Company: FRME
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000712534-25-000197
Chunk: 241

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 2
Chunk 241
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 (GAAP)3.09 %3.09 %3.09 %3.03 %FTE adjustment0.15 %0.14 %0.14 %0.13 %Net interest margin (FTE) (non-GAAP)3.24 %3.23 %3.23 %3.16 %

TANGIBLE COMMON STOCKHOLDERS' EQUITY TO TANGIBLE ASSETS (NON-GAAP)(Dollars in Thousands, Except Per Share Amounts)September 30, 2025December 31, 2024Total stockholders' equity (GAAP)$2,412,402 $2,304,983 Less:  Preferred stock (GAAP)(25,125)(25,125)Less:  Intangible assets (GAAP)(727,300)(731,830)Tangible common stockholders' equity (non-GAAP)$1,659,977 $1,548,028 Total assets (GAAP)$18,811,629 $18,311,969 Less:  Intangible assets (GAAP)(727,300)(731,830)Tangible assets (non-GAAP)$18,084,329 $17,580,139 Stockholders' equity to assets (GAAP)12.82 %12.59 %Tangible common stockholders' equity to tangible assets (non-GAAP)9.18 %8.81 %Tangible common stockholders' equity (non-GAAP)$1,659,977 $1,548,028 Plus:  Tax benefit of intangibles (non-GAAP)3,290 4,263 Tangible common stockholders' equity, net of tax  (non-GAAP)$1,663,267 $1,552,291 Common stock outstanding57,192 57,975 Book value per common share (GAAP)$41.74 $39.33 Tangible book value per common share (non-GAAP)$29.08 $26.78 

44

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

DILUTED TANGIBLE NET INCOME PER COMMON SHARE,  RETURN ON AVERAGE TANGIBLE ASSETS AND RETURN ON AVERAGE TANGIBLE COMMON STOCKHOLDERS' E