FIRST MERCHANTS CORP FRME Income Statement

First merchants corp (FRME)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Sep'10	Jun'10
INTEREST INCOME
Loans receivable:
Taxable
96,652	102,617	96,850	92,824	90,481	91,092	88,479	84,663	78,267	76,470	71,491	59,386	56,357	53,895	53,819	52,099	50,489	45,897	46,037	45,320	43,551	43,710	43,981	42,323	42,025	38,027	33,548	34,018	37,159	36,085	38,160	36,652	35,848	36,497	37,024	37,457	38,738	43,148	43,977
Tax exempt
5,315	4,671	4,500	4,244	4,153	3,873	3,761	3,632	3,596	3,018	2,851	2,492	2,333	2,096	1,649	1,465	1,315	1,285	1,190	736	248	147	61	58	61	78	85	113	117	122	118	123	117	93	86	247	102	236	252
Investment securities:
Taxable
7,631	7,993	6,729	6,998	6,095	5,553	5,514	5,434	5,096	4,477	4,524	4,180	4,308	3,893	3,992	4,202	4,328	4,363	4,374	4,425	4,723	4,980	5,046	5,046	4,810	4,143	3,876	3,577	3,618	3,809	4,176	4,468	4,574	4,565	5,078	5,040	4,547	3,100	3,286
Tax exempt
9,335	8,995	8,335	7,454	6,871	6,644	6,493	6,246	6,126	5,830	5,455	5,091	5,003	4,862	4,668	4,583	4,509	4,444	4,412	4,231	3,835	3,692	3,683	3,570	3,438	3,020	2,840	2,515	2,454	2,544	2,532	2,551	2,562	2,550	2,529	2,535	2,553	2,610	2,548
Federal funds sold
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	1	2	3	3
Deposits with financial institutions
575	1,203	1,363	784	875	1,207	270	633	131	294	284	114	44	67	55	122	106	67	25	31	37	48	18	35	23	59	18	62	19	31	16	28	25	54	45	100	83	84	95
Federal Home Loan Bank stock
299	342	355	335	338	284	283	263	404	259	242	204	189	192	193	233	480	458	500	459	550	476	501	495	652	380	369	368	371	373	345	347	343	314	323	341	341	250	330
Total Interest Income
119,807	125,821	118,132	112,639	108,813	108,653	104,800	100,871	93,620	90,348	84,847	71,467	68,234	65,005	64,376	62,704	61,227	56,514	56,538	55,202	52,944	53,053	53,290	51,527	51,009	45,707	40,736	40,653	43,738	42,964	45,347	44,169	43,469	44,073	45,085	45,721	46,366	49,431	50,491
INTEREST EXPENSE
Deposits
21,748	24,074	24,830	23,087	19,594	16,690	13,685	12,165	9,002	7,835	6,710	5,137	4,124	3,886	3,926	4,039	4,063	3,938	3,715	3,686	3,516	3,402	2,853	2,874	2,549	2,350	2,213	2,599	2,891	3,234	3,517	3,939	4,110	4,505	5,046	5,864	6,866	9,434	10,520
Federal funds purchased
111	26	15	117	93	48	229	61	380	55	175	103	228	40	27	7	28	5	27	19	23	3	102	23	49	18	72	1	11	7	38	12	12	3	16	3	3	1	4
Securities sold under repurchase agreements
352	367	385	342	330	243	174	172	173	146	133	110	88	91	91	92	100	104	96	90	78	72	74	187	196	193	192	208	194	204	211	197	295	363	384	386	378	401	429
Federal Home Loan Bank advances
1,774	1,776	1,894	1,692	1,814	1,691	2,137	1,845	2,159	1,577	1,464	1,177	978	797	853	818	796	728	711	706	691	750	734	676	682	669	506	462	459	501	492	637	994	1,114	1,089	977	1,001	1,218	1,440
Interest Expense, Debt
1,945	1,994	2,076	2,123	2,116	2,097	2,089	2,057	1,990	1,970	1,945	1,840	1,817	1,817	1,797	1,786	1,785	1,665	1,666	1,670	1,660	1,666	1,661	1,648	1,641	1,342	731	733	725	753	1,187	1,331	1,942	1,908	2,699	2,644	2,641	2,695	1,919
Total Interest Expense
25,930	28,237	29,200	27,361	23,947	20,769	18,314	16,300	13,704	11,583	10,427	8,367	7,235	6,631	6,694	6,742	6,772	6,440	6,215	6,171	5,968	5,893	5,424	5,408	5,117	4,572	3,714	4,003	4,280	4,699	5,445	6,116	7,353	7,893	9,234	9,874	10,889	13,749	14,312
