First Merchants Corporation Announces 32 Percent Increase in First Quarter 2018 Earnings Per Share

| Source: First Merchants Corporation First Merchants Corporation

MUNCIE, Ind., April 25, 2018 (GLOBE NEWSWIRE) -- First Merchants Corporation (NASDAQ:FRME) has reported first quarter 2018 net income of $36.7 million, an increase of 58 percent, compared to $23.2 million during the same period in 2017.  Earnings per share for the period totaled $.74 per share, an increase of 32 percent, compared to the first quarter of 2017 result of $.56 per share.  The increase in net income was driven by several factors including strong core banking performance, two acquisitions that were fully integrated during the second half of 2017 and the impact of tax reform.

Total assets equaled $9.5 billion as of quarter-end and loans totaled $6.9 billion.  The Corporation’s loan portfolio increased by $1.6 billion, or 31 percent, during the past twelve months.  The acquisition of Independent Alliance Banks, Inc. in Fort Wayne, Indiana and the acquisition of The Arlington Bank in Upper Arlington, Ohio accounted for $950 million, or 18 percent, of loan growth.  Additionally, organic loan growth totaled $677 million, or 13 percent.  Total deposits equaled $7.3 billion as of quarter-end, an increase of $1.7 billion, or 30 percent.  Our acquisition activity accounted for deposit growth of $1.1 billion, or 20 percent, while organic deposit growth totaled $577 million, or 10 percent.

Michael C. Rechin, President and Chief Executive Officer, stated, “Our first quarter of 2018 results reflect the strength of First Merchants' earning power and the health of our franchise marketplaces.  2017 was a busy M&A year for the company and it makes First Merchants an even stronger, more impactful player in the Midwest banking industry.  Our management team is also pleased that organic balance sheet growth maintained momentum throughout the integration process.  We are off to a productive start in 2018 posting a return on assets of 1.57 percent, fueled by a 51.3 percent efficiency ratio.  Our organic loan and deposit growth of nearly 9 percent, should produce continued earnings improvement and stock price appreciation."

Net-interest income totaled $80 million for the quarter, an increase of $19 million, or 31 percent.  Net-interest margin totaling 3.92 percent, declined by 6 basis points and included a reduction of 13 basis points related to tax reform.  Yields on earning assets totaled 4.57 percent and the cost of supporting liabilities totaled .65 percent.

Non-interest income totaled $19.6 million for the quarter, a $4.7 million increase over the first quarter of 2017.  Non-interest expense totaled $53.7 million, up from the 2017 total of $43.1 million.  Increases in both non-interest income and non-interest expense are reflective of a significantly larger franchise as a result of the acquisition activity in 2017, which drove higher net income and improved efficiency in the quarter.

Tax expense for the first quarter of 2018 totaled $6.6 million, or 15.3 percent of pre-tax net income.  Tax expense in the prior year totaled $7.2 million, or 23.6 percent.  The improvement in tax expense was due to a decline in the federal tax rate from 35 percent to 21 percent.  Our effective rate is 5.7 percentage points lower than the federal tax rate of 21 percent, primary due to approximately $10.9 million of tax-free loan, securities and life insurance income in the quarter.

The Corporation’s provision expense totaled $2.5 million due to loan growth and net charge-offs totaling $1.1 million during the quarter.  The allowance for loan losses totaled $76.4 million as of March 31, 2018, up from $68.2 million as of March 31, 2017.  Non-accrual loans totaled $27.5 million as of quarter-end and the allowance is 1.11 percent of total loans and 1.32 percent of non-purchased loans.

As of March 31, 2018, the Corporation’s total risk-based capital ratio equaled 13.69 percent, common equity tier 1 capital ratio equaled 11.04 percent, and the tangible common equity ratio totaled 9.32 percent.

CONFERENCE CALL

First Merchants Corporation will conduct a first quarter earnings conference call and web cast at 2:30 p.m. (ET) on Thursday, April 26, 2018.

