First Merchants Corporation (NASDAQ:FRME) Q2 2022 Earnings Conference Call July 26, 2022 10:30 AM ET
Company Participants
Mark Hardwick - CEO
Mike Stewart - President
Michele Kawiecki - CFO
John Martin - Chief Credit Officer
Conference Call Participants
Daniel Tamayo - Raymond James
Terry McEvoy - Stephens
Damon DelMonte - KBW
Ignacio Gonzalez - Piper Sandler
Brian Martin - Janney Company
Operator
Good day, ladies and gentlemen and thank you for standing by. Welcome to the First Merchants Corporation Second Quarter Earnings Conference Call. [Operator Instructions]
Before we begin, management would like to remind you that today's call contains forward-looking statements. With respect to the future performance and financial condition of First Merchants Corporation that involve risks and uncertainties. For further information -- I'm sorry, further information is contained within the press release, which we encourage you to review.
Additionally, management may refer to non-GAAP measures, which are intended to supplement, but not substitute for the most directly comparable GAAP measures. The press release available on the website contains financial and other quantitative information to be discussed today as well as a reconciliation of GAAP to non-GAAP measures.
At this time, I would like to turn the conference over to Mr. Mark Hardwick, CEO. Thank you. Sir, please begin.
Mark Hardwick
Good morning and welcome to the First Merchants' second quarter 2022 conference call.
Howard, thank you for the introduction and for covering the forward-looking statement on Page 2. We released our earnings today at approximately 8:00 AM Eastern. Hopefully, you have the slide presentation. But if you don't, you can access those slides by following the link on the second page of our earnings release.
On Page 3, you will see today's presenters and our bios to include President, Mike Stewart; Chief Credit Officer, John Martin; and Chief Financial Officer, Michele Kawiecki.
Page 4 is a snapshot of the First Merchants geographic footprint and some relevant financial highlights for your review. Given the close of Level One Bancorp on April 1, to start off our second quarter, we have updated the banking center map and included our new asset totals of nearly $18 billion.
We also continue to receive meaningful awards for customer service, leadership and performance from publications like Forbes, Newsweek, S&P and comparable and we've updated a few of those for you at the bottom of the slide.
Now if you would turn to Slide 5. Reported earnings per share for the quarter totaled $0.63 compared to linked Q1 2022 total of $0.91. When adjusted for PPP income and Level One acquisition expenses, our Q2 2022 earnings per share totaled $1.01, an increase of $0.13 per share or 15% over the linked Q1 2022's adjusted total of $0.88.