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First Merchants (FRME) Financials

First Merchants logo
$39.34 -0.81 (-2.02%)
As of 11:07 AM 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 2025
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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 65 81 96 159 164 149 206 221 222 200 224
Consolidated Net Income / (Loss)		 65 81 96 159 164 149 206 222 224 201 226
Net Income / (Loss) Continuing Operations		 65 81 96 159 164 149 206 222 224 201 226
Total Pre-Tax Income 		91 109 134 188 194 170 241 256 259 232 259
Total Revenue		 266 292 348 415 443 492 520 628 651 647 663
Net Interest Income / (Expense)		 196 226 277 339 357 382 411 520 545 521 536
Total Interest Income		 221 253 315 408 465 449 447 605 894 948 925
Loans and Leases Interest Income		 186 218 275 359 402 381 361 497 783 841 834
Investment Securities Interest Income		 35 35 39 47 59 67 85 106 93 90 83
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 8.13
Total Interest Expense		 25 27 38 69 109 66 36 85 348 427 389
Deposits Interest Expense		 15 16 24 - 92 52 23 63 306 386 344
Long-Term Debt Interest Expense		 9.50 10 7.57 69 8.31 6.94 6.64 19 38 37 40
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 4.68
Total Non-Interest Income		 70 65 71 76 87 110 109 108 106 126 127
Other Service Charges		 39 50 0.99 61 70 75 77 86 89 97 98
Net Realized & Unrealized Capital Gains on Investments		 19 11 13 11 12 30 28 17 8.73 20 21
Other Non-Interest Income		 2.92 3.63 57 4.02 4.52 5.04 4.87 5.21 8.35 8.46 7.61
Provision for Credit Losses		 0.42 5.66 9.14 7.23 2.80 59 0.00 17 3.50 36 21
Total Non-Interest Expense		 175 177 206 220 247 263 279 356 388 379 383
Salaries and Employee Benefits		 102 103 120 132 144 156 167 207 229 221 225
Net Occupancy & Equipment Expense		 33 39 42 46 52 61 61 72 79 82 85
Marketing Expense		 3.49 3.01 3.74 4.68 6.65 6.61 5.76 7.71 7.43 7.39 7.79
Property & Liability Insurance Claims		 3.66 3.04 2.56 2.92 0.72 5.80 6.24 10 15 15 13
Other Operating Expenses		 30 26 31 28 37 29 33 51 50 46 46
Amortization Expense		 2.84 3.91 5.65 6.72 5.99 5.99 5.75 8.28 8.74 7.27 6.03
Income Tax Expense		 26 28 38 29 29 21 35 34 35 30 33
Preferred Stock Dividends Declared		 - - - - - 0.00 0.00 1.41 1.88 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 $3.90
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 63.39M
Diluted Earnings per Share		 $1.72 $1.98 $2.12 $3.22 $3.19 $2.74 $3.81 $3.81 $3.73 $3.41 $3.88
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 57.73M
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 63.39M
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 $1.43

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 56 42 47 39 49 64 55 56 56 57 28
Consolidated Net Income / (Loss)		 56 42 48 40 49 64 55 57 57 57 28
Net Income / (Loss) Continuing Operations		 56 42 48 40 49 64 55 57 57 57 28
Total Pre-Tax Income 		65 47 55 44 56 77 63 65 65 65 27
Total Revenue		 161 157 154 160 156 177 160 164 166 172 157
Net Interest Income / (Expense)		 133 130 127 129 131 134 130 133 134 139 151
Total Interest Income		 229 237 236 236 241 235 223 230 235 237 249
Loans and Leases Interest Income		 201 206 207 211 216 208 199 207 213 215 227
