First Merchants Corporation Announces Third Quarter 2025 Earnings per Share
First Merchants Corporation (NASDAQ: FRME) reported 3Q2025 net income $56.3M and diluted EPS $0.98, versus $48.7M and $0.84 in 3Q2024. Adjusted diluted EPS was $0.99. The company repurchased 939,271 shares ($36.5M YTD) including 162,474 shares ($6.5M) in the quarter.
Total assets were $18.8B, loans $13.6B (linked-quarter growth $288.8M, 8.7% annualized; 12-month growth $926.9M, 7.3%), and deposits $14.9B (+$504.9M, 3.5% YoY). CET1 ratio was 11.34% and tangible common equity to tangible assets 9.18%. The company announced an all-stock acquisition of First Savings (adds ~$2.4B assets; deal valued ~$241.3M) expected to close in 1Q2026.
First Merchants Corporation (NASDAQ: FRME) ha riportato utile netto del 3Q2025 di 56,3 milioni di dollari e EPS diluito di 0,98 dollari, rispetto a 48,7 milioni e 0,84 dollari nel 3Q2024. L’EPS diluito corretto era 0,99. L'azienda ha riacquistato 939.271 azioni (36,5 milioni di dollari YTD) inclusi 162.474 azioni (6,5 milioni di dollari) nel trimestre.
Gli attivi totali erano 18,8 miliardi di dollari, i prestiti 13,6 miliardi (crescita trimestre confrontabile 288,8 milioni, 8,7% annualizzato; crescita 12 mesi 926,9 milioni, 7,3%), e i depositi 14,9 miliardi (+504,9 milioni, 3,5% YoY). Il CET1 ratio era 11,34% e il rapporto tra patrimonio tangibile comune e attività tangibili 9,18%. L'azienda ha annunciato una acquisizione interamente azionaria di First Savings (aggiunge circa 2,4 miliardi di dollari in attività; l'accordo vale circa 241,3 milioni di dollari) che dovrebbe chiudersi nel 1Q2026.
First Merchants Corporation (NASDAQ: FRME) reportó beneficio neto de 3T2025 de 56,3 M$ y EPS diluido de 0,98$, frente a 48,7 M$ y 0,84$ en 3T2024. El EPS diluido ajustado fue de 0,99. La compañía recompró 939.271 acciones (36,5 M$ YTD) incluyendo 162.474 acciones (6,5 M$) en el trimestre.
Los activos totales eran 18,8 MMD$, préstamos 13,6 MMD$ (crecimiento secuencial de trimestre de 288,8 M$, 8,7% anualizado; crecimiento de 12 meses de 926,9 M$, 7,3%), y depósitos 14,9 MMD$ (+504,9 M$, 3,5% interanual). La ratio CET1 era 11,34% y la relación patrimonio tangible común a activos tangibles 9,18%. La compañía anunció una adquisición 100% en acciones de First Savings (agrega ~2,4 B$ en activos; valor de la operación ~241,3 M$) que se espera cierre en 1Q2026.
First Merchants Corporation (NASDAQ: FRME)은 2025년 3분기 순이익 5,630만 달러와 희석EPS 0.98달러를 발표했고, 이는 2024년 3분기의 4,870만 달러 및 0.84달러에 비해 증가했습니다. 조정된 희석 EPS는 0.99달러였습니다. 회사는 939,271주(년-to-date 3,650만 달러)를 재매입했고 분기에는 162,474주(6.5백만 달러)를 포함했습니다.
총자산은 188억 달러, 대출은 136억 달러로 연결 분기 성장 2,888만 달러, 연환산 8.7%; 12개월 성장 9,269만 달러, 7.3%), 예금은 149억 달러로 YoY +5.049억 달러, 3.5% 증가였습니다. CET1 비율은 11.34%였고 실질적 보통주 자본 대비 당기자본은 9.18%였습니다. 또한 회사는 First Savings의 전액 현금없는 주식 인수를 발표했습니다(자산 약 24억 달러 증가; 거래 가치 약 2413만 달러). 1Q2026에 마감될 것으로 예상됩니다.
First Merchants Corporation (NASDAQ: FRME) a annoncé un résultat net du T3 2025 de 56,3 M$ et un BPA dilué de 0,98$, contre 48,7 M$ et 0,84$ au T3 2024. Le BPA dilué ajusté était de 0,99. La société a racheté 939 271 actions (36,5 M$ YTD) dont 162 474 actions (6,5 M$) au trimestre.
Les actifs totaux s’élevaient à 18,8 Md$, les prêts à 13,6 Md$ (croissance séquentielle du trimestre de 288,8 M$, annualisée à 8,7%; croissance sur 12 mois de 926,9 M$, 7,3%), et les dépôts à 14,9 Md$ (+504,9 M$, +3,5% en glissement annuel). Le ratio CET1 était de 11,34% et le ratio fonds propres tangibles ordinaires par actifs tangibles était de 9,18%. La société a annoncé une acquisition tout en actions de First Savings (ajoute environ 2,4 Md$ d’actifs; valeur de l’accord environ 241,3 M$) qui devrait être close au 1er trimestre 2026.
First Merchants Corporation (NASDAQ: FRME) meldete Nettoeinkommen im 3Q2025 von 56,3 Mio. USD und verwässertes EPS von 0,98 USD, gegenüber 48,7 Mio. USD bzw. 0,84 USD im 3Q2024. Anpassbares dilutes EPS betrug 0,99. Das Unternehmen kaufte 939.271 Aktien (36,5 Mio. USD YTD) zurück, darunter 162.474 Aktien (6,5 Mio. USD) im Quartal.
Gesamtaktiva betrugen 18,8 Mrd. USD, Darlehen 13,6 Mrd. USD (verknüpftes Quartalwachstum 288,8 Mio. USD, annualisiert 8,7%; Wachstum über 12 Monate 926,9 Mio. USD, 7,3%), und Einlagen 14,9 Mrd. USD (+504,9 Mio. USD, 3,5% YoY). CET1-Verhältnis war 11,34% und das Verhältnis des greifbaren Eigenkapitals zum greifbaren Vermögen 9,18%. Das Unternehmen kündigte eine rein aktienbasierte Akquisition von First Savings an (fügt ca. 2,4 Mrd. USD Vermögen hinzu; Deal-Wert ca. 241,3 Mio. USD), die voraussichtlich im 1Q2026 abgeschlossen wird.
First Merchants Corporation (NASDAQ: FRME) أبلغت عن صافي الدخل للربع الثالث 2025 قدره 56.3 مليون دولار و ربحية السهم المخفف 0.98 دولار، مقارنة بـ 48.7 مليون دولار و0.84 دولار في الربع الثالث 2024. كانت ربحية السهم المخفف المعدلة 0.99. الشركة أعادت شراء 939,271 سهماً (36.5 مليون دولار حتى تاريخه) بما في ذلك 162,474 سهماً (6.5 مليون دولار) في الربع.
كان إجمالي الأصول 18.8 مليار دولار، القروض 13.6 مليار دولار (نمو ربع سنوي مرتبط 288.8 مليون دولار، 8.7% سنوياً؛ نمو خلال 12 شهراً 926.9 مليون دولار، 7.3%), والودائع 14.9 مليار دولار (+504.9 مليون دولار، 3.5% على أساس سنوي). نسبة CET1 كانت 11.34% ونسبة حقوق المساهمين الملموسة إلى الأصول الملموسة 9.18%. أعلنت الشركة عن اندماج مَقْلُد بالكامل بالأسهم مع First Savings (يزيد الأصول بنحو 2.4 مليار دولار؛ قيمة الصفقة نحو 241.3 مليون دولار) من المتوقع أن يُغلق في الربع الأول من 2026.
