FIRST MERCHANTS CORP
Q1 2025 Form 13-F

Description and Activity

First Merchants Corporation is a financial holding company based in Muncie, Indiana, established in 1982, operating primarily through its subsidiary, First Merchants Bank. The bank provides a range of financial services including accepting deposits, making consumer and commercial loans, offering trust services, full-service brokerage, and private wealth management. The bank operates 116 locations across Indiana, Ohio, Michigan, and Illinois, and also provides electronic and mobile banking services. As of December 31, 2023, the corporation reported consolidated assets of $18.4 billion, consolidated deposits of $14.8 billion, and stockholders' equity of $2.2 billion.

First Merchants Corporation generates revenue primarily through interest income from loans and investment securities, as well as fees associated with various banking services. The loan portfolio is diversified across commercial and industrial loans, real estate loans, agricultural loans, and consumer loans. The company’s primary customers include individuals, small to medium-sized businesses, and commercial entities. The bank's deposit accounts are insured by the FDIC, and it is subject to regulatory oversight from federal and state authorities, including the Federal Reserve and the FDIC. Key factors impacting the company's business performance include interest rate fluctuations, regulatory compliance costs, and credit risk management. The company also engages in acquisitions to expand its geographic footprint, such as the acquisition of Level One Bancorp, Inc. in 2022.