Company: FRME
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000712534-25-000171
Chunk: 185

Company: FIRST MERCHANTS CORP
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 8
Chunk 185
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 DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

RESULTS OF OPERATIONS

The Corporation reported second quarter 2025 net income available to common stockholders and diluted earnings per common share of $56.4 million and $0.98 per diluted share, respectively, compared to $39.5 million and $0.68 per diluted share, respectively, during the second quarter of 2024. The Corporation reported net income available to common stockholders and diluted earnings per common share of $111.2 million and $1.92 per diluted share, respectively, for the six months ended June 30, 2025 compared to $86.9 million and $1.48 per diluted share, respectively, for the six months ended June 30, 2024. 

When adjusting for certain non-recurring items, adjusted net income available to common stockholders was $56.4 million and adjusted diluted earnings per common share totaled $0.98 for the second quarter of 2025, compared to $39.5 million and $0.68, respectively, in the second quarter of 2024. Adjusted net income available to common stockholders and adjusted diluted earnings per common share for the six months ended June 30, 2025, totaled $111.2 million and $1.92, respectively, compared to $89.6 million and $1.53, respectively, for the same period in 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.

As of June 30, 2025, total assets equaled $18.6 billion, an increase of $280.8 million or 1.5 percent from December 31, 2024.  

Cash and due from banks and interest-bearing deposits decreased $81.6 million from December 31, 2024.  Total investment securities decreased $79.7 million from December 31, 2024, primarily due to $79.8 million in maturities and redemptions of available for sale securities and held to maturity securities.  The investment portfolio as a percentage of total assets was 18.2 percent at June 30, 2025 and 18.9 percent at