First Merchants Corporation (NASDAQ - FRME) 

First Quarter 2025 Highlights:

• Net income available to common stockholders was $54.9 million and diluted earnings per common share totaled $0.94 compared to adjusted net income and diluted earnings per common share¹ of $50.1 million and $0.85 in the first quarter of 2024.  Adjusted net income and diluted earnings per common share¹ in the fourth quarter of 2024 were $58.1 million and $1.00, respectively.
• Robust capital position with Common Equity Tier 1 Capital Ratio of 11.50%.
• Repurchased 246,751 shares totaling $10 million year-to-date; Redeemed $30 million of sub debt.
• Total loans grew $154.9 million, or 4.8% annualized, on a linked quarter basis, and $547.2 million, or 4.4%, during the last twelve months.
• Total deposits declined $59.6 million, or 1.6% annualized, on a linked quarter basis, and declined $422.6 million, or 2.8%, during the last twelve months primarily due to the sale of five Illinois branches with $267.4 million in deposits to Old Second National Bank on December 6, 2024.
• Nonperforming assets to total assets were 47 basis points compared to 43 basis points on a linked quarter basis.
• The efficiency ratio totaled 54.54% for the quarter.

"The first quarter was a strong start to the year with healthy loan growth and increasing profitability," said Mark Hardwick, Chief Executive Officer of First Merchants Bank. "Our 2025 priorities continue to focus on organic loan growth funded by low-cost core deposits, margin stabilization, fee income growth, expense management and credit quality.  Given the market volatility and headlines, we are closely monitoring our clients and our markets but have yet to see any signs of stress."

First Quarter Financial Results:

First Merchants Corporation (the “Corporation”) reported first quarter 2025 net income available to common stockholders of $54.9 million compared to adjusted net income available to common stockholders¹ of $50.1 million during the same period in 2024.  Diluted earnings per common share for the period totaled $0.94 compared to the first quarter of 2024 adjusted diluted earnings per common share¹ of $0.85 per share.

Total assets equaled $18.4 billion as of quarter-end and loans totaled $13.0 billion.  During the past twelve months, total loans grew by $547.2 million, or 4.4%.  On a linked quarter basis, loans grew $154.9 million, or 4.8% annualized.

Investment securities, totaling $3.4 billion, decreased $356.5 million, or 9.4%, during the last twelve months and decreased $33.6 million, or 3.9% annualized on a linked quarter basis. The decline in the last twelve months reflected sales of available for sale securities in 2024 totaling $268.5 million.

Total deposits equaled $14.5 billion as of quarter-end and decreased by $422.6 million, or 2.8%, over the past twelve months. The decline reflected the sale of the Illinois branches during the prior quarter which included $267.4 million in deposits.  Total deposits decreased $59.6 million, or 1.6% annualized on a linked quarter basis.  The loan to deposit ratio increased to 90.1% at period end from 88.6% in the prior quarter.

The Corporation’s Allowance for Credit Losses – Loans (ACL) totaled $192.0 million as of quarter-end, or 1.47% of total loans, a decrease of $0.7 million from prior quarter.  Net charge-offs totaled $4.9 million and provision for loans of $4.2 million was recorded during the quarter.  Reserves for unfunded commitments totaling $18.0 million remain unchanged from the previous quarter.  Non-performing assets to total assets were 0.47% for the first quarter of 2025, an increase of four basis points compared to 0.43% in the prior quarter.

Net interest income totaled $130.3 million for the quarter, a decrease of $4.1 million, or 3.1%, compared to prior quarter and increased $3.2 million, or 2.5%, compared to the first quarter of 2024.  Fully taxable equivalent net interest margin was 3.22%, a decrease of six basis points compared to the fourth quarter of 2024 and an increase of 12 basis points compared to the first quarter of 2024. The lower day count in the quarter caused a decline of five basis points in net interest margin from the prior quarter.

