First Merchants Corporation reported net income of $28.2 million for the quarter ended March 31, 2026, down from $55.3 million a year earlier, as one‑time items weighed on results. Diluted earnings per share were $0.45 versus $0.94 in the prior‑year quarter.
Results reflected a $29.8 million loss on mortgage loans reclassified to held for sale and $17.0 million of integration and transaction‑related expenses tied to the acquisition of First Savings Financial Group, Inc. Completed on February 1, 2026, that acquisition added $2.46 billion of assets, generated $13.6 million of revenue and $3.8 million of net income in the partial quarter, and led to recognition of $70.8 million of goodwill and $30.2 million of other intangibles.
Total assets rose to $21.1 billion, loans to $15.3 billion, and deposits to $16.5 billion at March 31, 2026. The allowance for credit losses on loans increased to $212.5 million, supported by acquisition‑date credit marks and a $4.9 million provision. Nonaccrual loans grew to $89.6 million, and investment securities continued to carry sizable unrealized losses driven by interest rates.
First Merchants Corporation reported net income of $28.2 million for the quarter ended March 31, 2026, down from $55.3 million a year earlier, as one‑time items weighed on results. Diluted earnings per share were $0.45 versus $0.94 in the prior‑year quarter.
Results reflected a $29.8 million loss on mortgage loans reclassified to held for sale and $17.0 million of integration and transaction‑related expenses tied to the acquisition of First Savings Financial Group, Inc. Completed on February 1, 2026, that acquisition added $2.46 billion of assets, generated $13.6 million of revenue and $3.8 million of net income in the partial quarter, and led to recognition of $70.8 million of goodwill and $30.2 million of other intangibles.
Total assets rose to $21.1 billion, loans to $15.3 billion, and deposits to $16.5 billion at March 31, 2026. The allowance for credit losses on loans increased to $212.5 million, supported by acquisition‑date credit marks and a $4.9 million provision. Nonaccrual loans grew to $89.6 million, and investment securities continued to carry sizable unrealized losses driven by interest rates.
First Merchants Corp ownership disclosure: Vanguard Capital Management reports beneficial ownership of 3,199,084 shares of Common Stock, representing 5.04% of the class as reported. The filing shows sole voting power for 468,473 shares and sole dispositive power for 3,199,084 shares.
The filing identifies Vanguard Capital Management and affiliated business divisions as the reporting group and states these holdings include securities held by Vanguard funds and managed accounts. The signature is dated 04/29/2026.
First Merchants Corp ownership disclosure: Vanguard Capital Management reports beneficial ownership of 3,199,084 shares of Common Stock, representing 5.04% of the class as reported. The filing shows sole voting power for 468,473 shares and sole dispositive power for 3,199,084 shares.
The filing identifies Vanguard Capital Management and affiliated business divisions as the reporting group and states these holdings include securities held by Vanguard funds and managed accounts. The signature is dated 04/29/2026.
First Merchants Corp ownership filing reports that Vanguard Portfolio Management beneficially owned 3,408,096 shares of Common Stock, representing 5.37% of the class as of 03/31/2026. The filing shows sole voting power for 49,062 shares and sole dispositive power for 3,408,096 shares. The disclosure states holdings include securities held for Vanguard funds and other managed accounts and lists affiliated entities that exercise voting or dispositive power for certain sleeves.
First Merchants Corp ownership filing reports that Vanguard Portfolio Management beneficially owned 3,408,096 shares of Common Stock, representing 5.37% of the class as of 03/31/2026. The filing shows sole voting power for 49,062 shares and sole dispositive power for 3,408,096 shares. The disclosure states holdings include securities held for Vanguard funds and other managed accounts and lists affiliated entities that exercise voting or dispositive power for certain sleeves.
First Merchants Corporation reported first-quarter 2026 net income available to common stockholders of $27.7 million, or $0.45 per diluted share, down from $54.9 million a year earlier due to acquisition-related costs and a mortgage loan mark-to-market loss.
Excluding a $29.8 million loss on $357 million of mortgage loans moved to held-for-sale and $17.0 million of acquisition expenses, adjusted net income was $63.1 million, or $1.03 per diluted share, compared to $0.94 in the prior-year quarter.
The company completed the acquisition of First Savings, adding $2.4 billion in assets, $1.8 billion of loans and $1.7 billion of deposits, bringing total assets to $21.1 billion, loans to $15.3 billion, and deposits to $16.5 billion at March 31, 2026.
Net interest income rose to $151.3 million, and the fully taxable equivalent net interest margin improved to 3.35%. Credit quality remained solid, with nonperforming assets at 0.43% of total assets and an allowance for credit losses on loans of 1.39%. Capital ratios stayed strong, including a Common Equity Tier 1 ratio of 11.22% and a tangible common equity ratio of 9.00%.
First Merchants Corporation reported first-quarter 2026 net income available to common stockholders of $27.7 million, or $0.45 per diluted share, down from $54.9 million a year earlier due to acquisition-related costs and a mortgage loan mark-to-market loss.
Excluding a $29.8 million loss on $357 million of mortgage loans moved to held-for-sale and $17.0 million of acquisition expenses, adjusted net income was $63.1 million, or $1.03 per diluted share, compared to $0.94 in the prior-year quarter.
The company completed the acquisition of First Savings, adding $2.4 billion in assets, $1.8 billion of loans and $1.7 billion of deposits, bringing total assets to $21.1 billion, loans to $15.3 billion, and deposits to $16.5 billion at March 31, 2026.