First Merchants Corporation (NASDAQ: FRME) 报告了 2025年第三季度净利润为5630万美元及 摊薄后每股收益为0.98美元，与2024年第三季度的4870万美元和0.84美元相比增长。调整后摊薄每股收益为0.99。该公司回购了 939,271股（年初至今36.5百万美元），本季度包括 162,474股（650万美元）。
总资产为 188亿美元，贷款为 136亿美元（与上季度相比增长2.888亿美元，年化8.7%；12个月增长9.269亿美元，7.3%），存款为 149亿美元（同比+4.049亿美元，3.5%）。CET1比率为 11.34%，有形普通股权与有形资产的比率为 9.18%。公司宣布将进行First Savings的全股票收购（增加约24亿美元资产；交易价值约2.413亿美元），预计在2026年第一季度完成。
- Net income increased to $56.3M in 3Q2025
- Diluted EPS improved to $0.98 year-over-year
- Announced acquisition adding $2.4B in assets
- CET1 capital ratio of 11.34% indicates strong capitalization
- Loans grew $926.9M (7.3% YoY), with linked-quarter annualized growth of 8.7%
- Share repurchases of 939,271 shares ($36.5M YTD) support shareholder returns
- Efficiency ratio remained elevated at 55.09% for the quarter
- Allowance for credit losses decreased to 1.43% of loans
- Noninterest expense rose to $96.6M driven by higher salaries and severance
Insights
Solid quarter: higher EPS, stable credit metrics, strong capital, and an acquisitive expansion adding ~$2.4B of assets.
Net income available to common stockholders of
Credit and capital metrics remain supportive: non-performing assets were steady at
The announced all-stock acquisition of First Savings Financial Group adds approximately
MUNCIE, Ind., Oct. 22, 2025 (GLOBE NEWSWIRE) -- First Merchants Corporation (NASDAQ - FRME) (the "Corporation")
Third Quarter 2025 Highlights:
- Net income available to common stockholders was
$56.3 million and diluted earnings per common share totaled$0.98 in the third quarter of 2025, compared to$48.7 million and$0.84 in the third quarter of 2024, and$56.4 million and$0.98 in the second quarter of 2025. - Robust capital position with Common Equity Tier 1 Capital Ratio of
11.34% and Tangible Common Equity to Tangible Assets Ratio of9.18% . - Repurchased 939,271 shares totaling
$36.5 million year-to-date; repurchased 162,474 shares totaling$6.5 million during the third quarter. - Total loans grew
$288.8 million , or8.7% annualized, on a linked quarter basis, and$926.9 million , or7.3% , during the last twelve months. - Total deposits increased
$72.4 million , or2.0% annualized, on a linked quarter basis. - Nonperforming assets to total assets were 36 basis points and flat compared to prior quarter.
- The efficiency ratio totaled
55.09% for the quarter or54.56% 1 excluding$0.9 million of non-core charges incurred during the quarter. - Announced the acquisition of First Savings Financial Group, Inc. on September 25, 2025, adding approximately
$2.4 billion in assets and expanding the Corporation's presence into Southern Indiana and the Louisville MSA.
"Our strong year-to-date balance sheet and earnings performance underscore the strength and resilience of our business model. Our return on assets, return on tangible capital, and efficiency ratio are in the top-quartile relative to our peers, reflecting disciplined execution and operational excellence," said Mark Hardwick, Chief Executive Officer. "The pending acquisition of First Savings Financial Group marks a strategic expansion into Southern Indiana and the Louisville metropolitan area, adding approximately
Third Quarter Financial Results:
First Merchants Corporation (the “Corporation") reported third quarter 2025 net income available to common stockholders of
On September 25, 2025, the Corporation signed a definitive agreement to acquire First Savings Financial Group, Inc., (“First Savings”), in an all-stock transaction that was valued at approximately
Total assets of the Corporation equaled
Investments, totaling
Total deposits equaled
The Corporation’s Allowance for Credit Losses – Loans (ACL) totaled
Net interest income, totaling
Noninterest income totaled
Noninterest expense totaled
The Corporation’s total risk-based capital ratio equaled
1 See “Non-GAAP Financial Information” for reconciliation
CONFERENCE CALL
First Merchants Corporation will conduct a third quarter earnings conference call and webcast at 9:00 a.m. (ET) on Thursday, October 23, 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/BIf471933f076b43ed86fc41e507892de6)
To view the webcast and presentation slides, please go to (https://edge.media-server.com/mmc/p/b8bccx5o) during the time of the call. A replay of the webcast will be available until October 23, 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 news 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 forward- looking statements include, but are not limited to, statements relating to the expected timing and benefits of the proposed merger between First Merchants and First Savings, including future financial and operating results, cost savings, enhanced revenues, and accretion/dilution to reported earnings that may be realized from the proposed merger, as well as other statements of expectations regarding the proposed merger, and other statements of 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, whether with respect to the proposed merger or otherwise. 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: the risk that the businesses of First Merchants and First Savings will not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected; expected revenue synergies and cost savings from the proposed merger may not be fully realized or realized within the expected time frame; revenues following the proposed merger may be lower than expected; customer and employee relationships and business operations may be disrupted by the proposed merger; the ability to obtain required regulatory approvals or the approval of First Savings’ common shareholders, and the ability to complete the proposed merger on the expected timeframe; 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 First Merchants’ business; the impacts of epidemics, pandemics or other infectious disease outbreaks; and other risks and factors identified in each of First Merchants’ filings with the SEC. Neither First Merchants nor First Savings undertakes any obligation to update any forward-looking statement, whether written or oral, relating to the matters discussed in this news release. In addition, the companies’ respective past results of operations do not necessarily indicate their anticipated future results, whether or not the proposed merger is completed.
| CONSOLIDATED BALANCE SHEETS (Unaudited) | |||||||
