FIRST MERCHANTS CORP

For the period ended Sep 30, 2025. Filed Oct 30, 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.

Sep 30, 2025 · Filed Oct 30, 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 September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
INTEREST INCOME
Loans receivable:
Taxable	$200,406	$206,680	$583,307	$606,116
Tax exempt	11,173	8,622	32,510	25,242
Investment securities:
Taxable	8,288	9,263	24,926	27,062
Tax exempt	12,460	13,509	37,493	40,733
Deposits with financial institutions	1,676	2,154	5,940	11,642
Federal Home Loan Bank stock	1,092	855	3,172	2,569
Total Interest Income	235,095	241,083	687,348	713,364
INTEREST EXPENSE
Deposits	90,821	98,856	255,609	296,292
Federal funds purchased	224	329	2,001	455
Securities sold under repurchase agreements	654	700	2,059	2,377
Federal Home Loan Bank advances	8,638	8,544	27,716	21,715
Subordinated debentures and other borrowings	1,093	1,544	3,014	5,781
Total Interest Expense	101,430	109,973	290,399	326,620
NET INTEREST INCOME	133,665	131,110	396,949	386,744
Provision for credit losses	4,300	5,000	14,100	31,500
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES	129,365	126,110	382,849	355,244
NONINTEREST INCOME
Service charges on deposit accounts	8,921	8,361	25,559	24,482
Fiduciary and wealth management fees	8,842	8,525	26,317	25,550
Card payment fees	5,007	5,121	14,465	14,360
Net gains and fees on sales of loans	4,983	6,764	15,854	15,159
Derivative hedge fees	1,097	736	2,332	1,488
Other customer fees	414	344	1,230	1,231
Earnings on bank-owned life insurance	1,667	2,755	5,759	6,276
Net realized losses on sales of available for sale securities	—	(9,114)	(8)	(9,165)
Other income	1,546	1,374	2,320	3,457
Total Noninterest Income	32,477	24,866	93,828	82,838
NONINTEREST EXPENSES
Salaries and employee benefits	57,317	55,223	166,826	165,730
Net occupancy	7,057	6,994	21,118	21,052
Equipment	6,998	6,949	20,933	19,774
Marketing	2,120	1,836	5,470	4,807
Outside data processing fees	6,943	7,150	19,979	21,111
Printing and office supplies	311	378	930	1,085
Intangible asset amortization	1,499	1,772	4,530	5,500
FDIC assessments	3,526	3,720	10,726	11,285
Other real estate owned and foreclosure expenses	121	942	750	1,849
Professional and other outside services	3,718	3,035	10,720	10,809
Other expenses	6,951	6,630	21,079	19,975
Total Noninterest Expenses	96,561	94,629	283,061	282,977
INCOME BEFORE INCOME TAX	65,281	56,347	193,616	155,105
Income tax expense	8,516	7,160	24,680	18,052
NET INCOME	56,765	49,187	168,936	137,053
Preferred stock dividends	468	468	1,406	1,406
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$56,297	$48,719	$167,530	$135,647
Per Share Data:
Basic Net Income Available to Common Stockholders	$0.98	$0.84	$2.91	$2.32
Diluted Net Income Available to Common Stockholders	$0.98	$0.84	$2.90	$2.31
Cash Dividends Paid	$0.36	$0.35	$1.07	$1.04
Average Diluted Common Shares Outstanding (in thousands)	57,448	58,289	57,817	58,629

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