First Merchants Corporation Announces First Quarter 2025 Earnings Per Share
First Merchants (NASDAQ: FRME) reported strong Q1 2025 performance with net income of $54.9 million and diluted EPS of $0.94, up from $50.1 million and $0.85 in Q1 2024. The company demonstrated solid loan growth of $154.9 million (4.8% annualized) quarter-over-quarter and $547.2 million (4.4%) year-over-year.
Key metrics include a robust Common Equity Tier 1 Capital Ratio of 11.50%, total assets of $18.4 billion, and loans totaling $13.0 billion. Total deposits declined by $59.6 million (1.6% annualized) quarter-over-quarter and $422.6 million (2.8%) year-over-year, partly due to the sale of five Illinois branches. The efficiency ratio was 54.54%, while nonperforming assets to total assets increased slightly to 0.47%.
Net interest income was $130.3 million, with fully taxable equivalent net interest margin at 3.22%. The company maintained strong credit quality with an Allowance for Credit Losses ratio of 1.47% of total loans.
First Merchants (NASDAQ: FRME) ha riportato una solida performance nel primo trimestre 2025 con un utile netto di 54,9 milioni di dollari e un utile diluito per azione (EPS) di 0,94 dollari, in aumento rispetto ai 50,1 milioni e 0,85 dollari del primo trimestre 2024. L'azienda ha mostrato una crescita dei prestiti di 154,9 milioni di dollari (4,8% su base annualizzata) trimestre su trimestre e di 547,2 milioni di dollari (4,4%) anno su anno.
Le metriche chiave includono un solido Common Equity Tier 1 Capital Ratio dell'11,50%, un totale attivo di 18,4 miliardi di dollari e prestiti per un totale di 13,0 miliardi di dollari. I depositi totali sono diminuiti di 59,6 milioni di dollari (1,6% su base annualizzata) trimestre su trimestre e di 422,6 milioni di dollari (2,8%) anno su anno, in parte a causa della vendita di cinque filiali in Illinois. Il rapporto di efficienza è stato del 54,54%, mentre gli attivi non performanti sul totale degli attivi sono aumentati leggermente allo 0,47%.
Il reddito netto da interessi è stato di 130,3 milioni di dollari, con un margine netto da interessi su base totalmente imponibile del 3,22%. L'azienda ha mantenuto una forte qualità del credito con un rapporto di accantonamento per perdite su crediti dell'1,47% sul totale dei prestiti.
First Merchants (NASDAQ: FRME) reportó un sólido desempeño en el primer trimestre de 2025 con un ingreso neto de 54,9 millones de dólares y una utilidad diluida por acción (EPS) de 0,94 dólares, aumentando desde 50,1 millones y 0,85 dólares en el primer trimestre de 2024. La compañía mostró un crecimiento sólido en préstamos de 154,9 millones de dólares (4,8% anualizado) trimestre a trimestre y 547,2 millones de dólares (4,4%) año tras año.
Las métricas clave incluyen una robusta relación de Capital Común de Nivel 1 del 11,50%, activos totales de 18,4 mil millones de dólares y préstamos que suman 13,0 mil millones de dólares. Los depósitos totales disminuyeron en 59,6 millones de dólares (1,6% anualizado) trimestre a trimestre y en 422,6 millones de dólares (2,8%) año tras año, en parte debido a la venta de cinco sucursales en Illinois. La ratio de eficiencia fue del 54,54%, mientras que los activos no productivos sobre activos totales aumentaron ligeramente al 0,47%.
Los ingresos netos por intereses fueron de 130,3 millones de dólares, con un margen neto de intereses equivalente totalmente gravable del 3,22%. La compañía mantuvo una fuerte calidad crediticia con una provisión para pérdidas crediticias del 1,47% sobre el total de préstamos.
First Merchants (NASDAQ: FRME)는 2025년 1분기에 순이익 5,490만 달러와 희석 주당순이익(EPS) 0.94달러를 기록하며 강력한 실적을 발표했으며, 이는 2024년 1분기의 5,010만 달러와 0.85달러에서 증가한 수치입니다. 회사는 분기별로 연환산 4.8%인 1억 5,490만 달러, 전년 대비 4.4%인 5억 4,720만 달러의 견고한 대출 성장세를 보였습니다.
주요 지표로는 11.50%의 견고한 보통주 자기자본비율(Common Equity Tier 1 Capital Ratio), 총자산 184억 달러, 총 대출액 130억 달러가 포함됩니다. 총 예금은 분기별로 연환산 1.6% 감소한 5,960만 달러, 전년 대비 2.8% 감소한 4억 2,260만 달러 줄었으며, 이는 일리노이 주 내 다섯 개 지점 매각에 일부 기인합니다. 효율성 비율은 54.54%였으며, 부실자산 비율은 총자산 대비 소폭 상승해 0.47%를 기록했습니다.
순이자수익은 1억 3,030만 달러였으며, 완전 과세 환산 순이자 마진은 3.22%였습니다. 회사는 총 대출 대비 1.47%의 대손충당금 비율을 유지하며 강력한 신용 품질을 유지했습니다.
First Merchants (NASDAQ : FRME) a annoncé de solides résultats pour le premier trimestre 2025 avec un bénéfice net de 54,9 millions de dollars et un bénéfice dilué par action (BPA) de 0,94 dollar, en hausse par rapport à 50,1 millions et 0,85 dollar au premier trimestre 2024. La société a enregistré une croissance solide des prêts de 154,9 millions de dollars (4,8 % annualisé) d’un trimestre à l’autre et de 547,2 millions de dollars (4,4 %) d’une année sur l’autre.
Les indicateurs clés comprennent un ratio de fonds propres de base (Common Equity Tier 1) robuste de 11,50 %, un total d’actifs de 18,4 milliards de dollars et des prêts totalisant 13,0 milliards de dollars. Les dépôts totaux ont diminué de 59,6 millions de dollars (1,6 % annualisé) d’un trimestre à l’autre et de 422,6 millions de dollars (2,8 %) d’une année sur l’autre, en partie en raison de la vente de cinq agences dans l’Illinois. Le ratio d’efficacité s’est établi à 54,54 %, tandis que les actifs non performants par rapport au total des actifs ont légèrement augmenté à 0,47 %.
Le produit net d’intérêts s’est élevé à 130,3 millions de dollars, avec une marge nette d’intérêts équivalente entièrement imposable de 3,22 %. La société a maintenu une bonne qualité de crédit avec un ratio de provision pour pertes sur prêts de 1,47 % du total des prêts.
First Merchants (NASDAQ: FRME) meldete eine starke Performance im ersten Quartal 2025 mit einem Nettogewinn von 54,9 Millionen US-Dollar und einem verwässerten Gewinn je Aktie (EPS) von 0,94 US-Dollar, gegenüber 50,1 Millionen und 0,85 US-Dollar im ersten Quartal 2024. Das Unternehmen verzeichnete ein solides Kreditwachstum von 154,9 Millionen US-Dollar (annualisiert 4,8%) im Quartalsvergleich und 547,2 Millionen US-Dollar (4,4%) im Jahresvergleich.
