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First Merchants Corporation Announces Second Quarter 2025 Earnings Per Share

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First Merchants Corporation (NASDAQ:FRME) reported strong second quarter 2025 results with net income of $56.4 million and diluted EPS of $0.98, compared to $39.5 million and $0.68 in Q2 2024. The bank demonstrated robust growth with total loans increasing by $297.6 million (9.1% annualized) quarter-over-quarter and deposits growing by $335.6 million.

Key metrics include a Common Equity Tier 1 Capital Ratio of 11.35%, improved nonperforming assets ratio of 36 basis points (down from 47 basis points), and an efficiency ratio of 53.99%. The bank's net interest margin expanded to 3.25%, up 3 basis points from Q1 2025. During Q2, the company actively managed capital through share repurchases, buying back 582,486 shares for $22.1 million.

First Merchants Corporation (NASDAQ:FRME) ha riportato risultati solidi nel secondo trimestre 2025 con un utile netto di 56,4 milioni di dollari e un EPS diluito di 0,98 dollari, rispetto a 39,5 milioni e 0,68 dollari nel Q2 2024. La banca ha mostrato una crescita robusta con un incremento dei prestiti totali di 297,6 milioni di dollari (9,1% su base annua) trimestre su trimestre e un aumento dei depositi di 335,6 milioni di dollari.

I principali indicatori includono un Common Equity Tier 1 Capital Ratio dell'11,35%, un miglioramento del rapporto di attivit脿 non performanti a 36 punti base (in calo rispetto ai 47 punti base precedenti) e un indice di efficienza del 53,99%. Il margine di interesse netto della banca si 猫 ampliato al 3,25%, in crescita di 3 punti base rispetto al Q1 2025. Nel corso del Q2, la societ脿 ha gestito attivamente il capitale attraverso il riacquisto di azioni, acquistandone 582.486 per un valore di 22,1 milioni di dollari.

First Merchants Corporation (NASDAQ:FRME) report贸 s贸lidos resultados en el segundo trimestre de 2025 con un ingreso neto de 56,4 millones de d贸lares y un EPS diluido de 0,98, en comparaci贸n con 39,5 millones y 0,68 en el Q2 2024. El banco mostr贸 un crecimiento robusto con un aumento de pr茅stamos totales de 297,6 millones de d贸lares (9,1% anualizado) trimestre a trimestre y un crecimiento de dep贸sitos de 335,6 millones de d贸lares.

Las m茅tricas clave incluyen un 脥ndice de Capital Com煤n Tier 1 del 11,35%, una mejora en el ratio de activos no productivos a 36 puntos b谩sicos (desde 47 puntos b谩sicos) y una ratio de eficiencia del 53,99%. El margen neto de inter茅s del banco se expandi贸 a 3,25%, subiendo 3 puntos b谩sicos desde el Q1 2025. Durante el Q2, la compa帽铆a gestion贸 activamente el capital mediante recompras de acciones, adquiriendo 582.486 acciones por 22,1 millones de d贸lares.

First Merchants Corporation (NASDAQ:FRME)電� 2025雲� 2攵勱赴鞐� 靾滌澊鞚� 5,640毵� 雼煬鞕� 頋劃 欤茧嫻靾滌澊鞚� 0.98雼煬毳� 旮半頃橂┌ 瓴“頃� 鞁れ爜鞚� 氚滍憸頄堨姷雼堧嫟. 鞚措姅 2024雲� 2攵勱赴鞚� 3,950毵� 雼煬鞕� 0.68雼煬 雽�牍� 歃濌皜頃� 靾橃箻鞛呺媹雼�. 鞚�頄夓潃 攵勱赴氤勲 齑� 雽�於滉笀鞚� 2鞏� 9,760毵� 雼煬(鞐办湪 9.1%) 歃濌皜頃橁碃 鞓堦笀霃� 3鞏� 3,560毵� 雼煬 歃濌皜頃橂姅 霌� 臧曧暅 靹膘灔靹鸽ゼ 氤挫榾鞀惦媹雼�.

欤检殧 歆�響滊電� 瓿淀喌欤检瀽氤鸽箘鞙�(Common Equity Tier 1 Capital Ratio) 11.35%, 攵�鞁れ瀽靷半箘鞙澊 47bp鞐愳劀 36bp搿� 臧滌劆霅橃棃鞙茧┌, 須湪靹� 牍勳湪鞚� 53.99%鞛呺媹雼�. 靾滌澊鞛愲歆勳潃 2025雲� 1攵勱赴 雽�牍� 3bp 靸侅姽頃� 3.25%毳� 旮半頄堨姷雼堧嫟. 2攵勱赴 霃欖晥 須岇偓電� 鞛愳偓欤� 毵れ瀰鞚� 韱淀暣 鞛愲掣鞚� 鞝侁饭鞝侅溂搿� 甏�毽晿氅� 582,486欤茧ゼ 2,210毵� 雼煬鞐� 毵れ瀰頄堨姷雼堧嫟.

First Merchants Corporation (NASDAQ:FRME) a annonc茅 de solides r茅sultats pour le deuxi猫me trimestre 2025 avec un revenu net de 56,4 millions de dollars et un BPA dilu茅 de 0,98, contre 39,5 millions et 0,68 au deuxi猫me trimestre 2024. La banque a affich茅 une croissance robuste avec une augmentation des pr锚ts totaux de 297,6 millions de dollars (9,1 % annualis茅) d'un trimestre 脿 l'autre et une croissance des d茅p么ts de 335,6 millions de dollars.

Les indicateurs cl茅s comprennent un ratio de fonds propres de base de cat茅gorie 1 (Common Equity Tier 1) de 11,35 %, une am茅lioration du ratio des actifs non performants 脿 36 points de base (contre 47 points de base) et un ratio d'efficacit茅 de 53,99 %. La marge nette d'int茅r锚t de la banque s'est 茅tendue 脿 3,25 %, en hausse de 3 points de base par rapport au premier trimestre 2025. Au cours du deuxi猫me trimestre, la soci茅t茅 a g茅r茅 activement son capital par des rachats d'actions, rachetant 582 486 actions pour 22,1 millions de dollars.

First Merchants Corporation (NASDAQ:FRME) meldete starke Ergebnisse f眉r das zweite Quartal 2025 mit einem Nettoeinkommen von 56,4 Millionen US-Dollar und einem verw盲sserten Ergebnis je Aktie (EPS) von 0,98 US-Dollar, verglichen mit 39,5 Millionen und 0,68 US-Dollar im Q2 2024. Die Bank verzeichnete ein robustes Wachstum mit einem Anstieg der Gesamtkredite um 297,6 Millionen US-Dollar (annualisiert 9,1%) im Quartalsvergleich und einem Einlagenwachstum von 335,6 Millionen US-Dollar.

Wichtige Kennzahlen umfassen eine Common Equity Tier 1 Capital Ratio von 11,35%, eine verbesserte Quote notleidender Verm枚genswerte von 36 Basispunkten (gegen眉ber 47 Basispunkten) und eine Effizienzquote von 53,99%. Die Nettozinsmarge der Bank stieg auf 3,25%, ein Anstieg um 3 Basispunkte gegen眉ber dem Q1 2025. Im Q2 verwaltete das Unternehmen aktiv sein Kapital durch Aktienr眉ckk盲ufe und kaufte 582.486 Aktien f眉r 22,1 Millionen US-Dollar zur眉ck.

Positive
  • Net income increased 42.8% year-over-year to $56.4 million
  • Strong loan growth of 9.1% annualized quarter-over-quarter
  • Deposit growth of 9.3% annualized on linked quarter basis
  • Net interest margin expanded to 3.25%, up 9 basis points year-over-year
  • Improved asset quality with nonperforming assets ratio decreasing to 0.36%
  • Strong capital position with 11.35% Common Equity Tier 1 Ratio
Negative
  • Net charge-offs increased to $2.3 million
  • Investment portfolio decreased by $372.1 million or 9.9% year-over-year
  • Required provision for credit losses of $5.6 million during the quarter

Insights

FRME shows strong Q2 2025 with 44% YoY EPS growth, improved asset quality, and continued balance sheet expansion.

