First Merchants Corporation Announces 3rd Quarter Earnings Per Share

First Merchants Corporation (NASDAQ: FRME) has reported improved core earnings per share for the 3 rd Quarter off-set by a one-time charge due to the repayment of its participation in the Treasury’s TARP program as communicated in a press release and 8-K on September 9, 2011.

September 30, 2011, year-to-date earnings per share totaled $.10 per fully diluted common share. When adjusted for the one-time charge of $.47 per share related to CPP repayment, year-to-date core earnings per share would have totaled $.57. Quarter-to-date earnings per share, including the one-time charge, resulted in a loss of $.25 per fully diluted common share. Before the one-time charge, the normalized core earnings totaled $.22 per fully diluted common share.

Michael C. Rechin, President and Chief Executive Officer, stated, “Management is pleased with the continued upward trajectory of the Corporation’s core earnings improvement and pleased to have repaid all shares related to the TARP program.” Rechin also stated, “The combination of continued margin management, loan balance stabilization, improving asset quality trends and a newly positioned capital structure positions First Merchants well for the future.”

Total assets were $4.1 billion as of quarter end and total loans were $2.7 billion. The Corporation’s liquidity is fully deployed in the bond portfolio as investment securities totaled $938 million for the quarter. The Corporation’s loan-to-deposit ratio is now 89 percent and the loan-to-asset ratio totals 66 percent.

The balance sheet and resulting net interest income were virtually identical to the second quarter of 2011 as net interest income totaled $35.8 million in each of the last two quarters. Net-interest margin remained strong during the quarter totaling 4.02 percent as yields on earning assets totaled 5.01 percent and the cost of supporting liabilities totaled .99 percent.

Non-interest income increased to $13.2 million for the quarter an improvement of $2.2 million over the second quarter of 2011. Net gains from the sale of mortgage loans improved by $738,000 and insurance commission income improved by $504,000. Other income improved by $745,000 due primarily to the sale of back-to-back hedging activity on commercial loans. The hedges provide fixed rates to our customers while maintaining a variable rate loan on the Bank’s books.

Non-interest expense also declined to $34.2 million for the quarter an improvement of $177,000 over the second quarter of 2011. However, salary and benefit expenses increased by $1.4 million due to increased benefit expense of $597,000 and increased commission expense of $338,000 related to mortgage and insurance sales. Off-setting the increases above were reductions in OREO and credit related expenses of $836,000, core deposit intangible amortization of $346,000 and FDIC assessments of $250,000

As of September 30, 2011, the Corporation’s total risk-based capital equaled 16.21 percent, Tier 1 risk-based capital totaled 13.60 percent, Tier 1 leverage ratio totaled 10.20 percent, and tangible common equity ratio totaled 6.88 percent. All regulatory capital ratios exceed the regulatory definitions of “well capitalized”.

Non-performing assets (NPA) plus 90 days delinquent loans totaled $107 million, or 2.59 percent of total assets. The Corporation’s allowance for loan losses totaled $73 million or 2.68 percent of total loans, including loans held for sale, and the allowance coverage ratio to non-accrual loans totals 92.6 percent. Net charge-offs for the quarter totaled $9.6 million and provision expense totaled $5.6 million. Specific reserves declined during the quarter by $5.5 million and classified assets declined by $34.1 million.

CONFERENCE CALL

First Merchants Corporation will conduct a third quarter earnings conference call and web cast at 2:30 p.m. (EDT) on Tuesday, October 25, 2011.

To participate, dial (Toll Free) 877-317-6789 and reference First Merchants Corporation’s third quarter earnings release. International callers please call +1 412-317-6789. A replay of the call will be available until October 25, 2012. To access a replay of the call, US/Canada participants should dial (Toll Free) 877-344-7529 or for International participants, dial +1 412-317-0088. The replay passcode is 10004200.

In order to view the web cast and presentation slides, please go to http://services.choruscall.com/links/frme111025.html during the time of the call.

During the call, Forward-Looking Statements about the relative business outlook may be made. These Forward-Looking Statements and all other statements made during the call that do not concern historical facts, are subject to risks and uncertainties that may materially affect actual results.