Wichtige Kennzahlen umfassen eine robuste Common Equity Tier 1 Kapitalquote von 11,50%, Gesamtvermögen von 18,4 Milliarden US-Dollar und Kredite in Höhe von 13,0 Milliarden US-Dollar. Die Gesamteinlagen sanken quartalsweise um 59,6 Millionen US-Dollar (annualisiert 1,6%) und im Jahresvergleich um 422,6 Millionen US-Dollar (2,8%), teilweise bedingt durch den Verkauf von fünf Filialen in Illinois. Die Effizienzquote lag bei 54,54%, während die notleidenden Aktiva im Verhältnis zum Gesamtvermögen leicht auf 0,47% anstiegen.
Der Nettozinsertrag betrug 130,3 Millionen US-Dollar, mit einer vollständig steueräquivalenten Nettozinsmarge von 3,22%. Das Unternehmen hielt eine starke Kreditqualität mit einer Rückstellung für Kreditverluste von 1,47% der Gesamtkredite aufrecht.
- Net income increased to $54.9 million from $50.1 million year-over-year
- Strong loan growth of 4.8% annualized quarter-over-quarter
- Robust capital position with 11.50% Common Equity Tier 1 Capital Ratio
- Net interest margin improved by 12 basis points year-over-year
- Efficiency ratio maintained at healthy 54.54%
- Deposits declined by $422.6 million (2.8%) year-over-year
- Nonperforming assets increased to 0.47% from 0.43% quarter-over-quarter
- Net interest income decreased by $4.1 million (3.1%) quarter-over-quarter
- Noninterest income declined by $12.7 million from previous quarter
- Net charge-offs of $4.9 million recorded during the quarter
Insights
First Merchants posts solid Q1 with 10.6% YoY EPS growth to $0.94, healthy loan growth, but sequential earnings decline and slight asset quality deterioration.
First Merchants 's Q1 2025 results present a mixed financial picture with solid year-over-year improvements but sequential quarterly softness. The bank delivered diluted EPS of $0.94, representing a 10.6% increase from Q1 2024's adjusted $0.85, but a 6% decline from Q4 2024's $1.00 adjusted figure.
The bank's loan portfolio grew by $154.9 million (4.8% annualized) during the quarter and $547.2 million (4.4%) year-over-year, demonstrating continued lending momentum in its markets. This contrasts with total deposits, which declined by $59.6 million (1.6% annualized) quarterly and $422.6 million (2.8%) annually. However, this deposit decline requires context - approximately $267.4 million of the annual reduction stemmed from the strategic divestiture of five Illinois branches in December 2024.
The resulting loan-to-deposit ratio increased to 90.1% from 88.6% in the prior quarter. While still manageable, this rising ratio warrants monitoring as it could eventually pressure funding costs. Credit quality metrics showed modest deterioration with non-performing assets to total assets rising 4 basis points to 0.47%.
The bank's net interest margin of 3.22% contracted 6 basis points quarterly but improved 12 basis points year-over-year. Importantly, 5 basis points of the sequential decline was attributed to fewer days in the quarter, suggesting minimal true margin compression. The efficiency ratio of 54.54% reflects disciplined expense management, supported by a $3.4 million reduction in noninterest expenses compared to Q4.
Capital levels remain robust with a Common Equity Tier 1 ratio of 11.50%, comfortably above regulatory requirements. This capital strength supported $10 million in share repurchases and $30 million in subordinated debt redemption during the quarter - actions that enhance shareholder returns while optimizing the capital structure.
MUNCIE, Ind., April 24, 2025 (GLOBE NEWSWIRE) -- First Merchants Corporation (NASDAQ - FRME)
First Quarter 2025 Highlights:
- Net income available to common stockholders was
$54.9 million and diluted earnings per common share totaled$0.94 compared to adjusted net income and diluted earnings per common share1 of$50.1 million and$0.85 in the first quarter of 2024. Adjusted net income and diluted earnings per common share1 in the fourth quarter of 2024 were$58.1 million and$1.00 , respectively. - Robust capital position with Common Equity Tier 1 Capital Ratio of
11.50% . - Repurchased 246,751 shares totaling
$10 million year-to-date; Redeemed$30 million of sub debt. - Total loans grew
$154.9 million , or4.8% annualized, on a linked quarter basis, and$547.2 million , or4.4% , during the last twelve months. - Total deposits declined
$59.6 million , or1.6% annualized, on a linked quarter basis, and declined$422.6 million , or2.8% , during the last twelve months primarily due to the sale of five Illinois branches with$267.4 million in deposits to Old Second National Bank on December 6, 2024. - Nonperforming assets to total assets were 47 basis points compared to 43 basis points on a linked quarter basis.
- The efficiency ratio totaled
54.54% for the quarter.
"The first quarter was a strong start to the year with healthy loan growth and increasing profitability," said Mark Hardwick, Chief Executive Officer of First Merchants Bank. "Our 2025 priorities continue to focus on organic loan growth funded by low-cost core deposits, margin stabilization, fee income growth, expense management and credit quality. Given the market volatility and headlines, we are closely monitoring our clients and our markets but have yet to see any signs of stress."
First Quarter Financial Results:
First Merchants Corporation (the “Corporation”) reported first quarter 2025 net income available to common stockholders of
Total assets equaled
Investment securities, totaling
Total deposits equaled
The Corporation’s Allowance for Credit Losses – Loans (ACL) totaled
Net interest income totaled
Noninterest income totaled
Noninterest expense totaled
The Corporation’s total risk-based capital ratio totaled
1 See “Non-GAAP Financial Information” for reconciliation
CONFERENCE CALL
First Merchants Corporation will conduct a fourth quarter earnings conference call and web cast at 11:30 a.m. (ET) on Thursday, April 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: (https://register-conf.media-server.com/register/BI4ae3a07cb07a47258d30e4f3dba2448b)
To view the webcast and presentation slides, please go to (https://edge.media-server.com/mmc/p/uqvoojku) during the time of the call. A replay of the webcast will be available until April 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’s 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’s Internet web page (http://www.firstmerchants.com).
