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FIRST MERCHANTS CORPORATION (NASDAQ - FRME)

Trend Analysis--Quarterly (click here for Annual Analysis)

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Balance Sheet ($000)
	2010 Q2	2009 Q2	Y-Y Ch (%)	2010 Q1	Q-Q Ch (%)^†
Loans Held for Investment, before Reserves	3,051,346	3,554,229	(14.15)	3,134,540	(10.62)
Loans Held for Sale, before Reserves	7,600	23,070	(67.06)	3,646	433.79
Loan Loss Reserve	86,970	77,119	12.77	88,568	(7.22)
Net Loans Receivable	2,971,976	3,500,180	(15.09)	3,049,618	(10.18)
Intangible Assets	156,340	161,294	(3.07)	157,532	(3.03)
Total Assets	4,183,248	4,717,045	(11.32)	4,375,866	(17.61)
Deposits	3,260,963	3,590,923	(9.19)	3,397,786	(16.11)
Debt, Senior and Subordinated	433,912	593,774	(26.92)	430,881	2.81
Common Equity	389,755	361,244	7.89	376,257	14.35
Total Shareholders' Equity	457,529	473,378	(3.35)	488,941	(25.70)
Shares Outstanding (actual)	25,524,948	21,067,477	21.16	25,495,550	0.46

Income Statement ($000)
	2010 Q2	2009 Q2	Y-Y Ch (%)	2010 Q1	Q-Q Ch (%)^†
Net Interest Income	36,179	38,434	(5.87)	36,215	(0.40)
Provision for Loan Losses	15,015	58,995	(74.55)	13,869	33.05
Noninterest Income	11,085	12,381	(10.47)	11,610	(18.09)
Noninterest Expense	34,343	35,972	(4.53)	34,640	(3.43)
Net Income Before Taxes	(2,237)	(47,263)	(95.27)	670	NM
Provision for Taxes	(1,894)	(17,534)	(89.20)	(916)	427.07
Net Income	(343)	(29,729)	(98.85)	1,586	NM

Per Share Items ($)
	2010 Q2	2009 Q2	Y-Y Ch (%)	2010 Q1	Q-Q Ch (%)^†
Book Value per Share	15.27	17.15	(10.95)	14.76	13.87
Tangible Book Value	9.14	9.49	(3.65)	8.58	26.37
Diluted EPS Before Extra	0.35	(1.49)	NM	0.01	13,600.00
Diluted EPS After Extra	0.35	(1.49)	NM	0.01	13,600.00
Dividends Declared	0.0100	0.0800	(87.50)	0.0100	0.00

Performance Ratios (%)
	2010 Q2	2009 Q2	Y-Y Ch (bp)	2010 Q1	Q-Q Ch (bp)
ROAA	(0.03)	(2.47)	244	0.15	(18)
ROAE	(0.28)	(23.43)	2,315	1.36	(164)
Net Interest Margin	3.90	3.64	26	3.82	8
Loans / Deposits	93.57	98.98	(541)	92.25	132
Efficiency Ratio	64.88	63.37	150	62.21	266

Balance Sheet Ratios (%)
	2010 Q2	2009 Q2	Y-Y Ch (bp)	2010 Q1	Q-Q Ch (bp)
Tangible Equity/ Tangible Assets	7.48	6.85	63	7.86	(38)
Equity/ Assets	10.94	10.04	90	11.17	(24)

Asset Quality Ratios (%)
	2010 Q2	2009 Q2	Y-Y Ch (bp)	2010 Q1	Q-Q Ch (bp)
Nonperforming Assets/ Assets	3.39	2.90	50	3.25	15
Loan Loss Reserves/ Gross Loans	2.84	2.16	69	2.82	2
Loan Loss Reserves/ NPAs	61.25	56.43	482	62.36	(111)
Net Charge-offs/ Avg Loans	2.14	4.44	(230)	2.18	(3)

Regulatory Capital Ratios (%)
	2010 Q2	2009 Q2	Y-Y Ch (bp)	2010 Q1	Q-Q Ch (bp)
Tier 1 Capital Ratio	11.88	10.01	187	11.65	23

^† Q-Q Ch(%)= most recent quarter minus prior quarter annualized e.g. [(Q4-Q3)/Q3]*4

*	Percentages presented for individual quarters are annualized by taking the quarter amount and multiplying by four.


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