First Merchants Corporation Announces First Quarter 2014 Earnings Per Share and Dividend Increase

MUNCIE, Ind.--()--First Merchants Corporation (NASDAQ: FRME) has reported first quarter 2014 net income of $13.6 million, compared to $11 million during the same period in 2013. Earnings per share for the period totaled $.38 per share equaling the first quarter of 2013.

Total assets equaled $5.5 billion as of quarter-end and loans were $3.6 billion. The Corporation’s loan portfolio increased, by $737 million, over the past twelve months. Of the increase, $140 million was the result of organic growth and $597 million resulted from the acquisition of CFS Bancorp in November of 2013. The Corporation’s loan-to-deposit ratio is 84 percent and the loan-to-asset ratio is 66 percent.

Michael C. Rechin, President and Chief Executive Officer, stated, “First quarter 2014 results were in line with our expectations and include the successful integration of more than 30,000 new customers onto our core platforms as of February 24th.” Rechin also added, “Management was pleased by our results in the month of March, as cost savings identified from our acquisition were fully recognized. The board’s decision to increase the common dividend is reflective of our team's confidence in the company’s earnings prospects.”

Net-interest income totaled $45.9 million for the quarter, and net-interest margin remained strong during the quarter totaling 3.97 percent, as yields on earning assets totaled 4.40 percent and the cost of supporting liabilities totaled .43 percent.

Non-interest income totaled $15.2 million for the quarter, an increase from the first quarter of 2013 total of $13.9 million. Gains on sale of mortgage loans declined during the quarter by $1.7 million reflecting higher rates and the challenges of selling a home in sub-zero temperatures. Non-interest expense totaled $43.1 million for the quarter, an increase of $8.4 million over the prior year. Of the increase in non-interest expense, $1.4 million was non-recurring related to the acquisition, $682,000 from our initial seeding of employee HSA accounts and $669,000 resulting from unusually high levels of snow removal.

The Corporation did not expense any provision during the quarter due to net recoveries of $1.7 million. The allowance for loan losses totaled $69.6 million, or 1.92 percent of total loans and 125 percent of non-accrual loans. Non-performing assets declined by $4.6 million from year-end and now total $77.1 million.

As of March 31, 2014, the Corporation’s total risk-based capital equaled 15.04 percent, Tier 1 common risk-based capital equaled 10.86 percent, and tangible common equity ratio totaled 8.65 percent. The Corporation also increased its dividend through an 8-K filling on April 18, 2014. The quarterly dividend now totals $.08 per share, an increase of sixty percent, due to strong earnings and capital levels.

Mark K. Hardwick, Executive Vice President and Chief Financial Officer stated, “The optimization of our capital levels in the fourth quarter of last year combined with the strength of earnings allowed for the desired flexibility in our dividend level.” Hardwick also added, “Utilizing cash as a component of future acquisitions is also an option that we intend to consider.”

CONFERENCE CALL

First Merchants Corporation will conduct a first quarter earnings conference call and web cast at 2:30 p.m. (ET) on Thursday, April 24, 2014.

To participate, dial (Toll Free) 888-317-6016 and reference First Merchants Corporation's first quarter earnings release. International callers please call +1 412-317-6016. A replay of the call will be available until July 24, 2014. To access a replay of the call, US participants should dial (Toll Free) 877-344-7529 or for International participants, dial +1 412-317-0088. The replay passcode is 10044122.

In order to view the web cast and presentation slides, please go to http://services.choruscall.com/links/frme140424.html during the time of the call.

During the call, Forward-Looking Statements about the relative business outlook may be made. These Forward-Looking Statements and all other statements made during the call that do not concern historical facts, are subject to risks and uncertainties that may materially affect actual results.

Specific Forward-Looking Statements include, but are not limited to, any indications regarding the Financial Services industry, the economy and future growth of the balance sheet or income statement.

Detailed financial results are reported on the attached pages.

About First Merchants Corporation

First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. The Corporation is comprised of First Merchants Bank, N.A., which also operates as Lafayette Bank & Trust, Commerce National Bank, and First Merchants Trust Company as divisions of First Merchants Bank, N.A. First Merchants Corporation also operates First Merchants Insurance Group, a full-service property casualty, personal lines, and healthcare insurance agency.

First Merchants Corporation’s common stock is traded on the NASDAQ Global Select Market System under the symbol FRME. Quotations are carried in daily newspapers and can be found on the company’s Internet web page (http://www.firstmerchants.com).

