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Article: First Merchants Corporation Announces 3rd Quarter Earnings Per Share.
- Article from:
- Real Estate Weekly News
- Article date:
- November 20, 2009
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First Merchants Corporation (NASDAQ: FRME) has reported a third quarter 2009 net loss of $6.4 million, or $.30 per fully diluted common share. The Corporation's third quarter contributed to year-to-date fully diluted common share loss of $1.62, down from the prior year income of $1.13.
The loss for the quarter was primarily due to provision for loan losses of $24 million. While the quarterly provision and charge offs remain elevated, the credit costs are significantly beneath the $59 million provision and $40 million of net charge offs in the second quarter of 2009. The Corporation's allowance for loan losses, as a percent of total loans, increased to $87 million ...