Annual profit dips for First Merchants Bank
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MUNCIE, Ind. - Muncie-based First Merchants Corp. is reporting full-year net income of $200 million in 2024, down from $222 million the previous year.
Despite the drop, CEO Mark Hardwick said the parent of First Merchants Bank finished the year strong with a fourth-quarter net income increase to $63.9 million.
“We restructured a portion of our securities portfolio and completed the Illinois branch sale to help prioritize our core markets,” Hardwick said in a news release. “These actions and the completion of multiple technology initiatives in 2024 have positioned First Merchants to deliver strong results in 2025.”
During the fourth quarter, First Merchants completed the sale of five branches in Illinois, generating $20 million in non-interest income. The bank said the sale represents an exit from the suburban Chicago markets.
First Merchants also received national recognition during the fourth quarter by being named one of the “Best Banks to Work For” by American Banker magazine, coming in at No. 76.
You can view the bank’s full earnings report by clicking here.