First Merchants Corporation has delivered impressive second quarter results with diluted EPS of $0.98, representing a substantial 44% increase compared to $0.68 in Q2 2024 and a 4.3% sequential improvement from $0.94 in Q1 2025. The bank's fundamentals show strength across multiple fronts.

The bank's loan portfolio grew at an annualized rate of 9.1% sequentially, reaching $13.3 billion, with particular strength in Commercial & Industrial lending. This growth rate significantly outpaces the industry average and suggests strong underlying demand in their markets. Meanwhile, deposits increased by $335.6 million (annualized 9.3% growth), maintaining a healthy loan-to-deposit ratio of 90.1% - a sign of disciplined balance sheet management.

Asset quality metrics show notable improvement, with nonperforming assets to total assets declining to 0.36% from 0.47% in the previous quarter - a significant 11 basis point improvement. The allowance for credit losses stands at 1.47% of total loans, providing adequate coverage against potential credit deterioration.

Net interest margin expansion to 3.25% (up 3 basis points quarterly and 9 basis points annually) is particularly noteworthy in the current rate environment, indicating effective asset-liability management as asset yields outpaced funding cost increases. This helped drive net interest income up 3.5% year-over-year to $133 million.

The bank maintains a strong capital position with a Common Equity Tier 1 ratio of 11.35%, well above regulatory requirements, while actively returning capital to shareholders through its share repurchase program, which bought back $22.1 million of stock in Q2 alone. The efficiency ratio of 53.99% demonstrates effective expense management.

MUNCIE, Ind., July 23, 2025 (GLOBE NEWSWIRE) -- First Merchants Corporation (NASDAQ - FRME)

Second Quarter 2025 Highlights:

  • Net income available to common stockholders was $56.4 million and diluted earnings per common share totaled $0.98 in the second quarter of 2025, compared to $39.5 million and $0.68 in the second quarter of 2024, and $54.9 million and $0.94 in the first quarter of 2025.
  • Robust capital position with Common Equity Tier 1 Capital Ratio of 11.35%.
  • Repurchased 818,480 shares totaling $31.7 million year-to-date; Repurchased 582,486 shares totaling $22.1 million during the second quarter.
  • Total loans grew $297.6 million, or 9.1% annualized, on a linked quarter basis, and $653.6 million, or 5.2%, during the last twelve months.
  • Total deposits increased $335.6 million, or 9.3% annualized, on a linked quarter basis.
  • Nonperforming assets to total assets were 36 basis points compared to 47 basis points on a linked quarter basis.
  • The efficiency ratio totaled 53.99% for the quarter.


"Our strong balance sheet and earnings growth in the first half of the year underscore the strength and resilience of our business model," said Mark Hardwick, Chief Executive Officer of First Merchants Bank. "With continued momentum in loan and deposit growth, expanding margins, disciplined expense management, and a robust capital position, we are well-positioned to deliver long-term value for our shareholders. We remain committed to supporting our clients and communities while navigating a dynamic economic environment with confidence and clarity."

Second Quarter Financial Results:

First Merchants Corporation (the 鈥淐orporation) reported second quarter 2025 net income available to common stockholders of $56.4 million compared to $39.5 million during the same period in 2024. Diluted earnings per common share for the period totaled $0.98 per share compared to the second quarter of 2024 result of $0.68 per share.

Total assets equaled $18.6 billion as of quarter-end and loans totaled $13.3 billion. During the past twelve months, total loans grew by $653.6 million, or 5.2%. On a linked quarter basis, loans grew $297.6 million, or 9.1% with growth primarily in Commercial & Industrial loans.

Investments, totaling $3.4 billion, decreased $372.1 million, or 9.9%, during the last twelve months and decreased $46.2 million, or 5.4% annualized, on a linked quarter basis. The decline in the last twelve months reflected sales of available for sale securities in 2024 totaling $268.5 million.

Total deposits equaled $14.8 billion as of quarter-end and increased by $228.5 million, or 1.6%, over the past twelve months. Total deposits increased $335.6 million, or 9.3% annualized, on a linked quarter basis. The loan to deposit ratio of 90.1% at period end remained stable on a linked quarter basis.

The Corporation鈥檚 Allowance for Credit Losses 鈥� Loans (ACL) totaled $195.3 million as of quarter-end, or 1.47% of total loans. Net charge-offs totaled $2.3 million and provision for credit losses of $5.6 million was recorded during the quarter. Reserves for unfunded commitments totaling $18.0 million remain unchanged from the previous quarter. Non-performing assets to total assets were 0.36% for the second quarter of 2025, a decrease of 11 basis points compared to 0.47% in the linked quarter.

Net interest income, totaling $133.0 million for the quarter, increased $2.7 million, or 2.1%, compared to prior quarter and increased $4.4 million, or 3.5% compared to the second quarter of 2024. Fully taxable equivalent net interest margin was 3.25%, an increase of three basis points compared to the first quarter of 2025 and an increase of nine basis points compared to the second quarter of 2024. During the quarter, higher yields on earnings assets outpaced increased yields on interest bearing liabilities resulting in margin expansion.

Noninterest income totaled $31.3 million for the quarter, an increase of $1.3 million, compared to the first quarter of 2025 and was stable compared to the second quarter of 2024. The increase over first quarter of 2025 was driven primarily by higher gains on the sales of loans, treasury management fees, derivative hedge fees, and card payment fees offset by a decrease in other income associated with CRA investments.

Noninterest expense totaled $93.6 million for the quarter, an increase of $0.7 million from the first quarter of 2025. The increase was from higher marketing and data processing costs.

The Corporation鈥檚 total risk-based capital ratio equaled 13.06%, the common equity tier 1 capital ratio equaled 11.35%, and the tangible common equity ratio totaled 8.92%. These ratios continue to reflect the Corporation鈥檚 strong liquidity and capital positions.

CONFERENCE CALL

First Merchants Corporation will conduct a second quarter earnings conference call and web cast at 9:00 a.m. (ET) on Thursday, July 24, 2025.

To access via phone, participants will need to register using the following link where they will be provided a phone number and access code: ()

To view the webcast and presentation slides, please go to () during the time of the call. A replay of the webcast will be available until July 24, 2026.

Detailed financial results are reported on the attached pages.

About First Merchants Corporation

First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. The Corporation has one full-service bank charter, First Merchants Bank. The Bank also operates as First Merchants Private Wealth Advisors (as a division of First Merchants Bank).

First Merchants Corporation鈥檚 common stock is traded on the NASDAQ Global Select Market System under the symbol FRME. Quotations are carried in daily newspapers and can be found on the company鈥檚 Internet web page ().

FIRST MERCHANTS and the Shield Logo are federally registered trademarks of First Merchants Corporation.

Forward-Looking Statements

This release contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can often, but not always, be identified by the use of words like 鈥渂elieve鈥�, 鈥渃ontinue鈥�, 鈥減attern鈥�, 鈥渆stimate鈥�, 鈥減roject鈥�, 鈥渋ntend鈥�, 鈥渁nticipate鈥�, 鈥渆xpect鈥� and similar expressions or future or conditional verbs such as 鈥渨ill鈥�, 鈥渨ould鈥�, 鈥渟hould鈥�, 鈥渃ould鈥�, 鈥渕ight鈥�, 鈥渃an鈥�, 鈥渕ay鈥�, or similar expressions. These statements include statements about First Merchants鈥� goals, intentions and expectations; statements regarding the First Merchants鈥� business plan and growth strategies; statements regarding the asset quality of First Merchants鈥� loan and investment portfolios; and estimates of First Merchants鈥� risks and future costs and benefits. These forward-looking statements are subject to significant risks, assumptions and uncertainties that may cause results to differ materially from those set forth in forward-looking statements, including, among other things: possible changes in monetary and fiscal policies, and laws and regulations; the effects of easing restrictions on participants in the financial services industry; the cost and other effects of legal and administrative cases; possible changes in the credit worthiness of customers and the possible impairment of collectability of loans; fluctuations in market rates of interest; competitive factors in the banking industry; changes in the banking legislation or regulatory requirements of federal and state agencies applicable to bank holding companies and banks like First Merchants鈥� affiliate bank; continued availability of earnings and excess capital sufficient for the lawful and prudent declaration of dividends; changes in market, economic, operational, liquidity (including the ability to grow and maintain core deposits and retain large, uninsured deposits), credit and interest rate risks associated with the First Merchants鈥� business; and other risks and factors identified in each of First Merchants鈥� filings with the Securities and Exchange Commission. First Merchants does not undertake any obligation to update any forward-looking statements, whether written or oral, relating to the matters discussed in this press release. In addition, First Merchants鈥� past results of operations do not necessarily indicate its anticipated future results.

