advisory Services locations and ten 1st Source Insurance offices.

FORWARD LOOKING STATEMENTS

Except for historical information contained herein, the matters discussed in this document express “forward-looking statements.” Generally, the words “believe,” “contemplate,” “seek,” “plan,” “possible,” “assume,” “expect,” “intend,” “targeted,” “continue,” “remain,” “estimate,” “anticipate,” “project,” “will,” “should,” “indicate,” “would,” “may” and similar expressions indicate forward-looking statements. Those statements, including statements, projections, estimates or assumptions concerning future events or performance, and other statements that are other than statements of historical fact, are subject to material risks and uncertainties. 1st Source cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made.

1st Source may make other written or oral forward-looking statements from time to time. Readers are advised that various important factors could cause 1st Source’s actual results or circumstances for future periods to differ materially from those anticipated or projected in such forward-looking statements. Such factors, among others, include changes in laws, regulations or accounting principles generally accepted in the United States; 1st Source’s competitive position within its markets served; increasing consolidation within the banking industry; unforeseen changes in interest rates; unforeseen downturns in the local, regional or national economies or in the industries in which 1st Source has credit concentrations; and other risks discussed in 1st Source’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, which filings are available from the SEC. 1st Source undertakes no obligation to publicly update or revise any forward-looking statements.

NON-GAAP FINANCIAL MEASURES

The accounting and reporting policies of 1st Source conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non-GAAP performance measures are used by management to evaluate and measure the Company’s performance. Although these non-GAAP financial measures are frequently used by investors to evaluate a financial institution, they have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analyses of results as reported under GAAP. These include taxable-equivalent net interest income (including its individual components), net interest margin (including its individual components), the efficiency ratio, tangible common equity-to-tangible assets ratio and tangible book value per common share. Management believes that these measures provide users of the Company’s financial information a more meaningful view of the performance of the interest-earning assets and interest-bearing liabilities and of the Company’s operating efficiency. Other financial holding companies may define or calculate these measures differently.

Management reviews yields on certain asset categories and the net interest margin of the Company and its banking subsidiaries on a fully taxable-equivalent (“FTE”) basis. In this non-GAAP presentation, net interest income is adjusted to reflect tax-exempt interest income on an equivalent before-tax basis. This measure ensures comparability of net interest income arising from both taxable and tax-exempt sources. Net interest income on a FTE basis is also used in the calculation of the Company’s efficiency ratio. The efficiency ratio, which is calculated by dividing non-interest expense by total taxable-equivalent net revenue (less securities gains or losses and lease depreciation), measures how much it costs to produce one dollar of revenue. Securities gains or losses and lease depreciation are excluded from this calculation to better match revenue from daily operations to operational expenses. Management considers the tangible common equity-to-tangible assets ratio and tangible book value per common share as useful measurements of the Company’s equity.

See the table marked “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of certain non-GAAP financial measures used by the Company with their most closely related GAAP measures.

# # #

(charts attached)

1st SOURCE CORPORATION

3rd QUARTER 2019 FINANCIAL HIGHLIGHTS

(Unaudited – Dollars in thousands, except per share data)

 

Three Months Ended

 

Nine Months Ended

 

September 30,

 

June 30,

 

September 30,

 

September 30,

 

September 30,

 

2019

 

2019

 

2018

 

2019

 

2018

AVERAGE BALANCES

 

 

 

 

 

 

Assets

$

6,620,880

 

$

6,487,744

 

$

6,224,187

 

 

$

6,467,547

 

$

6,111,302

 

Earning assets

6,190,264

 

6,067,871

 

5,839,588

 

 

6,052,686

 

5,724,114

 

Investments

1,024,250

 

1,001,142

 

964,281

 

 

1,004,463

 

943,372

 

Loans and leases

5,091,358

 

5,001,392

 

4,822,431

 

 

4,984,498

 

4,728,047

 

