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 2020-06-30 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 2020-08-12 Regulation FD, Exhibits
8-K 2020-08-06 Other Events, Exhibits
8-K 2020-07-23 Earnings, Exhibits
8-K 2020-07-23 Earnings, Exhibits
8-K 2020-07-17 Regulation FD, Exhibits
8-K 2020-06-30 Other Events, Exhibits
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
Note 7
Part I. Financial Information
Item 1. Notes To Consolidated Condensed Financial Statements
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 exhibit31110q2020q2.htm
EX-31.2 exhibit31210q2020q2.htm
EX-32.1 exhibit3210q2020q2.htm

First Merchants Earnings 2020-06-30

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 June 30, 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 August 4, 2020, there were 54,124,467 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.
Economic Impact Payments
Economic 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.
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
IRS
Internal Revenue Service
MBT
MBT Financial Corp., which was acquired by the Corporation on September 1, 2019
OREO
Other real estate owned
PPP
Paycheck Protection Program, which was established by the CARES Act and implemented by the Small Business Administration to provide small business loans.
PPPL Facility
Paycheck Protection Program Liquidity Facility, which was established by the Federal Reserve.
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


June 30,
2020

December 31,
2019

(Unaudited)

ASSETS
 

 
Cash and cash equivalents
$
229,759


$
177,201

Interest-bearing time deposits
380,021


118,263

Investment securities available for sale
1,890,593


1,790,025

Investment securities held to maturity (fair value of $941,426 and $827,566)
898,786


806,038

Loans held for sale
901


9,037

Loans, net of allowance for loan losses of $121,119 and $80,284
9,177,422


8,379,026

Premises and equipment
112,548


113,055

Federal Home Loan Bank stock
28,736


28,736

Interest receivable
57,063


48,901

Goodwill
543,918


543,918

Other intangibles
31,937


34,962

Cash surrender value of life insurance
290,715


288,206

Other real estate owned
7,367


7,527

Tax asset, deferred and receivable
13,126


12,165

Other assets
156,486


100,194

TOTAL ASSETS
$
13,819,378


$
12,457,254

LIABILITIES
 

 
Deposits:
 

 
Noninterest-bearing
$
2,260,351


$
1,736,396

Interest-bearing
8,705,637


8,103,560

Total Deposits
10,965,988


9,839,956

Borrowings:
 

 
Federal funds purchased


55,000

Securities sold under repurchase agreements
181,150


187,946

Federal Home Loan Bank advances
400,817


351,072

Subordinated debentures and other borrowings
285,197


138,685

Total Borrowings
867,164


732,703

Interest payable
5,587


6,754

Other liabilities
171,544


91,404

Total Liabilities
12,010,283


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 - 53,795,500 and 55,368,482 shares
6,724


6,921

Additional paid-in capital
1,002,962


1,054,997

Retained earnings
735,439


696,520

Accumulated other comprehensive income
63,845


27,874

Total Stockholders' Equity
1,809,095


1,786,437

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
13,819,378


$
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
June 30,
 
Six Months Ended
June 30,
 
2020
 
2019
 
2020
 
2019
INTEREST INCOME
 
 
 
 
 
 
 
Loans receivable:
 
 
 
 
 
 
 
Taxable
$
87,312

 
$
92,824

 
$
183,964

 
$
183,305

Tax exempt
5,359

 
4,244

 
10,674

 
8,397

Investment securities:
 
 
 
 
 
 
 
Taxable
6,147

 
6,998

 
13,778

 
13,093

Tax exempt
10,019

 
7,454

 
19,354

 
14,325

Deposits with financial institutions
134

 
784

 
709

 
1,659

Federal Home Loan Bank stock
281

 
335

 
580

 
673

Total Interest Income
109,252

 
112,639

 
229,059

 
221,452

INTEREST EXPENSE
 
 
 
 
 
 
 
Deposits
12,707

 
23,087

 
34,455

 
42,681

Federal funds purchased
2

 
117

 
113

 
210

Securities sold under repurchase agreements
92

 
342

 
444

 
672

Federal Home Loan Bank advances
1,794

 
1,692

 
3,568

 
3,506

Subordinated debentures and other borrowings
1,639

 
2,123

 
3,584

 
4,239

Total Interest Expense
16,234

 
27,361

 
42,164

 
51,308

NET INTEREST INCOME
93,018

 
85,278

 
186,895

 
170,144

Provision for loan losses
21,895

 
500

 
41,647

 
1,700

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
71,123

 
84,778

 
145,248

 
168,444

OTHER INCOME
 
 
 
 
 
 
 
Service charges on deposit accounts
4,312

 
5,437

 
10,282

 
10,532

Fiduciary and wealth management fees
5,601

 
3,931

 
11,586

 
7,749

Card payment fees
6,097

 
4,829

 
12,004

 
9,655

Net gains and fees on sales of loans
3,674

 
1,736

 
7,037

 
3,031

Derivative hedge fees
1,042

 
1,487

 
2,981

 
2,268

Other customer fees
333

 
341

 
731

 
780

Increase in cash surrender value of life insurance
1,231

 
927

 
2,591

 
1,916

Gains on life insurance benefits
95

 
19

 
95

 
19

Net realized gains on sales of available for sale securities
3,068

 
1,843

 
7,680

 
2,983

Other income
1,028

 
1,064

 
1,293

 
1,394

Total Other Income
26,481

 
21,614

 
56,280

 
40,327

OTHER EXPENSES
 
 
 
 
 
 
 
Salaries and employee benefits
35,698

 
32,709

 
74,941

 
65,737

Net occupancy
5,447

 
4,469

 
11,248

 
9,496

Equipment
4,489

 
4,117

 
8,833

 
7,759

Marketing
2,092

 
2,752

 
3,535

 
3,826

Outside data processing fees
2,618

 
3,929

 
6,817

 
7,613

Printing and office supplies
279

 
334

 
666

 
649

Intangible asset amortization
1,511

 
1,520

 
3,025

 
3,048

FDIC assessments
1,472

 
678

 
2,995

 
1,385

Other real estate owned and foreclosure expenses
684

 
903

 
1,189

 
2,068

Professional and other outside services
1,553

 
2,376

 
3,811

 
4,260

Other expenses
4,146

 
3,800

 
9,100

 
8,367

Total Other Expenses
59,989

 
57,587

 
126,160

 
114,208

INCOME BEFORE INCOME TAX
37,615

 
48,805

 
75,368

 
94,563

Income tax expense
4,623

 
7,749

 
8,113

 
14,690

NET INCOME AVAILABLE TO COMMON STOCKHOLDERS
$
32,992

 
$
41,056

 
$
67,255

 
$
79,873

Per Share Data:
 
 
 
 
 
 
 
Basic Net Income Available to Common Stockholders
$
0.62

 
$
0.83

 
$
1.24

 
$
1.62

Diluted Net Income Available to Common Stockholders
$
0.62

 
$
0.83

 
$
1.24

 
$
1.61

Cash Dividends Paid
$
0.26

 
$
0.26

 
$
0.52

 
$
0.48

Average Diluted Shares Outstanding (in thousands)
53,943

 
49,550

 
54,430

 
49,545



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
June 30,

Six Months Ended
June 30,
 
2020
 
2019

2020

2019
Net income
$
32,992


$
41,056


$
67,255


$
79,873

Other comprehensive income (loss), net of tax: