First Merchants Corporation recorded $199.073 million in third-quarter revenue, 19.8% above a year earlier, while adjusted diluted earnings per share rose 11% to $1.10, the company said.
Revenue was up $32.931 million from $166.142 million in the year-earlier quarter. Of the reported total, $161.068 million came from net interest income and $38.005 million from noninterest income. Net income available to common stockholders was $67.847 million.
Diluted earnings under generally accepted accounting principles (GAAP) came to $1.09 per share. Adjusted diluted earnings were $1.10 per share, compared with $0.99 a year ago. The adjusted calculation excludes $862,000 in acquisition-related costs, most of them for equipment and professional fees, the company said.
First Merchants’ quarter-end totals were $21.1 billion for assets and $15.6 billion for loans. The fully taxable equivalent measure of net interest margin stood at 3.44%, with a year-over-year increase of 20 basis points.
Chief Executive Officer Mark Hardwick said the company had made “meaningful progress” in resolving two commercial credits identified in the previous quarter. He also said nonperforming assets remained stable.
