First Merchants Reports Record Year
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
Muncie-based First Merchants Corp. (Nasdaq: FRME) is reporting record full-year net income of $206 million, up from $149 million in 2020. Chief Executive Officer Mark Hardwick said 2021 proved to be a record year on many levels, including total assets, loans, deposits, and earnings per share.
The banking company is also reporting fourth quarter net income of $47.7 million, compared to $45.1 million during the same period in 2020.
First Merchants says total assets for the year were $15.5 billion and loans totaled $9.3 billion. The bank experienced organic loan growth of $566 million during 2021, which was offset by the forgiveness of Paycheck Protection Program loans of $560 million, resulting in net loan growth of $6 million.
“Our employees, customers and communities showed an incredible amount of toughness, determination, teamwork and compassion for one another during a difficult year,” said Hardwick. “First Merchants’ future is bright because of this special combination of heart and grit.”
You can connect to the full earnings report by clicking here.