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 “believe”, “continue”, “pattern”, “estimate”, “project”, “intend”, “anticipate”, “expect” and similar expressions or future or conditional verbs such as “will”, “would”, “should”, “could”, “might”, “can”, “may”, or similar expressions. These statements include statements about First Merchants’ goals, intentions and expectations; statements regarding the First Merchants’ business plan and growth strategies; statements regarding the asset quality of First Merchants’ loan and investment portfolios; and estimates of First Merchants’ 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’ 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’ business; and other risks and factors identified in each of First Merchants’ filings with the Securities and Exchange Commission. First Merchants does not undertake any obligation to update any forward-looking statement, whether written or oral, relating to the matters discussed in this press release. In addition, First Merchants’ past results of operations do not necessarily indicate its anticipated future results.
| CONSOLIDATED BALANCE SHEETS | |||||||
| (Dollars In Thousands) | March 31, | ||||||
| 2025 | 2024 | ||||||
| ASSETS | |||||||
| Cash and due from banks | $ | 86,113 | $ | 100,514 | |||
| Interest-bearing deposits | 331,534 | 410,497 | |||||
| Investment securities available for sale | 1,378,489 | 1,620,213 | |||||
| Investment securities held to maturity, net of allowance for credit losses | 2,048,632 | 2,163,361 | |||||
| Loans held for sale | 23,004 | 15,118 | |||||
| Loans | 13,004,905 | 12,465,582 | |||||
| Less: Allowance for credit losses - loans | (192,031 | ) | (204,681 | ) | |||
| Net loans | 12,812,874 | 12,260,901 | |||||
| Premises and equipment | 128,749 | 132,706 | |||||
| Federal Home Loan Bank stock | 45,006 | 41,758 | |||||
| Interest receivable | 88,352 | 92,550 | |||||
| Goodwill | 712,002 | 712,002 | |||||
| Other intangibles | 18,302 | 25,142 | |||||
| Cash surrender value of life insurance | 304,918 | 306,028 | |||||
| Other real estate owned | 4,966 | 4,886 | |||||
| Tax asset, deferred and receivable | 87,665 | 101,121 | |||||
| Other assets | 369,181 | 331,006 | |||||
| TOTAL ASSETS | $ | 18,439,787 | $ | 18,317,803 | |||
| LIABILITIES | |||||||
| Deposits: | |||||||
| Noninterest-bearing | $ | 2,185,057 | $ | 2,338,364 | |||
| Interest-bearing | 12,276,921 | 12,546,220 | |||||
| Total Deposits | 14,461,978 | 14,884,584 | |||||
| Borrowings: | |||||||
| Federal funds purchased | 185,000 | — | |||||
| Securities sold under repurchase agreements | 122,947 | 130,264 | |||||
| Federal Home Loan Bank advances | 972,478 | 612,778 | |||||
| Subordinated debentures and other borrowings | 62,619 | 118,612 | |||||
| Total Borrowings | 1,343,044 | 861,654 | |||||
| Interest payable | 13,304 | 19,262 | |||||
| Other liabilities | 289,247 | 327,500 | |||||
| Total Liabilities | 16,107,573 | 16,093,000 | |||||
| STOCKHOLDERS' EQUITY | |||||||
| Preferred Stock, | |||||||
| Authorized -- 600 cumulative shares | |||||||
| Issued and outstanding - 125 cumulative shares | 125 | 125 | |||||
| Preferred Stock, Series A, no par value, | |||||||
| Authorized -- 10,000 non-cumulative perpetual shares | |||||||
| Issued and outstanding - 10,000 non-cumulative perpetual shares | 25,000 | 25,000 | |||||
| Common Stock, $.125 stated value: | |||||||
| Authorized -- 100,000,000 shares | |||||||
| Issued and outstanding - 57,810,232 and 58,564,819 shares | 7,226 | 7,321 | |||||
| Additional paid-in capital | 1,183,263 | 1,208,447 | |||||
| Retained earnings | 1,306,911 | 1,181,939 | |||||
| Accumulated other comprehensive loss | (190,311 | ) | (198,029 | ) | |||
| Total Stockholders' Equity | 2,332,214 | 2,224,803 | |||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 18,439,787 | $ | 18,317,803 | |||
| CONSOLIDATED STATEMENTS OF INCOME | Three Months Ended | ||||||
| (Dollars In Thousands, Except Per Share Amounts) | March 31, | ||||||
| 2025 | 2024 | ||||||
| INTEREST INCOME | |||||||
| Loans: | |||||||
| Taxable | $ | 187,728 | $ | 198,023 | |||
| Tax-exempt | 10,532 | 8,190 | |||||
| Investment securities: | |||||||
| Taxable | 8,372 | 8,748 | |||||
| Tax-exempt | 12,517 | 13,611 | |||||
| Deposits with financial institutions | 2,372 | 6,493 | |||||
| Federal Home Loan Bank stock | 997 | 835 | |||||
| Total Interest Income | 222,518 | 235,900 | |||||
| INTEREST EXPENSE | |||||||
| Deposits | 80,547 | 98,285 | |||||
| Federal funds purchased | 812 | — | |||||
| Securities sold under repurchase agreements | 742 | 1,032 | |||||
| Federal Home Loan Bank advances | 9,364 | 6,773 | |||||
| Subordinated debentures and other borrowings | 783 | 2,747 | |||||
| Total Interest Expense | 92,248 | 108,837 | |||||
| NET INTEREST INCOME | 130,270 | 127,063 | |||||
| Provision for credit losses | 4,200 | 2,000 | |||||
| NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 126,070 | 125,063 | |||||
| NONINTEREST INCOME | |||||||
| Service charges on deposit accounts | 8,072 | 7,907 | |||||
| Fiduciary and wealth management fees | 8,644 | 8,200 | |||||
| Card payment fees | 4,526 | 4,500 | |||||
| Net gains and fees on sales of loans | 5,022 | 3,254 | |||||
| Derivative hedge fees | 404 | 263 | |||||
| Other customer fees | 415 | 427 | |||||
| Earnings on cash surrender value of life insurance | 2,179 | 1,592 | |||||
