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Midland States Bancorp, Inc. Announces 2019 Fourth Quarter Results

Midland States Bancorp, Inc. Announces 2019 Fourth Quarter Results

Highlights

  • Net income of $12.8 million, or $0.51 diluted earnings per share

  • Adjusted earnings of $16.1 million, or $0.64 diluted earnings per share, primarily reflects the exclusion of $3.3 million in integration and acquisition expenses and a $1.8 million loss on the repurchase of subordinated debt

  • Total loans increased $72.6 million from the end of the prior quarter, or 6.7% annualized

  • Total deposits increased $99.1 million from the end of the prior quarter, or 8.8% annualized

  • Efficiency ratio improved to 59.5% from 60.6% in the prior quarter

EFFINGHAM, Ill., Jan. 23, 2020 (GLOBE NEWSWIRE) -- Midland States Bancorp, Inc. (MSBI) (the “Company”) today reported net income of $12.8 million, or $0.51 diluted earnings per share, for the fourth quarter of 2019, which included $3.3 million in integration and acquisition expenses and a $1.8 million loss on the repurchase of subordinated debt.  This compares to net income of $12.7 million, or $0.51 diluted earnings per share, for the third quarter of 2019, which included $5.3 million in integration and acquisition expenses, and net income of $16.3 million, or $0.67 diluted earnings per share, for the fourth quarter of 2018.

Jeffrey G. Ludwig, President and Chief Executive Officer of the Company, said, “We completed 2019 with a strong quarter of business development highlighted by growth in both loans and deposits.  Our focus on developing new depository products for commercial customers is having a positive impact on our core deposit gathering, resulting in steady improvement in our deposit mix.  We believe we are well positioned to create additional value for shareholders in 2020.  Through a combination of modest balance sheet growth, realizing the full synergies from our acquisition of HomeStar Financial Group, driving additional efficiencies throughout our organization, and expanding our net interest margin through a reduction in our funding costs, we believe we can deliver solid earnings growth and an improvement in our return on assets and equity.”

Adjustment in Staffing Levels

In January 2020, the Company reduced its staffing by approximately 50 full-time employee positions, representing approximately 5% of the Company’s workforce.  The Company expects to record $0.7 - $0.8 million in one-time charges related to the staffing level adjustments in the first quarter of 2020.  The staffing level adjustments are expected to result in approximately $3.9 million in annualized cost savings, beginning in the second quarter of 2020. 

Approximately 30% of the staffing adjustments are within the Company’s retail branches, with the remaining adjustments primarily occurring within back office support and non-revenue generating positions.

Factors Affecting Comparability

The Company acquired HomeStar Financial Group, Inc. (“HomeStar”) in July 2019, with the core system conversion completed in October 2019. The financial position and results of operations of HomeStar prior to its acquisition date are not included in the Company’s financial results.

Adjusted Earnings

Financial results for the fourth quarter of 2019 included $3.3 million in integration and acquisition expenses, a $1.8 million loss on the repurchase of subordinated debt, and a $0.6 million gain on the sale of investment securities.  Excluding these amounts and certain other expenses and income, adjusted earnings were $16.1 million, or $0.64 diluted earnings per share, for the fourth quarter of 2019. 

Financial results for the third quarter of 2019 included $5.3 million in integration and acquisition expenses.  Excluding these amounts and certain other expenses and income, adjusted earnings were $16.4 million, or $0.66 diluted earnings per share, for the third quarter of 2019. 

A reconciliation of adjusted earnings to net income according to accounting principles generally accepted in the United States (“GAAP”) is provided in the financial tables at the end of this press release.

Net Interest Margin

Net interest margin for the fourth quarter of 2019 was 3.56%, compared to 3.70% for the third quarter of 2019.  The Company’s net interest margin benefits from accretion income on purchased loan portfolios, which contributed 23 and 20 basis points to net interest margin in the fourth quarter of 2019 and third quarter of 2019, respectively.  Excluding the impact of accretion income, net interest margin decreased 17 basis points from the third quarter of 2019, primarily due to the impact of new subordinated debt issued in September 2019 and a decline in the yield on earning assets.