NET INTEREST INCOME
93,877	97,584	88,932	85,278	84,866	87,884	86,486	84,571	79,916	78,765	74,420	63,100	60,999	58,374	57,682	55,962	54,455	50,074	50,323	49,031	46,976	47,160	47,866	46,119	45,892	41,135	37,022	36,650	39,458	38,265	39,902	38,053	36,116	36,180	35,851	35,847	35,477	35,682	36,179
Provision for Loan, Lease, and Other Losses
19,752	500	600	500	1,200	1,664	1,400	1,663	2,500	1,800	2,083	2,875	2,385	2,417	1,900	790	550	0	0	417	0	960	1,600	0	0	1,016	1,533	1,997	2,102	4,505	4,609	4,545	4,875	5,855	5,556	5,625	5,594	10,521	15,015
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
74,125	97,084	88,332	84,778	83,666	86,220	85,086	82,908	77,416	76,965	72,337	60,225	58,614	55,957	55,782	55,172	53,905	50,074	50,323	48,614	46,976	46,200	46,266	46,119	45,892	40,119	35,489	34,653	37,356	33,760	35,293	33,508	31,241	30,325	30,295	30,222	29,883	25,161	21,164
OTHER INCOME
Commission income
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	4	1,815	2,328	1,534	1,723	1,886	2,268	1,585	1,636	1,748	2,172	1,454	1,618	1,485	1,667	1,220	1,528	1,024	1,888	1,482	1,487
Increase in cash surrender value of life insurance
1,360	1,458	1,144	927	989	1,074	961	907	1,078	1,133	1,058	817	898	375	906	873	1,476	822	710	640	747	734	1,524	653	748	692	611	610	700	693	685	662	1,378	803	644	571	578	540	526
Gains on life insurance benefits
-	-	0	19	-	0	0	100	98	0	517	2,154	0	-	-292	424	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net gains and fees on sales of loans
3,363	2,633	2,227	1,736	1,295	1,767	1,841	1,600	1,821	2,355	2,317	1,617	1,275	1,886	1,989	1,717	1,460	1,308	1,905	1,781	1,489	1,559	1,458	1,159	723	1,003	1,673	2,457	2,378	3,513	2,849	2,314	1,952	2,747	1,768	1,030	1,873	2,088	1,185
Net realized gains on sales of available for sale securities
4,612	1,039	393	1,843	1,140	253	1,285	1,122	1,609	1,134	332	567	598	847	839	706	997	623	1,115	-93	1,025	1,246	910	844	581	0	0	239	248	255	843	502	789	290	861	825	463	2	257
Gain on sale of insurance subsidiary
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	8,265	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other-than-temporary impairment on available for sale securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	8	5	-2,912	5,687	1,085	1,307
Portion of loss recognized in other comprehensive income before taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	8	5	7,662	-5,287	-429	-907
Net impairment losses recognized in earnings
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	400	656	400
Gain on FDIC modified whole bank transaction
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	9,124	-	-	-	-	-	-
Other income
265	150	524	1,064	330	1,179	335	681	504	-1,296	1,064	826	398	683	1,527	1,178	206	-1,595	1,755	697	921	-3,429	2,535	1,130	1,618	3,753	-125	1,013	763	588	639	221	360	508	796	51	406	332	208
Total Other Income
29,799	24,245	22,116	21,614	18,713	19,180	19,527	18,191	19,561	19,061	18,668	18,434	14,846	16,120	16,861	16,385	15,837	13,198	16,332	24,106	16,232	11,791	18,412	16,179	15,434	16,280	11,800	14,059	13,877	14,206	14,273	13,165	22,658	12,971	13,230	11,061	11,858	11,045	10,942
OTHER EXPENSES