| Net realized losses on sales of available for sale securities | (7 | ) | (2 | ) | |||
| Other income | 793 | 497 | |||||
| Total Noninterest Income | 30,048 | 26,638 | |||||
| NONINTEREST EXPENSES | |||||||
| Salaries and employee benefits | 54,982 | 58,293 | |||||
| Net occupancy | 7,216 | 7,312 | |||||
| Equipment | 7,008 | 6,226 | |||||
| Marketing | 1,353 | 1,198 | |||||
| Outside data processing fees | 5,929 | 6,889 | |||||
| Printing and office supplies | 347 | 353 | |||||
| Intangible asset amortization | 1,526 | 1,957 | |||||
| FDIC assessments | 3,648 | 4,287 | |||||
| Other real estate owned and foreclosure expenses | 600 | 534 | |||||
| Professional and other outside services | 3,261 | 3,952 | |||||
| Other expenses | 7,032 | 5,934 | |||||
| Total Noninterest Expenses | 92,902 | 96,935 | |||||
| INCOME BEFORE INCOME TAX | 63,216 | 54,766 | |||||
| Income tax expense | 7,877 | 6,825 | |||||
| NET INCOME | 55,339 | 47,941 | |||||
| Preferred stock dividends | 469 | 469 | |||||
| NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ | 54,870 | $ | 47,472 | |||
| Per Share Data: | |||||||
| Basic Net Income Available to Common Stockholders | $ | 0.95 | $ | 0.80 | |||
| Diluted Net Income Available to Common Stockholders | $ | 0.94 | $ | 0.80 | |||
| Cash Dividends Paid to Common Stockholders | $ | 0.35 | $ | 0.34 | |||
| Tangible Common Book Value Per Share | $ | 27.34 | $ | 25.07 | |||
| Average Diluted Common Shares Outstanding (in thousands) | 58,242 | 59,273 | |||||
| FINANCIAL HIGHLIGHTS | |||||||
| (Dollars in thousands) | Three Months Ended | ||||||
| March 31, | |||||||
| 2025 | 2024 | ||||||
| NET CHARGE-OFFS | $ | 4,926 | $ | 2,253 | |||
| AVERAGE BALANCES: | |||||||
| Total Assets | $ | 18,341,738 | $ | 18,430,521 | |||
| Total Loans | 12,941,353 | 12,477,066 | |||||
| Total Earning Assets | 16,960,475 | 17,123,851 | |||||
| Total Deposits | 14,419,338 | 14,881,205 | |||||
| Total Stockholders' Equity | 2,340,874 | 2,242,139 | |||||
| FINANCIAL RATIOS: | |||||||
| Return on Average Assets | 1.21 | % | 1.04 | % | |||
| Return on Average Stockholders' Equity | 9.38 | 8.47 | |||||
| Return on Tangible Common Stockholders' Equity | 14.12 | 13.21 | |||||
| Average Earning Assets to Average Assets | 92.47 | 92.91 | |||||
| Allowance for Credit Losses - Loans as % of Total Loans | 1.47 | 1.64 | |||||
| Net Charge-offs as % of Average Loans (Annualized) | 0.15 | 0.07 | |||||
| Average Stockholders' Equity to Average Assets | 12.76 | 12.17 | |||||
| Tax Equivalent Yield on Average Earning Assets | 5.39 | 5.65 | |||||
| Interest Expense/Average Earning Assets | 2.17 | 2.55 | |||||
| Net Interest Margin (FTE) on Average Earning Assets | 3.22 | 3.10 | |||||
| Efficiency Ratio | 54.54 | 59.21 | |||||
| NONPERFORMING ASSETS | |||||||||||||||||||
| (Dollars In Thousands) | March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||
| 2025 | 2024 | 2024 | 2024 | 2024 | |||||||||||||||
| Nonaccrual Loans | $ | 81,922 | $ | 73,773 | $ | 59,088 | $ | 61,906 | $ | 62,478 | |||||||||
| Other Real Estate Owned and Repossessions | 4,966 | 4,948 | 5,247 | 4,824 | 4,886 | ||||||||||||||
| Nonperforming Assets (NPA) | 86,888 | 78,721 | 64,335 | 66,730 | 67,364 | ||||||||||||||
| 90+ Days Delinquent | 4,280 | 5,902 | 14,105 | 1,686 | 2,838 | ||||||||||||||
| NPAs & 90 Day Delinquent | $ | 91,168 | $ | 84,623 | $ | 78,440 | $ | 68,416 | $ | 70,202 | |||||||||
| Allowance for Credit Losses - Loans | $ | 192,031 | $ | 192,757 | $ | 187,828 | $ | 189,537 | $ | 204,681 | |||||||||
| Quarterly Net Charge-offs | 4,926 | 771 | 6,709 | 39,644 | 2,253 | ||||||||||||||
| NPAs / Actual Assets % | 0.47 | % | 0.43 | % | 0.35 | % | 0.36 | % | 0.37 | % | |||||||||
| NPAs & 90 Day / Actual Assets % | 0.49 | % | 0.46 | % | 0.43 | % | 0.37 | % | 0.38 | % | |||||||||
| NPAs / Actual Loans and OREO % | 0.67 | % | 0.61 | % | 0.51 | % | 0.53 | % | 0.54 | % | |||||||||
| Allowance for Credit Losses - Loans / Actual Loans (%) | 1.47 | % | 1.50 | % | 1.48 | % | 1.50 | % | 1.64 | % | |||||||||
| Net Charge-offs as % of Average Loans (Annualized) | 0.15 | % | 0.02 | % | 0.21 | % | 1.26 | % | 0.07 | % | |||||||||
| CONSOLIDATED BALANCE SHEETS | |||||||||||||||||||
| (Dollars In Thousands) | March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||
| 2025 | 2024 | 2024 | 2024 | 2024 | |||||||||||||||
| ASSETS | |||||||||||||||||||
| Cash and due from banks | $ | 86,113 | $ | 87,616 | $ | 84,719 | $ | 105,372 | $ | 100,514 | |||||||||
| Interest-bearing deposits | 331,534 | 298,891 | 359,126 | 168,528 | 410,497 | ||||||||||||||
| Investment securities available for sale | 1,378,489 | 1,386,475 | 1,553,496 | 1,618,893 | 1,620,213 | ||||||||||||||
| Investment securities held to maturity, net of allowance for credit losses | 2,048,632 | 2,074,220 | 2,108,649 | 2,134,195 | 2,163,361 | ||||||||||||||
| Loans held for sale | 23,004 | 18,663 | 40,652 | 32,292 | 15,118 | ||||||||||||||
| Loans | 13,004,905 | 12,854,359 | 12,646,808 | 12,639,650 | 12,465,582 | ||||||||||||||
| Less: Allowance for credit losses - loans | (192,031 | ) | (192,757 | ) | (187,828 | ) | (189,537 | ) | (204,681 | ) | |||||||||
| Net loans | 12,812,874 | 12,661,602 | 12,458,980 | 12,450,113 | 12,260,901 | ||||||||||||||
| Premises and equipment | 128,749 | 129,743 | 129,582 | 133,245 | 132,706 | ||||||||||||||
| Federal Home Loan Bank stock | 45,006 | 41,690 | 41,716 | 41,738 | 41,758 | ||||||||||||||