听
CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands)June 30,
听听2025听听听2024听
ASSETS听听听
Cash and due from banks$81,567听听$105,372听
Interest-bearing deposits听223,343听听听168,528听
Investment securities available for sale听1,358,130听听听1,618,893听
Investment securities held to maturity, net of allowance for credit losses听2,022,826听听听2,134,195听
Loans held for sale听28,783听听听32,292听
Loans听13,296,759听听听12,639,650听
Less: Allowance for credit losses - loans听(195,316)听听(189,537)
Net loans听13,101,443听听听12,450,113听
Premises and equipment听122,808听听听133,245听
Federal Home Loan Bank stock听47,290听听听41,738听
Interest receivable听93,258听听听97,546听
Goodwill听712,002听听听712,002听
Other intangibles听16,797听听听23,371听
Cash surrender value of life insurance听305,695听听听306,379听
Other real estate owned听177听听听4,824听
Tax asset, deferred and receivable听97,749听听听107,080听
Other assets听380,909听听听367,845听
TOTAL ASSETS$18,592,777听听$18,303,423听
LIABILITIES听听听
Deposits:听听听
Noninterest-bearing$2,197,416听听$2,303,313听
Interest-bearing听12,600,162听听听12,265,757听
Total Deposits听14,797,578听听听14,569,070听
Borrowings:听听听
Federal funds purchased听85,000听听听147,229听
Securities sold under repurchase agreements听114,758听听听100,451听
Federal Home Loan Bank advances听898,702听听听832,703听
Subordinated debentures and other borrowings听62,617听听听93,589听
Total Borrowings听1,161,077听听听1,173,972听
Interest payable听16,174听听听18,554听
Other liabilities听269,996听听听329,302听
Total Liabilities听16,244,825听听听16,090,898听
STOCKHOLDERS' EQUITY听听听
Preferred Stock, $1,000 par value, $1,000 liquidation value:听听听
Authorized -- 600 cumulative shares听听听
Issued and outstanding - 125 cumulative shares听125听听听125听
Preferred Stock, Series A, no par value, $2,500 liquidation preference:听听听
Authorized -- 10,000 non-cumulative perpetual shares听听听
Issued and outstanding - 10,000 non-cumulative perpetual shares听25,000听听听25,000听
Common Stock, $.125 stated value:听听听
Authorized -- 100,000,000 shares听听听
Issued and outstanding - 57,272,433 and 58,045,653 shares听7,159听听听7,256听
Additional paid-in capital听1,163,170听听听1,191,193听
Retained earnings听1,342,473听听听1,200,930听
Accumulated other comprehensive loss听(189,975)听听(211,979)
Total Stockholders' Equity听2,347,952听听听2,212,525听
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$18,592,777听听$18,303,423听
听听听听


CONSOLIDATED STATEMENTS OF INCOMEThree Months Ended听Six Months Ended
(Dollars In Thousands, Except Per Share Amounts)June 30,听June 30,
听听2025听听听2024听听听2025听听听2024听
INTEREST INCOME听听听听听听听
Loans:听听听听听听听
Taxable$195,173听听$201,413听听$382,901听听$399,436听
Tax-exempt听10,805听听听8,430听听听21,337听听听16,620听
Investment securities:听听听听听听听
Taxable听8,266听听听9,051听听听16,638听听听17,799听
Tax-exempt听12,516听听听13,613听听听25,033听听听27,224听
Deposits with financial institutions听1,892听听听2,995听听听4,264听听听9,488听
Federal Home Loan Bank stock听1,083听听听879听听听2,080听听听1,714听
Total Interest Income听229,735听听听236,381听听听452,253听听听472,281听
INTEREST EXPENSE听听听听听听听
Deposits听84,241听听听99,151听听听164,788听听听197,436听
Federal funds purchased听965听听听126听听听1,777听听听126听
Securities sold under repurchase agreements听663听听听645听听听1,405听听听1,677听
Federal Home Loan Bank advances听9,714听听听6,398听听听19,078听听听13,171听
Subordinated debentures and other borrowings听1,138听听听1,490听听听1,921听听听4,237听
Total Interest Expense听96,721听听听107,810听听听188,969听听听216,647听
NET INTEREST INCOME听133,014听听听128,571听听听263,284听听听255,634听
Provision for credit losses听5,600听听听24,500听听听9,800听听听26,500听
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES听127,414听听听104,071听听听253,484听听听229,134听
NONINTEREST INCOME听听听听听听听
Service charges on deposit accounts听8,566听听听8,214听听听16,638听听听16,121听
Fiduciary and wealth management fees听8,831听听听8,825听听听17,475听听听17,025听
Card payment fees听4,932听听听4,739听听听9,458听听听9,239听
Net gains and fees on sales of loans听5,849听听听5,141听听听10,871听听听8,395听
Derivative hedge fees听831听听听489听听听1,235听听听752听
Other customer fees听401听听听460听听听816听听听887听
Earnings on cash surrender value of life insurance听1,913听听听1,929听听听4,092听听听3,521听
Net realized losses on sales of available for sale securities听(1)听听(49)听听(8)听听(51)
Other income (loss)听(19)听听1,586听听听774听听听2,083听
Total Noninterest Income听31,303听听听31,334听听听61,351听听听57,972听
NONINTEREST EXPENSES听听听听听听听
Salaries and employee benefits听54,527听听听52,214听听听109,509听听听110,507听
Net occupancy听6,845听听听6,746听听听14,061听听听14,058听
Equipment听6,927听听听6,599听听听13,935听听听12,825听
Marketing听1,997听听听1,773听听听3,350听听听2,971听
Outside data processing fees听7,107听听听7,072听听听13,036听听听13,961听
Printing and office supplies听272听听听354听听听619听听听707听
Intangible asset amortization听1,505听听听1,771听听听3,031听听听3,728听
FDIC assessments听3,552听听听3,278听听听7,200听听听7,565听
Other real estate owned and foreclosure expenses听29听听听373听听听629听听听907听
Professional and other outside services听3,741听听听3,822听听听7,002听听听7,774听
Other expenses听7,096听听听7,411听听听14,128听听听13,345听
Total Noninterest Expenses听93,598听听听91,413听听听186,500听听听188,348听
INCOME BEFORE INCOME TAX听65,119听听听43,992听听听128,335听听听98,758听
Income tax expense听8,287听听听4,067听听听16,164听听听10,892听
NET INCOME听56,832听听听39,925听听听112,171听听听87,866听
Preferred stock dividends听469听听听469听听听938听听听938听
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS$56,363听听$39,456听听$111,233听听$86,928听
听听听听听听听听
听听听听听听听听
PER SHARE DATA:听听听听听听听
Basic Net Income Available to Common Stockholders$0.98听听$0.68听听$1.93听听$1.48听
Diluted Net Income Available to Common Stockholders$0.98听听$0.68听听$1.92听听$1.48听
Cash Dividends Paid to Common Stockholders$0.36听听$0.35听听$0.71听听$0.69听
Tangible Common Book Value Per Share$27.90听听$25.10听听$27.90听听$25.10听
Average Diluted Common Shares Outstanding (in thousands)听57,773听听听58,328听听听58,005听听听58,800听
听听听听听听听听听听听听听听听听