Investment Securities Interest Income		 23 22 22 23 23 22 21 21 21 20 20
Deposits and Money Market Investments Interest Income		 5.88 8.03 6.49 3.00 2.15 5.35 2.37 1.89 1.68 2.19 1.24
Total Interest Expense		 96 107 109 108 110 100 92 97 101 98 97
Deposits Interest Expense		 86 97 98 99 99 90 81 84 91 89 84
Long-Term Debt Interest Expense		 9.40 17 9.52 7.89 10 17 10 11 9.73 9.09 12
Federal Funds Purchased and Securities Sold Interest Expense		 0.80 -6.24 1.03 0.77 1.03 -6.07 1.55 1.63 0.88 0.62 0.92
Total Non-Interest Income		 28 26 27 31 25 43 30 31 32 33 5.83
Other Service Charges		 22 21 22 24 24 26 23 24 26 26 26
Net Realized & Unrealized Capital Gains on Investments		 4.42 3.49 3.25 5.09 -2.35 15 5.02 5.85 4.98 5.42 -23
Other Non-Interest Income		 1.21 1.51 1.59 1.93 2.76 1.53 2.18 1.91 1.67 1.85 3.45
Provision for Credit Losses		 2.00 1.50 2.00 25 5.00 4.20 4.20 5.60 4.30 7.15 4.90
Total Non-Interest Expense		 94 108 97 91 95 96 93 94 97 100 125
Salaries and Employee Benefits		 56 61 58 52 55 55 55 55 57 58 69
Net Occupancy & Equipment Expense		 19 21 20 20 21 20 20 21 21 22 23
Marketing Expense		 2.37 2.65 1.20 1.77 1.84 2.58 1.35 2.00 2.12 2.32 1.60
Property & Liability Insurance Claims		 2.98 7.56 4.29 3.28 3.72 3.74 3.65 3.55 3.53 2.68 3.89
Other Operating Expenses		 12 14 11 12 11 12 11 11 11 12 25
Amortization Expense		 2.18 2.18 1.96 1.77 1.77 1.77 1.53 1.51 1.50 1.50 2.30
Income Tax Expense		 9.01 4.43 6.83 4.07 7.16 12 7.88 8.29 8.52 8.43 -1.07
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 $0.70 $0.80 $0.68 $0.84 $1.10 $0.95 $0.98 $0.98 $0.99 $0.46
Weighted Average Basic Shares Outstanding		 59.85M 59.34M 58.59M 58.51M 58.67M 58.54M 58.31M 57.73M 57.83M 63.39M 63.02M
Diluted Earnings per Share		 $0.94 $0.70 $0.80 $0.68 $0.84 $1.09 $0.94 $0.98 $0.98 $0.98 $0.45
Weighted Average Diluted Shares Outstanding		 59.50M 59.49M 59.27M 58.33M 58.29M 58.53M 58.24M 57.77M 57.45M 57.73M 61.01M
Weighted Average Basic & Diluted Shares Outstanding		 59.85M 59.34M 58.59M 58.51M 58.67M 58.54M 58.31M 57.73M 57.83M 63.39M 63.02M
Cash Dividends to Common per Share		 $0.34 $0.34 $0.34 $0.35 $0.35 $0.35 $0.35 $0.36 $0.36 $0.36 $0.36

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 2025
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 12/31/2025
Net Change in Cash & Equivalents		 -16 26 27 -16 38 16 -26 -45 -9.95 -25 -3.46
Net Cash From Operating Activities		 57 104 127 180 177 204 215 284 259 266 284
Net Cash From Continuing Operating Activities		 57 104 127 180 177 204 215 284 259 266 284
Net Income / (Loss) Continuing Operations		 65 81 96 159 164 149 206 222 224 201 226
Consolidated Net Income / (Loss)		 65 81 96 159 164 149 206 222 224 201 226
Provision For Loan Losses		 0.42 5.66 9.14 - 2.80 59 0.00 17 3.50 36 21
Depreciation Expense		 6.26 7.16 7.97 8.84 9.38 11 11 12 12 27 29
Non-Cash Adjustments to Reconcile Net Income		 -12 12 20 11 3.65 -5.94 2.87 51 21 -0.77 6.38
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 0.59
Net Cash From Investing Activities		 -340 -449 -635 -576 -1,006 -1,552 -1,477 -463 -344 -252 -774
Net Cash From Continuing Investing Activities		 -340 -449 -635 -576 -1,006 -1,552 -1,477 -463 -344 -252 -774