Relative to the fourth quarter of 2018, net interest margin decreased from 3.85%.  Accretion income on purchased loan portfolios contributed 31 basis points to net interest margin in the fourth quarter of 2018.  Excluding the impact of accretion income, net interest margin decreased 21 basis points compared to the fourth quarter of 2018, primarily due to the impact of new subordinated debt issued in September 2019, a decline in the yield on earning assets and an increase in the costs of interest-bearing deposits. 

Net Interest Income

Net interest income for the fourth quarter of 2019 was $48.7 million, a decrease of 1.5% from $49.5 million for the third quarter of 2019.  Excluding accretion income, net interest income decreased $1.3 million from the prior quarter.  Accretion income associated with purchased loan portfolios totaled $3.6 million for the fourth quarter of 2019, compared with $3.1 million for the third quarter of 2019. 

Relative to the fourth quarter of 2018, net interest income increased $0.2 million, or 0.3%.  Accretion income for the fourth quarter of 2018 was $4.3 million.  Excluding the impact of accretion income, net interest income increased primarily due to the contribution of HomeStar.

Noninterest Income

Noninterest income for the fourth quarter of 2019 was $19.0 million, a decrease of 3.0% from $19.6 million for the third quarter of 2019.  The decrease was primarily attributable to declines in most major noninterest income items, partially offset by a $0.6 million gain on sale of investment securities.

Relative to the fourth quarter of 2018, noninterest income decreased 10.2% from $21.2 million.  The decrease was primarily attributable to lower commercial FHA, wealth management and residential mortgage banking revenue.

Wealth management revenue for the fourth quarter of 2019 was $5.4 million, a decrease of 10.4% from $6.0 million in the third quarter of 2019, primarily due to a decline in estate fees.  Compared to the fourth quarter of 2018, wealth management revenue decreased 4.8%.

Commercial FHA revenue for the fourth quarter of 2019 was $2.1 million, compared to $2.9 million in the third quarter of 2019.  Commercial FHA revenue in the fourth quarter of 2019 included a $1.6 million mortgage servicing rights (“MSR”) impairment, compared to a $1.1 million MSR impairment recorded in the third quarter of 2019.  The Company originated $84.9 million in rate lock commitments during the fourth quarter of 2019, compared to $112.8 million in the prior quarter.  Compared to the fourth quarter of 2018, commercial FHA revenue decreased $2.1 million.

Noninterest Expense

Noninterest expense for the fourth quarter of 2019 was $46.3 million, which included $3.3 million in integration and acquisition expenses, a $1.8 million loss on the repurchase of subordinated debt, and a $0.1 million loss on MSR held for sale, compared with $48.0 million for the third quarter of 2019, which included $5.3 million in integration and acquisition expenses and a $0.1 million gain on MSR held for sale.  Excluding integration and acquisition expenses, the loss on the repurchase of subordinated debt, and gain/loss on MSR held for sale, the $1.7 million decrease in noninterest expense primarily reflects additional cost savings realized after the core system conversion of HomeStar in October 2019.

Relative to the fourth quarter of 2018, noninterest expense increased 2.1% from $45.4 million, which included $0.6 million in integration and acquisition expenses.  Excluding integration and acquisition expenses, the loss on the repurchase of subordinated debt, and loss on MSR held for sale, noninterest expense decreased 8.3% from $44.8 million, primarily due to cost reduction initiatives implemented across the organization.

Loan Portfolio

Total loans outstanding were $4.40 billion at December 31, 2019, compared with $4.33 billion at September 30, 2019 and $4.14 billion at December 31, 2018.  The increase in total loans from September 30, 2019 was attributable to growth in the commercial loans and leases and consumer loan portfolios, partially offset by a decline in the commercial real estate loan portfolio.  Equipment finance balances increased $66.8 million from September 30, 2019, which are booked within the commercial loans and leases portfolio, reflecting management’s efforts to grow the equipment finance business.  The increase in total loans from December 31, 2018 was primarily attributable to the addition of HomeStar’s loan portfolio.

Deposits

Total deposits were $4.54 billion at December 31, 2019, compared with $4.45 billion at September 30, 2019, and $4.07 billion at December 31, 2018.  The increase in total deposits from September 30, 2019 was primarily attributable to growth in the Company’s lower-cost deposit categories, while the increase from December 31, 2018 was primarily attributable to the addition of HomeStar’s deposits. 

Asset Quality

Nonperforming loans totaled $42.1 million, or 0.96% of total loans, at December 31, 2019, compared with $45.2 million, or 1.04% of total loans, at September 30, 2019, and $42.9 million, or 1.04% of total loans, at December 31, 2018.  

