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First Merchants reports lower Q3 net income on merger expenses

First Merchants Corp. reported third-quarter net income available to common stockholders of $36.8 million, or 71 cents per share, down from $41.1 million, or 83 cents per share, in the year-ago period.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was 78 cents.

The earnings results were affected by $11.2 million, or 17 cents per share, of one-time charges connected to First Merchants closing its acquisition of MBT Financial Corp. in September.

Total deposits at the Muncie, Ind.-based bank as of Sept. 30 stood at $9.77 billion, up from $8.32 billion as of June 30 and $7.63 billion a year ago.

Net loans at the end of the most recent quarter were $8.22 billion, up from $7.43 billion at the end of the previous quarter and $7.01 billion as of Sept. 30, 2018.

Net interest income in the third quarter was $88.9 million, up from $86.5 million in the year-ago quarter.

Net interest margin on a fully taxable equivalent basis was 3.62% in the third quarter, down from 4.05% in the prior-year quarter.

Provision for loan losses amounted to $600,000 for the most recent quarter, down from $1.4 million in the comparable period last year.