Trailing Dividend / Share
$1.44
First Merchants Corporation (FRME) Dividend History
Income profile from 1989 to 2026 with payout safety and yield-on-cost trend
Dividend Yield
3.5%
Payout Ratio
36.7%
Sustainable
Dividend Streak
14 years
FRME Dividend Income Check
Safety
36.7% payout ratio with sustainable safety profile.
Consistency
14 straight years of dividend increases.
Income Trend
Yield on cost is 3.9% and trend is rising.
FRME Dividend Scorecard
Yield & Income
Dividend Yield3.5%
Trailing DPS$1.44
FrequencyAnnual
Payments / 12M4
Payout Safety
Earnings Payout36.7%
Earnings SafetySustainable
FCF Payout32.1%
FCF SafetyWell Covered
Piotroski F-Score8/9
Growth
Growth Streak14 years
3Y CAGR4.6%
5Y CAGR6.6%
Yield on Cost (5Y)3.9%
YOC Trendrising
Total Returns
Buyback Yield1.8%
Total Shareholder Yield5.4%
1Y Total Return12.9%
5Y Total Return-1.8%
Div Contribution (5Y)13.8%
Estimated $10K growth (return + dividends):
5Y ago$9,81710Y ago$20,62220Y ago$21,822
Uses precomputed total return metrics from screening data (not lot-by-lot dividend reinvestment transactions). Different time windows can produce different outcomes depending on market regime and entry point.
FRME Income Growth Story
Dividend per share and yield on cost over time (38 years of payments)
FRME Dividend Safety Story
EPS is the container — dividend is what's drawn out
Dividend Analysis
Payout Safety
First Merchants Corporation distributes 36.7% of earnings as dividends (Sustainable). When measured against free cash flow—a stricter test—the payout ratio stands at 32.1%, rated "Well Covered".
Piotroski F-Score: 8/9 — strong financial health.
Growth Track Record
FRME has raised its dividend for 14 consecutive years, with a 3-year CAGR of 4.6% and 5-year CAGR of 6.6%.
Total Shareholder Returns
Beyond cash dividends, FRME returns capital through share repurchases. The combined picture: 3.5% dividend yield, 1.8% buyback yield, 5.4% total shareholder yield.
Income Trend & Total Return
Yield on cost (5-year basis) has reached 3.9% and is currently rising. The 5-year total return is -1.8%, with dividends contributing 13.8% of that performance.
DRIP Growth
A $10,000 investment made 10 years ago with dividends reinvested would have grown to approximately $20,622 today.
FRME Recent Dividend Payments
Last 20 payments · Annual
TTM Total$6.64
Avg/Payment$0.3320
| Ex-Date | Amount | Change | Yield % | Payment Date |
|---|---|---|---|---|
| Mar 6, 2026Latest | $0.3600 | — | 3.83% | Mar 20, 2026 |
| Dec 5, 2025 | $0.3600 | — | 3.83% | Dec 19, 2025 |
| Sep 5, 2025 | $0.3600 | — | 3.46% | Sep 19, 2025 |
| Jun 6, 2025 | $0.3600 | ↑ +2.9% | 3.82% | Jun 20, 2025 |
| Mar 7, 2025 | $0.3500 | — | 3.39% | Mar 21, 2025 |
| Dec 6, 2024 | $0.3500 | — | 3.23% | Dec 20, 2024 |
| Sep 6, 2024 | $0.3500 | — | 3.79% | Sep 20, 2024 |
| Jun 7, 2024 | $0.3500 | ↑ +2.9% | 4.34% | Jun 21, 2024 |
FRME Dividend vs Peers
Comparable companies in the same industry
#3 yield in peer group
Div Yield
3.5%
#3 of 8
Safety
Sustainable
36.7% payout
Streak
14Y
6.6% 5Y CAGR
Total Shareholder
5.4%
#1 of 8
| Company | Mkt Cap | Yield | Payout | Streak | Safety |
|---|---|---|---|---|---|
3rd FRMEFirst Merchants Corp… | $2.6B | 3.5% | 36.7% | 14 | Sustainable |