Net charge-offs for the fourth quarter of 2019 were $2.2 million, or 0.20% of average loans on an annualized basis. 

The Company recorded a provision for loan losses of $5.3 million for the fourth quarter of 2019, which included a $1.4 million specific reserve established for an existing nonperforming loan.  The Company’s allowance for loan losses was 0.64% of total loans and 66.6% of nonperforming loans at December 31, 2019, compared with 0.58% of total loans and 55.3% of nonperforming loans at September 30, 2019.  Fair market value discounts recorded in connection with acquired loan portfolios represented 0.39% of total loans at December 31, 2019, compared with 0.51% of total loans at September 30, 2019.

Capital

At December 31, 2019, the Company exceeded all regulatory capital requirements under Basel III and was considered to be a ‘‘well-capitalized’’ financial institution, as summarized in the following table:

     
  December 31,
2019
Fully Phased-In Regulatory
Guidelines Minimum (2)
Total capital to risk-weighted assets 14.72% 10.50%
Tier 1 capital to risk-weighted assets 10.52% 8.50%
Tier 1 leverage ratio 8.74% 4.00%
Common equity Tier 1 capital 9.20% 7.00%
Tangible common equity to tangible assets (1) 7.74% NA
  1. A non-GAAP financial measure. Refer to page 14 for a reconciliation to the comparable GAAP financial measure.
  2. As of January 1, 2019, the capital conservation buffer was fully phased in at 2.5%.

Stock Repurchase Program

During the fourth quarter of 2019, the Company repurchased 85,146 shares of its common stock at a weighted average price of $25.69 under its stock repurchase program, which authorized the repurchase of up to $25 million of its common stock.  As of December 31, 2019, the Company had $21.0 million remaining under the current stock repurchase authorization.

Conference Call, Webcast and Slide Presentation

The Company will host a conference call and webcast at 7:30 a.m. Central Time on Friday, January 24, 2020, to discuss its financial results.  The call can be accessed via telephone at (877) 516-3531; conference ID: 6894396.  A recorded replay can be accessed through January 31, 2020, by dialing (855) 859-2056; conference ID: 6894396.

A slide presentation relating to the fourth quarter 2019 results will be accessible prior to the scheduled conference call.  The slide presentation and webcast of the conference call can be accessed on the Webcasts and Presentations page of the Company’s investor relations website at investors.midlandsb.com under the “News and Events” tab.

About Midland States Bancorp, Inc.

Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. As of December 31, 2019, the Company had total assets of approximately $6.08 billion, and its Wealth Management Group had assets under administration of approximately $3.41 billion. Midland provides a full range of commercial and consumer banking products and services, business equipment financing, merchant credit card services, trust and investment management, and insurance and financial planning services. In addition, multi-family and healthcare facility FHA financing is provided through Love Funding, Midland’s non-bank subsidiary. For additional information, visit https://www.midlandsb.com/ or follow Midland on LinkedIn at https://www.linkedin.com/company/midland-states-bank.

Non-GAAP Financial Measures

Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with GAAP.  These non-GAAP financial measures include “Adjusted Earnings,” “Adjusted Diluted Earnings Per Common Share,” “Adjusted Return on Average Assets,” “Adjusted Return on Average Shareholders’ Equity,” “Adjusted Return on Average Tangible Common Equity,” “Efficiency Ratio,” “Tangible Common Equity to Tangible Assets,” “Tangible Book Value Per Share” and “Return on Average Tangible Common Equity.”  The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s funding profile and profitability.  These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures.  Not all companies use the same calculation of these measures; therefore, this presentation may not be comparable to other similarly titled measures as presented by other companies.