| (Dollars In Thousands, Except Per Share Amounts) | September 30, | ||||||
| 2025 | 2024 | ||||||
| ASSETS | |||||||
| Cash and due from banks | $ | 88,079 | $ | 84,719 | |||
| Interest-bearing deposits | 168,706 | 359,126 | |||||
| Investment securities available for sale | 1,386,903 | 1,553,496 | |||||
| Investment securities held to maturity, net of allowance for credit losses | 1,995,488 | 2,108,649 | |||||
| Loans held for sale | 23,190 | 40,652 | |||||
| Loans | 13,591,174 | 12,646,808 | |||||
| Less: Allowance for credit losses - loans | (194,468 | ) | (187,828 | ) | |||
| Net loans | 13,396,706 | 12,458,980 | |||||
| Premises and equipment | 121,771 | 129,582 | |||||
| Federal Home Loan Bank stock | 47,264 | 41,716 | |||||
| Interest receivable | 89,102 | 92,055 | |||||
| Goodwill | 712,002 | 712,002 | |||||
| Other intangibles | 15,298 | 21,599 | |||||
| Cash surrender value of life insurance | 306,583 | 304,613 | |||||
| Other real estate owned | 1,270 | 5,247 | |||||
| Tax asset, deferred and receivable | 89,758 | 86,732 | |||||
| Other assets | 369,509 | 348,384 | |||||
| TOTAL ASSETS | $ | 18,811,629 | $ | 18,347,552 | |||
| LIABILITIES | |||||||
| Deposits: | |||||||
| Noninterest-bearing | $ | 2,100,570 | $ | 2,334,197 | |||
| Interest-bearing | 12,769,409 | 12,030,903 | |||||
| Total Deposits | 14,869,979 | 14,365,100 | |||||
| Borrowings: | |||||||
| Federal funds purchased | 199,370 | 30,000 | |||||
| Securities sold under repurchase agreements | 122,226 | 124,894 | |||||
| Federal Home Loan Bank advances | 798,626 | 832,629 | |||||
| Subordinated debentures and other borrowings | 57,632 | 93,562 | |||||
| Total Borrowings | 1,177,854 | 1,081,085 | |||||
| Deposits and other liabilities held for sale | — | 288,476 | |||||
| Interest payable | 18,240 | 18,089 | |||||
| Other liabilities | 333,154 | 292,429 | |||||
| Total Liabilities | 16,399,227 | 16,045,179 | |||||
| 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, | |||||||
| Authorized -- 100,000,000 shares Issued and outstanding - 57,192,497 and 58,117,115 shares | 7,149 | 7,265 | |||||
| Additional paid-in capital | 1,158,026 | 1,192,683 | |||||
| Retained earnings | 1,377,966 | 1,229,125 | |||||
| Accumulated other comprehensive loss | (155,864 | ) | (151,825 | ) | |||
| Total Stockholders' Equity | 2,412,402 | 2,302,373 | |||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 18,811,629 | $ | 18,347,552 | |||
| CONSOLIDATED STATEMENTS OF INCOME (Unaudited) | Three Months Ended | Nine Months Ended | ||||||||||||
| (Dollars In Thousands, Except Per Share Amounts) | September 30, | September 30, | ||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||
| INTEREST INCOME | ||||||||||||||
| Loans: | ||||||||||||||
| Taxable | $ | 200,406 | $ | 206,680 | $ | 583,307 | $ | 606,116 | ||||||
| Tax-exempt | 11,173 | 8,622 | 32,510 | 25,242 | ||||||||||
| Investment securities: | ||||||||||||||
| Taxable | 8,288 | 9,263 | 24,926 | 27,062 | ||||||||||
| Tax-exempt | 12,460 | 13,509 | 37,493 | 40,733 | ||||||||||
| Deposits with financial institutions | 1,676 | 2,154 | 5,940 | 11,642 | ||||||||||
| Federal Home Loan Bank stock | 1,092 | 855 | 3,172 | 2,569 | ||||||||||
| Total Interest Income | 235,095 | 241,083 | 687,348 | 713,364 | ||||||||||
| INTEREST EXPENSE | ||||||||||||||
| Deposits | 90,821 | 98,856 | 255,609 | 296,292 | ||||||||||
| Federal funds purchased | 224 | 329 | 2,001 | 455 | ||||||||||
| Securities sold under repurchase agreements | 654 | 700 | 2,059 | 2,377 | ||||||||||
| Federal Home Loan Bank advances | 8,638 | 8,544 | 27,716 | 21,715 | ||||||||||
| Subordinated debentures and other borrowings | 1,093 | 1,544 | 3,014 | 5,781 | ||||||||||
| Total Interest Expense | 101,430 | 109,973 | 290,399 | 326,620 | ||||||||||
| NET INTEREST INCOME | 133,665 | 131,110 | 396,949 | 386,744 | ||||||||||
| Provision for credit losses | 4,300 | 5,000 | 14,100 | 31,500 | ||||||||||
| NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 129,365 | 126,110 | 382,849 | 355,244 | ||||||||||
| NONINTEREST INCOME | ||||||||||||||
| Service charges on deposit accounts | 8,921 | 8,361 | 25,559 | 24,482 | ||||||||||
| Fiduciary and wealth management fees | 8,842 | 8,525 | 26,317 | 25,550 | ||||||||||
| Card payment fees | 5,007 | 5,121 | 14,465 | 14,360 | ||||||||||
| Net gains and fees on sales of loans | 4,983 | 6,764 | 15,854 | 15,159 | ||||||||||
| Derivative hedge fees | 1,097 | 736 | 2,332 | 1,488 | ||||||||||
| Other customer fees | 414 | 344 | 1,230 | 1,231 | ||||||||||
| Earnings on bank-owned life insurance | 1,667 | 2,755 | 5,759 | 6,276 | ||||||||||
| Net realized losses on sales of available for sale securities | — | (9,114 | ) | (8 | ) | (9,165 | ) | |||||||
| Other income | 1,546 | 1,374 | 2,320 | 3,457 | ||||||||||
| Total Noninterest Income | 32,477 | 24,866 | 93,828 | 82,838 | ||||||||||
| NONINTEREST EXPENSES | ||||||||||||||
| Salaries and employee benefits | 57,317 | 55,223 | 166,826 | 165,730 | ||||||||||
| Net occupancy | 7,057 | 6,994 | 21,118 | 21,052 | ||||||||||
| Equipment | 6,998 | 6,949 | 20,933 | 19,774 | ||||||||||
| Marketing | 2,120 | 1,836 | 5,470 | 4,807 | ||||||||||
| Outside data processing fees | 6,943 | 7,150 | 19,979 | 21,111 | ||||||||||
| Printing and office supplies | 311 | 378 | 930 | 1,085 | ||||||||||
| Intangible asset amortization | 1,499 | 1,772 | 4,530 | 5,500 | ||||||||||
| FDIC assessments | 3,526 | 3,720 | 10,726 | 11,285 | ||||||||||
| Other real estate owned and foreclosure expenses | 121 | 942 | 750 | 1,849 | ||||||||||
| Professional and other outside services | 3,718 | 3,035 | 10,720 | 10,809 | ||||||||||
| Other expenses | 6,951 | 6,630 | 21,079 | 19,975 | ||||||||||
| Total Noninterest Expenses | 96,561 | 94,629 | 283,061 | 282,977 | ||||||||||
| INCOME BEFORE INCOME TAX | 65,281 | 56,347 | 193,616 | 155,105 | ||||||||||
| Income tax expense | 8,516 | 7,160 | 24,680 | 18,052 | ||||||||||
| NET INCOME | 56,765 | 49,187 | 168,936 | 137,053 | ||||||||||
| Preferred stock dividends | 468 | 468 | 1,406 | 1,406 | ||||||||||
| NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ | 56,297 | $ | 48,719 | $ | 167,530 | $ | 135,647 | ||||||
| PER SHARE DATA: | ||||||||||||||
| Basic Net Income Available to Common Stockholders | $ | 0.98 | $ | 0.84 | $ | 2.91 | $ | 2.32 | ||||||
