Company: FRME
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000712534-25-000058
Chunk: 6

Company: FIRST MERCHANTS CORP
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 6
---
 other outside services14,586 16,172 21,642 Other expenses27,957 28,502 26,713 Total Noninterest Expenses379,266 388,270 355,715 INCOME BEFORE INCOME TAX231,728 259,232 255,674 Income tax expense30,326 35,446 33,585 NET INCOME201,402 223,786 222,089 Preferred stock dividends1,875 1,875 1,406 NET INCOME AVAILABLE TO COMMON STOCKHOLDERS$199,527 $221,911 $220,683 NET INCOME AVAILABLE TO COMMON STOCKHOLDERS PER SHARE DATA:  Basic Net Income Available to Common Stockholders$3.42 $3.74 $3.83 Diluted Net Income Available to Common Stockholders$3.41 $3.73 $3.81 Cash Dividends Paid to Common Stockholders$1.39 $1.34 $1.25 Average Diluted Common Shares Outstanding (in thousands)58,533 59,489 57,950 

See notes to consolidated financial statements.

55

PART II: ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATACONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Dollars in Thousands)December 31, 2024December 31, 2023December 31, 2022Net income$201,402 $223,786 $222,089 Other comprehensive income (loss):Unrealized gain (loss) on securities available-for-sale:Unrealized holding gain (loss) arising during the period(39,438)70,084 (371,299)Reclassification adjustment for (gain) loss included in net income20,757 6,930 (1,194)Tax effect3,923 (16,173)78,224 Net of tax(14,758)60,841 (294,269)Unrealized gain (loss) on cash flow hedges:Unrealized holding gain (loss) arising during the period— (179)479 Reclassification adjustment for (gain) loss included in net income— 15 521 Tax effect— 34 (210)Net of tax— (130)790 Defined