Stock Monitor: First Busey Post Earnings Reporting
LONDON, UK / ACCESSWIRE / February 05, 2018 / Active-Investors.com has just released a free earnings report on First Merchants Corp. (NASDAQ: FRME). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=FRME. The bank posted its financial results on January 25, 2018, for the fourth quarter of the fiscal year 2017 (Q4 FY17) and for the full fiscal year 2017 (FY17). First Merchants' annualized organic loan and organic deposits grew 16.7% and 15.1%, respectively, in Q4 FY17. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, First Merchants most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
During Q4 FY17, First Merchants' total interest income was $90.35 million compared to $65.01 million in Q4 FY16. The Company's total interest expenses came in at $11.58 million for Q4 FY17 compared to $6.63 million in the prior year's same quarter. The Company's net interest income rose to $78.77 million in Q4 FY17 from $58.37 million in Q4 FY16. Furthermore, net interest income, after provision for loan losses, stood at $76.97 million for Q4 FY17 compared to $55.96 million in Q4 FY16.
The Muncie, Indiana-based bank reported a net income available to common shareholders of $24.38 million, or $0.49 per diluted share, in Q4 FY17 compared to $22.29 million, or $0.55 per diluted share, in Q4 FY16. For the reported quarter, the Company's net income was impacted by the new Tax Cuts and Jobs Act by $0.10 per diluted share, and acquisition expenses amounted to $0.02 per diluted share. The bank's adjusted net income of $0.61 per share met Wall Street's expectations.
In the full year FY17, First Merchants' net interest income was up to $277.28 million from $226.47 million in FY16. The bank's net income available to common shareholders came in at $133.59 million, or $2.12 per diluted share, for FY17 compared to $81.05 million, or $1.98 per diluted share, in the previous year.
During the reported quarter, First Merchants' return on average common stockholders' equity was 7.53% versus 9.87% in the year ago comparable period. The return on average assets came in at 1.06% in Q4 FY17 compared to 1.11% in Q4 FY16. Net interest margin (FTE) improved 7 basis points to 4.10% in the reported quarter from 4.03% in Q4 FY16, whereas tangible common book value per share grew to $16.96 in Q4 FY17 from $16.62 in Q4 FY16.
First Merchants' average earnings assets to average assets ratio stood at 88.73 in the reported quarter compared to 89.16 in Q4 FY16. Furthermore, the bank's efficiency ratio was 53.29 in the reported quarter compared to 58.30 in Q4 FY16.
As on December 31, 2017, the Company's total risk-based capital ratio stood at 13.69% and common equity tier 1 capital ratio came in at 11.00%. Furthermore, the bank's tangible common equity ratio totaled 9.30% at the end of Q4 FY17.
In Q4 FY17, average interest-earnings assets grew to $8.14 billion from $6.38 billion in the previous year's corresponding quarter. The bank's yield on interest-earnings assets was 4.67% for Q4 FY17, an increase of 35 basis points from 4.32% in Q4 FY16. First Merchants' average total loans held were $6.58 billion during the quarter ended December 31, 2017, versus $5.01 billion in Q4 FY16. Furthermore, average total assets were $9.17 billion in Q4 FY17 compared to $7.09 billion in Q4 FY16.
The bank's total non-performing assets (NPA) stood at $40.11 million as on December 31, 2017, down from $43.71 million as on December 31, 2016. NPAs to actual loans and OREO ratio fell to 0.59% at the end of Q4 FY17 from 0.85% at the end of Q4 FY16.
Stock Performance Snapshot
February 02, 2018 - At Friday's closing bell, First Merchants' stock fell 1.50%, ending the trading session at $43.22.
Volume traded for the day: 146.01 thousand shares.
Stock performance in the last month – up 3.00%; previous three-month period – up 1.43%; past twelve-month period – up 11.94%; and year-to-date – up 2.76%
After last Friday's close, First Merchants' market cap was at $2.16 billion.
Price to Earnings (P/E) ratio was at 20.30.
The stock has a dividend yield of 1.67%.
The stock is part of the Financial sector, categorized under the Regional - Midwest Banks industry.
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