To participate, dial (Toll Free) 877-507-0578 and reference First Merchants Corporation's first quarter earnings release. International callers please call +1 412-317-1073.  A replay of the call will be available until May 26, 2018. To access a replay of the call, US participants should dial (Toll Free) 877-344-7529, or for International participants, dial +1 412-317-0088. The replay passcode is 10117758.

In order to view the web cast and presentation slides, please go to http://services.choruscall.com/links/frme180426.html during the time of the call.  A replay of the web cast will be available until April 26, 2019.

Detailed financial results are reported on the attached pages.

About First Merchants Corporation

First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. The Corporation has one full-service bank charter, First Merchants Bank.  The Bank also operates as Lafayette Bank & Trust  and First Merchants Private Wealth Advisors (each as a division of First Merchants Bank).

First Merchants Corporation’s common stock is traded on the NASDAQ Global Select 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).

FIRST MERCHANTS and the Shield Logo are federally registered trademarks of First Merchants Corporation.

Forward-Looking Statements

This release contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can often, but not always, be identified by the use of words like “believe”, “continue”, “pattern”, “estimate”, “project”, “intend”, “anticipate”, “expect” and similar expressions or future or conditional verbs such as “will”, would”, “should”, “could”, “might”, “can”, “may”, or similar expressions. These statements include statements of First Merchants’ goals, intentions and expectations; statements regarding the First Merchants’ business plan and growth strategies; statements regarding the asset quality of First Merchants’ loan and investment portfolios; and estimates of First Merchants’ risks and future costs and benefits. These forward-looking statements are subject to significant risks, assumptions and uncertainties that may cause results to differ materially from those set forth in forward-looking statements, including, among other things: possible changes in monetary and fiscal policies, and laws and regulations; the effects of easing restrictions on participants in the financial services industry; the cost and other effects of legal and administrative cases; possible changes in the credit worthiness of customers and the possible impairment of collectability of loans; fluctuations in market rates of interest; competitive factors in the banking industry; changes in the banking legislation or regulatory requirements of federal and state agencies applicable to bank holding companies and banks like First Merchants’ affiliate bank; continued availability of earnings and excess capital sufficient for the lawful and prudent declaration of dividends; changes in market, economic, operational, liquidity, credit and interest rate risks associated with the First Merchants’ business; and other risks and factors identified in each of First Merchants’ filings with the Securities and Exchange Commission. First Merchants does not undertake any obligation to update any forward-looking statement, whether written or oral, relating to the matters discussed in this press release. In addition, First Merchants’ past results of operations do not necessarily indicate its anticipated future results.

For more information, contact:

Nicole M. Weaver, Vice President and Director of Corporate Administration
765-521-7619
http://www.firstmerchants.com



    
CONSOLIDATED BALANCE SHEETS   
(Dollars In Thousands)March 31,
 2018 2017
ASSETS   
Cash and cash equivalents$128,828  $104,247 
Interest-bearing time deposits24,233  20,439 
Investment securities1,543,820  1,327,217 
Loans held for sale4,469  1,262 
Loans6,901,696  5,274,909 
Less: Allowance for loan losses(76,420) (68,225)
Net loans6,825,276  5,206,684 
Premises and equipment94,741  91,311 
Federal Home Loan Bank stock24,588  17,964 
Interest receivable35,223  25,174 
Goodwill and other intangibles474,777  257,963 
Cash surrender value of life insurance221,949  202,574 
Other real estate owned9,698  8,293 
Tax asset, deferred and receivable24,177  32,074 
Other assets61,017  30,991 
TOTAL ASSETS$9,472,796  $7,326,193 
LIABILITIES   
Deposits:   
Noninterest-bearing$1,698,958  $1,373,778 
Interest-bearing5,628,677  4,261,531 
Total Deposits7,327,635  5,635,309 
Borrowings:   
Federal funds purchased50,000  102,000 
Securities sold under repurchase agreements138,910  139,007 
Federal Home Loan Bank advances449,419  338,919 
Subordinated debentures and term loans138,297  128,862 
Total Borrowings776,626  708,788 
Interest payable5,376  3,875 
Other liabilities50,086  48,751 
Total Liabilities8,159,723  6,396,723 
STOCKHOLDERS' EQUITY   
Cumulative Preferred Stock, $1,000 par value, $1,000 liquidation value:   
Authorized -- 600 shares   
Issued and outstanding - 125 shares125  125 
Common Stock, $.125 stated value:   
Authorized -- 100,000,000 and 50,000,000 shares (1)   
Issued and outstanding - 49,243,096 and 41,047,543 shares6,155  5,131 
Additional paid-in capital834,894  509,953 
Retained earnings493,624  417,983 
Accumulated other comprehensive income (loss)(21,725) (3,722)
Total Stockholders' Equity1,313,073  929,470 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$9,472,796  $7,326,193 