Specific Forward-Looking Statements include, but are not limited to, any indications regarding the Financial Services industry, the economy and future growth of the balance sheet or income statement.

Detailed financial results are reported on the attached pages.

About First Merchants Corporation

First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. The Corporation is comprised of First Merchants Bank, N.A., which also operates as Lafayette Bank & Trust, Commerce National Bank, and First Merchants Trust Company as divisions of First Merchants Bank, N.A. First Merchants Corporation also operates First Merchants Insurance Group, a full-service property casualty, personal lines, and healthcare insurance agency.

First Merchants Corporation’s common stock is traded on the NASDAQ Global Select Market System under the symbol FRME. Quotations are carried in daily newspapers and can be found on the company’s Internet web page ( http://www.firstmerchants.com).
   
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands) September 30,
2011 2010
ASSETS
Cash and due from banks $ 60,166 $ 54,736
Federal funds sold   6,392
Cash and cash equivalents 60,166 61,128
Interest-bearing time deposits 16,115 114,401
Investment securities 937,828 701,852
Mortgage loans held for sale 12,257 15,390
Loans 2,712,938 2,913,364
Less: Allowance for loan losses (73,074 ) (83,660 )
Net loans 2,639,864 2,829,704
Premises and equipment 51,432 52,774
Federal Reserve and Federal Home Loan Bank stock 31,381 36,271
Interest receivable 17,770 20,310
Core deposit intangibles and goodwill 151,062 155,180
Cash surrender value of life insurance 123,524 96,206
Other real estate owned 19,425 21,546
Tax asset, deferred and receivable 35,804 50,972
Other assets 21,881 24,586
TOTAL ASSETS $ 4,118,509 $ 4,180,320
LIABILITIES
Deposits:
Noninterest-bearing $ 598,139 $ 525,463
Interest-bearing 2,466,111 2,728,888
Total Deposits 3,064,250 3,254,351
Borrowings:
Federal funds purchased 27,946
Securities sold under repurchase agreements 117,097 109,647
Federal Home Loan Bank advances 168,764 92,628
Subordinated debentures, revolving credit lines and term loans 194,961 227,514
Total Borrowings 508,768 429,789
Interest payable 2,186 4,011
Other liabilities 30,760 29,704
Total Liabilities 3,605,964 3,717,855
STOCKHOLDERS' EQUITY
Preferred Stock, no-par value:
Authorized -- 500,000 shares
Series A, Issued and outstanding - 0 and 69,600 shares 67,764
Preferred Stock, no-par value, $1,000 liquidation value:
Authorized -- 500,000 shares
Senior Non-Cumulative Perpetual Preferred Stock, Series B
Issued and outstanding - 90,782.94 and 0 shares 90,783
Cumulative Preferred Stock, $1,000 par value, $1,000 liquidation value:
Authorized -- 600 shares
Issued and outstanding - 125 shares 125 125
Common Stock, $.125 stated value:
Authorized -- 50,000,000 shares
Issued and outstanding - 28,538,164 and 25,553,601 shares 3,567 3,194
Additional paid-in capital 254,801 231,979
Retained earnings 162,669 158,074
Accumulated other comprehensive income 600 1,329
Total Stockholders' Equity 512,545 462,465
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 4,118,509 $ 4,180,320
 
