First Merchants Corporation (FRME) 10-Year Financial Performance & Capital Metrics

FRME • • Banking & Credit

Financial ServicesRegional BanksCommunity & Regional Retail BankingMidwest Community Banks

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 $521M -4.5%
Total Revenue $1.05B +5.4%
Net Income $201M -10.0%
Return on Equity 8.85% -15.3%
Net Interest Margin 2.85% -4.0%
Efficiency Ratio 34.1% -12.2%
ROA 1.1% -10.9%
Equity / Assets 12.59% +3.1%
Book Value per Share 39.38 +4.2%
Tangible BV/Share 26.88 +6.0%
Debt/Equity 0.50 +9.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient operations: 34.1% efficiency ratio
✓13 consecutive years of dividend growth
✓Well capitalized: 12.6% equity/assets
✓Healthy dividend yield of 3.6%
✓Trading at only 1.0x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y14.56%

5Y13.8%

3Y23.75%

TTM-

Profit (Net Income) CAGR

10Y12.84%

5Y4.14%

3Y-0.67%

TTM20.89%

EPS CAGR

10Y7.53%

5Y1.34%

3Y-3.63%

TTM23.32%

ROCE

10Y Avg8.3%

5Y Avg7.98%

3Y Avg7.8%

Latest6.68%

Peer Comparison

Midwest Community Banks

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TFSLTFS Financial Corporation	3.97B	14.13	44.16	4.37%	11.49%	4.41%	1.15%	2.57
ASBAssociated Banc-Corp	4.43B	26.70	37.08	4.42%	5.85%	3.62%	12.08%	0.69
ASBAAssociated Banc-Corp	4.11B	24.78	30.98	-6.56%	12.92%	3.77%	13.02%	0.17
BANFBancFirst Corporation	3.81B	114.30	17.75	12.28%	23.81%	13.33%	5.89%	0.05
SYBTStock Yards Bancorp, Inc.	2.03B	68.83	17.69	15.84%	22.86%	12.99%	6.56%	0.53
PRKPark National Corporation	2.63B	163.76	17.57	14.4%	23.46%	13.22%	6.44%	0.24
NICNicolet Bankshares, Inc.	1.97B	133.08	16.53	24.6%	23.88%	11.4%	5.95%	0.14
LKFNLakeland Financial Corporation	1.52B	59.47	16.38	9.38%	21.74%	13.06%	6.18%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	196.4M	226.47M	277.28M	338.86M	356.66M	382.13M	410.68M	520.2M	545.4M	521.11M
NII Growth %	0.05%	0.15%	0.22%	0.22%	0.05%	0.07%	0.07%	0.27%	0.05%	-0.04%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	221.2M	253.31M	314.9M	407.94M	465.4M	448.51M	446.63M	605.01M	893.89M	948.01M
Interest Expense	24.79M	26.84M	37.61M	69.09M	108.75M	66.38M	35.95M	84.8M	348.49M	426.89M
Loan Loss Provision	417K	5.66M	9.14M	7.23M	2.8M	58.67M	0	16.75M	3.5M	35.7M
Non-Interest Income+	60.35M	65.2M	71.01M	76.46M	86.69M	109.93M	109.32M	107.94M	105.6M	105.6M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	281.55M	318.51M	385.9M	484.4M	552.09M	558.43M	555.96M	712.95M	999.49M	1.05B
Revenue Growth %	0.04%	0.13%	0.21%	0.26%	0.14%	0.01%	-0%	0.28%	0.4%	0.05%
Non-Interest Expense	165.29M	177.36M	205.56M	219.95M	246.76M	263.4M	279.21M	355.71M	388.27M	359.28M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	91.05M	108.66M	133.59M	188.14M	193.78M	169.97M	240.79M	255.67M	259.23M	231.73M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.11%	0.19%	0.23%	0.41%	0.03%	-0.12%	0.42%	0.06%	0.01%	-0.11%
