10-Q 1 frme-20220930.htm 10-Q frme-20220930
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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 September 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from _______ to _______

FIRST MERCHANTS CORPORATION
(Exact name of registrant as specified in its charter)

Indiana
(State or other jurisdiction of incorporation)
001-4134235-1544218
(Commission File Number)(IRS Employer 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 shareFRMEThe Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/100th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series AFRMEPThe Nasdaq Stock Market LLC

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 November 3, 2022, there were 59,562,630 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

2021 CAAThe 2021 Consolidated Appropriations Act, signed into law on December 27, 2020, which included the Economic Aid to Hard-Hit-Small Businesses, Nonprofits, and Venues Act, amending the CARES Act.
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
FASB Accounting Standards Update No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, adopted by the Corporation on January 1, 2021.
CET1Common Equity Tier 1
CorporationFirst Merchants Corporation
COVID or COVID-192019 novel coronavirus disease, which was declared a pandemic by the World Health Organization on March 11, 2020.
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
HoosierHoosier Trust Company, which was acquired by the Bank on April 1, 2021.
IRSInternal Revenue Service
Level OneLevel One Bancorp, Inc., which was acquired by the Corporation on April 1, 2022.
OREOOther real estate owned
PPPPaycheck Protection Program, which was established by the CARES Act and implemented by the SBA to provide small business loans.
PCDPurchased credit deteriorated loans
RSARestricted Stock Awards
SBASmall Business Administration
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
September 30,
2022
December 31,
2021
(Unaudited)
ASSETS  
Cash and due from banks$119,532 $167,146 
Interest-bearing deposits179,593 474,154 
Investment securities available for sale1,983,972 2,344,551 
Investment securities held to maturity, net of allowance for credit losses of $245 and $245 (fair value of $1,867,088 and $2,202,503)
2,310,796 2,179,802 
Loans held for sale25,394 11,187 
Loans11,650,002 9,241,861 
Less: Allowance for credit losses - loans(226,702)(195,397)
Net loans11,423,300 9,046,464 
Premises and equipment116,306 105,655 
Federal Home Loan Bank stock38,056 28,736 
Interest receivable71,605 57,187 
Goodwill712,568 545,385 
Other intangibles38,145 25,475 
Cash surrender value of life insurance306,932 291,041 
Other real estate owned6,454 558 
Tax asset, deferred and receivable142,110 35,641 
Other assets244,222 140,167 
TOTAL ASSETS$17,718,985 $15,453,149 
LIABILITIES  
Deposits:  
Noninterest-bearing$3,356,651 $2,709,646 
Interest-bearing11,078,174 10,022,931 
Total Deposits14,434,825 12,732,577 
Borrowings:  
Federal funds purchased185,000  
Securities sold under repurchase agreements194,482 181,577 
Federal Home Loan Bank advances643,769 334,055 
Subordinated debentures and other borrowings151,301 118,618 
Total Borrowings1,174,552 634,250 
Interest payable4,971 2,762 
Other liabilities197,971 170,989 
Total Liabilities15,812,319 13,540,578 
COMMITMENTS AND CONTINGENT LIABILITIES
STOCKHOLDERS' EQUITY
Preferred Stock, $1,000 par value, $1,000 liquidation value:
  
Authorized - 600 cumulative shares
  
Issued and outstanding - 125 cumulative shares
125 125 
Preferred Stock, Series A, no par value, $2,500 liquidation preference:
Authorized - 10,000 non-cumulative perpetual shares
Issued and outstanding - 10,000 non-cumulative perpetual shares
25,000  
Common Stock, $0.125 stated value:
  
Authorized - 100,000,000 shares
  
Issued and outstanding - 59,145,414 and 53,410,411 shares
7,393 6,676 
Additional paid-in capital1,226,695 985,818 
Retained earnings961,542 864,839 
Accumulated other comprehensive income (loss)(314,089)55,113 
Total Stockholders' Equity1,906,666 1,912,571 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$17,718,985 $15,453,149 


