Business
First Merchants Corporation Announces Second Quarter 2023 Earnings Per Share
First Merchants Corporation (NASDAQ - FRME) Second Quarter 2023 Highlights: Net income available to common stockholders was $60.4 million and diluted earnings
About this update from First Merchants Corporation
[{"type":"text","content":"First Merchants Corporation (NASDAQ - FRME) Second Quarter 2023 Highlights: Net income available to common stockholders was $60.4 million and diluted earnings per common share totaled $1.02, compared to $38.5 million and $.63 in the second quarter of 2022, and $63.6 million and $1.07 in the first quarter of 2023.Adjusted net income1 was $60.4 million and adjusted diluted earnings per share1 totaled $1.02, compared to $60.0 million and $1.01 in the second quarter of 2022, and $63.6 million and $1.07 in the first quarter of 2023.Strong capital position with Common Equity Tier 1 Capital Ratio of 11.07 percentTotal loans grew $46.7 million, or 1.5 percent annualized on a linked quarter basis, and $163.2 million, or 5.4 percent annualized when excluding non-relationship based commercial loan sales that occurred during the quarter of $116.6 million.Total deposits declined $122.1 million, or 3.3 percent annualized on a linked quarter basisNonaccrual loans totaled $69.2 million compared to $46.6 million on a linked quarter basisThe efficiency ratio totaled 52.21 percent for the quarter MUNCIE, Ind., July 25, 2023 (GLOBE NEWSWIRE) -- Mark Hardwick, Chief Executive Officer, stated, “We are pleased to report our second quarter 2023 results. Performance remains healthy and strong and our teams continue to meet the demands of our communities and client base.” Second Quarter Financial Results: First Merchants Corporation (the “Corporation) has reported second quarter 2023 net income available to common stockholders of $60.4 million compared to $38.5 million during the same period in 2022. Diluted earnings per common share for the period totaled $1.02 per share compared to the second quarter of 2022 result of $.63 per share. Prior year results included acquisition costs related to the acquisition of Level One of $29.3 million resulting in a reduction of $.38 of diluted earnings per common share. Total assets equaled $18.0 billion as of quarter-end and loans totaled $12.3 billion. During the past twelve months, total loans grew by $1.0 billion, or 9.2 percent and were offset by the non-relationship based commercial loan sale of $116.6 million and PPP loan forgiveness of $29.6 million. On a linked quarter basis, loans grew $163.2 million, or 5.4 percent, when excluding the loan sale that occurred during the quarter of $116.6 million. Investments...