First Merchants Corp reports 3Q earnings
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.