First Merchants Corporation Announces First Quarter 2025 Earnings Per Share

Core Insights - First Merchants Corporation reported a strong start to 2025 with net income available to common stockholders of $54.9 million, an increase from $50.1 million in the same period of 2024, and diluted earnings per share rose to $0.94 from $0.85 [1][7][19] - The company emphasized its focus on organic loan growth, margin stabilization, fee income growth, expense management, and credit quality amidst market volatility [1] Financial Performance - Total assets reached $18.4 billion, with total loans amounting to $13.0 billion, reflecting a loan growth of $547.2 million or 4.4% year-over-year [2][19] - Net interest income for the quarter was $130.3 million, a decrease of $4.1 million or 3.1% from the previous quarter, but an increase of $3.2 million or 2.5% compared to the first quarter of 2024 [6][19] - Noninterest income totaled $30.0 million, down $12.7 million from the fourth quarter of 2024 but up $3.4 million from the first quarter of 2024 [7][19] Asset Quality - The Allowance for Credit Losses (ACL) on loans was $192.0 million, representing 1.47% of total loans, with net charge-offs totaling $4.9 million for the quarter [5][19] - Non-performing assets to total assets increased to 0.47% from 0.43% in the prior quarter, indicating a slight deterioration in asset quality [5][21] Deposits and Capital - Total deposits decreased to $14.5 billion, down $422.6 million or 2.8% year-over-year, primarily due to the sale of Illinois branches [4][19] - The Common Equity Tier 1 Capital Ratio stood at 11.50%, reflecting a robust capital position [7][10] Efficiency and Ratios - The efficiency ratio for the quarter was 54.54%, indicating improved operational efficiency compared to previous periods [7][20] - Return on Average Assets was 1.21% and Return on Average Stockholders' Equity was 9.38%, both showing positive trends compared to the previous year [19][20]