First Merchants (FRME) Financials

$37.34 -0.30 (-0.80%)

Closing price 05/23/2025 04:00 PM Eastern

Extended Trading

$37.33 -0.02 (-0.04%)

As of 05/23/2025 04:04 PM Eastern

Annual Income Statements for First Merchants

This table shows First Merchants' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	200	222	221	206	149	164	159	96	81	65
Consolidated Net Income / (Loss)	201	224	222	206	149	164	159	96	81	65
Net Income / (Loss) Continuing Operations	201	224	222	206	149	164	159	96	81	65
Total Pre-Tax Income	232	259	256	241	170	194	188	134	109	91
Total Revenue	647	651	628	520	492	443	415	348	292	266
Net Interest Income / (Expense)	521	545	520	411	382	357	339	277	226	196
Total Interest Income	948	894	605	447	449	465	408	315	253	221
Loans and Leases Interest Income	841	783	497	361	381	402	359	275	218	186
Investment Securities Interest Income	90	93	106	85	67	59	47	39	35	35
Deposits and Money Market Investments Interest Income	17	18	2.50	0.63	0.94	4.23	2.24	0.74	0.35	0.16
Total Interest Expense	427	348	85	36	66	109	69	38	27	25
Deposits Interest Expense	386	306	63	23	52	92	-	24	16	15
Long-Term Debt Interest Expense	37	38	19	6.64	6.94	8.31	69	7.57	10	9.50
Federal Funds Purchased and Securities Sold Interest Expense	3.54	4.87	2.44	5.99	7.70	8.85	-	6.23	0.48	0.44
Total Non-Interest Income	126	106	108	109	110	87	76	71	65	70
Other Service Charges	97	89	86	77	75	70	61	0.99	50	39
Net Realized & Unrealized Capital Gains on Investments	23	12	17	28	30	12	11	13	11	19
Other Non-Interest Income	5.66	5.32	5.21	4.87	5.04	4.52	4.02	57	3.63	2.92
Provision for Credit Losses	36	3.50	17	0.00	59	2.80	7.23	9.14	5.66	0.42
Total Non-Interest Expense	379	388	356	279	263	247	220	206	177	175
Salaries and Employee Benefits	221	229	207	167	156	144	132	120	103	102
Net Occupancy & Equipment Expense	82	79	72	61	61	52	46	42	39	33
Marketing Expense	7.39	7.43	7.71	5.76	6.61	6.65	4.68	3.74	3.01	3.49
Property & Liability Insurance Claims	15	15	10	6.24	5.80	0.72	2.92	2.56	3.04	3.66
Other Operating Expenses	46	50	51	33	29	37	28	31	26	30
Amortization Expense	7.27	8.74	8.28	5.75	5.99	5.99	6.72	5.65	3.91	2.84
Income Tax Expense	30	35	34	35	21	29	29	38	28	26
Preferred Stock Dividends Declared	1.88	1.88	1.41	0.00	0.00	-	-	-	-	-
Basic Earnings per Share	$3.42	$3.74	$3.83	$3.82	$2.75	$3.20	$3.23	$2.13	$1.99	$1.73
Weighted Average Basic Shares Outstanding	58.54M	59.34M	59.64M	53.82M	108.69M	55.16M	49.70M	45.18M	40.77M	37.82M
Diluted Earnings per Share	$3.41	$3.73	$3.81	$3.81	$2.74	$3.19	$3.22	$2.12	$1.98	$1.72
Weighted Average Diluted Shares Outstanding	58.53M	59.49M	57.95M	53.82M	108.69M	55.16M	49.70M	45.18M	40.77M	37.82M
Weighted Average Basic & Diluted Shares Outstanding	58.54M	59.34M	59.64M	53.82M	108.69M	55.16M	49.70M	45.18M	40.77M	37.82M
Cash Dividends to Common per Share	$1.39	$1.34	$1.25	$1.13	$1.04	$1.00	$0.84	$0.69	$0.54	$0.41

This table shows First Merchants' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	55	64	49	39	47	42	56	60	64	70	63
Consolidated Net Income / (Loss)	55	64	49	40	48	42	56	61	64	71	64
Net Income / (Loss) Continuing Operations	55	64	49	40	48	42	56	61	64	71	64
Total Pre-Tax Income	63	77	56	44	55	47	65	72	75	83	74
Total Revenue	160	177	156	160	154	157	161	164	169	173	170
Net Interest Income / (Expense)	130	134	131	129	127	130	133	138	144	149	140
Total Interest Income	223	235	241	236	236	237	229	221	206	191	163
Loans and Leases Interest Income	199	208	216	211	207	206	201	195	181	164	135
Investment Securities Interest Income	21	22	23	23	22	22	23	23	25	26	27
Deposits and Money Market Investments Interest Income	2.37	5.35	2.15	3.00	6.49	8.03	5.88	3.16	0.64	0.96	0.70
Total Interest Expense	92	100	110	108	109	107	96	84	62	42	23
Deposits Interest Expense	81	90	99	99	98	97	86	73	51	34	17
Long-Term Debt Interest Expense	10	17	10	7.89	2.75	17	9.40	9.23	2.39	14	2.11
Federal Funds Purchased and Securities Sold Interest Expense	1.55	-6.07	1.03	0.77	7.81	-6.24	0.80	1.10	9.21	-5.14	4.28
Total Non-Interest Income	30	43	25	31	27	26	28	26	25	24	30
Other Service Charges	23	26	24	24	22	21	22	22	23	20	20
Net Realized & Unrealized Capital Gains on Investments	5.02	15	-0.86	5.61	3.40	3.49	4.42	3.02	0.83	2.28	8.30
Other Non-Interest Income	2.18	1.53	1.27	1.41	1.45	1.51	1.21	1.32	1.29	1.38	1.38
Provision for Credit Losses	4.20	4.20	5.00	25	2.00	1.50	2.00	0.00	0.00	-	0.00
Total Non-Interest Expense	93	96	95	91	97	108	94	93	94	90	96
Salaries and Employee Benefits	55	55	55	52	58	61	56	55	57	52	56
Net Occupancy & Equipment Expense	20	20	21	20	20	21	19	19	19	18	20
Marketing Expense	1.35	2.58	1.84	1.77	1.20	2.65	2.37	1.10	1.31	3.16	2.40
Property & Liability Insurance Claims	3.65	3.74	3.72	3.28	4.29	7.56	2.98	2.74	1.40	2.30	2.82
Other Operating Expenses	11	12	11	12	11	14	12	12	12	11	13
Amortization Expense	1.53	1.77	1.77	1.77	1.96	2.18	2.18	2.18	2.20	2.30	2.30
Income Tax Expense	7.88	12	7.16	4.07	6.83	4.43	9.01	11	11	13	9.79
Preferred Stock Dividends Declared	0.47	0.47	0.47	0.47	0.47	0.47	0.47	0.47	0.47	0.47	0.47
Basic Earnings per Share	$0.95	$1.10	$0.84	$0.68	$0.80	$0.70	$0.95	$1.02	$1.07	$1.20	$1.08
Weighted Average Basic Shares Outstanding	58.31M	58.54M	58.67M	58.51M	58.59M	59.34M	59.85M	59.73M	59.68M	59.64M	59.56M
Diluted Earnings per Share	$0.94	$1.09	$0.84	$0.68	$0.80	$0.70	$0.94	$1.02	$1.07	$1.19	$1.08
Weighted Average Diluted Shares Outstanding	58.24M	58.53M	58.29M	58.33M	59.27M	59.49M	59.50M	59.45M	59.44M	57.95M	59.34M
Weighted Average Basic & Diluted Shares Outstanding	58.31M	58.54M	58.67M	58.51M	58.59M	59.34M	59.85M	59.73M	59.68M	59.64M	59.56M
Cash Dividends to Common per Share	$0.35	$0.35	$0.35	$0.35	$0.34	$0.34	$0.34	$0.34	$0.32	$0.32	$0.32

