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

04/24/2014

MUNCIE, Ind.--(BUSINESS WIRE)-- 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 24^th.” 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

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

Source: First Merchants Corporation

News Release Details

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

HOW CAN WE HELP?