Acquisitions		 - - - - 10 0.00 -2.93 0.00 0.00 -244 0.00
Purchase of Investment Securities		 -646 -850 -1,183 -887 -900 -2,389 -2,250 -1,590 -1,019 -420 -950
Sale and/or Maturity of Investments		 290 401 493 310 396 836 776 990 675 411 176
Net Cash From Financing Activities		 267 371 536 380 868 1,364 1,236 134 76 -39 487
Net Cash From Continuing Financing Activities		 267 371 536 380 868 1,364 1,236 134 76 -39 487
Net Change in Deposits		 161 266 501 582 979 1,522 1,371 -281 439 -32 773
Issuance of Debt		 492 1,108 1,088 1,516 599 574 46 1,818 834 639 854
Issuance of Common Equity		 0.46 0.46 0.52 0.71 0.70 0.64 0.61 0.71 0.75 0.66 0.63
Repayment of Debt		 -371 -982 -1,024 -1,678 -643 -622 -96 -1,333 -1,119 -510 -1,012
Repurchase of Common Equity		 -1.64 -1.98 0.00 0.00 -19 -56 -25 0.00 0.00 -56 -47
Payment of Dividends		 -16 -22 -32 -42 -51 -57 -61 -74 -82 -83 -85
Other Financing Activities, Net		 2.19 3.44 2.11 0.91 1.68 1.84 2.08 2.41 3.29 3.16 2.79
Cash Interest Paid		 25 27 36 68 108 70 36 80 337 430 387
Cash Income Taxes Paid		 21 12 22 23 24 33 31 14 35 7.63 21

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 16 -13 -12 4.86 -21 2.90 -1.50 -4.55 6.51 -3.92 14
Net Cash From Operating Activities		 80 66 59 63 77 68 62 54 88 81 59
Net Cash From Continuing Operating Activities		 80 66 59 63 77 68 62 54 88 81 59
Net Income / (Loss) Continuing Operations		 56 42 48 40 49 64 55 57 57 57 28
Consolidated Net Income / (Loss)		 56 42 48 40 49 64 55 57 57 57 28
Provision For Loan Losses		 2.00 1.50 2.00 25 5.00 4.20 4.20 5.60 4.30 7.15 4.90
Depreciation Expense		 2.87 3.05 3.19 3.49 3.92 16 7.84 7.87 8.01 5.71 9.00
Non-Cash Adjustments to Reconcile Net Income		 16 24 0.25 0.82 13 -15 -11 -15 12 15 32
Changes in Operating Assets and Liabilities, net		 2.65 -5.21 5.46 -5.70 5.51 -2.24 5.68 -2.04 6.22 -4.28 -15
Net Cash From Investing Activities		 -107 -237 83 -16 -68 -252 -160 -169 -143 -301 368
Net Cash From Continuing Investing Activities		 -107 -237 83 -16 -68 -252 -160 -169 -143 -301 368
Acquisitions		 - - - - - - 0.00 - - - -0.01
Purchase of Investment Securities		 -204 -16 48 -59 -53 -356 -198 -224 492 -1,024 -9.16
Sale and/or Maturity of Investments		 98 -225 35 44 -16 348 38 51 -636 723 377
Net Cash From Financing Activities		 43 159 -154 -43 -29 187 97 111 62 216 -413
Net Cash From Continuing Financing Activities		 43 159 -154 -43 -29 187 97 111 62 216 -413
Net Change in Deposits		 65 175 63 -316 84 136 -60 336 72 425 -499
Issuance of Debt		 7.46 80 0.06 427 125 87 456 226 172 0.06 280
Issuance of Common Equity		 0.21 0.16 0.19 0.16 0.17 0.15 0.17 0.14 0.16 0.15 0.17
Repayment of Debt		 -10 -76 -167 -115 -217 -10 -271 -408 -155 -178 -146
Repurchase of Common Equity		 - - -30 -20 - -6.21 -7.91 -22 -6.48 -10 -25
Payment of Dividends		 -21 -21 -21 -21 -21 -21 -21 -21 -21 -21 -23
Other Financing Activities, Net		 0.54 0.58 0.54 1.37 0.66 0.59 0.69 0.69 0.69 0.72 1.04
Cash Interest Paid		 93 104 108 109 110 102 95 94 99 98 97
Cash Income Taxes Paid		 5.21 2.10 -0.00 5.30 1.11 1.22 -1.30 14 5.34 2.35 3.26

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 2025
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 12/31/2025