FINANCIAL HIGHLIGHTS听听听听听听听
(Dollars In Thousands)Three Months Ended听Six Months Ended
听June 30,听June 30,
听听2025听听2024听听2025听听2024
NET CHARGE-OFFS$2,315听听听$39,644听听听$7,241听听听$41,897听听
听听听听听听听听
AVERAGE BALANCES:听听听听听听听
Total Assets$18,508,785听听听$18,332,159听听听$18,425,723听听听$18,381,340听听
Total Loans听13,211,729听听听听12,620,530听听听听13,077,288听听听听12,548,798听听
Total Earning Assets听17,158,984听听听听17,013,984听听听听17,060,278听听听听17,068,917听听
Total Deposits听14,632,113听听听听14,895,867听听听听14,526,314听听听听14,888,536听听
Total Stockholders' Equity听2,340,010听听听听2,203,361听听听听2,340,440听听听听2,222,750听听
听听听听听听听听
FINANCIAL RATIOS:听听听听听听听
Return on Average Assets听1.23听%听听0.87听%听听1.22听%听听0.96听%
Return on Average Stockholders' Equity听9.63听听听听7.16听听听听9.51听听听听7.82听听
Return on Tangible Common Stockholders' Equity听14.49听听听听11.29听听听听14.30听听听听12.26听听
Average Earning Assets to Average Assets听92.71听听听听92.81听听听听92.59听听听听92.86听听
Allowance for Credit Losses - Loans as % of Total Loans听1.47听听听听1.50听听听听1.47听听听听1.50听听
Net Charge-offs as % of Average Loans (Annualized)听0.07听听听听1.26听听听听0.11听听听听0.67听听
Average Stockholders' Equity to Average Assets听12.64听听听听12.02听听听听12.70听听听听12.09听听
Tax Equivalent Yield on Average Earning Assets听5.50听听听听5.69听听听听5.45听听听听5.67听听
Interest Expense/Average Earning Assets听2.25听听听听2.53听听听听2.22听听听听2.54听听
Net Interest Margin (FTE) on Average Earning Assets听3.25听听听听3.16听听听听3.23听听听听3.13听听
Efficiency Ratio听53.99听听听听53.84听听听听54.26听听听听56.47听听
听听听听听听听听


ASSET QUALITY听听听听听听听听听
(Dollars In Thousands)June 30,听March 31,听December 31,听September 30,听June 30,
听听2025听听2025听听2024听听2024听听2024
Nonaccrual Loans$67,358听听听$81,922听听听$73,773听听听$59,088听听听$61,906听听
Other AG真人官方 Estate Owned and Repossessions听177听听听听4,966听听听听4,948听听听听5,247听听听听4,824听听
Nonperforming Assets (NPA)听67,535听听听听86,888听听听听78,721听听听听64,335听听听听66,730听听
90+ Days Delinquent听4,443听听听听4,280听听听听5,902听听听听14,105听听听听1,686听听
NPAs & 90 Day Delinquent$71,978听听听$91,168听听听$84,623听听听$78,440听听听$68,416听听
听听听听听听听听听听
Allowance for Credit Losses - Loans$195,316听听听$192,031听听听$192,757听听听$187,828听听听$189,537听听
Quarterly Net Charge-offs听2,315听听听听4,926听听听听771听听听听6,709听听听听39,644听听
NPAs / Actual Assets %听0.36听%听听0.47听%听听0.43听%听听0.35听%听听0.36听%
NPAs & 90 Day / Actual Assets %听0.39听%听听0.49听%听听0.46听%听听0.43听%听听0.37听%
NPAs / Actual Loans and OREO %听0.51听%听听0.67听%听听0.61听%听听0.51听%听听0.53听%
Allowance for Credit Losses - Loans / Actual Loans (%)听1.47听%听听1.47听%听听1.50听%听听1.48听%听听1.50听%
Quarterly Net Charge-offs as % of Average Loans (Annualized)听0.07听%听听0.15听%听听0.02听%听听0.21听%听听1.26听%


CONSOLIDATED BALANCE SHEETS听听听听听听听听听
(Dollars In Thousands)June 30,听March 31,听December 31,听September 30,听June 30,
听听2025听听听2025听听听2024听听听2024听听听2024听
ASSETS听听听听听听听听听
Cash and due from banks$81,567听听$86,113听听$87,616听听$84,719听听$105,372听
Interest-bearing deposits听223,343听听听331,534听听听298,891听听听359,126听听听168,528听
Investment securities available for sale听1,358,130听听听1,378,489听听听1,386,475听听听1,553,496听听听1,618,893听
Investment securities held to maturity, net of allowance for credit losses听2,022,826听听听2,048,632听听听2,074,220听听听2,108,649听听听2,134,195听
Loans held for sale听28,783听听听23,004听听听18,663听听听40,652听听听32,292听
Loans听13,296,759听听听13,004,905听听听12,854,359听听听12,646,808听听听12,639,650听
Less: Allowance for credit losses - loans听(195,316)听听(192,031)听听(192,757)听听(187,828)听听(189,537)
Net loans听13,101,443听听听12,812,874听听听12,661,602听听听12,458,980听听听12,450,113听
Premises and equipment听122,808听听听128,749听听听129,743听听听129,582听听听133,245听
Federal Home Loan Bank stock听47,290听听听45,006听听听41,690听听听41,716听听听41,738听
Interest receivable听93,258听听听88,352听听听91,829听听听92,055听听听97,546听
Goodwill听712,002听听听712,002听听听712,002听听听712,002听听听712,002听
Other intangibles听16,797听听听18,302听听听19,828听听听21,599听听听23,371听
Cash surrender value of life insurance听305,695听听听304,918听听听304,906听听听304,613听听听306,379听
Other real estate owned听177听听听4,966听听听4,948听听听5,247听听听4,824听
Tax asset, deferred and receivable听97,749听听听87,665听听听92,387听听听86,732听听听107,080听
Other assets听380,909听听听369,181听听听387,169听听听348,384听听听367,845听
TOTAL ASSETS$18,592,777听听$18,439,787听听$18,311,969听听$18,347,552听听$18,303,423听
LIABILITIES听听听听听听听听听
Deposits:听听听听听听听听听
Noninterest-bearing$2,197,416听听$2,185,057听听$2,325,579听听$2,334,197听听$2,303,313听
Interest-bearing听12,600,162听听听12,276,921听听听12,196,047听听听12,030,903听听听12,265,757听
Total Deposits听14,797,578听听听14,461,978听听听14,521,626听听听14,365,100听听听14,569,070听
Borrowings:听听听听听听听听听
Federal funds purchased听85,000听听听185,000听听听99,226听听听30,000听听听147,229听
Securities sold under repurchase agreements听114,758听听听122,947听听听142,876听听听124,894听听听100,451听
Federal Home Loan Bank advances听898,702听听听972,478听听听822,554听听听832,629听听听832,703听
Subordinated debentures and other borrowings听62,617听听听62,619听听听93,529听听听93,562听听听93,589听
Total Borrowings听1,161,077听听听1,343,044听听听1,158,185听听听1,081,085听听听1,173,972听
Deposits and other liabilities held for sale听鈥�听听听鈥�听听听鈥�听听听288,476听听听鈥�听
Interest payable听16,174听听听13,304听听听16,102听听听18,089听听听18,554听
Other liabilities听269,996听听听289,247听听听311,073听听听292,429听听听329,302听
Total Liabilities听16,244,825听听听16,107,573听听听16,006,986听听听16,045,179听听听16,090,898听
STOCKHOLDERS' EQUITY听听听听听听听听听
Preferred Stock, $1,000 par value, $1,000 liquidation value:听听听听听听听听听
Authorized -- 600 cumulative shares听听听听听听听听听
Issued and outstanding - 125 cumulative shares听125听听听125听听听125听听听125听听听125听
Preferred Stock, Series A, no par value, $2,500 liquidation preference:听听听听听听听听听
Authorized -- 10,000 non-cumulative perpetual shares听听听听听听听听听
Issued and outstanding - 10,000 non-cumulative perpetual shares听25,000听听听25,000听听听25,000听听听25,000听听听25,000听
Common Stock, $.125 stated value:听听听听听听听听听
Authorized -- 100,000,000 shares听听听听听听听听听
Issued and outstanding听7,159听听听7,226听听听7,247听听听7,265听听听7,256听
Additional paid-in capital听1,163,170听听听1,183,263听听听1,188,768听听听1,192,683听听听1,191,193听
Retained earnings听1,342,473听听听1,306,911听听听1,272,528听听听1,229,125听听听1,200,930听
Accumulated other comprehensive loss听(189,975)听听(190,311)听听(188,685)听听(151,825)听听(211,979)
Total Stockholders' Equity听2,347,952听听听2,332,214听听听2,304,983听听听2,302,373听听听2,212,525听
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$18,592,777听听$18,439,787听听$18,311,969听听$18,347,552听听$18,303,423听
听听听听听听听听听听