 IBCPIndependent Bank Cor… | $699M | 3.0% | 31.5% | 11 | Sustainable |
 FFINFirst Financial Bank… | $4.6B | 2.2% | 46.0% | 11 | Sustainable |
 MBWMMercantile Bank Corp… | $898M | 2.8% | 27.0% | 6 | Sustainable |
 NBTBNBT Bancorp Inc. | $2.4B | 3.2% | 42.9% | 12 | Sustainable |
2nd  FULTFulton Financial Cor… | $4.1B | 3.6% | 36.1% | 2 | Sustainable |
1st  HBANHuntington Bancshare… | $25.6B | 3.7% | 41.1% | 0 | Sustainable |
 ONBOld National Bancorp | $9.3B | 2.4% | 33.6% | 0 | Sustainable |
FRME Annual Dividend History (1989–2026)
38 years of dividend data
GrowthDecline
| Year | DPS | YoY | Pmts | EPS | Payout | Coverage | YOC |
|---|---|---|---|---|---|---|---|
| 2026YTD | $0.36 | — | 1 | — | — | — | 1.0% |
| 2025 | $1.43 | 2.9% | 4 | $3.88 | 36.9% | 2.71x | 3.9% |
| 2024 | $1.39 | 3.7% | 4 | $3.41 | 40.8% | 2.45x | 3.8% |
| 2023 | $1.34 | 7.2% | 4 | $3.73 | 35.9% | 2.78x | 3.6% |
| 2022 | $1.25 | 10.6% | 4 | $3.81 | 32.8% | 3.05x | 3.4% |
| 2021 | $1.13 | 8.7% | 4 | $3.81 | 29.7% | 3.37x | 3.1% |
| 2020 | $1.04 | 4.0% | 4 | $2.74 | 38.0% | 2.63x | 2.8% |
| 2019 | $1.00 | 19.0% | 4 | $3.19 | 31.3% | 3.19x | 2.7% |
| 2018 | $0.84 | 21.7% | 4 | $3.22 | 26.1% | 3.83x | 2.3% |
| 2017 | $0.69 | 27.8% | 4 | $2.12 | 32.5% | 3.07x | 1.9% |
See FRME's True Return
Price is only half the story. See total return with reinvested dividends.
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Start ComparisonFRME — Frequently Asked Questions
Quick answers to the most common questions about buying FRME stock.
How much dividend does FRME pay per share?
First Merchants Corporation (FRME) pays a trailing 12-month dividend of $1.44 per share, with a current dividend yield of +3.5%. Payments are made Annual.
When is FRME's next ex-dividend date?
FRME's most recent ex-dividend date is N/A. You must own shares before the ex-dividend date to receive the next payment. FRME typically pays dividends Annual.
Is FRME's dividend safe?
FRME's dividend safety is rated "Sustainable" based on an earnings payout ratio of +36.7% and FCF payout ratio of +32.1%. With 14 consecutive years of dividend growth, the track record supports sustainability.
Is FRME a Dividend Achiever?
Yes, First Merchants Corporation is classified as a Dividend Achiever with 14 consecutive years of dividend increases. The 5-year dividend CAGR is +6.6%, demonstrating above-inflation dividend growth.
How often does FRME pay dividends?
First Merchants Corporation pays dividends Annual. The trailing 12-month total is $1.44 per share. Dividend data on this page covers 37+ years from 1989 to 2026.
How much would $10,000 invested in FRME grow with dividend reinvestment?
With dividends reinvested (DRIP), $10,000 invested in FRME five years ago would be worth approximately $9,817 today. This includes both price appreciation and compounded dividend reinvestment. Use the DRIP calculator above for other time periods.
What is FRME's yield on cost for long-term holders?
FRME's yield on cost — the current dividend divided by the original purchase price — is +3.9% for a 5-year holding period. This means long-term holders earn a higher effective yield than today's +3.5% market yield, thanks to consistent dividend growth.