FIRST MERCHANTS CORP

Listed Company

FRMECIK 0000712534NasdaqLarge AcceleratedNational Commercial BanksIndianaFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$226.00M

Total Assets

$19.03B

Equity

$2.47B

Shares Out

63.39M

Op. Cash Flow

$283.65M

+ 13F Filer

Business

FIRST MERCHANTS CORP is a financial holding company that provides banking and financial services through its bank subsidiary. It offers commercial and consumer banking, mortgage lending, treasury management, deposit products, and personal wealth management and fiduciary services. Its operations are organized around a community banking business model with divisions including First Merchants Bank, commercial banking, consumer banking, mortgage banking, and First Merchants Private Wealth Advisors. The company serves customers primarily in Indiana, Ohio and Michigan through a branch network and comprehensive electronic and mobile delivery channels.

Summary from filing dated 2025-02-24

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Taxable	786	804	748	470	338
Tax-exempt	43	34	32	25	22
Taxable	33	36	35	38	30
Tax-exempt	50	53	58	67	55
Deposits with financial institutions	8	17	18	3	634,000
Federal Home Loan Bank stock	4	4	3	1	597,000
Total Interest Income	925	948	894	605	447
Deposits	344	386	306	63	23
Federal funds purchased	2	481,000	1	1	5,000
Securities sold under repurchase agreements	2	3	3	1	314,000
Federal Home Loan Bank advances	36	30	27	11	—
Subordinated debentures and other borrowings	4	7	10	8	—
Total Interest Expense	389	427	348	85	—
NET INTEREST INCOME	536	521	545	520	411
Provision for credit losses	21	36	4	17	0
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES	515	485	542	503	411
Net gains and fees on sales of loans	21	21	16	10	20
Earnings on bank-owned life insurance	8	8	8	5	5
Net realized losses on sales of available for sale securities	−8,000	−21	−7	1	6
Gain on branch sale	0	20	0	0	—
Other income	4	6	3	2	3
Total Noninterest Income	127	126	106	108	109
Salaries and employee benefits	225	221	229	207	167
Net occupancy	28	28	30	26	23
Equipment	29	27	24	24	19
Marketing	8	7	7	8	6
Outside data processing fees	27	27	25	22	18
Printing and office supplies	1	1	2	2	1
Intangible asset amortization	6	7	9	8	6
FDIC assessments	13	15	15	10	6
Other real estate owned and foreclosure expenses	2	2	3	823,000	—
Professional and other outside services	14	15	16	22	12
Other expenses	28	28	29	27	19
Total Noninterest Expense	383	379	388	356	279
Income Before Income Taxes	259	232	259	256	241
Income tax expense	33	30	35	34	35
NET INCOME	226	201	224	222	206
Preferred stock dividends	2	2	2	1	0
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	224	200	222	221	206
Basic Net Income Available to Common Stockholders (in dollars per share)	3.9	3.42	3.74	3.83	3.82
Diluted Net Income Available to Common Stockholders (in dollars per share)	3.88	3.41	3.73	3.81	3.81
Cash Dividends Paid (in dollars per share)	1.43	1.39	1.34	1.25	—
Average Diluted Common Shares Outstanding (in shares)	58	59	59	58	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	84	88	113	123	167
Interest-bearing deposits	196	299	436	126	474
Investment securities available for sale	1,407	1,386	1,627	1,977	2,345
Investment securities held to maturity, net of allowance for credit losses of $245 and $245 (fair value of $1,718,287 and $1,723,520)	1,972	2,074	2,184	2,287	2,180
Loans held for sale	20	19	19	9	11
Loans	13,792	12,854	12,486	12,004	9,242
Less: Allowance for credit losses - loans	−196	−193	−205	−223	−195
Net loans	13,596	12,662	12,281	11,781	9,046
Premises and equipment	121	130	134	117	106
Federal Home Loan Bank stock	47	42	42	39	29
Interest receivable	93	92	98	85	57
Goodwill	712	712	712	712	545
Other intangibles	14	20	27	36	25
Cash surrender value of life insurance	308	305	306	308	291
Other real estate owned	658,000	5	5	6	558,000
Tax asset, deferred and receivable	79	92	100	111	36
Other assets	375	387	322	286	140
TOTAL ASSETS	19,025	18,312	18,406	18,002	15,453
Noninterest-bearing	2,137	2,326	2,500	3,173	2,710
Interest-bearing	13,158	12,196	12,321	11,209	10,023
Total deposits	15,295	14,522	14,821	14,383	12,733
Federal funds purchased	40	99	0	172	0
Securities sold under repurchase agreements	104	143	157	167	182
Federal Home Loan Bank advances	799	823	713	824	334
Subordinated debentures and other borrowings	58	94	159	151	119
Total Borrowings	1,000	1,158	1,029	1,314	634
Interest payable	18	16	19	8	3
Other liabilities	245	311	289	263	171
Total Liabilities	16,558	16,007	16,158	15,967	13,541
COMMITMENTS AND CONTINGENT LIABILITIES	—	—	—	—	—
Common Stock, $0.125 stated value: Authorized - 100,000,000 shares Issued and outstanding - 0 and 57,974,535 shares	7	7	7	7	7
Additional paid-in capital	1,151	1,189	1,237	1,229	986
Retained earnings	1,414	1,273	1,155	1,013	865
Accumulated other comprehensive loss	−130	−189	−176	−239	55
Total Stockholders' Equity	2,467	2,305	2,248	2,035	1,913
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	19,025	18,312	18,406	18,002	15,453