| Interest receivable | 88,352 | 91,829 | 92,055 | 97,546 | 92,550 | ||||||||||||||
| Goodwill | 712,002 | 712,002 | 712,002 | 712,002 | 712,002 | ||||||||||||||
| Other intangibles | 18,302 | 19,828 | 21,599 | 23,371 | 25,142 | ||||||||||||||
| Cash surrender value of life insurance | 304,918 | 304,906 | 304,613 | 306,379 | 306,028 | ||||||||||||||
| Other real estate owned | 4,966 | 4,948 | 5,247 | 4,824 | 4,886 | ||||||||||||||
| Tax asset, deferred and receivable | 87,665 | 92,387 | 86,732 | 107,080 | 101,121 | ||||||||||||||
| Other assets | 369,181 | 387,169 | 348,384 | 367,845 | 331,006 | ||||||||||||||
| TOTAL ASSETS | $ | 18,439,787 | $ | 18,311,969 | $ | 18,347,552 | $ | 18,303,423 | $ | 18,317,803 | |||||||||
| LIABILITIES | |||||||||||||||||||
| Deposits: | |||||||||||||||||||
| Noninterest-bearing | $ | 2,185,057 | $ | 2,325,579 | $ | 2,334,197 | $ | 2,303,313 | $ | 2,338,364 | |||||||||
| Interest-bearing | 12,276,921 | 12,196,047 | 12,030,903 | 12,265,757 | 12,546,220 | ||||||||||||||
| Total Deposits | 14,461,978 | 14,521,626 | 14,365,100 | 14,569,070 | 14,884,584 | ||||||||||||||
| Borrowings: | |||||||||||||||||||
| Federal funds purchased | 185,000 | 99,226 | 30,000 | 147,229 | — | ||||||||||||||
| Securities sold under repurchase agreements | 122,947 | 142,876 | 124,894 | 100,451 | 130,264 | ||||||||||||||
| Federal Home Loan Bank advances | 972,478 | 822,554 | 832,629 | 832,703 | 612,778 | ||||||||||||||
| Subordinated debentures and other borrowings | 62,619 | 93,529 | 93,562 | 93,589 | 118,612 | ||||||||||||||
| Total Borrowings | 1,343,044 | 1,158,185 | 1,081,085 | 1,173,972 | 861,654 | ||||||||||||||
| Deposits and other liabilities held for sale | — | — | 288,476 | — | — | ||||||||||||||
| Interest payable | 13,304 | 16,102 | 18,089 | 18,554 | 19,262 | ||||||||||||||
| Other liabilities | 289,247 | 311,073 | 292,429 | 329,302 | 327,500 | ||||||||||||||
| Total Liabilities | 16,107,573 | 16,006,986 | 16,045,179 | 16,090,898 | 16,093,000 | ||||||||||||||
| STOCKHOLDERS' EQUITY | |||||||||||||||||||
| Preferred Stock, | |||||||||||||||||||
| Authorized -- 600 cumulative shares | |||||||||||||||||||
| Issued and outstanding - 125 cumulative shares | 125 | 125 | 125 | 125 | 125 | ||||||||||||||
| Preferred Stock, Series A, no par value, | |||||||||||||||||||
| Authorized -- 10,000 non-cumulative perpetual shares | |||||||||||||||||||
| Issued and outstanding - 10,000 non-cumulative perpetual shares | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | ||||||||||||||
| Common Stock, $.125 stated value: | |||||||||||||||||||
| Authorized -- 100,000,000 shares | |||||||||||||||||||
| Issued and outstanding | 7,226 | 7,247 | 7,265 | 7,256 | 7,321 | ||||||||||||||
| Additional paid-in capital | 1,183,263 | 1,188,768 | 1,192,683 | 1,191,193 | 1,208,447 | ||||||||||||||
| Retained earnings | 1,306,911 | 1,272,528 | 1,229,125 | 1,200,930 | 1,181,939 | ||||||||||||||
| Accumulated other comprehensive loss | (190,311 | ) | (188,685 | ) | (151,825 | ) | (211,979 | ) | (198,029 | ) | |||||||||
| Total Stockholders' Equity | 2,332,214 | 2,304,983 | 2,302,373 | 2,212,525 | 2,224,803 | ||||||||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 18,439,787 | $ | 18,311,969 | $ | 18,347,552 | $ | 18,303,423 | $ | 18,317,803 | |||||||||
| CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||
| (Dollars In Thousands, Except Per Share Amounts) | March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||
| 2025 | 2024 | 2024 | 2024 | 2024 | |||||||||||||||
| INTEREST INCOME | |||||||||||||||||||
| Loans: | |||||||||||||||||||
| Taxable | $ | 187,728 | $ | 197,536 | $ | 206,680 | $ | 201,413 | $ | 198,023 | |||||||||
| Tax-exempt | 10,532 | 9,020 | 8,622 | 8,430 | 8,190 | ||||||||||||||
| Investment securities: | |||||||||||||||||||
| Taxable | 8,372 | 9,024 | 9,263 | 9,051 | 8,748 | ||||||||||||||
| Tax-exempt | 12,517 | 12,754 | 13,509 | 13,613 | 13,611 | ||||||||||||||
| Deposits with financial institutions | 2,372 | 5,350 | 2,154 | 2,995 | 6,493 | ||||||||||||||
| Federal Home Loan Bank stock | 997 | 958 | 855 | 879 | 835 | ||||||||||||||
| Total Interest Income | 222,518 | 234,642 | 241,083 | 236,381 | 235,900 | ||||||||||||||
| INTEREST EXPENSE | |||||||||||||||||||
| Deposits | 80,547 | 89,835 | 98,856 | 99,151 | 98,285 | ||||||||||||||
| Federal funds purchased | 812 | 26 | 329 | 126 | — | ||||||||||||||
| Securities sold under repurchase agreements | 742 | 680 | 700 | 645 | 1,032 | ||||||||||||||
| Federal Home Loan Bank advances | 9,364 | 8,171 | 8,544 | 6,398 | 6,773 | ||||||||||||||
| Subordinated debentures and other borrowings | 783 | 1,560 | 1,544 | 1,490 | 2,747 | ||||||||||||||
| Total Interest Expense | 92,248 | 100,272 | 109,973 | 107,810 | 108,837 | ||||||||||||||
| NET INTEREST INCOME | 130,270 | 134,370 | 131,110 | 128,571 | 127,063 | ||||||||||||||
| Provision for credit losses | 4,200 | 4,200 | 5,000 | 24,500 | 2,000 | ||||||||||||||
| NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 126,070 | 130,170 | 126,110 | 104,071 | 125,063 | ||||||||||||||
| NONINTEREST INCOME | |||||||||||||||||||
| Service charges on deposit accounts | 8,072 | 8,124 | 8,361 | 8,214 | 7,907 | ||||||||||||||
| Fiduciary and wealth management fees | 8,644 | 8,665 | 8,525 | 8,825 | 8,200 | ||||||||||||||
| Card payment fees | 4,526 | 4,957 | 5,121 | 4,739 | 4,500 | ||||||||||||||
| Net gains and fees on sales of loans | 5,022 | 5,681 | 6,764 | 5,141 | 3,254 | ||||||||||||||
