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Sep 30, 2025
First Merchants Q3 2025 Earnings Report
First Merchants reported a solid third quarter with stable earnings and a strong balance sheet.
Key Takeaways
First Merchants posted steady growth in loans and deposits, supported by strong capital ratios and consistent profitability metrics. Net income remained flat quarter-over-quarter, while margins and credit quality were stable.
Net income available to common stockholders was $56.3 million.
Total loans grew by $288.8 million quarter-over-quarter.
Net interest income was $133.7 million, up $0.7 million from Q2.
Efficiency ratio improved slightly to 55.09% (54.56% excluding non-core items).
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Management anticipates continued loan and deposit growth supported by stable credit metrics and the strategic expansion through the First Savings acquisition.
Positive Outlook
- Loan growth primarily in Commercial & Industrial segments.
- Strong capital ratios supporting future growth.
- Pending acquisition to expand market reach in Indiana and Kentucky.
- Stable credit metrics with nonperforming assets unchanged.
- Earnings consistent with top-quartile peer performance.
Challenges Ahead
- Net interest margin slightly declined QoQ.
- Higher noninterest expense due to severance and incentive payouts.
- Modest valuation decrease in securities portfolio.
- Slight decline in allowance for credit losses.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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