Noninterest income totaled $30.0 million for the quarter, a decrease of $12.7 million, compared to the fourth quarter of 2024 and an increase of $3.4 million compared to the first quarter of 2024. Customer-related fees declined by $2.3 million from the previous quarter due to lower derivative hedge fees, gains on sales of mortgage loans and card payment fees.  Non-customer-related fees declined $10.4 million from the prior quarter primarily due to the gain on the Illinois branch sale, partially offset by realized losses on the sales of securities recorded in the prior quarter.

Noninterest expense totaled $92.9 million for the quarter, a decrease of $3.4 million from the fourth quarter of 2024 and a decrease of $4.0 million from the first quarter of 2024.  The decrease from the fourth quarter of 2024 was due primarily to a decline in marketing expenses, and lower professional fees and employee incentives. 

The Corporation’s total risk-based capital ratio totaled 13.22%, common equity tier 1 capital ratio totaled 11.50%, and the tangible common equity ratio totaled 8.90%. These ratios continue to demonstrate the Corporation’s strong capital position.

¹ See “Non-GAAP Financial Information” for reconciliation

 

CONFERENCE CALL

First Merchants Corporation will conduct a fourth quarter earnings conference call and web cast at 11:30 a.m. (ET) on Thursday, April 24, 2025.

To access via phone, participants will need to register using the following link where they will be provided a phone number and access code: (https://register-conf.media-server.com/register/BI4ae3a07cb07a47258d30e4f3dba2448b)

To view the webcast and presentation slides, please go to (https://edge.media-server.com/mmc/p/uqvoojku) during the time of the call. A replay of the webcast will be available until April 24, 2026. 

Detailed financial results are reported on the attached pages.

About First Merchants Corporation

First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. The Corporation has one full-service bank charter, First Merchants Bank.  The Bank also operates as First Merchants Private Wealth Advisors (as a division of First Merchants Bank).

First Merchants Corporation’s common stock is traded on the NASDAQ Global Select Market System under the symbol FRME. Quotations are carried in daily newspapers and can be found on the company’s Internet web page (http://www.firstmerchants.com)

FIRST MERCHANTS and the Shield Logo are federally registered trademarks of First Merchants Corporation.

Forward-Looking Statements

This release contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can often, but not always, be identified by the use of words like “believe”, “continue”, “pattern”, “estimate”, “project”, “intend”, “anticipate”, “expect” and similar expressions or future or conditional verbs such as “will”, “would”, “should”, “could”, “might”, “can”, “may”, or similar expressions. These statements include statements about First Merchants’ goals, intentions and expectations; statements regarding the First Merchants’ business plan and growth strategies; statements regarding the asset quality of First Merchants’ loan and investment portfolios; and estimates of First Merchants’ risks and future costs and benefits. These forward-looking statements are subject to significant risks, assumptions and uncertainties that may cause results to differ materially from those set forth in forward-looking statements, including, among other things: possible changes in monetary and fiscal policies, and laws and regulations; the effects of easing restrictions on participants in the financial services industry; the cost and other effects of legal and administrative cases; possible changes in the credit worthiness of customers and the possible impairment of collectability of loans; fluctuations in market rates of interest; competitive factors in the banking industry; changes in the banking legislation or regulatory requirements of federal and state agencies applicable to bank holding companies and banks like First Merchants’ affiliate bank; continued availability of earnings and excess capital sufficient for the lawful and prudent declaration of dividends; changes in market, economic, operational, liquidity (including the ability to grow and maintain core deposits and retain large, uninsured deposits), credit and interest rate risks associated with the First Merchants’ business; and other risks and factors identified in each of First Merchants’ filings with the Securities and Exchange Commission. First Merchants does not undertake any obligation to update any forward-looking statement, whether written or oral, relating to the matters discussed in this press release. In addition, First Merchants’ past results of operations do not necessarily indicate its anticipated future results.

