First Merchants Corporation

First Merchants Corporation

FRME
First Merchants CorporationUS flagNASDAQ Global Select
42.06
USD
-0.04
- -
2.64BMarket Cap
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
7.08
6.87
6.79
7.16
7.72
8.43
8.63
9.11
9.66
10.9
10.97
10.74
11.54
8.34
Basic EPS, GAAP
1.42
1.66
1.73
1.99
2.13
3.23
3.2
2.75
3.82
3.83
3.74
3.42
3.9
2.37
Free Cash Flow per Basic Share
6.17
2.09
1.5
2.55
2.8
3.66
3.44
3.77
4
4.93
4.36
4.56
4.94
3.82
Dividend per Share
0.27
0.3
0.41
0.55
0.71
0.85
1
1.05
1.14
1.29
1.38
1.43
1.48
1.11
Book Value per Share
17.67
19.29
20.91
22.04
26.51
28.53
32.26
34.78
35.81
33.96
37.4
39.33
42.87
- -
Tangible Book Value per Share
12.03
13.48
14.52
15.71
16.82
19.01
21.81
24.16
25.12
21.32
24.96
26.7
30.13
- -
Basic Weighted Avg Shares
30
36
38
41
45
49
51
54
54
58
59
58
57
59
Sales/Revenue/Turnover
210
249
257
292
348
415
443
492
520
628
651
627
663
495
Operating Margin (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Depreciation Expense
5
6
6
7
8
9
9
11
11
12
12
27
29
23
Net Income, GAAP
45
60
65
81
96
159
164
149
206
222
224
201
226
142
Effective Tax Rate (%)
26.29
26.89
28.19
25.41
28.09
15.41
15.13
12.58
14.64
13.14
13.67
13.09
12.78
10.06
Profit Margin (%)
21.18
24.18
25.47
27.79
27.58
38.32
37.1
30.2
39.52
35.36
34.38
32.14
34.09
28.66
Working Capital
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
LT Debt
249
272
363
427
554
453
490
508
453
975
871
916
856
- -
Total Equity
635
727
851
902
1,303
1,408
1,786
1,876
1,913
2,035
2,248
2,305
2,467
- -
Return on Invested Capital (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Return on Capital (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Return on Common Equity (%)
7.69
8.84
8.29
9.25
8.71
11.74
10.3
8.12
10.85
11.25
10.49
8.86
9.49
12.1

Capital Structure

FRC

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
- -
- -
- -
LT Borrowings
856
1,386
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
25
25
- -
Shares Outstanding
57
63
63
Market Capitalization
2,135
2,421
2,731

Working Capital

FRC

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
- -
- -
- -
Cash, Cash Equivalents & STI
707
684
- -
Accounts Receivable, Net
93
97
- -
Inventories
- -
- -
- -
Total Current Liabilities
- -
- -
- -
Payables & Accruals
18
19
- -
ST Debt
- -
- -
- -
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
11.88%
5.68%
7.01%
Free Cash Flow
19.9%
7.62%
6.55%
Net Income, GAAP
15.12%
9.87%
12.21%
Sales/Revenue/Turnover
10.22%
6.43%
5.78%
Total Cash Common Dividend
19.01%
8.14%
1.58%

Quarterly Revenue

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
154
160
156
157
627
2025
160
164
166
172
663
2026
157
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.8
0.68
0.84
1.1
3.42
2025
0.95
0.98
0.98
0.99
3.9
2026
0.46
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.35
0.36
0.36
0.36
1.43
2025
0.36
0.37
0.37
0.37
1.48
2026
0.38
- -
- -
- -
- -

Company Description

CEO
Mark K. Hardwick
Full Time Employees
2,086
Sector
Financial Services
Industry
Banks - Regional
Address
200 East Jackson Street Muncie IN United States of America 47305-2814
IPO Date
Jun 20, 1989
Business
First Merchants Corporation functions as the financial holding entity for First Merchants Bank, delivering comprehensive community banking solutions. It manages various deposit accounts, including demand, savings, and time options. The institution extends a wide range of lending products such as consumer, commercial, agricultural, and real estate mortgage loans, alongside public finance and SBA lending initiatives. Additionally, through its First Merchants Private Wealth Advisors division, the corporation furnishes personal and corporate trust services, brokerage offerings, and private wealth management expertise, encompassing investment, retirement, and financial planning. Complementing these, it provides letters of credit, repurchase agreements, and robust treasury management services. First Merchants operates over 111 banking centers strategically located across Indiana, Ohio, Michigan, and Illinois. These services are also readily accessible via modern electronic and mobile platforms. The company recently announced a merger agreement with First Savings Financial Group, Inc., slated to enhance its footprint in southern Indiana and introduce new business verticals. Established in 1893, First Merchants Corporation maintains its headquarters in Muncie, Indiana.

Company News

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  • First Merchants Corporation to Report Second Quarter 2026 Financial Results, Host Conference Call and Webcast

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