Company: FRME
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000712534-25-000117
Chunk: 160

Company: FIRST MERCHANTS CORP
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 8
Chunk 160
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31, 2025 and changes during the three months ended March 31, 2025, were as follows:Number ofSharesWeighted-Average Exercise PriceWeighted Average RemainingContractual Term(in Years)AggregateIntrinsicValueOutstanding at January 1, 202540,991 $22.44   Exercised(5,752)$21.79   Outstanding March 31, 202535,239 $22.55 1.53$630 Vested and Expected to Vest at March 31, 202535,239 $22.55 1.53$630 Exercisable at March 31, 202535,239 $22.55 1.53$630 The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Corporation's closing stock price on the last trading day of the first three months of 2025 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their stock options on March 31, 2025.  The amount of aggregate intrinsic value will change based on the fair value of the Corporation's common stock.  The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2025  was $107,000.  Cash receipts of stock options exercised during the same period was $126,000.  There were no stock options exercised during the three months ended March 31, 2024.The following table summarizes information on unvested RSAs outstanding as of March 31, 2025: Number of SharesWeighted-AverageGrant Date Fair ValueUnvested RSAs at January 1, 2025554,436 $36.47 Granted7,486 $40.49 Vested(5,666)$41.77 Forfeited(950)$36.73 Unvested RSAs at March 31, 2025555,306 $36.47 As of March 31, 2025, unrecognized compensation expense related to RSAs was $9.2 million and is expected to be recognized over a weighted-average period of 1.4 years.  The Corporation did not have any unrecognized compensation expense related to stock options as of March 31, 2025.

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PART I. FINANCIAL INFORMATION ITEM 1. NOTES TO CONSOLIDATED