| Derivative hedge fees | 404 | 1,594 | 736 | 489 | 263 | ||||||||||||||
| Other customer fees | 415 | 316 | 344 | 460 | 427 | ||||||||||||||
| Earnings on cash surrender value of life insurance | 2,179 | 2,188 | 2,755 | 1,929 | 1,592 | ||||||||||||||
| Net realized losses on sales of available for sale securities | (7 | ) | (11,592 | ) | (9,114 | ) | (49 | ) | (2 | ) | |||||||||
| Gain on branch sale | — | 19,983 | — | — | — | ||||||||||||||
| Other income | 793 | 2,826 | 1,374 | 1,586 | 497 | ||||||||||||||
| Total Noninterest Income | 30,048 | 42,742 | 24,866 | 31,334 | 26,638 | ||||||||||||||
| NONINTEREST EXPENSES | |||||||||||||||||||
| Salaries and employee benefits | 54,982 | 55,437 | 55,223 | 52,214 | 58,293 | ||||||||||||||
| Net occupancy | 7,216 | 7,335 | 6,994 | 6,746 | 7,312 | ||||||||||||||
| Equipment | 7,008 | 7,028 | 6,949 | 6,599 | 6,226 | ||||||||||||||
| Marketing | 1,353 | 2,582 | 1,836 | 1,773 | 1,198 | ||||||||||||||
| Outside data processing fees | 5,929 | 6,029 | 7,150 | 7,072 | 6,889 | ||||||||||||||
| Printing and office supplies | 347 | 377 | 378 | 354 | 353 | ||||||||||||||
| Intangible asset amortization | 1,526 | 1,771 | 1,772 | 1,771 | 1,957 | ||||||||||||||
| FDIC assessments | 3,648 | 3,744 | 3,720 | 3,278 | 4,287 | ||||||||||||||
| Other real estate owned and foreclosure expenses | 600 | 227 | 942 | 373 | 534 | ||||||||||||||
| Professional and other outside services | 3,261 | 3,777 | 3,035 | 3,822 | 3,952 | ||||||||||||||
| Other expenses | 7,032 | 7,982 | 6,630 | 7,411 | 5,934 | ||||||||||||||
| Total Noninterest Expenses | 92,902 | 96,289 | 94,629 | 91,413 | 96,935 | ||||||||||||||
| INCOME BEFORE INCOME TAX | 63,216 | 76,623 | 56,347 | 43,992 | 54,766 | ||||||||||||||
| Income tax expense | 7,877 | 12,274 | 7,160 | 4,067 | 6,825 | ||||||||||||||
| NET INCOME | 55,339 | 64,349 | 49,187 | 39,925 | 47,941 | ||||||||||||||
| Preferred stock dividends | 469 | 469 | 468 | 469 | 469 | ||||||||||||||
| NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ | 54,870 | $ | 63,880 | $ | 48,719 | $ | 39,456 | $ | 47,472 | |||||||||
| Per Share Data: | |||||||||||||||||||
| Basic Net Income Available to Common Stockholders | $ | 0.95 | $ | 1.10 | $ | 0.84 | $ | 0.68 | $ | 0.80 | |||||||||
| Diluted Net Income Available to Common Stockholders | $ | 0.94 | $ | 1.10 | $ | 0.84 | $ | 0.68 | $ | 0.80 | |||||||||
| Cash Dividends Paid to Common Stockholders | $ | 0.35 | $ | 0.35 | $ | 0.35 | $ | 0.35 | $ | 0.34 | |||||||||
| Tangible Common Book Value Per Share | $ | 27.34 | $ | 26.78 | $ | 26.64 | $ | 25.10 | $ | 25.07 | |||||||||
| Average Diluted Common Shares Outstanding (in thousands) | 58,242 | 58,247 | 58,289 | 58,328 | 59,273 | ||||||||||||||
| FINANCIAL RATIOS: | |||||||||||||||||||
| Return on Average Assets | 1.21 | % | 1.39 | % | 1.07 | % | 0.87 | % | 1.04 | % | |||||||||
| Return on Average Stockholders' Equity | 9.38 | 11.05 | 8.66 | 7.16 | 8.47 | ||||||||||||||
| Return on Tangible Common Stockholders' Equity | 14.12 | 16.75 | 13.39 | 11.29 | 13.21 | ||||||||||||||
| Average Earning Assets to Average Assets | 92.47 | 92.48 | 92.54 | 92.81 | 92.91 | ||||||||||||||
| Allowance for Credit Losses - Loans as % of Total Loans | 1.47 | 1.50 | 1.48 | 1.50 | 1.64 | ||||||||||||||
| Net Charge-offs as % of Average Loans (Annualized) | 0.15 | 0.02 | 0.21 | 1.26 | 0.07 | ||||||||||||||
| Average Stockholders' Equity to Average Assets | 12.76 | 12.51 | 12.26 | 12.02 | 12.17 | ||||||||||||||
| Tax Equivalent Yield on Average Earning Assets | 5.39 | 5.63 | 5.82 | 5.69 | 5.65 | ||||||||||||||
| Interest Expense/Average Earning Assets | 2.17 | 2.35 | 2.59 | 2.53 | 2.55 | ||||||||||||||
| Net Interest Margin (FTE) on Average Earning Assets | 3.22 | 3.28 | 3.23 | 3.16 | 3.10 | ||||||||||||||
| Efficiency Ratio | 54.54 | 48.48 | 53.76 | 53.84 | 59.21 | ||||||||||||||
| LOANS | |||||||||||||||||||
| (Dollars In Thousands) | March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||
| 2025 | 2024 | 2024 | 2024 | 2024 | |||||||||||||||
| Commercial and industrial loans | $ | 4,306,597 | $ | 4,114,292 | $ | 4,041,217 | $ | 3,949,817 | $ | 3,722,365 | |||||||||
| Agricultural land, production and other loans to farmers | 243,864 | 256,312 | 238,743 | 239,926 | 234,431 | ||||||||||||||
| Real estate loans: | |||||||||||||||||||
| Construction | 793,175 | 792,144 | 814,704 | 823,267 | 941,726 | ||||||||||||||
| Commercial real estate, non-owner occupied | 2,177,869 | 2,274,016 | 2,251,351 | 2,323,533 | 2,368,360 | ||||||||||||||
| Commercial real estate, owner occupied | 1,214,739 | 1,157,944 | 1,152,751 | 1,174,195 | 1,137,894 | ||||||||||||||
| Residential | 2,389,852 | 2,374,729 | 2,366,943 | 2,370,905 | 2,316,490 | ||||||||||||||
| Home equity | 650,499 | 659,811 | 641,188 | 631,104 | 618,258 | ||||||||||||||
| Individuals' loans for household and other personal expenditures | 140,954 | 166,028 | 158,480 | 162,089 | 161,459 | ||||||||||||||
| Public finance and other commercial loans | 1,087,356 | 1,059,083 | 981,431 | 964,814 | 964,599 | ||||||||||||||
| Loans | 13,004,905 | 12,854,359 | 12,646,808 | 12,639,650 | 12,465,582 | ||||||||||||||
| Allowance for credit losses - loans | (192,031 | ) | (192,757 | ) | (187,828 | ) | (189,537 | ) | (204,681 | ) | |||||||||
| NET LOANS | $ | 12,812,874 | $ | 12,661,602 | $ | 12,458,980 | $ | 12,450,113 | $ | 12,260,901 | |||||||||
| DEPOSITS | ||||||||||||||