* * * *

CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands)	March 31,
	2025		2024
ASSETS
Cash and due from banks	$                    86,113		$                  100,514
Interest-bearing deposits	331,534		410,497
Investment securities available for sale	1,378,489		1,620,213
Investment securities held to maturity, net of allowance for credit losses	2,048,632		2,163,361
Loans held for sale	23,004		15,118
Loans	13,004,905		12,465,582
Less: Allowance for credit losses - loans	(192,031)		(204,681)
Net loans	12,812,874		12,260,901
Premises and equipment	128,749		132,706
Federal Home Loan Bank stock	45,006		41,758
Interest receivable	88,352		92,550
Goodwill	712,002		712,002
Other intangibles	18,302		25,142
Cash surrender value of life insurance	304,918		306,028
Other real estate owned	4,966		4,886
Tax asset, deferred and receivable	87,665		101,121
Other assets	369,181		331,006
TOTAL ASSETS	$              18,439,787		$              18,317,803
LIABILITIES
Deposits:
Noninterest-bearing	$               2,185,057		$               2,338,364
Interest-bearing	12,276,921		12,546,220
Total Deposits	14,461,978		14,884,584
Borrowings:
Federal funds purchased	185,000		—
Securities sold under repurchase agreements	122,947		130,264
Federal Home Loan Bank advances	972,478		612,778
Subordinated debentures and other borrowings	62,619		118,612
Total Borrowings	1,343,044		861,654
Interest payable	13,304		19,262
Other liabilities	289,247		327,500
Total Liabilities	16,107,573		16,093,000
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		25,000
Common Stock, $.125 stated value:
Authorized -- 100,000,000 shares
Issued and outstanding - 57,810,232 and 58,564,819 shares	7,226		7,321
Additional paid-in capital	1,183,263		1,208,447
Retained earnings	1,306,911		1,181,939
Accumulated other comprehensive loss	(190,311)		(198,029)
Total Stockholders' Equity	2,332,214		2,224,803
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$              18,439,787		$              18,317,803

 

CONSOLIDATED STATEMENTS OF INCOME	Three Months Ended
(Dollars In Thousands, Except Per Share Amounts)	March 31,
	2025		2024
INTEREST INCOME
Loans:
Taxable	$              187,728		$              198,023
Tax-exempt	10,532		8,190
Investment securities:
Taxable	8,372		8,748
Tax-exempt	12,517		13,611
Deposits with financial institutions	2,372		6,493
Federal Home Loan Bank stock	997		835
Total Interest Income	222,518		235,900
INTEREST EXPENSE
Deposits	80,547		98,285
Federal funds purchased	812		—
Securities sold under repurchase agreements	742		1,032
Federal Home Loan Bank advances	9,364		6,773
Subordinated debentures and other borrowings	783		2,747
Total Interest Expense	92,248		108,837
NET INTEREST INCOME	130,270		127,063
Provision for credit losses	4,200		2,000
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES	126,070		125,063
NONINTEREST INCOME
Service charges on deposit accounts	8,072		7,907
Fiduciary and wealth management fees	8,644		8,200
Card payment fees	4,526		4,500
Net gains and fees on sales of loans	5,022		3,254
Derivative hedge fees	404		263
Other customer fees	415		427
Earnings on cash surrender value of life insurance	2,179		1,592
Net realized losses on sales of available for sale securities	(7)		(2)
Other income	793		497
Total Noninterest Income	30,048		26,638
NONINTEREST EXPENSES
Salaries and employee benefits	54,982		58,293
Net occupancy	7,216		7,312
Equipment	7,008		6,226
Marketing	1,353		1,198
Outside data processing fees	5,929		6,889
Printing and office supplies	347		353
Intangible asset amortization	1,526		1,957
FDIC assessments	3,648		4,287
Other real estate owned and foreclosure expenses	600		534
Professional and other outside services	3,261		3,952
Other expenses	7,032		5,934
Total Noninterest Expenses	92,902		96,935
INCOME BEFORE INCOME TAX	63,216		54,766
Income tax expense	7,877		6,825
NET INCOME	55,339		47,941
Preferred stock dividends	469		469
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$               54,870		$               47,472
Per Share Data:
Basic Net Income Available to Common Stockholders	$                   0.95		$                   0.80
Diluted Net Income Available to Common Stockholders	$                   0.94		$                   0.80
Cash Dividends Paid to Common Stockholders	$                   0.35		$                   0.34
Tangible Common Book Value Per Share	$                 27.34		$                 25.07
Average Diluted Common Shares Outstanding (in thousands)	58,242		59,273

