MUNCIE, Ind. (AP) — MUNCIE, Ind. (AP) — First Merchants Corp. (FRME) on Wednesday reported first-quarter net income of $28.2 million.
The Muncie, Indiana-based bank said it had earnings of 45 cents per share. Earnings, adjusted for non-recurring costs, were $1.03 per share.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 96 cents per share.
The bank posted revenue of $254.4 million in the period. Its revenue net of interest expense was $157.1 million, falling short of Street forecasts.
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