       
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts) Three Months Ended Nine Months Ended
September 30, September 30,
2011 2010 2011 2010
INTEREST INCOME
Loans receivable:
Taxable $ 37,024 $ 43,148 $ 113,219 $ 132,573
Tax-exempt 86 236 435 765
Investment securities:
Taxable 5,078 3,100 14,665 9,277
Tax-exempt 2,529 2,610 7,617 7,804
Federal funds sold 3 3 23
Deposits with financial institutions 45 84 228 239
Federal Reserve and Federal Home Loan Bank stock 323 250 1,005 940
Total Interest Income 45,085 49,431 137,172 151,621
INTEREST EXPENSE
Deposits 5,046 9,434 17,776 31,449
Federal funds purchased 16 1 22 5
Securities sold under repurchase agreements 384 401 1,148 1,329
Federal Home Loan Bank advances 1,089 1,218 3,067 4,222
Subordinated debentures, revolving credit lines and term loans 2,699 2,695 7,984 6,540
Total Interest Expense 9,234 13,749 29,997 43,545
NET INTEREST INCOME 35,851 35,682 107,175 108,076
Provision for loan losses 5,556 10,521 16,775 39,405
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 30,295 25,161 90,400 68,671
OTHER INCOME
Service charges on deposit accounts 3,169 3,404 8,945 10,172
Fiduciary activities 1,881 1,773 5,846 5,811
Other customer fees 2,583 2,080 7,452 6,773
Commission income 1,528 1,482 4,440 4,958
Earnings on cash surrender value of life insurance 644 540 1,793 1,574
Net gains and fees on sales of loans 1,768 2,088 4,671 4,422
Net realized gains on sales of available for sale securities 861 2 2,149 2,101
Other-than-temporary impairment on available for sale securities (656 ) (400 ) (1,544 )
Other income 796 332 1,253 684
Total Other Income 13,230 11,045 36,149 34,951
OTHER EXPENSES
Salaries and employee benefits 19,964 18,094 55,700 53,598
Net occupancy 2,530 2,574 7,690 7,483
Equipment 1,662 1,797 5,122 5,511
Marketing 534 519 1,352 1,443
Outside data processing fees 1,391 1,348 4,294 3,939
Printing and office supplies 301 303 902 942
Core deposit amortization 755 1,161 2,957 3,560
FDIC assessments 1,201 2,112 4,756 6,077
Other real estate owned and credit-related expenses 2,007 2,991 8,045 7,179
Other expenses 3,877 4,236 11,684 14,386
Total Other Expenses 34,222 35,135 102,502 104,118
INCOME (LOSS) BEFORE INCOME TAX 9,303 1,071 24,047 (496 )
Income tax expense (benefit) 2,561 (564 ) 6,356 (3,374 )
NET INCOME 6,742 1,635 17,691 2,878
Gain on exchange of preferred stock for trust preferred debt 11,353
Loss on CPP unamortized discount (1,401 ) (1,401 ) (1,301 )
Loss on extinguishment of trust preferred securities (10,857 ) (10,857 )
Preferred stock dividends and discount accretion (868 ) (870 ) (2,846 ) (3,763 )
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS $ (6,384 ) $ 765 $ 2,587 $ 9,167

Per Share Data:
Basic Net Income (Loss) Available to Common Stockholders $ (0.25 ) $ 0.02 $ 0.10 $ 0.38
Diluted Net Income (Loss) Available to Common Stockholders $ (0.25 ) $ 0.02 $ 0.10 $ 0.38
Cash Dividends Paid $ 0.01 $ 0.01 $ 0.03 $ 0.03
Average Diluted Shares Outstanding (in thousands) 26,367 25,686 26,019 24,273
 
       
FINANCIAL HIGHLIGHTS
(Dollars in thousands) Three Months Ended Nine Months Ended
September 30, September 30,
2011 2010 2011 2010
NET CHARGE OFF'S $ 9,615 $ 13,831 $ 26,678 $ 47,876
 
AVERAGE BALANCES:
Total Assets $ 4,113,316 $ 4,193,717 $ 4,124,697 $ 4,279,305
Total Loans 2,725,449 3,009,529 2,758,635 3,103,823
Total Earning Assets 3,714,401 3,790,904 3,736,503 3,871,484
Total Deposits 3,101,458 3,264,983 3,179,218 3,342,646
Total Stockholders' Equity 478,836 459,263 466,671 472,445
 
FINANCIAL RATIOS:
Return on Average Assets -0.62 % 0.07 % 0.08 % 0.29 %
Return on Average Stockholders' Equity (5.33 ) 0.67 0.74 2.59
Average Earning Assets to Average Assets 90.30 90.39 90.59 90.47
Allowance for Loan Losses as % of Total Loans 2.68 2.86 2.68 2.86
Net Charge Off's as % of Average Loans (Annualized) 1.41 1.84 1.29 2.06
Average Stockholders' Equity to Average Assets 11.64 10.95 11.31 11.04
Tax Equivalent Yield on Earning Assets 5.01 5.38 5.05 5.38
Cost of Supporting Liabilities 0.99 1.45 1.07 1.50
Net Interest Margin (FTE) on Earning Assets 4.02 3.93 3.98 3.88
 
