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First Merchants Non-GAAP EPS of $1.19 beats by $0.03, revenue of $173.11M misses by $5.97M

Jan. 26, 2023 8:06 AM ETFirst Merchants Corporation (FRME) StockBy: Deepa Sarvaiya, SA News Editor
  • First Merchants press release (NASDAQ:FRME): Q4 Non-GAAP EPS of $1.19 beats by $0.03.
  • Revenue of $173.11M (+620.1% Y/Y) misses by $5.97M.
  • Total loans grew $344.1 million, or 11.8% annualized on a linked quarter basis, excluding the forgiveness of $6.5 million in Paycheck Protection Program (“PPP”) loans.
  • Total deposits declined $52.1 million, or 1.4% annualized on a linked quarter basis.
  • Nonaccrual loans totaled $42.3 million compared to $43.5 million on a linked quarter basis.
  • The efficiency ratio totaled 48.60% for the quarter.

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