Total Assets		 6,761 7,212 9,367 9,885 12,457 14,067 15,453 18,002 18,406 18,312 19,025
Cash and Due from Banks		 102 128 155 139 177 193 167 123 113 88 84
Interest Bearing Deposits at Other Banks		 32 24 35 37 118 392 474 126 436 299 196
Trading Account Securities		 1,277 1,305 1,561 1,633 2,596 3,147 2,345 1,977 1,627 3,461 3,379
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 13,596
Loans and Leases		 4,694 5,140 6,751 7,224 8,459 9,243 9,242 12,004 12,486 12,854 13,792
Allowance for Loan and Lease Losses		 62 66 75 81 80 131 195 223 205 193 196
Loans Held for Sale		 9.89 2.93 7.22 4.78 9.04 3.97 11 9.09 19 19 20
Premises and Equipment, Net		 98 94 96 93 113 111 106 117 134 130 121
Goodwill		 243 244 445 445 544 544 545 712 712 712 712
Intangible Assets		 17 15 31 24 35 29 25 36 27 20 14
Other Assets		 351 325 361 364 486 535 2,733 3,122 3,057 923 903
Total Liabilities & Shareholders' Equity		 6,761 7,212 9,367 9,885 12,457 14,067 15,453 18,002 18,406 18,312 19,025
Total Liabilities		 5,910 6,310 8,064 8,476 10,671 12,192 13,541 15,967 16,158 16,007 16,558
Non-Interest Bearing Deposits		 1,266 1,348 1,762 1,448 1,736 2,298 2,710 3,173 2,500 2,326 2,137
Interest Bearing Deposits		 4,024 4,208 5,411 6,307 8,104 9,063 10,023 11,209 12,321 12,196 13,158
Federal Funds Purchased and Securities Sold		 50 120 144 104 55 - 0.00 172 0.00 99 40
Short-Term Debt		 283 275 276 252 188 295 300 167 316 143 104
Accrued Interest Payable		 3.09 3.11 4.39 5.61 6.75 3.29 2.76 7.53 19 16 18
Long-Term Debt		 236 299 414 315 490 389 334 975 713 916 856
Other Long-Term Liabilities		 49 56 53 45 91 142 171 263 289 311 245
Commitments & Contingencies		 0.00 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 2,467
Total Preferred & Common Equity		 851 902 1,303 1,408 1,786 1,876 1,913 2,035 2,248 2,305 2,467
Preferred Stock		 0.13 0.13 0.13 0.13 0.13 0.13 0.13 25 25 25 25
Total Common Equity		 850 902 1,303 1,408 1,786 1,876 1,912 2,010 2,223 2,280 2,442
Common Stock		 510 514 841 846 1,062 1,012 992 1,236 1,244 1,196 1,158
Retained Earnings		 342 401 465 583 697 789 865 1,013 1,155 1,273 1,414
Accumulated Other Comprehensive Income / (Loss)		 -1.36 -14 -2.91 -21 28 75 55 -239 -176 -189 -130

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 Q2 2025 Q3 2025 Q1 2026
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 6/30/2025 9/30/2025 3/31/2026
Total Assets		 17,719 18,179 17,968 17,997 18,318 18,303 18,348 18,440 18,593 18,812 21,073
Cash and Due from Banks		 120 126 109 125 101 105 85 86 82 88 98
Interest Bearing Deposits at Other Banks		 180 353 219 349 410 169 359 332 223 169 175
Trading Account Securities		 1,984 4,057 1,651 1,500 1,620 1,619 1,553 3,427 1,358 3,382 3,310
Loans and Leases, Net of Allowance		 11,423 12,018 12,049 12,066 12,261 12,450 12,459 12,813 13,101 13,397 15,049
Loans and Leases		 11,650 12,241 12,270 12,271 12,466 12,640 12,647 13,005 13,297 13,591 15,262
Allowance for Loan and Lease Losses		 227 223 221 206 205 190 188 192 195 194 213
Loans Held for Sale		 25 9.41 27 31 15 32 41 23 29 23 402
Premises and Equipment, Net		 116 116 114 132 133 133 130 129 123 122 146
Goodwill		 713 712 712 712 712 712 712 712 712 712 783
Intangible Assets		 38 34 31 29 25 23 22 18 17 15 42