FIRST MERCHANTS and the Shield Logo are federally registered trademarks of First Merchants Corporation.

   
CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands) March 31,
2014 2013
ASSETS
Cash and cash equivalents $ 112,920 $ 51,592
Interest-bearing time deposits 37,078 60,407
Investment securities 1,149,977 869,563
Mortgage loans held for sale 6,586 26,555
Loans 3,616,627 2,879,542
Less: Allowance for loan losses (69,583 ) (68,537 )
Net loans 3,547,044 2,811,005
Premises and equipment 74,847 53,762
Federal Reserve and Federal Home Loan Bank stock 38,990 32,777
Interest receivable 18,001 15,346
Core deposit intangibles and goodwill 202,175 149,142
Cash surrender value of life insurance 165,320 126,098
Other real estate owned 21,077 13,130
Tax asset, deferred and receivable 50,684 27,597
Other assets 28,237   15,856  
TOTAL ASSETS $ 5,452,936   $ 4,252,830  
LIABILITIES
Deposits:
Noninterest-bearing $ 936,741 $ 763,965
Interest-bearing 3,346,438   2,546,843  
Total Deposits 4,283,179 3,310,808
Borrowings:
Federal funds purchased 48,357
Securities sold under repurchase agreements 137,381 161,813
Federal Home Loan Bank advances 170,887 93,169
Subordinated debentures and term loans 127,172   111,778  
Total Borrowings 483,797 366,760
Interest payable 3,192 1,348
Other liabilities 30,657   35,356  
Total Liabilities 4,800,825 3,714,272
STOCKHOLDERS' EQUITY
Preferred Stock, no-par value, $1,000 liquidation value:
Authorized -- 500,000 shares
Senior Non-Cumulative Perpetual Preferred Stock, Series B
Issued and outstanding - 0 and 68,087 shares 68,087
Cumulative Preferred Stock, $1,000 par value, $1,000 liquidation value:
Authorized -- 600 shares
Issued and outstanding - 125 shares 125 125
Common Stock, $.125 stated value:
Authorized -- 50,000,000 shares
Issued and outstanding - 36,014,083 and 28,780,609 shares 4,502 3,598
Additional paid-in capital 393,765 256,966
Retained earnings 254,735 216,530
Accumulated other comprehensive loss (1,016 ) (6,748 )
Total Stockholders' Equity 652,111   538,558  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 5,452,936   $ 4,252,830  
 
 
CONSOLIDATED STATEMENTS OF INCOME Three Months Ended
(Dollars In Thousands, Except Per Share Amounts) March 31,
2014   2013
INTEREST INCOME
Loans receivable:
Taxable $ 42,025 $ 37,159
Tax-exempt 61 117
Investment securities:
Taxable 4,810 3,618
Tax-exempt 3,438 2,454
Deposits with financial institutions 23 19
Federal Reserve and Federal Home Loan Bank stock 652   371  
Total Interest Income 51,009   43,738  
INTEREST EXPENSE
Deposits 2,549 2,891
Federal funds purchased 49 11
Securities sold under repurchase agreements 196 194
Federal Home Loan Bank advances 682 459
Subordinated debentures and term loans 1,641   725  
Total Interest Expense 5,117   4,280  
NET INTEREST INCOME 45,892 39,458
Provision for loan losses     2,102  
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 45,892   37,356  
OTHER INCOME
Service charges on deposit accounts 3,551 2,729
Fiduciary activities 2,212 2,107
Other customer fees 3,733 2,780
Commission income 2,268 2,172
Earnings on cash surrender value of life insurance 748 700
Net gains and fees on sales of loans 723 2,378
Net realized gains on sales of available for sale securities 581 248
Other income 1,370   763  
Total Other Income 15,186   13,877  
OTHER EXPENSES
Salaries and employee benefits 25,301 20,791
Net occupancy 3,938 2,602
Equipment 2,739 1,774
Marketing 769 467
Outside data processing fees 1,831 1,480
Printing and office supplies 458 331
Core deposit amortization 592 387
FDIC assessments 1,060 744
Other real estate owned and credit-related expenses 1,757 1,866
Professional and other outside services 1,379 1,659
Other expenses 3,265   2,599  

Total Other Expenses

43,089   34,700  
INCOME BEFORE INCOME TAX 17,989 16,533
Income tax expense 4,369   4,668  
NET INCOME 13,620 11,865
Preferred stock dividends     (857 )
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 13,620   $ 11,008  
 
