First Merchants posts quarterly gains

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Muncie-based First Merchants Corp. (Nasdaq: FRME) has announced first quarter net income of $63.6 million, up from $48.6 million from the same period a year ago. The bank says Q1 loans, deposits, liquidity, and capital all improved over year-end levels.

First Merchants CEO Mike Hardwick said given the disruption in the banking industry, he’s pleased the firm could share a balance sheet that reflects a “very safe and sound institution with continued growth.”

The company says Q1 profits retreated from the $70.3 million it reported in the fourth quarter of 2022.

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