FIG Partners Increases Estimates for First Merchants Corporation

In a recent research report published by FIG Partners, First Merchants Corporation

posted positive profits that resulted in a clean quarter. Trends are set to improve further in 2012. In the report, FIG Partners commented, “The quarter was free from noise and demonstrated solid performance in most areas. Notably, loan balances stabilized after a period of contraction, net interest margin was off slightly, but is strong at 4.03%, credit quality continued to improve, capital levels were mostly unchanged and remain healthy with a Tangible Common Equity ratio closing in on 7%. Improving trends have allowed the core earnings run rate to more than double from ten cents in fourth quarter of 2010 to $0.24 in fourth quarter 2011.” FIG Partners maintains its Outperform rating and $11 PT on First Merchants Corporation, which closed Friday at $9.77.