| Diluted Net Income Available to Common Stockholders | $ | 0.98 | $ | 0.84 | $ | 2.90 | $ | 2.31 | ||||||
| Cash Dividends Paid to Common Stockholders | $ | 0.36 | $ | 0.35 | $ | 1.07 | $ | 1.04 | ||||||
| Tangible Common Book Value Per Share | $ | 29.08 | $ | 26.64 | $ | 29.08 | $ | 26.64 | ||||||
| Average Diluted Common Shares Outstanding (in thousands) | 57,448 | 58,289 | 57,817 | 58,629 | ||||||||||
| FINANCIAL HIGHLIGHTS | |||||||||||||||
| (Dollars In Thousands) | Three Months Ended | Nine Months Ended | |||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| NET CHARGE-OFFS | $ | 5,148 | $ | 6,709 | $ | 12,389 | $ | 48,606 | |||||||
| AVERAGE BALANCES: | |||||||||||||||
| Total Assets | $ | 18,637,581 | $ | 18,360,580 | $ | 18,497,118 | $ | 18,374,370 | |||||||
| Total Loans | 13,402,379 | 12,680,166 | 13,186,843 | 12,592,907 | |||||||||||
| Total Earning Assets | 17,282,901 | 16,990,358 | 17,135,301 | 17,042,540 | |||||||||||
| Total Deposits | 14,907,861 | 14,702,454 | 14,654,894 | 14,826,056 | |||||||||||
| Total Stockholders' Equity | 2,367,971 | 2,251,547 | 2,349,718 | 2,232,419 | |||||||||||
| FINANCIAL RATIOS: | |||||||||||||||
| Return on Average Assets | 1.22 | % | 1.07 | % | 1.22 | % | 0.99 | % | |||||||
| Return on Average Stockholders' Equity | 9.51 | 8.66 | 9.51 | 8.10 | |||||||||||
| Return on Tangible Common Stockholders' Equity | 14.21 | 13.39 | 14.27 | 12.64 | |||||||||||
| Average Earning Assets to Average Assets | 92.73 | 92.54 | 92.64 | 92.75 | |||||||||||
| Allowance for Credit Losses - Loans as % of Total Loans | 1.43 | 1.48 | 1.43 | 1.48 | |||||||||||
| Net Charge-offs as % of Average Loans (Annualized) | 0.15 | 0.21 | 0.13 | 0.51 | |||||||||||
| Average Stockholders' Equity to Average Assets | 12.71 | 12.26 | 12.70 | 12.15 | |||||||||||
| Fully Taxable Equivalent (FTE) Yield on Average Earning Assets | 5.58 | 5.82 | 5.49 | 5.72 | |||||||||||
| Interest Expense/Average Earning Assets | 2.34 | 2.59 | 2.26 | 2.56 | |||||||||||
| Net Interest Margin FTE | 3.24 | 3.23 | 3.23 | 3.16 | |||||||||||
| Efficiency Ratio | 55.09 | 53.76 | 54.54 | 55.54 | |||||||||||
| ASSET QUALITY | |||||||||||||||||||
| (Dollars In Thousands) | September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||||||
| 2025 | 2025 | 2025 | 2024 | 2024 | |||||||||||||||
| Nonaccrual Loans | $ | 65,740 | $ | 67,358 | $ | 81,922 | $ | 73,773 | $ | 59,088 | |||||||||
| Other Real Estate Owned and Repossessions | 1,270 | 177 | 4,966 | 4,948 | 5,247 | ||||||||||||||
| Nonperforming Assets (NPA) | 67,010 | 67,535 | 86,888 | 78,721 | 64,335 | ||||||||||||||
| 90+ Days Delinquent | 1,925 | 4,443 | 4,280 | 5,902 | 14,105 | ||||||||||||||
| NPAs & 90+ Days Delinquent | $ | 68,935 | $ | 71,978 | $ | 91,168 | $ | 84,623 | $ | 78,440 | |||||||||
| Allowance for Credit Losses - Loans | $ | 194,468 | $ | 195,316 | $ | 192,031 | $ | 192,757 | $ | 187,828 | |||||||||
| Quarterly Net Charge-offs | 5,148 | 2,315 | 4,926 | 771 | 6,709 | ||||||||||||||
| NPAs / Actual Assets % | 0.36 | % | 0.36 | % | 0.47 | % | 0.43 | % | 0.35 | % | |||||||||
| NPAs & 90 Day / Actual Assets % | 0.37 | % | 0.39 | % | 0.49 | % | 0.46 | % | 0.43 | % | |||||||||
| NPAs / Actual Loans and OREO % | 0.49 | % | 0.51 | % | 0.67 | % | 0.61 | % | 0.51 | % | |||||||||
| Allowance for Credit Losses - Loans / Actual Loans (%) | 1.43 | % | 1.47 | % | 1.47 | % | 1.50 | % | 1.48 | % | |||||||||
| Quarterly Net Charge-offs as % of Average Loans (Annualized) | 0.15 | % | 0.07 | % | 0.15 | % | 0.02 | % | 0.21 | % | |||||||||
| CONSOLIDATED BALANCE SHEETS (Unaudited) | |||||||||||||||||||
| (Dollars In Thousands, Except Per Share Amounts) | September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||||||
| 2025 | 2025 | 2025 | 2024 | 2024 | |||||||||||||||
| ASSETS | |||||||||||||||||||
| Cash and due from banks | $ | 88,079 | $ | 81,567 | $ | 86,113 | $ | 87,616 | $ | 84,719 | |||||||||
| Interest-bearing deposits | 168,706 | 223,343 | 331,534 | 298,891 | 359,126 | ||||||||||||||
| Investment securities available for sale | 1,386,903 | 1,358,130 | 1,378,489 | 1,386,475 | 1,553,496 | ||||||||||||||
| Investment securities held to maturity, net of allowance for credit losses | 1,995,488 | 2,022,826 | 2,048,632 | 2,074,220 | 2,108,649 | ||||||||||||||
| Loans held for sale | 23,190 | 28,783 | 23,004 | 18,663 | 40,652 | ||||||||||||||
| Loans | 13,591,174 | 13,296,759 | 13,004,905 | 12,854,359 | 12,646,808 | ||||||||||||||
| Less: Allowance for credit losses - loans | (194,468 | ) | (195,316 | ) | (192,031 | ) | (192,757 | ) | (187,828 | ) | |||||||||
| Net loans | 13,396,706 | 13,101,443 | 12,812,874 | 12,661,602 | 12,458,980 | ||||||||||||||
| Premises and equipment | 121,771 | 122,808 | 128,749 | 129,743 | 129,582 | ||||||||||||||
| Federal Home Loan Bank stock | 47,264 | 47,290 | 45,006 | 41,690 | 41,716 | ||||||||||||||
| Interest receivable | 89,102 | 93,258 | 88,352 | 91,829 | 92,055 | ||||||||||||||
| Goodwill | 712,002 | 712,002 | 712,002 | 712,002 | 712,002 | ||||||||||||||
| Other intangibles | 15,298 | 16,797 | 18,302 | 19,828 | 21,599 | ||||||||||||||
| Cash surrender value of life insurance | 306,583 | 305,695 | 304,918 | 304,906 | 304,613 | ||||||||||||||
| Other real estate owned | 1,270 | 177 | 4,966 | 4,948 | 5,247 | ||||||||||||||
| Tax asset, deferred and receivable | 89,758 | 97,749 | 87,665 | 92,387 | 86,732 | ||||||||||||||
| Other assets | 369,509 | 380,909 | 369,181 | 387,169 | 348,384 | ||||||||||||||
| TOTAL ASSETS | $ | 18,811,629 | $ | 18,592,777 | $ | 18,439,787 | $ | 18,311,969 | $ | 18,347,552 | |||||||||
| LIABILITIES | |||||||||||||||||||
| Deposits: | |||||||||||||||||||
| Noninterest-bearing | $ | 2,100,570 | $ | 2,197,416 | $ | 2,185,057 | $ | 2,325,579 | $ | 2,334,197 | |||||||||
| Interest-bearing | 12,769,409 | 12,600,162 | 12,276,921 | 12,196,047 | 12,030,903 | ||||||||||||||
| Total Deposits | 14,869,979 | 14,797,578 | 14,461,978 | 14,521,626 | 14,365,100 | ||||||||||||||
| Borrowings: | |||||||||||||||||||
| Federal funds purchased | 199,370 | 85,000 | 185,000 | 99,226 | 30,000 | ||||||||||||||
| Securities sold under repurchase agreements | 122,226 | 114,758 | 122,947 | 142,876 | 124,894 | ||||||||||||||
| Federal Home Loan Bank advances | 798,626 | 898,702 | 972,478 | 822,554 | 832,629 | ||||||||||||||
