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 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 2020-05-14 Regulation FD, Exhibits
8-K 2020-05-13 Shareholder Vote
8-K 2020-05-13 Other Events, Exhibits
8-K 2020-04-23 Earnings, Exhibits
8-K 2020-04-23 Earnings, Exhibits
8-K 2020-03-16 Other Events
8-K 2020-02-11 Regulation FD, Exhibits
8-K 2020-02-05 Officers, Exhibits
8-K 2020-02-05 Other Events, Exhibits
8-K 2020-01-30 Earnings, Exhibits
8-K 2020-01-30 Earnings, Exhibits
8-K 2019-11-14 Regulation FD, Exhibits
8-K 2019-11-07 Other Events, Exhibits
8-K 2019-11-07 Officers, Exhibits
8-K 2019-10-24 Earnings, Exhibits
8-K 2019-10-24 Earnings, Exhibits
8-K 2019-09-03 Other Events
8-K 2019-08-30 Other Events, Exhibits
8-K 2019-08-16 Other Events
8-K 2019-08-08 Other Events, Exhibits
8-K 2019-08-08 Officers, Exhibits
8-K 2019-08-02 Regulation FD, Exhibits
8-K 2019-07-25 Earnings, Exhibits
8-K 2019-07-25 Earnings, Exhibits
8-K 2019-06-13 Regulation FD, Other Events, Exhibits
8-K 2019-05-10 Shareholder Vote
8-K 2019-05-09 Officers, Exhibits
8-K 2019-05-09 Other Events, Exhibits
8-K 2019-05-03 Regulation FD, Exhibits
8-K 2019-04-25 Earnings, Exhibits
8-K 2019-04-25 Earnings, Exhibits
8-K 2019-02-11 Regulation FD, Exhibits
8-K 2019-02-05 Other Events, Exhibits
8-K 2019-01-31 Earnings, Exhibits
8-K 2019-01-31 Earnings, Exhibits
8-K 2018-11-07 Other Events, Exhibits
8-K 2018-11-01 Regulation FD, Exhibits
8-K 2018-10-24 Earnings, Exhibits
8-K 2018-10-24 Earnings, Exhibits
8-K 2018-10-10 Enter Agreement, Regulation FD, Exhibits
8-K 2018-08-15 Other Events, Exhibits
8-K 2018-08-10 Regulation FD, Exhibits
8-K 2018-07-26 Earnings, Exhibits
8-K 2018-07-25 Earnings, Exhibits
8-K 2018-05-11 Shareholder Vote
8-K 2018-05-10 Other Events, Exhibits
8-K 2018-05-03 Regulation FD, Exhibits
8-K 2018-04-26 Earnings, Exhibits
8-K 2018-04-25 Earnings, Exhibits
8-K 2018-02-16 Regulation FD, Exhibits
8-K 2018-02-09 Other Events, Exhibits
8-K 2018-01-25 Earnings, Exhibits
8-K 2018-01-25 Earnings, Exhibits
8-K 2018-01-16 Other Events, Exhibits

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
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
Part I. Financial Information
Item 1. Notes To Consolidated Condensed Financial Statements
Note 12
Part I. Financial Information
Item 1. Notes To Consolidated Condensed Financial Statements
Note 13
Note 14
Note 15
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
Part Ii: Other Information
Item 1., Item 1A., Item 2., Item 3., Item 4. and Item 5.
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-31.1 exhibit31110q2020q1.htm
EX-31.2 exhibit31210q2020q1.htm
EX-32 exhibit3210q2020q1.htm

First Merchants Earnings 2020-03-31

Balance SheetIncome StatementCash Flow

Document
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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, 2020
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)
Title of Each Class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.125 stated value per share
FRME
Nasdaq 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 4, 2020, there were 54,115,879 outstanding common shares of the registrant.

