First Merchants: Q1 Earnings Snapshot
MUNCIE, Ind. (AP) _ First Merchants Corp. (FRME) on Thursday reported first-quarter profit of $49.5 million.
The Muncie, Indiana-based bank said it had earnings of 91 cents per share.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 78 cents per share.
The bank posted revenue of $133.9 million in the period. Its revenue net of interest expense was $124.5 million, missing Street forecasts. Three analysts surveyed by Zacks expected $126.9 million.
First Merchants shares have climbed 23% since the beginning of the year. The stock has increased 79% in the last 12 months.