First Merchants Touts Record Year
Muncie-based First Merchants Corp. (Nasdaq: FRME) is reporting record full-year net income of $81.1 million in 2016, up from $65.4 million the previous year. Chief Executive Officer Michael Rechin says the announcement earlier this week of the acquisition of Ohio-based The Arlington Bank will bring additional growth in 2017.
The bank is also reporting record fiscal fourth quarter net income of $22.3 million, up from $14.2 million during the same period in 2015. First Merchants also set records for total assets, total loans and net-interest income.
"First Merchants’ 2016 results included record performance throughout nearly every category of the balance sheet and income statement which resulted in successful achievement of our year’s high performance targets," said Rechin. "Crisp execution, the economic and interest rate outlook, combined with our recently announced Columbus, Ohio expansion, position us to deliver sustained value through 2017 and beyond."
First Merchants expects the Arlington acquisition to close by mid-year.