Company: FRME
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000712534-25-000171
Chunk: 230

Company: FIRST MERCHANTS CORP
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 2
Chunk 230
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12.95 Tier 1 capital to risk-weighted assets11.50 11.67 11.59 11.41 11.19 Common equity tier 1 capital to risk-weighted assets11.35 11.50 11.43 11.25 11.02 Tier 1 capital to average assets10.20 10.20 9.96 9.79 9.63 (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.

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

RESULTS OF OPERATIONS

The Corporation reported second quarter 2025 net income available to common stockholders and diluted earnings per common share of $56.4 million and $0.98 per diluted share, respectively, compared to $39.5 million and $0.68 per diluted share, respectively, during the second quarter of 2024. The Corporation reported net income available to common stockholders and diluted earnings per common share of $111.2 million and $1.92 per diluted share, respectively, for the six months ended June 30, 2025 compared to $86.9 million and $1.48 per diluted share, respectively, for the six months ended June 30, 2024. 

When adjusting for certain non-recurring items, adjusted net income available to common stockholders was $56.4 million and adjusted diluted earnings per common share totaled $0.98 for the second quarter of 2025, compared to $39.5 million and $0.68, respectively, in the second quarter of 2024. Adjusted net income available to common stockholders and adjusted diluted earnings per common share for the six months ended June 30, 2025, totaled $111.2 million and $1.92, respectively, compared to $89.6 million and $1.53, respectively, for the same period in 2024. These adjusted net income and earnings per share amounts are non-GAAP measures.  For reconciliations of GAAP earnings per share measures to the corresponding non-GAAP measures provided above, refer to the "NON-GAAP