CONSOLIDATED STATEMENTS OF INCOME听听听听听听听听听
(Dollars In Thousands, Except Per Share Amounts)June 30,听March 31,听December 31,听September 30,听June 30,
听听2025听听2025听听2024听听2024听听2024
INTEREST INCOME听听听听听听听听听
Loans:听听听听听听听听听
Taxable$195,173听听听$187,728听听听$197,536听听听$206,680听听听$201,413听听
Tax-exempt听10,805听听听听10,532听听听听9,020听听听听8,622听听听听8,430听听
Investment securities:听听听听听听听听听
Taxable听8,266听听听听8,372听听听听9,024听听听听9,263听听听听9,051听听
Tax-exempt听12,516听听听听12,517听听听听12,754听听听听13,509听听听听13,613听听
Deposits with financial institutions听1,892听听听听2,372听听听听5,350听听听听2,154听听听听2,995听听
Federal Home Loan Bank stock听1,083听听听听997听听听听958听听听听855听听听听879听听
Total Interest Income听229,735听听听听222,518听听听听234,642听听听听241,083听听听听236,381听听
INTEREST EXPENSE听听听听听听听听听
Deposits听84,241听听听听80,547听听听听89,835听听听听98,856听听听听99,151听听
Federal funds purchased听965听听听听812听听听听26听听听听329听听听听126听听
Securities sold under repurchase agreements听663听听听听742听听听听680听听听听700听听听听645听听
Federal Home Loan Bank advances听9,714听听听听9,364听听听听8,171听听听听8,544听听听听6,398听听
Subordinated debentures and other borrowings听1,138听听听听783听听听听1,560听听听听1,544听听听听1,490听听
Total Interest Expense听96,721听听听听92,248听听听听100,272听听听听109,973听听听听107,810听听
NET INTEREST INCOME听133,014听听听听130,270听听听听134,370听听听听131,110听听听听128,571听听
Provision for credit losses听5,600听听听听4,200听听听听4,200听听听听5,000听听听听24,500听听
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES听127,414听听听听126,070听听听听130,170听听听听126,110听听听听104,071听听
NONINTEREST INCOME听听听听听听听听听
Service charges on deposit accounts听8,566听听听听8,072听听听听8,124听听听听8,361听听听听8,214听听
Fiduciary and wealth management fees听8,831听听听听8,644听听听听8,665听听听听8,525听听听听8,825听听
Card payment fees听4,932听听听听4,526听听听听4,957听听听听5,121听听听听4,739听听
Net gains and fees on sales of loans听5,849听听听听5,022听听听听5,681听听听听6,764听听听听5,141听听
Derivative hedge fees听831听听听听404听听听听1,594听听听听736听听听听489听听
Other customer fees听401听听听听415听听听听316听听听听344听听听听460听听
Earnings on cash surrender value of life insurance听1,913听听听听2,179听听听听2,188听听听听2,755听听听听1,929听听
Net realized losses on sales of available for sale securities听(1)听听听(7)听听听(11,592)听听听(9,114)听听听(49)听
Gain on branch sale听鈥�听听听听鈥�听听听听19,983听听听听鈥�听听听听鈥�听听
Other income (loss)听(19)听听听793听听听听2,826听听听听1,374听听听听1,586听听
Total Noninterest Income听31,303听听听听30,048听听听听42,742听听听听24,866听听听听31,334听听
NONINTEREST EXPENSES听听听听听听听听听
Salaries and employee benefits听54,527听听听听54,982听听听听55,437听听听听55,223听听听听52,214听听
Net occupancy听6,845听听听听7,216听听听听7,335听听听听6,994听听听听6,746听听
Equipment听6,927听听听听7,008听听听听7,028听听听听6,949听听听听6,599听听
Marketing听1,997听听听听1,353听听听听2,582听听听听1,836听听听听1,773听听
Outside data processing fees听7,107听听听听5,929听听听听6,029听听听听7,150听听听听7,072听听
Printing and office supplies听272听听听听347听听听听377听听听听378听听听听354听听
Intangible asset amortization听1,505听听听听1,526听听听听1,771听听听听1,772听听听听1,771听听
FDIC assessments听3,552听听听听3,648听听听听3,744听听听听3,720听听听听3,278听听
Other real estate owned and foreclosure expenses听29听听听听600听听听听227听听听听942听听听听373听听
Professional and other outside services听3,741听听听听3,261听听听听3,777听听听听3,035听听听听3,822听听
Other expenses听7,096听听听听7,032听听听听7,982听听听听6,630听听听听7,411听听
Total Noninterest Expenses听93,598听听听听92,902听听听听96,289听听听听94,629听听听听91,413听听
INCOME BEFORE INCOME TAX听65,119听听听听63,216听听听听76,623听听听听56,347听听听听43,992听听
Income tax expense听8,287听听听听7,877听听听听12,274听听听听7,160听听听听4,067听听
NET INCOME听56,832听听听听55,339听听听听64,349听听听听49,187听听听听39,925听听
Preferred stock dividends听469听听听听469听听听听469听听听听468听听听听469听听
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS$56,363听听听$54,870听听听$63,880听听听$48,719听听听$39,456听听
听听听听听听听听听听
听听听听听听听听听听
PER SHARE DATA:听听听听听听听听听
Basic Net Income Available to Common Stockholders$0.98听听听$0.95听听听$1.10听听听$0.84听听听$0.68听听
Diluted Net Income Available to Common Stockholders$0.98听听听$0.94听听听$1.10听听听$0.84听听听$0.68听听
Cash Dividends Paid to Common Stockholders$0.36听听听$0.35听听听$0.35听听听$0.35听听听$0.35听听
Tangible Common Book Value Per Share$27.90听听听$27.34听听听$26.78听听听$26.64听听听$25.10听听
Average Diluted Common Shares Outstanding (in thousands)听57,773听听听听58,242听听听听58,247听听听听58,289听听听听58,328听听
FINANCIAL RATIOS:听听听听听听听听听
Return on Average Assets听1.23听%听听1.21听%听听1.39听%听听1.07听%听听0.87听%
Return on Average Stockholders' Equity听9.63听听听听9.38听听听听11.05听听听听8.66听听听听7.16听听
Return on Tangible Common Stockholders' Equity听14.49听听听听14.12听听听听16.75听听听听13.39听听听听11.29听听
Average Earning Assets to Average Assets听92.71听听听听92.47听听听听92.48听听听听92.54听听听听92.81听听
Allowance for Credit Losses - Loans as % of Total Loans听1.47听听听听1.47听听听听1.50听听听听1.48听听听听1.50听听
Net Charge-offs as % of Average Loans (Annualized)听0.07听听听听0.15听听听听0.02听听听听0.21听听听听1.26听听
Average Stockholders' Equity to Average Assets听12.64听听听听12.76听听听听12.51听听听听12.26听听听听12.02听听
Tax Equivalent Yield on Average Earning Assets听5.50听听听听5.39听听听听5.63听听听听5.82听听听听5.69听听
Interest Expense/Average Earning Assets听2.25听听听听2.17听听听听2.35听听听听2.59听听听听2.53听听
Net Interest Margin (FTE) on Average Earning Assets听3.25听听听听3.22听听听听3.28听听听听3.23听听听听3.16听听
Efficiency Ratio听53.99听听听听54.54听听听听48.48听听听听53.76听听听听53.84听听


