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Jun 30, 2022
First Merchants Q2 2022 Earnings Report
Announced second quarter earnings per share.
Key Takeaways
First Merchants Corporation reported second quarter net income available to common stockholders of $38.5 million, with diluted earnings per common share totaling $0.63. The results included acquisition costs of $29.3 million, which reduced diluted earnings per common share by $0.38. Total assets reached $17.8 billion, and loans totaled $11.4 billion.
Net income available to common stockholders was $38.5 million and diluted earnings per common share totaled $.63.
Completed legal closing on the acquisition of Level One Bancorp, Inc. on April 1, 2022.
Adjusted net income was $60.0 million and adjusted diluted earnings per share totaled $1.01.
Total loans grew $2.0 billion during the second quarter which included $1.6 billion from the acquisition of Level One.
First Merchants
First Merchants
Forward Guidance
CEO stated that First Merchants is encouraged by second quarter annualized organic loan growth of 20 percent combined with core margin expansion of 22 basis points and that the legal close of Level One was a key accomplishment of the second quarter improving their prospects for future growth.