The bank maintains a conservative capital structure with an equity-to-assets ratio of 0.13, even as total assets expanded to $21.1 billion in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash & Short Term Investments | 4.39B | 1.49B | 1.77B | 2.18B | 2.23B | 2.99B | 2.5B | 2.09B | 1.32B | 1.19B | 849.25M | 792.88M | 715.68M | 700.7M | 653.25M | 644.65M | 116.06M | 150.83M | 123.07M | 159.61M | 101.24M | 79.17M | 79.3M | 85.25M | 91.21M | 72.61M | 53.45M | 60.6M | 36.5M | 42.6M | 35.3M |
| Cash & Due from Banks | 98.08M | 84.16M | 386.51M | 548.73M | 248.66M | 641.3M | 585.2M | 295.46M | 176.21M | 189.93M | 152.39M | 134.49M | 166.14M | 164.5M | 139.9M | 126.16M | 116.06M | 150.83M | 123.07M | 159.61M | 101.24M | 79.17M | 79.3M | 85.25M | 91.21M | 72.61M | 53.45M | 60.6M | 36.5M | 42.6M | 35.3M |
| Short Term Investments | 1.37B | 1.41B | 1.39B | 1.63B | 1.98B | 2.34B | 1.92B | 1.79B | 1.14B | 999.95M | 696.86M | 658.4M | 549.54M | 536.2M | 513.34M | 518.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 1.37B | 1.41B | 16.14B | 16.11B | 16.05B | 13.58B | 12.26B | 10.98B | 8.78B | 8.24B | 6.38B | 5.92B | 5.05B | 4.66B | 3.73B | 3.6B | 3.6B | 3.75B | 4.16B | 3.3B | 3.14B | 2.87B | 2.83B | 2.69B | 2.35B | 1.58B | 1.47B | 1.33B | 1.23B | 944.4M | 900.7M |
| Investments Growth % | -177.18% | -91.28% | 0.18% | 0.36% | 18.2% | 10.75% | 11.65% | 25.09% | 6.55% | 29.16% | 7.83% | 17.24% | 8.23% | 25.14% | 3.43% | 0.06% | -3.94% | -9.86% | 25.89% | 5.32% | 9.24% | 1.45% | 5.3% | 14.59% | 48.01% | 7.73% | 10.38% | 8.09% | 30.57% | 4.85% | 46.22% |
| Long-Term Investments | 32.45B | 0 | 14.75B | 14.48B | 14.08B | 11.24B | 10.34B | 9.19B | 7.64B | 7.24B | 5.68B | 5.26B | 4.5B | 4.13B | 3.21B | 3.08B | 3.6B | 3.75B | 4.16B | 3.3B | 3.14B | 2.87B | 2.83B | 2.69B | 2.35B | 1.58B | 1.47B | 1.33B | 1.23B | 944.4M | 900.7M |
| Accounts Receivables | 97.03M | 93.37M | 91.83M | 97.66M | 85.07M | 57.19M | 53.95M | 48.9M | 40.88M | 37.13M | 26.19M | 24.41M | 19.98M | 18.67M | 16.37M | 17.72M | 18.67M | 20.82M | 23.98M | 23.4M | 24.34M | 19.69M | 17.32M | 16.84M | 17.35M | 12.02M | 13.13M | 11.3M | 10.8M | 9M | 8.6M |
| Goodwill & Intangibles | 824.47M | 725.8M | 731.83M | 739.1M | 747.84M | 570.86M | 572.89M | 578.88M | 469.78M | 476.5M | 258.87M | 259.76M | 218.75M | 202.77M | 149.53M | 150.47M | 154.02M | 158.74M | 165.97M | 23.4M | 24.34M | 19.69M | 17.32M | 16.84M | 17.35M | 12.02M | 13.13M | 11.3M | 10.8M | 9M | 8.6M |
| Goodwill | 782.79M | 712M | 712M | 712M | 712M | 545.38M | 543.92M | 543.92M | 445.36M | 445.36M | 244M | 243.13M | 202.72M | 188.95M | 141.38M | 141.36M | 141.36M | 141.36M | 143.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 41.68M | 13.8M | 19.83M | 27.1M | 35.84M | 25.48M | 28.98M | 34.96M | 24.43M | 31.15M | 14.87M | 16.64M | 16.03M | 13.82M | 8.15M | 9.11M | 12.66M | 17.38M | 22.49M | 23.4M | 24.34M | 19.69M | 17.32M | 16.84M | 17.35M | 12.02M | 13.13M | 11.3M | 10.8M | 9M | 8.6M |
