Company: FRME
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000712534-25-000171
Chunk: 245

Company: FIRST MERCHANTS CORP
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 2
Chunk 245
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 Interest-Bearing Liabilities13,696,262 96,721 2.82 13,432,567 107,810 3.21 Noninterest-bearing deposits2,186,370 2,349,219 Other liabilities286,143 347,012 Total Liabilities16,168,775 16,128,798 Stockholders' Equity2,340,010 2,203,361 Total Liabilities and Stockholders' Equity$18,508,785 $18,332,159 Net Interest Income (FTE)$139,213 $134,430 Net Interest Spread (FTE) (4)2.68 %2.48 %Net Interest Margin (FTE):Interest Income (FTE) / Average Earning Assets5.50 %5.69 %Interest Expense / Average Earning Assets2.25 %2.53 %Net Interest Margin (FTE) (5)3.25 %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 a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2025 and 2024.  These totals equal $6,199 and $5,859 for the three months ended June 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.

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

(Dollars in Thousands)Six Months EndedJune 30, 2025June 30, 2024Average BalanceInterest Income /ExpenseAverageRateAverage BalanceInterest Income /ExpenseAverageRateAssets:  Federal Funds SoldInterest-bearing deposits$273,200 $4,264 3.12 %$449,173 $9,