| Subordinated debentures and other borrowings | 57,632 | 62,617 | 62,619 | 93,529 | 93,562 | ||||||||||||||
| Total Borrowings | 1,177,854 | 1,161,077 | 1,343,044 | 1,158,185 | 1,081,085 | ||||||||||||||
| Deposits and other liabilities held for sale | — | — | — | — | 288,476 | ||||||||||||||
| Interest payable | 18,240 | 16,174 | 13,304 | 16,102 | 18,089 | ||||||||||||||
| Other liabilities | 333,154 | 269,996 | 289,247 | 311,073 | 292,429 | ||||||||||||||
| Total Liabilities | 16,399,227 | 16,244,825 | 16,107,573 | 16,006,986 | 16,045,179 | ||||||||||||||
| 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, | |||||||||||||||||||
| Authorized -- 100,000,000 shares Issued and outstanding | 7,149 | 7,159 | 7,226 | 7,247 | 7,265 | ||||||||||||||
| Additional paid-in capital | 1,158,026 | 1,163,170 | 1,183,263 | 1,188,768 | 1,192,683 | ||||||||||||||
| Retained earnings | 1,377,966 | 1,342,473 | 1,306,911 | 1,272,528 | 1,229,125 | ||||||||||||||
| Accumulated other comprehensive loss | (155,864 | ) | (189,975 | ) | (190,311 | ) | (188,685 | ) | (151,825 | ) | |||||||||
| Total Stockholders' Equity | 2,412,402 | 2,347,952 | 2,332,214 | 2,304,983 | 2,302,373 | ||||||||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 18,811,629 | $ | 18,592,777 | $ | 18,439,787 | $ | 18,311,969 | $ | 18,347,552 | |||||||||
| CONSOLIDATED STATEMENTS OF INCOME (Unaudited) | |||||||||||||||||||
| (Dollars In Thousands, Except Per Share Amounts) | September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||||||
| 2025 | 2025 | 2025 | 2024 | 2024 | |||||||||||||||
| INTEREST INCOME | |||||||||||||||||||
| Loans: | |||||||||||||||||||
| Taxable | $ | 200,406 | $ | 195,173 | $ | 187,728 | $ | 197,536 | $ | 206,680 | |||||||||
| Tax-exempt | 11,173 | 10,805 | 10,532 | 9,020 | 8,622 | ||||||||||||||
| Investment securities: | |||||||||||||||||||
| Taxable | 8,288 | 8,266 | 8,372 | 9,024 | 9,263 | ||||||||||||||
| Tax-exempt | 12,460 | 12,516 | 12,517 | 12,754 | 13,509 | ||||||||||||||
| Deposits with financial institutions | 1,676 | 1,892 | 2,372 | 5,350 | 2,154 | ||||||||||||||
| Federal Home Loan Bank stock | 1,092 | 1,083 | 997 | 958 | 855 | ||||||||||||||
| Total Interest Income | 235,095 | 229,735 | 222,518 | 234,642 | 241,083 | ||||||||||||||
| INTEREST EXPENSE | |||||||||||||||||||
| Deposits | 90,821 | 84,241 | 80,547 | 89,835 | 98,856 | ||||||||||||||
| Federal funds purchased | 224 | 965 | 812 | 26 | 329 | ||||||||||||||
| Securities sold under repurchase agreements | 654 | 663 | 742 | 680 | 700 | ||||||||||||||
| Federal Home Loan Bank advances | 8,638 | 9,714 | 9,364 | 8,171 | 8,544 | ||||||||||||||
| Subordinated debentures and other borrowings | 1,093 | 1,138 | 783 | 1,560 | 1,544 | ||||||||||||||
| Total Interest Expense | 101,430 | 96,721 | 92,248 | 100,272 | 109,973 | ||||||||||||||
| NET INTEREST INCOME | 133,665 | 133,014 | 130,270 | 134,370 | 131,110 | ||||||||||||||
| Provision for credit losses | 4,300 | 5,600 | 4,200 | 4,200 | 5,000 | ||||||||||||||
| NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 129,365 | 127,414 | 126,070 | 130,170 | 126,110 | ||||||||||||||
| NONINTEREST INCOME | |||||||||||||||||||
| Service charges on deposit accounts | 8,921 | 8,566 | 8,072 | 8,124 | 8,361 | ||||||||||||||
| Fiduciary and wealth management fees | 8,842 | 8,831 | 8,644 | 8,665 | 8,525 | ||||||||||||||
| Card payment fees | 5,007 | 4,932 | 4,526 | 4,957 | 5,121 | ||||||||||||||
| Net gains and fees on sales of loans | 4,983 | 5,849 | 5,022 | 5,681 | 6,764 | ||||||||||||||
| Derivative hedge fees | 1,097 | 831 | 404 | 1,594 | 736 | ||||||||||||||
| Other customer fees | 414 | 401 | 415 | 316 | 344 | ||||||||||||||
| Earnings on bank-owned life insurance | 1,667 | 1,913 | 2,179 | 2,188 | 2,755 | ||||||||||||||
| Net realized losses on sales of available for sale securities | — | (1 | ) | (7 | ) | (11,592 | ) | (9,114 | ) | ||||||||||
| Gain on branch sale | — | — | — | 19,983 | — | ||||||||||||||
| Other income (loss) | 1,546 | (19 | ) | 793 | 2,826 | 1,374 | |||||||||||||
| Total Noninterest Income | 32,477 | 31,303 | 30,048 | 42,742 | 24,866 | ||||||||||||||
| NONINTEREST EXPENSES | |||||||||||||||||||
| Salaries and employee benefits | 57,317 | 54,527 | 54,982 | 55,437 | 55,223 | ||||||||||||||
| Net occupancy | 7,057 | 6,845 | 7,216 | 7,335 | 6,994 | ||||||||||||||
| Equipment | 6,998 | 6,927 | 7,008 | 7,028 | 6,949 | ||||||||||||||
| Marketing | 2,120 | 1,997 | 1,353 | 2,582 | 1,836 | ||||||||||||||
| Outside data processing fees | 6,943 | 7,107 | 5,929 | 6,029 | 7,150 | ||||||||||||||
| Printing and office supplies | 311 | 272 | 347 | 377 | 378 | ||||||||||||||
| Intangible asset amortization | 1,499 | 1,505 | 1,526 | 1,771 | 1,772 | ||||||||||||||
| FDIC assessments | 3,526 | 3,552 | 3,648 | 3,744 | 3,720 | ||||||||||||||
| Other real estate owned and foreclosure expenses | 121 | 29 | 600 | 227 | 942 | ||||||||||||||
| Professional and other outside services | 3,718 | 3,741 | 3,261 | 3,777 | 3,035 | ||||||||||||||
| Other expenses | 6,951 | 7,096 | 7,032 | 7,982 | 6,630 | ||||||||||||||
| Total Noninterest Expenses | 96,561 | 93,598 | 92,902 | 96,289 | 94,629 | ||||||||||||||
| INCOME BEFORE INCOME TAX | 65,281 | 65,119 | 63,216 | 76,623 | 56,347 | ||||||||||||||
| Income tax expense | 8,516 | 8,287 | 7,877 | 12,274 | 7,160 | ||||||||||||||
| NET INCOME | 56,765 | 56,832 | 55,339 | 64,349 | 49,187 | ||||||||||||||
| Preferred stock dividends | 468 | 469 | 469 | 469 | 468 | ||||||||||||||
| NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ | 56,297 | $ | 56,363 | $ | 54,870 | $ | 63,880 | $ | 48,719 | |||||||||
| PER SHARE DATA: | |||||||||||||||||||
| Basic Net Income Available to Common Stockholders | $ | 0.98 | $ | 0.98 | $ | 0.95 | $ | 1.10 | $ | 0.84 | |||||||||
| Diluted Net Income Available to Common Stockholders | $ | 0.98 | $ | 0.98 | $ | 0.94 | $ | 1.10 | $ | 0.84 | |||||||||
| Cash Dividends Paid to Common Stockholders | $ | 0.36 | $ | 0.36 | $ | 0.35 | $ | 0.35 | $ | 0.35 | |||||||||
| Tangible Common Book Value Per Share | $ | 29.08 | $ | 27.90 | $ | 27.34 | $ | 26.78 | $ | 26.64 | |||||||||
| Average Diluted Common Shares Outstanding (in thousands) | 57,448 | 57,773 | 58,242 | 58,247 | 58,289 | ||||||||||||||
| FINANCIAL RATIOS: | |||||||||||||||||||
| Return on Average Assets | 1.22 | % | 1.23 | % | 1.21 | % | 1.39 | % | 1.07 | % | |||||||||
| Return on Average Stockholders' Equity | 9.51 | 9.63 | 9.38 | 11.05 | 8.66 | ||||||||||||||
| Return on Tangible Common Stockholders' Equity | 14.21 | 14.49 | 14.12 | 16.75 | 13.39 | ||||||||||||||
| Average Earning Assets to Average Assets | 92.73 | 92.71 | 92.47 | 92.48 | 92.54 | ||||||||||||||
| Allowance for Credit Losses - Loans as % of Total Loans | 1.43 | 1.47 | 1.47 | 1.50 | 1.48 | ||||||||||||||
| Net Charge-offs as % of Average Loans (Annualized) | 0.15 | 0.07 | 0.15 | 0.02 | 0.21 | ||||||||||||||
| Average Stockholders' Equity to Average Assets | 12.71 | 12.64 | 12.76 | 12.51 | 12.26 | ||||||||||||||
| Fully Taxable Equivalent (FTE) Yield on Average Earning Assets | 5.58 | 5.50 | 5.39 | 5.63 | 5.82 | ||||||||||||||
| Interest Expense/Average Earning Assets | 2.34 | 2.25 | 2.17 | 2.35 | 2.59 | ||||||||||||||
| Net Interest Margin FTE | 3.24 | 3.25 | 3.22 | 3.28 | 3.23 | ||||||||||||||
| Efficiency Ratio | 55.09 | 53.99 | 54.54 | 48.48 | 53.76 | ||||||||||||||
| LOANS | |||||||||||||||||||
| (Dollars In Thousands) | September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||||||
| 2025 | 2025 | 2025 | 2024 | 2024 | |||||||||||||||
| Commercial and industrial loans | $ | 4,604,895 | $ | 4,440,924 | $ | 4,306,597 | $ | 4,114,292 | $ | 4,041,217 | |||||||||
| Agricultural land, production and other loans to farmers | 275,817 | 265,172 | 243,864 | 256,312 | 238,743 | ||||||||||||||
| Real estate loans: | |||||||||||||||||||
| Construction | 789,021 | 836,033 | 793,175 | 792,144 | 814,704 | ||||||||||||||
| Commercial real estate, non-owner occupied | 2,304,889 | 2,171,092 | 2,177,869 | 2,274,016 | 2,251,351 | ||||||||||||||
| Commercial real estate, owner occupied | 1,232,117 | 1,226,797 | 1,214,739 | 1,157,944 | 1,152,751 | ||||||||||||||
| Residential | 2,412,783 | 2,397,094 | 2,389,852 | 2,374,729 | 2,366,943 | ||||||||||||||
| Home equity | 687,021 | 673,961 | 650,499 | 659,811 | 641,188 | ||||||||||||||
| Individuals' loans for household and other personal expenditures | 138,703 | 141,045 | 140,954 | 166,028 | 158,480 | ||||||||||||||
| Public finance and other commercial loans | 1,145,928 | 1,144,641 | 1,087,356 | 1,059,083 | 981,431 | ||||||||||||||
| Loans | 13,591,174 | 13,296,759 | 13,004,905 | 12,854,359 | 12,646,808 | ||||||||||||||
| Allowance for credit losses - loans | (194,468 | ) | (195,316 | ) | (192,031 | ) | (192,757 | ) | (187,828 | ) | |||||||||
| NET LOANS | $ | 13,396,706 | $ | 13,101,443 | $ | 12,812,874 | $ | 12,661,602 | $ | 12,458,980 | |||||||||
| DEPOSITS | ||||||||||||||
| (Dollars In Thousands) | September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||
| 2025 | 2025 | 2025 | 2024 | 2024 | ||||||||||
| Demand deposits | $ | 7,645,698 | $ | 7,798,695 | $ | 7,786,554 | $ | 7,980,061 | $ | 7,678,510 | ||||
| Savings deposits | 5,164,707 | 4,984,659 | 4,791,874 | 4,522,758 | 4,302,236 | |||||||||
| Certificates and other time deposits of | 627,828 | 617,857 | 625,203 | 692,068 | 802,949 | |||||||||
| Certificates and other time deposits of | 910,337 | 891,139 | 896,143 | 1,043,068 | 1,277,833 | |||||||||
| Brokered certificates of deposits1 | 521,409 | 505,228 | 362,204 | 283,671 | 303,572 | |||||||||
| TOTAL DEPOSITS | $ | 14,869,979 | $ | 14,797,578 | $ | 14,461,978 | $ | 14,521,626 | $ | 14,365,100 | ||||
1 - Total brokered deposits of
| CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS | |||||||||||||||||
| (Dollars In Thousands) | |||||||||||||||||
| Three Months Ended | |||||||||||||||||
| September 30, 2025 | September 30, 2024 | ||||||||||||||||
| Average Balance | Interest Income / Expense | Average Rate | Average Balance | Interest Income / Expense | Average Rate | ||||||||||||
| ASSETS | |||||||||||||||||
| Interest-bearing deposits | $ | 229,271 | $ | 1,676 | 2.92 | % | $ | 252,113 | $ | 2,154 | 3.42 | % | |||||
| Federal Home Loan Bank stock | 47,278 | 1,092 | 9.24 | 41,730 | 855 | 8.20 | |||||||||||
| Investment Securities: (1) | |||||||||||||||||
| Taxable | 1,567,594 | 8,288 | 2.11 | 1,789,526 | 9,263 | 2.07 | |||||||||||
| Tax-exempt (2) | 2,036,379 | 15,772 | 3.10 | 2,226,823 | 17,100 | 3.07 | |||||||||||
| Total Investment Securities | 3,603,973 | 24,060 | 2.67 | 4,016,349 | 26,363 | 2.63 | |||||||||||
| Loans held for sale | 26,165 | 401 | 6.13 | 31,991 | 483 | 6.04 | |||||||||||
| Loans: (3) | |||||||||||||||||
| Commercial | 9,165,241 | 158,469 | 6.92 | 8,699,733 | 164,922 | 7.58 | |||||||||||
| Real estate mortgage | 2,217,524 | 25,676 | 4.63 | 2,183,095 | 24,333 | 4.46 | |||||||||||
| HELOC and installment | 851,239 | 15,860 | 7.45 | 832,222 | 16,942 | 8.14 | |||||||||||
| Tax-exempt (2) | 1,142,210 | 14,070 | 4.93 | 933,125 | 10,914 | 4.68 | |||||||||||
| Total Loans | 13,402,379 | 214,476 | 6.40 | 12,680,166 | 217,594 | 6.86 | |||||||||||
| Total Earning Assets | 17,282,901 | 241,304 | 5.58 | % | 16,990,358 | 246,966 | 5.82 | % | |||||||||
| Total Non-Earning Assets | 1,354,680 | 1,370,222 | |||||||||||||||
| TOTAL ASSETS | $ | 18,637,581 | $ | 18,360,580 | |||||||||||||
| LIABILITIES | |||||||||||||||||
| Interest-Bearing Deposits: | |||||||||||||||||
| Interest-bearing deposits | $ | 5,600,373 | $ | 37,463 | 2.68 | % | $ | 5,455,298 | $ | 40,450 | 2.97 | % | |||||
| Money market deposits | 3,843,537 | 31,709 | 3.30 | 2,974,188 | 25,950 | 3.49 | |||||||||||
| Savings deposits | 1,269,539 | 2,605 | 0.82 | 1,425,047 | 4,208 | 1.18 | |||||||||||
| Certificates and other time deposits | 2,036,704 | 19,044 | 3.74 | 2,499,655 | 28,248 | 4.52 | |||||||||||
| Total Interest-Bearing Deposits | 12,750,153 | 90,821 | 2.85 | 12,354,188 | 98,856 | 3.20 | |||||||||||
| Borrowings | 1,072,145 | 10,609 | 3.96 | 1,071,440 | 11,117 | 4.15 | |||||||||||
| Total Interest-Bearing Liabilities | 13,822,298 | 101,430 | 2.94 | 13,425,628 | 109,973 | 3.28 | |||||||||||
| Noninterest-bearing deposits | 2,157,708 | 2,348,266 | |||||||||||||||
| Other liabilities | 289,604 | 335,139 | |||||||||||||||
| Total Liabilities | 16,269,610 | 16,109,033 | |||||||||||||||
| STOCKHOLDERS' EQUITY | 2,367,971 | 2,251,547 | |||||||||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 18,637,581 | $ | 18,360,580 | |||||||||||||
| Net Interest Income (FTE) | $ | 139,874 | $ | 136,993 | |||||||||||||