Other Assets		 3,120 754 3,054 3,052 3,041 3,060 2,987 900 2,948 903 1,067
Total Liabilities & Shareholders' Equity		 17,719 18,179 17,968 17,997 18,318 18,303 18,348 18,440 18,593 18,812 21,073
Total Liabilities		 15,812 16,056 15,823 15,904 16,093 16,091 16,045 16,108 16,245 16,399 18,400
Non-Interest Bearing Deposits		 3,357 2,964 2,636 2,555 2,338 2,303 2,334 2,185 2,197 2,101 3,748
Interest Bearing Deposits		 11,078 11,739 11,945 12,092 12,546 12,266 12,031 12,277 12,600 12,769 12,737
Federal Funds Purchased and Securities Sold		 185 0.02 0.00 0.00 - 147 30 185 85 199 170
Short-Term Debt		 194 179 152 153 249 100 125 123 115 122 89
Accrued Interest Payable		 4.97 12 14 16 19 19 18 13 16 18 19
Long-Term Debt		 795 975 875 872 613 926 926 1,035 961 856 1,386
Other Long-Term Liabilities		 198 187 201 216 328 329 581 289 270 333 250
Commitments & Contingencies		 0.00 0.00 0.00 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 2,348 2,412 2,673
Total Preferred & Common Equity		 1,907 2,122 2,146 2,093 2,225 2,213 2,302 2,332 2,348 2,412 2,673
Preferred Stock		 25 25 25 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 2,323 2,387 2,647
Common Stock		 1,234 1,239 1,241 1,242 1,216 1,198 1,200 1,190 1,170 1,165 1,378
Retained Earnings		 962 1,057 1,097 1,133 1,182 1,201 1,229 1,307 1,342 1,378 1,419
Accumulated Other Comprehensive Income / (Loss)		 -314 -199 -218 -307 -198 -212 -152 -190 -190 -156 -149

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 2025
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 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
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 $3.90
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 63.39M
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 $3.88
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 57.73M
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 $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 63.39M
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for First Merchants

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 63,392,748.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 63,392,748.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 0.44
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -5.12% -9.59% -9.12% -2.59% -3.26% 13.17% 4.31% 2.76% 6.52% - -1.99%
EBITDA Growth		 -10.94% -42.20% -26.03% -36.18% -11.68% 85.93% 22.59% 53.73% 21.60% - -49.22%
EBIT Growth		 -11.11% -43.76% -27.36% -38.53% -13.80% 63.36% 15.43% 48.02% 15.86% - -57.15%
NOPAT Growth		 -11.59% -39.97% -25.18% -34.40% -12.74% 51.48% 15.43% 42.35% 15.41% - -49.12%
Net Income Growth		 -11.59% -39.97% -25.18% -34.40% -12.74% 51.48% 15.43% 42.35% 15.41% - -49.12%
EPS Growth		 -12.96% -41.18% -25.23% -33.33% -10.64% 55.71% 17.50% 44.12% 16.67% - -52.13%
Operating Cash Flow Growth		 61.72% -53.00% -32.83% 148.49% -4.25% 2.88% 4.85% -14.84% 13.96% - -5.04%
Free Cash Flow Firm Growth		 49.82% 89.84% 129.47% 86.60% -13.60% 59.36% -246.48% -382.73% 110.34% - -80.55%
Invested Capital Growth		 7.63% 3.13% -5.80% 2.09% 7.58% 2.67% 13.08% 5.70% 1.12% - 18.83%
Revenue Q/Q Growth		 -1.78% -2.93% -1.79% 4.04% -2.46% 13.55% -9.48% 2.49% 1.11% - -8.73%