 

FINANCIAL HIGHLIGHTS
(Dollars in thousands)	Three Months Ended
	March 31,
	2025		2024
NET CHARGE-OFFS	$              4,926		$              2,253
AVERAGE BALANCES:
Total Assets	$       18,341,738		$       18,430,521
Total Loans	12,941,353		12,477,066
Total Earning Assets	16,960,475		17,123,851
Total Deposits	14,419,338		14,881,205
Total Stockholders' Equity	2,340,874		2,242,139
FINANCIAL RATIOS:
Return on Average Assets	1.21 %		1.04 %
Return on Average Stockholders' Equity	9.38		8.47
Return on Tangible Common Stockholders' Equity	14.12		13.21
Average Earning Assets to Average Assets	92.47		92.91
Allowance for Credit Losses - Loans as % of Total Loans	1.47		1.64
Net Charge-offs as % of Average Loans (Annualized)	0.15		0.07
Average Stockholders' Equity to Average Assets	12.76		12.17
Tax Equivalent Yield on Average Earning Assets	5.39		5.65
Interest Expense/Average Earning Assets	2.17		2.55
Net Interest Margin (FTE) on Average Earning Assets	3.22		3.10
Efficiency Ratio	54.54		59.21

 

NONPERFORMING ASSETS
(Dollars In Thousands)	March 31,		December 31,		September 30,		June 30,		March 31,
	2025		2024		2024		2024		2024
Nonaccrual Loans	$        81,922		$        73,773		$        59,088		$        61,906		$        62,478
Other Real Estate Owned and Repossessions	4,966		4,948		5,247		4,824		4,886
Nonperforming Assets (NPA)	86,888		78,721		64,335		66,730		67,364
90+ Days Delinquent	4,280		5,902		14,105		1,686		2,838
NPAs & 90 Day Delinquent	$        91,168		$        84,623		$        78,440		$        68,416		$        70,202
Allowance for Credit Losses - Loans	$      192,031		$      192,757		$      187,828		$      189,537		$      204,681
Quarterly Net Charge-offs	4,926		771		6,709		39,644		2,253
NPAs / Actual Assets %	0.47 %		0.43 %		0.35 %		0.36 %		0.37 %
NPAs & 90 Day / Actual Assets %	0.49 %		0.46 %		0.43 %		0.37 %		0.38 %
NPAs / Actual Loans and OREO %	0.67 %		0.61 %		0.51 %		0.53 %		0.54 %
Allowance for Credit Losses - Loans / Actual Loans (%)	1.47 %		1.50 %		1.48 %		1.50 %		1.64 %
Net Charge-offs as % of Average Loans (Annualized)	0.15 %		0.02 %		0.21 %		1.26 %		0.07 %

 

CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands)	March 31,		December 31,		September 30,		June 30,		March 31,
	2025		2024		2024		2024		2024
ASSETS
Cash and due from banks	$           86,113		$           87,616		$           84,719		$         105,372		$         100,514
Interest-bearing deposits	331,534		298,891		359,126		168,528		410,497
Investment securities available for sale	1,378,489		1,386,475		1,553,496		1,618,893		1,620,213
Investment securities held to maturity, net of allowance for credit losses	2,048,632		2,074,220		2,108,649		2,134,195		2,163,361
Loans held for sale	23,004		18,663		40,652		32,292		15,118
Loans	13,004,905		12,854,359		12,646,808		12,639,650		12,465,582
Less: Allowance for credit losses - loans	(192,031)		(192,757)		(187,828)		(189,537)		(204,681)
Net loans	12,812,874		12,661,602		12,458,980		12,450,113		12,260,901
Premises and equipment	128,749		129,743		129,582		133,245		132,706
Federal Home Loan Bank stock	45,006		41,690		41,716		41,738		41,758
Interest receivable	88,352		91,829		92,055		97,546		92,550
Goodwill	712,002		712,002		712,002		712,002		712,002
Other intangibles	18,302		19,828		21,599		23,371		25,142
Cash surrender value of life insurance	304,918		304,906		304,613		306,379		306,028
Other real estate owned	4,966		4,948		5,247		4,824		4,886
Tax asset, deferred and receivable	87,665		92,387		86,732		107,080		101,121
Other assets	369,181		387,169		348,384		367,845		331,006
TOTAL ASSETS	$     18,439,787		$     18,311,969		$     18,347,552		$     18,303,423		$     18,317,803
LIABILITIES
Deposits:
Noninterest-bearing	$      2,185,057		$      2,325,579		$      2,334,197		$      2,303,313		$      2,338,364
Interest-bearing	12,276,921		12,196,047		12,030,903		12,265,757		12,546,220
Total Deposits	14,461,978		14,521,626		14,365,100		14,569,070		14,884,584
Borrowings:
Federal funds purchased	185,000		99,226		30,000		147,229		—
Securities sold under repurchase agreements	122,947		142,876		124,894		100,451		130,264
Federal Home Loan Bank advances	972,478		822,554		832,629		832,703		612,778
Subordinated debentures and other borrowings	62,619		93,529		93,562		93,589		118,612
Total Borrowings	1,343,044		1,158,185		1,081,085		1,173,972		861,654
Deposits and other liabilities held for sale	—		—		288,476		—		—
Interest payable	13,304		16,102		18,089		18,554		19,262
Other liabilities	289,247		311,073		292,429		329,302		327,500
Total Liabilities	16,107,573		16,006,986		16,045,179		16,090,898		16,093,000
STOCKHOLDERS' EQUITY
Preferred Stock, $1,000 par value, $1,000 liquidation value:
Authorized -- 600 cumulative shares
Issued and outstanding - 125 cumulative shares	125		125		125		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		25,000		25,000		25,000		25,000
Common Stock, $.125 stated value:
Authorized -- 100,000,000 shares
Issued and outstanding	7,226		7,247		7,265		7,256		7,321
Additional paid-in capital	1,183,263		1,188,768		1,192,683		1,191,193		1,208,447
Retained earnings	1,306,911		1,272,528		1,229,125		1,200,930		1,181,939
Accumulated other comprehensive loss	(190,311)		(188,685)		(151,825)		(211,979)		(198,029)
Total Stockholders' Equity	2,332,214		2,304,983		2,302,373		2,212,525		2,224,803
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$     18,439,787		$     18,311,969		$     18,347,552		$     18,303,423		$     18,317,803

 

