Company: FRME
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000712534-25-000171
Chunk: 75

Company: FIRST MERCHANTS CORP
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 1
Chunk 75
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 267,289 Average Earning Assets (GAAP)$17,158,984 $17,013,984 $17,060,278 $17,068,917 Net Interest Margin (GAAP)3.10 %3.02 %3.09 %3.00 %FTE Adjustment0.15 %0.14 %0.14 %0.13 %Net Interest Margin (FTE) (non-GAAP)3.25 %3.16 %3.23 %3.13 %

TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS (NON-GAAP)(Dollars in Thousands, Except Per Share Amounts)June 30, 2025December 31, 2024Total Stockholders' Equity (GAAP)$2,347,952 $2,304,983 Less:  Preferred stock (GAAP)(25,125)(25,125)Less:  Intangible assets (GAAP)(728,799)(731,830)Tangible common equity (non-GAAP)$1,594,028 $1,548,028 Total assets (GAAP)$18,592,777 $18,311,969 Less: Intangible assets (GAAP)(728,799)(731,830)Tangible assets (non-GAAP)$17,863,978 $17,580,139 Stockholders' Equity to Assets (GAAP)12.63 %12.59 %Tangible common equity to tangible assets (non-GAAP)8.92 %8.81 %Tangible common equity (non-GAAP)$1,594,028 $1,548,028 Plus:   Tax benefit of intangibles (non-GAAP)3,614 4,263 Tangible common equity, net of tax  (non-GAAP)$1,597,642 $1,552,291 Common Stock outstanding57,272 57,975 Book value per common share (GAAP)$40.56 $39.33 Tangible book value per common share (non-GAAP)$27.90 $26.78 

43

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

TANGIBLE NET INCOME PER COMMON SHARE,  RETURN ON T