Company: FRME
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000712534-25-000058
Chunk: 128

Company: FIRST MERCHANTS CORP
Filing Date: 2025-02-24
Form: 10-K
Item: Item 1
Chunk 128
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 13,048,974 348,486 2.67 11,818,218 84,803 0.72 Noninterest-bearing deposits2,371,004 2,783,996 3,268,417 Other liabilities326,423 226,275 160,922 Total Liabilities16,148,004 16,059,245 15,247,557 Stockholders' Equity2,252,491 2,127,262 1,972,445 Total Liabilities and Stockholders' Equity$18,400,495 426,892 $18,186,507 348,486 $17,220,002 84,803 Net Interest Income (FTE)$544,440 $569,343 $544,793 Net Interest Spread (FTE) (4)2.52 %2.73 %3.22 %Net Interest Margin (FTE):Interest Income (FTE) / Average Earning Assets5.69 %5.40 %3.94 %Interest Expense / Average Earning Assets2.50 %2.05 %0.53 %Net Interest Margin (FTE) (5)3.19 %3.35 %3.41 % 

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(1) Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments.  Annualized amounts are computed using a 30/360 day basis. 

(2) Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2024, 2023 and 2022. These totals equal $23.3 million, $23.9 million and $24.6 million for the years ended December 31, 2024, 2023, and 2022, respectively.

(3) Non accruing loans have been included in the average balances.

(4) Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities.

(5) Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets.

14

PART I: ITEM 1. BUSINESS

ANALYSIS OF CHANGES IN NET INTEREST IN