Forward-Looking Statements

Readers should note that in addition to the historical information contained herein, this press release includes "forward-looking statements" within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including but not limited to statements about the Company’s plans, objectives, future performance, goals and future earnings levels.  These statements are subject to many risks and uncertainties, including changes in interest rates and other general economic, business and political conditions, including changes in the financial markets; changes in business plans as circumstances warrant; risks relating to acquisitions; and other risks detailed from time to time in filings made by the Company with the Securities and Exchange Commission.  Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements.  Forward-looking statements generally can be identified by the use of forward-looking terminology such as "will," "propose," "may," "plan," "seek," "expect," "intend," "estimate," "anticipate," "believe," "continue," or similar terminology.  Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

CONTACTS:
Jeffrey G. Ludwig, President and CEO, at jludwig@midlandsb.com or (217) 342-7321
Eric T. Lemke, Chief Financial Officer, at elemke@midlandsb.com or (217) 342-7321
Douglas J. Tucker, SVP and Corporate Counsel, at dtucker@midlandsb.com or (217) 342-7321

                                         
                                         
MIDLAND STATES BANCORP, INC.
CONSOLIDATED FINANCIAL SUMMARY (unaudited)
 
    For the Quarter Ended  
    December 31,    September 30,    June 30,    March 31,    December 31, 
(dollars in thousands, except per share data)   2019   2019   2019   2019   2018
Earnings Summary                                        
Net interest income   $ 48,687     $ 49,450     $ 46,077     $ 45,601     $ 48,535  
Provision for loan losses     5,305       4,361       4,076       3,243       3,467  
Noninterest income     19,014       19,606       19,587       17,075       21,170  
Noninterest expense     46,325       48,025       40,194       41,097       45,375  
Income before income taxes     16,071       16,670       21,394       18,336       20,863  
Income taxes     3,279       4,015       5,039       4,354       4,527  
Net income     12,792       12,655       16,355       13,982       16,336  
Preferred stock dividends, net     -       (22)       34       34       34  
Net income available to common shareholders   $ 12,792     $ 12,677     $ 16,321     $ 13,948     $ 16,302  
                                         
Diluted earnings per common share   $ 0.51     $ 0.51     $ 0.67     $ 0.57     $ 0.67  
Weighted average shares outstanding - diluted     24,761,960       24,684,529       24,303,211       24,204,661       24,200,346  
Return on average assets     0.83 %     0.84 %     1.17 %     1.01 %     1.14 %
Return on average shareholders' equity     7.71 %     7.71 %     10.43 %     9.23 %     10.81 %
Return on average tangible common equity (1)     11.24 %     11.19 %     15.34 %     13.79 %     16.40 %
Net interest margin     3.56 %     3.70 %     3.76 %     3.73 %     3.85 %
Efficiency ratio (1)     59.46 %     60.63 %     61.58 %     64.73 %     65.50 %
                                         
Adjusted Earnings Performance Summary                                        
Adjusted earnings (1)   $ 16,110     $ 16,422     $ 16,196     $ 14,098     $ 16,397  
Adjusted diluted earnings per common share (1)   $ 0.64     $ 0.66     $ 0.66     $ 0.58     $ 0.67  
Adjusted return on average assets (1)     1.04 %     1.09 %     1.16 %     1.02 %     1.14 %
Adjusted return on average shareholders' equity (1)     9.71 %     10.01 %     10.33 %     9.31 %     10.85 %
Adjusted return on average tangible common equity (1)     14.15 %     14.52 %     15.19 %     13.90 %     16.46 %
                                         
(1) Non-GAAP financial measures. Refer to pages 13 - 15 for a reconciliation to the comparable GAAP financial measures.   



                                         
MIDLAND STATES BANCORP, INC.
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
   
    For the Quarter Ended  
    December 31,    September 30,    June 30,    March 31,    December 31, 
(in thousands, except per share data)   2019   2019   2019   2019   2018
Net interest income:                                        
Interest income   $ 64,444     $ 65,006       $ 60,636       $ 59,432     $ 61,592  
Interest expense     15,757       15,556         14,559         13,831       13,057  
Net interest income     48,687       49,450         46,077         45,601       48,535  
Provision for loan losses     5,305       4,361         4,076         3,243       3,467  
Net interest income after provision for loan losses     43,382       45,089         42,001         42,358       45,068  
Noninterest income:                                        
Wealth management revenue     5,377       5,998         5,504         4,953       5,651  
Commercial FHA revenue     2,089       2,894         4,917         3,270       4,194  
Residential mortgage banking revenue     763       720         611         834       1,041  
Service charges on deposit accounts     2,860       3,008         2,639         2,520       2,976  
Interchange revenue     3,053       3,249         3,010         2,680       2,941  
Gain on sales of investment securities, net     635       25         14         -       469  
Other income     4,237       3,712         2,892         2,818       3,898  
Total noninterest income     19,014       19,606         19,587         17,075       21,170  
Noninterest expense:                                        
Salaries and employee benefits     23,650       25,083         21,134         22,039       23,020  
Occupancy and equipment     4,637       4,793         4,500         4,832       4,914  
Data processing     6,261       5,443         4,987         4,891       5,660  
Professional     1,952       2,348         2,410         2,073       2,752  
Amortization of intangible assets     1,804       1,803         1,673         1,810       1,852  
Loss (gain) on mortgage servicing rights held for sale     95       (70 )       (515 )       -       -  
Other expense     7,926       8,625         6,005         5,452       7,177  
Total noninterest expense     46,325       48,025         40,194         41,097       45,375  
Income before income taxes     16,071       16,670         21,394         18,336       20,863  
Income taxes     3,279       4,015         5,039         4,354       4,527  
Net income     12,792       12,655         16,355         13,982       16,336  
Preferred stock dividends, net     -       (22 )       34         34       34  
Net income available to common shareholders   $ 12,792     $ 12,677       $ 16,321       $ 13,948     $ 16,302  
                                         
