First Merchants Q4 2023 Earnings Report

Reported a decrease in net income and earnings per share due to one-time charges, while balance sheet positioning and capital position remained strong.

Key Takeaways

First Merchants Corporation reported a decrease in net income available to common stockholders to $42.0 million, with diluted earnings per common share of $0.71, compared to $70.3 million and $1.19, respectively, in Q4 2022. Excluding one-time charges, net income was $51.6 million and diluted earnings per share was $0.87. The company's balance sheet was strong, with improved liquidity and increased tangible common equity.

Net income available to common stockholders was $42.0 million, or $0.71 per diluted share.

Excluding one-time charges, net income was $51.6 million, or $0.87 per diluted share.

Total loans grew by $202.6 million, or 6.6 percent annualized on a linked quarter basis.

Total deposits increased by $174.9 million, or 4.8 percent annualized on a linked quarter basis.