First Merchants Q2 EPS $0.70, down from $0.98 YoY; credit deterioration drives $33M provision

FIRST MERCHANTS CORP

Net income available to common stockholders $43.5M ($0.70 diluted EPS) vs $56.4M ($0.98) in Q2 2025; adjusted EPS $0.74.
Net interest margin 3.38%, up 3 bps QoQ and 13 bps YoY; loan growth $221.7M (5.8% annualized).
Two commercial relationships ($41.8M) placed on nonaccrual; provision for credit losses $33.0M; NPA ratio 0.56% (up from 0.43%).
Completed First Savings systems conversion; deposits grew $267.8M (6.5% annualized).
Repurchased 336,145 shares for $13.4M in Q2; CET1 ratio 11.16%.

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