First Merchants Corporation Announces Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2015; Provides Financial Guidance for 2016
January 28, 2016 at 08:36 pm IST
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First Merchants Corporation announced consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the fourth quarter, the company reported total interest income was $56,514,000 against $53,053,000 a year ago. Net interest income was $50,074,000 against $47,160,000 a year ago. Net interest income after provision for loan losses was $50,074,000 against $46,200,000 a year ago. Income before income tax was $18,595,000 against $20,898,000 a year ago. Net income available to common stockholders of $14,177,000 compared to $15,260,000 in the fourth quarter of 2014. Diluted earnings per share available to common stockholders were $0.37, compared to $0.41 per share in the fourth quarter of 2014. Return on average assets was 0.90% against 1.06% a year ago. Return on average stockholders equity was 7.32% against 8.55% a year ago. Return on average common stockholders equity was 7.32% against 8.56% a year ago.
For the year, the company has recorded total interest income of $221,198,000 against $208,879,000 a year ago. Net interest income was $196,404,000 against $187,037,000 a year ago. Net interest income after provision for loan losses was $195,987,000 against $184,477,000 a year ago. Income before income tax was $91,049,000 against $82,285,000 a year ago. Net income available to common stockholders of $65,384,000 compared with $60,162,000 a year ago. Diluted earnings per share totaled available to common stockholders was $1.72 compared with $1.65 a year ago. Return on average assets was 1.07% against 1.08% a year ago. Return on average stockholders equity was 8.67% against 8.91% a year ago. Return on average common stockholders equity was 8.68% against 8.91% a year ago. Tangible book value per share was $14.68 as on December 31, 2015 against $13.65 as on December 31, 2014.
The company reported net charge-offs of $408,000 for the fourth quarter ended December 31, 2015.
The company is anticipating that its net interest income will essentially mirror organic loan growth on a core basis. So the company is expecting its net interest income to grow at a very similar rate as the organic loan growth in the mid to high-single digits, plus proximately an additional $15 million that will be the result of the addition of Ameriana Bank into the company for a full 12 months in 2016.
First Merchants Corporation is a financial holding company. The Company conducts banking activities through its wholly owned subsidiary, First Merchants Bank (the Bank). The Bank also operates as First Merchants Private Wealth Advisors (as a division of First Merchants Bank). Through the Bank, the Company offers a broad range of financial services, including accepting time, savings, and demand deposits; making consumer, commercial, agri-business and real estate mortgage loans; providing personal and corporate trust services; offering full-service brokerage and private wealth management; and providing letters of credit, repurchase agreements and other corporate services. The Company operates through a community banking segment. The Bank includes 116 banking locations in Indiana, Ohio, Michigan, and Illinois. In addition to its branch network, the Company offers comprehensive electronic and mobile delivery channels to its customers.
First Merchants Corporation Announces Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2015; Provides Financial Guidance for 2016