secwatch.observer — SEC 8-K summary
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Issuer:     FIRST MERCHANTS CORP (FRME)
CIK:        0000712534
Form:       8-K
Filed at:   2024-04-25T23:59:59+00:00
Accession:  0000712534-24-000156
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

First Merchants Q1 net income falls to $47.5M, EPS $0.80 from $1.07 YoY
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- Net income available to common stockholders $47.5M; diluted EPS $0.80 vs $63.6M ($1.07) in Q1 2023.
- Excluding non-core charges of $3.5M (FDIC assessment $1.1M, digital conversion $2.4M), adjusted EPS $0.85.
- Total deposits $14.9B, up $63.1M linked quarter; loans $12.5B, down $24.3M linked quarter.
- Net interest margin 3.10% (down 6 bps linked quarter); net charge-offs 7 bps annualized.
- Capital solid: CET1 ratio 11.25%; $30M share repurchases and $40M sub-debt redemption in quarter.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/712534/000071253424000156/0000712534-24-000156-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/712534/000071253424000156/frme-20240425.htm
  HTML page:      https://secwatch.observer/filing/0000712534-24-000156

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