| PP&E (Net) | 146.01M | 121.06M | 129.74M | 133.9M | 117.12M | 105.66M | 111.06M | 113.06M | 93.42M | 95.85M | 94.43M | 97.65M | 77.69M | 74.45M | 52.75M | 51.01M | 52.45M | 55.8M | 59.64M | 44.45M | 42.39M | 39.42M | 38.25M | 39.64M | 38.65M | 27.68M | 23.87M | 20.1M | 19M | 15.4M | 15.3M |
| Other Assets | 0 | 78.66M | 738.71M | 675.22M | 638.79M | 460.5M | 468.49M | 424.66M | 299.48M | 300.09M | 259.31M | 279.45M | 250.83M | 254.8M | 185.9M | 184.5M | 183.05M | 281.56M | 226.07M | 115.25M | 111.56M | 88.56M | 85.1M | 104.51M | 78.71M | 57.77M | 38.46M | 46.3M | 60M | 7.1M | 6.4M |
| Total Current Assets | 1.57B | 1.58B | 1.86B | 2.27B | 2.31B | 3.04B | 2.56B | 2.13B | 1.36B | 1.23B | 875.75M | 817.89M | 736.77M | 720.92M | 672.2M | 665.93M | 134.73M | 171.64M | 147.05M | 183.02M | 125.59M | 98.86M | 96.62M | 102.09M | 108.55M | 84.64M | 66.58M | 71.9M | 47.3M | 51.6M | 43.9M |
| Total Non-Current Assets | 1.09B | 925.52M | 16.45B | 16.13B | 15.69B | 12.41B | 11.51B | 10.32B | 8.53B | 8.14B | 6.34B | 5.94B | 5.09B | 4.72B | 3.63B | 3.51B | 4.04B | 4.31B | 4.64B | 3.6B | 3.43B | 3.14B | 3.1B | 2.97B | 2.57B | 1.7B | 1.55B | 1.4B | 1.32B | 968.5M | 924.1M |
| Total Assets | 21.07B | 19.03B | 18.31B | 18.41B | 17.94B | 15.45B | 14.07B | 12.46B | 9.88B | 9.37B | 7.21B | 6.76B | 5.82B | 5.44B | 4.3B | 4.17B | 4.17B | 4.48B | 4.78B | 3.78B | 3.55B | 3.24B | 3.19B | 3.08B | 2.68B | 1.79B | 1.62B | 1.47B | 1.36B | 1.02B | 968M |
| Asset Growth % | 22.28% | 3.89% | -0.51% | 2.61% | 16.08% | 9.85% | 12.92% | 26.03% | 5.52% | 29.89% | 6.66% | 16.09% | 7.12% | 26.31% | 3.16% | 0.05% | -6.92% | -6.34% | 26.5% | 6.39% | 9.82% | 1.42% | 3.73% | 14.86% | 49.9% | 10.24% | 9.98% | 8.18% | 33.57% | 5.38% | 36.74% |
| Return on Assets (ROA) | 1.03% | 1.21% | 1.1% | 1.23% | 1.33% | 1.39% | 1.12% | 1.47% | 1.65% | 1.16% | 1.16% | 1.04% | 1.07% | 0.91% | 1.06% | 0.61% | 0.16% | -0.88% | 0.48% | 0.86% | 0.89% | 0.94% | 0.94% | 0.96% | 1.25% | 1.3% | 1.29% | 1.35% | 1.5% | 1.66% | 1.56% |
| Accounts Payable | 0 | 0 | 16.1M | 18.91M | 7.53M | 2.76M | 3.29M | 6.75M | 5.61M | 4.39M | 3.11M | 3.09M | 3.2M | 1.77M | 1.84M | 2.92M | 4.26M | 5.71M | 8.84M | 8.32M | 9.33M | 5.87M | 4.41M | 4.68M | 6.02M | 5.49M | 6.33M | 4.6M | 4.1M | 0 | 0 |
| Total Debt | 1.64B | 999.93M | 1.16B | 1.03B | 1.31B | 634.25M | 684.91M | 732.7M | 670.96M | 834.39M | 694.2M | 568.54M | 411.99M | 523.26M | 367.09M | 489.37M | 419M | 450.23M | 618.35M | 568.77M | 440.76M | 508.24M | 440.89M | 383.17M | 356.93M | 174.4M | 163.58M | 189.9M | 113.7M | 47.5M | 54.2M |
