9 unchanged sentences
Shareholder Relations
−Removed: (800) 884-4225
+Added: (800) 884-4225 Shareholder
Information and
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The companies comprising the Indiana Bank Peer Group for purposes of the December 2020 comparison were:
−Removed: 1st Source Corp., First Financial Corp., First Merchants Corp., Lakeland Financial Corp., Old National Bancorp, Horizon Bancorp, MutualFirst Financial, Inc., First Internet Bancorp, and First Savings Financial Corp.
−Removed: First Savings Financial Corp was added to the Indiana Bank Peer Group for the first time in this Annual Report on Form 10-K as a result of converting to a bank holding company effective December 19, 2014, and otherwise meeting the above criteria.
+Added: 1st Source Corp., First Financial Corp., First Merchants Corp., Lakeland Financial Corp., Old National Bancorp, Horizon Bancorp, First Internet Bancorp, and First Savings Financial Corp.
The returns of each company in the Indiana Bank Peer Group have been weighted to reflect the company’s market capitalization.
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The following table sets forth information regarding the Company’s purchases of its common shares during each of the three months ended December 31, 2020.
−Removed: Total Number of Shares
−Removed: (or Units) Purchased
−Removed: Average Price Paid Per Share (or Unit)
−Removed: Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs
−Removed: Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs (1)
+Added: Period Total Number of Shares
+Added: (or Units) Purchased Average Price Paid Per Share (or Unit) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs (1)
+Added: October 2020 610 $ 26.95 610 778,088
November 2020 — — — 778,088
December 2020 — — — 778,088
−Removed: (1) On April 26, 2001, the Company announced that its Board of Directors had approved a stock repurchase program for up to 911,631 of its outstanding common shares, of which the Company had purchased 502,447 common shares through December 31, 2019 (both such numbers adjusted for subsequent stock dividends).
−Removed: The Board of Directors established no expiration date for this program.
−Removed: The Company purchased no shares under this program during the quarter ended December 31, 2019.
−Removed: On January 27, 2020, the Company’s Board of Directors terminated the 2001 repurchase program and approved a new plan to repurchase up to one million shares of the Company’s outstanding common stock.
−Removed: The Company is not obligated to purchase any shares under the 2020 repurchase plan.
−Removed: No expiration date has been established for the 2020 plan and the Board may discontinue it at any time.
+Added: Totals 610 $ 26.95 610
+Added: (1) On January 27, 2020, the Company's Board of Directors approved a stock repurchase program for up to 1.0 million of its outstanding common shares.
+Added: The Company repurchased 610 shares of common stock under the repurchase plan during the quarter ended December 31, 2020.
+Added: On January 25, 2021, the Company’s Board of Directors terminated the 2020 repurchase program and approved a new plan to repurchase up to 1.0 million shares of the Company’s outstanding common stock.
+Added: On a share basis, the amount of common stock subject to the new repurchase plan represented approximately 4% of the Company’s outstanding shares on the date it was approved.
+Added: The Company is not obligated to purchase any shares under the plan, and the plan may be discontinued at any time.
+Added: The actual timing, number and share price of shares purchased under the repurchase plan will be determined by the Company at its discretion and will depend upon such factors as the market price of the stock, general market and economic conditions and applicable legal requirements.
+Added: The Company has not repurchased any shares of common stock under the 2021 repurchase plan.
Equity Compensation Plan Information
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The following table sets forth information regarding these plans as of December 31, 2020:
−Removed: Plan Category
−Removed: Number of Securities
+Added: Plan Category Number of Securities
to be Issued upon Exercise
−Removed: of Outstanding Options, Warrants or Rights
−Removed: Weighted Average
+Added: of Outstanding Options, Warrants or Rights Weighted Average
Exercise Price of
−Removed: Outstanding Options, Warrants and Rights
−Removed: Number of Securities
+Added: Outstanding Options, Warrants and Rights Number of Securities
Remaining Available for
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Securities Reflected in First Column)
−Removed: Equity compensation plans approved by security holders
+Added: Equity compensation plans approved by security holders — (a) $ — (a) 1,682,123 (b)
Equity compensation plans not approved by security holders — — —
−Removed: On December 31, 2019, participants under the 2019 ESPP exercised options to purchase 5,815 Common Shares at the purchase price of $33.84 per share.
+Added: Total — $ — 1,682,123
+Added: (a) On December 31, 2020, participants under the 2019 ESPP exercised options to purchase 6,283 Common Shares at the purchase price of $32.88 per share.
The Company settled the option exercises in January 2021 with shares purchased on the open market.
−Removed: Represents 750,000 shares at December 31, 2019 that the Company may in the future issue to employees under the 2019 ESPP (although the Company typically purchases the shares needed for sale to participating employees on the open market rather than issuing new issue shares to such employees) and 984,824 shares that were available for grant or issuance at December 31, 2019 under the 2019 LTI Plan.
+Added: (b) Represents 750,000 shares at December 31, 2020 that the Company may in the future issue to employees under the 2019 ESPP (although the Company typically purchases the shares needed for sale to participating employees on the open market rather than issuing new issue shares to such employees) and 932,123 shares that were available for grant or issuance at December 31, 2020 under the 2019 LTI Plan.
As stated in note (a) above, the Company settled certain option exercises in January 2021 with shares purchased on the open market.
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effective October 15, 2018, and the acquisition of Citizens First Corporation effective July 1, 2019.
+Added: 2020 2019 2018 2017 2016
Summary of Operations:
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Net Interest Income 155,243 145,225 114,610 99,909 94,904
−Removed: Provision for Loan Losses
−Removed: Net Interest Income after Provision For Loan Losses
+Added: Provision for Credit Losses 17,550 5,325 2,070 1,750 1,200
+Added: Net Interest Income after Provision For Credit Losses 137,693 139,900 112,540 98,159 93,704
Non-interest Income 54,474 45,501 37,070 31,854 32,013
2 unchanged sentences
Income Tax Expense 12,834 12,017 9,528 11,534 13,946
+Added: Net Income $ 62,210 $ 59,222 $ 46,529 $ 40,676 $ 35,184
Year-end Balances:
+Added: Total Assets $ 4,977,577 $ 4,397,672 $ 3,929,090 $ 3,144,360 $ 2,955,994
Total Loans, Net of Unearned Income 3,088,072 3,077,091 2,728,059 2,141,638 1,989,955
3 unchanged sentences
Average Balances:
+Added: Total Assets $ 4,729,006 $ 4,128,535 $ 3,380,409 $ 3,002,695 $ 2,841,096
Total Loans, Net of Unearned Income 3,185,542 2,899,939 2,339,089 2,036,717 1,904,779
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Net Income (1)
+Added: $ 2.34 $ 2.29 $ 1.99 $ 1.77 $ 1.57
Cash Dividends 0.76 0.68 0.60 0.52 0.48
1 unchanged sentence
Tangible Book Value Per Share (2)
+Added: 18.63 16.49 13.81 13.45 11.94
Other Data at Year-end:
2 unchanged sentences
Weighted Average Number of Shares (1)
+Added: 26,539,024 25,824,538 23,381,616 22,924,726 22,391,115
Selected Performance Ratios:
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Net Charge-offs (Recoveries) to Average Loans 0.08 % 0.17 % 0.08 % 0.04 % 0.04 %
−Removed: Allowance for Loan Losses to Loans
+Added: Allowance for Credit Losses to Loans 1.52 % 0.53 % 0.58 % 0.73 % 0.74 %
Net Interest Margin 3.63 % 3.92 % 3.75 % 3.76 % 3.75 %
2 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.