First Merchants Q1 net income falls to $47.5M, EPS $0.80 from $1.07 YoY

FIRST MERCHANTS CORP

2024-Q1 EPS reported $0.80

Net income available to common stockholders $47.5M; diluted EPS $0.80 vs $63.6M ($1.07) in Q1 2023.
Excluding non-core charges of $3.5M (FDIC assessment $1.1M, digital conversion $2.4M), adjusted EPS $0.85.
Total deposits $14.9B, up $63.1M linked quarter; loans $12.5B, down $24.3M linked quarter.
Net interest margin 3.10% (down 6 bps linked quarter); net charge-offs 7 bps annualized.
Capital solid: CET1 ratio 11.25%; $30M share repurchases and $40M sub-debt redemption in 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 first quarter ended March 31, 2024 results: net income $47.5 million, EPS $0.80.

Period: first quarter ended March 31, 2024
Net income: $47.5 million
EPS: $0.80
Result: reported results

Exact text from the filing

First Merchants Corporation (the “Corporation) has reported first quarter 2024 net income available to common stockholders of $47.5 million compared to $63.6 million during the same period in 2023. Diluted earnings per common share for the period totaled $0.80 compared to the first quarter of 2023 result of $1.07 per share.

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Source: SEC EDGAR

accession 0000712534-24-000156

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