FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ___________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _______ to _______ Commission File Number 0-17071 FIRST MERCHANTS CORPORATION (Exact name of registrant as specified in its charter) | Indiana | 35-1544218 | | - ...

Loan Losses and Provisions - The allowance for loan losses at December 31, 2019, was $80,284,000, a decrease from $80,552,000 in 2018[136]. - Provisions for loan losses in 2019 were $2,800,000, significantly lower than $7,227,000 in 2018, reflecting a decrease of about 61%[131]. - The provision for loan losses decreased to $2.8 million in 2019 from $7.2 million in 2018, indicating a reduction of about 61%[370]. - The allowance for loan losses is based on ongoing assessments of probable losses, with provisions charged against current operating results[395]. - The Corporation's allowance for credit losses is expected to increase by 55-65% due to the adoption of the Current Expected Credit Loss (CECL) model, which covers expected credit losses over the life of the loan portfolio[456]. Charge-offs and Recoveries - Total charge-offs for 2019 amounted to $6,621,000, down from $7,983,000 in 2018, representing a reduction of approximately 17%[131]. - Net charge-offs for 2019 were $3,068,000, compared to $1,707,000 in 2018, indicating an increase of approximately 80%[131]. - The total recoveries in 2019 were $3,553,000, down from $6,276,000 in 2018, indicating a decrease of approximately 43%[131]. - The ratio of net charge-offs to average loans outstanding during 2019 was 0.04%, up from 0.02% in 2018[131]. Financial Performance - Net income available to common stockholders for 2019 was $164.5 million, compared to $159.1 million in 2018, reflecting a growth of about 3%[370]. - Net income for 2019 was $164,460,000, representing an increase of 3.3% from $159,139,000 in 2018[371]. - Comprehensive income for 2019 reached $213,756,000, up from $141,251,000 in 2018, indicating a significant growth of 51.3%[371]. - The Corporation's total other income increased to $86.7 million in 2019, up from $76.5 million in 2018, representing a growth of approximately 13.5%[370]. - Total revenue for the year ended December 31, 2019, was $474.891 million, a slight decrease from $476.878 million in 2018, representing a decline of approximately 0.4%[464]. Assets and Liabilities - Total assets increased to $12.46 billion as of December 31, 2019, up from $9.88 billion in 2018, representing a growth of approximately 26.4%[369]. - The total liabilities increased to $10.67 billion in 2019, compared to $8.48 billion in 2018, which is an increase of approximately 26.0%[369]. - The total investment securities amounted to $2.617591 billion as of December 31, 2019, with gross unrealized gains of $73.889 million and gross unrealized losses of $2.756 million[471]. - The fair value of temporarily impaired investment securities was $395.416 million at December 31, 2019, which was approximately 15.2% of the Corporation's available for sale and held to maturity investment portfolio[473]. Loans and Loan Portfolio - The loan portfolio increased to $8,459,310,000 at December 31, 2019, up from $7,224,467,000 in 2018, representing a growth of approximately 17.1%[485]. - Total loans amounted to $8,459,310,000 as of December 31, 2019, up from $7,224,467,000 in 2018, representing an increase of 17.06%[496]. - The Corporation's commercial and industrial loans rose to $2,109,879,000 in 2019, compared to $1,726,664,000 in 2018, indicating a growth of approximately 22.2%[485]. - The residential real estate loans increased to $1,143,217,000 in 2019, up from $966,421,000 in 2018, reflecting a growth of about 18.3%[485]. - The total balance of commercial and industrial loans was $2,109,879,000, with non-performing loans at $1,668,247,000[512]. Acquisitions - The Corporation completed the acquisition of MBT and its subsidiary Monroe Bank & Trust for an acquisition price of $229.9 million, which included $98.6 million of Goodwill[365]. - The Corporation acquired 100% of MBT Financial Corp. on September 1, 2019, issuing approximately 6.4 million shares valued at approximately $229.9 million[458]. - Goodwill from the MBT acquisition amounted to $98.6 million, reflecting expected synergies and economies of scale[458]. - Core deposit intangibles acquired from the MBT acquisition amounted to $16,527,000, with total core deposit and other intangibles valued at $34,962,000 as of December 31, 2019[531][533]. Cash Flow and Dividends - Cash flow from operating activities for 2019 was $178,407,000, slightly down from $180,235,000 in 2018[375]. - The company issued cash dividends on common stock of $51,276,000 in 2019, compared to $41,660,000 in 2018, reflecting a 23.5% increase[375]. Risk Management and Credit Quality - The Corporation's strategy for credit risk management includes credit policies and underwriting criteria significantly below legal lending limits[395]. - The corporation's risk management strategies include monitoring economic conditions that may impact borrower repayment capabilities[500]. - The Corporation's overall credit quality assessment is based on the financial health of borrowers and the adequacy of collateral pledged[513]. - The risk grading system includes categories such as pass, special mention, substandard, doubtful, and loss, with all large commercial credit grades reviewed at least annually[509]. Accounting and Reporting - The Corporation adopted several accounting standards updates in 2019, including ASU 2018-11 for leases, which did not significantly affect its consolidated financial statements[429][432][434]. - The Corporation's income tax provisions include deferred income tax for significant temporary differences in recognizing income and expenses[425]. - The Corporation recorded a Right-of-Use (ROU) asset of $23.3 million and a lease liability of $23.8 million upon the adoption of the new accounting standard on January 1, 2019[437].

FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ___________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _______ to _______ Commission File Number 0-17071 FIRST MERCHANTS CORPORATION (Exact name of registrant as specified in its charter) | Indiana | 35-1544218 | ...

FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ___________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 OR | Indiana | 35-1544218 | | --- | --- | | (State or other jurisdiction of | (I.R.S. Employer | | incorporation or organization) | Identification No.) | 200 East Jackson Street, Muncie, IN 47305-2814 (Address of principal executive offices) (Zip code) (Registrant's telephone number, inc ...

Financial Performance - The Corporation reported a net income of $38.8 million for Q1 2019, an increase of 5.4% from $36.7 million in Q1 2018, with diluted earnings per share rising to $0.78 from $0.74[176]. - The net income available to common stockholders for the three months ended March 31, 2019, was $38.82 million, an increase from $36.68 million in the same period of 2018[212]. - Diluted tangible net income available to common stockholders was $0.81 per share for Q1 2019, up from $0.77 per share in Q1 2018[212]. - The return on average tangible capital was 16.58% for the three months ended March 31, 2019, compared to 18.13% for the same period in 2018[212]. - Income tax expense for Q1 2019 was $6,941,000 on pre-tax net income of $45,758,000, resulting in an effective tax rate of 15.2%[198]. - The effective income tax rate decreased slightly from 15.3% in Q1 2018 to 15.2% in Q1 2019 due to an increase in tax-exempt interest income[198]. Assets and Liabilities - Total assets reached $10.2 billion as of March 31, 2019, reflecting an increase of $326.2 million from December 31, 2018[177]. - Total assets increased to $10,080,142,000 in Q1 2019 from $9,372,736,000 in Q1 2018[200]. - The Corporation's other assets increased by $22.7 million due to new lease accounting guidance, with a right of use asset valued at $22.6 million[179]. - The Corporation's total stockholders' equity (GAAP) was $1.46 billion as of March 31, 2019, compared to $1.41 billion at December 31, 2018[211]. - The average assets for the Corporation increased to $10.08 billion for Q1 2019, up from $9.37 billion in Q1 2018[212]. Loans and Deposits - The total loan portfolio increased by $73.4 million, or 4.1% annualized, with significant growth in commercial and industrial loans, residential loans, and home equity loans[177]. - Total loans increased to $7,230,119,000 in Q1 2019 from $6,811,087,000 in Q1 2018, reflecting a growth in commercial loans[1]. - Total deposits amounted to $8.0 billion, up $293.2 million or 15.1% annualized from December 31, 2018, driven by increases in certificates of deposit and demand deposits[181]. - Total interest-bearing deposits increased to $6,545,162,000 in Q1 2019 from $5,501,868,000 in Q1 2018[1]. - Loan commitments to extend credit amounted to $2,706,418,000 as of March 31, 2019[232]. Interest Income and Expenses - Net interest income comprised 82% of total revenues for Q1 2019, with a decrease in net interest margin to 3.84% from 3.92% in Q1 2018[184][187]. - Net interest income (FTE) for Q1 2019 was $87,796,000, compared to $82,500,000 in Q1 2018[1]. - Net interest margin (FTE) for Q1 2019 was 3.84%, slightly down from 3.92% in Q1 2018[1]. - Non-interest income decreased by $848,000, or 4.3%, in Q1 2019 compared to Q1 2018, primarily due to a $526,000 decrease in net