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SEC filingQ1 2026 delivered sharply lower GAAP net income of $28.2 million (-49.1% YoY) and diluted EPS of $0.45 (-52.1% YoY), as First Savings acquisition contributions were offset by one-time charges and integration dynamics amid shifting market conditions.
First Merchants Corporation's Q1 2026 results reflect the transformative impact of the First Savings acquisition completed on February 1, 2026, which drove balance sheet expansion while introducing integration dynamics and one-time charges that pressured GAAP profitability. Net income declined 49.1% year-over-year to $28.2 million from $55.3 million, with diluted EPS falling 52.1% to $0.45 from $0.94. These declines stem from period-over-period changes in assets, loans, deposits, net interest income, noninterest income, and noninterest expense, as the acquired operations contributed meaningfully but were accompanied by market-driven shifts in volume and mix.