Business
First Merchants Corporation Announces 2019 Results
MUNCIE, Ind., Jan. 30, 2020 (GLOBE NEWSWIRE) -- First Merchants Corporation (NASDAQ - FRME) has reported fourth quarter 2019 net income of $47.8 million
About this update from First Merchants Corporation
[{"type":"text","content":"MUNCIE, Ind., Jan. 30, 2020 (GLOBE NEWSWIRE) -- First Merchants Corporation (NASDAQ - FRME) has reported fourth quarter 2019 net income of $47.8 million compared to $41.7 million during the same period in 2018. Earnings per share for the period totaled $.87 per share compared to fourth quarter 2018 result of $.85 per share. Included in the fourth quarter results are $1.9 million, or $.03 per share, of one-time charges related to the closing of our acquisition with Monroe Bank & Trust on September 1, 2019. Net income for the year ended December 31, 2019 totaled $164.5 million, compared to $159.1 million during the same period in 2018. Year-to-date earnings per share totaled $3.19 compared to $3.22 in 2018. Included in the year-to-date results are $13.7 million, or $.21 per share, of one-time charges related to the acquisition of Monroe Bank & Trust.\n Total assets equaled $12.5 billion as of year-end and loans totaled $8.5 billion. The Corporation’s loan portfolio increased by $1.2 billion, or 17.1 percent, during 2019. Investments increased $963 million, or 59 percent, during the year and now total $2.6 billion. Total deposits equaled $9.8 billion as of year-end and increased by $2.1 billion, or 26.9 percent, during 2019. Of the 2019 increases, Monroe Bank & Trust accounted for $733 million of loan growth and $1.1 billion of deposit growth. The Corporation’s loan-to-deposit ratio now totals 86 percent and loan-to-asset ratio totals 68 percent. Additionally, the Corporation’s total risk-based capital ratio equaled 14.29 percent, common equity tier 1 capital ratio equaled 12.13 percent, and the tangible common equity ratio totaled 10.16 percent. Michael C. Rechin, President and Chief Executive Officer, stated, “Our team completed 2019 producing strong financial results that reflect aggressive market coverage as well as entry into the state of Michigan through the acquisition and integration of Monroe Bank & Trust. Our balance sheet grew organically by 7 percent in loans and 12.6 percent in deposits. Our loan portfolio continues to exhibit stellar credit quality which improved throughout the year. Despite net-interest margin pressure during the year, the balance sheet growth fueled record net-interest income and earnings. We are eager to accelerate into 2020 with a high-performing team that’s motivated to serve our marketplace with...