First Merchants Corp - FRME STOCK NEWS

First Merchants (NASDAQ: FRME) reported third quarter 2024 net income of $48.7 million with diluted earnings per share of $0.84, compared to $55.9 million and $0.94 in Q3 2023. Adjusted net income, excluding securities portfolio repositioning loss, was $55.6 million or $0.95 per share. The company announced the sale of five Illinois branches to Old Second National Bank, with $287.7 million in deposits reclassified as held for sale. Total assets reached $18.3 billion with loans at $12.7 billion. Net interest margin improved to 3.23% from 3.16% quarter-over-quarter. The company maintained strong capital position with Common Equity Tier 1 Capital Ratio of 11.25%.

First Merchants has announced a quarterly cash dividend of $46.88 per share on its 7.50% Non-Cumulative Perpetual Preferred Stock Series A. This translates to $0.4688 per depositary share for holders of depositary shares (NASDAQ: FRMEP), each representing a 1/100th interest in a share of the Series A preferred stock. The dividend is payable on November 15, 2024, to stockholders of record on October 31, 2024.

First Merchants is a financial holding company based in Muncie, Indiana, with one full-service bank charter, First Merchants Bank. The company's common stock trades on the NASDAQ Global Select Market under the symbol FRME, while the depositary shares trade under FRMEP.

First Merchants (Nasdaq:FRME) has announced it will report its third quarter 2024 financial results on October 24, 2024. The company will host an earnings conference call and webcast at 11:30 a.m. (ET) on the same day. Participants can access the call via phone by registering through a provided link, which will supply them with a phone number and access code. A webcast and presentation slides will also be available through a separate link. The webcast replay will be accessible until October 24, 2025.

First Merchants is a financial holding company based in Muncie, Indiana, operating First Merchants Bank and First Merchants Private Wealth Advisors. The company's common stock is traded on the NASDAQ Global Select Market under the symbol FRME.

Old Second Bancorp (NASDAQ: OSBC) and First Merchants (NASDAQ: FRME) have announced a transaction involving Chicagoland branch operations. Old Second National Bank will acquire 5 Illinois branches from First Merchants Bank in the Southeast Chicago MSA, adding $304 million in deposits and $12 million in loans. Old Second will pay a 7.5% deposit premium, equating to approximately $23 million in cash consideration.

This acquisition strengthens Old Second's position as one of the largest Chicago-headquartered banks and expands its branch network in the Southeast Chicago market. For First Merchants, this sale completes its exit from suburban Chicago markets. The transaction is expected to close near year-end 2024, subject to regulatory approval.

First Merchants (NASDAQ: FRME) has announced a cash dividend of $0.35 per share, as declared on August 16, 2024. The dividend will be payable on September 20, 2024, to shareholders of record as of September 6, 2024. For broker trading purposes, the ex-date is set for September 5, 2024.

First Merchants is a financial holding company based in Muncie, Indiana, operating through its full-service bank charter, First Merchants Bank. The bank also provides services under First Merchants Private Wealth Advisors, a division of First Merchants Bank.

First Merchants (NASDAQ: FRME) reported second quarter 2024 earnings with net income available to common stockholders of $39.5 million and diluted earnings per share of $0.68. This represents a decrease from $60.4 million and $1.02 per share in Q2 2023. Key highlights include:

- Strong capital position with Common Equity Tier 1 Capital Ratio of 11.02%
- Net interest margin improved to 3.16% from 3.10% in Q1 2024
- Total loans grew by $191.2 million (6.1% annualized) on a linked quarter basis
- Total deposits declined by $315.5 million (8.5% annualized) on a linked quarter basis
- Efficiency ratio of 53.84% for the quarter

The company's performance was impacted by elevated provision expense due to higher than normal net charge-offs.

First Merchants (NASDAQ: FRME) has announced a quarterly cash dividend of $46.88 per share on its 7.50% Non-Cumulative Perpetual Preferred Stock Series A. This translates to $0.4688 per depositary share (NASDAQ: FRMEP), each representing a 1/100th interest in a share of the Series A preferred stock. The dividend is payable on August 15, 2024, to stockholders of record on July 30, 2024.

First Merchants is a financial holding company based in Muncie, Indiana, operating through its full-service bank charter, First Merchants Bank, which includes First Merchants Private Wealth Advisors as a division. The company's common stock trades on the NASDAQ Global Select Market under the symbol FRME, while the depositary shares trade under FRMEP.

First Merchants (Nasdaq: FRME) will announce its second quarter 2024 financial results on July 25, 2024. The results will be discussed during an earnings conference call and webcast at 11:30 a.m. ET on the same day. To participate via phone, registration is required, and details are available through a specified link. The webcast will be accessible during the call and a replay will be available until July 25, 2025.

First Merchants is a financial holding company based in Muncie, Indiana, operating First Merchants Bank and First Merchants Private Wealth Advisors. Their stock is listed on the NASDAQ Global Select Market System under the ticker symbol FRME.

First Merchants announced the retirement of Board Chair Charles E. Schalliol and the appointment of Jean L. Wojtowicz as the new Chair. Wojtowicz succeeds Schalliol, who led ten acquisitions growing the bank from $3 billion to over $18 billion. Wojtowicz, with 20 years of board membership, will focus on long-term stability and growth, collaborating with CEO Mark Hardwick and former CEO Michael C. Rechin, who was appointed as Vice Chair.