First Merchants Reports Profit Jump
MUNCIE - Muncie-based First Merchants Corp. (Nasdaq: FRME) is reporting third quarter net income of $41.1 million, up from $24.4 million during the same period last year. The parent of First Merchants Bank says the nearly 70 percent increase is due in part two fully-integrated acquisitions in 2017 and the impact of tax reform.
First Merchants is also reporting 66 percent increase in earnings per share for the quarter. Chief Executive Officer Michael Rechin says the the bank's "highly efficient business model continues to drive performance and returns at levels produced by the best banks in the industry."
The earnings report comes about two weeks after First Merchants announced the $291 million acquisition of Michigan-based Monroe Bank & Trust. First Merchants expects the deal to close in the first quarter of 2019 and complete the integration of MBT in the third quarter.
You can connect to the full third quarter earnings report by clicking here.