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First Merchants: 1Q Earnings Snapshot

MUNCIE, Ind. (AP) _ First Merchants Corp. (FRME) on Thursday reported first-quarter profit of $38.8 million.

The Muncie, Indiana-based bank said it had earnings of 78 cents per share.

The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 80 cents per share.

The bank posted revenue of $127.5 million in the period. Its revenue net of interest expense was $103.6 million, also missing Street forecasts. Four analysts surveyed by Zacks expected $107.3 million.

First Merchants shares have risen 12 percent since the beginning of the year. The stock has dropped 12 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FRME at https://www.zacks.com/ap/FRME