Thu, Oct 31, 9:17 PM (63 days ago)
For the third quarter of 2024, First Merchants Corporation (FRME) reported a net income of $48.7 million, translating to $0.84 per diluted share, down from $55.9 million or $0.94 per share in Q3 2023. Year-to-date, net income available to common stockholders was $135.6 million, or $2.31 per share, compared to $179.9 million, or $3.03 per share, in the previous year. Total assets decreased slightly to $18.3 billion from $18.4 billion at year-end 2023, primarily due to a decline in cash and deposits resulting from a branch sale and strategic repositioning of the investment portfolio. The loan portfolio grew by $182.5 million (1.9% annualized) since December 31, 2023, with a notable increase in commercial loans. The allowance for credit losses was $187.8 million, or 1.48% of total loans, down from 1.64% at year-end. Nonaccrual loans totaled $59.1 million, reflecting ongoing credit quality monitoring. The net interest margin was 3.23%, slightly down from 3.29% a year earlier, with net interest income influenced by rising interest rates. Noninterest income totaled $24.9 million, a decrease attributed to losses on securities sales. The corporation's capital ratios remain robust, with a Common Equity Tier 1 Capital Ratio of 11.25%.