Company: FRME
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000712534-25-000197
Chunk: 79

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 79
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,185 1,399 3,579 4,345 Tangible net income available to common stockholders (non-GAAP)57,482 50,118 171,109 139,992 Preferred stock dividend469 469 1,406 1,406 Tangible net income (non-GAAP)$57,951 $50,587 $172,515 $141,398 Per Share Data:Diluted net income per common share (GAAP)$0.98 $0.84 $2.90 $2.31 Diluted tangible net income per common share (non-GAAP)$1.00 $0.86 $2.96 $2.39 Ratios:Return on average stockholders' equity (GAAP)9.51 %8.66 %9.51 %8.10 %Return on average tangible common stockholders' equity (non-GAAP)14.21 %13.39 %14.27 %12.64 %Return on average assets (GAAP)1.22 %1.07 %1.22 %0.99 %Return on average tangible assets (non-GAAP)1.29 %1.15 %1.29 %1.07 %

Return on average tangible common stockholders' equity is tangible net income (annualized) expressed as a percentage of average tangible common stockholders' equity.  Return on average tangible assets is tangible net income (annualized) expressed as a percentage of average tangible assets.

EFFICIENCY RATIO  (NON-GAAP)(Dollars in Thousands)Three Months Ended September 30,Nine Months Ended September 30, 2025202420252024Noninterest expense (GAAP)$96,561 $94,629 $283,061 $282,977 Less:  Intangible asset amortization(1,499)(1,772)(4,530)(5,500)Less:  Other real estate owned and foreclosure expenses(121)(942)(750)(1,849)Adjusted noninterest expense (non-GAAP)$94,941 $91,915 $277,781 $275,628 Net interest income (GAAP)$133,665 $131,110 $396,949 $386,744 Plus:  FTE adjustment6,209 5,