This table details how cash moves in and out of First Merchants' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	-25	-9.95	-45	-26	16	38	-16	27	26	-16
Net Cash From Operating Activities	266	259	284	215	204	177	180	127	104	57
Net Cash From Continuing Operating Activities	266	259	284	215	204	177	180	127	104	57
Net Income / (Loss) Continuing Operations	201	224	222	206	149	164	159	96	81	65
Consolidated Net Income / (Loss)	201	224	222	206	149	164	159	96	81	65
Provision For Loan Losses	36	3.50	17	0.00	59	2.80	-	9.14	5.66	0.42
Depreciation Expense	27	12	12	11	11	9.38	8.84	7.97	7.16	6.26
Non-Cash Adjustments to Reconcile Net Income	-0.77	21	51	2.87	-5.94	3.65	11	20	12	-12
Changes in Operating Assets and Liabilities, net	3.03	-1.21	-17	-3.76	-8.51	-3.57	0.99	-6.81	-1.76	-3.00
Net Cash From Investing Activities	-252	-344	-463	-1,477	-1,552	-1,006	-576	-635	-449	-340
Net Cash From Continuing Investing Activities	-252	-344	-463	-1,477	-1,552	-1,006	-576	-635	-449	-340
Acquisitions	-244	-	0.00	-2.93	0.00	10	-	-	-	-
Purchase of Investment Securities	-420	-709	-1,590	-2,250	-2,389	-900	-887	-1,183	-850	-646
Divestitures	0.00	0.00	138	-	-	-	0.00	55	0.00	15
Sale and/or Maturity of Investments	411	365	990	776	836	396	310	493	401	290
Net Cash From Financing Activities	-39	76	134	1,236	1,364	868	380	536	371	267
Net Cash From Continuing Financing Activities	-39	76	134	1,236	1,364	868	380	536	371	267
Net Change in Deposits	-32	439	-281	1,371	1,522	979	582	501	266	161
Issuance of Debt	639	834	1,818	46	574	599	1,516	1,088	1,108	492
Issuance of Common Equity	0.66	0.75	0.71	0.61	0.64	0.70	0.71	0.52	0.46	0.46
Repayment of Debt	-510	-1,119	-1,333	-96	-622	-643	-1,678	-1,024	-982	-371
Repurchase of Common Equity	-56	0.00	0.00	-25	-56	-19	0.00	0.00	-1.98	-1.64
Payment of Dividends	-83	-82	-74	-61	-57	-51	-42	-32	-22	-16
Other Financing Activities, Net	3.16	3.29	2.41	2.08	1.84	1.68	0.91	2.11	3.44	2.19
Cash Interest Paid	430	337	80	36	70	108	68	36	27	25
Cash Income Taxes Paid	7.63	35	14	31	33	24	23	22	12	21

This table details how cash moves in and out of First Merchants' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-1.50	2.90	-21	4.86	-12	-13	16	-17	3.22	3.06	-93
Net Cash From Operating Activities	62	68	77	63	59	66	80	25	88	140	50
Net Cash From Continuing Operating Activities	62	68	77	63	59	66	80	25	88	140	50
Net Income / (Loss) Continuing Operations	55	64	49	40	48	42	56	61	64	71	64
Consolidated Net Income / (Loss)	55	64	49	40	48	42	56	61	64	71	64
Provision For Loan Losses	4.20	4.20	5.00	25	2.00	1.50	2.00	-	0.00	-	-
Depreciation Expense	7.84	16	3.92	3.49	3.19	3.05	2.87	2.84	2.96	3.01	3.08
Non-Cash Adjustments to Reconcile Net Income	-6.36	-15	13	0.82	0.25	24	16	-36	17	77	-16
Changes in Operating Assets and Liabilities, net	0.68	-2.24	5.51	-5.70	5.46	-5.21	2.65	-2.65	4.00	-11	-0.88
Net Cash From Investing Activities	-160	-252	-68	-16	83	-237	-107	227	-227	-205	-126
Net Cash From Continuing Investing Activities	-160	-252	-68	-16	83	-237	-107	227	-227	-205	-126
Purchase of Investment Securities	-195	-356	-53	-59	48	-16	-204	-11	-478	-334	-456
Sale and/or Maturity of Investments	38	348	-16	44	35	-225	98	237	255	131	330
Other Investing Activities, net	-3.32	-	0.02	0.02	0.01	3.27	0.05	0.04	-3.35	-	0.06
Net Cash From Financing Activities	97	187	-29	-43	-154	159	43	-269	143	69	-17
Net Cash From Continuing Financing Activities	97	187	-29	-43	-154	159	43	-269	143	69	-17
Net Change in Deposits	-60	136	84	-316	63	175	65	-122	321	-52	-136
Issuance of Debt	456	87	125	427	0.06	80	7.46	260	487	905	388
Issuance of Common Equity	0.17	0.15	0.17	0.16	0.19	0.16	0.21	0.18	0.20	0.19	0.20
Repayment of Debt	-271	-10	-217	-115	-167	-76	-10	-387	-647	-766	-250
Repurchase of Common Equity	-7.91	-6.21	-	-20	-30	-	-	-	0.00	-	-
Payment of Dividends	-21	-21	-21	-21	-21	-21	-21	-21	-20	-20	-20
Other Financing Activities, Net	0.69	0.59	0.66	1.37	0.54	0.58	0.54	0.65	1.52	0.54	0.53
Cash Interest Paid	95	102	110	109	108	104	93	82	58	39	21
Cash Income Taxes Paid	-1.30	1.22	1.11	5.30	-0.00	2.10	5.21	29	-1.12	1.72	3.32