Deposits

5,363,391

 

5,264,912

 

5,091,221

 

 

5,230,335

 

4,921,780

 

Interest bearing liabilities

4,493,376

 

4,468,591

 

4,323,467

 

 

4,426,489

 

4,283,411

 

Common shareholders’ equity

809,279

 

789,009

 

751,248

 

 

791,438

 

738,025

 

Total equity

819,734

 

792,884

 

751,248

 

 

796,767

 

738,025

 

INCOME STATEMENT DATA

 

 

 

 

 

 

Net interest income

$

57,195

 

$

56,427

 

$

54,362

 

 

$

168,570

 

$

158,063

 

Net interest income – FTE(1)

57,362

 

56,604

 

54,559

 

 

169,096

 

158,675

 

Provision for loan and lease losses

3,717

 

4,247

 

6,157

 

 

12,882

 

14,760

 

Noninterest income

25,765

 

25,664

 

24,060

 

 

75,553

 

72,890

 

Noninterest expense

47,106

 

47,353

 

47,342

 

 

139,663

 

138,776

 

Net income

24,448

 

23,417

 

19,888

 

 

70,061

 

60,968

 

Net income available to common shareholders

24,438

 

23,385

 

19,888

 

 

70,019

 

60,968

 

PER SHARE DATA

 

 

 

 

 

 

Basic net income per common share

$

0.95

 

$

0.91

 

$

0.76

 

 

$

2.72

 

$

2.33

 

Diluted net income per common share

0.95

 

0.91

 

0.76

 

 

2.72

 

2.33

 

Common cash dividends declared

0.27

 

0.27

 

0.25

 

 

0.81

 

0.71

 

Book value per common share(2)

31.88

 

31.12

 

28.90

 

 

31.88

 

28.90

 

Tangible book value per common share(1)

28.59

 

27.83

 

25.66

 

 

28.59

 

25.66

 

Market value – High

48.31

 

48.66

 

59.33

 

 

50.15

 

59.33

 

Market value – Low

42.31

 

43.34

 

50.34

 

 

39.11

 

48.26

 

Basic weighted average common shares outstanding

25,520,035

 

25,615,718

 

25,965,694

 

 

25,630,771

 

25,958,125

 

Diluted weighted average common shares outstanding

25,520,035

 

25,615,718

 

25,965,694

 

 

25,630,771

 

25,958,125

 

KEY RATIOS

 

 

 

 

 

 

Return on average assets

1.46

%

1.45

%

1.27

%

 

1.45

%

1.33

%

Return on average common shareholders’ equity

11.98

 

11.89

 

10.50

 

 

11.83

 

11.04

 

Average common shareholders’ equity to average assets

12.22

 

12.16

 

12.07

 

 

12.24

 

12.08

 

End of period tangible common equity to tangible assets(1)

11.04

 

10.82

 

10.73

 

 

11.04

 

10.73

 

Risk-based capital – Common Equity Tier 1(3)

12.26

 

11.83

 

12.38

 

 

12.26

 

12.38

 

Risk-based capital – Tier 1(3)

13.33

 

12.94

 

13.41

 

 

13.33

 

13.41

 

Risk-based capital – Total(3)

14.59

 

14.20

 

14.66

 

 

14.59

 

14.66

 

Net interest margin

3.67

 

3.73

 

3.69

 

 

3.72

 

3.69

 

Net interest margin – FTE(1)

3.68

 

3.74

 

3.71

 

 

3.74

 

3.71

 

Efficiency ratio: expense to revenue

56.78

 

57.68

 

60.37

 

 

57.21

 

60.09

 

Efficiency ratio: expense to revenue – adjusted(1)

53.44

 

54.07

 

56.71

 

 

53.57

 

56.28

 

Net (recoveries) charge offs to average loans and leases

(0.02

)

0.10

 

0.89

 

 

0.12

 

0.32

 