Per Share Data:
Basic Net Income Available to Common Stockholders $ 0.38 $ 0.38
Diluted Net Income Available to Common Stockholders $ 0.38 $ 0.38
Cash Dividends Paid $ 0.05 $ 0.03
Average Diluted Shares Outstanding (in thousands) 36,261 28,971
 
   
FINANCIAL HIGHLIGHTS
(Dollars in thousands) Three Months Ended
March 31,
2014 2013
NET CHARGE OFF'S $ (1,713 ) $ 2,931
 
AVERAGE BALANCES:
Total Assets $ 5,399,688 $ 4,248,955
Total Loans 3,616,084 2,910,116
Total Earning Assets 4,805,665 3,843,741
Total Deposits 4,215,681 3,316,711
Total Stockholders' Equity 644,899 533,797
 
FINANCIAL RATIOS:
Return on Average Assets 1.01

%

1.04

%

Return on Average Stockholders' Equity 8.45 8.25
Return on Average Common Stockholders' Equity 8.45 9.47
Average Earning Assets to Average Assets 89.00 90.46
Allowance for Loan Losses as % of Total Loans 1.92 2.36
Net Charge Off's as % of Average Loans (Annualized) (0.19 ) 0.40
Average Stockholders' Equity to Average Assets 11.94 12.56
Tax Equivalent Yield on Earning Assets 4.40 4.70
Cost of Supporting Liabilities 0.43 0.45
Net Interest Margin (FTE) on Earning Assets 3.97 4.25
Tangible Book Value Per Share $ 12.63 $ 11.24
 
         
NON-PERFORMING ASSETS
(Dollars In Thousands) March 31, December 31, September 30, June 30, March 31,
2014 2013 2013 2013 2013
Non-Accrual Loans $ 55,686 $ 56,402 $ 34,992 $ 38,971 $ 46,761
Renegotiated Loans 378   3,048   3,269   4,407   5,445  
Non-Performing Loans (NPL) 56,064 59,450 38,261 43,378 52,206
Other Real Estate Owned 21,077   22,246   12,052   11,765   13,130  
Non-Performing Assets (NPA) 77,141 81,696 50,313 55,143 65,336
90+ Days Delinquent 1,709   1,350   837   1,072   959  
NPAS & 90 Day Delinquent $ 78,850   $ 83,046   $ 51,150   $ 56,215   $ 66,295  
 
Loan Loss Reserve $ 69,583 $ 67,870 $ 66,224 $ 68,202 $ 68,537
Quarterly Net Charge-offs (1,713 ) (630 ) 3,511 2,332 2,931
NPAs / Actual Assets % 1.41 % 1.50 % 1.16 % 1.27 % 1.54 %
NPAs & 90 Day / Actual Assets % 1.45 % 1.53 % 1.18 % 1.30 % 1.56 %
NPAs / Actual Loans and OREO % 2.12 % 2.23 % 1.71 % 1.87 % 2.24 %
Loan Loss Reserves / Actual Loans (%) 1.92 % 1.87 % 2.26 % 2.32 % 2.36 %
Net Charge Off's as % of Average Loans (Annualized) (0.19 )% (0.08 )% 0.48 % 0.32 % 0.40 %
 
