Company: FRME
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000712534-25-000058
Chunk: 201

Company: FIRST MERCHANTS CORP
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 201
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— (0.06)Net realized losses/(gains) on sales of available for sale securities0.35 0.12 (0.02)Gain on branch sale(0.34)— — Acquisition-related expenses— — 0.28 Acquisition-related provision expense— — 0.30 Non-core expenses0.07 0.21 — Tax on adjustments(0.02)(0.08)(0.12)Adjusted Diluted Earnings Per Common Share - non-GAAP$3.47 $3.98 $4.19 1 Non-core expenses in 2024 included $0.8 million of costs directly related to the branch sale,  $1.1 million from the FDIC special assessment, and $2.4 million from digital platform conversion costs.2 Non-core expenses in 2023 included $4.3 million from the FDIC special assessment, $6.3 million from early retirement and severance costs, and $2.1 million from a lease termination.

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PART II: ITEM 7. AND ITEM 7A. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS - non-GAAP(Dollars in thousands, except per share amounts)December 31, 2024December 31, 2023Total Stockholders' Equity (GAAP)$2,304,983 $2,247,713 Less:  Preferred stock (GAAP)(25,125)(25,125)Less:  Intangible assets (GAAP)(731,830)(739,101)Tangible common equity (non-GAAP)$1,548,028 $1,483,487 Total assets (GAAP)$18,311,969 $18,405,887 Less: Intangible assets (GAAP)(731,830)(739,101)Tangible assets (non-GAAP)$17,580,139 $17,666,786 Stockholders' Equity to Assets (GAAP)12.59 %12.21 %Tangible common equity to tangible assets (non-GAAP)8.81 %8.40 %Tangible common equity (non-GAAP)$1,548,028 $1,483,487 Plus:   Tax benefit of intangibles (non-GAAP)4,