Company: FRME
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000712534-25-000197
Chunk: 252

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 2
Chunk 252
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141,951   Stockholders' Equity2,349,718 2,232,419   Total Liabilities and Stockholders' Equity$18,497,118 $18,374,370 Net Interest Income (FTE)$415,484  $404,282  Net Interest Spread (FTE) (4)2.66 %  2.48 %Net Interest Margin (FTE):Interest Income (FTE) / Average Earning Assets5.49 %5.72 %Interest Expense / Average Earning Assets2.26 %2.56 %Net Interest Margin (FTE) (5)3.23 %3.16 %(1) Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments.  Annualized amounts are computed utilizing a 30/360 day basis.(2)  Tax-exempt securities and loans are presented on an FTE basis, using a marginal tax rate of 21 percent for 2025 and 2024.  These totals equal $18,535 and $17,538 for the nine months ended September 30, 2025 and 2024, respectively.  (3) Nonaccruing loans have been included in the average balances.(4) Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities.(5) Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets.    

49

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

NONINTEREST INCOME

Noninterest income totaled $32.5 million for the three months ended September 30, 2025, a $7.6 million, or 30.6 percent, increase compared to the same period in 2024.  Customer related fees totaling $29.3 million for the three months ended September 30, 2025 remained stable as compared to the same period in the prior year. The third quarter of 2025 included no sales of available for sale securities, compared to $9.1 million in losses on sales of available for sale securities during the same period of 2024.  This increase was partially offset by a