| (Dollars In Thousands) | March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||
| 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||
| Demand deposits | $ | 7,786,554 | $ | 7,980,061 | $ | 7,678,510 | $ | 7,757,679 | $ | 7,771,976 | ||||
| Savings deposits | 4,791,874 | 4,522,758 | 4,302,236 | 4,339,161 | 4,679,593 | |||||||||
| Certificates and other time deposits of | 896,143 | 1,043,068 | 1,277,833 | 1,415,131 | 1,451,443 | |||||||||
| Certificates and other time deposits of | 625,203 | 692,068 | 802,949 | 889,949 | 901,280 | |||||||||
| Brokered certificates of deposits1 | 362,204 | 283,671 | 303,572 | 167,150 | 80,292 | |||||||||
| TOTAL DEPOSITS | $ | 14,461,978 | $ | 14,521,626 | $ | 14,365,100 | $ | 14,569,070 | $ | 14,884,584 | ||||
| 1 - Total brokered deposits of | ||||||||||||||
| CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS | |||||||||||||||||
| (Dollars in Thousands) | |||||||||||||||||
| For the Three Months Ended | |||||||||||||||||
| March 31, 2025 | March 31, 2024 | ||||||||||||||||
| Average Balance | Interest Income / Expense | Average Rate | Average Balance | Interest Income / Expense | Average Rate | ||||||||||||
| ASSETS | |||||||||||||||||
| Interest-bearing deposits | $ | 294,016 | $ | 2,372 | 3.23 | % | $ | 575,699 | $ | 6,493 | 4.51 | % | |||||
| Federal Home Loan Bank stock | 43,980 | 997 | 9.07 | 41,764 | 835 | 8.00 | |||||||||||
| Investment Securities: (1) | |||||||||||||||||
| Taxable | 1,634,452 | 8,372 | 2.05 | 1,783,057 | 8,748 | 1.96 | |||||||||||
| Tax-exempt (2) | 2,046,674 | 15,844 | 3.10 | 2,246,265 | 17,229 | 3.07 | |||||||||||
| Total Investment Securities | 3,681,126 | 24,216 | 2.63 | 4,029,322 | 25,977 | 2.58 | |||||||||||
| Loans held for sale | 20,965 | 319 | 6.09 | 21,782 | 328 | 6.02 | |||||||||||
| Loans: (3) | |||||||||||||||||
| Commercial | 8,770,282 | 147,772 | 6.74 | 8,598,110 | 159,209 | 7.41 | |||||||||||
| Real estate mortgage | 2,191,384 | 24,446 | 4.46 | 2,130,947 | 22,357 | 4.20 | |||||||||||
| HELOC and installment | 828,874 | 15,191 | 7.33 | 821,815 | 16,129 | 7.85 | |||||||||||
| Tax-exempt (2) | 1,129,848 | 13,332 | 4.72 | 904,412 | 10,367 | 4.59 | |||||||||||
| Total Loans | 12,941,353 | 201,060 | 6.21 | 12,477,066 | 208,390 | 6.68 | |||||||||||
| Total Earning Assets | 16,960,475 | 228,645 | 5.39 | % | 17,123,851 | 241,695 | 5.65 | % | |||||||||
| Total Non-Earning Assets | 1,381,263 | 1,306,670 | |||||||||||||||
| TOTAL ASSETS | $ | 18,341,738 | $ | 18,430,521 | |||||||||||||
| LIABILITIES | |||||||||||||||||
| Interest-Bearing Deposits: | |||||||||||||||||
| Interest-bearing deposits | $ | 5,522,434 | $ | 34,606 | 2.51 | % | $ | 5,419,821 | $ | 39,491 | 2.91 | % | |||||
| Money market deposits | 3,437,998 | 25,952 | 3.02 | 3,045,478 | 27,383 | 3.60 | |||||||||||
| Savings deposits | 1,299,405 | 2,445 | 0.75 | 1,559,877 | 3,801 | 0.97 | |||||||||||
| Certificates and other time deposits | 1,947,854 | 17,544 | 3.60 | 2,427,859 | 27,610 | 4.55 | |||||||||||
| Total Interest-Bearing Deposits | 12,207,691 | 80,547 | 2.64 | 12,453,035 | 98,285 | 3.16 | |||||||||||
| Borrowings | 1,262,926 | 11,701 | 3.71 | 1,011,812 | 10,552 | 4.17 | |||||||||||
| Total Interest-Bearing Liabilities | 13,470,617 | 92,248 | 2.74 | 13,464,847 | 108,837 | 3.23 | |||||||||||
| Noninterest-bearing deposits | 2,211,647 | 2,428,170 | |||||||||||||||
| Other liabilities | 318,600 | 295,365 | |||||||||||||||
| Total Liabilities | 16,000,864 | 16,188,382 | |||||||||||||||
| STOCKHOLDERS' EQUITY | 2,340,874 | 2,242,139 | |||||||||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 18,341,738 | 92,248 | $ | 18,430,521 | 108,837 | |||||||||||
| Net Interest Income (FTE) | $ | 136,397 | $ | 132,858 | |||||||||||||
| Net Interest Spread (FTE) (4) | 2.65 | % | 2.42 | % | |||||||||||||
| Net Interest Margin (FTE): | |||||||||||||||||
| Interest Income (FTE) / Average Earning Assets | 5.39 | % | 5.65 | % | |||||||||||||
| Interest Expense / Average Earning Assets | 2.17 | % | 2.55 | % | |||||||||||||
| Net Interest Margin (FTE) (5) | 3.22 | % | 3.10 | % | |||||||||||||
| (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 2024 and 2023. These totals equal | |||||||||||||||||
| (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. | |||||||||||||||||
| ADJUSTED NET INCOME AND DILUTED EARNINGS PER COMMON SHARE - NON-GAAP | |||||||||||||||||||
| (Dollars In Thousands, Except Per Share Amounts) | Three Months Ended | ||||||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||
| 2025 | 2024 | 2024 | 2024 | 2024 | |||||||||||||||
| Net Income Available to Common Stockholders - GAAP | $ | 54,870 | $ | 63,880 | $ | 48,719 | $ | 39,456 | $ | 47,472 | |||||||||
| Adjustments: | |||||||||||||||||||
| Net realized losses on sales of available for sale securities | 7 | 11,592 | 9,114 | 49 | 2 | ||||||||||||||
| Gain on branch sale | — | (19,983 | ) | — | — | — | |||||||||||||
| Non-core expenses1,2 | — | 762 | — | — | 3,481 | ||||||||||||||
| Tax on adjustments | (2 | ) | 1,851 | (2,220 | ) | (12 | ) | (848 | ) | ||||||||||
| Adjusted Net Income Available to Common Stockholders - Non-GAAP | $ | 54,875 | $ | 58,102 | $ | 55,613 | $ | 39,493 | $ | 50,107 | |||||||||
| Average Diluted Common Shares Outstanding (in thousands) | 58,242 | 58,247 | 58,289 | 58,328 | 59,273 | ||||||||||||||
| Diluted Earnings Per Common Share - GAAP | $ | 0.94 | $ | 1.10 | $ | 0.84 | $ | 0.68 | $ | 0.80 | |||||||||
