Company: FRME
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000712534-25-000197
Chunk: 188

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 8
Chunk 188
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 equity2,412,402 2,347,952 2,332,214 2,304,983 2,302,373 Capital Ratios:Total stockholders' equity to assets12.82 %12.63 %12.65 %12.59 %12.55 %Tangible common equity to tangible assets(2)9.18 8.92 8.90 8.81 8.76 Total risk-based capital to risk-weighted assets13.04 13.06 13.22 13.31 13.18 Tier 1 capital to risk-weighted assets11.49 11.50 11.67 11.59 11.41 Common equity tier 1 capital to risk-weighted assets11.34 11.35 11.50 11.43 11.25 Tier 1 capital to average assets10.30 10.20 10.20 9.96 9.79 (1) Cash dividends paid per common share divided by diluted net income per common share.(2) Non-GAAP financial measures. Refer to the "Non-GAAP Financial Measures" section for reconciliations to GAAP financial measures.(3) Calculated using a marginal tax rate of 21 percent for all periods.

41

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

RESULTS OF OPERATIONS

The Corporation reported third quarter 2025 net income available to common stockholders and diluted earnings per common share of $56.3 million and $0.98 per diluted share, respectively, compared to $48.7 million and $0.84 per diluted share, respectively, during the third quarter of 2024. The Corporation reported net income available to common stockholders and diluted earnings per common share of $167.5 million and $2.90 per diluted share, respectively, for the nine months ended September 30, 2025 compared to $135.6 million and $2.31 per diluted share, respectively, for the nine months ended September 30, 2024. 

When adjusting for certain non-recurring items, adjusted net income available to common stockholders was $57.0 million and adjusted diluted earnings per common share totaled $0.99 for the third quarter of 2025, compared to $55.6 million and $0.95