First Merchants reports higher Q3 profit
First Merchants Corp. (Nasdaq: FRME) shares are edging down despite the financial holding company’s announcement that third-quarter net income rose to $8.4 million, or $0.46 per share, above analyst estimates of $0.45 per share and compared with $7.7 million, or $0.42 per share, a year earlier.
The Muncie, Ind.-based company’s net interest income increased to $28.5 million, from $27.6 million during the same period of 2006.
“Continued growth in loans and fee income combined with the refinance of our trust preferred securities, charter consolidation and tax management strategies have proven to accelerate our performance into the second half of 2007,” CEO Michael Rechin said in a statement. “Our management team is encouraged to have produced improved results in a difficult operating environment. We are mindful of the credit climate facing our customers and intend to balance our growth initiatives with asset quality improvement.”
In afternoon trading, FRME shares are down 1.42%, or $0.30, at $20.87. Over the last 52 weeks, shares have ranged from $18.30 to $27.99.