gains and fees on sales of loans[195]. - Non-interest expenses increased by $2.9 million, or 5.5%, in Q1 2019 compared to Q1 2018, with the largest increase in salaries and employee benefits of $802,000, or 2.5%[197]. Capital Ratios - The Corporation maintained all regulatory capital ratios above the "well-capitalized" definition[183]. - As of March 31, 2019, First Merchants Corporation's total risk-based capital ratio was 14.71%, exceeding the well-capitalized threshold of 10.00%[207]. - First Merchants Bank's total risk-based capital ratio was 13.39%, also above the well-capitalized threshold of 10.00%[207]. - The Corporation's Tier 1 capital to risk-weighted assets ratio was 12.93% as of March 31, 2019, compared to 12.80% at December 31, 2018[207]. - The tangible common equity to tangible assets ratio improved to 10.14% at March 31, 2019, from 9.97% at December 31, 2018[210]. - The Corporation's CET1 capital ratio was 12.12% as of March 31, 2019, compared to 11.98% at December 31, 2018[207]. Loan Losses and Non-Performing Loans - The allowance for loan losses was $80.9 million, representing 1.11% of total loans, with provision expense decreasing to $1.2 million from $2.5 million in the same period last year[178]. - As of March 31, 2019, non-performing loans totaled $28,658,000, an increase of $1,407,000 from December 31, 2018[216]. - The allowance for loan losses was $80,902,000 at March 31, 2019, an increase of $350,000 from December 31, 2018, representing 1.11% of loans[225]. - The provision for loan losses for the three months ended March 31, 2019, was $1,200,000, down from $2,500,000 for the same period in 2018[225]. - Net charge-offs for the three months ended March 31, 2019, totaled $850,000, compared to $1,112,000 for the same period in 2018[226]. Investment Securities - Investment securities classified as available for sale totaled $1,247,632,000 at March 31, 2019, an increase of $105,437,000, or 9.2%, from December 31, 2018[229]. - The Corporation's investment securities available for sale increased from $1,142,195,000 to $1,247,632,000 during the same period[242]. Interest Rate Sensitivity - The Corporation's liquidity and interest sensitivity position as of March 31, 2019, was deemed adequate to achieve optimum interest margins while managing interest rate risk[234]. - The asset/liability management function utilizes GAP/Interest Rate Sensitivity Reports and Net Interest Income Simulation Modeling, which are monitored quarterly[234]. - The Corporation's interest rate scenarios are designed to measure the potential volatility in net interest income due to interest rate movements[235]. - The base scenario for net interest income is highly dependent on various assumptions regarding future interest rates and balance sheet dynamics[236]. - As of March 31, 2019, net interest income under the base scenario was $334,718,000, with a potential increase to $366,482,000 in a rising 200 basis points scenario, representing a 9.49% change from the base[238]. - The net interest income simulation modeling indicates that under a falling 100 basis points scenario, net interest income would decrease to $321,815,000, a decline of 3.85% from the base[238].

UNITED STATES (Exact name of registrant as specified in its charter) SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 _______________________________ FORM 10-K [Mark One] [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________to_________ Commission file number 0-17071 FIRST MERCHANTS CORPO ...