This table presents First Merchants' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	18,312	18,406	18,002	15,453	14,067	12,457	9,885	9,367	7,212	6,761
Cash and Due from Banks	88	113	123	167	193	177	139	155	128	102
Interest Bearing Deposits at Other Banks	299	436	126	474	392	118	37	35	24	32
Trading Account Securities	1,386	1,627	1,977	2,345	3,147	2,596	1,633	1,561	1,305	1,277
Loans and Leases, Net of Allowance	12,662	12,281	11,781	9,046	9,113	8,379	7,144	6,676	5,074	4,631
Loans and Leases	12,854	12,486	12,004	9,242	9,243	8,459	7,224	6,751	5,140	4,694
Allowance for Loan and Lease Losses	193	205	223	195	131	80	81	75	66	62
Loans Held for Sale	19	19	9.09	11	3.97	9.04	4.78	7.22	2.93	9.89
Premises and Equipment, Net	130	134	117	106	111	113	93	96	94	98
Goodwill	712	712	712	545	544	544	445	445	244	243
Intangible Assets	20	27	36	25	29	35	24	31	15	17
Other Assets	2,997	3,057	3,122	2,733	535	486	364	361	325	351
Total Liabilities & Shareholders' Equity	18,312	18,406	18,002	15,453	14,067	12,457	9,885	9,367	7,212	6,761
Total Liabilities	16,007	16,158	15,967	13,541	12,192	10,671	8,476	8,064	6,310	5,910
Non-Interest Bearing Deposits	2,326	2,500	3,173	2,710	2,298	1,736	1,448	1,762	1,348	1,266
Interest Bearing Deposits	12,196	12,321	11,209	10,023	9,063	8,104	6,307	5,411	4,208	4,024
Federal Funds Purchased and Securities Sold	99	0.00	172	0.00	-	55	104	144	120	50
Short-Term Debt	236	316	167	300	295	188	252	276	275	283
Accrued Interest Payable	16	19	7.53	2.76	3.29	6.75	5.61	4.39	3.11	3.09
Long-Term Debt	823	713	975	334	389	490	315	414	299	236
Other Long-Term Liabilities	311	289	263	171	142	91	45	53	56	49
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,305	2,248	2,035	1,913	1,876	1,786	1,408	1,303	902	851
Total Preferred & Common Equity	2,305	2,248	2,035	1,913	1,876	1,786	1,408	1,303	902	851
Preferred Stock	25	25	25	0.13	0.13	0.13	0.13	0.13	0.13	0.13
Total Common Equity	2,280	2,223	2,010	1,912	1,876	1,786	1,408	1,303	902	850
Common Stock	1,196	1,244	1,236	992	1,012	1,062	846	841	514	510
Retained Earnings	1,273	1,155	1,013	865	789	697	583	465	401	342
Accumulated Other Comprehensive Income / (Loss)	-189	-176	-239	55	75	28	-21	-2.91	-14	-1.36

This table presents First Merchants' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/31/2025	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	18,440	18,348	18,303	18,318	17,997	17,968	18,179	17,719
Cash and Due from Banks	86	85	105	101	125	109	126	120
Interest Bearing Deposits at Other Banks	332	359	169	410	349	219	353	180
Trading Account Securities	3,427	1,553	1,619	1,620	1,500	1,651	4,057	1,984
Loans and Leases, Net of Allowance	12,813	12,459	12,450	12,261	12,066	12,049	12,018	11,423
Loans and Leases	13,005	12,647	12,640	12,466	12,271	12,270	12,241	11,650
Allowance for Loan and Lease Losses	192	188	190	205	206	221	223	227
Loans Held for Sale	23	41	32	15	31	27	9.41	25
Premises and Equipment, Net	129	130	133	133	132	114	116	116
Goodwill	712	712	712	712	712	712	712	713
Intangible Assets	18	22	23	25	29	31	34	38
Other Assets	900	2,987	3,060	3,041	3,052	3,054	754	3,120
Total Liabilities & Shareholders' Equity	18,440	18,348	18,303	18,318	17,997	17,968	18,179	17,719
Total Liabilities	16,108	16,045	16,091	16,093	15,904	15,823	16,056	15,812
Non-Interest Bearing Deposits	2,185	2,334	2,303	2,338	2,555	2,636	2,964	3,357
Interest Bearing Deposits	12,277	12,031	12,266	12,546	12,092	11,945	11,739	11,078
Federal Funds Purchased and Securities Sold	185	30	147	-	0.00	0.00	0.02	185
Short-Term Debt	123	125	100	249	153	152	179	194
Accrued Interest Payable	13	18	19	19	16	14	12	4.97
Long-Term Debt	1,035	926	926	613	872	875	975	795
Other Long-Term Liabilities	289	581	329	328	216	201	187	198
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,332	2,302	2,213	2,225	2,093	2,146	2,122	1,907
Total Preferred & Common Equity	2,332	2,302	2,213	2,225	2,093	2,146	2,122	1,907
Preferred Stock	25	25	25	25	25	25	25	25
Total Common Equity	2,307	2,277	2,187	2,200	2,068	2,120	2,097	1,882
Common Stock	1,190	1,200	1,198	1,216	1,242	1,241	1,239	1,234
Retained Earnings	1,307	1,229	1,201	1,182	1,133	1,097	1,057	962
Accumulated Other Comprehensive Income / (Loss)	-190	-152	-212	-198	-307	-218	-199	-314

