Company Quick10K Filing
First Merchants
Price38.43 EPS3
Shares55 P/E13
MCap2,127 P/FCF16
Net Debt-202 EBIT287
TEV1,925 TEV/EBIT7
TTM 2019-09-30, in MM, except price, ratios
10-Q 2021-03-31 Filed 2021-05-10
10-K 2020-12-31 Filed 2021-03-01
10-Q 2020-09-30 Filed 2020-11-09
10-Q 2020-06-30 Filed 2020-08-07
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-02-27
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-01
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-10
10-K 2016-12-31 Filed 2017-03-01
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-09
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-06
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-03-14
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-09
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-03-15
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-10
10-K 2011-12-31 Filed 2012-03-15
10-Q 2011-11-09 Filed 2011-11-09
10-Q 2011-08-09 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-03-16
10-Q 2010-11-09 Filed 2010-11-09
10-Q 2010-08-09 Filed 2010-08-09
10-Q 2010-05-10 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-03-16
8-K 2021-02-09
8-K 2021-02-09
8-K 2021-02-09
8-K 2021-01-28
8-K 2021-01-28
8-K 2021-01-27
8-K 2020-12-17
8-K 2020-11-10
8-K 2020-11-09
8-K 2020-11-06
8-K 2020-10-28
8-K 2020-10-28
8-K 2020-09-25
8-K 2020-09-24
8-K 2020-08-12
8-K 2020-08-06
8-K 2020-07-23
8-K 2020-07-23
8-K 2020-07-17
8-K 2020-06-30
8-K 2020-05-14
8-K 2020-05-13
8-K 2020-05-13
8-K 2020-04-23
8-K 2020-04-23
8-K 2020-03-16
8-K 2020-02-11
8-K 2020-02-05
8-K 2020-02-05
8-K 2020-01-30
8-K 2020-01-30
8-K 2019-11-14
8-K 2019-11-07
8-K 2019-11-07
8-K 2019-10-24
8-K 2019-10-24
8-K 2019-09-03
8-K 2019-08-30
8-K 2019-08-16
8-K 2019-08-08
8-K 2019-08-08
8-K 2019-08-02
8-K 2019-07-25
8-K 2019-07-25
8-K 2019-06-13
8-K 2019-05-10
8-K 2019-05-09
8-K 2019-05-09
8-K 2019-05-03
8-K 2019-04-25
8-K 2019-04-25
8-K 2019-02-11
8-K 2019-02-05
8-K 2019-01-31
8-K 2019-01-31
8-K 2018-11-07
8-K 2018-11-01
8-K 2018-10-24
8-K 2018-10-24
8-K 2018-10-10
8-K 2018-08-15
8-K 2018-08-10
8-K 2018-07-26
8-K 2018-07-25
8-K 2018-05-11
8-K 2018-05-10
8-K 2018-05-03
8-K 2018-04-26
8-K 2018-04-25
8-K 2018-02-16
8-K 2018-02-09
8-K 2018-01-25
8-K 2018-01-25
8-K 2018-01-16

FRME 10Q Quarterly Report

Part I. Financial Information
Item 1. Consolidated Condensed Financial Statements
Item 1. Notes To Consolidated Condensed Financial Statements
Note 1
Part I. Financial Information
Item 1. Notes To Consolidated Condensed Financial Statements
Note 2
Part I. Financial Information
Item 1. Notes To Consolidated Condensed Financial Statements
Note 3
Part I. Financial Information
Item 1. Notes To Consolidated Condensed Financial Statements
Note 4
Part I. Financial Information
Item 1. Notes To Consolidated Condensed Financial Statements
Note 5
Part I. Financial Information
Item 1. Notes To Consolidated Condensed Financial Statements
Note 6
Part I. Financial Information
Item 1. Notes To Consolidated Condensed Financial Statements
Note 7
Note 8
Part I. Financial Information
Item 1. Notes To Consolidated Condensed Financial Statements
Note 9
Part I. Financial Information
Item 1. Notes To Consolidated Condensed Financial Statements
Note 10
Note 11
Note 12
Note 13
Part I: Financial Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Part I: Financial Information
Item 4. Controls and Procedures
Part Ii: Other Information
Item 1., Item 1A., Item 2., Item 3., Item 4. and Item 5.
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Part Ii: Other Information
Item 6. Exhibits
EX-10.1 exhibit10110q2021q1.htm
EX-31.1 exhibit31110q2021q1.htm
EX-31.2 exhibit31210q2021q1.htm
EX-32.1 exhibit3210q2021q1.htm

