First Merchants Results Presentation Deck
Non-GAAP
ADJUSTED NET INCOME AND DILUTED EARNINGS PER COMMON SHARE
(Dollars in Thousands, Except Per Share Amounts)
Net Income Available to Common Stockholders - GAAP
Adjustments:
PPP loan income
Acquisition-related expenses
Acquisition-related provision expense
Non-core expenses ¹
Tax on adjustments
Adjusted Net Income Available to Common Stockholders - NON-GAAP
Average Diluted Common Shares Outstanding
Diluted Earnings Per Common Share - GAAP
Adjustments:
PPP loan income
Acquisition-related expenses
Acquisition-related provision expense
Non-core expenses ¹
Tax on adjustments
Adjusted Diluted Earnings Per Common Share - NON-GAAP
$
$
$
4Q22
$ 70,292 $ 63,610 $ 60,393 $ 55,898 $
First Merchants Corporation
Helping you prosper
(109)
413
(75)
70,521 $
59,384
1.19 $
(0.01)
0.01
1Q23
1.19 $
(25)
6
63,591 $
59,441
1.07 $
2Q23
1.07 $
(9)
2
60,386 $
59,448
1.02 $
3Q23
1.02 $
(8)
59,503
0.94 $
4Q23
12,682
2
(3,088)
55,892 $ 51,597
0.94 $
42,010
(7)
59,556
0.71
$
$
2021
$ 205,531 $ 220,683 $ 221,911
0.21
(0.05)
0.87 $
(30,900)
53,984
7,577
(7,376)
182,208 $ 243,386 $
3.81
(0.57)
2022
$
0.14
3.38 $
(3,207)
16,531
16,755
57,950
3.81
(0.06)
0.28
0.30
$
2023
(0.13)
4.20 $
(49)
12,682
(3,078)
231,466
59,489
3.73
0.21
(0.05)
3.89
¹Non-core expenses include one-time charges consisting of $4.3 million from the FDIC special assessment, $6.3 million from early retirement and severance costs, and $2.1 million from a lease termination.
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