First Merchants Corporation Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Provides Tax Rate Guidance for the Year 2014
January 28, 2014 at 10:31 am
Share
First Merchants Corporation reported consolidated earnings results for the fourth quarter and year ended December 31, 2013. For the quarter, the company reported total interest income of $45,707,000 compared with $42,964,000 for the same period last year. Net interest income was $41,135,000 compared with $38,265,000 for the same period last year. Income before income tax was $14,634,000 compared with $13,463,000 for the same period last year. Net income available to common stockholders was $11,206,000 or $0.34 diluted per share compared with $9,175,000 or $0.32 diluted per share for the same period last year. Return on average assets was 0.91% compared with 0.85% for the same period last year. Return on average stockholders equity was 7.78% compared with 6.66% for the same period last year. Return on average common stockholders equity was 8.05% compared to 7.97% for the same period last year.
For the year, the company reported total interest income of $170,834,000 compared with $175,949,000 for the same period last year. Net interest income was $154,265,000 compared with $152,336,000 for the same period last year. Income before income tax was $59,207,000 compared with $60,989, 000 for the same period last year. Net income available to common stockholders was $42,150,000 or $1.41 diluted per share compared with $40,583,000 or $1.41 diluted per share for the same period last year. Return on average assets was 0.95% compared with 0.96% for the same period last year. Return on average stockholders equity was 7.80% compared with 7.58% for the same period last year. Return on average common stockholders equity was 8.55% compared with 9.13% for the same period last year.
The company had a similar adjustment in the fourth quarter but the effective rate going forward is 27% is more of an effective tax rate that one could expect on a go forward basis. Really 35% applied to everything after deducting out tax free income from bank and life insurance and tax-free munis.
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 Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Provides Tax Rate Guidance for the Year 2014