| Net Interest Spread (FTE) (4) | 2.64 | % | 2.54 | % | |||||||||||||
| Net Interest Margin (FTE): | |||||||||||||||||
| Interest Income (FTE) / Average Earning Assets | 5.58 | % | 5.82 | % | |||||||||||||
| Interest Expense / Average Earning Assets | 2.34 | % | 2.59 | % | |||||||||||||
| Net Interest Margin (FTE) (5) | 3.24 | % | 3.23 | % | |||||||||||||
| (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 | |||||||||||||||||
| (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. | |||||||||||||||||
| CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS | |||||||||||||||||
| (Dollars In Thousands) | |||||||||||||||||
| Nine Months Ended | |||||||||||||||||
| September 30, 2025 | September 30, 2024 | ||||||||||||||||
| Average Balance | Interest Income / Expense | Average Rate | Average Balance | Interest Income / Expense | Average Rate | ||||||||||||
| ASSETS | |||||||||||||||||
| Interest-bearing deposits | $ | 258,396 | $ | 5,940 | 3.07 | % | $ | 383,007 | $ | 11,642 | 4.05 | % | |||||
| Federal Home Loan Bank stock | 45,964 | 3,172 | 9.20 | 41,748 | 2,569 | 8.20 | |||||||||||
| Investment Securities: (1) | |||||||||||||||||
| Taxable | 1,602,343 | 24,926 | 2.07 | 1,787,119 | 27,062 | 2.02 | |||||||||||
| Tax-exempt (2) | 2,041,755 | 47,459 | 3.10 | 2,237,759 | 51,561 | 3.07 | |||||||||||
| Total Investment Securities | 3,644,098 | 72,385 | 2.65 | 4,024,878 | 78,623 | 2.60 | |||||||||||
| Loans held for sale | 24,175 | 1,109 | 6.12 | 27,735 | 1,242 | 5.97 | |||||||||||
| Loans: (3) | |||||||||||||||||
| Commercial | 8,982,171 | 460,349 | 6.83 | 8,659,088 | 484,979 | 7.47 | |||||||||||
| Real estate mortgage | 2,203,263 | 75,184 | 4.55 | 2,159,738 | 70,489 | 4.35 | |||||||||||
| HELOC and installment | 838,420 | 46,665 | 7.42 | 825,060 | 49,406 | 7.98 | |||||||||||
| Tax-exempt (2) | 1,138,814 | 41,079 | 4.81 | 921,286 | 31,952 | 4.62 | |||||||||||
| Total Loans | 13,186,843 | 624,386 | 6.31 | 12,592,907 | 638,068 | 6.76 | |||||||||||
| Total Earning Assets | 17,135,301 | 705,883 | 5.49 | % | 17,042,540 | 730,902 | 5.72 | % | |||||||||
| Total Non-Earning Assets | 1,361,817 | 1,331,830 | |||||||||||||||
| TOTAL ASSETS | $ | 18,497,118 | $ | 18,374,370 | |||||||||||||
| LIABILITIES | |||||||||||||||||
| Interest-Bearing deposits: | |||||||||||||||||
| Interest-bearing deposits | $ | 5,556,274 | $ | 107,372 | 2.58 | % | $ | 5,487,106 | $ | 120,935 | 2.94 | % | |||||
| Money market deposits | 3,633,314 | 86,375 | 3.17 | 3,018,526 | 80,563 | 3.56 | |||||||||||
| Savings deposits | 1,283,856 | 7,563 | 0.79 | 1,497,620 | 11,485 | 1.02 | |||||||||||
| Certificates and other time deposits | 1,996,406 | 54,299 | 3.63 | 2,447,684 | 83,309 | 4.54 | |||||||||||
| Total Interest-Bearing Deposits | 12,469,850 | 255,609 | 2.73 | 12,450,936 | 296,292 | 3.17 | |||||||||||
| Borrowings | 1,194,498 | 34,790 | 3.88 | 990,022 | 30,328 | 4.08 | |||||||||||
| Total Interest-Bearing Liabilities | 13,664,348 | 290,399 | 2.83 | 13,440,958 | 326,620 | 3.24 | |||||||||||
| Noninterest-bearing deposits | 2,185,044 | 2,375,120 | |||||||||||||||
| Other liabilities | 298,008 | 325,873 | |||||||||||||||
| Total Liabilities | 16,147,400 | 16,141,951 | |||||||||||||||
| STOCKHOLDERS' EQUITY | 2,349,718 | 2,232,419 | |||||||||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 18,497,118 | $ | 18,374,370 | |||||||||||||
| Net Interest Income (FTE) | $ | 415,484 | $ | 404,282 | |||||||||||||
| Net Interest Spread (FTE) (4) | 2.66 | % | 2.48 | % | |||||||||||||
| Net Interest Margin (FTE): | |||||||||||||||||
| Interest Income (FTE) / Average Earning Assets | 5.49 | % | 5.72 | % | |||||||||||||
| Interest Expense / Average Earning Assets | 2.26 | % | 2.56 | % | |||||||||||||
| Net Interest Margin (FTE) (5) | 3.23 | % | 3.16 | % | |||||||||||||
| (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 | |||||||||||||||||
| (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 | Nine Months Ended | ||||||||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | ||||||||||||||||||||
| 2025 | 2025 | 2025 | 2024 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Net Income Available to Common Stockholders - GAAP | $ | 56,297 | $ | 56,363 | $ | 54,870 | $ | 63,880 | $ | 48,719 | $ | 167,530 | $ | 135,647 | ||||||||||||
| Adjustments: | ||||||||||||||||||||||||||
| Net realized losses on sales of available for sale securities | — | 1 | 7 | 11,592 | 9,114 | 8 | 9,165 | |||||||||||||||||||
| Gain on branch sale | — | — | — | (19,983 | ) | — | — | — | ||||||||||||||||||
| Acquisition-related expenses | 276 | — | — | — | — | 276 | — | |||||||||||||||||||
| Non-core expenses1,2,3 | 633 | — | — | 762 | — | 633 | 3,481 | |||||||||||||||||||
| Tax on adjustments | (220 | ) | — | (2 | ) | 1,851 | (2,220 | ) | (222 | ) | (3,081 | ) | ||||||||||||||
| Adjusted Net Income Available to Common Stockholders - Non-GAAP | $ | 56,986 | $ | 56,364 | $ | 54,875 | $ | 58,102 | $ | 55,613 | $ | 168,225 | $ | 145,212 | ||||||||||||
| Average Diluted Common Shares Outstanding (in thousands) | 57,448 | 57,773 | 58,242 | 58,247 | 58,289 | 57,817 | 58,629 | |||||||||||||||||||
| Diluted Earnings Per Common Share - GAAP | $ | 0.98 | $ | 0.98 | $ | 0.94 | $ | 1.10 | $ | 0.84 | $ | 2.90 | $ | 2.31 | ||||||||||||
| Adjustments: | ||||||||||||||||||||||||||
| Net realized losses on sales of available for sale securities | — | — | — | 0.20 | 0.15 | — | 0.16 | |||||||||||||||||||
| Gain on branch sale | — | — | — | (0.34 | ) | — | — | — | ||||||||||||||||||
| Acquisition-related expenses | — | — | — | — | — | — | — | |||||||||||||||||||
| Non-core expenses1,2,3 | 0.01 | — | — | 0.01 | — | 0.01 | 0.06 | |||||||||||||||||||
| Tax on adjustments | — | — | — | 0.03 | (0.04 | ) | — | (0.05 | ) | |||||||||||||||||
| Adjusted Diluted Earnings Per Common Share - Non-GAAP | $ | 0.99 | $ | 0.98 | $ | 0.94 | $ | 1.00 | $ | 0.95 | $ | 2.91 | $ | 2.48 | ||||||||||||
1 - Non-core expenses in the Three and Nine Months Ended September 30, 2025 included
2 - Non-core expenses in the Three Months Ended December 31, 2024 included
3 - Non-core expenses in the Nine Months Ended September 30, 2024 included
| NET INTEREST MARGIN ("NIM"), ADJUSTED | |||||||||||||||||||||||||||
| (Dollars in Thousands) | |||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | |||||||||||||||||||||
