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First Merchants (FRME) investor relations material
First Merchants Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Q3 2025 net income was $56.3M ($0.98 EPS), up from $48.7M ($0.84 EPS) last year, with ROA at 1.22% and ROE at 9.51%.
Year-to-date net income reached $167.5M ($2.90 EPS), up from $135.6M ($2.31 EPS) year-over-year.
Announced acquisition of First Savings Financial Group, adding $2.4B in assets and expanding into Southern Indiana and Louisville MSA, with expected close in Q1 2026.
Integration of First Savings is expected to enhance SBA lending, fee income, and market share.
Strong capital position with CET1 at 11.34% and tangible common equity to tangible assets at 9.18%.
Financial highlights
Total assets at $18.8B, loans at $13.6B, and deposits at $14.9B as of 9/30/2025.
Net interest income for Q3 was $139.9M, up 2.1% year-over-year; net interest margin stable at 3.24%.
Noninterest income for Q3 was $32.5M, up 30.6% year-over-year, with customer-related fees at $29.3M.
Efficiency ratio at 55.09% (54.56% adjusted); tangible book value per share was $29.08.
Dividend yield at 3.77%; price/tangible book at 1.30x; price/LTM EPS at 9.4x.
Outlook and guidance
Q4 core expenses expected to be in line with Q3, excluding one-time items.
Margin expected to compress slightly with anticipated rate cuts; each 25bp cut reduces margin by ~2bp.
Management expects continued focus on loan growth, core deposit funding, and maintaining strong capital and liquidity.
No additional M&A planned; focus remains on organic growth, digital investments, and integration of First Savings.
Commercial loan pipelines remain strong, while consumer and mortgage pipelines have moderated.
How does First Savings acquisition enhance growth?
What loan categories drove Q3 growth?
What is the trend in nonperforming assets?
Detroit MSA opportunity post-Comerica/Fifth Third
SBA and triple net lease portfolio strategy
Capital deployment beyond First Savings acquisition
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Next First Merchants earnings date
Q4 202530 Jan, 2026
Next First Merchants earnings date
Q4 202530 Jan, 2026
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Frequently asked questions
First Merchants Corporation operates as the financial holding company for First Merchants Bank that provides community banking services. The company offers personal and business checking accounts, savings accounts, certificates of deposit, money market accounts, personal loans, home equity loans, mortgage loans, automobile loans and consumer credit card lines to its retail customers both in-branch and through its electronic channels. It also offers credit cards, debit cards and related services to its business customers. First Merchants Corporation is based in Marion, Indiana.
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