         
NON-PERFORMING ASSETS
(Dollars in thousands) September 30, June 30, March 31, December 31, September 30,
2011 2011 2011 2010 2010
Non-Accrual Loans $ 78,933 $ 87,583 $ 87,712 $ 90,591 $ 98,597
Renegotiated Loans 6,701 6,269 2,125 7,139 5,320
Non-Performing Loans (NPL) 85,634 93,852 89,837 97,730 103,917
Real Estate Owned and Repossessed Assets 19,425 15,437 17,056 20,927 21,546
Non-Performing Assets (NPA) 105,059 109,289 106,893 118,657 125,463
90+ Days Delinquent 1,595 227 752 1,330 5,320
NPAS & 90 Day Delinquent $ 106,654 $ 109,516 $ 107,645 $ 119,987 $ 130,783

 

 

 

Loan Loss Reserve
$ 73,074 $ 77,133 $ 80,936 $ 82,977 $ 83,660
YTD Charge-offs 26,678 17,063 7,635 55,637 47,876
NPAs / Actual Assets % 2.55 % 2.67 % 2.60 % 2.84 % 3.00 %
NPAs & 90 Day / Actual Assets % 2.59 % 2.67 % 2.61 % 2.88 % 3.13 %
NPAs / Actual Loans and REO % 3.83 % 3.98 % 3.84 % 4.12 % 4.25 %
Loan Loss Reserves / Actual Loans (%) 2.68 % 2.83 % 2.93 % 2.90 % 2.86 %
NCOs / YTD Average Loans (%) 0.97 % 0.61 % 0.27 % 1.82 % 1.54 %
 
         
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands) September 30, June 30, March 31, December 31, September 30,
2011 2011 2011 2010 2010
ASSETS
Cash and due from banks $ 60,166 $ 50,874 $ 44,283 $ 50,844 $ 54,736
Federal funds sold     6,092 7,463 6,392
Cash and cash equivalents 60,166 50,874 50,375 58,307 61,128
Interest-bearing time deposits 16,115 15,865 61,843 65,216 114,401
Investment securities 937,828 938,366 886,029 826,797 701,852
Mortgage loans held for sale 12,257 4,846 2,111 21,469 15,390
Loans 2,712,938 2,724,022 2,764,128 2,835,683 2,913,364
Less: Allowance for loan losses (73,074 ) (77,133 ) (80,936 ) (82,977 ) (83,660 )
Net loans 2,639,864 2,646,889 2,683,192 2,752,706 2,829,704
Premises and equipment 51,432 51,851 51,818 52,450 52,774
Federal Reserve and Federal Home Loan Bank stock 31,381 31,384 33,801 33,884 36,271
Interest receivable 17,770 17,001 17,583 18,674 20,310
Core deposit intangibles and goodwill 151,062 151,817 152,918 154,019 155,180
Cash surrender value of life insurance 123,524 102,880 102,309 96,731 96,206
Other real estate owned 19,425 15,437 17,056 20,927 21,546
Tax asset, deferred and receivable 35,804 36,790 38,224 45,623 50,972
Other assets 21,881 30,218 19,916 24,045 24,586
TOTAL ASSETS $ 4,118,509 $ 4,094,218 $ 4,117,175 $ 4,170,848 $ 4,180,320
LIABILITIES
Deposits:
Noninterest-bearing $ 598,139 $ 590,199 $ 586,973 $ 583,696 $ 525,463
Interest-bearing 2,466,111 2,552,334 2,565,363 2,685,184 2,728,888
Total Deposits 3,064,250 3,142,533 3,152,336 3,268,880 3,254,351
Borrowings:
Federal funds purchased 27,946 22,978
Securities sold under repurchase agreements 117,097 124,236 115,684 109,871 109,647
Federal Home Loan Bank advances 168,764 74,050 104,697 82,684 92,628
Subordinated debentures, revolving credit lines and term loans 194,961 226,580 226,400 226,440 227,514
Total Borrowings 508,768 447,844 446,781 418,995 429,789
Interest payable 2,186 3,601 3,117 4,262 4,011
Other liabilities 30,760 31,762 52,419 24,303 29,704
Total Liabilities 3,605,964 3,625,740 3,654,653 3,716,440 3,717,855
STOCKHOLDERS' EQUITY
Preferred Stock, no-par value:
Authorized -- 500,000 shares
Series A, Issued and outstanding 68,118 67,998 67,880 67,764
Preferred Stock, no-par value, $1,000 liquidation value:
Authorized -- 500,000 shares
Senior Non-Cumulative Perpetual Preferred Stock, Series B
Issued and outstanding 90,783
Cumulative Preferred Stock, $1,000 par value, $1,000 liquidation value:
Authorized -- 600 shares
Issued and outstanding 125 125 125 125 125
Common Stock, $.125 stated value:
Authorized -- 50,000,000 shares
Issued and outstanding 3,567 3,211 3,206 3,197 3,194
Additional paid-in capital 254,801 233,544 233,032 232,503 231,979
Retained earnings 162,669 169,313 165,075 160,860 158,074
Accumulated other comprehensive income (loss) 600 (5,833 ) (6,914 ) (10,157 ) 1,329
Total Stockholders' Equity 512,545 468,478 462,522 454,408 462,465
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 4,118,509 $ 4,094,218 $ 4,117,175 $ 4,170,848 $ 4,180,320
 