Salaries and employee benefits
39,243	39,358	38,942	32,709	33,028	34,350	32,936	32,192	32,226	33,760	33,244	27,076	25,732	22,994	26,651	25,570	27,337	25,796	25,137	26,434	24,541	23,595	24,173	23,430	25,301	23,470	20,616	20,536	20,791	20,320	20,083	19,641	19,354	19,035	19,964	18,560	17,176	18,094	17,942
Net occupancy
5,801	5,311	4,777	4,469	5,027	4,737	4,586	4,348	4,670	4,424	4,371	3,965	4,216	4,568	4,348	4,059	4,022	3,649	3,726	3,503	3,790	3,288	3,401	3,204	3,938	2,992	2,430	2,267	2,602	2,494	2,568	2,473	2,651	2,428	2,530	2,415	2,745	2,574	2,058
Equipment
4,344	4,429	4,030	4,117	3,642	3,627	3,483	3,556	3,668	3,898	3,478	2,907	2,807	3,069	2,947	3,243	3,238	2,683	2,698	2,840	2,566	2,315	2,187	2,096	2,739	2,369	1,852	1,742	1,774	1,942	1,798	1,656	1,805	1,672	1,662	1,677	1,783	1,797	1,861
Marketing
1,443	1,492	1,332	2,752	1,074	1,107	1,216	1,474	884	1,361	1,021	792	565	790	630	851	737	915	847	951	780	836	1,070	789	769	675	559	535	467	616	536	564	442	650	534	436	382	519	495
Outside data processing fees
4,199	4,428	4,435	3,929	3,684	3,367	3,422	3,462	2,964	3,378	3,162	3,086	2,616	2,672	2,382	2,025	2,069	1,632	1,992	1,768	1,717	1,592	1,853	2,039	1,831	1,205	1,515	1,391	1,480	1,361	1,413	1,506	1,376	1,377	1,391	1,458	1,445	1,348	1,311
Printing and office supplies
387	484	312	334	315	433	334	324	334	378	366	275	264	301	314	369	364	343	343	303	364	364	350	393	458	378	320	311	331	321	287	294	267	340	301	313	288	303	321
Intangible asset amortization
1,514	1,590	1,356	1,520	1,528	1,625	1,650	1,718	1,726	2,055	1,698	991	903	977	978	977	978	692	693	729	721	669	592	592	592	496	383	383	387	489	489	480	469	591	755	1,101	1,101	1,161	1,192
FDIC assessments
1,523	0	-668	678	707	634	856	711	719	711	704	579	570	550	534	1,002	950	939	958	895	863	895	920	863	1,060	767	677	674	744	738	792	862	1,117	775	1,201	1,451	2,104	2,112	2,243
Other real estate owned and foreclosure expenses
505	66	294	903	1,165	251	455	362	402	311	330	731	531	574	637	915	751	207	1,675	845	1,229	-3,526	2,618	2,613	1,757	1,668	1,648	1,479	1,866	1,766	2,104	2,122	2,186	2,569	2,007	2,843	3,195	2,991	1,503
Professional and other outside services
2,258	2,899	8,251	2,376	1,884	3,002	1,844	1,789	1,541	1,914	5,843	3,266	1,734	1,634	1,242	1,478	2,162	3,544	1,686	3,134	1,491	3,633	1,573	1,531	1,379	3,361	1,444	1,833	1,659	-	-	-	-	-	-	-	-	-	-
Other expenses
4,954	5,144	4,293	3,800	4,567	4,605	4,240	3,568	4,553	4,243	4,491	3,648	3,161	3,805	3,452	4,346	3,867	4,277	3,276	4,494	3,140	3,432	3,839	3,700	3,265	3,177	2,775	2,591	2,599	-1,772	4,334	4,582	4,361	-1,209	3,877	4,145	3,662	4,236	5,417
Total Other Expenses
66,171	65,201	67,354	57,587	56,621	57,738	55,022	53,504	53,687	56,433	58,708	47,316	43,099	41,934	44,115	44,835	46,475	44,677	43,031	45,896	41,202	37,093	42,576	41,250	43,089	40,558	34,219	33,742	34,700	34,503	34,404	34,180	34,028	33,436	34,222	34,399	33,881	35,135	34,343
INCOME BEFORE INCOME TAX
37,753	56,128	43,094	48,805	45,758	47,662	49,591	47,595	43,290	39,593	32,297	31,343	30,361	30,143	28,528	26,722	23,267	18,595	23,624	26,824	22,006	20,898	22,102	21,048	18,237	15,841	13,070	14,970	16,533	13,463	15,162	12,493	19,871	9,860	9,303	6,884	7,860	1,071	-2,237
Income Tax Expense (Benefit)
