First Merchants Corporation announced its third‑quarter 2025 financial results on October 22, 2025. Net income available to common shareholders rose to $56.3 million, up 15.6% from $48.7 million in the same quarter a year earlier. Diluted earnings per share increased to $0.98 from $0.84, reflecting a 16% year‑over‑year gain.
Net interest income for the quarter was $133.7 million, a 1.9% increase from $130.1 million in Q3 2024, while non‑interest income grew to $32.5 million, up 30.6% YoY. Total loans expanded to $13.6 billion, a 7.3% year‑over‑year rise, and deposits grew to $14.9 billion, a 3.5% increase. The loan‑to‑deposit ratio climbed to 91.6% from 90.1% in the prior quarter, and the company maintained a risk‑based capital ratio of 13.04% and a CET1 ratio of 11.34%.
Credit quality remained stable, with the allowance for credit losses at $194.5 million, 1.43% of total loans, and net charge‑offs of $5.1 million. Non‑performing assets represented 0.36% of total assets, unchanged from the previous quarter. The company’s capital buffers continue to support its lending and deposit growth.
On September 25, 2025, First Merchants signed a definitive agreement to acquire First Savings Financial Group for approximately $241.3 million, adding about $2.4 billion in assets and expanding its presence in southern Indiana and the Louisville market. The transaction is expected to close in the first quarter of 2026 and will enhance First Merchants’ loan and deposit base in its core Midwest markets.
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