Basic earnings per common share   $ 0.52     $ 0.51       $ 0.67       $ 0.58     $ 0.68  
Diluted earnings per common share   $ 0.51     $ 0.51       $ 0.67       $ 0.57     $ 0.67  


                                       
MIDLAND STATES BANCORP, INC.
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
                                       
    As of
    December 31,    September 30,    June 30,    March 31,    December 31, 
(in thousands)   2019   2019   2019   2019   2018
Assets                                      
Cash and cash equivalents   $ 394,505       $ 409,346       $ 245,415       $ 276,480       $ 213,700  
Investment securities     655,054         668,630         613,026         656,152         660,785  
Loans     4,401,410         4,328,835         4,073,527         4,092,106         4,137,551  
Allowance for loan losses     (28,028 )       (24,917 )       (25,925 )       (23,091 )       (20,903 )
Total loans, net     4,373,382         4,303,918         4,047,602         4,069,015         4,116,648  
Loans held for sale     16,431         88,322         22,143         16,851         30,401  
Premises and equipment, net     91,055         93,896         94,824         94,514         94,840  
Other real estate owned     6,745         4,890         3,797         2,020         3,483  
Loan servicing rights, at lower of cost or fair value     53,824         54,124         54,191         52,957         53,447  
Mortgage servicing rights held for sale     1,972         1,860         159         257         3,545  
Goodwill     171,758         171,074         164,673         164,673         164,673  
Other intangible assets, net     34,886         36,690         33,893         35,566         37,376  
Cash surrender value of life insurance policies     142,423         141,510         140,593         139,686         138,783  
Other assets     144,982         139,644         125,739         133,609         119,992  
Total assets   $ 6,087,017       $ 6,113,904       $ 5,546,055       $ 5,641,780       $ 5,637,673  
                                       
Liabilities and Shareholders' Equity  
Noninterest-bearing deposits   $ 1,019,472       $ 1,015,081       $ 902,286       $ 941,344       $ 972,164  
Interest-bearing deposits     3,524,782         3,430,090         3,108,921         3,094,944         3,102,006  
Total deposits     4,544,254         4,445,171         4,011,207         4,036,288         4,074,170  
Short-term borrowings     82,029         122,294         113,844         115,832         124,235  
FHLB advances and other borrowings     493,311         559,932         582,387         669,009         640,631  
Subordinated debt     176,653         192,689         94,215         94,174         94,134  
Trust preferred debentures     48,288         48,165         48,041         47,918         47,794  
Other liabilities     80,571         90,131         56,473         54,391         48,184  
Total liabilities     5,425,106         5,458,382         4,906,167         5,017,612         5,029,148  
Total shareholders’ equity     661,911         655,522         639,888         624,168         608,525  
Total liabilities and shareholders’ equity   $ 6,087,017       $ 6,113,904       $ 5,546,055       $ 5,641,780       $ 5,637,673  
                                       


                                         
MIDLAND STATES BANCORP, INC.
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
                                         
