Welcome to our dedicated page for First Merchants news (Ticker: FRME), a resource for investors and traders seeking the latest updates and insights on First Merchants stock.
First Merchants Corp (NASDAQ: FRME) is a leading financial services holding company headquartered in central Indiana. With over 100 banking locations spread across 27 counties in Indiana and additional branches in Illinois and Ohio, the company delivers comprehensive financial services to its customers. These services include personal banking, business banking, real estate mortgage lending, cash management services, brokerage, wealth management, and insurance.
First Merchants Corp operates through its various subsidiaries including First Merchants Bank, Lafayette Bank & Trust, and First Merchants Private Wealth Advisors, one of Indiana's largest wealth management companies. The company's mission centers on building deep, lifelong client relationships and providing maximum shareholder value.
As of the latest financial reports, First Merchants Corp reported strong performance metrics. For the fourth quarter of 2023, the corporation's net income available to common stockholders was $42.0 million, with total assets amounting to $18.3 billion. The company demonstrated robust loan and deposit growth, with total loans and deposits reaching $12.5 billion and $14.8 billion, respectively.
Recent achievements include significant improvements in the bank's liquidity position and a substantial increase in tangible common equity. The corporation has also launched major technology initiatives, enhancing its online and mobile banking platforms and deploying an advanced Private Wealth platform.
First Merchants Corp maintains a strong capital position with a total risk-based capital ratio of 13.67%, ensuring stability and growth. The company continues to focus on meeting the demands of its customer base, managing the inflationary interest rate environment, and planning for sustained growth in the future.
For more information, visit the official website at First Merchants Corp.
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.
First Merchants announced a cash dividend of $0.35 per share payable on June 21, 2024, with an ex-date of June 6, 2024. The company is a financial holding company with one full-service bank charter, First Merchants Bank, traded on NASDAQ under FRME.
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