EBITDA Q/Q Growth		 -8.28% -26.80% 16.04% -18.08% 26.94% 54.09% -23.49% 2.72% 0.41% - -49.33%
EBIT Q/Q Growth		 -8.65% -28.25% 16.76% -19.67% 28.08% 35.98% -17.50% 3.01% 0.25% - -58.64%
NOPAT Q/Q Growth		 -7.39% -24.64% 12.86% -16.72% 23.20% 30.83% -14.00% 2.70% -0.12% - -50.66%
Net Income Q/Q Growth		 -7.39% -24.64% 12.86% -16.72% 23.20% 30.83% -14.00% 2.70% -0.12% - -50.66%
EPS Q/Q Growth		 -7.84% -25.53% 14.29% -15.00% 23.53% 29.76% -13.76% 4.26% 0.00% - -54.08%
Operating Cash Flow Q/Q Growth		 216.37% -18.23% -31.68% 7.10% 21.90% -12.14% -8.60% -13.01% 63.13% - -27.41%
Free Cash Flow Firm Q/Q Growth		 16.72% 65.47% 518.41% -111.14% -605.79% 87.65% -1,408.23% 63.29% 115.12% - -11,146.80%
Invested Capital Q/Q Growth		 -1.75% 5.11% -5.80% 4.95% 3.53% 0.31% 3.76% -1.90% -0.97% - 21.04%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 42.32% 31.91% 37.71% 29.69% 38.64% 52.44% 44.32% 44.42% 44.11% - 22.96%
EBIT Margin		 40.55% 29.97% 35.63% 27.51% 36.13% 43.26% 39.43% 39.63% 39.29% - 17.24%
Profit (Net Income) Margin		 34.96% 27.14% 31.19% 24.97% 31.54% 36.33% 34.52% 34.59% 34.17% - 17.92%
Tax Burden Percent		 86.22% 90.57% 87.54% 90.76% 87.29% 83.98% 87.54% 87.27% 86.95% - 103.95%
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		 13.78% 9.43% 12.46% 9.24% 12.71% 16.02% 12.46% 12.73% 13.05% - -3.95%
Return on Invested Capital (ROIC)		 7.76% 5.48% 6.23% 4.92% 6.10% 7.08% 6.86% 6.83% 6.77% - 3.10%
ROIC Less NNEP Spread (ROIC-NNEP)		 7.76% 5.48% 6.23% 4.92% 6.10% 7.08% 6.86% 6.83% 6.77% - 3.10%
Return on Net Nonoperating Assets (RNNOA)		 3.91% 2.78% 2.89% 2.32% 2.88% 3.25% 3.04% 3.15% 2.91% - 1.63%
Return on Equity (ROE)		 11.67% 8.25% 9.12% 7.23% 8.98% 10.32% 9.90% 9.98% 9.68% - 4.72%
Cash Return on Invested Capital (CROIC)		 1.03% 3.86% 12.50% 3.75% -1.75% 3.43% -5.93% 1.23% 5.81% - -12.01%
Operating Return on Assets (OROA)		 1.52% 1.07% 1.24% 0.96% 1.24% 1.52% 1.40% 1.41% 1.41% - 0.58%
Return on Assets (ROA)		 1.31% 0.97% 1.09% 0.87% 1.09% 1.28% 1.23% 1.23% 1.23% - 0.60%
Return on Common Equity (ROCE)		 11.53% 8.16% 9.02% 7.15% 8.88% 10.21% 9.79% 9.87% 9.58% - 4.68%
Return on Equity Simple (ROE_SIMPLE)		 12.05% 0.00% 9.33% 8.44% 7.80% 0.00% 8.95% 9.61% 9.67% - 7.44%
Net Operating Profit after Tax (NOPAT)		 56 42 48 40 49 64 55 57 57 - 28
NOPAT Margin		 34.96% 27.14% 31.19% 24.97% 31.54% 36.33% 34.52% 34.59% 34.17% - 17.92%
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		 47.79% 54.11% 52.00% 46.53% 50.11% 44.27% 47.71% 47.11% 48.41% - 60.05%
Operating Expenses to Revenue		 58.21% 69.07% 63.07% 57.17% 60.67% 54.37% 57.95% 56.96% 58.12% - 79.64%
Earnings before Interest and Taxes (EBIT)		 65 47 55 44 56 77 63 65 65 - 27
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 68 50 58 47 60 93 71 73 73 - 36
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.77 0.96 0.93 0.89 0.96 1.03 1.03 0.96 0.91 - 0.93
Price to Tangible Book Value (P/TBV)		 1.20 1.44 1.40 1.34 1.41 1.51 1.50 1.40 1.31 - 1.35
Price to Revenue (P/Rev)		 2.39 3.28 3.22 3.09 3.48 3.62 3.62 3.40 3.26 - 3.72
Price to Earnings (P/E)		 6.37 9.62 9.96 10.55 12.25 11.73 11.44 9.98 9.41 - 12.47
Dividend Yield		 4.95% 3.76% 3.94% 4.12% 3.71% 3.48% 3.46% 3.68% 3.77% - 3.72%
Earnings Yield		 15.70% 10.39% 10.05% 9.48% 8.16% 8.53% 8.74% 10.02% 10.63% - 8.02%
