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First Merchants Corporation(FRME)Earnings, Financials & Key Ratios
FRME•NASDAQ•Banking & Credit
10.5× P/E·Price updated Jun 19, 2026
AboutFirst Merchants Corporation operates as the financial holding company for First Merchants Bank that provides community banking services. It accepts time, savings, and demand deposits; and provides consumer, commercial, agri-business, and real estate mortgage loans, as well as public finance. The company also offers personal and corporate trust; brokerage and private wealth management; and letters of credit, repurchase agreements, and other corporate services. It operates 109 banking locations in Indiana, Illinois, Ohio, and Michigan counties. The company also offers its services through electronic and mobile delivery channels. First Merchants Corporation was founded in 1893 and is headquartered in Muncie, Indiana.Show more
- Net Interest Income$536M+2.9%
- Total Revenue$1.05B-0.3%
- Net Income$226M+12.2%
- Return on Equity9.47%+7.1%
- Net Interest Margin2.82%-1.0%
- Efficiency Ratio36.28%+6.4%
- ROA1.21%+10.4%
- Equity / Assets12.97%+3.0%
- Book Value per Share42.73+8.5%
FRME Key Insights
First Merchants Corporation (FRME) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Strong Piotroski F-Score: 8/9
- ✓Efficient operations: 36.3% efficiency ratio
- ✓14 consecutive years of dividend growth
- ✓Well capitalized: 13.0% equity/assets
- ✓Healthy dividend yield of 3.5%
- ✓Trading at only 1.0x book value
✗Weaknesses
No significant weaknesses identified
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
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FRME Price & Volume
First Merchants Corporation (FRME) stock price & volume — 10-year historical chart
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FRME Growth Metrics
First Merchants Corporation (FRME) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years14.07%
5 Years13.46%
3 Years13.78%
TTM-
Profit CAGR
10 Years13.2%
5 Years8.75%
3 Years0.58%
TTM12.21%
EPS CAGR
10 Years8.48%
5 Years7.21%
3 Years0.61%
TTM13.74%
Return on Capital
10 Years7.87%
5 Years7.29%
3 Years6.02%
Last Year3.54%
FRME Recent Earnings
First Merchants Corporation (FRME) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 8/12 qtrs (67%)●Beat Revenue 2/12 qtrs (17%)
Q2 2026Latest
Apr 22, 2026Metric
Actual
Est
EPS
$1.03+7.3%
$0.96
Rev
$193M+2.6%
$188M
Q1 2026
Jan 26, 2026Metric
Actual
Est
EPS
$0.98+2.1%
$0.96
Rev
$178M+3.0%
$173M
Q4 2025
Oct 22, 2025Metric
Actual
Est
EPS
$0.99+2.9%
$0.96
Rev
$166M-3.7%
$172M
Q3 2025
Jul 23, 2025Metric
Actual
Est
EPS
$0.98+4.3%
$0.94
Rev
$164M-4.9%