This table displays calculated financial ratios and metrics derived from First Merchants' official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.66%	3.64%	20.80%	5.68%	10.99%	6.75%	19.24%	19.41%	9.54%	7.00%
EBITDA Growth	-4.56%	1.29%	6.36%	38.96%	-10.92%	3.14%	39.15%	22.22%	19.02%	10.22%
EBIT Growth	-10.61%	1.39%	6.18%	41.66%	-12.29%	3.00%	40.83%	22.95%	19.34%	10.65%
NOPAT Growth	-10.00%	0.76%	8.06%	38.31%	-9.64%	3.34%	65.65%	18.53%	23.96%	8.68%
Net Income Growth	-10.00%	0.76%	8.06%	38.31%	-9.64%	3.34%	65.65%	18.53%	23.96%	8.68%
EPS Growth	-8.58%	-2.10%	0.00%	39.05%	-14.11%	-0.93%	51.89%	7.07%	15.12%	4.24%
Operating Cash Flow Growth	2.85%	-8.95%	32.02%	5.65%	15.34%	-1.95%	42.48%	21.97%	83.06%	-25.29%
Free Cash Flow Firm Growth	-8.44%	130.48%	-286.19%	320.19%	116.08%	-282.56%	142.09%	-1,580.75%	86.08%	-487.29%
Invested Capital Growth	2.67%	3.13%	24.75%	-0.54%	3.91%	24.75%	-0.93%	35.13%	7.75%	21.89%
Revenue Q/Q Growth	3.29%	-2.49%	7.90%	-0.51%	1.65%	0.00%	0.00%	7.18%	4.00%	1.65%
EBITDA Q/Q Growth	19.90%	-11.86%	12.22%	0.69%	-1.74%	186.27%	191.23%	7.54%	11.33%	-2.26%
EBIT Q/Q Growth	14.71%	-12.34%	12.66%	0.80%	-1.93%	179.27%	183.69%	7.61%	11.89%	-2.47%
NOPAT Q/Q Growth	12.18%	-11.22%	11.57%	1.28%	-1.78%	3.86%	12.22%	2.22%	11.13%	-1.63%
Net Income Q/Q Growth	12.18%	-11.22%	11.57%	1.28%	-1.78%	0.00%	0.00%	2.22%	11.13%	-1.63%
EPS Q/Q Growth	12.91%	-11.61%	8.55%	1.60%	-1.44%	0.63%	12.59%	-2.75%	10.00%	-2.27%
Operating Cash Flow Q/Q Growth	0.71%	-22.23%	43.22%	-2.57%	10.46%	-2.15%	-1.67%	23.67%	24.36%	-26.87%
Free Cash Flow Firm Q/Q Growth	300.98%	300.75%	-111.78%	-7.78%	13.64%	-19.55%	62.42%	-2.26%	77.43%	-514.20%
Invested Capital Q/Q Growth	0.31%	5.11%	9.70%	1.69%	0.84%	1.24%	-1.44%	1.12%	0.73%	6.93%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	39.98%	41.62%	42.58%	48.36%	36.78%	45.83%	47.43%	40.64%	39.71%	36.55%
EBIT Margin	35.83%	39.82%	40.70%	46.31%	34.54%	43.71%	45.30%	38.36%	37.25%	34.19%
Profit (Net Income) Margin	31.14%	34.38%	35.36%	39.53%	30.20%	37.10%	38.32%	27.58%	27.79%	24.56%
Tax Burden Percent	86.91%	86.33%	86.86%	85.36%	87.42%	84.87%	84.59%	71.91%	74.59%	71.81%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	13.09%	13.67%	13.14%	14.64%	12.58%	15.13%	15.41%	28.09%	25.41%	28.19%
Return on Invested Capital (ROIC)	6.07%	6.94%	7.76%	8.05%	5.91%	7.41%	8.02%	5.54%	5.70%	5.25%
ROIC Less NNEP Spread (ROIC-NNEP)	6.07%	6.94%	7.76%	8.05%	5.91%	7.41%	8.02%	5.54%	5.70%	5.25%
Return on Net Nonoperating Assets (RNNOA)	2.78%	3.52%	3.49%	2.80%	2.20%	2.89%	3.72%	3.18%	3.55%	3.04%
Return on Equity (ROE)	8.85%	10.45%	11.25%	10.85%	8.12%	10.30%	11.74%	8.71%	9.25%	8.29%
Cash Return on Invested Capital (CROIC)	3.43%	3.86%	-14.26%	8.59%	2.08%	-14.62%	8.96%	-24.34%	-1.77%	-14.48%
Operating Return on Assets (OROA)	1.26%	1.42%	1.53%	1.63%	1.28%	1.73%	1.95%	1.61%	1.56%	1.45%
Return on Assets (ROA)	1.10%	1.23%	1.33%	1.39%	1.12%	1.47%	1.65%	1.16%	1.16%	1.04%
Return on Common Equity (ROCE)	8.75%	10.33%	11.18%	10.85%	8.12%	10.30%	11.74%	8.71%	9.25%	8.29%
Return on Equity Simple (ROE_SIMPLE)	8.74%	9.96%	10.91%	10.75%	7.92%	9.21%	11.30%	7.37%	8.99%	7.69%
Net Operating Profit after Tax (NOPAT)	201	224	222	206	149	164	159	96	81	65
NOPAT Margin	31.14%	34.38%	35.36%	39.53%	30.20%	37.10%	38.32%	27.58%	27.79%	24.56%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	48.07%	48.43%	45.60%	44.96%	45.34%	45.78%	43.89%	47.62%	49.44%	51.81%
Operating Expenses to Revenue	58.65%	59.64%	56.63%	53.69%	53.53%	55.66%	52.96%	59.02%	60.81%	65.65%
Earnings before Interest and Taxes (EBIT)	232	259	256	241	170	194	188	134	109	91
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	259	271	267	251	181	203	197	142	116	97
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.03	0.96	1.12	1.07	0.96	1.11	0.99	1.28	1.35	0.88
Price to Tangible Book Value (P/TBV)	1.51	1.44	1.79	1.53	1.38	1.64	1.49	2.02	1.89	1.27
Price to Revenue (P/Rev)	3.62	3.28	3.59	3.95	3.66	4.47	3.37	4.78	4.17	2.81
Price to Earnings (P/E)	11.73	9.62	10.22	10.00	12.10	12.06	8.79	17.34	15.02	11.44
Dividend Yield	3.48%	3.76%	3.30%	2.96%	3.14%	4.27%	2.98%	2.04%	1.81%	2.08%
Earnings Yield	8.53%	10.39%	9.78%	10.00%	8.26%	8.29%	11.38%	5.77%	6.66%	8.74%
Enterprise Value to Invested Capital (EV/IC)	0.90	0.81	1.00	0.80	0.74	0.96	0.91	1.09	1.11	0.83
Enterprise Value to Revenue (EV/Rev)	4.70	4.06	5.05	3.94	3.86	5.34	4.31	6.22	5.62	4.25
Enterprise Value to EBITDA (EV/EBITDA)	11.75	9.74	11.87	8.15	10.49	11.65	9.08	15.31	14.15	11.64
Enterprise Value to EBIT (EV/EBIT)	13.11	10.18	12.42	8.51	11.17	12.21	9.51	16.22	15.09	12.44
Enterprise Value to NOPAT (EV/NOPAT)	15.08	11.80	14.30	9.97	12.78	14.39	11.24	22.55	20.22	17.32
