FIRST MERCHANTS CORP

For the period ended Jun 30, 2025. Filed Jul 31, 2025.

About this filing

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.

Jun 30, 2025 · Filed Jul 31, 2025

FRME$41.20-0.6%Stored close · as of Nov 10, 2026

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Contents

Consolidated Condensed Statements of Income

	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
INTEREST INCOME
Loans receivable:
Taxable	$195,173	$201,413	$382,901	$399,436
Tax exempt	10,805	8,430	21,337	16,620
Investment securities:
Taxable	8,266	9,051	16,638	17,799
Tax exempt	12,516	13,613	25,033	27,224
Deposits with financial institutions	1,892	2,995	4,264	9,488
Federal Home Loan Bank stock	1,083	879	2,080	1,714
Total Interest Income	229,735	236,381	452,253	472,281
INTEREST EXPENSE
Deposits	84,241	99,151	164,788	197,436
Federal funds purchased	965	126	1,777	126
Securities sold under repurchase agreements	663	645	1,405	1,677
Federal Home Loan Bank advances	9,714	6,398	19,078	13,171
Subordinated debentures and other borrowings	1,138	1,490	1,921	4,237
Total Interest Expense	96,721	107,810	188,969	216,647
NET INTEREST INCOME	133,014	128,571	263,284	255,634
Provision for credit losses	5,600	24,500	9,800	26,500
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES	127,414	104,071	253,484	229,134
NONINTEREST INCOME
Service charges on deposit accounts	8,566	8,214	16,638	16,121
Fiduciary and wealth management fees	8,831	8,825	17,475	17,025
Card payment fees	4,932	4,739	9,458	9,239
Net gains and fees on sales of loans	5,849	5,141	10,871	8,395
Derivative hedge fees	831	489	1,235	752
Other customer fees	401	460	816	887
Earnings on cash surrender value of life insurance	1,913	1,929	4,092	3,521
Net realized losses on sales of available for sale securities	(1)	(49)	(8)	(51)
Other income (loss)	(19)	1,586	774	2,083
Total Noninterest Income	31,303	31,334	61,351	57,972
NONINTEREST EXPENSES
Salaries and employee benefits	54,527	52,214	109,509	110,507
Net occupancy	6,845	6,746	14,061	14,058
Equipment	6,927	6,599	13,935	12,825
Marketing	1,997	1,773	3,350	2,971
Outside data processing fees	7,107	7,072	13,036	13,961
Printing and office supplies	272	354	619	707
Intangible asset amortization	1,505	1,771	3,031	3,728
FDIC assessments	3,552	3,278	7,200	7,565
Other real estate owned and foreclosure expenses	29	373	629	907
Professional and other outside services	3,741	3,822	7,002	7,774
Other expenses	7,096	7,411	14,128	13,345
Total Noninterest Expenses	93,598	91,413	186,500	188,348
INCOME BEFORE INCOME TAX	65,119	43,992	128,335	98,758
Income tax expense	8,287	4,067	16,164	10,892
NET INCOME	56,832	39,925	112,171	87,866
Preferred stock dividends	469	469	938	938
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$56,363	$39,456	$111,233	$86,928
Per Share Data:
Basic Net Income Available to Common Stockholders	$0.98	$0.68	$1.93	$1.48
Diluted Net Income Available to Common Stockholders	$0.98	$0.68	$1.92	$1.48
Cash Dividends Paid	$0.36	$0.35	$0.71	$0.69
Average Diluted Common Shares Outstanding (in thousands)	57,773	58,328	58,005	58,800

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