First Merchants scores in Forbes

First Merchants Bank has been ranked by Forbes as the country’s second best.

It’s the second year in a row that the Muncie-based bank has been ranked among the best by the financial magazine.

“We are extremely proud of this achievement as it speaks to the financial strength of First Merchants clients and vitality of the communities we serve,” First Merchants chief executive officer Michael C. Rechin said in a prepared statement. “We are successful when our clients are successful, and every single one our 1,700 employees plays a key role in making that happen. My teammates deserve all the credit.”

Forbes ranks the top 100 largest banks based on growth, profitability, capital adequacy and asset quality. 

First Merchants ranked fourth in 2018.

Most admired

For the third straight year, Tyson Foods Inc., parent of Tyson Mexican Original of Portland, has been ranked No. 1 on Fortune magazine's list of the World's Most Admired Companies in the Food Production category.

The ranking is based on an annual survey of top executives, directors and financial analysts conducted by Fortune.

"This is a great honor. We're very proud of our company and the team members who contribute to our continued success," Noel White, president and chief executive officer of Tyson Foods, said in a prepared statement. "Growth is at the center of our strategy, which includes driving innovation of value-added food for our customers and consumers, while also expanding our international footprint."

Good quarter

Allegheny Technologies, parent of Portland Forge, reported quarterly earnings of 30 cents per share this week, compared with 27 cents per share during the same quarter a year ago.

The company reported quarterly revenue of $1.04 billion, up more than 14 percent over last year.

Beats expectations

Comcast reported fourth quarter earnings and revenue that beat stock analysts’ expectations this week.

The cable TV and media giant reported quarterly revenue of $27.846 billion and earnings of 64 cents per share. 

For its full year, the company reported revenue of $94.51 billion. That’s up 11.1 percent from the previous year.

Bank honored

The Bank of Geneva, which has now merged with Farmers & Merchants State Bank, was honored recently by the Decatur Chamber of Commerce as the 2018 Large Business of the Year.

Geneva banker Andrew Briggs, whose family founded the bank in 1882, is now chairman of the Indiana Bankers Association.

Big settlement

Walgreens has agreed to pay $269.2 million to settle claims that it defrauded a federally funded health-care program over insulin drugs and a consumer-discount initiative, the Chicago Tribune reported this week.

The settlements cover allegations over improper billing. 

"Overbilling and improper billing of Medicare and Medicaid unduly burden taxpayers and put the solvency of these vital health-care programs at risk," U.S. Attorney Geoffrey Berman in Manhattan told the Tribune. The company "admitted and accepted responsibility for the conduct the government alleged in its complaints under the False Claims Act."

For its part, Walgreens said it is pleased to have resolved the suits, cooperated with the government and "admitted no wrongdoing." 

Donate meat

Cooper Farms donated nearly 210,000 pounds of meat in 2018, helping to fulfill a need for protein at area food banks, the Daily Advocate of Greenville, Ohio, reported.

The products included a variety of cooked, ready-to-cook and canned meat items.

“It is important to us that we make sure to give back to the communities where we do business,” chief operating officer Gary Cooper said in a prepared statement. “We wouldn’t be here if it weren’t for the people who live here and all of our dedicated team members. Our dad taught us the importance of community many years ago, and that’s a lesson we will never forget.”

“We give financially through our Cooper Family Foundation, but as a meat company we can also provide food for events, organizations and community members. It is great to be a position where we can do this,” Cooper said.

Shop moves

Morningstar’s Dreams on Wings has moved into Geneva from its rural location north of town. The floral shop has also been renamed simply Morningstar’s.

Quarterly report

Cincinnati-based First Financial Bancorp, parent of First Financial Bank, reported its fourth quarter results this week.

The bank holding company reported net income of $55 million or 56 cents per diluted common share.  

That compares to net income of $50.7 million, or 51 per diluted common share, for the third quarter of 2018 and $24.8 million, or 40 cents per diluted common share, for the fourth quarter of 2017.  

Net income was reduced by the recognition of $7.5 million of efficiency and merger related costs.

For the twelve months ended Dec. 31, First Financial had earnings per diluted common share of $1.93 compared to $1.56 for 2017.

"2018 was a year of significant change for First Financial. We are highly encouraged by the way in which the Company has come together culturally and performed financially,” chairman and chief executive officer Archie Brown said in a prepared statement. “Successfully completing a transformational merger while producing high level returns reflects the hard work of our associates and dedication to serving the needs of our clients and shareholders.  We remain confident in our ability to sustain these results and our outlook for the future continues to be very optimistic.”

First Financial's board approved a 10 percent increase in the quarterly dividend to 22 cents per share, payable on March 15, 2019 to shareholders of record as of March 1, 2019.

Closing up

Pennsylvania-based Silberline Manufacturing Co. plans to close its facility in Decatur, Inside Indiana Business reported this week. The closure will result in the layoffs of 50 employees. 

Silberline Manufacturing is a supplier of special effect and performance pigments used in coatings, paints, inks, plastics and textiles.