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Mar 31, 2021
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.
First Merchants
First Merchants
Forward Guidance
First Merchants Corporation did not provide any forward guidance in the earnings report.