$173M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 22, 2026 | $1.03vs $0.96+7.3% | $193Mvs $188M+2.6% |
| Q1 2026 | Jan 26, 2026 | $0.98vs $0.96+2.1% | $178Mvs $173M+3.0% |
| Q4 2025 | Oct 22, 2025 | $0.99vs $0.96+2.9% | $166Mvs $172M-3.7% |
| Q3 2025 | Jul 23, 2025 | $0.98vs $0.94+4.3% | $164Mvs $173M-4.9% |
Based on last 12 quarters of dataView full earnings history →
FRME Peer Comparison
First Merchants Corporation (FRME) competitors in Community and retail regional banks — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 WTFC | 10.39B | 154.11 | 13.33 | 6.66% | 19.48% | 11.71% | 0.62 | |
 IBCP | 706.3M | 34.31 | 10.49 | -0.3% | 22.12% | 14.2% | 0.23 | |
 FFIN | 4.7B | 32.78 | 18.52 | 11.71% | 30.71% | 14.16% | 0.01 | |
 MBWM | 928.5M | 53.75 | 9.84 | 2.74% | 23.87% | 13.54% | 1.14 | |
 NBTB | 2.44B | 46.68 | 14.02 | 10.36% | 18.76% | 9.51% | 0.17 | |
 FULT | 4.41B | 22.90 | 11.01 | 5.03% | 20.7% | 11.6% | 0.37 | |
 HBAN | 26.69B | 16.86 | 12.13 | 4.38% | 17.71% | 10.04% | 0.76 | |
 ONB | 9.58B | 24.80 | 13.85 | 25.48% | 18.04% | 8.51% | 0.88 |
Compare FRME vs Peers
First Merchants Corporation (FRME) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
FRME Income Statement
First Merchants Corporation (FRME) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Net Interest Income | 277.28M | 338.86M | 356.66M | 382.13M | 410.68M | 520.2M | 545.4M | 521.11M | 536.01M |
NII Growth % | 22.44% | 22.21% | 5.25% | 7.14% | 7.47% | 26.67% | 4.84% | -4.45% | 2.86% |
Net Interest Margin % | 2.96% | 3.43% | 2.86% | 2.72% | 2.66% | 2.9% | 2.96% | 2.85% | 2.82% |
Interest Income | 314.9M | 407.94M | 465.4M | 448.51M | 446.63M | 605.01M | 893.89M | 948.01M | 924.79M |
Interest Expense | 37.61M | 69.09M | 108.75M | 66.38M | 35.95M | 84.8M | 348.49M | 426.89M | 388.78M |
Loan Loss Provision | 9.14M | 7.23M | 2.8M | 58.67M | 0 | 16.75M | 3.5M | 35.7M | 21.25M |
Non-Interest Income | 71.01M | 76.46M | 86.69M | 109.93M | 109.32M | 107.94M | 105.6M | 105.6M | 125.41M |
Non-Interest Income % | 18.4% | 15.78% | 15.7% | 19.68% | 19.66% | 15.14% | 10.57% | 10.02% | 11.94% |
Total Revenue | 385.9M▲ 0% | 484.4M▲ 25.5% | 552.09M▲ 14.0% | 558.43M▲ 1.1% | 555.96M▼ 0.4% | 712.95M▲ 28.2% | 999.49M▲ 40.2% | 1.05B▲ 5.4% | 1.05B▼ 0.3% |
Revenue Growth % | 21.16% | 25.52% | 13.97% | 1.15% | -0.44% | 28.24% | 40.19% | 5.41% | -0.32% |
Non-Interest Expense | 205.56M | 219.95M | 246.76M | 263.4M | 279.21M | 355.71M | 388.27M | 359.28M | 381.06M |
Efficiency Ratio | 53.27% | 45.41% | 44.7% | 47.17% | 50.22% | 49.89% | 38.85% | 34.1% | 36.28% |
Operating Income | 133.59M▲ 0% | 188.14M▲ 40.8% | 193.78M▲ 3.0% | 169.97M▼ 12.3% | 240.79M▲ 41.7% | 255.67M▲ 6.2% | 259.23M▲ 1.4% | 231.73M▼ 10.6% | 259.11M▲ 11.8% |
