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	Jun 30, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Interest Income on Loans	821.77	779.79	495.59	360.12	379.75	400.34
Interest Income on Investments	116.64	114.1	109.41	86.51	68.76	65.07
Total Interest Income	938.4	893.89	605.01	446.63	448.51	465.41
Interest Paid on Deposits	379.64	306.09	62.94	23.32	51.74	91.59
Interest Paid on Borrowings	39.68	42.39	21.86	12.63	14.64	17.16
Total Interest Expense	419.32	348.49	84.8	35.95	66.38	108.75
Net Interest Income	519.08	545.4	520.2	410.68	382.13	356.66
Net Interest Income Growth (YoY)	-9.13%	4.84%	26.67%	7.47%	7.14%	5.25%
Trust Income	32.61	30.84	29.69	28.36	23.75	17.56
Gain (Loss) on Sale of Investments	-4.02	-6.93	1.19	5.67	11.9	4.42
Other Non-Interest Income	33.86	35.2	38.63	32.03	35.01	33.87
Total Non-Interest Income	112.26	105.6	107.94	109.32	109.93	86.69
Non-Interest Income Growth (YoY)	6.83%	-2.17%	-1.26%	-0.55%	26.81%	13.38%
Revenues Before Loan Losses	631.34	651	628.14	520	492.05	443.35
Provision for Loan Losses	30	3.5	16.76	-	58.67	2.8
Revenue	601.34	647.5	611.39	520	433.38	440.55
Revenue Growth (YoY)	-11.08%	5.91%	17.57%	19.99%	-1.63%	7.95%
Salaries and Employee Benefits	221.56	223.59	196.24	162.23	151.34	139.92
Occupancy Expenses	29.98	29.86	26.21	23.33	26.76	19.58
Federal Deposit Insurance	18.1	14.67	10.24	6.24	5.8	0.72
Amortization of Goodwill & Intangibles	8.09	8.74	8.28	5.75	5.99	5.99
Selling, General & Administrative	81.54	79.59	74.12	61.37	55.19	58.71
Other Non-Interest Expense	27.7	28.5	26.71	19.3	18	17.8
Total Non-Interest Expense	390.31	388.27	342.62	279.21	263.41	245.16
EBT Excluding Unusual Items	211.03	259.23	268.77	240.79	169.98	195.39
Pretax Income	211.03	259.23	255.67	240.79	169.98	193.79
Income Tax Expense	24.32	35.45	33.59	35.26	21.38	29.33
Net Income	186.71	223.79	222.09	205.53	148.6	164.46
Preferred Dividends & Other Adjustments	1.88	1.88	1.41	-	-	-
Net Income to Common	184.84	221.91	220.68	205.53	148.6	164.46
Net Income Growth	-28.04%	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)	-0.42%	2.65%	7.35%	-0.44%	5.16%	4.23%
EPS (Basic)	3.13	3.74	3.83	3.82	2.75	3.20
EPS (Diluted)	3.12	3.73	3.81	3.81	2.74	3.19
EPS Growth	-28.12%	-2.10%	0%	39.05%	-14.11%	-0.93%
Dividend Per Share	1.370	1.340	1.250	1.130	1.040	1.000
Dividend Growth	5.38%	7.20%	10.62%	8.65%	4.00%	19.05%
Effective Tax Rate	11.53%	13.67%	13.14%	14.64%	12.58%	15.13%

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