         
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts) September 30, June 30, March 31, December 31, September 30,
2011 2011 2011 2010 2010
INTEREST INCOME
Loans receivable:
Taxable $ 37,024 $ 37,457 $ 38,738 $ 41,497 $ 43,148
Tax exempt 86 247 102 (250 ) 236
Investment securities:
Taxable 5,078 5,040 4,547 3,680 3,100
Tax exempt 2,529 2,535 2,553 2,573 2,610
Federal funds sold 1 2 3 3
Deposits with financial institutions 45 100 83 142 84
Federal Reserve and Federal Home Loan Bank stock 323 341 341 312 250
Total Interest Income 45,085 45,721 46,366 47,957 49,431
INTEREST EXPENSE
Deposits 5,046 5,864 6,866 8,427 9,434
Federal funds purchased 16 3 3 1
Securities sold under repurchase agreements 384 386 378 383 401
Federal Home Loan Bank advances 1,089 977 1,001 1,146 1,218
Subordinated debentures, revolving credit lines and term loans 2,699 2,644 2,641 2,508 2,695
Total Interest Expense 9,234 9,874 10,889 12,464 13,749
NET INTEREST INCOME 35,851 35,847 35,477 35,493 35,682
Provision for loan losses 5,556 5,625 5,594 7,078 10,521
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 30,295 30,222 29,883 28,415 25,161
OTHER INCOME
Service charges on deposit accounts 3,169 2,997 2,779 3,111 3,404
Fiduciary activities 1,881 1,929 2,036 1,881 1,773
Other customer fees 2,583 2,634 2,235 2,217 2,080
Commission income 1,528 1,024 1,888 1,267 1,482
Earnings on cash surrender value of life insurance 644 571 578 524 540
Net gains and fees on sales of loans 1,768 1,030 1,873 2,384 2,088
Net realized gains on sales of available for sale securities 861 825 463 1,305 2
Other-than-temporary impairment on available for sale securities (400 ) (656 )
Other income 796 51 406 904 332
Total Other Income 13,230 11,061 11,858 13,593 11,045
OTHER EXPENSES
Salaries and employee benefits 19,964 18,560 17,176 19,655 18,094
Net occupancy 2,530 2,415 2,745 2,452 2,574
Equipment 1,662 1,677 1,783 1,812 1,797
Marketing 534 436 382 527 519
Outside data processing fees 1,391 1,458 1,445 1,154 1,348
Printing and office supplies 301 313 288 317 303
Core deposit amortization 755 1,101 1,101 1,161 1,161
FDIC assessments 1,201 1,451 2,104 2,044 2,112
Other real estate owned and credit-related expenses 2,007 2,843 3,195 5,257 2,991
Other expenses 3,877 4,145 3,662 3,814 4,236
Total Other Expenses 34,222 34,399 33,881 38,193 35,135
INCOME BEFORE INCOME TAX 9,303 6,884 7,860 3,815 1,071
Income tax expense (benefit) 2,561 1,396 2,399 (216 ) (564 )
NET INCOME 6,742 5,488 5,461 4,031 1,635
Loss on CPP unamortized discount (1,401 )
Loss on extinguishment of trust preferred securities (10,857 )
Preferred stock dividends and discount accretion (868 ) (990 ) (988 ) (1,476 ) (870 )
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS $ (6,384 ) $ 4,498 $ 4,473 $ 2,555 $ 765