Operating Margin % | 34.62% | 38.84% | 35.1% | 30.44% | 43.31% | 35.86% | 25.94% | 21.99% | 24.67% |
Operating Income Growth % | 22.95% | 40.83% | 3% | -12.29% | 41.66% | 6.18% | 1.39% | -10.61% | 11.82% |
Pretax Income | 133.59M▲ 0% | 188.14M▲ 40.8% | 193.78M▲ 3.0% | 169.97M▼ 12.3% | 240.79M▲ 41.7% | 255.67M▲ 6.2% | 259.23M▲ 1.4% | 231.73M▼ 10.6% | 259.11M▲ 11.8% |
Pretax Margin % | 34.62% | 38.84% | 35.1% | 30.44% | 43.31% | 35.86% | 25.94% | 21.99% | 24.67% |
Income Tax | 37.52M | 29M | 29.32M | 21.38M | 35.26M | 33.59M | 35.45M | 30.33M | 33.11M |
Effective Tax Rate % | 28.09% | 15.41% | 15.13% | 12.58% | 14.64% | 13.14% | 13.67% | 13.09% | 12.78% |
Net Income | 96.07M▲ 0% | 159.14M▲ 65.6% | 164.46M▲ 3.3% | 148.6M▼ 9.6% | 205.53M▲ 38.3% | 222.09M▲ 8.1% | 223.79M▲ 0.8% | 201.4M▼ 10.0% | 226M▲ 12.2% |
Net Margin % | 24.89% | 32.85% | 29.79% | 26.61% | 36.97% | 31.15% | 22.39% | 19.12% | 21.52% |
Net Income Growth % | 18.53% | 65.65% | 3.34% | -9.64% | 38.31% | 8.06% | 0.76% | -10% | 12.21% |
Net Income (Continuing) | 96.07M | 159.14M | 164.46M | 148.6M | 205.53M | 222.09M | 223.79M | 201.4M | 226M |
EPS (Diluted) | 2.12▲ 0% | 3.22▲ 51.9% | 3.19▼ 0.9% | 2.74▼ 14.1% | 3.81▲ 39.1% | 3.81▲ 0.0% | 3.73▼ 2.1% | 3.41▼ 8.6% | 3.88▲ 13.8% |
EPS Growth % | 7.07% | 51.89% | -0.93% | -14.11% | 39.05% | 0% | -2.1% | -8.58% | 13.78% |
EPS (Basic) | 2.13 | 3.23 | 3.20 | 2.75 | 3.82 | 3.83 | 3.74 | 3.42 | 3.90 |
Diluted Shares Outstanding | 45.4M | 49.47M | 51.56M | 54.22M | 53.98M | 57.95M | 59.49M | 58.53M | 57.73M |
FRME Balance Sheet
First Merchants Corporation (FRME) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Cash & Short Term Investments | 1.19B | 1.32B | 2.09B | 2.5B | 2.99B | 2.23B | 2.18B | 1.77B | 1.49B |
Cash & Due from Banks | 189.93M | 176.21M | 295.46M | 585.2M | 641.3M | 248.66M | 548.73M | 386.51M | 84.16M |
Short Term Investments | 999.95M | 1.14B | 1.79B | 1.92B | 2.34B | 1.98B | 1.63B | 1.39B | 1.41B |
Total Investments | 8.24B | 8.78B | 10.98B | 12.26B | 13.58B | 16.05B | 16.11B | 16.14B | 1.41B |
Investments Growth % | 29.16% | 6.55% | 25.09% | 11.65% | 10.75% | 18.2% | 0.36% | 0.18% | -91.28% |
Long-Term Investments | 7.24B | 7.64B | 9.19B | 10.34B | 11.24B | 14.08B | 14.48B | 14.75B | 0 |
Accounts Receivables | 37.13M | 40.88M | 48.9M | 53.95M | 57.19M | 85.07M | 97.66M | 91.83M | 93.37M |
Goodwill & Intangibles | 476.5M | 469.78M | 578.88M | 572.89M | 570.86M | 747.84M | 739.1M | 731.83M | 725.8M |
Goodwill | 445.36M | 445.36M | 543.92M | 543.92M | 545.38M | 712M | 712M | 712M | 712M |
Intangible Assets | 31.15M | 24.43M | 34.96M | 28.98M | 25.48M | 35.84M | 27.1M | 19.83M | 13.8M |