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
September 30,
Nine Months Ended
September 30,
 2022202120222021
INTEREST INCOME    
Loans receivable:  
Taxable$128,504 $85,319 $314,366 $257,426 
Tax exempt6,500 5,591 18,194 16,475 
Investment securities:   
Taxable10,055 7,788 28,937 21,923 
Tax exempt17,261 14,464 50,348 39,920 
Deposits with financial institutions704 218 1,544 461 
Federal Home Loan Bank stock314 168 635 434 
Total Interest Income163,338 113,548 414,024 336,639 
INTEREST EXPENSE    
Deposits16,644 5,707 29,423 17,730 
Federal funds purchased418  494 4 
Securities sold under repurchase agreements372 77 595 239 
Federal Home Loan Bank advances3,493 1,389 6,485 4,283 
Subordinated debentures and other borrowings2,105 1,660 5,780 4,976 
Total Interest Expense23,032 8,833 42,777 27,232 
NET INTEREST INCOME140,306 104,715 371,247 309,407 
Provision for credit losses  16,755  
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES140,306 104,715 354,492 309,407 
NON-INTEREST INCOME    
Service charges on deposit accounts7,165 6,249 21,274 17,109 
Fiduciary and wealth management fees7,221 7,352 22,187 21,284 
Card payment fees4,776 4,156 15,674 12,682 
Net gains and fees on sales of loans2,543 3,955 7,968 16,266 
Derivative hedge fees700 1,028 3,062 2,288 
Other customer fees501 393 1,573 1,129 
Increase in cash surrender value of life insurance1,376 1,198 3,831 3,592 
Gains on life insurance benefits5,279 1,270 5,828 1,417 
Net realized gains on sales of available for sale securities481 1,756 1,137 5,316 
Other income (loss)(425)1,144 1,257 2,393 
Total Non-Interest Income29,617 28,501 83,791 83,476 
NON-INTEREST EXPENSES    
Salaries and employee benefits56,002 43,314 154,562 124,563 
Net occupancy6,738 5,576 19,573 17,682 
Equipment5,997 4,529 17,797 14,407 
Marketing2,401 1,676 4,551 3,922 
Outside data processing fees6,827 4,794 16,071 13,736 
Printing and office supplies472 265 1,198 861 
Intangible asset amortization2,303 1,463 5,972 4,284 
FDIC assessments2,824 1,552 7,940 4,381 
Other real estate owned and foreclosure expenses328 (91)626 821 
Professional and other outside services4,461 2,767 17,681 8,286 
Other expenses8,025 5,539 20,045 13,834 
Total Non-Interest Expenses96,378 71,384 266,016 206,777 
INCOME BEFORE INCOME TAX73,545 61,832 172,267 186,106 
Income tax expense9,793 9,062 20,938 28,308 
NET INCOME63,752 52,770 151,329 157,798 
Preferred stock dividends469  938  
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS$63,283 $52,770 $150,391 $157,798 
Per Share Data:    
Basic Net Income Available to Common Stockholders$1.08 $0.98 $2.63 $2.93 
Diluted Net Income Available to Common Stockholders$1.08 $0.98 $2.62 $2.92 
Cash Dividends Paid$0.32 $0.29 $0.93 $0.84 
Average Diluted Common Shares Outstanding (in thousands)59,339 53,960 57,468 54,093 


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 (LOSS)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
Net income$63,752 $52,770 $151,329 $157,798 
Other comprehensive income/( loss):
     Unrealized gains/(losses) on securities available-for-sale:
Unrealized holding gain/(loss) arising during the period(145,935)(24,048)(467,210)(39,721)
Reclassification adjustment for losses/(gains) included in net income(481)(1,756)(1,137)(5,316)
Tax effect30,747 5,419 98,353 9,458 
Net of tax(115,669)(20,385)(369,994)(35,579)
     Unrealized gain/(loss) on cash flow hedges:
Unrealized holding gain/(loss) arising during the period94 (20)507 22 
Reclassification adjustment for losses/(gains) included in net income78 266 496 779 
Tax effect(36)(52)(211)(169)
Net of tax136 194 792 632 
      Total other comprehensive income/(loss), net of tax(115,533)(20,191)(369,202)(34,947)
Comprehensive income/(loss)$(51,781)$32,579 $(217,873)$122,851 


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 September 30, 2022
Cumulative Preferred StockNon-Cumulative Preferred StockCommon StockAdditionalAccumulated
Other
SharesAmountSharesAmountSharesAmountPaid in
Capital
Retained
Earnings
Comprehensive
Loss
Total
Balances, June 30, 2022125 $125 10,000 $25,000 59,059,866 $7,383 $1,226,378 $917,311 $(198,556)$1,977,641 
Comprehensive loss:
Net income— — — — — — — 63,752 — 63,752 
Other comprehensive loss, net of tax — — — — — — — — (115,533)(115,533)
Cash dividends on preferred stock ($46.88 per share)
— — — — — — — (469)— (469)
Cash dividends on common stock ($0.32 per share)
— — — — — — — (19,052)— (19,052)
Share-based compensation— — — — 105,409 13 1,173 — — 1,186 
Stock issued under employee benefit plans— — — — 6,017 1 202 — — 203 
Stock issued under dividend reinvestment and stock purchase plan— — — — 12,769 2 526 — — 528 
Restricted shares withheld for taxes— — — — (38,647)(6)(1,584)— — (1,590)
Balances, September 30, 2022
125 $125 10,000 $25,000 59,145,414 $7,393 $1,226,695 $961,542 $(314,089)$1,906,666 


Three Months Ended September 30, 2021
Cumulative Preferred StockCommon StockAdditionalAccumulated
Other
SharesAmountSharesAmountPaid in
Capital
Retained
Earnings
Comprehensive
Income
Total
Balances, June 30, 2021125 $125 53,972,386 $6,747 $1,009,182 $795,666 $60,080 $1,871,800 
Comprehensive income::
Net income— — — — — 52,770 — 52,770 
Other comprehensive income, net of tax — — — — — — (20,191)(20,191)
Cash dividends on common stock ($0.29 per share)
— — — — — (15,708)— (15,708)
Repurchases of common stock— — (529,498)(66)(20,741)— — (20,807)
Share-based compensation— — 89,600 11 1,206 — — 1,217 
Stock issued under employee benefit plans— — 3,892 1 138 — — 139 
Stock issued under dividend reinvestment and
stock purchase plan
— — 12,102 1 473 — — 474 
Restricted shares withheld for taxes— — (37,737)(5)(1,599)— — (1,604)