(1) On May 1, 2017, the shareholders of First Merchants Corporation approved an amendment to the Articles of Incorporation to increase the number of shares of common stock authorized to issue from 50,000,000 to 100,000,000 shares.


  
  
CONSOLIDATED STATEMENTS OF INCOMEThree Months Ended
(Dollars In Thousands, Except Per Share Amounts)March 31,
 2018 2017
INTEREST INCOME   
Loans receivable:   
Taxable$  78,267 $  56,357
Tax-exempt3,596 2,333
Investment securities:   
Taxable5,096 4,308
Tax-exempt6,126 5,003
Deposits with financial institutions131 44
Federal Home Loan Bank stock404 189
Total Interest Income93,620 68,234
INTEREST EXPENSE   
Deposits9,002 4,124
Federal funds purchased380 228
Securities sold under repurchase agreements173 88
Federal Home Loan Bank advances2,159 978
Subordinated debentures and term loans1,990 1,817
Total Interest Expense13,704 7,235
NET INTEREST INCOME79,916 60,999
Provision for loan losses2,500 2,385
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES77,416 58,614
OTHER INCOME   
Service charges on deposit accounts4,777 4,174
Fiduciary and wealth management fees3,416 2,640
Other customer fees5,416 4,863
Earnings on cash surrender value of life insurance1,176 898
Net gains and fees on sales of loans1,821 1,275
Net realized gains on sales of available for sale securities1,609 598
Other income1,346 398
Total Other Income19,561 14,846
OTHER EXPENSES   
Salaries and employee benefits32,226 25,732
Net occupancy4,670 4,216
Equipment3,668 2,807
Marketing884 565
Outside data processing fees2,964 2,616
Printing and office supplies334 264
Intangible asset amortization1,726 903
FDIC assessments719 570
Other real estate owned and foreclosure expenses402 531
Professional and other outside services1,541 1,734
Other expenses4,553 3,161
Total Other Expenses53,687 43,099
INCOME BEFORE INCOME TAX43,290 30,361
Income tax expense6,611 7,168
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS$36,679 $23,193
Per Share Data:   
Basic Net Income Available to Common Stockholders$0.75 $0.57
Diluted Net Income Available to Common Stockholders$0.74 $0.56
Cash Dividends Paid$0.18 $0.15
Average Diluted Shares Outstanding (in thousands)49,428 41,221
    
    


      
FINANCIAL HIGHLIGHTS   
(Dollars in thousands)Three Months Ended
 March 31,
 2018 2017
NET CHARGE-OFFS$1,112  $197 
    
AVERAGE BALANCES:   
Total Assets$9,372,736  $7,217,151 
Total Loans6,811,087  5,180,243 
Total Earning Assets8,415,177  6,526,685 
Total Deposits7,153,164  5,590,357 
Total Stockholders' Equity1,308,804  914,062 
    