LOANS听听听听听听听听听
(Dollars In Thousands)June 30,听March 31,听December 31,听September 30,听June 30,
听听2025听听听2025听听听2024听听听2024听听听2024听
Commercial and industrial loans$4,440,924听听$4,306,597听听$4,114,292听听$4,041,217听听$3,949,817听
Agricultural land, production and other loans to farmers听265,172听听听243,864听听听256,312听听听238,743听听听239,926听
AG真人官方 estate loans:听听听听听听听听听
Construction听836,033听听听793,175听听听792,144听听听814,704听听听823,267听
Commercial real estate, non-owner occupied听2,171,092听听听2,177,869听听听2,274,016听听听2,251,351听听听2,323,533听
Commercial real estate, owner occupied听1,226,797听听听1,214,739听听听1,157,944听听听1,152,751听听听1,174,195听
Residential听2,397,094听听听2,389,852听听听2,374,729听听听2,366,943听听听2,370,905听
Home equity听673,961听听听650,499听听听659,811听听听641,188听听听631,104听
Individuals' loans for household and other personal expenditures听141,045听听听140,954听听听166,028听听听158,480听听听162,089听
Public finance and other commercial loans听1,144,641听听听1,087,356听听听1,059,083听听听981,431听听听964,814听
Loans听13,296,759听听听13,004,905听听听12,854,359听听听12,646,808听听听12,639,650听
Allowance for credit losses - loans听(195,316)听听(192,031)听听(192,757)听听(187,828)听听(189,537)
NET LOANS$13,101,443听听$12,812,874听听$12,661,602听听$12,458,980听听$12,450,113听
听听听听听听听听听听
听听听听听听听听听听
DEPOSITS听听听听听听听听听
(Dollars In Thousands)June 30,听March 31,听December 31,听September 30,听June 30,
听听2025听听听2025听听听2024听听听2024听听听2024听
Demand deposits$7,798,695听听$7,786,554听听$7,980,061听听$7,678,510听听$7,757,679听
Savings deposits听4,984,659听听听4,791,874听听听4,522,758听听听4,302,236听听听4,339,161听
Certificates and other time deposits of $100,000 or less听617,857听听听625,203听听听692,068听听听802,949听听听889,949听
Certificates and other time deposits of $100,000 or more听891,139听听听896,143听听听1,043,068听听听1,277,833听听听1,415,131听
Brokered certificates of deposits1听505,228听听听362,204听听听283,671听听听303,572听听听167,150听
TOTAL DEPOSITS$14,797,578听听$14,461,978听听$14,521,626听听$14,365,100听听$14,569,070听
听听听听听听听听听听
1 - Total brokered deposits of $1.2听billion, which includes brokered CD's of $505.2 million at June听30, 2025.
听听听听听听听听听听


CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS
(Dollars In Thousands)听听听听听听听听听听听
听Three Months Ended
听June 30, 2025听June 30, 2024
听Average
Balance		听Interest
Income /
Expense		听Average
Rate听		听Average
Balance		听Interest
Income /
Expense		听Average
Rate
ASSETS听听听听听听听听听听听
Interest-bearing deposits$252,613听听$1,892听听3.00听%听$322,647听听$2,995听听3.71听%
Federal Home Loan Bank stock听46,598听听听1,083听听9.30听听听听41,749听听听879听听8.42听听
Investment Securities: (1)听听听听听听听听听听听
Taxable听1,605,718听听听8,266听听2.06听听听听1,788,749听听听9,051听听2.02听听
Tax-exempt (2)听2,042,326听听听15,843听听3.10听听听听2,240,309听听听17,232听听3.08听听
Total Investment Securities听3,648,044听听听24,109听听2.64听听听听4,029,058听听听26,283听听2.61听听
Loans held for sale听25,411听听听389听听6.12听听听听28,585听听听431听听6.03听听
Loans: (3)听听听听听听听听听听听
Commercial听9,006,650听听听154,108听听6.84听听听听8,691,746听听听160,848听听7.40听听
AG真人官方 estate mortgage听2,200,521听听听25,062听听4.56听听听听2,150,591听听听23,799听听4.43听听
HELOC and installment听834,901听听听15,614听听7.48听听听听823,417听听听16,335听听7.94听听
Tax-exempt (2)听1,144,246听听听13,677听听4.78听听听听926,191听听听10,670听听4.61听听
Total Loans听13,211,729听听听208,850听听6.32听听听听12,620,530听听听212,083听听6.72听听
Total Earning Assets听17,158,984听听听235,934听听5.50听%听听17,013,984听听听242,240听听5.69听%
Total Non-Earning Assets听1,349,801听听听听听听听1,318,175听听听听听
TOTAL ASSETS$18,508,785听听听听听听$18,332,159听听听听听
LIABILITIES听听听听听听听听听听听
Interest-Bearing Deposits:听听听听听听听听听听听
Interest-bearing deposits$5,545,158听听$35,303听听2.55听%听$5,586,549听听$40,994听听2.94听%
Money market deposits听3,613,952听听听28,714听听3.18听听听听3,036,398听听听27,230听听3.59听听
Savings听deposits听1,282,951听听听2,513听听0.78听听听听1,508,734听听听3,476听听0.92听听
Certificates and other time deposits听2,003,682听听听17,711听听3.54听听听听2,414,967听听听27,451听听4.55听听
Total Interest-Bearing Deposits听12,445,743听听听84,241听听2.71听听听听12,546,648听听听99,151听听3.16听听
Borrowings听1,250,519听听听12,480听听3.99听听听听885,919听听听8,659听听3.91听听
Total Interest-Bearing Liabilities听13,696,262听听听96,721听听2.82听听听听13,432,567听听听107,810听听3.21听听
Noninterest-bearing deposits听2,186,370听听听听听听听2,349,219听听听听听
Other liabilities听286,143听听听听听听听347,012听听听听听
Total Liabilities听16,168,775听听听听听听听16,128,798听听听听听
STOCKHOLDERS' EQUITY听2,340,010听听听听听听听2,203,361听听听听听
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$18,508,785听听听听听听$18,332,159听听听听听
Net Interest Income (FTE)听听$139,213听听听听听听$134,430听听听
Net Interest Spread (FTE) (4)听听听听2.68听%听听听听听2.48听%
听听听听听听听听听听听听
Net Interest Margin (FTE):听听听听听听听听听听听
Interest Income (FTE) / Average Earning Assets听听听听5.50听%听听听听听5.69听%
Interest Expense / Average Earning Assets听听听听2.25听%听听听听听2.53听%
Net Interest Margin (FTE) (5)听听听听3.25听%听听听听听3.16听%
听听听听听听听听听听听听
(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 using 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) Non accruing 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.
听


CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS
(Dollars In Thousands)听听听听听听听听听听听
听Six Months Ended
听June 30, 2025听June 30, 2024
听Average
Balance		听Interest
Income /
Expense		听Average
Rate		听Average
Balance		听Interest
Income /
Expense		听Average
Rate
ASSETS听听听听听听听听听听听
Interest-bearing deposits$273,200听听$4,264听听3.12听%听$449,173听听$9,488听听4.22听%
Federal Home Loan Bank stock听45,296听听听2,080听听9.18听听听听41,757听听听1,714听听8.21听听
Investment Securities: (1)听听听听听听听听听听听
Taxable听1,620,005听听听16,638听听2.05听听听听1,785,903听听听17,799听听1.99听听
Tax-exempt (2)听2,044,489听听听31,687听听3.10听听听听2,243,286听听听34,461听听3.07听听
Total Investment Securities听3,664,494听听听48,325听听2.64听听听听4,029,189听听听52,260听听2.59听听
Loans held for sale听23,190听听听708听听6.11听听听听25,184听听听759听听6.03听听
Loans: (3)听听听听听听听听听听听
Commercial听8,889,119听听听301,880听听6.79听听听听8,644,927听听听320,057听听7.40听听
AG真人官方 estate mortgage听2,195,988听听听49,508听听4.51听听听听2,140,769听听听46,156听听4.31听听
HELOC and installment听831,904听听听30,805听听7.41听听听听822,616听听听32,464听听7.89听听
Tax-exempt (2)听1,137,087听听听27,009听听4.75听听听听915,302听听听21,038听听4.60听听
Total Loans听13,077,288听听听409,910听听6.27听听听听12,548,798听听听420,474听听6.70听听
Total Earning Assets听17,060,278听听听464,579听听5.45听%听听17,068,917听听听483,936听听5.67听%
Total Non-Earning Assets听1,365,445听听听听听听听1,312,423听听听听听
TOTAL ASSETS$18,425,723听听听听听听$18,381,340听听听听听
LIABILITIES听听听听听听听听听听听
Interest-Bearing deposits:听听听听听听听听听听听
Interest-bearing deposits$5,533,858听听$69,909听听2.53听%听$5,503,185听听$80,484听听2.92听%
Money market deposits听3,526,461听听听54,666听听3.10听听听听3,040,938听听听54,613听听3.59听听
Savings听deposits听1,291,133听听听4,958听听0.77听听听听1,534,305听听听7,277听听0.95听听
Certificates and other time deposits听1,975,923听听听35,255听听3.57听听听听2,421,413听听听55,062听听4.55听听
Total Interest-Bearing Deposits听12,327,375听听听164,788听听2.67听听听听12,499,841听听听197,436听听3.16听听
Borrowings听1,256,688听听听24,181听听3.85听听听听948,866听听听19,211听听4.05听听
Total Interest-Bearing Liabilities听13,584,063听听听188,969听听2.78听听听听13,448,707听听听216,647听听3.22听听
Noninterest-bearing deposits听2,198,939听听听听听听听2,388,695听听听听听
Other liabilities听302,281听听听听听听听321,188听听听听听
Total Liabilities听16,085,283听听听听听听听16,158,590听听听听听
STOCKHOLDERS' EQUITY听2,340,440听听听听听听听2,222,750听听听听听
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$18,425,723听听听听听听$18,381,340听听听听听
Net Interest Income (FTE)听听$275,610听听听听听听$267,289听听听
Net Interest Spread (FTE) (4)听听听听2.67听%听听听听听2.45听%
听听听听听听听听听听听听
Net Interest Margin (FTE):听听听听听听听听听听听
Interest Income (FTE) / Average Earning Assets听听听听5.45听%听听听听听5.67听%
Interest Expense / Average Earning Assets听听听听2.22听%听听听听听2.54听%
Net Interest Margin (FTE) (5)听听听听3.23听%听听听听听3.13听%
听听听听听听听听听听听听
(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 using 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 $12,326 and $11,655 for the six months ended June 30, 2025 and 2024, respectively.
(3) Non accruing loans have been included in the average balances.听
(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.
听


ADJUSTED NET INCOME AND DILUTED EARNINGS PER COMMON SHARE - NON-GAAP
(Dollars In Thousands, Except Per Share Amounts)Three Months Ended听Six Months Ended
听June 30,听March 31,听December 31,听September 30,听June 30,听June 30,听June 30,
听听2025听听2025听听2024听听2024听听2024听听2025听听2024
Net Income Available to Common Stockholders - GAAP$56,363听听听$54,870听听听$63,880听听听$48,719听听听$39,456听听听$111,233听听听$86,928听听
Adjustments:听听听听听听听听听听听听听
Net realized losses on sales of available for sale securities听1听听听听7听听听听11,592听听听听9,114听听听听49听听听听8听听听听51听听
Gain on branch sale听鈥�听听听听鈥�听听听听(19,983)听听听鈥�听听听听鈥�听听听听鈥�听听听听鈥�听听
Non-core expenses1,2听鈥�听听听听鈥�听听听听762听听听听鈥�听听听听鈥�听听听听鈥�听听听听3,481听听
Tax on adjustments听鈥�听听听听(2)听听听1,851听听听听(2,220)听听听(12)听听听(2)听听听(860)听
Adjusted Net Income Available to Common Stockholders - Non-GAAP$56,364听听听$54,875听听听$58,102听听听$55,613听听听$39,493听听听$111,239听听听$89,600听听
听听听听听听听听听听听听听听
Average Diluted Common Shares Outstanding (in thousands)听57,773听听听听58,242听听听听58,247听听听听58,289听听听听58,328听听听听58,005听听听听58,800听听
听听听听听听听听听听听听听听
Diluted Earnings Per Common Share - GAAP$0.98听听听$0.94听听听$1.10听听听$0.84听听听$0.68听听听$1.92听听听$1.48听听
Adjustments:听听听听听听听听听听听听听
Net realized losses on sales of available for sale securities听鈥�听听听听鈥�听听听听0.20听听听听0.15听听听听鈥�听听听听鈥�听听听听鈥�听听
Gain on branch sale听鈥�听听听听鈥�听听听听(0.34)听听听鈥�听听听听鈥�听听听听鈥�听听听听鈥�听听
Non-core expenses1,2听鈥�听听听听鈥�听听听听0.01听听听听鈥�听听听听鈥�听听听听鈥�听听听听0.06听听
Tax on adjustments听鈥�听听听听鈥�听听听听0.03听听听听(0.04)听听听鈥�听听听听鈥�听听听听(0.01)听
Adjusted Diluted Earnings Per Common Share - Non-GAAP$0.98听听听$0.94听听听$1.00听听听$0.95听听听$0.68听听听$1.92听听听$1.53听听
听听听听听听听听听听听听听听
1 - Non-core expenses in the Three Months Ended December 31, 2024 included $0.8 million of costs directly related to the branch sale.
2 - Non-core expenses in the Six Months Ended June 30, 2024 included $2.4 million from duplicative online banking conversion costs and $1.1 million from the FDIC special assessment.
听听听听听听听听听听听听听听
听听听听听听听听听听听听听听
NET INTEREST MARGIN ("NIM"), ADJUSTED
(Dollars in Thousands)
听Three Months Ended听Six Months Ended
听June 30,听March 31,听December 31,听September 30,听June 30,听June 30,听June 30,
听听2025听听2025听听2024听听2024听听2024听听2025听听2024
Net Interest Income (GAAP)$133,014听听听$130,270听听听$134,370听听听$131,110听听听$128,571听听听$263,284听听听$255,634听听
Fully Taxable Equivalent ("FTE") Adjustment听6,199听听听听6,127听听听听5,788听听听听5,883听听听听5,859听听听听12,326听听听听11,655听听
Net Interest Income (FTE) (non-GAAP)$139,213听听听$136,397听听听$140,158听听听$136,993听听听$134,430听听听$275,610听听听$267,289听听
听听听听听听听听听听听听听听
Average Earning Assets (GAAP)$17,158,984听听听$16,960,475听听听$17,089,198听听听$16,990,358听听听$17,013,984听听听$17,060,278听听听$17,068,917听听
Net Interest Margin (GAAP)听3.10听%听听3.07听%听听3.15听%听听3.09听%听听3.02听%听听3.09听%听听3.00听%
FTE Adjustment听0.15听%听听0.15听%听听0.13听%听听0.14听%听听0.14听%听听0.14听%听听0.13听%
Net Interest Margin (FTE) (non-GAAP)听3.25听%听听3.22听%听听3.28听%听听3.23听%听听3.16听%听听3.23听%听听3.13听%
听听听听听听听听听听听听听听


