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, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _______ to _______ FIRST MERCHANTS CORPORATION (Exact name of registrant as specified in its charter) | Indiana | | | --- | --- | | (State or other jurisdiction of incorporation) | ...

First Merchants (FRME) reported $153.7 million in revenue for the quarter ended March 2024, representing a year-over-year decline of 9.1%. EPS of $0.85 for the same period compares to $1.07 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $154.95 million, representing a surprise of -0.81%. The company delivered an EPS surprise of +3.66%, with the consensus EPS estimate being $0.82.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall ...

First Merchants (FRME) came out with quarterly earnings of $0.85 per share, beating the Zacks Consensus Estimate of $0.82 per share. This compares to earnings of $1.07 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 3.66%. A quarter ago, it was expected that this bank would post earnings of $0.87 per share when it actually produced earnings of $0.87, delivering no surprise.Over the last four quarters, the company has surpassed ...

N / E / W / S R / E / L / E / A / S / E April 25, 2024 FOR IMMEDIATE RELEASE 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 FIRST MERCHANTS CORPORATION ANNOUNCES FIRST QUARTER 2024 EARNINGS PER SHARE First Merchants Corporation (NASDAQ - FRME) First Quarter 2024 Highlights: Mark Hardwick, Chief Executive Officer, stated, "Given the length and severity of t ...

MUNCIE, Ind., April 25, 2024 (GLOBE NEWSWIRE) -- First Merchants Corporation (NASDAQ - FRME) First Quarter 2024 Highlights: Net income available to common stockholders was $47.5 million and diluted earnings per common share totaled $0.80 compared to $63.6 million and $1.07 in the first quarter of 2023, and $42.0 million and $0.71 in the fourth quarter of 2023.   Net income and diluted earnings per common share, excluding non-core charges of $3.5 million incurred during the quarter, totaled $50.1 million and ...

MUNCIE, Ind., April 15, 2024 (GLOBE NEWSWIRE) -- First Merchants Corporation has declared a quarterly cash dividend of $46.88 per share on its 7.50% Non-Cumulative Perpetual Preferred Stock Series A, represented by depositary shares (NASDAQ:FRMEP) each representing a 1/100th interest in a share of the Series A preferred stock. Holders of depositary shares will receive $0.4688 per depositary share. The dividend will be payable on May 15, 2024, to stockholders of record on April 30, 2024. About First Merchant ...

MUNCIE, Ind., April 04, 2024 (GLOBE NEWSWIRE) -- First Merchants Corporation (NASDAQ:FRME) will report first quarter 2024 financial results on April 25, 2024. The Corporation will host a first quarter 2024 earnings conference call and webcast at 11:30 a.m. (ET) on Thursday, April 25, 2024. 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.vevent.com/register/BIdd109dbd75ba4d42a3ddae5a62b4e2a1) In ord ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 _______________________________ FORM 10-K [Mark One] ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 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 charte ...

▪ Reported EPS of $3.73 compared to $3.81 in 2022. Excluding PPP income, expenses related to the Level One acquisition, and one-time charges, current EPS of $3.89 compared to $4.20 in 20221,2 | --- | --- | --- | |--------------------------|-------------------|--------| | | 4Q23 Balance ($B) | Growth | | Commercial | $7.4 | 5.6% | | Consumer | $6.4 | 11.1% | | Total Deposit Growth QTD | | 4.8% | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------|----------------------------------- ...

Financial Data and Key Metrics Changes - Total assets reached $18.3 billion, total loans at $12.5 billion, and total deposits at $14.8 billion [4] - Q4 2023 EPS reported at $0.71 per share, adjusted EPS at $0.87 after accounting for one-time expenses [5][6] - Year-to-date net income totaled $221.9 million, with adjusted EPS of $3.89 [7] - Liquidity position improved by $585 million, with cash increasing by $300 million and borrowings decreasing by $285 million [7] Business Line Data and Key Metrics Changes - Loans grew by 6.6% annualized in Q4, with a new loan yield of 8.01% [5][10] - Total loan portfolio grew by 5.1% for the year, with expectations of mid to high-single digit growth in 2024 [11][13] - Total deposits increased by 4.8% annualized in Q4 and 3.1% for the full year [14][30] Market Data and Key Metrics Changes - Consumer deposit portfolio grew over 11% annualized, while commercial deposits saw growth only in Q4 [14][15] - The overall economic environment in the Midwest supports expectations of continued loan growth [13] Company Strategy and Development Direction - The company remains focused on organic growth in loans, deposits, and fee income, while investing in technology to enhance client experience [9][48] - The strategy includes maintaining a strong balance sheet and prioritizing cash, liquidity, and capital [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to navigate the current economic environment and achieve growth targets [11][12] - The company anticipates continued strong loan growth and stable deposit growth in 2024 [92] Other Important Information - The company incurred $12.7 million in one-time charges related to various expenses [6][25] - Tangible book value per share increased by 11.7% from the previous quarter, totaling $25.06 at year-end [18][26] Q&A Session Summary Question: NII outlook and margin trends for 2024 - Management expects some compression in NII in Q1 2024, with stabilization and growth anticipated in subsequent quarters [54][58] Question: Fee income expectations - Fee income is expected to average around $30 million to $31 million per quarter in 2024 [65] Question: Core expense guidance for 2024 - Core expenses are expected to remain flat or increase by up to 2% in 2024 compared to Q4 2023 [68] Question: Capital management and buyback plans - The company is focused on managing capital levels and may consider buybacks if conditions stabilize [72][112] Question: C&I loan growth specifics - C&I loan growth was broad-based across various industries, with a strong pipeline expected to continue into 2024 [80][81] Question: Credit quality outlook - Management maintains a normalized charge-off range of 10 to 20 basis points, with no significant concerns on the horizon [94][97]