Record Quarter For First Merchants
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowMuncie-based First Merchants Corp. is reporting record third quarter net income of $24.4 million, up from $21.1 million during the same period last year. Chief Executive Officer Michael Rechin says the results were supported by the bank’s acquisition of Fort Wayne-based Independent Alliance Banks.
This is the second consecutive quarter in which First Merchants has reported record earnings. The parent of First Merchants Bank is also on pace for another record year with year-to-date net income at a record $71.1 million, up from $58.8 million during the same period in 2016.
"We had several accomplishments to include building the First Merchants franchise, adding capital strength and growing earnings power," said Rechin. "The addition of Independent Alliance Bank into First Merchants establishes a significant presence in the Fort Wayne market led by strong local management. Our organic balance sheet growth throughout the company demonstrates our commitment in vibrant and growing communities. When coupled with a wider net interest margin, the company produced record net interest income."
You can view the full third quarter earnings report by clicking here.