Pretax Income+	91.05M	108.66M	133.59M	188.14M	193.78M	169.97M	240.79M	255.67M	259.23M	231.73M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	25.66M	27.61M	37.52M	29M	29.32M	21.38M	35.26M	33.59M	35.45M	30.33M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	65.38M	81.05M	96.07M	159.14M	164.46M	148.6M	205.53M	222.09M	223.79M	201.4M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.09%	0.24%	0.19%	0.66%	0.03%	-0.1%	0.38%	0.08%	0.01%	-0.1%
Net Income (Continuing)	65.38M	81.05M	96.07M	159.14M	164.46M	148.6M	205.53M	222.09M	223.79M	201.4M
EPS (Diluted)+	1.72	1.98	2.12	3.22	3.19	2.74	3.81	3.81	3.73	3.41
EPS Growth %	0.04%	0.15%	0.07%	0.52%	-0.01%	-0.14%	0.39%	0%	-0.02%	-0.09%
EPS (Basic)	1.73	1.99	2.13	3.23	3.20	2.75	3.82	3.83	3.74	3.42
Diluted Shares Outstanding	38.09M	41.01M	45.4M	49.47M	51.56M	54.22M	53.98M	57.95M	59.49M	58.53M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	134.49M	152.39M	189.93M	176.21M	295.46M	585.2M	641.3M	248.66M	548.73M	386.51M
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	5.92B	6.38B	8.24B	8.78B	10.98B	12.26B	13.58B	16.05B	16.11B	16.14B
Investments Growth %	0.17%	0.08%	0.29%	0.07%	0.25%	0.12%	0.11%	0.18%	0%	0%
Long-Term Investments	5.26B	5.68B	7.24B	7.64B	9.19B	10.34B	11.24B	14.08B	14.48B	14.75B
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	243.13M	244M	445.36M	445.36M	543.92M	543.92M	545.38M	712M	712M	712M
Intangible Assets	16.64M	14.87M	31.15M	24.43M	34.96M	28.98M	25.48M	35.84M	27.1M	19.83M
PP&E (Net)	97.65M	94.43M	95.85M	93.42M	113.06M	111.06M	105.66M	117.12M	133.9M	129.74M
Other Assets	279.45M	259.31M	300.09M	299.48M	424.66M	468.49M	460.5M	638.79M	675.22M	738.71M
Total Current Assets	817.89M	875.75M	1.23B	1.36B	2.13B	2.56B	3.04B	2.31B	2.27B	1.86B
Total Non-Current Assets	5.94B	6.34B	8.14B	8.53B	10.32B	11.51B	12.41B	15.69B	16.13B	16.45B
Total Assets+	6.76B	7.21B	9.37B	9.88B	12.46B	14.07B	15.45B	17.94B	18.41B	18.31B
Asset Growth %	0.16%	0.07%	0.3%	0.06%	0.26%	0.13%	0.1%	0.16%	0.03%	-0.01%
Return on Assets (ROA)	0.01%	0.01%	0.01%	0.02%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Accounts Payable	3.09M	3.11M	4.39M	5.61M	6.75M	3.29M	2.76M	7.53M	18.91M	16.1M
Total Debt+	568.54M	694.2M	834.39M	670.96M	732.7M	684.91M	634.25M	1.31B	1.03B	1.16B
Net Debt	434.06M	541.81M	644.46M	494.75M	437.24M	99.71M	-7.05M	1.07B	480.05M	771.68M
Long-Term Debt	363.5M	427.37M	553.73M	453.45M	489.76M	507.81M	452.67M	974.97M	871.5M	916.08M
Short-Term Debt	205.05M	266.83M	280.66M	217.51M	242.95M	177.1M	181.58M	338.97M	157.28M	242.1M
Other Liabilities	49.21M	56.15M	52.71M	45.3M	91.4M	141.76M	170.99M	263.21M	289.03M	311.07M
Total Current Liabilities	5.5B	5.83B	7.46B	7.98B	10.09B	11.54B	12.92B	14.73B	15B	14.78B