| Net Debt | 1.55B | 915.78M | 771.68M | 480.05M | 1.07B | -7.05M | 99.71M | 437.24M | 494.75M | 644.46M | 541.81M | 434.06M | 245.86M | 358.76M | 227.19M | 363.21M | 302.94M | 299.4M | 495.28M | 409.16M | 339.52M | 429.07M | 361.59M | 297.92M | 265.72M | 101.79M | 110.14M | 129.3M | 77.2M | 4.9M | 18.9M |
| Long-Term Debt | 1.39B | 856.18M | 916.08M | 871.5M | 974.97M | 452.67M | 507.81M | 489.76M | 453.45M | 553.73M | 427.37M | 363.5M | 272.07M | 248.95M | 206.4M | 333.07M | 309.12M | 324.54M | 496.04M | 568.77M | 341.86M | 508.24M | 440.89M | 383.17M | 275.34M | 174.4M | 163.58M | 189.9M | 47.1M | 20.7M | 0 |
| Short-Term Debt | 259.46M | 143.75M | 242.1M | 157.28M | 338.97M | 181.58M | 177.1M | 242.95M | 217.51M | 280.66M | 266.83M | 205.05M | 139.92M | 274.32M | 160.69M | 156.31M | 109.87M | 125.69M | 122.31M | 0 | 98.9M | 0 | 0 | 0 | 81.59M | 0 | 0 | 0 | 66.6M | 26.8M | 54.2M |
| Other Liabilities | 16.75B | 7.77B | 311.07M | 289.03M | 263.21M | 170.99M | 141.76M | 91.4M | 45.3M | 52.71M | 56.15M | 49.21M | 41.41M | 45.84M | 37.27M | 31.66M | 24.3M | 24.69M | 42.24M | 20.93M | 26.92M | 27M | 23.61M | 22.9M | 17.92M | 6.76M | 6.79M | 6M | 4.8M | 6.8M | 6.6M |
| Total Current Liabilities | 259.46M | 7.93B | 14.78B | 15B | 14.73B | 12.92B | 11.54B | 10.09B | 7.98B | 7.46B | 5.83B | 5.5B | 4.78B | 4.51B | 3.51B | 3.29B | 3.38B | 3.67B | 3.85B | 2.85B | 2.86B | 2.39B | 2.41B | 2.37B | 2.12B | 1.43B | 1.29B | 1.15B | 1.16B | 870.6M | 848.7M |
| Total Non-Current Liabilities | 18.14B | 8.63B | 1.23B | 1.16B | 1.24B | 623.66M | 649.57M | 581.16M | 498.74M | 606.43M | 483.52M | 412.71M | 313.49M | 294.78M | 243.67M | 364.72M | 333.43M | 349.23M | 538.29M | 589.71M | 368.78M | 535.23M | 464.5M | 406.07M | 293.26M | 181.17M | 170.37M | 195.9M | 51.9M | 27.5M | 6.6M |
| Total Liabilities | 18.4B | 16.56B | 16.01B | 16.16B | 15.9B | 13.54B | 12.19B | 10.67B | 8.48B | 8.06B | 6.31B | 5.91B | 5.1B | 4.8B | 3.75B | 3.66B | 3.72B | 4.02B | 4.39B | 3.44B | 3.23B | 2.92B | 2.88B | 2.77B | 2.42B | 1.61B | 1.47B | 1.35B | 1.21B | 898.1M | 855.3M |
| Total Equity | 2.67B | 2.47B | 2.3B | 2.25B | 2.03B | 1.91B | 1.88B | 1.79B | 1.41B | 1.3B | 901.66M | 850.51M | 726.83M | 634.92M | 552.24M | 514.47M | 454.41M | 463.79M | 395.9M | 339.94M | 327.32M | 313.4M | 314.6M | 303.96M | 261.13M | 179.13M | 156.06M | 126.3M | 153.9M | 122M | 112.7M |
| Equity Growth % | 32.51% | 7.01% | 2.55% | 10.47% | 6.39% | 1.97% | 4.99% | 26.85% | 8.04% | 44.56% | 6.01% | 17.02% | 14.47% | 14.97% | 7.34% | 13.22% | -2.02% | 17.15% | 16.46% | 3.85% | 4.44% | -0.38% | 3.5% | 16.4% | 45.78% | 14.78% | 23.57% | -17.93% | 26.15% | 8.25% | 40% |
| Equity / Assets (Capital Ratio) | 12.68% | 12.97% | 12.59% | 12.21% | 11.34% | 12.38% | 13.33% | 14.34% | 14.25% | 13.91% | 12.5% | 12.58% | 12.48% | 11.68% | 12.83% | 12.33% | 10.89% | 10.35% | 8.28% | 8.99% | 9.21% | 9.68% | 9.86% | 9.88% | 9.75% | 10.02% | 9.63% | 8.57% | 11.3% | 11.96% | 11.64% |
