|Over a month ago|
First Merchants reports Q1 EPS 91c, consensus 87c » 08:0504/2604/26/22
Total assets equaled…
Total assets equaled $15.5 billion as of March 31, 2022 and loans totaled $9.4 billion. The Corporation experienced organic loan growth of $730.6 million, or 8.5 percent, during the past twelve months. Investments increased $788.4 million, or 21.3 percent, during the year and now total $4.5 billion. Total deposits equaled $12.9 billion as of quarter-end and increased by $954.2 million, or 8.0 percent over the same period in 2021. Mark Hardwick, Chief Executive Officer, stated, "The Bank's loan, deposit and earnings growth were in line with expectations and my colleagues are focused on delivering our aspirational 2022 plan. The completion of our merger with Level One on April 1st is a milestone in First Merchants history that will propel our Bank into the future. I am proud of our new teammates and the professional winning attitude they exude."
First Merchants completes legal closing of Level One Bancorp merger » 08:0504/0104/01/22
First Merchants (FRME)…
First Merchants (FRME) and Level One Bancorp (LEVL) have finalized a merger of the two companies. Following regulatory approvals last month, the companies consummated their legal closing through a cash/stock transaction effective April 1, 2022. As previously announced in late 2021, Level One Bank will also merge with and into First Merchants Bank. "Like First Merchants, Level One achieved a solid reputation for a deep-rooted commitment to community banking, and we are excited they have chosen to become the newest member of the First Merchants family," said First Merchants CEO, Mark Hardwick. "The LEVL franchise helps us to contiguously extend our presence in Michigan, leveraging the vision of First Merchants to enhance the financial wellness of the diverse communities we serve." First Merchants will have assets of approximately $18 billion and will remain the second largest financial holding company headquartered in Indiana. The combined company, doing business as First Merchants Bank, will complete its integration during the third quarter of 2022. The company will have 126 banking offices across Indiana, Michigan, Ohio and Illinois.
First Merchants files automatic mixed securities shelf 17:0503/1503/15/22
|Over a quarter ago|
First Merchants reports Q4 EPS 89c, consensus 93c » 08:1001/2701/27/22
Total assets equaled…
Total assets equaled $15.5 billion as of year-end and loans totaled $9.3 billion. Reports Tangible common book value per share $25.21. Additionally, the Corporation's total risk-based capital ratio equaled 13.92 percent, common equity tier 1 capital ratio equaled 11.68 percent, and the tangible common equity ratio totaled 9.01 percent. These ratios continue to reflect the Corporation's strong liquidity and capital positions. Mark Hardwick, Chief Executive Officer, stated, "2021 proved to be a record year on many levels, including total assets, loans, deposits, net income and earnings per share. Our employees, customers and communities showed an incredible amount of toughness, determination, teamwork and compassion for one another during a difficult year. First Merchants' future is bright because of this special combination of heart and grit." Hardwick also added, "It's an honor to lead this First Merchants team and to be part of the dynamic markets that we serve."
First Merchants upgraded to Outperform from Market Perform at Hovde Group » 06:1812/1312/13/21
Hovde Group analyst Bryce…
Hovde Group analyst Bryce Rowe upgraded First Merchants to Outperform from Market Perform.
Level One downgraded to Outperform from Strong Buy at Raymond James » 07:5011/0511/05/21
Raymond James analyst…
Raymond James analyst David Long downgraded Level One (LEVL) to Outperform from Strong Buy with a price target of $44, up from $37. Long believes the deal with First Merchant (FRME) will close as expected.
First Merchants, Level One sign merger agreement in deal valued at $323.5M » 08:3211/0411/04/21
First Merchants Corporation (FRME) and Level One Bancorp, Inc., (LEVL) announced they have executed a definitive merger agreement by which Level One Bancorp, Inc. will merge with and into First Merchants Corporation in a stock and cash transaction currently valued at approximately $323.5M. Upon completion of the merger, Level One Bank will merge with and into First Merchants Bank. The merger agreement provides that the common shareholders of LEVL will have the right to receive a 0.7167 share of First Merchants common stock, in a tax-free exchange, and $10.17 in cash for each share of LEVL common stock owned, currently an approximate 75% stock / 25% cash mix. Based on the closing price of First Merchants common stock on November 3, 2021 of $43.50 per share, the implied merger consideration for each share of LEVL common stock is $41.35 per share. In addition, each share of Level One's 7.50% Non-Cumulative Perpetual Preferred Stock, Series B, outstanding immediately prior to the effective time of the merger will be converted into the right to receive one share of a newly created series of preferred stock of First Merchants having voting powers, preferences and special rights that are substantially identical to the Level One Series B preferred stock. First Merchants expects this combination to be mutually beneficial to First Merchants and LEVL shareholders and customers. First Merchants anticipates earnings per share accretion of approximately 10.4% in 2023 and a tangible book value earnback of 2.9 years. The transaction is expected to be completed in the first half of 2022, subject to the affirmative vote of a majority of LEVL common shareholders, regulatory approvals, and other customary conditions. The combined company, conducting its banking business as First Merchants Bank, expects to complete its system integration during the third quarter of 2022. Stephens Inc. served as the financial advisor to First Merchants and legal advisor was Dentons Bingham Greenebaum LLP. Piper Sandler & Co. served as financial advisor to LEVL in this transaction and Barack Ferrazzano served as legal advisor.
First Merchants, Level One sign merger agreement in deal valued at $323.5M 08:3111/0411/04/21
First Merchants reports Q3 EPS 98c, consensus 91c » 08:0710/2610/26/21
Total assets equaled…
Total assets equaled $15.1 billion as of September 30, 2021 and loans totaled $9.0 billion. The Corporation experienced organic loan growth of $503.9 million, or 6.0 percent during the last twelve months, offset by the forgiveness of Paycheck Protection Program loans which accounted for a decline of $703.3 million. As a result, the loan portfolio decreased by $199.5 million, or 2.2 percent, during that period. Organic loan growth, on an annualized basis, was 5.8 percent in the third quarter 2021. Investments increased $1.5 billion, or 51.6 percent, during the last twelve months and now total $4.4 billion. Total deposits equaled $12.3 billion as of quarter-end and increased by $1.4 billion, or 13.2 percent, from the same period in 2020. Mark Hardwick, Chief Executive Officer, stated, "We are having a record year powered by strong balance sheet growth and high levels of profitability. We remain optimistic about the remainder of 2021 and our ability to deliver high levels of performance in 2022."
Stephens to hold a forum » 09:4109/2209/22/21
ABCB, ABTX, CBNK, FFIN, HBNC, NCBS, RNST, TSC, UBSI, UCBI, WSBC, WTFC, BANF, BUSE, FSBC, GBCI, TBK, TCBK, OBNK, HTLF, PB, SMBK, STBA, STL, FRME, FNWD, FULT
11th Annual Bank Forum to…
11th Annual Bank Forum to be held in Little Rock, Arkansas on September 20-22. Webcast Link