         
CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands) March 31, December 31, September 30, June 30, March 31,
2014 2013 2013 2013 2013
ASSETS
Cash and cash equivalents $ 112,920 $ 109,434 $ 92,341 $ 69,404 $ 51,592
Interest-bearing time deposits 37,078 55,069 18,875 59,898 60,407
Investment securities 1,149,977 1,095,579 914,135 908,992 869,563
Mortgage loans held for sale 6,586 5,331 5,312 14,531 26,555
Loans 3,616,627 3,632,409 2,925,457 2,920,080 2,879,542
Less: Allowance for loan losses (69,583 ) (67,870 ) (66,224 ) (68,202 ) (68,537 )
Net loans 3,547,044 3,564,539 2,859,233 2,851,878 2,811,005
Premises and equipment 74,847 74,454 54,386 54,165 53,762
Federal Reserve and Federal Home Loan Bank stock 38,990 38,990 32,790 32,790 32,777
Interest receivable 18,001 18,672 16,171 15,186 15,346
Core deposit intangibles and goodwill 202,175 202,766 148,376 148,759 149,142
Cash surrender value of life insurance 165,320 164,571 127,322 126,710 126,098
Other real estate owned 21,077 22,246 12,052 11,765 13,130
Tax asset, deferred and receivable 50,684 56,614 31,385 30,959 27,597
Other assets 28,237   28,997   13,533   13,227   15,856  
TOTAL ASSETS $ 5,452,936   $ 5,437,262   $ 4,325,911   $ 4,338,264   $ 4,252,830  
LIABILITIES
Deposits:
Noninterest-bearing 936,741 930,772 790,174 741,095 763,965
Interest-bearing 3,346,438   3,300,696   2,465,672   2,591,698   2,546,843  
Total Deposits 4,283,179 4,231,468 3,255,846 3,332,793 3,310,808
Borrowings:
Federal funds purchased 48,357 125,645 115,938 57,085
Securities sold under repurchase agreements 137,381 148,672 123,935 161,779 161,813
Federal Home Loan Bank advances 170,887 122,140 172,292 92,743 93,169
Subordinated debentures and term loans 127,172   126,807   111,849   111,778   111,778  
Total Borrowings 483,797 523,264 524,014 423,385 366,760
Interest payable 3,192 1,771 1,155 1,150 1,348
Other liabilities 30,657   45,836   31,427   41,643   35,356  
Total Liabilities 4,800,825 4,802,339 3,812,442 3,798,971 3,714,272
STOCKHOLDERS' EQUITY
Preferred Stock, no-par value, $1,000 liquidation value:
Authorized -- 500,000 shares
Senior Non-Cumulative Perpetual Preferred Stock, Series B
Issued and outstanding 34,043 68,087 68,087
Cumulative Preferred Stock, $1,000 par value, $1,000 liquidation value:
Authorized -- 600 shares
Issued and outstanding 125 125 125 125 125
Common Stock, $.125 stated value:
Authorized -- 50,000,000 shares
Issued and outstanding 4,502 4,490 3,603 3,600 3,598
Additional paid-in capital 393,765 393,783 258,350 257,626 256,966
Retained earnings 254,735 242,935 233,546 225,034 216,530
Accumulated other comprehensive loss (1,016 ) (6,410 ) (16,198 ) (15,179 ) (6,748 )
Total Stockholders' Equity 652,111   634,923   513,469   539,293   538,558  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 5,452,936   $ 5,437,262   $ 4,325,911   $ 4,338,264   $ 4,252,830  
 
         
CONSOLIDATED STATEMENTS OF INCOME
(Dollars In Thousands, Except Per Share Amounts) March 31, December 31, September 30, June 30, March 31,
2014 2013 2013 2013 2013
INTEREST INCOME
Loans receivable:
Taxable $ 42,025 $ 38,027 $ 33,548 $ 34,018 $ 37,159
Tax-exempt 61 78 85 113 117
Investment securities:
Taxable 4,810 4,143 3,876 3,577 3,618
Tax-exempt 3,438 3,020 2,840 2,515 2,454
Deposits with financial institutions 23 59 18 62 19
Federal Reserve and Federal Home Loan Bank stock 652   380   369   368   371  
Total Interest Income 51,009   45,707   40,736   40,653   43,738  
INTEREST EXPENSE
Deposits 2,549 2,350 2,213 2,599 2,891
Federal funds purchased 49 18 72 1 11
Securities sold under repurchase agreements 196 193 192 208 194
Federal Home Loan Bank advances 682 669 506 462 459
Subordinated debentures and term loans 1,641   1,342   731   733   725  
Total Interest Expense 5,117   4,572   3,714   4,003   4,280  
NET INTEREST INCOME 45,892 41,135 37,022 36,650 39,458
Provision for loan losses     1,016   1,533   1,997   2,102  
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 45,892   40,119   35,489   34,653   37,356  
OTHER INCOME
Service charges on deposit accounts 3,551 3,639 3,120 2,912 2,729
Fiduciary activities 2,212 2,237 1,986 2,264 2,107
Other customer fees 3,733 3,371 2,899 2,816 2,780
Commission income 2,268 1,585 1,636 1,748 2,172
Earnings on cash surrender value of life insurance 748 692 611 610 700
Net gains and fees on sales of loans 723 1,003 1,673 2,457 2,378
Net realized gains on sales of available for sale securities 581 239 248
Other income 1,370   2,546   (125 ) 1,013   763  
Total Other Income 15,186   15,073   11,800   14,059   13,877  
OTHER EXPENSES
Salaries and employee benefits 25,301 23,470 20,616 20,536 20,791
Net occupancy 3,938 2,992 2,430 2,267 2,602
Equipment 2,739 2,369 1,852 1,742 1,774
Marketing 769 675 559 535 467
Outside data processing fees 1,831 1,205 1,515 1,391 1,480
Printing and office supplies 458 378 320 311 331
Core deposit amortization 592 496 383 383 387
FDIC assessments 1,060 767 677 674 744
Other real estate owned and credit-related expenses 1,757 1,668 1,648 1,479 1,866
Professional and other outside services 1,379 3,361 1,444 1,833 1,659
Other expenses 3,265   3,177   2,775   2,591   2,599  
Total Other Expenses 43,089   40,558   34,219   33,742   34,700  
INCOME BEFORE INCOME TAX 17,989 14,634 13,070 14,970 16,533
Income tax expense 4,369   3,187   2,667   4,155   4,668  
NET INCOME 13,620 11,447 10,403 10,815 11,865
Preferred stock dividends     (241 ) (430 ) (852 ) (857 )
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 13,620   $ 11,206   $ 9,973   $ 9,963   $ 11,008  
 
