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First Merchants reports Q2 EPS 83c, consensus 81c.

CEO Michael Rechin stated, "Our second quarter of 2019 results continued to reflect effective market coverage by our bankers coupled with healthy levels of activity from our commercial and consumer clients throughout our franchise. We are pleased with our execution producing second quarter organic loan growth of 11.8% and deposit growth of 13.5% on an annualized basis. Net Income and earnings per share improved during the quarter despite margin pressure and legal and settlement expenses of $1.3 million reflected in our marketing line item. We continue to anticipate closing our acquisition with Monroe Bank & Trust during the third quarter of 2019 and completing the integration in the fourth quarter of 2019." Reports Q2 tangible common equity ratio 10.07%. Reports Q2 tangible common book value per share $21.01.

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Publication:The Fly
Article Type:Financial report
Date:Jul 25, 2019
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