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First Merchants (FRME) Financials

First Merchants logo
$41.62 -0.17 (-0.41%)
Closing price 04:00 PM Eastern
Extended Trading
$41.63 +0.01 (+0.02%)
As of 04:11 PM Eastern
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Annual Income Statements for First Merchants

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

Quarterly Income Statements for First Merchants

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

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

Annual Cash Flow Statements for First Merchants

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

Quarterly Cash Flow Statements for First Merchants

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

Annual Balance Sheets for First Merchants

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

Quarterly Balance Sheets for First Merchants

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

Annual Metrics And Ratios for First Merchants

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

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

Quarterly Metrics And Ratios for First Merchants

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

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

Key Financial Trends

First Merchants Corp (NASDAQ: FRME) has demonstrated solid financial results over the last several quarters, with stable revenue growth and healthy profitability metrics, supported by consistent operational cash flow generation.

Positive Highlights:

  • Net interest income for Q1 2025 was $130.3 million, only slightly down from $134.4 million in Q4 2024, showing resilience in core banking income despite some quarter-to-quarter fluctuations.
  • Total non-interest income remains steady, with Q1 2025 recording $30.0 million, providing diversification beyond interest income and supporting total revenue of $160.3 million.
  • Net income attributable to common shareholders remains strong, at $54.9 million in Q1 2025, indicating ongoing profitability with a basic EPS of $0.95.
  • Operating cash flow remains healthy, with net cash from continuing operating activities at $61.7 million in Q1 2025, supporting business operations and financial flexibility.
  • The company’s asset base remained substantial, totaling approximately $18.44 billion at the end of Q1 2025, with loans net of allowance at $12.81 billion, evidencing steady loan portfolio growth.
  • Total deposits remain robust above $14 billion (sum of interest-bearing and non-interest bearing), but showed slight declines in Q1 2025, implying a manageable but watchful liquidity position.
  • The capital base is solid with total equity of about $2.33 billion as of Q1 2025, supporting the company’s growth and risk-taking capacity.

Neutral Observations:

  • Provision for credit losses remains stable at $4.2 million in Q1 2025, consistent with recent quarters, reflecting management's prudent risk assessment; however, any changes warrant monitoring.
  • Non-interest expense of $92.9 million in Q1 2025, slightly decreased compared to prior periods, suggesting management’s focus on cost control, albeit operating costs remain a significant portion of revenue.
  • The bank’s issuance and repayment of debt show active management with a net $455.8 million debt issued in Q1 2025 and debt repayments of $271.0 million, indicating ongoing funding strategy adjustments.
  • Repurchases of common equity and dividend payments continue with $7.9 million repurchased and $20.9 million dividends paid in Q1 2025, reflecting capital return policies balanced with reinvestment needs.

Negative Factors to Watch:

  • Total interest income has marginally declined from Q4 2024 ($234.6 million) to Q1 2025 ($222.5 million), which may warrant attention in the context of rising interest rate environments.
  • Total interest expense decreased but remains high at $92.2 million in Q1 2025; an increase in interest expense could pressure net interest margins if interest income falls further.
  • The allowance for loan and lease losses stands at $192 million, slightly elevated; should credit conditions deteriorate, provisioning needs might increase, impacting earnings.
  • The company experienced a net cash outflow in investing activities of $160.4 million in Q1 2025, reflecting heavy purchases of investment securities, which could affect liquidity if sustained.
  • There is a slight decrease in cash and cash equivalents to $86.1 million in Q1 2025 from previous quarters, which investors should monitor for liquidity risk.

Summary:

Over the last four years, First Merchants Corp has consistently generated solid net income with steady earnings per share close to or above $1 in recent quarters, supported by a stable loan portfolio and sound liquidity. The company has maintained control over expenses while actively managing debt and equity financing. However, investors should watch for potential margin pressure from fluctuating interest income and expense levels and monitor credit loss provisions given the sizable loan portfolio. The solid capital base and strong operating cash flow provide a foundation for resilience and future opportunities.

08/28/25 05:48 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About First Merchants' Financials

When does First Merchants' 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. Find out what analysts predict for First Merchants in the coming months.

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 8/28/2025 by MarketBeat.com Staff
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