Company: FRME
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000712534-25-000171
Chunk: 77

Company: FIRST MERCHANTS CORP
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 1
Chunk 77
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 $0.68 $1.92 $1.48 Diluted tangible net income per common share (non-GAAP)$1.00 $0.70 $1.96 $1.53 Ratios:Return on average capital (GAAP)9.63 %7.16 %9.51 %7.82 %Return on average tangible capital (non-GAAP)14.49 %11.29 %14.30 %12.26 %Return on average assets (GAAP)1.23 %0.87 %1.22 %0.96 %Return on average tangible assets (non-GAAP)1.31 %0.94 %1.29 %1.03 %

Return on average tangible capital is tangible net income available to common stockholders (annualized) expressed as a percentage of average tangible capital.  Return on average tangible assets is tangible net income available to common stockholders (annualized) expressed as a percentage of average tangible assets.

EFFICIENCY RATIO  (NON-GAAP)(Dollars in Thousands)Three Months Ended June 30,Six Months Ended June 30, 2025202420252024Noninterest expense (GAAP)$93,598 $91,413 $186,500 $188,348 Less:  Intangible asset amortization(1,505)(1,771)(3,031)(3,728)Less:  OREO and foreclosure expenses(29)(373)(629)(907)Adjusted noninterest expense (non-GAAP)$92,064 $89,269 $182,840 $183,713 Net interest income (GAAP)$133,014 $128,571 $263,284 $255,634 Plus:  Fully taxable equivalent adjustment6,199 5,859 12,326 11,655 Net interest income on a fully taxable equivalent basis (non-GAAP)$139,213 $134,430 $275,610 $267,289 Noninterest income (GAAP)$31,303 $31,334 $61,351 $57,972 Less:  Investment securities (gains) losses1 49 8 51 Adjusted noninterest income (non-GAAP)$31,304 $31,383 $61,359 $58,