FINANCIAL RATIOS:   
Return on Average Assets1.57% 1.29%
Return on Average Stockholders' Equity11.21  10.15 
Return on Average Common Stockholders' Equity                                                                           11.21  10.15 
Average Earning Assets to Average Assets89.78  90.43 
Allowance for Loan Losses as % of Total Loans1.11  1.29 
Net Charge-offs as % of Average Loans (Annualized)0.07  0.02 
Average Stockholders' Equity to Average Assets13.96  12.67 
Tax Equivalent Yield on Earning Assets4.57  4.42 
Cost of Supporting Liabilities0.65  0.44 
Net Interest Margin (FTE) on Earning Assets3.92  3.98 
Efficiency Ratio51.47  52.61 
Tangible Common Book Value Per Share$17.14  $16.49 
        
        


            
NON-PERFORMING ASSETS               
(Dollars In Thousands)March  31, December 31, September 30, June 30, March 31,
 2018 2017 2017 2017 2017
Non-Accrual Loans$   27,497  $28,724  $32,253  $   27,347  $27,920 
Renegotiated Loans579  1,013  626  384  876 
Non-Performing Loans (NPL)28,076  29,737  32,879  27,731  28,796 
Other Real Estate Owned9,698  10,373  11,912  11,893  8,293 
Non-Performing Assets (NPA)37,774  40,110  44,791  39,624  37,089 
90+ Days Delinquent738  924  425  634  123 
NPAs & 90 Day Delinquent$38,512  $41,034  $45,216  $40,258  $37,212 
          
Allowance for Loan Losses$76,420  $75,032  $73,354  $70,471  $68,225 
Quarterly Net Charge-offs1,112  122  (800) 629  197 
NPAs / Actual Assets %0.40% 0.43% 0.49% 0.51% 0.51%
NPAs & 90 Day / Actual Assets %0.41% 0.44% 0.50% 0.52% 0.51%
NPAs / Actual Loans and OREO %0.55% 0.59% 0.69% 0.70% 0.70%
Allowance for Loan Losses / Actual Loans (%)1.11% 1.11% 1.13% 1.25% 1.29%
Net Charge-offs as % of Average Loans (Annualized)                           0.07% 0.01% (0.05)% 0.05% 0.02%
               
               


CONSOLIDATED BALANCE SHEETS                 
(Dollars In Thousands)March 31, December 31, September 30, June 30, March 31,
 2018 2017 2017 2017 2017
ASSETS         
Cash and cash equivalents$128,828  $154,905  $146,607  $142,650  $104,247 
Interest-bearing time deposits24,233  35,027  72,950  48,305  20,439 
Investment securities1,543,820  1,560,602  1,468,887  1,343,323  1,327,217 
Loans held for sale4,469  7,216  4,514  4,036  1,262 
Loans6,901,696  6,751,199  6,483,448  5,613,144  5,274,909 
Less: Allowance for loan losses(76,420) (75,032) (73,354) (70,471) (68,225)
Net loans6,825,276  6,676,167  6,410,094  5,542,673  5,206,684 
Premises and equipment94,741  95,852  102,485  92,637  91,311 
Federal Home Loan Bank stock24,588  23,825  23,825  19,015  17,964 
Interest receivable35,223  37,130  32,366  27,597  25,174 
Goodwill and other intangibles474,777  476,503  478,558  309,686  257,963 
Cash surrender value of life insurance                                                 221,949  223,557  222,437  200,125  202,574 
Other real estate owned9,698  10,373  11,912  11,893  8,293 
Tax asset, deferred and receivable24,177  23,983  36,024  27,331  32,074 
Other assets61,017  42,338  38,744  35,758  30,991 
TOTAL ASSETS$9,472,796  $9,367,478  $9,049,403  $7,805,029  $7,326,193 
LIABILITIES         
Deposits:         
Noninterest-bearing$1,698,958  $1,761,553  $1,662,814  $1,398,237  $1,373,778 
Interest-bearing5,628,677  5,410,977  5,248,205  4,618,867  4,261,531 
Total Deposits7,327,635  7,172,530  6,911,019  6,017,104  5,635,309 
Borrowings:         
Federal funds purchased50,000  144,038  100,000  134,608  102,000 
Securities sold under repurchase agreements138,910  136,623  142,107  127,884  139,007 
Federal Home Loan Bank advances449,419  414,377  406,820  312,715  338,919 
Subordinated debentures and term loans138,297  139,349  139,686  128,742  128,862 
Total Borrowings776,626  834,387  788,613  703,949  708,788 
Interest payable5,376  4,390  4,956  3,477  3,875 
Other liabilities50,086  52,708  61,695  45,383  48,751 
Total Liabilities8,159,723  8,064,015  7,766,283  6,769,913  6,396,723 
STOCKHOLDERS' EQUITY         
Cumulative Preferred Stock, $1,000 par value, $1,000
liquidation value:		         
Authorized -- 600 shares         
Issued and outstanding125  125  125  125  125 
Common Stock, $.125 stated value:         
Authorized -- 100,000,000 and 50,000,000 shares (1)         
Issued and outstanding6,155  6,145  6,143  5,394  5,131 
Additional paid-in capital834,894  834,870  833,451  593,904  509,953 
Retained earnings493,624  465,231  449,759  434,309  417,983 
Accumulated other comprehensive income (loss)(21,725) (2,908) (6,358) 1,384  (3,722)
Total Stockholders' Equity1,313,073  1,303,463  1,283,120  1,035,116  929,470 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$9,472,796  $9,367,478  $9,049,403  $7,805,029  $7,326,193 