3,490	8,298	6,337	7,749	6,941	5,949	8,478	7,961	6,611	15,210	7,939	7,207	7,168	7,850	7,469	6,716	5,574	4,418	6,557	8,856	5,834	5,638	5,980	5,888	4,617	4,394	2,667	4,155	4,668	3,153	3,926	3,288	5,500	2,299	2,561	1,396	2,399	-564	-1,894
Net Income (Loss) Attributable to Parent
34,263	-	36,757	41,056	38,817	-	41,113	39,634	36,679	-	24,358	24,136	23,193	-	21,059	20,006	17,693	-	17,067	17,968	16,172	15,260	16,122	15,160	13,620	11,447	10,403	10,815	11,865	10,310	11,236	9,205	14,371	7,561	6,742	5,488	5,461	1,635	-343
Loss on retirement of CPP preferred stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,401	-	-	-	-
Loss on extinguishment of trust preferred securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	10,857	-	-	-	-
Gain on exchange of preferred stock for trust preferred debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	10,052
Preferred stock dividends
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	241	430	852	857	1,135	1,134	1,135	1,135	1,135	868	990	988	870	1,443
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	11,206	9,973	9,963	11,008	9,175	10,102	8,070	13,236	6,426	-6,384	4,498	4,473	765	8,266
Earnings Per Share [Abstract]
Earnings Per Share, Basic
0.63	0.87	0.71	0.83	0.79	0.85	0.83	0.80	0.75	0.49	0.50	0.57	0.57	0.55	0.51	0.50	0.43	0.37	0.46	0.47	0.43	0.41	0.45	0.42	0.38	0.34	0.35	0.35	0.38	0.33	0.35	0.28	0.46	0.24	-0.25	0.18	0.17	0.02	0.35
Earnings Per Share, Diluted
0.62	0.87	0.71	0.83	0.78	0.85	0.83	0.80	0.74	0.49	0.50	0.57	0.56	0.55	0.51	0.49	0.43	0.37	0.45	0.47	0.43	0.41	0.45	0.41	0.38	0.34	0.35	0.34	0.38	0.32	0.35	0.28	0.46	0.24	-0.25	0.18	0.17	0.02	0.35
Common Stock, Dividends, Per Share, Cash Paid
0.26	-	0.26	0.26	0.22	-	0.22	0.22	0.18	-	0.18	0.18	0.15	-	0.14	0.14	0.11	-	0.11	0.11	0.08	-	0.08	0.08	0.05	-	0.05	0.05	0.03	-	0.03	0.03	0.01	-	0.01	0.01	0.01	0.01	0.01
Weighted Average Number of Shares Outstanding, Diluted
54,917	-	51,569	49,549	49,540	-	49,492	49,451	49,427	-	48,643	42,243	41,220	-	41,025	40,969	40,916	-	38,118	38,043	38,000	-	36,328	36,294	36,260	-	29,081	29,023	28,971	-	28,888	28,815	28,754	-	26,367	25,782	25,763	25,686	25,633
Service charges on deposit accounts
Other income
5,970	6,312	6,107	5,437	5,095	5,516	5,619	5,038	4,777	5,066	5,044	4,438	4,174	4,534	4,667	4,416	4,145	4,118	4,445	4,090	3,548	3,979	4,119	4,098	3,551	3,639	3,120	2,912	2,729	2,962	2,913	2,893	2,819	3,027	3,169	2,997	2,779	3,404	3,506
Fiduciary and wealth management fees
Other income
5,985	5,384	4,429	3,931	3,818	3,842	3,673	3,595	3,796	5,650	3,783	2,609	2,640	5,273	2,448	2,376	2,494	2,138	2,242	2,309	2,507	2,242	2,152	2,360	2,212	2,237	1,986	2,264	2,107	1,984	1,986	1,938	1,983	1,804	1,881	1,929	2,036	1,773	1,978
Card payment fees
Other income
5,907	-	5,158	4,829	4,826	-	4,586	4,462	4,594	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Derivative hedge fees
Other income
1,939	-	1,684	1,487	781	-	775	231	842	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other customer fees
Other income
398	434	450	341	439	511	452	455	442	-13,079	4,553	5,406	4,863	2,011	4,777	4,695	5,059	4,534	4,156	4,602	3,667	3,926	3,991	4,049	3,733	3,371	2,899	2,816	2,780	2,757	2,740	3,150	2,586	2,572	2,583	2,634	2,235	2,080	2,195