FIRST MERCHANTS CORP
For the period ended Mar 31, 2024. Filed May 1, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 1, 2024
FRME$41.20-0.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Condensed Statements of Income
| Three Months EndedMarch 31, | ||
|---|---|---|
| 2024 | 2023 | |
| INTEREST INCOME | ||
| Loans receivable: | ||
| Taxable | $198,023 | $172,353 |
| Tax exempt | 8,190 | 7,709 |
| Investment securities: | ||
| Taxable | 8,748 | 9,087 |
| Tax exempt | 13,611 | 16,070 |
| Deposits with financial institutions | 6,493 | 637 |
| Federal Home Loan Bank stock | 835 | 542 |
| Total Interest Income | 235,900 | 206,398 |
| INTEREST EXPENSE | ||
| Deposits | 98,285 | 50,685 |
| Federal funds purchased | — | 1,297 |
| Securities sold under repurchase agreements | 1,032 | 848 |
| Federal Home Loan Bank advances | 6,773 | 7,064 |
| Subordinated debentures and other borrowings | 2,747 | 2,385 |
| Total Interest Expense | 108,837 | 62,279 |
| NET INTEREST INCOME | 127,063 | 144,119 |
| Provision for credit losses | 2,000 | — |
| NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 125,063 | 144,119 |
| NONINTEREST INCOME | ||
| Service charges on deposit accounts | 7,907 | 7,359 |
| Fiduciary and wealth management fees | 8,200 | 7,862 |
| Card payment fees | 4,500 | 5,172 |
| Net gains and fees on sales of loans | 3,254 | 2,399 |
| Derivative hedge fees | 263 | 1,148 |
| Other customer fees | 427 | 517 |
| Increase in cash surrender value of life insurance | 1,449 | 1,287 |
| Gains on life insurance benefits | 143 | 1 |
| Net realized losses on sales of available for sale securities | (2) | (1,571) |
| Other income | 497 | 823 |
| Total Noninterest Income | 26,638 | 24,997 |
| NONINTEREST EXPENSES | ||
| Salaries and employee benefits | 58,293 | 57,459 |
| Net occupancy | 7,312 | 7,259 |
| Equipment | 6,226 | 6,126 |
| Marketing | 1,198 | 1,309 |
| Outside data processing fees | 6,889 | 6,113 |
| Printing and office supplies | 353 | 383 |
| Intangible asset amortization | 1,957 | 2,197 |
| FDIC assessments | 4,287 | 1,396 |
| Other real estate owned and foreclosure expenses | 534 | (18) |
| Professional and other outside services | 3,952 | 3,698 |
| Other expenses | 5,934 | 7,798 |
| Total Noninterest Expenses | 96,935 | 93,720 |
| INCOME BEFORE INCOME TAX | 54,766 | 75,396 |
| Income tax expense | 6,825 | 11,317 |
| NET INCOME | 47,941 | 64,079 |
| Preferred stock dividends | 469 | 469 |
| NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $47,472 | $63,610 |
| Per Share Data: | ||
| Basic Net Income Available to Common Stockholders | $0.80 | $1.07 |
| Diluted Net Income Available to Common Stockholders | $0.80 | $1.07 |
| Cash Dividends Paid | $0.34 | $0.32 |
| Average Diluted Common Shares Outstanding (in thousands) | 59,273 | 59,441 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.