PP&E (Net) | 95.85M | 93.42M | 113.06M | 111.06M | 105.66M | 117.12M | 133.9M | 129.74M | 121.06M |
Other Assets | 300.09M | 299.48M | 424.66M | 468.49M | 460.5M | 638.79M | 675.22M | 738.71M | 78.66M |
Total Current Assets | 1.23B | 1.36B | 2.13B | 2.56B | 3.04B | 2.31B | 2.27B | 1.86B | 1.58B |
Total Non-Current Assets | 8.14B | 8.53B | 10.32B | 11.51B | 12.41B | 15.69B | 16.13B | 16.45B | 925.52M |
Total Assets | 9.37B▲ 0% | 9.88B▲ 5.5% | 12.46B▲ 26.0% | 14.07B▲ 12.9% | 15.45B▲ 9.9% | 17.94B▲ 16.1% | 18.41B▲ 2.6% | 18.31B▼ 0.5% | 19.03B▲ 3.9% |
Asset Growth % | 29.89% | 5.52% | 26.03% | 12.92% | 9.85% | 16.08% | 2.61% | -0.51% | 3.89% |
Return on Assets (ROA) | 1.16% | 1.65% | 1.47% | 1.12% | 1.39% | 1.33% | 1.23% | 1.1% | 1.21% |
Accounts Payable | 4.39M | 5.61M | 6.75M | 3.29M | 2.76M | 7.53M | 18.91M | 16.1M | 0 |
Total Debt | 834.39M | 670.96M | 732.7M | 684.91M | 634.25M | 1.31B | 1.03B | 1.16B | 999.93M |
Net Debt | 644.46M | 494.75M | 437.24M | 99.71M | -7.05M | 1.07B | 480.05M | 771.68M | 915.78M |
Long-Term Debt | 553.73M | 453.45M | 489.76M | 507.81M | 452.67M | 974.97M | 871.5M | 916.08M | 856.18M |
Short-Term Debt | 280.66M | 217.51M | 242.95M | 177.1M | 181.58M | 338.97M | 157.28M | 242.1M | 143.75M |
Other Liabilities | 52.71M | 45.3M | 91.4M | 141.76M | 170.99M | 263.21M | 289.03M | 311.07M | 7.77B |
Total Current Liabilities | 7.46B | 7.98B | 10.09B | 11.54B | 12.92B | 14.73B | 15B | 14.78B | 7.93B |
Total Non-Current Liabilities | 606.43M | 498.74M | 581.16M | 649.57M | 623.66M | 1.24B | 1.16B | 1.23B | 8.63B |
Total Liabilities | 8.06B | 8.48B | 10.67B | 12.19B | 13.54B | 15.9B | 16.16B | 16.01B | 16.56B |
Total Equity | 1.3B▲ 0% | 1.41B▲ 8.0% | 1.79B▲ 26.9% | 1.88B▲ 5.0% | 1.91B▲ 2.0% | 2.03B▲ 6.4% | 2.25B▲ 10.5% | 2.3B▲ 2.5% | 2.47B▲ 7.0% |
Equity Growth % | 44.56% | 8.04% | 26.85% | 4.99% | 1.97% | 6.39% | 10.47% | 2.55% | 7.01% |
Equity / Assets (Capital Ratio) | 13.91% | 14.25% | 14.34% | 13.33% | 12.38% | 11.34% | 12.21% | 12.59% | 12.97% |
Return on Equity (ROE) | 8.71% | 11.74% | 10.3% | 8.12% | 10.85% | 11.25% | 10.45% | 8.85% | 9.47% |
Book Value per Share | 28.71 | 28.47 | 34.65 | 34.59 | 35.43 | 35.11 | 37.78 | 39.38 | 42.73 |
Tangible BV per Share | 18.21 | 18.97 | 23.42 | 24.03 | 24.85 | 22.21 | 25.36 | 26.88 | 30.16 |
Common Stock | 6.14M | 6.17M | 6.92M | 6.74M | 6.68M | 7.4M | 7.43M | 7.25M | 7.12M |
Additional Paid-in Capital | 834.87M | 840.05M | 1.05B | 1.01B | 985.82M | 1.23B | 1.24B | 1.19B | 1.15B |
Retained Earnings | 465.23M | 583.34M | 696.52M | 788.58M | 864.84M | 1.01B | 1.15B | 1.27B | 1.41B |
Accumulated OCI | -2.91M | -21.42M | 27.87M | 74.84M | 55.11M | -239.15M | -175.97M | -188.69M | -130.13M |
Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Preferred Stock | 125K | 125K | 125K | 125K | 125K | 25.13M | 25.13M | 25.13M | 25.13M |
FRME Cash Flow Statement
First Merchants Corporation (FRME) cash flow — operating, investing & free cash flow history
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Cash from Operations | 126.5M | 180.24M | 178.41M | 204.81M | 215.34M | 284.29M | 258.83M | 266.21M | 283.65M |
Operating CF Growth % | 21.97% | 42.48% | -1.01% | 14.8% | 5.14% | 32.02% | -8.95% | 2.85% | 6.55% |
Net Income | 96.07M | 159.14M | 164.46M | 148.6M | 205.53M | 222.09M | 223.79M | 201.4M | 226M |
Depreciation & Amortization | 7.97M | 8.84M | 9.38M | 11.01M | 10.7M | 11.81M | 11.71M | 26.85M | 29.42M |
Deferred Taxes | 15.52M | 3.52M | 4.96M | -9.73M | 6.98M | 9.06M | 6.6M | 1.62M | 2.22M |
Other Non-Cash Items | 14.83M | 11.69M | 1.89M | 62.91M | -4M | 58.87M | 16.03M | 33.15M | 24.6M |
Working Capital Changes | -10.71M | -6.55M | -8.09M | -13.55M | -8.64M | -22.2M | -4.45M | -2.63M | -5.93M |
Cash from Investing | -635.33M | -575.58M | -1.01B | -1.55B | -1.48B | -462.69M | -344.43M | -252.42M | -773.82M |
Purchase of Investments | -509.26M | -400.75M | -1.1B | -1.31B | -2.09B | -755.28M | -50.19M | -124.39M | -67.75M |
Sale/Maturity of Investments | 237.23M | 298.53M | 401.69M | 827.24M | 687.96M | 963.41M | 549.3M | 395.66M | 164.86M |
Net Investment Activity | -272.03M | -102.22M | -698.48M | -484.98M | -1.4B | 208.12M | 499.11M | 271.26M | 97.11M |
Acquisitions | 54.54M | 0 | 10.21M | 0 | -2.93M | 137.78M | 0 | -243.5M | 0 |
Other Investing | -417.83M | -473.36M | -318.13M | -1.07B | -72.2M | -808.59M | -843.54M | -280.18M | -870.94M |
Cash from Financing | 535.81M | 379.68M | 865.95M | 1.36B | 1.24B | 133.84M | 75.65M | -38.82M | 486.72M |
Dividends Paid | -31.82M | -41.66M | -51.28M | -56.54M | -61.23M | -74.15M | -81.94M | -83.5M | -84.79M |
Share Repurchases | -1.28M | -1.9M | -19.04M | -55.91M | -25.44M | 0 | 0 | -56.17M | -46.89M |
Stock Issued | 991K | 1.21M | 1.53M | 1.73M | 1.88M | 2.06M | 2.18M | 2.26M | 3.42M |
Net Stock Activity | -292K | -691K | -17.51M | -54.19M | -23.56M | 2.06M | 2.18M | -53.91M | -43.47M |
Debt Issuance (Net) | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | -1000K |
Other Financing | 500.98M | 585.58M | 977.76M | 1.52B | 1.37B | -279.56M | 440.57M | -30.82M | 773.23M |
Net Change in Cash | 26.98M▲ 0% | -15.66M▼ 158.0% | 37.95M▲ 342.4% | 15.7M▼ 58.6% | -25.75M▼ 264.1% | -44.55M▼ 73.0% | -9.95M▲ 77.7% | -25.03M▼ 151.7% | -3.46M▲ 86.2% |
Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cash at Beginning | 127.93M | 154.91M | 139.25M | 177.2M | 192.9M | 167.15M | 122.59M | 112.65M | 87.62M |