Enterprise Value to Operating Cash Flow (EV/OCF)	11.41	10.20	11.17	9.51	9.31	13.39	9.93	17.13	15.80	19.99
Enterprise Value to Free Cash Flow (EV/FCFF)	26.66	21.21	0.00	9.34	36.38	0.00	10.07	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.46	0.46	0.56	0.33	0.37	0.38	0.40	0.53	0.64	0.61
Long-Term Debt to Equity	0.36	0.32	0.48	0.17	0.21	0.27	0.22	0.32	0.33	0.28
Financial Leverage	0.46	0.51	0.45	0.35	0.37	0.39	0.46	0.57	0.62	0.58
Leverage Ratio	8.07	8.50	8.48	7.79	7.24	6.99	7.10	7.52	7.97	7.98
Compound Leverage Factor	8.07	8.50	8.48	7.79	7.24	6.99	7.10	7.52	7.97	7.98
Debt to Total Capital	31.48%	31.40%	35.96%	24.90%	26.75%	27.50%	28.70%	34.62%	38.89%	37.89%
Short-Term Debt to Total Capital	7.03%	9.64%	5.27%	11.79%	11.54%	7.63%	12.76%	13.84%	18.63%	20.68%
Long-Term Debt to Total Capital	24.45%	21.76%	30.69%	13.12%	15.21%	19.88%	15.95%	20.78%	20.26%	17.21%
Preferred Equity to Total Capital	0.75%	0.77%	0.79%	0.00%	0.00%	0.01%	0.01%	0.01%	0.01%	0.01%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	67.77%	67.83%	63.25%	75.09%	73.25%	72.49%	71.29%	65.37%	61.10%	62.10%
Debt to EBITDA	4.10	3.80	4.27	2.52	3.78	3.34	2.88	4.88	4.95	5.33
Net Debt to EBITDA	2.60	1.77	3.34	-0.03	0.55	1.88	1.98	3.54	3.64	3.95
Long-Term Debt to EBITDA	3.18	2.63	3.64	1.33	2.15	2.41	1.60	2.93	2.58	2.42
Debt to NOPAT	5.26	4.60	5.14	3.09	4.61	4.12	3.56	7.19	7.08	7.94
Net Debt to NOPAT	3.34	2.15	4.02	-0.03	0.67	2.32	2.46	5.21	5.20	5.88
Long-Term Debt to NOPAT	4.08	3.19	4.39	1.63	2.62	2.98	1.98	4.31	3.69	3.60
Noncontrolling Interest Sharing Ratio	1.10%	1.17%	0.64%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	114	124	-408	219	52	-324	178	-422	-25	-181
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.27	0.36	-4.81	6.10	0.79	-2.98	2.57	-11.23	-0.94	-7.28
Operating Cash Flow to Interest Expense	0.62	0.74	3.35	5.99	3.07	1.63	2.61	3.36	3.86	2.29
Operating Cash Flow Less CapEx to Interest Expense	0.62	0.74	3.35	5.99	3.07	1.63	2.61	3.36	3.86	2.29
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04
Fixed Asset Turnover	4.91	5.19	5.64	4.80	4.39	4.29	4.39	3.66	3.04	3.04
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,364	3,276	3,177	2,547	2,561	2,464	1,975	1,994	1,476	1,369
Invested Capital Turnover	0.19	0.20	0.22	0.20	0.20	0.20	0.21	0.20	0.21	0.21
Increase / (Decrease) in Invested Capital	87	99	630	-14	96	489	-19	518	106	246
Enterprise Value (EV)	3,038	2,640	3,175	2,048	1,899	2,366	1,789	2,167	1,639	1,133
Market Capitalization	2,340	2,135	2,256	2,055	1,799	1,984	1,399	1,666	1,218	748
Book Value per Share	$38.86	$37.14	$33.74	$35.47	$34.57	$32.07	$28.36	$26.52	$22.09	$22.45
Tangible Book Value per Share	$26.38	$24.79	$21.18	$24.88	$24.01	$21.68	$18.90	$16.83	$15.75	$15.59
Total Capital	3,364	3,276	3,177	2,547	2,561	2,464	1,975	1,994	1,476	1,369
Total Debt	1,059	1,029	1,142	634	685	678	567	690	574	519
Total Long-Term Debt	823	713	975	334	389	490	315	414	299	236
Net Debt	672	480	894	-7.05	100	382	391	500	421	384
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	1,059	1,029	1,142	634	685	678	567	690	574	519
Total Depreciation and Amortization (D&A)	27	12	12	11	11	9.38	8.84	7.97	7.16	6.26
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.42	$3.74	$3.83	$3.82	$2.75	$3.20	$3.23	$2.13	$1.99	$1.73
Adjusted Weighted Average Basic Shares Outstanding	58.54M	59.34M	59.64M	53.82M	108.69M	55.16M	49.70M	49.54M	41.25M	40.67M
Adjusted Diluted Earnings per Share	$3.41	$3.73	$3.81	$3.81	$2.74	$3.19	$3.22	$2.12	$1.98	$1.72
Adjusted Weighted Average Diluted Shares Outstanding	58.53M	59.34M	59.64M	53.82M	108.69M	55.16M	49.70M	49.54M	41.25M	40.67M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$3.20	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	58.54M	59.34M	59.64M	53.82M	108.69M	55.16M	49.70M	49.54M	41.25M	40.67M
Normalized Net Operating Profit after Tax (NOPAT)	201	224	222	206	149	164	159	96	81	65
Normalized NOPAT Margin	31.14%	34.38%	35.36%	39.53%	30.20%	37.10%	38.32%	27.58%	27.79%	24.56%
Pre Tax Income Margin	35.83%	39.82%	40.70%	46.31%	34.54%	43.71%	45.30%	38.36%	37.25%	34.19%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.54	0.74	3.01	6.70	2.56	1.78	2.72	3.55	4.05	3.67
NOPAT to Interest Expense	0.47	0.64	2.62	5.72	2.24	1.51	2.30	2.55	3.02	2.64
EBIT Less CapEx to Interest Expense	0.54	0.74	3.01	6.70	2.56	1.78	2.72	3.55	4.05	3.67
NOPAT Less CapEx to Interest Expense	0.47	0.64	2.62	5.72	2.24	1.51	2.30	2.55	3.02	2.64
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	41.46%	36.61%	33.39%	29.79%	38.05%	31.18%	26.18%	33.12%	27.39%	23.94%
Augmented Payout Ratio	69.35%	36.61%	33.39%	42.17%	75.68%	42.76%	26.18%	33.12%	29.84%	26.45%