| Adjustments: | |||||||||||||||||||
| Net realized losses on sales of available for sale securities | — | 0.20 | 0.15 | — | — | ||||||||||||||
| Gain on branch sale | — | (0.34 | ) | — | — | — | |||||||||||||
| Non-core expenses1,2 | — | 0.01 | — | — | 0.06 | ||||||||||||||
| Tax on adjustments | — | 0.03 | (0.04 | ) | — | (0.01 | ) | ||||||||||||
| Adjusted Diluted Earnings Per Common Share - Non-GAAP | $ | 0.94 | $ | 1.00 | $ | 0.95 | $ | 0.68 | $ | 0.85 | |||||||||
| 1 - Non-core expenses in 4Q24 included | |||||||||||||||||||
| 2 - Non-core expenses in 1Q24 included | |||||||||||||||||||
| NET INTEREST MARGIN ("NIM"), ADJUSTED | |||||||||||||||||||
| (Dollars in Thousands) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||
| 2025 | 2024 | 2024 | 2024 | 2024 | |||||||||||||||
| Net Interest Income (GAAP) | $ | 130,270 | $ | 134,370 | $ | 131,110 | $ | 128,571 | $ | 127,063 | |||||||||
| Fully Taxable Equivalent ("FTE") Adjustment | 6,127 | 5,788 | 5,883 | 5,859 | 5,795 | ||||||||||||||
| Net Interest Income (FTE) (non-GAAP) | $ | 136,397 | $ | 140,158 | $ | 136,993 | $ | 134,430 | $ | 132,858 | |||||||||
| Average Earning Assets (GAAP) | $ | 16,960,475 | $ | 17,089,198 | $ | 16,990,358 | $ | 17,013,984 | $ | 17,123,851 | |||||||||
| Net Interest Margin (GAAP) | 3.07 | % | 3.15 | % | 3.09 | % | 3.02 | % | 2.97 | % | |||||||||
| Net Interest Margin (FTE) (non-GAAP) | 3.22 | % | 3.28 | % | 3.23 | % | 3.16 | % | 3.10 | % | |||||||||
| RETURN ON TANGIBLE COMMON EQUITY - NON-GAAP | |||||||||||||||||||
| (Dollars In Thousands) | Three Months Ended | ||||||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||
| 2025 | 2024 | 2024 | 2024 | 2024 | |||||||||||||||
| Total Average Stockholders' Equity (GAAP) | $ | 2,340,874 | $ | 2,312,270 | $ | 2,251,547 | $ | 2,203,361 | $ | 2,242,139 | |||||||||
| Less: Average Preferred Stock | (25,125 | ) | (25,125 | ) | (25,125 | ) | (25,125 | ) | (25,125 | ) | |||||||||
| Less: Average Intangible Assets, Net of Tax | (726,917 | ) | (728,218 | ) | (729,581 | ) | (730,980 | ) | (732,432 | ) | |||||||||
| Average Tangible Common Equity, Net of Tax (Non-GAAP) | $ | 1,588,832 | $ | 1,558,927 | $ | 1,496,841 | $ | 1,447,256 | $ | 1,484,582 | |||||||||
| Net Income Available to Common Stockholders (GAAP) | $ | 54,870 | $ | 63,880 | $ | 48,719 | $ | 39,456 | $ | 47,472 | |||||||||
| Plus: Intangible Asset Amortization, Net of Tax | 1,206 | 1,399 | 1,399 | 1,399 | 1,546 | ||||||||||||||
| Tangible Net Income (Non-GAAP) | $ | 56,076 | $ | 65,279 | $ | 50,118 | $ | 40,855 | $ | 49,018 | |||||||||
| Return on Tangible Common Equity (Non-GAAP) | 14.12 | % | 16.75 | % | 13.39 | % | 11.29 | % | 13.21 | % | |||||||||
| EFFICIENCY RATIO - NON-GAAP | |||||||||||||||||||
| (Dollars In Thousands) | Three Months Ended | ||||||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||
| 2025 | 2024 | 2024 | 2024 | 2024 | |||||||||||||||
| Non Interest Expense (GAAP) | $ | 92,902 | $ | 96,289 | $ | 94,629 | $ | 91,413 | $ | 96,935 | |||||||||
| Less: Intangible Asset Amortization | (1,526 | ) | (1,771 | ) | (1,772 | ) | (1,771 | ) | (1,957 | ) | |||||||||
| Less: OREO and Foreclosure Expenses | (600 | ) | (227 | ) | (942 | ) | (373 | ) | (534 | ) | |||||||||
| Adjusted Non Interest Expense (Non-GAAP) | $ | 90,776 | $ | 94,291 | $ | 91,915 | $ | 89,269 | $ | 94,444 | |||||||||
| Net Interest Income (GAAP) | $ | 130,270 | $ | 134,370 | $ | 131,110 | $ | 128,571 | $ | 127,063 | |||||||||
| Plus: Fully Taxable Equivalent Adjustment | 6,127 | 5,788 | 5,883 | 5,859 | 5,795 | ||||||||||||||
| Net Interest Income on a Fully Taxable Equivalent Basis (Non-GAAP) | $ | 136,397 | $ | 140,158 | $ | 136,993 | $ | 134,430 | $ | 132,858 | |||||||||
| Non Interest Income (GAAP) | $ | 30,048 | $ | 42,742 | $ | 24,866 | $ | 31,334 | $ | 26,638 | |||||||||
| Less: Investment Securities (Gains) Losses | 7 | 11,592 | 9,114 | 49 | 2 | ||||||||||||||
| Adjusted Non Interest Income (Non-GAAP) | $ | 30,055 | $ | 54,334 | $ | 33,980 | $ | 31,383 | $ | 26,640 | |||||||||
| Adjusted Revenue (Non-GAAP) | $ | 166,452 | $ | 194,492 | $ | 170,973 | $ | 165,813 | $ | 159,498 | |||||||||
| Efficiency Ratio (Non-GAAP) | 54.54 | % | 48.48 | % | 53.76 | % | 53.84 | % | 59.21 | % | |||||||||
| Adjusted Non Interest Expense (Non-GAAP) | $ | 90,776 | $ | 94,291 | $ | 91,915 | $ | 89,269 | $ | 94,444 | |||||||||
| Less: Non-core Expenses1,2 | — | (762 | ) | — | — | (3,481 | ) | ||||||||||||
| Adjusted Non Interest Expense Excluding Non-core Expenses (Non-GAAP) | $ | 90,776 | $ | 93,529 | $ | 91,915 | $ | 89,269 | $ | 90,963 | |||||||||
| Adjusted Revenue (Non-GAAP) | $ | 166,452 | $ | 194,492 | $ | 170,973 | $ | 165,813 | $ | 159,498 | |||||||||
| Less: Gain on Branch Sale | — | (19,983 | ) | — | — | — | |||||||||||||
| Adjusted Revenue Excluding Gain on Branch Sale (Non-GAAP) | $ | 166,452 | $ | 174,509 | $ | 170,973 | $ | 165,813 | $ | 159,498 | |||||||||
| Adjusted Efficiency Ratio (Non-GAAP) | 54.54 | % | 53.60 | % | 53.76 | % | 53.84 | % | 57.03 | % | |||||||||
| 1 - Non-core expenses in 4Q24 included | |||||||||||||||||||
| 2 - Non-core expenses in 1Q24 included | |||||||||||||||||||
For more information, contact:
Nicole M. Weaver, Vice President and Director of Corporate Administration
765-521-7619
http://www.firstmerchants.com
SOURCE: First Merchants Corporation, Muncie, Indiana
FAQ
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