Company: FRME
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000712534-25-000171
Chunk: 74

Company: FIRST MERCHANTS CORP
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 1
Chunk 74
---
 CONDITION AND RESULTS OF OPERATIONS

ADJUSTED NET INCOME AND DILUTED EARNINGS PER COMMON SHARE - NON-GAAP(Dollars in Thousands, Except Per Share Amounts)Three Months EndedSix Months EndedJune 30,March 31,June 30,June 30,June 30,20252025202420252024Net Income Available to Common Stockholders (GAAP)$56,363 $54,870 $39,456 $111,233 $86,928 Adjustments:Net realized losses on sales of available for sale securities1 7 49 8 51 Non-core expenses (1)— — — — 3,481 Tax on adjustments— (2)(12)(2)(860)Adjusted Net Income Available to Common Stockholders (non-GAAP)$56,364 $54,875 $39,493 $111,239 $89,600 Average Diluted Common Shares Outstanding (in thousands)57,773 58,242 58,328 58,005 58,800 Diluted Earnings Per Common Share (GAAP)$0.98 $0.94 $0.68 $1.92 $1.48 Adjustments:Non-core expenses (1)— — — — 0.06 Tax on adjustments— — — — (0.01)Adjusted Diluted Earnings Per Common Share (non-GAAP)$0.98 $0.94 $0.68 $1.92 $1.53 (1) Non-core expenses in the six months ended June 30, 2024 included $2.4 million from digital platform conversion costs and $1.1 million from the FDIC special assessment.

NET INTEREST INCOME (FTE) AND NET INTEREST MARGIN (FTE) (NON-GAAP)(Dollars in Thousands, Except Per Share Amounts)Three Months EndedSix Months EndedJune 30,June 30,June 30,June 30,2025202420252024Net Interest Income (GAAP)$133,014 $128,571 $263,284 $255,634 FTE Adjustment6,199 5,859 12,326 11,655 Net Interest Income (FTE) (non-GAAP)139,213 134,430 275,610