(1) On May 1, 2017, the shareholders of First Merchants Corporation approved an amendment to the Articles of Incorporation to increase the number of shares of common stock authorized to issue from 50,000,000 to 100,000,000 shares.


          
                  
          
CONSOLIDATED STATEMENTS OF INCOME         
(Dollars In Thousands, Except Per Share Amounts)March 31, December 31, September 30, June 30, March 31,
 2018 2017 2017 2017 2017
INTEREST INCOME         
Loans receivable:         
Taxable$78,267  $76,470  $71,491  $59,386  $56,357 
Tax-exempt3,596  3,018  2,851  2,492  2,333 
Investment securities:         
Taxable5,096  4,477  4,524  4,180  4,308 
Tax-exempt6,126  5,830  5,455  5,091  5,003 
Deposits with financial institutions131  294  284  114  44 
Federal Home Loan Bank stock404  259  242  204  189 
Total Interest Income93,620  90,348  84,847  71,467  68,234 
INTEREST EXPENSE         
Deposits9,002  7,835  6,710  5,137  4,124 
Federal funds purchased380  55  175  103  228 
Securities sold under repurchase agreements173  146  133  110  88 
Federal Home Loan Bank advances2,159  1,577  1,464  1,177  978 
Subordinated debentures and term loans1,990  1,970  1,945  1,840  1,817 
Total Interest Expense13,704  11,583  10,427  8,367  7,235 
NET INTEREST INCOME79,916  78,765  74,420  63,100  60,999 
Provision for loan losses2,500  1,800  2,083  2,875  2,385 
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES77,416  76,965  72,337  60,225  58,614 
OTHER INCOME         
Service charges on deposit accounts4,777  5,066  5,044  4,438  4,174 
Fiduciary and wealth management fees3,416  3,345  2,995  2,609  2,640 
Other customer fees5,416  5,346  5,341  5,406  4,863 
Earnings on cash surrender value of life insurance1,176  1,133  1,575  2,971  898 
Net gains and fees on sales of loans1,821  2,355  2,317  1,617  1,275 
Net realized gains on sales of available for sale securities1,609  1,134  332  567  598 
Other income1,346  682  1,064  826  398 
Total Other Income19,561  19,061  18,668  18,434  14,846 
OTHER EXPENSES         
Salaries and employee benefits32,226  33,760  33,244  27,076  25,732 
Net occupancy4,670  4,424  4,371  3,965  4,216 
Equipment3,668  3,898  3,478  2,907  2,807 
Marketing884  1,361  1,021  792  565 
Outside data processing fees2,964  3,378  3,162  3,086  2,616 
Printing and office supplies334  378  366  275  264 
Intangible asset amortization1,726  2,055  1,698  991  903 
FDIC assessments719  711  704  579  570 
Other real estate owned and foreclosure expenses402  311  330  731  531 
Professional and other outside services1,541  1,914  5,843  3,266  1,734 
Other expenses4,553  4,243  4,491  3,648  3,161 
Total Other Expenses53,687  56,433  58,708  47,316  43,099 
INCOME BEFORE INCOME TAX43,290  39,593  32,297  31,343  30,361 
Income tax expense6,611  15,210  7,939  7,207  7,168 
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS$36,679  $24,383  $24,358  $24,136  $23,193 
          