Total Non-Current Liabilities	412.71M	483.52M	606.43M	498.74M	581.16M	649.57M	623.66M	1.24B	1.16B	1.23B
Total Liabilities	5.91B	6.31B	8.06B	8.48B	10.67B	12.19B	13.54B	15.9B	16.16B	16.01B
Total Equity+	850.51M	901.66M	1.3B	1.41B	1.79B	1.88B	1.91B	2.03B	2.25B	2.3B
Equity Growth %	0.17%	0.06%	0.45%	0.08%	0.27%	0.05%	0.02%	0.06%	0.1%	0.03%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.08%	0.09%	0.09%	0.12%	0.1%	0.08%	0.11%	0.11%	0.1%	0.09%
Book Value per Share	22.33	21.98	28.71	28.47	34.65	34.59	35.43	35.11	37.78	39.38
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	5.08M	5.11M	6.14M	6.17M	6.92M	6.74M	6.68M	7.4M	7.43M	7.25M
Additional Paid-in Capital	504.53M	509.02M	834.87M	840.05M	1.05B	1.01B	985.82M	1.23B	1.24B	1.19B
Retained Earnings	342.13M	400.98M	465.23M	583.34M	696.52M	788.58M	864.84M	1.01B	1.15B	1.27B
Accumulated OCI	-1.36M	-13.58M	-2.91M	-21.42M	27.87M	74.84M	55.11M	-239.15M	-175.97M	-188.69M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	125K	125K	125K	125K	125K	125K	125K	25.13M	25.13M	25.13M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	56.66M	103.72M	126.5M	180.24M	178.41M	204.81M	215.34M	284.29M	258.83M	266.21M
Operating CF Growth %	-0.25%	0.83%	0.22%	0.42%	-0.01%	0.15%	0.05%	0.32%	-0.09%	0.03%
Net Income	65.38M	81.05M	96.07M	159.14M	164.46M	148.6M	205.53M	222.09M	223.79M	201.4M
Depreciation & Amortization	6.26M	7.16M	7.97M	8.84M	9.38M	11.01M	10.7M	11.81M	11.71M	26.85M
Deferred Taxes	4.44M	8.61M	15.52M	3.52M	4.96M	-9.73M	6.98M	9.06M	6.6M	1.62M
Other Non-Cash Items	-15.78M	9.69M	14.83M	11.69M	1.89M	62.91M	-4M	58.87M	16.03M	33.15M
Working Capital Changes	-5.92M	-5.39M	-10.71M	-6.55M	-8.09M	-13.55M	-8.64M	-22.2M	-4.45M	-2.63M
Cash from Investing+	-340.39M	-448.7M	-635.33M	-575.58M	-1.01B	-1.55B	-1.48B	-462.69M	-344.43M	-252.42M
Purchase of Investments	-287.44M	-392.27M	-509.26M	-400.75M	-1.1B	-1.31B	-2.09B	-755.28M	-50.19M	-124.39M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	7.22M	0	54.54M	0	10.21M	0	-2.93M	137.78M	0	-243.5M
Other Investing	-305.53M	-416.63M	-417.83M	-473.36M	-318.13M	-1.07B	-72.2M	-808.59M	-843.54M	-280.18M
Cash from Financing+	267.29M	370.74M	535.81M	379.68M	865.95M	1.36B	1.24B	133.84M	75.65M	-38.82M
Dividends Paid	-15.65M	-22.2M	-31.82M	-41.66M	-51.28M	-56.54M	-61.23M	-74.15M	-81.94M	-83.5M
Share Repurchases	-1.64M	-1.98M	-1.28M	-1.9M	-19.04M	-55.91M	-25.44M	0	0	-56.17M
Stock Issued	661K	835K	991K	1.21M	1.53M	1.73M	1.88M	2.06M	2.18M	2.26M
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	1000K	1000K	-1000K	-1000K	-1000K	-1000K	1000K	-1000K	1000K
Other Financing	163.73M	269.58M	500.98M	585.58M	977.76M	1.52B	1.37B	-279.56M	440.57M	-30.82M
