Company Reports Revenue of $893.9 million
FIRST MERCHANTS CORP [FRMEP] has reported a net loss of $223.8 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $893.9 million
Based in MUNCIE, Indiana, FIRST MERCHANTS CORP operates in the FINANCE sector.
In the annual report ending December 31, 2023, the financial statements show a significant increase in various financial metrics compared to the same period in 2022 and 2021.
Total Interest Income rose to $893.9 million in 2023 from $605 million in 2022 and $446.6 million in 2021. This indicates a steady growth in interest income over the years.
Net Interest Income also saw an increase, reaching $545.4 million in 2023 compared to $520.2 million in 2022 and $410.7 million in 2021. This reflects the firm's improved ability to generate income from its interest-earning assets.
Noninterest Income remained relatively stable at $105.6 million in 2023, slightly lower than the $107.9 million in 2022 but in line with the $109.3 million in 2021.
Noninterest Expenses showed an upward trend, with a total of $388.3 million in 2023 compared to $355.7 million in 2022 and $279.2 million in 2021. This increase could be attributed to higher operating costs and investments in the business.
Income before income tax stood at $259.2 million in 2023, slightly higher than the $255.7 million in 2022 and $240.8 million in 2021, indicating consistent profitability over the years.
Net Income for 2023 reached $223.8 million, up from $222.1 million in 2022 and $205.5 million in 2021, demonstrating positive bottom-line growth for the firm.
Earnings per share (EPS) for basic and diluted amounts also showed an upward trajectory. Basic EPS for 2023 was $3.74, compared to $3.83 in 2022 and $3.82 in 2021. Diluted EPS for 2023 stood at $3.73, slightly down from $3.81 in 2022 and 2021.
Overall, the financial performance of the company improved in 2023 compared to the previous years, with higher revenue, net income, and earnings per share.
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