First Merchants Corp. sees decrease in quarterly earnings
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Muncie-based First Merchants Corp. (Nasdaq: FRME) is reporting second quarter net income of $38.5 million, compared to $55.6 million during the same period last year. The bank says the results included acquisition costs of nearly $30 million from its merger with Level One Bancorp LLC in Michigan.
In April, First Merchants completed its merger with Level One, which brought its total assets to $18 billion. First Merchants says the acquisition costs primarily consisted of employee retention bonuses and severance, contract termination charges, and professional fees.
“First Merchants is encouraged by second quarter annualized organic loan growth of 20 percent combined with core margin expansion of 22 basis points,” said Chief Executive Officer Mark Hardwick. “The legal close of Level One was a key accomplishment of our second quarter improving our prospects for future growth.”
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