| 2025 | 2025 | 2025 | 2024 | 2024 | 2025 | 2024 | |||||||||||||||||||||
| Net Interest Income (GAAP) | $ | 133,665 | $ | 133,014 | $ | 130,270 | $ | 134,370 | $ | 131,110 | $ | 396,949 | $ | 386,744 | |||||||||||||
| Fully Taxable Equivalent ("FTE") Adjustment | 6,209 | 6,199 | 6,127 | 5,788 | 5,883 | 18,535 | 17,538 | ||||||||||||||||||||
| Net Interest Income (FTE) (non-GAAP) | $ | 139,874 | $ | 139,213 | $ | 136,397 | $ | 140,158 | $ | 136,993 | $ | 415,484 | $ | 404,282 | |||||||||||||
| Average Earning Assets (GAAP) | $ | 17,282,901 | $ | 17,158,984 | $ | 16,960,475 | $ | 17,089,198 | $ | 16,990,358 | $ | 17,135,301 | $ | 17,042,540 | |||||||||||||
| Net Interest Margin (GAAP) | 3.09 | % | 3.10 | % | 3.07 | % | 3.15 | % | 3.09 | % | 3.09 | % | 3.03 | % | |||||||||||||
| FTE Adjustment | 0.15 | % | 0.15 | % | 0.15 | % | 0.13 | % | 0.14 | % | 0.14 | % | 0.13 | % | |||||||||||||
| Net Interest Margin (FTE) (non-GAAP) | 3.24 | % | 3.25 | % | 3.22 | % | 3.28 | % | 3.23 | % | 3.23 | % | 3.16 | % | |||||||||||||
| RETURN ON TANGIBLE COMMON EQUITY - NON-GAAP | |||||||||||||||||||||||||||
| (Dollars In Thousands) | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | |||||||||||||||||||||
| 2025 | 2025 | 2025 | 2024 | 2024 | 2025 | 2024 | |||||||||||||||||||||
| Total Average Stockholders' Equity (GAAP) | $ | 2,367,971 | $ | 2,340,010 | $ | 2,340,874 | $ | 2,312,270 | $ | 2,251,547 | $ | 2,349,718 | $ | 2,232,419 | |||||||||||||
| Less: Average Preferred Stock | (25,125 | ) | (25,125 | ) | (25,125 | ) | (25,125 | ) | (25,125 | ) | (25,125 | ) | (25,125 | ) | |||||||||||||
| Less: Average Intangible Assets, Net of Tax | (724,619 | ) | (725,813 | ) | (726,917 | ) | (728,218 | ) | (729,581 | ) | (725,775 | ) | (730,993 | ) | |||||||||||||
| Average Tangible Common Equity, Net of Tax (Non-GAAP) | $ | 1,618,227 | $ | 1,589,072 | $ | 1,588,832 | $ | 1,558,927 | $ | 1,496,841 | $ | 1,598,818 | $ | 1,476,301 | |||||||||||||
| Net Income Available to Common Stockholders (GAAP) | $ | 56,297 | $ | 56,363 | $ | 54,870 | $ | 63,880 | $ | 48,719 | $ | 167,530 | $ | 135,647 | |||||||||||||
| Plus: Intangible Asset Amortization, Net of Tax | 1,185 | 1,188 | 1,206 | 1,399 | 1,399 | 3,579 | 4,345 | ||||||||||||||||||||
| Tangible Net Income (Non-GAAP) | $ | 57,482 | $ | 57,551 | $ | 56,076 | $ | 65,279 | $ | 50,118 | $ | 171,109 | $ | 139,992 | |||||||||||||
| Return on Tangible Common Equity (Non-GAAP) | 14.21 | % | 14.49 | % | 14.12 | % | 16.75 | % | 13.39 | % | 14.27 | % | 12.64 | % | |||||||||||||
| EFFICIENCY RATIO - NON-GAAP | |||||||||||||||||||||||||||
| (Dollars In Thousands) | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | |||||||||||||||||||||
| 2025 | 2025 | 2025 | 2024 | 2024 | 2025 | 2024 | |||||||||||||||||||||
| Noninterest Expense (GAAP) | $ | 96,561 | $ | 93,598 | $ | 92,902 | $ | 96,289 | $ | 94,629 | $ | 283,061 | $ | 282,977 | |||||||||||||
| Less: Intangible Asset Amortization | (1,499 | ) | (1,505 | ) | (1,526 | ) | (1,771 | ) | (1,772 | ) | (4,530 | ) | (5,500 | ) | |||||||||||||
| Less: OREO and Foreclosure Expenses | (121 | ) | (29 | ) | (600 | ) | (227 | ) | (942 | ) | (750 | ) | (1,849 | ) | |||||||||||||
| Adjusted Noninterest Expense (Non-GAAP) | $ | 94,941 | $ | 92,064 | $ | 90,776 | $ | 94,291 | $ | 91,915 | $ | 277,781 | $ | 275,628 | |||||||||||||
| Net Interest Income (GAAP) | $ | 133,665 | $ | 133,014 | $ | 130,270 | $ | 134,370 | $ | 131,110 | $ | 396,949 | $ | 386,744 | |||||||||||||
| Plus: Fully Taxable Equivalent Adjustment | 6,209 | 6,199 | 6,127 | 5,788 | 5,883 | 18,535 | 17,538 | ||||||||||||||||||||
| Net Interest Income on a Fully Taxable Equivalent Basis (Non-GAAP) | $ | 139,874 | $ | 139,213 | $ | 136,397 | $ | 140,158 | $ | 136,993 | $ | 415,484 | $ | 404,282 | |||||||||||||
| Noninterest Income (GAAP) | $ | 32,477 | $ | 31,303 | $ | 30,048 | $ | 42,742 | $ | 24,866 | $ | 93,828 | $ | 82,838 | |||||||||||||
| Less: Investment Securities (Gains) Losses | — | 1 | 7 | 11,592 | 9,114 | 8 | 9,165 | ||||||||||||||||||||
| Adjusted Noninterest Income (Non-GAAP) | $ | 32,477 | $ | 31,304 | $ | 30,055 | $ | 54,334 | $ | 33,980 | $ | 93,836 | $ | 92,003 | |||||||||||||
| Adjusted Revenue (Non-GAAP) | $ | 172,351 | $ | 170,517 | $ | 166,452 | $ | 194,492 | $ | 170,973 | $ | 509,320 | $ | 496,285 | |||||||||||||
| Efficiency Ratio (Non-GAAP) | 55.09 | % | 53.99 | % | 54.54 | % | 48.48 | % | 53.76 | % | 54.54 | % | 55.54 | % | |||||||||||||
| Adjusted Noninterest Expense (Non-GAAP) | $ | 94,941 | $ | 92,064 | $ | 90,776 | $ | 94,291 | $ | 91,915 | $ | 277,781 | $ | 275,628 | |||||||||||||
| Less: Acquisition-related Expenses | (276 | ) | — | — | — | — | (276 | ) | — | ||||||||||||||||||
| Less: Non-core Expenses1,2,3 | (633 | ) | — | — | (762 | ) | — | (633 | ) | (3,481 | ) | ||||||||||||||||
| Adjusted Noninterest Expense Excluding Non-core Expenses (Non-GAAP) | $ | 94,032 | $ | 92,064 | $ | 90,776 | $ | 93,529 | $ | 91,915 | $ | 276,872 | $ | 272,147 | |||||||||||||
| Adjusted Revenue (Non-GAAP) | $ | 172,351 | $ | 170,517 | $ | 166,452 | $ | 194,492 | $ | 170,973 | $ | 509,320 | $ | 496,285 | |||||||||||||
| Less: Gain on Branch Sale | — | — | — | (19,983 | ) | — | — | — | |||||||||||||||||||
| Adjusted Revenue Excluding Gain on Branch Sale (Non-GAAP) | $ | 172,351 | $ | 170,517 | $ | 166,452 | $ | 174,509 | $ | 170,973 | $ | 509,320 | $ | 496,285 | |||||||||||||
| Adjusted Efficiency Ratio (Non-GAAP) | 54.56 | % | 53.99 | % | 54.54 | % | 53.60 | % | 53.76 | % | 54.36 | % | 54.84 | % | |||||||||||||
1 - Non-core expenses in the Three and Nine Months Ended September 30, 2025 included
2 - Non-core expenses in the Three Months Ended December 31, 2024 included
3 - Non-core expenses in the Nine Months Ended September 30, 2024 included
For more information, contact:
Nicole M. Weaver, First Vice President and Director of Corporate Administration
765-521-7619
http://www.firstmerchants.com
FAQ
What were First Merchants (FRME) 3Q2025 EPS and net income?
How large is First Merchants' announced acquisition of First Savings for FRME?
When is the First Savings acquisition expected to close for FRME shareholders?
How much did FRME repurchase in shares in 3Q2025 and year-to-date?
What were First Merchants' key balance sheet metrics at 3Q2025?
Did FRME report material credit deterioration in 3Q2025?