1

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

GLOSSARY OF DEFINED TERMS


FIRST MERCHANTS CORPORATION



ASC
Accounting Standards Codification
ASU
Accounting Standards Update
Bank
First Merchants Bank, a wholly-owned subsidiary of the Corporation
CARES Act
Coronavirus Aid, Relief and Economic Security Act
CET1
Common Equity Tier 1
CMT
Constant Maturity Treasury
Corporation
First Merchants Corporation
COVID-19
2019 novel coronavirus disease, which was declared a pandemic by the World Health Organization on March 11, 2020.
ESPP
Employee Stock Purchase Plan
FASB
Financial Accounting Standards Board
FDIC
Federal Deposit Insurance Corporation
Federal Reserve
Board of Governors of the Federal Reserve System
FHLB
Federal Home Loan Bank
FOMC
Federal Open Market Committee, the monetary policymaking body of the Federal Reserve System.
FTE
Fully taxable equivalent
GAAP
Generally Accepted Accounting Principles
MBT
MBT Financial Corp., which was acquired by the Corporation on September 1, 2019
OREO
Other real estate owned
RSA
Restricted Stock Awards
TEFRA
Tax Equity and Fiscal Responsibility Act



3

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


 
CONSOLIDATED CONDENSED BALANCE SHEETS


March 31,
2020

December 31,
2019

(Unaudited)

ASSETS
 

 
Cash and cash equivalents
$
127,731


$
177,201

Interest-bearing time deposits
132,944


118,263

Investment securities available for sale
1,815,775


1,790,025

Investment securities held to maturity (fair value of $920,178 and $827,566)
882,179


806,038

Loans held for sale
5,039


9,037

Loans, net of allowance for loan losses of $99,454 and $80,284
8,507,395


8,379,026

Premises and equipment
114,045


113,055

Federal Home Loan Bank stock
28,736


28,736

Interest receivable
47,489


48,901

Goodwill
543,918


543,918

Other intangibles
33,448


34,962

Cash surrender value of life insurance
289,574


288,206

Other real estate owned
7,972


7,527

Tax asset, deferred and receivable
9,497


12,165

Other assets
147,776


100,194

TOTAL ASSETS
$
12,693,518


$
12,457,254

LIABILITIES
 

 
Deposits:
 

 
Noninterest-bearing
$
1,688,205


$
1,736,396

Interest-bearing
8,182,279


8,103,560

Total Deposits
9,870,484


9,839,956

Borrowings:
 

 
Federal funds purchased
47,000


55,000

Securities sold under repurchase agreements
183,317


187,946

Federal Home Loan Bank advances
480,995


351,072

Subordinated debentures and term loans
128,741


138,685

Total Borrowings
840,053


732,703

Interest payable
7,746


6,754

Other liabilities
197,275


91,404

Total Liabilities
10,915,558


10,670,817

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, $.125 stated value:
 

 
Authorized - 100,000,000 shares
 

 
Issued and outstanding - 53,754,137 and 55,368,482 shares
6,719


6,921

Additional paid-in capital
1,000,942


1,054,997

Retained earnings
716,518


696,520

Accumulated other comprehensive income
53,656


27,874

Total Stockholders' Equity
1,777,960


1,786,437

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
12,693,518


$
12,457,254



See NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS.

4

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,
 
2020
 
2019
INTEREST INCOME
 
 
 
Loans receivable:
 
 
 
Taxable
$
96,652

 
$
90,481

Tax exempt
5,315

 
4,153

Investment securities:
 
 
 
Taxable
7,631

 
6,095

Tax exempt
9,335

 
6,871

Deposits with financial institutions
575

 
875

Federal Home Loan Bank stock
299

 
338

Total Interest Income
119,807

 
108,813

INTEREST EXPENSE
 
 
 
Deposits
21,748

 
19,594

Federal funds purchased
111

 
93

Securities sold under repurchase agreements
352

 
330

Federal Home Loan Bank advances
1,774

 
1,814

Subordinated debentures and term loans
1,945

 
2,116

Total Interest Expense
25,930

 
23,947

NET INTEREST INCOME
93,877

 
84,866

Provision for loan losses
19,752

 
1,200

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
74,125

 
83,666

OTHER INCOME
 
 
 
Service charges on deposit accounts
5,970

 
5,095

Fiduciary and wealth management fees
5,985

 
3,818

Card payment fees
5,907

 
4,826

Net gains and fees on sales of loans
3,363

 
1,295

Derivative hedge fees
1,939

 
781

Other customer fees
398

 
439

Increase in cash surrender value of life insurance
1,360

 
989

Net realized gains on sales of available for sale securities
4,612

 
1,140

Other income
265

 
330

Total Other Income
29,799

 
18,713

OTHER EXPENSES
 
 
 
