<SEC-DOCUMENT>0000712534-22-000206.txt : 20221013
<SEC-HEADER>0000712534-22-000206.hdr.sgml : 20221013
<ACCEPTANCE-DATETIME>20220913093355
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000712534-22-000206
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220913

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST MERCHANTS CORP
		CENTRAL INDEX KEY:			0000712534
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				351544218
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		200 E JACKSON ST
		STREET 2:		PO BOX 792
		CITY:			MUNCIE
		STATE:			IN
		ZIP:			47308-0792
		BUSINESS PHONE:		7657471500

	MAIL ADDRESS:	
		STREET 1:		200 EAST JACKSON STREET
		CITY:			MUNCIE
		STATE:			IN
		ZIP:			47305
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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<title>Document</title></head><body><div id="i78609f25ca6e42fd9604a05d48403d98_1"></div><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font><br></font></div><div><font><br></font></div><div style="margin-bottom:8pt;text-align:center"><font style="color:#5a5a5a;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#91;First Merchants Corporation Letterhead&#93;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">September 9, 2022</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">VIA EDGAR</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Securities and Exchange Commission </font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Division of Corporation Finance </font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">100 F Street, NE</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Washington, D.C. 20549 </font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Attention&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">  </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Bonnie Baynes and&#47;or David Irving, Office of Finance </font></div><div><font><br></font></div><div style="padding-left:72pt;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:112%">Re&#58; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:112%">     </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:112%">First Merchants Corporation </font></div><div style="text-indent:72pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:112%">Form 10-K for the Fiscal Year Ended December 31, 2021</font></div><div style="text-indent:72pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:112%">Filed March 1, 2022</font></div><div style="text-indent:72pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:112%">Form 10-Q for the Quarter Ended June 30, 2022</font></div><div style="text-indent:72pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:112%">Filed August 9, 2022</font></div><div style="text-indent:72pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:112%">File No. 001-41342</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Ms. Baynes and Mr. Irving&#58; </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">First Merchants Corporation, an Indiana corporation (the &#8220;Company&#8221;), is submitting this letter in response to the comments received from the Staff of the Division of Corporation Finance (the &#8220;Staff&#8221;) of the Securities and Exchange Commission (the &#8220;Commission&#8221;) by letter dated August 30, 2022 (the &#8220;Comment Letter&#8221;) with respect to the Company&#8217;s Form 10-K filed with the Commission on March 1, 2022 and Form 10-Q filed with the Commission on August 9, 2022.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">For your convenience, we have recited the Staff&#8217;s comments from the Comment Letter in bold type and have followed each bullet point with the Company&#8217;s response.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:112%">1.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:112%;padding-left:8pt">We note your disclosure of the Non-GAAP indicators 'Adjusted Net Income Available to Common Stockholders' and 'Adjusted Diluted Earnings Per Share' on page 39. Please tell us, and revise future filings, to address the following&#58;</font></div><div><font><br></font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:112%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:112%;padding-left:13.8pt">Provide all the disclosures in Item 10(e)(1)(i)(C) and (D) of Regulation S-K related to these non-GAAP indicators&#59; and</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">In response to the Staff&#8217;s comment, the Company acknowledges that a statement disclosing the reasons for presenting non-GAAP financial measures was not adequately provided.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">It is the Company&#8217;s view that its accounting and reporting policies conform to GAAP and other standard practices within the banking industry.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">  </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">As a supplement to GAAP, the Company does provide select non-GAAP performance measures, which the Company believes are useful and expected by investors.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">  </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">These non-GAAP measures assist investors in assessing the Company&#8217;s operating performance and comparing that performance to peers in the banking industry.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">  </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Where non-GAAP financial measures are used a reconciliation to the most comparable GAAP financial measure is disclosed in tabular form.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">  </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Although intended to enhance investors&#8217; understanding of the Company's operating performance, these non-GAAP financial measures are not to be considered an alternative to GAAP. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">The Company will provide the appropriate disclosures to comply with Item 10(e)(1)(i)(C) and (D) of Regulation S-K in all future filings in which non-GAAP financial measures are presented.</font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:112%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:112%;padding-left:13.8pt">Consider including these two Non-GAAP indicators in the separate 'non-GAAP' section starting on page 51 that houses the rest of your non-GAAP disclosures included in the document. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">In response to the Staff&#8217;s comments, the Company will consolidate all non-GAAP measures into one tabular disclosure.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">  </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">The Company will then provide footnotes that reference the non-GAAP disclosure and direct the user to its location. </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> </font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">* * * * *</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Please do not hesitate to contact me by telephone at (765) 751-1857 with any questions or comments regarding this correspondence.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Sincerely,</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#47;s&#47; Mark K. Hardwick</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Chief Executive Officer</font></div><div><font><br></font></div><div><font><br></font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div></body></html>
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