Muncie-based First Merchants Corp. (Nasdaq: FRME) is reporting first quarter net income of $49.5 million, up from $34.3 million during the same period last year. The parent of First Merchants Bank says the increase was primarily due to Paycheck Protection Program loans.
Chief Executive Officer Mark Hardwick said, “We have returned to the office and have reopened our lobbies to serve our customers in a more personal way. The vaccination progress and improved case numbers in our markets are cause for optimism. Our first quarter results were strong and I’m especially pleased to have produced a return on assets of 1.39 percent, return on tangible common equity of 15.87 percent and efficiency ratio of 50.23 percent. The current balance sheet and financial performance positions First Merchants to capitalize on future growth opportunities.”
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