Per Share Data:
Basic Net Income Available to Common Stockholders $ 0.38 $ 0.34 $ 0.35 $ 0.35 $ 0.38
Diluted Net Income Available to Common Stockholders $ 0.38 $ 0.34 $ 0.35 $ 0.34 $ 0.38
Cash Dividends Paid $ 0.05 $ 0.05 $ 0.05 $ 0.05 $ 0.03
Average Diluted Shares Outstanding (in thousands) 36,261 32,913 29,081 29,024 28,971
FINANCIAL RATIOS:
Return on Average Assets 1.01 % 0.91 % 0.93 % 0.92 % 1.04 %
Return on Average Stockholders' Equity 8.45 7.78 7.85 7.34 8.25
Return on Average Common Stockholders' Equity 8.45 8.05 8.42 8.40 9.47
Average Earning Assets to Average Assets 89.00 89.08 90.71 90.59 90.46
Allowance for Loan Losses as % of Total Loans 1.92 1.87 2.26 2.32 2.36
Net Charge Off's as % of Average Loans (Annualized) (0.19 ) (0.08 ) 0.48 0.32 0.40
Average Stockholders' Equity to Average Assets 11.94 11.64 11.85 12.54 12.56
Tax Equivalent Yield on Earning Assets 4.40 4.30 4.35 4.29 4.70
Cost of Supporting Liabilities 0.43 0.41 0.38 0.41 0.45
Net Interest Margin (FTE) on Earning Assets 3.97 3.89 3.97 3.88 4.25
Tangible Book Value Per Share $ 12.63 $ 12.17 $ 11.56 $ 11.27 $ 11.24
 
         
LOANS
(Dollars In Thousands) March 31 December 31, September 30, June 30, March 31,
2014 2013 2013 2013 2013
Commercial and industrial loans $ 787,390 $ 761,705 $ 652,356 $ 657,764 $ 637,952
Agricultural production financing and other loans to farmers 99,226 114,348 98,489 105,175 104,284
Real estate loans:
Construction 155,117 177,082 149,875 101,909 75,877
Commercial and farmland 1,606,735 1,611,809 1,264,180 1,272,761 1,280,611
Residential 626,202 616,385 452,277 460,108 467,629
Home Equity 256,790 255,223 206,816 203,788 201,767
Individuals' loans for household and other personal expenditures 61,742 69,783 70,380 79,258 73,314
Lease financing receivables, net of unearned income 1,378 1,545 1,815 1,828 2,013
Other loans 22,047   24,529   29,269   37,489   36,095  
Loans 3,616,627 3,632,409 2,925,457 2,920,080 2,879,542
Allowance for loan losses (69,583 ) (67,870 ) (66,224 ) (68,202 ) (68,537 )
NET LOANS $ 3,547,044   $ 3,564,539   $ 2,859,233   $ 2,851,878   $ 2,811,005  
 