Salaries and employee benefits
39,243

 
33,028

Net occupancy
5,801

 
5,027

Equipment
4,344

 
3,642

Marketing
1,443

 
1,074

Outside data processing fees
4,199

 
3,684

Printing and office supplies
387

 
315

Intangible asset amortization
1,514

 
1,528

FDIC assessments
1,523

 
707

Other real estate owned and foreclosure expenses
505

 
1,165

Professional and other outside services
2,258

 
1,884

Other expenses
4,954

 
4,567

Total Other Expenses
66,171

 
56,621

INCOME BEFORE INCOME TAX
37,753

 
45,758

Income tax expense
3,490

 
6,941

NET INCOME AVAILABLE TO COMMON STOCKHOLDERS
$
34,263

 
$
38,817

Per Share Data:
 
 
 
Basic Net Income Available to Common Stockholders
$
0.63

 
$
0.79

Diluted Net Income Available to Common Stockholders
$
0.62

 
$
0.78

Cash Dividends Paid
$
0.26

 
$
0.22

Average Diluted Shares Outstanding (in thousands)
54,918

 
49,541



See NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS.


5

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,
 
2020
 
2019
Net income
$
34,263


$
38,817

Other comprehensive income (loss), net of tax:
 

 
Unrealized holding gain (loss) on securities available for sale arising during the period, net of tax of $8,071 and $5,580
30,364


20,990

Unrealized gain (loss) on cash flow hedges arising during the period, net of tax of $276 and $82
(1,038
)

(309
)
Reclassification adjustment for net gains included in net income, net of tax of $943 and $227
(3,544
)

(854
)
Total other comprehensive income, net of tax
25,782


19,827

Comprehensive income
$
60,045


$
58,644



See NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS.


6

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, 2020
 
Preferred
 
Common Stock
 
Additional
 
 
 
Accumulated
Other
 
 
 
Shares
 
Amount
 
Shares
 
Amount
 
Paid in
Capital
 
Retained
Earnings
 
Comprehensive
Income
 
Total
Balances, December 31, 2019
125

 
$
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



 
Three Months Ended March 31, 2019
 
Preferred
 
Common Stock
 
Additional
 
 
 
Accumulated
Other
 
 
 
Shares
 
Amount
 
Shares
 
Amount
 
Paid in
Capital
 
Retained
Earnings
 
Comprehensive
Loss
 
Total
Balances, December 31, 2018
125

 
$
125

 
49,349,800

 
$
6,169

 
$
840,052

 
$
583,336

 
$
(21,422
)
 
$
1,408,260

Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income

 

 

 

 

 
38,817

 

 
38,817

Other comprehensive income, net of tax

 

 

 

 

 

 
19,827

 
19,827

Cash dividends on common stock ($.22 per share)

 

 

 

 

 
(10,933
)
 

 
(10,933
)
Share-based compensation

 

 
103,660

 
13

 
968

 

 

 
981

Stock issued under employee benefit plans

 

 
5,339

 
1

 
173

 

 

 
174

Stock issued under dividend reinvestment and
stock purchase plan

 

 
8,508

 
1

 
339

 

 

 
340

Stock options exercised

 

 
3,700

 

 
40

 

 

 
40

Restricted shares withheld for taxes

 

 
(42,539
)
 
(5
)
 
(1,653
)
 

 

 
(1,658
)
Balances, March 31, 2019
125

 
$
125

 
49,428,468

 
$
6,179

 
$
839,919

 
$
611,220

 
$
(1,595
)
 
$
1,455,848



See NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS.












 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



7

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


CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)
 
Three Months Ended
 
March 31, 2020

March 31, 2019
Cash Flow From Operating Activities:
 

 
Net income
$
34,263


$
38,817

Adjustments to reconcile net income to net cash provided by operating activities:
 

 
Provision for loan losses
19,752


1,200

Depreciation and amortization
2,674


2,209

Change in deferred taxes
(7,662
)

740

Share-based compensation
1,220


981

Loans originated for sale
(163,378
)

(67,596
)
Proceeds from sales of loans held for sale
170,307


69,940

Gains on sales of loans held for sale
(2,931
)