Company: FRME
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000712534-25-000117
Chunk: 67

Company: FIRST MERCHANTS CORP
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 1
Chunk 67
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 Earnings Per Common Share (non-GAAP)$0.94 $1.00 $0.85 1 - Non-core expenses in the three months ended December 31, 2024 included $0.8 million of costs directly related to the branch sale.2 - Non-core expenses in the three months ended March 31, 2024 included $2.4 million from duplicative online banking conversion costs and $1.1 million from the FDIC special assessment.

NET INTEREST INCOME (FTE) AND NET INTEREST MARGIN (FTE) (NON-GAAP)(Dollars in Thousands, Except Per Share Amounts)Three Months EndedMarch 31,March 31,20252024Net Interest Income (GAAP)$130,270 $127,063 FTE Adjustment6,127 5,795 Net Interest Income (FTE) (non-GAAP)136,397 132,858 Average Earning Assets (GAAP)$16,960,475 $17,123,851 Net Interest Margin (GAAP)3.07 %2.97 %Net Interest Margin (FTE) (non-GAAP)3.22 %3.10 %

41

PART I: FINANCIAL INFORMATIONITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS (NON-GAAP)(Dollars in thousands, except per share amounts)March 31, 2025December 31, 2024Total Stockholders' Equity (GAAP)$2,332,214 $2,304,983 Less:  Preferred stock (GAAP)(25,125)(25,125)Less:  Intangible assets (GAAP)(730,304)(731,830)Tangible common equity (non-GAAP)$1,576,785 $1,548,028 Total assets (GAAP)$18,439,787 $18,311,969 Less: Intangible assets (GAAP)(730,304)(731,830)Tangible assets (non-GAAP)$17,709,483 $17,580,139 Stockholders' Equity to Assets (GAAP)12.65 %12.59 %Tangible common equity to tangible assets (non-GAAP)8.90 %8.81 %Tangible common