First Merchants Corporation (FRME)

First Merchants Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Sep 30, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Interest Income on Loans	837.08	779.79	495.59	360.12	379.75	400.34
Interest Income on Investments	113.28	114.1	109.41	86.51	68.76	65.07
Total Interest Income	950.35	893.89	605.01	446.63	448.51	465.41
Interest Paid on Deposits	392.95	306.09	62.94	23.32	51.74	91.59
Interest Paid on Borrowings	40.6	42.39	21.86	12.63	14.64	17.16
Total Interest Expense	433.55	348.49	84.8	35.95	66.38	108.75
Net Interest Income	516.81	545.4	520.2	410.68	382.13	356.66
Net Interest Income Growth (YoY)	-8.42%	4.84%	26.67%	7.47%	7.14%	5.25%
Trust Income	33.74	30.84	29.69	28.36	23.75	17.56
Gain (Loss) on Sale of Investments	-11.48	-6.93	1.19	5.67	11.9	4.42
Other Non-Interest Income	35.59	35.2	38.63	32.03	35.01	33.87
Total Non-Interest Income	109.28	105.6	107.94	109.32	109.93	86.69
Non-Interest Income Growth (YoY)	5.78%	-2.17%	-1.26%	-0.55%	26.81%	13.38%
Revenues Before Loan Losses	626.09	651	628.14	520	492.05	443.35
Provision for Loan Losses	33	3.5	16.76	-	58.67	2.8
Revenue	593.09	647.5	611.39	520	433.38	440.55
Revenue Growth (YoY)	-10.89%	5.91%	17.57%	19.99%	-1.63%	7.95%
Salaries and Employee Benefits	221.14	223.59	196.24	162.23	151.34	139.92
Occupancy Expenses	30.14	29.86	26.21	23.33	26.76	19.58
Federal Deposit Insurance	18.84	14.67	10.24	6.24	5.8	0.72
Amortization of Goodwill & Intangibles	7.68	8.74	8.28	5.75	5.99	5.99
Selling, General & Administrative	82.16	79.59	74.12	61.37	55.19	58.71
Other Non-Interest Expense	27.53	28.5	26.71	19.3	18	17.8
Total Non-Interest Expense	391.08	388.27	342.62	279.21	263.41	245.16
EBT Excluding Unusual Items	202.01	259.23	268.77	240.79	169.98	195.39
Pretax Income	202.01	259.23	255.67	240.79	169.98	193.79
Income Tax Expense	22.48	35.45	33.59	35.26	21.38	29.33
Net Income	179.53	223.79	222.09	205.53	148.6	164.46
Preferred Dividends & Other Adjustments	1.88	1.88	1.41	-	-	-
Net Income to Common	177.66	221.91	220.68	205.53	148.6	164.46
Net Income Growth	-28.78%	0.76%	8.06%	38.31%	-9.64%	3.34%
Basic Shares Outstanding	59	59	58	54	54	51
Diluted Shares Outstanding	59	59	58	54	54	52
Shares Change (YoY)	-0.99%	2.65%	7.35%	-0.44%	5.16%	4.23%
EPS (Basic)	3.03	3.74	3.83	3.82	2.75	3.20
EPS (Diluted)	3.01	3.73	3.81	3.81	2.74	3.19
EPS Growth	-28.55%	-2.10%	0%	39.05%	-14.11%	-0.93%
Dividend Per Share	1.380	1.340	1.250	1.130	1.040	1.000
Dividend Growth	4.55%	7.20%	10.62%	8.65%	4.00%	19.05%
Effective Tax Rate	11.13%	13.67%	13.14%	14.64%	12.58%	15.13%

Source: S&P Capital IQ. Banks template. Financial Sources.