    As of  
    December 31,    September 30,    June 30,    March 31,    December 31, 
(in thousands)   2019   2019   2019   2019   2018
Loan Portfolio                                        
Commercial loans and leases   $ 1,387,766     $ 1,292,511     $ 1,149,370     $ 1,122,621     $ 1,074,935  
Commercial real estate     1,526,504       1,622,363       1,524,369       1,560,427       1,639,155  
Construction and land development     208,733       215,978       250,414       239,376       232,229  
Residential real estate     568,291       587,984       552,406       569,051       578,048  
Consumer     710,116       609,999       596,968       600,631       613,184  
Total loans   $ 4,401,410     $ 4,328,835     $ 4,073,527     $ 4,092,106     $ 4,137,551  
                                         
Deposit Portfolio                                        
Noninterest-bearing demand   $ 1,019,472     $ 1,015,081     $ 902,286     $ 941,344     $ 972,164  
Interest-bearing:                                        
Checking     1,342,788       1,222,599       1,009,023       968,844       1,002,275  
Money market     787,662       753,869       732,573       802,036       862,171  
Savings     522,456       526,938       442,017       457,176       442,132  
Time     822,160       833,038       785,337       685,700       633,787  
Brokered time     49,716       93,646       139,971       181,188       161,641  
Total deposits   $ 4,544,254     $ 4,445,171     $ 4,011,207     $ 4,036,288     $ 4,074,170  


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MIDLAND STATES BANCORP, INC.
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
                                         
    For the Quarter Ended  
    December 31,    September 30,    June 30,    March 31,    December 31, 
(dollars in thousands)   2019   2019   2019   2019   2018
Average Balance Sheets                                        
Cash and cash equivalents   $ 406,526     $ 259,427     $ 162,110     $ 152,078     $ 155,280  
Investment securities     631,294       666,157       636,946       654,764       676,483  
Loans     4,359,144       4,352,635       4,086,720       4,128,893       4,139,831  
Loans held for sale     36,974       31,664       40,177       30,793       51,981  
Nonmarketable equity securities     43,745       44,010       44,217       44,279       42,708  
Total interest-earning assets     5,477,683       5,353,893       4,970,170       5,010,807       5,066,283  
Non-earning assets     649,169       636,028       618,023       618,996       624,378  
Total assets   $ 6,126,852     $ 5,989,921     $ 5,588,193     $ 5,629,803     $ 5,690,661  
                                         
Interest-bearing deposits   $ 3,490,165     $ 3,429,063     $ 3,107,660     $ 3,093,979     $ 3,123,134  
Short-term borrowings     104,598       124,183       120,859       135,337       143,869  
FHLB advances and other borrowings     531,419       591,516       607,288       673,250       645,642  
Subordinated debt     182,149       106,090       94,196       94,156       94,115  
Trust preferred debentures     48,229       48,105       47,982       47,848       47,737  
Total interest-bearing liabilities     4,356,560       4,298,957       3,977,985       4,044,570       4,054,497  
Noninterest-bearing deposits     1,028,670       967,192       921,115       919,185       989,954  
Other noninterest-bearing liabilities     83,125       72,610       60,363       51,838       46,487  
Shareholders' equity     658,497       651,162       628,730       614,210       599,723  
Total liabilities and shareholders' equity   $ 6,126,852     $ 5,989,921     $ 5,588,193     $ 5,629,803     $ 5,690,661  
                                         
Yields    
Earning Assets    
Cash and cash equivalents     1.62 %     2.14 %     2.43 %     2.42 %     2.24 %
Investment securities     3.10 %     3.00 %     3.11 %     3.07 %     3.04 %
Loans     5.22 %     5.31 %     5.32 %     5.22 %     5.28 %
Loans held for sale     4.12 %     3.02 %     4.50 %     3.94 %     3.92 %
Nonmarketable equity securities     5.31 %     5.33 %     5.42 %     5.69 %     5.20 %
Total interest-earning assets     4.70 %     4.85 %     4.94 %     4.85 %     4.87 %
                                         
Interest-Bearing Liabilities                                        
Interest-bearing deposits     1.03 %     1.08 %     1.09 %     0.97 %     0.86 %
Short-term borrowings     0.67 %     0.68 %     0.70 %     0.71 %     0.67 %
FHLB advances and other borrowings   2.26 %     2.36 %     2.34 %     2.32 %     2.26 %
Subordinated debt     5.94 %     6.30 %     6.43 %     6.43 %     6.43 %
Trust preferred debentures     6.41 %     6.83 %     7.17 %     7.38 %     6.93 %
Total interest-bearing liabilities     1.43 %     1.44 %     1.47 %     1.39 %