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 Corporation (NASDAQ - FRME) announced its first quarter 2023 results, reporting a net income of $63.6 million and diluted earnings per share of $1.07, compared to $48.6 million and $0.91 in Q1 2022. The bank experienced significant loan growth, with total loans increasing by $2.9 billion year-over-year, bolstered by the acquisition of Level One. Deposits also rose by $1.8 billion over the same period, although organic deposit growth declined by $133.5 million. The bank's Common Equity Tier 1 Capital Ratio stood at 10.82%, indicating strong capital health. Despite a 3.3% decline in net-interest income from the previous quarter, it surged 40.9% year-over-year. The efficiency ratio was reported at 51.72%, reflecting effective cost management amidst industry challenges.
First Merchants Corporation has announced a quarterly cash dividend of $0.4688 per depositary share on its 7.50% Non-Cumulative Perpetual Preferred Stock Series A, represented by depositary shares (NASDAQ: FRMEP). This dividend will be payable on May 15, 2023, to stockholders of record as of April 30, 2023. Investors should note that each depositary share represents a 1/100th interest in a share of Series A preferred stock. The corporation, based in Muncie, Indiana, operates First Merchants Bank and offers wealth advisory services. Its common stock is traded under the ticker FRME. Stay informed about future dividend announcements and company performance.
FAQ
What is the current stock price of First Merchants (FRME)?
What is the market cap of First Merchants (FRME)?
What services does First Merchants Corp offer?
Where is First Merchants Corp headquartered?
How many banking locations does First Merchants Corp have?
What were the key financial results for First Merchants Corp in the fourth quarter of 2023?
What are some recent achievements of First Merchants Corp?
Who are the subsidiaries of First Merchants Corp?
What is the focus of First Merchants Corp's wealth management division?
What is the total risk-based capital ratio of First Merchants Corp?
How can I contact First Merchants Corp for more information?
Has First Merchants Corp implemented any technology upgrades?
