Company: FRME
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000712534-25-000117
Chunk: 205

Company: FIRST MERCHANTS CORP
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 2
Chunk 205
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 13.34 Tier 1 capital to risk-weighted assets11.67 11.59 11.41 11.19 11.25 Common equity tier 1 capital to risk-weighted assets11.50 11.43 11.25 11.02 11.25 Tier 1 capital to average assets10.20 9.96 9.79 9.63 9.56 (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.

RESULTS OF OPERATIONS

The Corporation reported first quarter 2025 net income available to common stockholders and diluted earnings per common share of $54.9 million and $0.94 per diluted share, respectively, compared to $47.5 million and $0.80 per diluted share, respectively, during the first quarter of 2024. 

When adjusting for certain non-recurring items, adjusted net income available to common stockholders was $54.9 million and adjusted diluted earnings per common share totaled $0.94 for the first quarter of 2025, compared to $50.1 million and $0.85, respectively, in the first quarter of 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 FINANCIAL MEASURES" section of this Management's Discussion and Analysis of Financial Condition and Results of Operations.

39

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

As of March 31, 2025, total assets equaled $18.4 billion, an increase of $127.8 million or 0.7 percent from December 31, 2024.  

Cash and due from banks and interest-bearing deposits increased $31.1 million from December 31, 2024.  Total investment securities decreased $33.6 million from December 31, 2024, primarily due to $35.3 million in maturities and redemptions of available for sale securities and held to maturity securities.  The investment