FIRST MERCHANTS CORP FRME Income Statement

First merchants corp (FRME)

Income statement / Yearly

Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09
INTEREST INCOME
Loans receivable:
Taxable
382,772	342,501	263,704	210,302	180,805	172,039	142,752	146,745	149,716	174,070	205,616
Tax exempt
17,568	14,862	10,694	6,525	3,459	327	393	480	528	515	1,038
Investment securities:
Taxable
27,815	21,597	17,489	16,415	17,885	19,882	15,214	17,027	19,230	12,957	12,335
Tax exempt
31,655	25,509	21,379	18,622	16,922	14,383	10,829	10,189	10,167	10,377	9,587
Federal funds sold
-	-	-	-	-	-	-	-	3	26	118
Deposits with financial institutions
4,225	2,241	736	350	160	124	158	100	282	381	366
Federal Home Loan Bank stock
1,370	1,234	894	1,098	1,967	2,124	1,488	1,408	1,319	1,252	1,379
Total Interest Income
465,405	407,944	314,896	253,312	221,198	208,879	170,834	175,949	181,245	199,578	230,439
INTEREST EXPENSE
Deposits
91,585	51,542	23,806	15,914	14,855	11,678	10,053	14,800	22,281	39,876	58,391
Federal funds purchased
251	718	561	102	74	177	102	69	25	5	28
Securities sold under repurchase agreements
1,424	762	477	374	368	529	787	907	1,511	1,712	1,997
Federal Home Loan Bank advances
7,176	7,832	5,196	3,264	2,836	2,842	2,096	2,624	4,181	5,368	9,232
Interest Expense, Debt
8,309	8,233	7,572	7,185	6,661	6,616	3,531	5,213	9,892	9,048	7,445
Total Interest Expense
108,745	69,087	37,612	26,839	24,794	21,842	16,569	23,613	37,890	56,009	77,093
NET INTEREST INCOME
356,660	338,857	277,284	226,473	196,404	187,037	154,265	152,336	143,355	143,569	153,346
Provision for Loan, Lease, and Other Losses
2,800	7,227	9,143	5,657	417	2,560	6,648	18,534	22,630	46,483	122,176
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
353,860	331,630	268,141	220,816	195,987	184,477	147,617	133,802	120,725	97,086	31,170
OTHER INCOME
Commission income
-	-	-	-	4,147	7,411	7,141	6,224	5,660	6,225	6,397
Increase in cash surrender value of life insurance
4,518	4,020	3,906	3,630	2,919	3,659	2,613	3,418	2,596	2,098	1,614
Gains on life insurance benefits
19	198	2,671	643	-	-	-	-	-	-	-
Net gains and fees on sales of loans
7,891	7,029	7,564	7,052	6,483	4,899	7,511	10,628	7,418	6,806	6,849
Net realized gains on sales of available for sale securities
4,415	4,269	2,631	3,389	2,670	3,581	487	2,389	2,439	3,406	11,141
Gain on sale of insurance subsidiary
-	-	-	-	8,265	0	0	-	-	-	-
Gain on cancellation of subordinated debentures
-	-	-	-	1,250	0	0	-	-	-	-
Other-than-temporary impairment on available for sale securities
-	-	-	-	-	-	-	-	2,788	3,049	11,134
Portion of loss recognized in other comprehensive income before taxes
-	-	-	-	-	-	-	-	2,388	1,505	-4,405
Net impairment losses recognized in earnings
-	-	-	-	-	-	-	-	400	1,544	6,729
Gain on FDIC modified whole bank transaction
-	-	-	-	-	-	-	9,124	-	-	-
Other income
2,068	2,699	992	3,594	1,778	1,854	5,404	1,808	1,761	1,588	1,470
Total Other Income
86,688	76,459	71,009	65,203	69,868	61,816	56,016	64,302	49,120	48,544	51,201
OTHER EXPENSES
Salaries and employee benefits
144,037	131,704	119,812	102,552	101,908	96,499	85,413	79,398	74,735	73,253	76,325
Net occupancy
19,584	18,341	16,976	16,997	14,668	13,831	10,291	10,186	10,118	9,935	10,250
Equipment
16,218	14,334	13,090	12,497	10,787	9,337	7,737	7,201	6,794	7,323	7,595
Marketing
6,650	4,681	3,739	3,008	3,493	3,464	2,236	2,158	2,002	1,970	2,134
Outside data processing fees
16,476	13,215	12,242	9,148	7,109	7,315	5,591	5,656	5,671	5,093	6,186
Printing and office supplies
1,445	1,425	1,283	1,348	1,353	1,565	1,340	1,169	1,242	1,259	1,419
Intangible asset amortization
5,994	6,719	5,647	3,910	2,835	2,445	1,649	1,927	3,548	4,721	5,109
FDIC assessments
717	2,920	2,564	3,036	3,655	3,738	2,862	3,509	5,531	8,121	10,394
Other real estate owned and foreclosure expenses
2,428	1,470	1,903	2,877	3,956	3,462	6,661	8,178	10,614	12,436	9,823
Professional and other outside services
15,410	8,176	12,757	6,516	9,855	8,116	8,297	6,228	5,208	-	-
Other expenses
17,804	16,966	15,543	15,470	15,187	14,236	11,142	11,505	10,475	18,200	22,323
Total Other Expenses
246,763	219,951	205,556	177,359	174,806	164,008	143,219	137,115	135,938	142,311	151,558
INCOME BEFORE INCOME TAX
193,785	188,138	133,594	108,660	91,049	82,285	60,414	60,989	33,907	3,319	-69,187
Income Tax Expense (Benefit)
29,325	28,999	37,524	27,609	25,665	22,123	15,884	15,867	8,655	-3,590	-28,424
Net Income (Loss) Attributable to Parent
-	-	-	-	-	60,162	44,530	45,122	25,252	6,909	-40,763
Gain on exchange of preferred stock for trust preferred debt
-	-	-	-	-	-	-	-	-	11,353	-
Loss on CPP unamortized discount
-	-	-	-	-	-	-	-	1,401	1,301	-
Loss on extinguishment of trust preferred securities
-	-	-	-	-	-	-	-	10,857	-	-
Preferred stock dividends
-	-	-	-	-	-	2,380	4,539	3,981	5,239	4,979
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS
164,460	159,139	96,070	81,051	65,384	-	42,150	40,583	9,013	11,722	-45,742
Earnings Per Share [Abstract]
Earnings Per Share, Basic
3.20	3.23	2.13	1.99	1.73	1.66	1.42	1.42	0.34	0.48	-2.17
Earnings Per Share, Diluted
3.19	3.22	2.12	1.98	1.72	1.65	1.41	1.41	0.34	0.48	-2.17
Service charges on deposit accounts
Other income
22,951	20,950	18,722	17,762	16,201	15,747	12,400	11,587	11,972	13,283	15,128
Fiduciary and wealth management fees
Other income
17,562	14,906	14,682	12,591	9,196	8,966	8,594	7,891	7,650	7,692	7,409
Other customer fees
Other income
1,664	1,860	1,743	16,542	16,959	15,699	11,866	11,233	10,024	8,990	7,922
Card payment fees
OTHER INCOME
20,243	18,035	16,120	-	-	-	-	-	-	-	-
Derivative hedge fees
OTHER INCOME
5,357	2,493	1,978	-	-	-	-	-	-	-	-