Net interest income rose to $151.3 million, and the fully taxable equivalent net interest margin improved to 3.35%. Credit quality remained solid, with nonperforming assets at 0.43% of total assets and an allowance for credit losses on loans of 1.39%. Capital ratios stayed strong, including a Common Equity Tier 1 ratio of 11.22% and a tangible common equity ratio of 9.00%.
First Merchants Corp filed a Form 13F reporting holdings totaling $2,628,836,819 across 501 reported positions. The report was signed by Heather Roche on 04-06-2026 as the institutional investment manager filing this report.
First Merchants Corp filed a Form 13F reporting holdings totaling $2,628,836,819 across 501 reported positions. The report was signed by Heather Roche on 04-06-2026 as the institutional investment manager filing this report.
First Merchants Corporation is asking shareholders to vote at its 2026 virtual annual meeting on May 19 at 9:00 a.m. Eastern via webcast. Shareholders will elect nine directors for one-year terms, approve on an advisory basis pay for named executive officers, and ratify Forvis Mazars, LLP as independent auditor for 2026.
Shareholders of record on March 23, 2026, holding 63,325,778 common shares, are entitled to one vote per share and may vote online, by phone, mail, or during the meeting. Large institutional holders include The Vanguard Group, BlackRock, and Dimensional Fund Advisors. Directors and executive officers together hold 1.77% of shares.
The proxy details a largely independent, declassified board led by an independent chair, with specialized committees overseeing audit, risk, compensation, and governance, plus a clawback policy and majority voting in uncontested elections. It also outlines ESG oversight, cybersecurity risk management, and extensive executive and director compensation frameworks.
First Merchants Corporation is asking shareholders to vote at its 2026 virtual annual meeting on May 19 at 9:00 a.m. Eastern via webcast. Shareholders will elect nine directors for one-year terms, approve on an advisory basis pay for named executive officers, and ratify Forvis Mazars, LLP as independent auditor for 2026.
Shareholders of record on March 23, 2026, holding 63,325,778 common shares, are entitled to one vote per share and may vote online, by phone, mail, or during the meeting. Large institutional holders include The Vanguard Group, BlackRock, and Dimensional Fund Advisors. Directors and executive officers together hold 1.77% of shares.
The proxy details a largely independent, declassified board led by an independent chair, with specialized committees overseeing audit, risk, compensation, and governance, plus a clawback policy and majority voting in uncontested elections. It also outlines ESG oversight, cybersecurity risk management, and extensive executive and director compensation frameworks.
KELLOGG CLARK C reported acquisition or exercise transactions in this Form 4 filing.
FIRST MERCHANTS CORP director Clark C. Kellogg received an equity award of 584 shares of Common Stock. The shares were granted at a reference price of $38.73 per share as a compensation-related award, not an open-market purchase or sale.
Following this grant, Kellogg directly holds a total of 15,271.382 Common Stock shares, which includes Restricted Stock Awards totaling 7,671 shares.
KELLOGG CLARK C reported acquisition or exercise transactions in this Form 4 filing.
FIRST MERCHANTS CORP director Clark C. Kellogg received an equity award of 584 shares of Common Stock. The shares were granted at a reference price of $38.73 per share as a compensation-related award, not an open-market purchase or sale.
Following this grant, Kellogg directly holds a total of 15,271.382 Common Stock shares, which includes Restricted Stock Awards totaling 7,671 shares.
FIRST MERCHANTS CORP director Gary Lehman received a grant of 564 shares of Common Stock on March 31, 2026, reported as a grant, award, or other acquisition valued at $38.73 per share. Following this award, he directly holds about 53,774.969 shares, including 7,406 shares in Restricted Stock Awards.
FIRST MERCHANTS CORP director Gary Lehman received a grant of 564 shares of Common Stock on March 31, 2026, reported as a grant, award, or other acquisition valued at $38.73 per share. Following this award, he directly holds about 53,774.969 shares, including 7,406 shares in Restricted Stock Awards.
WOJTOWICZ JEAN L reported acquisition or exercise transactions in this Form 4 filing.
FIRST MERCHANTS CORP director Jean L. Wojtowicz received a grant of 806 shares of Common Stock on March 31, 2026. The award was valued at $38.73 per share in the filing. After this grant, Wojtowicz directly holds 65,518.866 shares, including Restricted Stock Awards totaling 10,284 shares.
WOJTOWICZ JEAN L reported acquisition or exercise transactions in this Form 4 filing.
FIRST MERCHANTS CORP director Jean L. Wojtowicz received a grant of 806 shares of Common Stock on March 31, 2026. The award was valued at $38.73 per share in the filing. After this grant, Wojtowicz directly holds 65,518.866 shares, including Restricted Stock Awards totaling 10,284 shares.
Sondhi Jason R reported acquisition or exercise transactions in this Form 4 filing.
First Merchants Corp director Jason R. Sondhi reported receiving a grant of 605 shares of common stock at $38.73 per share. Following this award, his direct holdings total 9,549.797 common shares. These holdings include Restricted Stock Awards totaling 7,909 shares.
Sondhi Jason R reported acquisition or exercise transactions in this Form 4 filing.
First Merchants Corp director Jason R. Sondhi reported receiving a grant of 605 shares of common stock at $38.73 per share. Following this award, his direct holdings total 9,549.797 common shares. These holdings include Restricted Stock Awards totaling 7,909 shares.