First Merchants Q1 2021 Earnings Report

Reported strong first quarter results driven by balance sheet growth and strong financial performance.

Key Takeaways

First Merchants Corporation reported a strong first quarter with net income of $49.5 million, an increase compared to $34.3 million during the same period in 2020. Earnings per share totaled $0.91, up from $0.62 in the first quarter of 2020. The corporation's loan portfolio increased by $711 million, or 8.3 percent, over the past twelve months. The first quarter results produced a return on assets of 1.39 percent, return on tangible common equity of 15.87 percent and efficiency ratio of 50.23 percent.

Net income for the first quarter of 2021 was $49.5 million, compared to $34.3 million in 2020.

Earnings per share increased to $0.91, a 47 percent increase from $0.62 per share in the first quarter of 2020.

Total assets reached $14.6 billion, and loans totaled $9.3 billion.

Net-interest income grew to $100.4 million, a 7.0 percent increase compared to the first quarter of 2020.