CONSOLIDATED STATEMENTS OF INCOME
(Dollars In Thousands, Except Per Share Amounts)	March 31,		December 31,		September 30,		June 30,		March 31,
	2025		2024		2024		2024		2024
INTEREST INCOME
Loans:
Taxable	$      187,728		$      197,536		$      206,680		$      201,413		$      198,023
Tax-exempt	10,532		9,020		8,622		8,430		8,190
Investment securities:
Taxable	8,372		9,024		9,263		9,051		8,748
Tax-exempt	12,517		12,754		13,509		13,613		13,611
Deposits with financial institutions	2,372		5,350		2,154		2,995		6,493
Federal Home Loan Bank stock	997		958		855		879		835
Total Interest Income	222,518		234,642		241,083		236,381		235,900
INTEREST EXPENSE
Deposits	80,547		89,835		98,856		99,151		98,285
Federal funds purchased	812		26		329		126		—
Securities sold under repurchase agreements	742		680		700		645		1,032
Federal Home Loan Bank advances	9,364		8,171		8,544		6,398		6,773
Subordinated debentures and other borrowings	783		1,560		1,544		1,490		2,747
Total Interest Expense	92,248		100,272		109,973		107,810		108,837
NET INTEREST INCOME	130,270		134,370		131,110		128,571		127,063
Provision for credit losses	4,200		4,200		5,000		24,500		2,000
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES	126,070		130,170		126,110		104,071		125,063
NONINTEREST INCOME
Service charges on deposit accounts	8,072		8,124		8,361		8,214		7,907
Fiduciary and wealth management fees	8,644		8,665		8,525		8,825		8,200
Card payment fees	4,526		4,957		5,121		4,739		4,500
Net gains and fees on sales of loans	5,022		5,681		6,764		5,141		3,254
Derivative hedge fees	404		1,594		736		489		263
Other customer fees	415		316		344		460		427
Earnings on cash surrender value of life insurance	2,179		2,188		2,755		1,929		1,592
Net realized losses on sales of available for sale securities	(7)		(11,592)		(9,114)		(49)		(2)
Gain on branch sale	—		19,983		—		—		—
Other income	793		2,826		1,374		1,586		497
Total Noninterest Income	30,048		42,742		24,866		31,334		26,638
NONINTEREST EXPENSES
Salaries and employee benefits	54,982		55,437		55,223		52,214		58,293
Net occupancy	7,216		7,335		6,994		6,746		7,312
Equipment	7,008		7,028		6,949		6,599		6,226
Marketing	1,353		2,582		1,836		1,773		1,198
Outside data processing fees	5,929		6,029		7,150		7,072		6,889
Printing and office supplies	347		377		378		354		353
Intangible asset amortization	1,526		1,771		1,772		1,771		1,957
FDIC assessments	3,648		3,744		3,720		3,278		4,287
Other real estate owned and foreclosure expenses	600		227		942		373		534
Professional and other outside services	3,261		3,777		3,035		3,822		3,952
Other expenses	7,032		7,982		6,630		7,411		5,934
Total Noninterest Expenses	92,902		96,289		94,629		91,413		96,935
INCOME BEFORE INCOME TAX	63,216		76,623		56,347		43,992		54,766
Income tax expense	7,877		12,274		7,160		4,067		6,825
NET INCOME	55,339		64,349		49,187		39,925		47,941
Preferred stock dividends	469		469		468		469		469
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$        54,870		$        63,880		$        48,719		$        39,456		$        47,472
Per Share Data:
Basic Net Income Available to Common Stockholders	$           0.95		$           1.10		$           0.84		$           0.68		$           0.80
Diluted Net Income Available to Common Stockholders	$           0.94		$           1.10		$           0.84		$           0.68		$           0.80
Cash Dividends Paid to Common Stockholders	$           0.35		$           0.35		$           0.35		$           0.35		$           0.34
Tangible Common Book Value Per Share	$          27.34		$          26.78		$          26.64		$          25.10		$          25.07
Average Diluted Common Shares Outstanding (in thousands)	58,242		58,247		58,289		58,328		59,273
FINANCIAL RATIOS:
Return on Average Assets	1.21 %		1.39 %		1.07 %		0.87 %		1.04 %
Return on Average Stockholders' Equity	9.38		11.05		8.66		7.16		8.47
Return on Tangible Common Stockholders' Equity	14.12		16.75		13.39		11.29		13.21
Average Earning Assets to Average Assets	92.47		92.48		92.54		92.81		92.91
Allowance for Credit Losses - Loans as % of Total Loans	1.47		1.50		1.48		1.50		1.64
Net Charge-offs as % of Average Loans (Annualized)	0.15		0.02		0.21		1.26		0.07
Average Stockholders' Equity to Average Assets	12.76		12.51		12.26		12.02		12.17
Tax Equivalent Yield on Average Earning Assets	5.39		5.63		5.82		5.69		5.65
Interest Expense/Average Earning Assets	2.17		2.35		2.59		2.53		2.55
Net Interest Margin (FTE) on Average Earning Assets	3.22		3.28		3.23		3.16		3.10
Efficiency Ratio	54.54		48.48		53.76		53.84		59.21