This table displays calculated financial ratios and metrics derived from First Merchants' official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.31%	13.17%	-3.26%	-2.59%	-9.12%	-9.59%	-5.12%	4.60%	31.94%	36.18%	27.55%
EBITDA Growth	22.59%	85.93%	-11.68%	-36.18%	-26.03%	-42.20%	-10.94%	61.99%	33.90%	50.83%	18.84%
EBIT Growth	15.43%	63.36%	-13.80%	-38.53%	-27.36%	-43.76%	-11.11%	66.93%	34.99%	52.53%	18.94%
NOPAT Growth	15.43%	51.48%	-12.74%	-34.40%	-25.18%	-39.97%	-11.59%	56.09%	31.89%	48.24%	20.81%
Net Income Growth	15.43%	51.48%	-12.74%	-34.40%	-25.18%	-39.97%	-11.59%	56.09%	31.89%	48.24%	20.81%
EPS Growth	17.50%	55.71%	-10.64%	-33.33%	-25.23%	-41.18%	-12.96%	61.90%	17.58%	33.71%	10.20%
Operating Cash Flow Growth	4.85%	2.88%	-4.25%	148.49%	-32.83%	-53.00%	61.72%	-43.44%	74.45%	159.42%	-25.28%
Free Cash Flow Firm Growth	-246.48%	59.36%	-13.60%	86.60%	129.47%	89.84%	49.82%	51.04%	-814.65%	-1,010.34%	-474.46%
Invested Capital Growth	13.08%	2.67%	7.58%	2.09%	-5.80%	3.13%	7.63%	8.87%	36.23%	24.75%	15.65%
Revenue Q/Q Growth	-9.48%	13.55%	-2.46%	4.04%	-1.79%	-2.93%	-1.78%	-2.93%	-2.30%	1.87%	8.27%
EBITDA Q/Q Growth	-23.49%	54.09%	26.94%	-18.08%	16.04%	-26.80%	-8.28%	-5.06%	-9.33%	12.78%	66.85%
EBIT Q/Q Growth	-17.50%	35.98%	28.08%	-19.67%	16.76%	-28.25%	-8.65%	-5.09%	-9.60%	13.41%	71.55%
NOPAT Q/Q Growth	-14.00%	30.83%	23.20%	-16.72%	12.86%	-24.64%	-7.39%	-5.02%	-9.44%	10.99%	63.50%
Net Income Q/Q Growth	-14.00%	30.83%	23.20%	-16.72%	12.86%	-24.64%	-7.39%	-5.02%	-9.44%	10.99%	63.50%
EPS Q/Q Growth	-13.76%	29.76%	23.53%	-15.00%	14.29%	-25.53%	-7.84%	-4.67%	-10.08%	10.19%	71.43%
Operating Cash Flow Q/Q Growth	-8.60%	-12.14%	21.90%	7.10%	-31.68%	-18.23%	216.37%	-71.05%	-37.25%	181.35%	10.65%
Free Cash Flow Firm Q/Q Growth	-1,408.23%	87.65%	-605.79%	-111.14%	518.41%	65.47%	16.72%	75.51%	-44.28%	-70.56%	18.76%
Invested Capital Q/Q Growth	3.76%	0.31%	3.53%	4.95%	-5.80%	5.11%	-1.75%	-3.16%	3.12%	9.70%	-0.62%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	44.32%	52.44%	38.64%	29.69%	37.71%	31.91%	42.32%	45.32%	46.34%	49.92%	45.09%
EBIT Margin	39.43%	43.26%	36.13%	27.51%	35.63%	29.97%	40.55%	43.59%	44.58%	48.18%	43.28%
Profit (Net Income) Margin	34.52%	36.33%	31.54%	24.97%	31.19%	27.14%	34.96%	37.08%	37.89%	40.88%	37.52%
Tax Burden Percent	87.54%	83.98%	87.29%	90.76%	87.54%	90.57%	86.22%	85.05%	84.99%	84.84%	86.68%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	12.46%	16.02%	12.71%	9.24%	12.46%	9.43%	13.78%	14.95%	15.01%	15.16%	13.32%
Return on Invested Capital (ROIC)	6.86%	7.08%	6.10%	4.92%	6.23%	5.48%	7.76%	8.24%	8.92%	8.97%	8.09%
ROIC Less NNEP Spread (ROIC-NNEP)	6.86%	7.08%	6.10%	4.92%	6.23%	5.48%	7.76%	8.24%	8.92%	8.97%	8.09%
Return on Net Nonoperating Assets (RNNOA)	3.04%	3.25%	2.88%	2.32%	2.89%	2.78%	3.91%	3.92%	3.98%	4.04%	3.48%
Return on Equity (ROE)	9.90%	10.32%	8.98%	7.23%	9.12%	8.25%	11.67%	12.16%	12.90%	13.01%	11.57%
Cash Return on Invested Capital (CROIC)	-5.93%	3.43%	-1.75%	3.75%	12.50%	3.86%	1.03%	0.03%	-22.31%	-14.26%	-7.14%
Operating Return on Assets (OROA)	1.40%	1.52%	1.24%	0.96%	1.24%	1.07%	1.52%	1.65%	1.77%	1.81%	1.54%
Return on Assets (ROA)	1.23%	1.28%	1.09%	0.87%	1.09%	0.97%	1.31%	1.40%	1.51%	1.54%	1.33%
Return on Common Equity (ROCE)	9.79%	10.21%	8.88%	7.15%	9.02%	8.16%	11.53%	12.01%	12.82%	12.93%	11.50%
Return on Equity Simple (ROE_SIMPLE)	8.95%	0.00%	7.80%	8.44%	9.33%	0.00%	12.05%	12.09%	11.19%	0.00%	10.44%
Net Operating Profit after Tax (NOPAT)	55	64	49	40	48	42	56	61	64	71	64
NOPAT Margin	34.52%	36.33%	31.54%	24.97%	31.19%	27.14%	34.96%	37.08%	37.89%	40.88%	37.52%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	47.71%	44.27%	50.11%	46.53%	52.00%	54.11%	47.79%	45.88%	46.28%	42.68%	45.88%
Operating Expenses to Revenue	57.95%	54.37%	60.67%	57.17%	63.07%	69.07%	58.21%	56.41%	55.42%	51.82%	56.72%
Earnings before Interest and Taxes (EBIT)	63	77	56	44	55	47	65	72	75	83	74
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	71	93	60	47	58	50	68	74	78	86	77
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.03	1.03	0.96	0.89	0.93	0.96	0.77	0.76	0.89	1.12	1.14
Price to Tangible Book Value (P/TBV)	1.50	1.51	1.41	1.34	1.40	1.44	1.20	1.17	1.37	1.79	1.89
Price to Revenue (P/Rev)	3.62	3.62	3.48	3.09	3.22	3.28	2.39	2.38	2.78	3.59	3.68
Price to Earnings (P/E)	11.44	11.73	12.25	10.55	9.96	9.62	6.37	6.26	7.88	10.22	10.81
Dividend Yield	3.46%	3.48%	3.71%	4.12%	3.94%	3.76%	4.95%	4.81%	4.11%	3.30%	3.39%
Earnings Yield	8.74%	8.53%	8.16%	9.48%	10.05%	10.39%	15.70%	15.97%	12.69%	9.78%	9.25%
Enterprise Value to Invested Capital (EV/IC)	0.90	0.90	0.84	0.84	0.79	0.81	0.70	0.74	0.78	1.00	0.99
Enterprise Value to Revenue (EV/Rev)	4.80	4.70	4.49	4.32	3.81	4.06	3.25	3.46	3.82	5.05	4.91
Enterprise Value to EBITDA (EV/EBITDA)	11.53	11.75	13.02	12.20	9.68	9.74	7.06	7.40	8.90	11.87	11.99
Enterprise Value to EBIT (EV/EBIT)	13.04	13.11	13.90	12.93	10.16	10.18	7.34	7.69	9.29	12.42	12.59
Enterprise Value to NOPAT (EV/NOPAT)	15.00	15.08	15.65	14.61	11.67	11.80	8.61	9.01	10.77	14.30	14.35
