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, or 4.8% annualized, on a linked quarter basis, and $547.2 million, or 4.4%, during the last twelve months.
- Total deposits declined $59.6 million, or 1.6% annualized, on a linked quarter basis, and declined $422.6 million, or 2.8%, 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 $54.9 million compared to adjusted net income available to common stockholders1 of $50.1 million during the same period in 2024. Diluted earnings per common share for the period totaled $0.94 compared to the first quarter of 2024 adjusted diluted earnings per common share1 of $0.85 per share.
Total assets equaled $18.4 billion as of quarter-end and loans totaled $13.0 billion. During the past twelve months, total loans grew by $547.2 million, or 4.4%. On a linked quarter basis, loans grew $154.9 million, or 4.8% annualized.
Investment securities, totaling $3.4 billion, decreased $356.5 million, or 9.4%, during the last twelve months and decreased $33.6 million, or 3.9% annualized on a linked quarter basis. The decline in the last twelve months reflected sales of available for sale securities in 2024 totaling $268.5 million.
Total deposits equaled $14.5 billion as of quarter-end and decreased by $422.6 million, or 2.8%, over the past twelve months. The decline reflected the sale of the Illinois branches during the prior quarter which included $267.4 million in deposits. Total deposits decreased $59.6 million, or 1.6% annualized on a linked quarter basis. The loan to deposit ratio increased to 90.1% at period end from 88.6% in the prior quarter.
The Corporation's Allowance for Credit Losses - Loans (ACL) totaled $192.0 million as of quarter-end, or 1.47% of total loans, a decrease of $0.7 million from prior quarter. Net charge-offs totaled $4.9 million and provision for loans of $4.2 million was recorded during the quarter. Reserves for unfunded commitments totaling $18.0 million remain unchanged from the previous quarter. Non-performing assets to total assets were 0.47% for the first quarter of 2025, an increase of four basis points compared to 0.43% in the prior quarter.
Net interest income totaled $130.3 million for the quarter, a decrease of $4.1 million, or 3.1%, compared to prior quarter and increased $3.2 million, or 2.5%, compared to the first quarter of 2024. Fully taxable equivalent net interest margin was 3.22%, a decrease of six basis points compared to the fourth quarter of 2024 and an increase of 12 basis points compared to the first quarter of 2024. The lower day count in the quarter caused a decline of five basis points in net interest margin from the prior quarter.
Noninterest income totaled $30.0 million for the quarter, a decrease of $12.7 million, compared to the fourth quarter of 2024 and an increase of $3.4 million compared to the first quarter of 2024. Customer-related fees declined by $2.3 million from the previous quarter due to lower derivative hedge fees, gains on sales of mortgage loans and card payment fees. Non-customer-related fees declined $10.4 million from the prior quarter primarily due to the gain on the Illinois branch sale, partially offset by realized losses on the sales of securities recorded in the prior quarter.
Noninterest expense totaled $92.9 million for the quarter, a decrease of $3.4 million from the fourth quarter of 2024 and a decrease of $4.0 million from the first quarter of 2024. The decrease from the fourth quarter of 2024 was due primarily to a decline in marketing expenses, and lower professional fees and employee incentives.
The Corporation's total risk-based capital ratio totaled 13.22%, common equity tier 1 capital ratio totaled 11.50%, and the tangible common equity ratio totaled 8.90%. These ratios continue to demonstrate the Corporation's strong capital position.
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, $1,000 par value, $1,000 liquidation value: | |||||||
| Authorized -- 600 cumulative shares | |||||||
| Issued and outstanding - 125 cumulative shares | 125 | 125 | |||||
| Preferred Stock, Series A, no par value, $2,500 liquidation preference: | |||||||
| 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, $1,000 par value, $1,000 liquidation value: | |||||||||||||||||||
| Authorized -- 600 cumulative shares | |||||||||||||||||||
| Issued and outstanding - 125 cumulative shares | 125 | 125 | 125 | 125 | 125 | ||||||||||||||
| Preferred Stock, Series A, no par value, $2,500 liquidation preference: | |||||||||||||||||||
| 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 $100,000 or more | 896,143 | 1,043,068 | 1,277,833 | 1,415,131 | 1,451,443 | |||||||||
| Certificates and other time deposits of $100,000 or less | 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 $1.1 billion, which includes brokered CD's of $362.2 million at March 31, 2025. | ||||||||||||||
| 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 $6,127 and $5,795 for the three months ended March 31, 2025 and 2024, respectively. | |||||||||||||||||
| (3) Non accruing loans have been included in the average balances. | |||||||||||||||||
| (4) Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities. | |||||||||||||||||
| (5) Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets. | |||||||||||||||||
| 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 $0.8 million of costs directly related to the branch sale. | |||||||||||||||||||
| 2 - Non-core expenses in 1Q24 included $2.4 million from duplicative online banking conversion costs and $1.1 million from the FDIC special assessment. | |||||||||||||||||||
| 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 $0.8 million of costs directly related to the branch sale. | |||||||||||||||||||
| 2 - Non-core expenses in 1Q24 included $2.4 million from duplicative online banking conversion costs and $1.1 million from the FDIC special assessment. | |||||||||||||||||||
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
