Net income for the quarter increased to $9.31 million compared to $7.66 million in the same quarter a year ago.
First Merchants’ 2007 earnings per share totaled $1.73, a 5.5% increase over the $1.64 earned in 2006. Year-to-date net interest margin totaled 3.55%, a 16 basis point decline from the prior year total of 3.71%.
Michael Rechin, president and CEO of First Merchants, stated: The tactical execution of our strategic plan during 2007 is reflective of the commitment our employees have to First Merchants Corporation. Given the distractions of a volatile market and a slowing economy, we believe that our employees have remained focused on meeting our customers’ needs and providing great service as evidenced by our loan growth and our non-interest income growth.