PER SHARE:
Basic Net Income (Loss) Available to Common Stockholders $ (0.25 ) $ 0.18 $ 0.17 $ 0.10 $ 0.02
Diluted Net Income (Loss) Available to Common Stockholders $ (0.25 ) $ 0.18 $ 0.17 $ 0.10 $ 0.02
Cash Dividends Paid $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01
Average Diluted Shares Outstanding (in thousands) 26,367 25,783 25,763 25,737 25,686
FINANCIAL RATIOS:
Return on Average Assets -0.62 % 0.43 % 0.43 % 0.24 % 0.07 %
Return on Average Stockholders' Equity (5.33 ) 3.87 3.92 2.20 0.67
Average Earning Assets to Average Assets 90.30 90.64 90.83 90.27 90.39
Allowance for Loan Losses as % of Total Loans 2.68 2.83 2.93 2.90 2.86
Net Charge Off's as % of Average Loans (Annualized) 1.41 1.37 1.09 1.07 1.84
Average Stockholders' Equity to Average Assets 11.64 11.23 11.07 10.93 10.95
Tax Equivalent Yield on Earning Assets 5.01 5.04 5.11 5.13 5.38
Cost of Supporting Liabilities 0.99 1.05 1.16 1.30 1.45
Net Interest Margin (FTE) on Earning Assets 4.02 3.99 3.95 3.83 3.93
 
         
LOANS
(Dollars in thousands) September 30, June 30, March 31, December 31, September 30,
2011 2011 2011 2010 2010
Commercial and industrial loans $ 518,848 $ 529,742 $ 529,110 $ 530,322 $ 550,310
Agricultural production financing and other loans to farmers 106,761 99,360 89,032 95,516 99,087
Real estate loans:
Construction 70,044 96,308 103,956 106,615 91,705
Commercial and farm land 1,196,270 1,171,901 1,199,078 1,229,037 1,229,836
Residential 495,954 495,256 504,538 522,051 564,320
Home Equity 196,191 191,839 195,235 201,969 215,163
Individuals' loans for household and other personal expenditures 90,810 94,123 104,701 115,295 128,400
Lease financing receivables, net of unearned income 4,160 4,399 4,706 5,157 5,763
Other loans 33,900 41,094 33,772 29,721 28,780
Loans 2,712,938 2,724,022 2,764,128 2,835,683 2,913,364
Allowance for loan losses (73,074 ) (77,133 ) (80,936 ) (82,977 ) (83,660 )
NET LOANS $ 2,639,864 $ 2,646,889 $ 2,683,192 $ 2,752,706 $ 2,829,704
 
                 
DEPOSITS
(Dollars in thousands) September 30, June 30, March 31, December 31, September 30,
2011 2011 2011 2010 2010
Demand deposits $ 1,360,174 $ 1,363,621 $ 1,318,188 $ 1,362,927 $ 1,288,975
Savings deposits 712,545 750,337 765,138 763,949 761,181
Certificates and other time deposits of $100,000 or more 278,115 292,613 318,663 334,748 350,623
Other certificates and time deposits 570,380 597,330 624,032 661,569 685,917
Brokered deposits 143,036 138,632 126,315 145,687 167,655
TOTAL DEPOSITS $ 3,064,250 $ 3,142,533 $ 3,152,336 $ 3,268,880 $ 3,254,351
 

Copyright Business Wire 2010

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