| Return on Equity (ROE) | 8.03% | 9.47% | 8.85% | 10.45% | 11.25% | 10.85% | 8.12% | 10.3% | 11.74% | 8.71% | 9.25% | 8.29% | 8.84% | 7.5% | 8.46% | 5.21% | 1.5% | -9.48% | 5.61% | 9.48% | 9.43% | 9.63% | 9.51% | 9.76% | 12.65% | 13.25% | 14.12% | 13.63% | 12.98% | 14.06% | 13.56% |
| Book Value per Share | 43.81 | 42.73 | 39.38 | 37.78 | 35.11 | 35.43 | 34.59 | 34.65 | 28.47 | 28.71 | 21.98 | 22.33 | 19.88 | 21.16 | 19.14 | 19.27 | 18.44 | 21.96 | 21.80 | 18.59 | 17.78 | 16.89 | 16.90 | 16.54 | 15.81 | 13.02 | 11.83 | 9.03 | 10.99 | 8.79 | 9.86 |
| Tangible BV per Share | 30.29 | 30.16 | 26.88 | 25.36 | 22.21 | 24.85 | 24.03 | 23.42 | 18.97 | 18.21 | 15.67 | 15.51 | 13.90 | 14.40 | 13.96 | 13.64 | 12.19 | 14.45 | 12.66 | 17.31 | 16.45 | 15.83 | 15.97 | 15.62 | 14.76 | 12.15 | 10.84 | 8.22 | 10.22 | 8.14 | 9.11 |
| Common Stock | 7.81M | 7.12M | 7.25M | 7.43M | 7.4M | 6.68M | 6.74M | 6.92M | 6.17M | 6.14M | 5.11M | 5.08M | 4.71M | 4.49M | 3.59M | 3.57M | 3.2M | 2.65M | 2.65M | 2.25M | 2.31M | 2.3M | 2.32M | 2.31M | 2.04M | 1.58M | 1.45M | 1.4M | 1.5M | 0 | 0 |
| Additional Paid-in Capital | 1.37B | 1.15B | 1.19B | 1.24B | 1.23B | 985.82M | 1.01B | 1.05B | 840.05M | 834.87M | 509.02M | 504.53M | 431.22M | 393.78M | 256.84M | 254.87M | 232.5M | 206.6M | 202.3M | 137.8M | 146.46M | 145.68M | 150.86M | 150.31M | 116.5M | 50.64M | 41.66M | 25.5M | 31.3M | 0 | 0 |
| Retained Earnings | 1.42B | 1.41B | 1.27B | 1.15B | 1.01B | 864.84M | 788.58M | 696.52M | 583.34M | 465.23M | 400.98M | 342.13M | 292.4M | 242.94M | 206.4M | 168.72M | 160.86M | 150.86M | 206.5M | 202.75M | 187.97M | 174.72M | 161.46M | 149.1M | 138.11M | 124.3M | 113.24M | 103.6M | 118.9M | 95.4M | 88M |
| Accumulated OCI | -148.86M | -130.13M | -188.69M | -175.97M | -239.15M | 55.11M | 74.84M | 27.87M | -21.42M | -2.91M | -13.58M | -1.36M | -1.63M | -6.41M | -5.5M | -3.6M | -10.16M | -8.83M | -15.66M | -2.87M | -9.4M | -9.3M | -40K | 2.25M | 4.48M | 2.6M | -297K | -4.2M | 2.2M | 1.5M | 1M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 25.13M | 25.13M | 25.13M | 25.13M | 25.13M | 125K | 125K | 125K | 125K | 125K | 125K | 125K | 125K | 125K | 90.91M | 90.91M | 68M | 112.5M | 125K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regional economic concentration risk
According to recent financial filings, First Merchants Corporation grew total assets to $21.1 billion in 2026Q1, representing a notable expansion from the $18.3 billion level maintained throughout 2024, suggesting a shift toward more aggressive balance sheet deployment despite the prevailing regional economic headwinds.
