First Merchants Q1 Profit Ticks Up

Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowMuncie-based First Merchants Corp. (Nasdaq: FRME) is reporting first quarter net income of $17.7 million, up from $16.2 million during the same period last year. In January, the bank completed the acquisition of Ameriana Bank.
Chief Executive Officer Michael Rechin says the company is excited about its progress in 2016. "We successfully integrated Ameriana bank just prior to quarter end which was our fastest acquisition integration ever and we are now serving their clients our wider core product offerings. With recent merger expenses behind us, next quarter will demonstrate the lower operating expense levels we’ve targeted."
First Merchants reported integration expenses related to the Ameriana acquisition of $1.9 million. In late January, the company reported record full-year net income of $65.4 million in 2015, up from $60.2 million in 2014