RETURN ON TANGIBLE COMMON EQUITY - NON-GAAP
(Dollars In Thousands)Three Months Ended听Six Months Ended
听June 30,听March 31,听December 31,听September 30,听June 30,听June 30,听June 30,
听听2025听听2025听听2024听听2024听听2024听听2025听听2024
Total Average Stockholders' Equity (GAAP)$2,340,010听听听$2,340,874听听听$2,312,270听听听$2,251,547听听听$2,203,361听听听$2,340,440听听听$2,222,750听听
Less: Average Preferred Stock听(25,125)听听听(25,125)听听听(25,125)听听听(25,125)听听听(25,125)听听听(25,125)听听听(25,125)听
Less: Average Intangible Assets, Net of Tax听(725,813)听听听(726,917)听听听(728,218)听听听(729,581)听听听(730,980)听听听(726,362)听听听(731,706)听
Average Tangible Common Equity, Net of Tax (Non-GAAP)$1,589,072听听听$1,588,832听听听$1,558,927听听听$1,496,841听听听$1,447,256听听听$1,588,953听听听$1,465,919听听
听听听听听听听听听听听听听听
Net Income Available to Common Stockholders (GAAP)$56,363听听听$54,870听听听$63,880听听听$48,719听听听$39,456听听听$111,233听听听$86,928听听
Plus: Intangible Asset Amortization, Net of Tax听1,188听听听听1,206听听听听1,399听听听听1,399听听听听1,399听听听听2,394听听听听2,945听听
Tangible Net Income (Non-GAAP)$57,551听听听$56,076听听听$65,279听听听$50,118听听听$40,855听听听$113,627听听听$89,873听听
听听听听听听听听听听听听听听
Return on Tangible Common Equity (Non-GAAP)听14.49听%听听14.12听%听听16.75听%听听13.39听%听听11.29听%听听14.30听%听听12.26听%
听听听听听听听听听听听听听听
听听听听听听听听听听听听听听
EFFICIENCY RATIO - NON-GAAP听听听听听听听听听听听听听
(Dollars In Thousands)Three Months Ended听Six Months Ended
听June 30,听March 31,听December 31,听September 30,听June 30,听June 30,听June 30,
听听2025听听2025听听2024听听2024听听2024听听2025听听2024
Noninterest Expense (GAAP)$93,598听听听$92,902听听听$96,289听听听$94,629听听听$91,413听听听$186,500听听听$188,348听听
Less: Intangible Asset Amortization听(1,505)听听听(1,526)听听听(1,771)听听听(1,772)听听听(1,771)听听听(3,031)听听听(3,728)听
Less: OREO and Foreclosure Expenses听(29)听听听(600)听听听(227)听听听(942)听听听(373)听听听(629)听听听(907)听
听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听
Adjusted Noninterest Expense (Non-GAAP)$92,064听听听$90,776听听听$94,291听听听$91,915听听听$89,269听听听$182,840听听听$183,713听听
听听听听听听听听听听听听听听
Net Interest Income (GAAP)$133,014听听听$130,270听听听$134,370听听听$131,110听听听$128,571听听听$263,284听听听$255,634听听
Plus: Fully Taxable Equivalent Adjustment听6,199听听听听6,127听听听听5,788听听听听5,883听听听听5,859听听听听12,326听听听听11,655听听
Net Interest Income on a Fully Taxable Equivalent Basis (Non-GAAP)$139,213听听听$136,397听听听$140,158听听听$136,993听听听$134,430听听听$275,610听听听$267,289听听
听听听听听听听听听听听听听听
Noninterest Income (GAAP)$31,303听听听$30,048听听听$42,742听听听$24,866听听听$31,334听听听$61,351听听听$57,972听听
Less: Investment Securities (Gains) Losses听1听听听听7听听听听11,592听听听听9,114听听听听49听听听听8听听听听51听听
Adjusted Noninterest Income (Non-GAAP)$31,304听听听$30,055听听听$54,334听听听$33,980听听听$31,383听听听$61,359听听听$58,023听听
Adjusted Revenue (Non-GAAP)$170,517听听听$166,452听听听$194,492听听听$170,973听听听$165,813听听听$336,969听听听$325,312听听
Efficiency Ratio (Non-GAAP)听53.99听%听听54.54听%听听48.48听%听听53.76听%听听53.84听%听听54.26听%听听56.47听%
听听听听听听听听听听听听听听
Adjusted Noninterest Expense (Non-GAAP)$92,064听听听$90,776听听听$94,291听听听$91,915听听听$89,269听听听$182,840听听听$183,713听听
Less: Non-core Expenses1,2听鈥�听听听听鈥�听听听听(762)听听听鈥�听听听听鈥�听听听听鈥�听听听听(3,481)听
Adjusted Noninterest Expense Excluding Non-core Expenses (Non-GAAP)$92,064听听听$90,776听听听$93,529听听听$91,915听听听$89,269听听听$182,840听听听$180,232听听
听听听听听听听听听听听听听听
Adjusted Revenue (Non-GAAP)$170,517听听听$166,452听听听$194,492听听听$170,973听听听$165,813听听听$336,969听听听$325,312听听
Less: Gain on Branch Sale听鈥�听听听听鈥�听听听听(19,983)听听听鈥�听听听听鈥�听听听听鈥�听听听听鈥�听听
Adjusted Revenue Excluding Gain on Branch Sale (Non-GAAP)$170,517听听听$166,452听听听$174,509听听听$170,973听听听$165,813听听听$336,969听听听$325,312听听
听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听
Adjusted Efficiency Ratio (Non-GAAP)听53.99听%听听54.54听%听听53.60听%听听53.76听%听听53.84听%听听54.26听%听听55.40听%
听
1 - Non-core expenses in the Three Months Ended December 31, 2024 included $0.8 million of costs directly related to the branch sale.
2 - Non-core expenses in the Six Months Ended June 30, 2024 included $2.4 million from duplicative online banking conversion costs and $1.1 million from the FDIC special assessment.
听听听听听听听听听听听听听听


For more information, contact:
Nicole M. Weaver, First Vice President and Director of Corporate Administration
765-521-7619
http://www.firstmerchants.com

SOURCE: First Merchants Corporation, Muncie, Indiana


FAQ

What was First Merchants (FRME) earnings per share for Q2 2025?

First Merchants reported diluted earnings per share of $0.98 for Q2 2025, compared to $0.68 in Q2 2024.

How much did First Merchants (FRME) loan portfolio grow in Q2 2025?

First Merchants' total loans grew by $297.6 million (9.1% annualized) quarter-over-quarter, and $653.6 million (5.2%) year-over-year.

What is First Merchants (FRME) current net interest margin?

First Merchants reported a fully taxable equivalent net interest margin of 3.25% in Q2 2025, an increase of 3 basis points from Q1 2025.

How many shares did First Merchants (FRME) repurchase in Q2 2025?

First Merchants repurchased 582,486 shares totaling $22.1 million during Q2 2025, with year-to-date repurchases of 818,480 shares totaling $31.7 million.

What is First Merchants (FRME) current asset quality status?

First Merchants reported nonperforming assets to total assets of 0.36% in Q2 2025, improving from 0.47% in the previous quarter, with an allowance for credit losses of 1.47% of total loans.
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First Merchants Corp

NASDAQ:FRME

FRME Rankings

#1948 Ranked by Market Cap
#1004 Ranked by Dividends

FRME Latest News

Aug 15, 2025
First Merchants Corporation Announces Cash Dividend
Jul 15, 2025
First Merchants Corporation Announces Cash Dividend on Its Preferred Stock
Jun 30, 2025
First Merchants Corporation to Report Second Quarter 2025 Financial Results, Host Conference Call and Webcast
May 21, 2025
First Merchants Corporation Announces Changed Ex-Dividend Date for Previously Announced Dividend
May 16, 2025
First Merchants Corporation Announces Cash Dividend

FRME Latest SEC Filings

Aug 15, 2025
[8-K] First Merchants Corp Reports Material Event
Aug 5, 2025
[Form 4] First Merchants Corp Insider Trading Activity
Aug 5, 2025
[Form 4] First Merchants Corp Insider Trading Activity
Aug 5, 2025
[Form 4] First Merchants Corp Insider Trading Activity
Aug 5, 2025
[Form 4] First Merchants Corp Insider Trading Activity

FRME Stock Data

2.28B
56.76M
1.55%
80.95%
1.17%
Banks - Regional
National Commercial Banks
United States
MUNCIE

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