The asset growth appears to be driven by inorganic expansion, which warrants monitoring for potential integration-related margin compression. Investors should consider whether this trajectory reflects sustainable organic market share gains or simply the absorption of acquired portfolios that may carry higher risk profiles.
Based on the reported figures, the equity-to-assets ratio has remained remarkably stable at approximately 0.13 over the last several quarters, indicating that management is maintaining a consistent capital cushion to absorb potential volatility within their Midwest-focused commercial and agricultural loan portfolios.
This stability suggests a disciplined approach to capital management, balancing shareholder returns with the need for regulatory resilience. However, the bank's ability to sustain this ratio while pursuing growth in competitive urban markets like Detroit may be tested if credit conditions deteriorate.
As reported in recent balance sheet data, the bank's cash and cash equivalents dropped to $98.1 million in 2026Q1 from $548.7 million in 2023Q4, reflecting a strategic pivot toward utilizing liquid assets to fund loan growth or manage interest rate sensitivity.
The reduction in cash balances suggests that the bank is increasingly relying on its securities portfolio or core deposit stability to meet funding requirements. Analysts should monitor whether this liquidity drawdown limits the bank's flexibility to respond to unexpected deposit outflows or sudden shifts in regional credit demand.
As evidenced by the persistent 0.7% net interest margin over ten consecutive quarters, the bank's balance sheet appears highly sensitive to funding cost pressures, which may indicate an underlying duration mismatch between its long-dated loan assets and more volatile, interest-sensitive deposit liabilities.
This structural rigidity suggests that the bank may struggle to expand margins even if interest rates remain elevated, as the cost of retaining core deposits likely continues to rise. Investors should investigate whether the current asset-liability mix leaves the bank vulnerable to further margin compression if deposit betas continue to climb.
Quick answers to the most common questions about buying FRME stock.
As of 2025, First Merchants Corporation (FRME) had total assets of $19.03B including $1.58B in current assets.
First Merchants Corporation (FRME) carries total debt of $999.9M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
First Merchants Corporation (FRME) has total shareholders' equity (book value) of $2.47B ($42.73 book value per share). Book value represents the net worth of the company belonging to common stock holders.
First Merchants Corporation (FRME) reported a current ratio of 0.20x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.