Enterprise Value to Operating Cash Flow (EV/OCF)	11.64	11.41	10.63	10.19	10.54	10.20	6.52	7.73	7.95	11.17	14.40
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	26.66	0.00	22.68	6.10	21.21	69.87	2,643.51	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.50	0.46	0.46	0.46	0.39	0.46	0.49	0.48	0.54	0.56	0.52
Long-Term Debt to Equity	0.44	0.36	0.40	0.42	0.28	0.32	0.42	0.41	0.46	0.48	0.42
Financial Leverage	0.44	0.46	0.47	0.47	0.46	0.51	0.50	0.48	0.45	0.45	0.43
Leverage Ratio	8.07	8.07	8.27	8.32	8.40	8.50	8.93	8.67	8.56	8.48	8.68
Compound Leverage Factor	8.07	8.07	8.27	8.32	8.40	8.50	8.93	8.67	8.56	8.48	8.68
Debt to Total Capital	33.18%	31.48%	31.34%	31.70%	27.92%	31.40%	32.87%	32.38%	35.22%	35.96%	34.17%
Short-Term Debt to Total Capital	3.52%	7.03%	3.72%	3.10%	8.06%	9.64%	4.89%	4.81%	5.47%	5.27%	6.72%
Long-Term Debt to Total Capital	29.66%	24.45%	27.62%	28.60%	19.85%	21.76%	27.98%	27.57%	29.75%	30.69%	27.45%
Preferred Equity to Total Capital	0.72%	0.75%	0.75%	0.78%	0.81%	0.77%	0.81%	0.79%	0.77%	0.79%	0.87%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	66.10%	67.77%	67.91%	67.53%	71.27%	67.83%	66.33%	66.83%	64.01%	63.25%	64.97%
Debt to EBITDA	4.26	4.10	4.87	4.59	3.44	3.80	3.33	3.25	4.02	4.27	4.15
Net Debt to EBITDA	2.73	2.60	2.82	3.37	1.40	1.77	1.79	2.21	2.35	3.34	2.90
Long-Term Debt to EBITDA	3.81	3.18	4.29	4.14	2.45	2.63	2.84	2.77	3.39	3.64	3.34
Debt to NOPAT	5.55	5.26	5.85	5.50	4.15	4.60	4.06	3.96	4.86	5.14	4.97
Net Debt to NOPAT	3.55	3.34	3.38	4.03	1.69	2.15	2.19	2.69	2.84	4.02	3.47
Long-Term Debt to NOPAT	4.96	4.08	5.16	4.96	2.95	3.19	3.46	3.37	4.10	4.39	3.99
Noncontrolling Interest Sharing Ratio	1.10%	1.10%	1.14%	1.15%	1.16%	1.17%	1.26%	1.22%	0.64%	0.64%	0.67%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-348	-23	-187	-27	238	-57	-165	-198	-807	-560	-328
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-3.78	-0.23	-1.70	-0.25	2.19	-0.53	-1.72	-2.37	-12.96	-13.31	-14.24
Operating Cash Flow to Interest Expense	0.67	0.67	0.70	0.58	0.54	0.61	0.84	0.30	1.41	3.32	2.15
Operating Cash Flow Less CapEx to Interest Expense	0.67	0.67	0.70	0.58	0.54	0.61	0.84	0.30	1.41	3.32	2.15
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.04	0.04	0.03	0.03	0.03	0.04	0.04	0.04	0.04	0.04	0.04
Fixed Asset Turnover	5.00	4.91	4.78	5.10	5.11	5.19	5.37	5.83	6.03	5.64	5.27
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,490	3,364	3,353	3,239	3,086	3,276	3,117	3,173	3,276	3,177	2,896
Invested Capital Turnover	0.20	0.19	0.19	0.20	0.20	0.20	0.22	0.22	0.24	0.22	0.22
Increase / (Decrease) in Invested Capital	404	87	236	66	-190	99	221	259	871	630	392
Enterprise Value (EV)	3,133	3,038	2,809	2,728	2,424	2,640	2,170	2,337	2,558	3,175	2,857
Market Capitalization	2,367	2,340	2,176	1,950	2,049	2,135	1,594	1,613	1,857	2,256	2,142
Book Value per Share	$39.41	$38.86	$38.92	$37.34	$37.07	$37.14	$34.62	$35.53	$35.17	$33.74	$31.63
Tangible Book Value per Share	$26.94	$26.38	$26.38	$24.78	$24.65	$24.79	$22.21	$23.07	$22.66	$21.18	$19.01
Total Capital	3,490	3,364	3,353	3,239	3,086	3,276	3,117	3,173	3,276	3,177	2,896
Total Debt	1,158	1,059	1,051	1,027	862	1,029	1,025	1,027	1,154	1,142	990
Total Long-Term Debt	1,035	823	926	926	613	713	872	875	975	975	795
Net Debt	740	672	607	753	351	480	551	699	675	894	690
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	1,158	1,059	1,051	1,027	862	1,029	1,025	1,027	1,154	1,142	990
Total Depreciation and Amortization (D&A)	7.84	16	3.92	3.49	3.19	3.05	2.87	2.84	2.96	3.01	3.08
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.95	$1.10	$0.84	$0.68	$0.80	$0.70	$0.95	$1.02	$1.07	$1.20	$1.08
Adjusted Weighted Average Basic Shares Outstanding	58.31M	58.54M	58.67M	58.51M	58.59M	59.34M	59.85M	59.73M	59.68M	59.64M	59.56M
Adjusted Diluted Earnings per Share	$0.94	$1.09	$0.84	$0.68	$0.80	$0.70	$0.94	$1.02	$1.07	$1.19	$1.08
Adjusted Weighted Average Diluted Shares Outstanding	58.24M	58.53M	58.29M	58.33M	59.27M	59.49M	59.50M	59.45M	59.44M	57.95M	59.34M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	58.31M	58.54M	58.67M	58.51M	58.59M	59.34M	59.85M	59.73M	59.68M	59.64M	59.56M
Normalized Net Operating Profit after Tax (NOPAT)	55	64	49	40	48	42	56	61	64	71	64
Normalized NOPAT Margin	34.52%	36.33%	31.54%	24.97%	31.19%	27.14%	34.96%	37.08%	37.89%	40.88%	37.52%
Pre Tax Income Margin	39.43%	43.26%	36.13%	27.51%	35.63%	29.97%	40.55%	43.59%	44.58%	48.18%	43.28%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.69	0.76	0.51	0.41	0.50	0.44	0.68	0.86	1.21	1.98	3.19
NOPAT to Interest Expense	0.60	0.64	0.45	0.37	0.44	0.40	0.59	0.73	1.03	1.68	2.77
EBIT Less CapEx to Interest Expense	0.69	0.76	0.51	0.41	0.50	0.44	0.68	0.86	1.21	1.98	3.19
NOPAT Less CapEx to Interest Expense	0.60	0.64	0.45	0.37	0.44	0.40	0.59	0.73	1.03	1.68	2.77
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	40.15%	41.46%	46.44%	44.55%	39.97%	36.61%	31.99%	30.59%	32.87%	33.39%	35.29%
Augmented Payout Ratio	56.48%	69.35%	74.26%	71.31%	54.41%	36.61%	31.99%	30.59%	32.87%	33.39%	35.29%