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	29	27	12	12	11
Change in deferred taxes	2	2	7	9	7
Share-based compensation	7	6	5	5	5
Loans originated for sale	−501	−1,171	−793	−251	−549
Proceeds from sales of loans held for sale	516	1,183	792	266	558
Gains on sales of loans held for sale	−16	−12	−8	−4	−16
Increase in cash surrender of life insurance	−7	−6	−5	−5	−5
Gains on life insurance benefits	−1	−3	−3	−6	−2
Change in interest receivable	−2	6	−13	−21	−3
Change in interest payable	2	−3	11	4	−525,000
Operating lease right-of-use abandonment	0	0	2	0	0
Other adjustments	6	−789,000	18	39	11
Net cash provided by operating activities	284	266	259	284	215
Net change in interest-bearing deposits	103	137	−310	348	−82
Securities available for sale	−20	−95	−33	−451	−931
Securities held to maturity	0	0	−6	−292	−1,157
Proceeds from sales of securities available for sale	0	248	388	607	181
Securities available for sale	66	51	56	202	279
Securities held to maturity	99	96	105	155	227
Purchases of Federal Home Loan Bank stock	−6	0	−3	—	—
Redemptions of Federal Home Loan Bank stock	89,000	79,000	129,000	—	—
Payment of capital calls to qualified affordable housing investments	−48	−30	−12	−12	−2
Net change in loans	−966	−419	−622	−1,166	−61
Net cash and cash equivalents paid in divestiture of branches	0	−244	0	0	—
Proceeds from the sale of other real estate owned	7	781,000	2	496,000	706,000
Proceeds from life insurance benefits	4	10	10	24	9
Other adjustments	−14	−14	−34	−18	−17
Net cash used by investing activities	−774	−252	−344	−463	−1,477
Demand and savings deposits	749	203	−624	−513	1,556
Certificates of deposit and other time deposits	24	−236	1,062	233	−185
Borrowings	854	639	834	1,818	46
Repayment of borrowings	−1,012	−510	−1,119	−1,333	−96
Cash dividends on preferred stock	−2	−2	−2	−1	0
Cash dividends on common stock	−83	−82	−80	−73	−61
Stock issued under employee benefit plans	628,000	656,000	754,000	706,000	605,000
Stock issued under dividend reinvestment and stock purchase plans	2	2	2	2	2
Stock options exercised	454,000	900,000	1	358,000	198,000
Repurchase of common stock	−47	−56	0	0	−25
Net cash provided (used) by financing activities	487	−39	76	134	1,236
Net Change in Cash and Cash Equivalents	−3	−25	−10	−45	−26
Interest paid	387	430	337	80	36
Income taxes paid	21	8	35	14	31
Loans transferred to other real estate owned	3	820,000	1	6	—
Fixed assets transferred to other real estate owned	3	69,000	5	1	—
Non-cash investing activities using trade date accounting	7	10	3	46	40
ROU assets obtained in exchange for new operating lease liabilities	783,000	7	2	11	3
Qualified affordable housing investments obtained in exchange for funding commitments	25	66	44	37	21
Non-cash assets divested	0	11	0	0	—
Cash paid in divestiture	0	244	0	0	—
Less: Final settlement receivable	0	6	0	0	—
Liabilities divested	0	268	0	0	—

Filings

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Holdings (13F)

Portfolio as of 2026-01-14 · 354 positions

Reported AUM

$1.22B

Holdings

354

Top sector

$1.22B

Top sectors

Sector	Value	% of portfolio
Uncategorized	$1.22B	100.0%

Top holdings

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S&P MID-CAP 400 VALUE ETF ISHARES	—	170.2K	$18.66M	1.5%
VISA COM	—	80.8K	$17.91M	1.5%