         
DEPOSITS
(Dollars In Thousands) March 31, December 31, September 30, June 30, March 31,
2014 2013 2013 2013 2013
Demand deposits $ 1,966,895 $ 2,018,650 $ 1,610,662 $ 1,648,712 $ 1,590,709
Savings deposits 1,282,702 1,257,994 937,521 916,481 891,061
Certificates and other time deposits of $100,000 or more 265,683 272,660 190,866 205,467 224,505
Other certificates and time deposits 568,160 595,110 422,151 448,885 481,446
Brokered deposits 199,739   87,054   94,646   113,248   123,087
TOTAL DEPOSITS $ 4,283,179   $ 4,231,468   $ 3,255,846   $ 3,332,793   $ 3,310,808
 
         
CONSOLIDATED BALANCE SHEETS (AVERAGE)
(Dollars In Thousands) March 31, December 31, September 30, June 30, March 31,
2014 2013 2013 2013 2013
ASSETS
Cash and cash equivalents $ 95,255 $ 91,121 $ 69,974 $ 69,045 $ 62,221
Interest-bearing time deposits 44,313 116,839 24,497 109,522 48,807
Investment securities 1,109,914 963,478 908,419 880,241 865,255
Mortgage loans held for sale 4,936 5,069 11,063 17,489 31,271
Loans 3,611,148 3,287,924 2,907,144 2,892,199 2,878,845
Less: Allowance for loan losses (68,806 ) (66,949 ) (69,117 ) (69,296 ) (69,890 )

Net loans

3,542,342 3,220,975 2,838,027 2,822,903 2,808,955
Premises and equipment 74,631 66,383 54,757 53,896 53,763
Federal Reserve and Federal Home Loan Bank stock 38,990 36,095 32,790 32,789 32,782
Interest receivable 17,118 17,359 14,026 13,864 13,885
Core deposit intangibles and goodwill 202,528 177,518 148,571 148,954 149,340
Cash surrender value of life insurance 164,842 152,972 126,922 126,315 125,646
Other real estate owned 21,867 16,557 11,669 12,202 14,073
Tax asset, deferred and receivable 54,753 49,525 32,484 27,676 28,605
Other assets 28,199   36,383   13,783   14,683   14,352  
TOTAL ASSETS $ 5,399,688   $ 4,950,274   $ 4,286,982   $ 4,329,579   $ 4,248,955  
LIABILITIES
Deposits:
Noninterest-bearing 915,635 883,044 775,545 753,695 776,527
Interest-bearing 3,300,046   2,977,408   2,519,824   2,632,227   2,540,184  
Total Deposits 4,215,681 3,860,452 3,295,369 3,385,922 3,316,711
Borrowings:
Federal funds purchased 49,140 21,367 68,236 2,267 14,757
Securities sold under repurchase agreements 147,492 135,697 126,938 158,377 139,780
Federal Home Loan Bank advances 170,125 149,278 139,941 93,014 93,916
Subordinated debentures and term loans 126,820   121,795   111,779   111,778   112,149  
Total Borrowings 493,577 428,137 446,894 365,436 360,602
Interest payable 3,047 1,811 1,592 1,808 2,074
Other liabilities 42,484   83,717   35,093   33,492   35,771  
Total Liabilities 4,754,789 4,374,117 3,778,948 3,786,658 3,715,158
STOCKHOLDERS' EQUITY
Preferred Stock, no-par value, $1,000 liquidation value:
Authorized -- 500,000 shares
Senior Non-Cumulative Perpetual Preferred Stock, Series B
Issued and outstanding 19,242 34,413 68,087 68,591
Cumulative Preferred Stock, $1,000 par value, $1,000 liquidation value:
Authorized -- 600 shares
Issued and outstanding 125 125 125 125 125
Common Stock, $.125 stated value:
Authorized -- 50,000,000 shares
Issued and outstanding 4,495 4,075 3,601 3,598 3,587
Additional paid-in capital 393,590 323,196 257,847 257,147 256,682
Retained earnings 249,978 245,083 230,077 221,606 210,550
Accumulated other comprehensive loss (3,289 ) (15,564 ) (18,029 ) (7,642 ) (5,738 )
Total Stockholders' Equity 644,899   576,157   508,034   542,921   533,797  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 5,399,688   $ 4,950,274   $ 4,286,982   $ 4,329,579   $ 4,248,955  

Contacts

First Merchants Corporation
David L. Ortega, First Vice President/Director of Investor Relations, 765-378-8937
http://www.firstmerchants.com

Contacts

First Merchants Corporation
David L. Ortega, First Vice President/Director of Investor Relations, 765-378-8937
http://www.firstmerchants.com