Loan and lease loss reserve to loans and leases

2.14

 

2.05

 

2.04

 

 

2.14

 

2.04

 

Nonperforming assets to loans and leases

0.34

 

0.41

 

1.00

 

 

0.34

 

1.00

 

 

 

 

 

 

 

 

 

September 30,

 

June 30,

 

March 31,

 

December 31,

 

September 30,

 

2019

 

2019

 

2019

 

2018

 

2018

END OF PERIOD BALANCES

 

 

 

 

 

 

Assets

$

6,691,070

 

$

6,650,105

 

$

6,379,086

 

 

$

6,293,745

 

$

6,293,169

 

Loans and leases

5,099,546

 

5,109,337

 

4,926,187

 

 

4,835,464

 

4,825,553

 

Deposits

5,391,679

 

5,403,845

 

5,124,091

 

 

5,122,322

 

5,061,977

 

Reserve for loan and lease losses

108,941

 

104,911

 

101,852

 

 

100,469

 

98,300

 

Goodwill and intangible assets

83,978

 

83,985

 

83,992

 

 

83,998

 

84,097

 

Common shareholders’ equity

813,167

 

794,662

 

778,422

 

 

762,082

 

750,437

 

Total equity

833,042

 

804,686

 

781,101

 

 

763,590

 

750,437

 

ASSET QUALITY

 

 

 

 

 

 

Loans and leases past due 90 days or more

$

311

 

$

156

 

$

178

 

 

$

366

 

$

125

 

Nonaccrual loans and leases

10,188

 

12,212

 

13,622

 

 

27,859

 

36,028

 

Other real estate

629

 

543

 

417

 

 

299

 

432

 

Repossessions

6,610

 

8,799

 

10,411

 

 

6,666

 

13,041

 

Equipment owned under operating leases

 

 

64

 

 

126

 

48

 

Total nonperforming assets

$

17,738

 

$

21,710

 

$

24,692

 

 

$

35,316

 

$

49,674

 

(1) See “Reconciliation of Non-GAAP Financial Measures” for more information on this performance measure/ratio.

(2) Calculated as common shareholders’ equity divided by common shares outstanding at the end of the period.

(3) Calculated under banking regulatory guidelines.

1st SOURCE CORPORATION

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Unaudited – Dollars in thousands)

 

September 30,

 

June 30,

 

December 31,

 

September 30,

 

2019

 

2019

 

2018

 

2018

ASSETS

 

 

 

 

 

 

 

Cash and due from banks

$

94,160

 

 

$

71,910

 

 

$

94,907

 

 

$

68,362

 

Federal funds sold and interest bearing deposits with other banks

33,325

 

 

24,578

 

 

4,172

 

 

45,514

 

Investment securities available-for-sale

1,032,185

 

 

1,021,786

 

 

990,129

 

 

972,172

 

Other investments

28,404

 

 

28,404

 

 

28,404

 

 

28,159

 

Mortgages held for sale

28,654

 

 

19,178

 

 

11,290

 

 

11,149

 

Loans and leases, net of unearned discount:

 

 

 

 

 

 

 

Commercial and agricultural

1,175,936

 

 

1,173,000

 

 

1,073,205

 

 

1,062,907

 

Auto and light truck

612,921

 

 

635,100

 

 

559,987

 

 

562,546

 

Medium and heavy duty truck

289,925

 

 

300,042

 

 

283,544

 

 

271,601

 

Aircraft

805,568

 

 

811,163

 

 

803,111

 

 

836,458

 

Construction equipment

685,696

 

 

686,633

 

 

645,239

 

 

654,605

 

Commercial real estate

858,402

 

 

835,919

 

 

809,886

 

 

781,093

 

Residential real estate and home equity

531,630

 

 

529,749

 

 

523,855

 

 

523,391

 

Consumer

139,468

 

 

137,731

 

 

136,637

 

 

132,952

 