 

LOANS
(Dollars In Thousands)	March 31,		December 31,		September 30,		June 30,		March 31,
	2025		2024		2024		2024		2024
Commercial and industrial loans	$      4,306,597		$      4,114,292		$      4,041,217		$      3,949,817		$      3,722,365
Agricultural land, production and other loans to farmers	243,864		256,312		238,743		239,926		234,431
Real estate loans:
Construction	793,175		792,144		814,704		823,267		941,726
Commercial real estate, non-owner occupied	2,177,869		2,274,016		2,251,351		2,323,533		2,368,360
Commercial real estate, owner occupied	1,214,739		1,157,944		1,152,751		1,174,195		1,137,894
Residential	2,389,852		2,374,729		2,366,943		2,370,905		2,316,490
Home equity	650,499		659,811		641,188		631,104		618,258
Individuals' loans for household and other personal expenditures	140,954		166,028		158,480		162,089		161,459
Public finance and other commercial loans	1,087,356		1,059,083		981,431		964,814		964,599
Loans	13,004,905		12,854,359		12,646,808		12,639,650		12,465,582
Allowance for credit losses - loans	(192,031)		(192,757)		(187,828)		(189,537)		(204,681)
NET LOANS	$     12,812,874		$     12,661,602		$     12,458,980		$     12,450,113		$     12,260,901

DEPOSITS
(Dollars In Thousands)	March 31,		December 31,		September 30,		June 30,		March 31,
	2025		2024		2024		2024		2024
Demand deposits	$      7,786,554		$      7,980,061		$      7,678,510		$      7,757,679		$      7,771,976
Savings deposits	4,791,874		4,522,758		4,302,236		4,339,161		4,679,593
Certificates and other time deposits of $100,000 or more	896,143		1,043,068		1,277,833		1,415,131		1,451,443
Certificates and other time deposits of $100,000 or less	625,203		692,068		802,949		889,949		901,280
Brokered certificates of deposits1	362,204		283,671		303,572		167,150		80,292
TOTAL DEPOSITS	$     14,461,978		$     14,521,626		$     14,365,100		$     14,569,070		$     14,884,584

^{1 -} Total brokered deposits of $1.1 billion, which includes brokered CD's of $362.2 million at March 31, 2025.

 

¹ - Non-core expenses in 4Q24 included $0.8 million of costs directly related to the branch sale.

² - Non-core expenses in 1Q24 included $2.4 million from duplicative online banking conversion costs and $1.1 million from the FDIC special assessment.

NET INTEREST MARGIN ("NIM"), ADJUSTED
(Dollars in Thousands)
	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2025		2024		2024		2024		2024
Net Interest Income (GAAP)	$     130,270		$     134,370		$     131,110		$     128,571		$     127,063
Fully Taxable Equivalent ("FTE") Adjustment	6,127		5,788		5,883		5,859		5,795
Net Interest Income (FTE) (non-GAAP)	$     136,397		$     140,158		$     136,993		$     134,430		$     132,858
Average Earning Assets (GAAP)	$ 16,960,475		$ 17,089,198		$ 16,990,358		$ 17,013,984		$ 17,123,851
Net Interest Margin (GAAP)	3.07 %		3.15 %		3.09 %		3.02 %		2.97 %
Net Interest Margin (FTE) (non-GAAP)	3.22 %		3.28 %		3.23 %		3.16 %		3.10 %

 

¹ - Non-core expenses in 4Q24 included $0.8 million of costs directly related to the branch sale.

² - Non-core expenses in 1Q24 included $2.4 million from duplicative online banking conversion costs and $1.1 million from the FDIC special assessment.