Cash at End | 154.91M | 139.25M | 177.2M | 192.9M | 167.15M | 122.59M | 112.65M | 87.62M | 84.16M |
Interest Paid | 36.33M | 67.87M | 107.6M | 69.85M | 36.48M | 80.03M | 337.1M | 429.7M | 386.65M |
Income Taxes Paid | 22.42M | 23.29M | 23.59M | 33.2M | 31.17M | 13.82M | 34.84M | 7.63M | 20.75M |
Free Cash Flow | 126.5M▲ 0% | 180.24M▲ 42.5% | 176.73M▼ 1.9% | 204.81M▲ 15.9% | 215.34M▲ 5.1% | 284.29M▲ 32.0% | 258.83M▼ 9.0% | 266.21M▲ 2.9% | 283.65M▲ 6.5% |
FCF Growth % | 21.97% | 42.48% | -1.95% | 15.89% | 5.14% | 32.02% | -8.95% | 2.85% | 6.55% |
FRME Banking Ratios
First Merchants Corporation (FRME) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
Return on Equity (ROE) | 9.25% | 8.71% | 11.74% | 10.3% | 8.12% | 10.85% | 11.25% | 10.45% | 8.85% | 9.47% |
Return on Assets (ROA) | 1.16% | 1.16% | 1.65% | 1.47% | 1.12% | 1.39% | 1.33% | 1.23% | 1.1% | 1.21% |
Net Interest Margin | 3.14% | 2.96% | 3.43% | 2.86% | 2.72% | 2.66% | 2.9% | 2.96% | 2.85% | 2.82% |
Efficiency Ratio | 55.68% | 53.27% | 45.41% | 44.7% | 47.17% | 50.22% | 49.89% | 38.85% | 34.1% | 36.28% |
Equity / Assets | 12.5% | 13.91% | 14.25% | 14.34% | 13.33% | 12.38% | 11.34% | 12.21% | 12.59% | 12.97% |
Book Value / Share | 21.98 | 28.71 | 28.47 | 34.65 | 34.59 | 35.43 | 35.11 | 37.78 | 39.38 | 42.73 |
NII Growth | 15.31% | 22.44% | 22.21% | 5.25% | 7.14% | 7.47% | 26.67% | 4.84% | -4.45% | 2.86% |
Dividend Payout | 27.39% | 33.12% | 26.18% | 31.18% | 38.05% | 29.79% | 32.76% | 35.78% | 40.53% | 36.69% |
Related:FRME Dividend History·FRME Revenue History·FRME Price History·FRME P/E History·FRME Financial Ratios·FRME Institutional Holders
FRME SEC Filings & Documents
First Merchants Corporation (FRME) SEC filings — annual & quarterly reports (10-K, 10-Q)
FRME Frequently Asked Questions
First Merchants Corporation (FRME) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
First Merchants Corporation (FRME) saw revenue decline by 0.3% over the past year.
Yes, First Merchants Corporation (FRME) is profitable, generating $226.0M in net income for fiscal year 2025 (21.5% net margin).
Dividend & Returns
Yes, First Merchants Corporation (FRME) pays a dividend with a yield of 3.53%. This makes it attractive for income-focused investors.
First Merchants Corporation (FRME) has a return on equity (ROE) of 9.5%. This is below average, suggesting room for improvement.
Industry Metrics
First Merchants Corporation (FRME) has a net interest margin (NIM) of 2.8%. NIM has been under pressure due to interest rate environment.
First Merchants Corporation (FRME) has an efficiency ratio of 36.3%. This is excellent, indicating strong cost control.