First Merchants Q4 net income $42M ($0.71 EPS); one-time charges $12.7M; core EPS $0.87

FIRST MERCHANTS CORP

2023-FY EPS reported $3.73

Net income available to common stockholders $42.0M, diluted EPS $0.71, vs $0.94 in Q3 2023 and $1.19 in Q4 2022.
One-time charges of $12.7M: FDIC special assessment $4.3M, employee severance/early retirement $6.3M, lease termination $2.1M; adjusted EPS $0.87.
Total loans grew $202.6M (6.6% annualized linked quarter); total deposits increased $174.9M (4.8% annualized linked quarter).
Net interest margin (tax-equivalent) 3.16%, down 13 bps QoQ; efficiency ratio 63.26% (55.56% adjusted).
Common equity Tier 1 ratio 11.35%; tangible common equity ratio 8.44%, up 75 bps from prior quarter.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

FIRST MERCHANTS CORP reported fourth quarter ended December 31, 2023 results: net income $42.0 million, EPS $0.71 per share.

Period: fourth quarter ended December 31, 2023
Net income: $42.0 million
EPS: $0.71 per share
Result: reported results

Exact text from the filing

First Merchants Corporation (the “Corporation) has reported fourth quarter 2023 net income available to common stockholders of $42.0 million compared to $70.3 million during the same period in 2022. Diluted earnings per common share for the period totaled $0.71 per share compared to the fourth quarter of 2022 result of $1.19 per share.

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Source: SEC EDGAR

accession 0000712534-24-000039

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