First Merchants Q1 2020 Earnings Report

Reported a decrease in net income and earnings per share compared to the same period in 2019.

Key Takeaways

First Merchants Corporation reported a net income of $34.3 million for Q1 2020, a decrease from $38.8 million in Q1 2019. Earnings per share also decreased from $0.78 to $0.62. The corporation saw an increase in total assets and loans, driven by the acquisition of Monroe Bank & Trust, but profitability was negatively impacted by margin compression and provision for loan losses.

Net income totaled $34.3 million, down from $38.8 million in the same period last year.

Earnings per share decreased to $0.62, compared to $0.78 in Q1 2019.

Total assets reached $12.7 billion, and loans totaled $8.6 billion.

Net-interest income increased to $93.9 million, but net interest margin declined.