Net Change in Cash+	-16.45M	25.76M	26.98M	-15.66M	37.95M	15.7M	-25.75M	-44.55M	-9.95M	-25.03M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	118.62M	102.17M	127.93M	154.91M	139.25M	177.2M	192.9M	167.15M	122.59M	112.65M
Cash at End	102.17M	127.93M	154.91M	139.25M	177.2M	192.9M	167.15M	122.59M	112.65M	87.62M
Interest Paid	24.9M	26.82M	36.33M	67.87M	107.6M	69.85M	36.48M	80.03M	337.1M	429.7M
Income Taxes Paid	21.2M	12M	22.42M	23.29M	23.59M	33.2M	31.17M	13.82M	34.84M	7.63M
Free Cash Flow+	56.66M	103.72M	126.5M	180.24M	176.73M	204.81M	215.34M	284.29M	258.83M	266.21M
FCF Growth %	-0.25%	0.83%	0.22%	0.42%	-0.02%	0.16%	0.05%	0.32%	-0.09%	0.03%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	8.29%	9.25%	8.71%	11.74%	10.3%	8.12%	10.85%	11.25%	10.45%	8.85%
Return on Assets (ROA)	1.04%	1.16%	1.16%	1.65%	1.47%	1.12%	1.39%	1.33%	1.23%	1.1%
Net Interest Margin	2.9%	3.14%	2.96%	3.43%	2.86%	2.72%	2.66%	2.9%	2.96%	2.85%
Efficiency Ratio	58.71%	55.68%	53.27%	45.41%	44.7%	47.17%	50.22%	49.89%	38.85%	34.1%
Equity / Assets	12.58%	12.5%	13.91%	14.25%	14.34%	13.33%	12.38%	11.34%	12.21%	12.59%
Book Value / Share	22.33	21.98	28.71	28.47	34.65	34.59	35.43	35.11	37.78	39.38
NII Growth	5.01%	15.31%	22.44%	22.21%	5.25%	7.14%	7.47%	26.67%	4.84%	-4.45%
Dividend Payout	23.94%	27.39%	33.12%	26.18%	31.18%	38.05%	29.79%	32.76%	35.78%	40.53%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Fiduciary and Trust	14.91M	17.56M	23.75M	28.36M	29.69M	30.84M	34.22M
Fiduciary and Trust Growth	-	17.82%	35.22%	19.43%	4.68%	3.88%	10.94%
Deposit Account	20.95M	22.95M	21M	23.57M	28.37M	30.84M	32.61M
Deposit Account Growth	-	9.55%	-8.51%	12.25%	20.36%	8.69%	5.74%
Credit Card	-	20.24M	19.5M	16.62M	20.21M	18.86M	19.32M
Credit Card Growth	-	-	-3.66%	-14.78%	21.59%	-6.66%	2.41%
Derivative Hedging	-	5.36M	6.98M	3.85M	3.39M	3.38M	3.08M
Derivative Hedging Growth	-	-	30.24%	-44.82%	-12.00%	-0.09%	-8.95%
Financial Service, Other	19.89M	1.66M	1.5M	1.49M	1.94M	1.88M	1.55M
Financial Service, Other Growth	-	-91.64%	-10.04%	-0.47%	29.87%	-2.84%	-17.71%

Frequently Asked Questions

Valuation & Price

First Merchants Corporation (FRME) has a price-to-earnings (P/E) ratio of 11.3x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

First Merchants Corporation (FRME) grew revenue by 5.4% over the past year. This is steady growth.

Yes, First Merchants Corporation (FRME) is profitable, generating $225.7M in net income for fiscal year 2024 (19.1% net margin).

Dividend & Returns

Yes, First Merchants Corporation (FRME) pays a dividend with a yield of 3.62%. This makes it attractive for income-focused investors.

First Merchants Corporation (FRME) has a return on equity (ROE) of 8.8%. 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 34.1%. This is excellent, indicating strong cost control.

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