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Sep 30, 2024
First Merchants Q3 2024 Earnings Report
Reported earnings per share for the third quarter of 2024.
Key Takeaways
First Merchants Corporation reported a net income available to common stockholders of $48.7 million, with diluted earnings per common share of $0.84 for the third quarter of 2024. Excluding the loss from repositioning of available for sale securities portfolio, adjusted net income was $55.6 million, or $0.95 per share. Total assets reached $18.3 billion, and loans totaled $12.7 billion.
Net income available to common stockholders was $48.7 million, and diluted earnings per common share totaled $0.84.
Common Equity Tier 1 Capital Ratio of 11.25% and Tangible Common Equity to Tangible Assets Ratio of 8.76%.
Net interest margin was 3.23%.
Total deposits grew by $83.7 million, or 2.3% annualized, on a linked quarter basis after normalizing for $287.7 million of deposits reclassified to held for sale.
First Merchants
First Merchants
Forward Guidance
First Merchants Corporation announced the sale of five Illinois branches and certain loans and deposits to Old Second National Bank on August 27, 2024. The transaction is expected to close in the fourth quarter of this year.