Per Share Data:         
Basic Net Income Available to Common Stockholders$0.75  $0.49  $0.50  $0.57  $0.57 
Diluted Net Income Available to Common Stockholders$0.74  $0.49  $0.50  $0.57  $0.56 
Cash Dividends Paid$0.18  $0.18  $0.18  $0.18  $0.15 
Average Diluted Shares Outstanding (in thousands)49,428  49,379  48,644  42,244  41,221 
FINANCIAL RATIOS:         
Return on Average Assets1.57% 1.06% 1.11% 1.28% 1.29%
Return on Average Stockholders' Equity11.21  7.53  7.83  9.82  10.15 
Return on Average Common Stockholders' Equity11.21  7.53  7.83  9.82  10.15 
Average Earning Assets to Average Assets89.78  88.73  89.16  89.97  90.43 
Allowance for Loan Losses as % of Total Loans1.11  1.11  1.13  1.25  1.29 
Net Charge-offs as % of Average Loans (Annualized)0.07  0.01  (0.05) 0.05  0.02 
Average Stockholders' Equity to Average Assets13.96  14.11  14.15  12.98  12.67 
Tax Equivalent Yield on Earning Assets4.57  4.67  4.56  4.44  4.42 
Cost of Supporting Liabilities0.65  0.57  0.53  0.49  0.44 
Net Interest Margin (FTE) on Earning Assets3.92  4.10  4.03  3.95  3.98 
Efficiency Ratio51.47  53.29  58.30  53.61  52.61 
Tangible Common Book Value Per Share$17.14  $16.96  $16.62  $16.97  $16.49 
                    


          
          
LOANS         
(Dollars In Thousands)March 31, December 31, September 30, June 30, March 31,
 2018 2017 2017 2017 2017
Commercial and industrial loans$1,554,169  $1,493,493  $1,436,092  $1,289,884  $1,258,840 
Agricultural production financing and other loans to farmers98,315  121,757  117,751  75,746  77,021 
Real estate loans:                 
Construction590,093  612,219  498,862  442,389  336,931 
Commercial and farmland2,713,994  2,562,691  2,571,253  2,167,729  2,118,431 
Residential948,644  962,765  938,437  847,580  737,918 
Home equity510,545  514,021  502,240  436,038  423,708 
Individuals' loans for household and other personal expenditures88,235  86,935  86,406  79,887  77,590 
Lease financing receivables, net of unearned income2,193  2,527  3,877  232  261 
Other commercial loans395,508  394,791  328,530  273,659  244,209 
Loans6,901,696  6,751,199  6,483,448  5,613,144  5,274,909 
Allowance for loan losses(76,420) (75,032) (73,354) (70,471) (68,225)
     NET LOANS$6,825,276  $6,676,167  $6,410,094  $5,542,673  $5,206,684 


          
                  