Frequently Asked Questions About First Merchants' Financials

When does First Merchants's financial year end?

According to the most recent income statement we have on file, First Merchants' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has First Merchants' net income changed over the last 9 years?

First Merchants' net income appears to be on an upward trend, with a most recent value of $201.40 million in 2024, rising from $65.38 million in 2015. The previous period was $223.79 million in 2023. Check out First Merchants' forecast to explore projected trends and price targets.

How has First Merchants revenue changed over the last 9 years?

Over the last 9 years, First Merchants' total revenue changed from $266.27 million in 2015 to $646.69 million in 2024, a change of 142.9%.

How much debt does First Merchants have?

First Merchants' total liabilities were at $16.01 billion at the end of 2024, a 0.9% decrease from 2023, and a 170.8% increase since 2015.

How much cash does First Merchants have?

In the past 9 years, First Merchants' cash and equivalents has ranged from $87.62 million in 2024 to $192.90 million in 2020, and is currently $87.62 million as of their latest financial filing in 2024.

How has First Merchants' book value per share changed over the last 9 years?

Over the last 9 years, First Merchants' book value per share changed from 22.45 in 2015 to 38.86 in 2024, a change of 73.1%.

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This page (NASDAQ:FRME) was last updated on 5/25/2025 by MarketBeat.com Staff

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First Merchants (FRME) Financials

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