Total loans and leases

5,099,546

 

 

5,109,337

 

 

4,835,464

 

 

4,825,553

 

Reserve for loan and lease losses

(108,941

)

 

(104,911

)

 

(100,469

)

 

(98,300

)

Net loans and leases

4,990,605

 

 

5,004,426

 

 

4,734,995

 

 

4,727,253

 

Equipment owned under operating leases, net

119,171

 

 

126,502

 

 

134,440

 

 

137,492

 

Net premises and equipment

51,680

 

 

51,570

 

 

52,139

 

 

53,479

 

Goodwill and intangible assets

83,978

 

 

83,985

 

 

83,998

 

 

84,097

 

Accrued income and other assets

228,908

 

 

217,766

 

 

159,271

 

 

165,492

 

Total assets

$

6,691,070

 

 

$

6,650,105

 

 

$

6,293,745

 

 

$

6,293,169

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

Noninterest-bearing demand

$

1,246,063

 

 

$

1,238,604

 

 

$

1,217,120

 

 

$

1,151,573

 

Interest-bearing deposits:

 

 

 

 

 

 

 

Interest-bearing demand

1,605,602

 

 

1,665,456

 

 

1,614,959

 

 

1,606,462

 

Savings

820,409

 

 

810,122

 

 

822,477

 

 

822,246

 

Time

1,719,605

 

 

1,689,663

 

 

1,467,766

 

 

1,481,696

 

Total interest-bearing deposits

4,145,616

 

 

4,165,241

 

 

3,905,202

 

 

3,910,404

 

Total deposits

5,391,679

 

 

5,403,845

 

 

5,122,322

 

 

5,061,977

 

Short-term borrowings:

 

 

 

 

 

 

 

Federal funds purchased and securities sold under agreements to repurchase

139,417

 

 

119,781

 

 

113,627

 

 

124,630

 

Other short-term borrowings

57,734

 

 

66,228

 

 

85,717

 

 

166,077

 

Total short-term borrowings

197,151

 

 

186,009

 

 

199,344

 

 

290,707

 

Long-term debt and mandatorily redeemable securities

71,520

 

 

71,542

 

 

71,123

 

 

70,919

 

Subordinated notes

58,764

 

 

58,764

 

 

58,764

 

 

58,764

 

Accrued expenses and other liabilities

138,914

 

 

125,259

 

 

78,602

 

 

60,365

 

Total liabilities

5,858,028

 

 

5,845,419

 

 

5,530,155

 

 

5,542,732

 

 

 

 

 

 

 

 

 

SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

Preferred stock; no par value

Authorized 10,000,000 shares; none issued or outstanding

 

 

 

 

 

 

 

Common stock; no par value

Authorized 40,000,000 shares; issued 28,205,674 shares at September 30, 2019, June 30, 2019, December 31, 2018, and September 30, 2018, respectively

436,538

 

 

436,538

 

 

436,538

 

 

436,538

 

Retained earnings

448,715

 

 

431,091

 

 

398,980

 

 

383,943

 

Cost of common stock in treasury (2,696,918, 2,670,462, 2,421,946, and 2,239,928 shares at September 30, 2019, June 30, 2019, December 31, 2018, and September 30, 2018, respectively)

(76,716

)

 

(75,380

)

 

(62,760

)

 

(54,369

)

Accumulated other comprehensive income (loss)

4,630

 

 

2,413

 

 

(10,676

)

 

(15,675

)

Total shareholders’ equity

813,167

 

 

794,662

 

 

762,082

 

 

750,437

 

Noncontrolling interests

19,875

 

 

10,024

 

 

1,508

 

 

 

Total equity

833,042

 

 

804,686

 

 

763,590

 

 

750,437

 

Total liabilities and equity

$

6,691,070

 

 

$

6,650,105

 

 

$

6,293,745

 

 

$

6,293,169

 

Contacts

Andrea Short

574-235-2000

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