First Merchants Q3 adjusted EPS beats analyst estimates
FRME•First Merchants reported Q3 adjusted EPS of $1.10, beating the $1.04 analyst estimate. Net income was $67.8 million, and the company repurchased 287,431 shares for $12 million.
1. Quarterly results
First Merchants reported Q3 adjusted EPS of $1.10, compared with the $1.04 analyst estimate. EPS was $1.09, net income was $67.8 million and net interest income was $161.1 million.
2. Drivers and capital
Higher net interest income and an improved net interest margin contributed to results. Deposit balances rose, aided by acquisition and organic growth, while higher deposit service charges and CRA investment income supported noninterest income. The company repurchased 287,431 shares for $12 million during the quarter.
3. Company outlook
First Merchants said it is well positioned for continued success after the CEO transition, its capital position remains strong and it expects to continue returning capital to shareholders.
