Company: FRME
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000712534-25-000171
Chunk: 190

Company: FIRST MERCHANTS CORP
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 8
Chunk 190
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 measures provide useful supplemental information and may assist investors in analyzing the Corporation’s financial position without regard to the effects of intangible assets and preferred stock, but do retain the effect of accumulated other comprehensive losses in stockholders' equity.  Disclosure of these measures also allows analysts and banking regulators to assess our capital adequacy on these same bases.

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

ADJUSTED NET INCOME AND DILUTED EARNINGS PER COMMON SHARE - NON-GAAP(Dollars in Thousands, Except Per Share Amounts)Three Months EndedSix Months EndedJune 30,March 31,June 30,June 30,June 30,20252025202420252024Net Income Available to Common Stockholders (GAAP)$56,363 $54,870 $39,456 $111,233 $86,928 Adjustments:Net realized losses on sales of available for sale securities1 7 49 8 51 Non-core expenses (1)— — — — 3,481 Tax on adjustments— (2)(12)(2)(860)Adjusted Net Income Available to Common Stockholders (non-GAAP)$56,364 $54,875 $39,493 $111,239 $89,600 Average Diluted Common Shares Outstanding (in thousands)57,773 58,242 58,328 58,005 58,800 Diluted Earnings Per Common Share (GAAP)$0.98 $0.94 $0.68 $1.92 $1.48 Adjustments:Non-core expenses (1)— — — — 0.06 Tax on adjustments— — — — (0.01)Adjusted Diluted Earnings Per Common Share (non-GAAP)$0.98 $0.94 $0.68 $1.92 $1.53 (1) Non-core expenses in the six months ended June 30, 2024 included $2.4 million from digital platform conversion costs and $1.1 million from the FDIC special assessment.

NET INTEREST INCOME (FTE) AND NET INTEREST MARGIN (FTE) (NON-GAAP)(Dollars in Thousands, Except Per Share Amounts)Three Months EndedSix