Inside INdiana Business

Profit increases for First Merchants

(photo courtesy of First Merchants Corp.)

MUNCIE, Ind. (Inside INdiana Business) — Muncie-based First Merchants Corp. (Nasdaq: FRME) is reporting third quarter net income of $52.8 million, up from $36.2 million during the same period last year. Chief Executive Officer Mark Hardwick says the banking company is having a record year fueled by strong balance sheet growth and high levels of profitability.

The parent of First Merchants Bank is also reporting year-to-date net income of $158 million, compared to $104 million through the same period in 2020. Additionally, the company says it saw organic loan growth of nearly 6% during the third quarter.

“We remain optimistic about the remainder of 2021 and our ability to deliver high levels of performance in 2022,” Hardwick said in a news release.

You can view the full earnings report by clicking here.