First Merchants Earnings 2021-03-31

Balance SheetIncome StatementCash Flow

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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, 2021
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 charter)

Indiana                                                                            35-1544218
(State or other jurisdiction of                                   (I.R.S. Employer
incorporation or organization)                               Identification No.)

200 East Jackson Street, Muncie, IN                  47305-2814
(Address of principal executive offices)                   (Zip code)

(Registrant’s telephone number, including area code): (765) 747-1500

Not Applicable
(Former name, former address and former fiscal year,
if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.125 stated value per shareFRMENasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed  by  Section  13 or 15 (d) of the  Securities  Exchange  Act of 1934 during the preceding 12 months (or for such shorter  period that the  registrant was  required  to file such  reports),  and (2) has been subject to such filing requirements for the past 90 days. Yes   No

Indicate by check mark whether the registrant has submitted electronically every interactive data file required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes    No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
Accelerated Filer
Non-Accelerated Filer
Smaller Reporting Company
Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes    No

As of May 3, 2021, there were 54,371,549 outstanding common shares of the registrant.
1

Table of Contents
TABLE OF CONTENTS

FIRST MERCHANTS CORPORATION

Page No.
Item 1. 
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
   
 
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
2

Table of Contents
GLOSSARY OF DEFINED TERMS

FIRST MERCHANTS CORPORATION

ACLAllowance for Credit Losses
AmeriborThe American interbank offered rate, a potential replacement for LIBOR, is a benchmark interest rate calculated as a volume-weighted average of the daily transactions in overnight unsecured loans on the American Financial Exchange, LLC, a self-regulated electronic exchange for direct lending by American banks and financial institutions.
ASCAccounting Standards Codification
ASUAccounting Standards Update
BankFirst Merchants Bank, a wholly-owned subsidiary of the Corporation
CARES ActCoronavirus Aid, Relief and Economic Security Act
CECL
Current expected credit losses
CET1Common Equity Tier 1
CorporationFirst Merchants Corporation
COVID-192019 novel coronavirus disease, which was declared a pandemic by the World Health Organization on March 11, 2020.
Economic Impact PaymentsEconomic stimulus payments of up to $1,200 per adult and $500 per child, subject to eligibility requirements and certain limitations, as established under the CARES Act and distributed by the IRS.
ESPPEmployee Stock Purchase Plan
FASBFinancial Accounting Standards Board
FDICFederal Deposit Insurance Corporation
Federal ReserveBoard of Governors of the Federal Reserve System
FHLBFederal Home Loan Bank
FOMCFederal Open Market Committee, the monetary policymaking body of the Federal Reserve System.
FTEFully taxable equivalent
GAAPU.S. Generally Accepted Accounting Principles
IRSInternal Revenue Service
OREOOther real estate owned
PPPPaycheck Protection Program, which was established by the CARES Act and implemented by the Small Business Administration to provide small business loans.
RSARestricted Stock Awards
TEFRATax Equity and Fiscal Responsibility Act


3

Table of Contents
PART I. FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(table dollar amounts in thousands, except share data)


CONSOLIDATED CONDENSED BALANCE SHEETS
March 31,
2021
December 31,
2020
(Unaudited)
ASSETS  
Cash and cash equivalents$187,901 $192,896 
Interest-bearing deposits392,806 392,305 
Investment securities available for sale2,405,568 1,919,119 
Investment securities held to maturity, net of allowance for credit losses of $245 and $0 (fair value of $1,318,780 and $1,280,293)
1,295,289 1,227,668 
Loans held for sale4,430 3,966 
Loans9,318,228 9,243,174 
Less: Allowance for credit losses - loans 1
(201,082)(130,648)
Net loans9,117,146 9,112,526 
Premises and equipment109,432 111,062 
Federal Home Loan Bank stock28,736 28,736 
Interest receivable54,662 53,948 
Goodwill543,918 543,918 
Other intangibles27,618 28,975 
Cash surrender value of life insurance293,766 292,745 
Other real estate owned604 940 
Tax asset, deferred and receivable40,163 12,340 
Other assets127,027 146,066 
TOTAL ASSETS$14,629,066 $14,067,210 
LIABILITIES  
Deposits:  
Noninterest-bearing$2,494,891 $2,298,138 
Interest-bearing9,456,889 9,063,472 
Total Deposits11,951,780 11,361,610 
Borrowings:  
Securities sold under repurchase agreements185,721 177,102 
Federal Home Loan Bank advances359,337 389,430 
Subordinated debentures and other borrowings118,439 118,380 
Total Borrowings663,497 684,912 
Interest payable4,020 3,287 
Other liabilities203,913 141,756 
Total Liabilities12,823,210 12,191,565 
COMMITMENTS AND CONTINGENT LIABILITIES
STOCKHOLDERS' EQUITY
Cumulative Preferred Stock, $1,000 par value, $1,000 liquidation value:
  
Authorized - 600 shares
  
Issued and outstanding - 125 shares
125 125 
Common Stock, $0.125 stated value:
  
Authorized - 100,000,000 shares
  
Issued and outstanding - 53,953,723 and 53,922,359 shares
6,744 6,740 
Additional paid-in capital1,007,300 1,005,366 
Retained earnings755,877 788,578 
Accumulated other comprehensive income35,810 74,836 
Total Stockholders' Equity1,805,856 1,875,645 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$14,629,066 $14,067,210 

1 Beginning January 1, 2021, the calculation is based on the current expected credit loss methodology. Prior to January 1, 2021, the calculation is based on the incurred loss methodology. See additional details in NOTE 1. GENERAL of these Notes to Consolidated Condensed Financial Statement.


See NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS.
4

Table of Contents
PART I. FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(table dollar amounts in thousands, except share data)


CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended
March 31,
 20212020
INTEREST INCOME  
Loans receivable:
Taxable$85,105 $96,652 
Tax exempt5,339 5,315 
Investment securities: 
Taxable6,695 7,631 
Tax exempt12,385 9,335 
Deposits with financial institutions114 575 
Federal Home Loan Bank stock178 299 
Total Interest Income109,816 119,807 
INTEREST EXPENSE  
Deposits6,200 21,748 
Federal funds purchased2 111 
Securities sold under repurchase agreements87 352 
Federal Home Loan Bank advances1,442 1,774 
Subordinated debentures and other borrowings1,657 1,945 
Total Interest Expense9,388 25,930 
NET INTEREST INCOME100,428 93,877 
Provision for credit losses - loans 19,752 
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES100,428 74,125 
OTHER INCOME  
Service charges on deposit accounts5,264 5,970 
Fiduciary and wealth management fees6,422 5,985 
Card payment fees4,367 5,907 
Net gains and fees on sales of loans3,986 3,363 
Derivative hedge fees317 1,939 
Other customer fees368 398 
Increase in cash surrender value of life insurance1,189 1,360 
Gains on life insurance benefits147  
Net realized gains on sales of available for sale securities1,799 4,612 
Other income232 265 
Total Other Income24,091 29,799 
OTHER EXPENSES  
Salaries and employee benefits38,811 39,243 
Net occupancy6,491 5,801 
Equipment5,030 4,344 
Marketing1,124 1,443 
Outside data processing fees4,244 4,199 
Printing and office supplies283 387 
Intangible asset amortization1,357 1,514 
FDIC assessments1,368 1,523 
Other real estate owned and foreclosure expenses734 505 
Professional and other outside services2,543 2,258 
Other expenses4,113 4,954 
Total Other Expenses66,098 66,171 
INCOME BEFORE INCOME TAX58,421 37,753 
Income tax expense8,952 3,490 
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS$49,469 $34,263 
Per Share Data:  
Basic Net Income Available to Common Stockholders$0.92 $0.63 
Diluted Net Income Available to Common Stockholders$0.91 $0.62 
Cash Dividends Paid$0.26 $0.26 
Average Diluted Shares Outstanding (in thousands)54,134 54,918 


See NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS.

5

Table of Contents
PART I. FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(table dollar amounts in thousands, except share data)


CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended
March 31,
20212020
Net income$49,469 $34,263 
Other comprehensive income (loss):
     Unrealized gains/losses on securities available-for-sale:
Unrealized holding gain (loss) arising during the period(47,911)38,435 
Reclassification adjustment for losses (gains) included in net income(1,799)(4,612)
Tax effect10,439 (7,102)
Net of tax(39,271)26,721 
     Unrealized gain/loss on cash flow hedges:
Unrealized holding gain (loss) arising during the period58 (1,314)
Reclassification adjustment for losses (gains) included in net income252 125 
Tax effect(65)250 
Net of tax245 (939)
      Total other comprehensive income (loss), net of tax(39,026)25,782 
Comprehensive income$10,443 $60,045 


See NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS.

6

Table of Contents
PART I. FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(table dollar amounts in thousands, except share data)


CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)


Three Months Ended March 31, 2021
PreferredCommon StockAdditionalAccumulated
Other
SharesAmountSharesAmountPaid in
Capital
Retained
Earnings
Comprehensive
Income
Total
Balances, December 31, 2020125 $125 53,922,359 $6,740 $1,005,366 $788,578 $74,836 $1,875,645 
Cumulative effect of ASC 326 adoption(68,040)(68,040)
Balance, January 1, 2021125 $125 53,922,359 $6,740 $1,005,366 1005366$720,538 $74,836 $1,807,605 
Comprehensive income:
Net income— — — — — 49,469 — 49,469 
Other comprehensive loss, net of tax — — — — — — (39,026)(39,026)
Cash dividends on common stock ($.26 per share)
— — — — — (14,130)— (14,130)
Share-based compensation— — 4,285 1 1,189 — — 1,190 
Stock issued under employee benefit plans— — 3,929 — 144 — — 144 
Stock issued under dividend reinvestment and
stock purchase plan
— — 9,117 1 442 — — 443 
Stock options exercised— — 14,300 2 169 — — 171 
Restricted shares withheld for taxes— — (267)— (10)— — (10)
Balances, March 31, 2021
125 $125 53,953,723 $6,744 $1,007,300 $755,877 $35,810 $1,805,856 


Three Months Ended March 31, 2020
PreferredCommon StockAdditionalAccumulated
Other
SharesAmountSharesAmountPaid in
Capital
Retained
Earnings
Comprehensive
Loss
Total
Balances, December 31, 2019125 $125 55,368,482 $6,921 $1,054,997 $696,520 $27,874 $1,786,437 
Comprehensive income:       
Net income— — — — — 34,263 — 34,263 
Other comprehensive income, net of tax — — — — — — 25,782 25,782 
Cash dividends on common stock ($.26 per share)
— — — — — (14,265)— (14,265)
Repurchases of common stock— — (1,634,437)(204)(55,708)— — (55,912)
Share-based compensation— — 3,332 — 1,220 — — 1,220 
Stock issued under dividend reinvestment and
stock purchase plan
— — 15,710 2 426 — — 428 
Stock options exercised— — 1,050 — 7 — — 7 
Balances, March 31. 2020
125 $125 53,754,137 $6,719 $1,000,942 $716,518 $53,656 $1,777,960 


See NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS.