First Mer­chants Corp re­ports 3Q earn­ings

The Pak Banker - - Front Page -


First Mer­chants Cor­po­ra­tion has re­ported third quar­ter 2012 earn­ings per share of $.35 com­pared to a $.25 per share loss dur­ing the same pe­riod in 2011. Net in­come avail­able to com­mon share­hold­ers to­taled $10.1 mil­lion for the quar­ter, a $16.5 mil­lion in­crease over the third quar­ter of 2011. The loss in the third quar­ter of 2011 was the re­sult of a $.46 per share one-time charge re­lated to the Cor­po­ra­tion's exit of the CPP pro­gram.

Michael C. Rechin, Pres­i­dent and Chief Ex­ec­u­tive Of­fi­cer, said our third quar­ter 2012 re­sults are grat­i­fy­ing and a source of strength pro­vid­ing flex­i­bil­ity in cap­i­tal plan­ning, busi­ness line in­vest­ment and ac­qui­si­tion con­sid­er­a­tions. We continue to ef­fec­tively cre­ate value through this low in­ter­est rate cy­cle by grow­ing loans while main­tain­ing dis­ci­plined pric­ing and credit stan­dards. Our tra­di­tion­ally strong net in­ter­est mar­gin should continue to be in­cre­men­tally sup­ported by yield ac­cre­tion re­sult­ing from our FDIC ac­qui­si­tion in Fe­bru­ary.

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