          
DEPOSITS         
(Dollars In Thousands)March 31, December 31, September 30, June 30, March 31,
 2018 2017 2017 2017 2017
Demand deposits$3,740,395 $3,746,654 $3,562,718 $3,015,846 $2,861,384
Savings deposits2,109,071 1,994,366 1,884,705 1,708,478 1,565,174
Certificates and other time deposits of $100,000 or more552,643 468,895 503,668 362,589 312,327
Other certificates and time deposits584,377 581,894 585,042 511,935 476,741
Brokered deposits341,149 380,721 374,886 418,256 419,683
     TOTAL DEPOSITS$7,327,635 $7,172,530 $6,911,019 $6,017,104 $5,635,309


            
                      
            
NET INTEREST INCOME           
(Dollars in Thousands)For the Three Months Ended
 March 31, 2018 March 31, 2017
 Average Balance Interest
 Income /
Expense		 Average
Rate		 Average Balance Interest
 Income /
Expense		 Average
Rate
Assets:           
Interest-bearing time deposits$32,776  $131  1.60% $30,463  $45  0.59%
Federal Home Loan Bank stock24,385  404  6.63  17,964  189  4.21 
Investment Securities: (1)           
Taxable810,385  5,096  2.52  711,490  4,308  2.42 
Tax-Exempt (2)736,544  7,754  4.21  586,525  7,697  5.25 
Total Investment Securities1,546,929  12,850  3.32  1,298,015  12,005  3.70 
Loans held for sale10,636  137  5.15  3,840  45  4.69 
Loans: (3)           
Commercial4,980,450  62,154  4.99  3,781,045  44,092  4.66 
Real Estate Mortgage728,725  7,999  4.39  545,148  6,121  4.49 
Installment623,429  7,977  5.12  532,128  6,098  4.58 
Tax-Exempt (2)467,847  4,552  3.89  318,082  3,589  4.51 
Total Loans6,811,087  82,819  4.86  5,180,243  59,945  4.63 
Total Earning Assets8,415,177  96,204  4.57  6,526,685  72,184  4.42 
Net unrealized gain (loss) on securities available for sale(6,440)     593     
Allowance for loan losses(75,851)     (66,933)    
Cash and cash equivalents126,484      104,017     
Premises and equipment95,525      93,018     
Other assets817,841      559,771     
Total Assets$9,372,736      $7,217,151     
Liabilities:           
Interest-bearing deposits:           
Interest-bearing NOW deposits$1,980,141  $2,689  0.54% $1,512,839  $838  0.22%
Money market deposits1,089,694  1,275  0.47  789,378  341  0.17 
Savings deposits945,940  381  0.16  776,519  156  0.08 
Certificates and other time deposits1,486,093  4,657  1.25  1,165,079  2,789  0.96 
Total Interest-bearing Deposits5,501,868  9,002  0.65  4,243,815  4,124  0.39 
Borrowings848,208  4,702  2.22  664,921  3,111  1.87 
Total Interest-bearing Liabilities6,350,076  13,704  0.86  4,908,736  7,235  0.59 
Noninterest-bearing deposits1,651,296      1,346,542     
Other liabilities62,560      47,811     
Total Liabilities8,063,932      6,303,089     
Stockholders' Equity1,308,804      914,062     
Total Liabilities and Stockholders' Equity$9,372,736  13,704    $7,217,151  7,235   
Net Interest Income (FTE)  $82,500      $64,949   
Net Interest Spread (FTE)    3.71%     3.83%
            
Net Interest Margin (FTE):           
Interest Income (FTE) / Average Earning Assets    4.57%     4.42%
Interest Expense / Average Earning Assets    0.65%     0.44%
Net Interest Margin (FTE)    3.92%     3.98%
            
(1)  Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments.
(2)  Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent and 35 percent for 2018 and 2017, respectively.  These totals equal $2,584 and $3,950 for the three months ended March 31, 2018 and 2017, respectively.
(3)  Non accruing loans have been included in the average balances.