Enterprise Value to Invested Capital (EV/IC)		 0.70 0.81 0.79 0.84 0.84 0.90 0.90 0.88 0.86 - 0.89
Enterprise Value to Revenue (EV/Rev)		 3.25 4.06 3.81 4.32 4.49 4.70 4.80 4.61 4.38 - 5.58
Enterprise Value to EBITDA (EV/EBITDA)		 7.06 9.74 9.68 12.20 13.02 11.75 11.53 10.19 9.42 - 14.52
Enterprise Value to EBIT (EV/EBIT)		 7.34 10.18 10.16 12.93 13.90 13.11 13.04 11.59 10.82 - 16.51
Enterprise Value to NOPAT (EV/NOPAT)		 8.61 11.80 11.67 14.61 15.65 15.08 15.00 13.42 12.53 - 18.52
Enterprise Value to Operating Cash Flow (EV/OCF)		 6.52 10.20 10.54 10.19 10.63 11.41 11.64 11.66 10.81 - 13.12
Enterprise Value to Free Cash Flow (EV/FCFF)		 69.87 21.21 6.10 22.68 0.00 26.66 0.00 73.99 14.93 - 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.49 0.46 0.39 0.46 0.46 0.46 0.50 0.46 0.41 - 0.55
Long-Term Debt to Equity		 0.42 0.32 0.28 0.42 0.40 0.36 0.44 0.41 0.35 - 0.52
Financial Leverage		 0.50 0.51 0.46 0.47 0.47 0.46 0.44 0.46 0.43 - 0.53
Leverage Ratio		 8.93 8.50 8.40 8.32 8.27 8.07 8.07 8.09 7.88 - 7.89
Compound Leverage Factor		 8.93 8.50 8.40 8.32 8.27 8.07 8.07 8.09 7.88 - 7.89
Debt to Total Capital		 32.87% 31.40% 27.92% 31.70% 31.34% 31.48% 33.18% 31.43% 28.86% - 35.56%
Short-Term Debt to Total Capital		 4.89% 9.64% 8.06% 3.10% 3.72% 7.03% 3.52% 3.35% 3.60% - 2.16%
Long-Term Debt to Total Capital		 27.98% 21.76% 19.85% 28.60% 27.62% 24.45% 29.66% 28.08% 25.25% - 33.41%
Preferred Equity to Total Capital		 0.81% 0.77% 0.81% 0.78% 0.75% 0.75% 0.72% 0.73% 0.74% - 0.61%
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		 66.33% 67.83% 71.27% 67.53% 67.91% 67.77% 66.10% 67.84% 70.40% - 63.83%
Debt to EBITDA		 3.33 3.80 3.44 4.59 4.87 4.10 4.26 3.62 3.15 - 5.82
Net Debt to EBITDA		 1.79 1.77 1.40 3.37 2.82 2.60 2.73 2.59 2.33 - 4.74
Long-Term Debt to EBITDA		 2.84 2.63 2.45 4.14 4.29 3.18 3.81 3.23 2.76 - 5.46
Debt to NOPAT		 4.06 4.60 4.15 5.50 5.85 5.26 5.55 4.77 4.19 - 7.42
Net Debt to NOPAT		 2.19 2.15 1.69 4.03 3.38 3.34 3.55 3.42 3.09 - 6.04
Long-Term Debt to NOPAT		 3.46 3.19 2.95 4.96 5.16 4.08 4.96 4.26 3.67 - 6.97
Noncontrolling Interest Sharing Ratio		 1.26% 1.17% 1.16% 1.15% 1.14% 1.10% 1.10% 1.10% 1.07% - 1.00%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -165 -57 238 -27 -187 -23 -348 -128 19 - -629
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		 -1.72 -0.53 2.19 -0.25 -1.70 -0.23 -3.78 -1.32 0.19 - -6.47
Operating Cash Flow to Interest Expense		 0.84 0.61 0.54 0.58 0.70 0.67 0.67 0.55 0.86 - 0.60
Operating Cash Flow Less CapEx to Interest Expense		 0.84 0.61 0.54 0.58 0.70 0.67 0.67 0.55 0.86 - 0.60
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.04 0.04 0.03 0.03 0.03 0.04 0.04 0.04 0.04 - 0.03
Fixed Asset Turnover		 5.37 5.19 5.11 5.10 4.78 4.91 5.00 5.14 5.31 - 4.80
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 3,117 3,276 3,086 3,239 3,353 3,364 3,490 3,424 3,391 - 4,148
Invested Capital Turnover		 0.22 0.20 0.20 0.20 0.19 0.19 0.20 0.20 0.20 - 0.17
Increase / (Decrease) in Invested Capital		 221 99 -190 66 236 87 404 185 37 - 657
Enterprise Value (EV)		 2,170 2,640 2,424 2,728 2,809 3,038 3,133 3,029 2,923 - 3,682
Market Capitalization		 1,594 2,135 2,049 1,950 2,176 2,340 2,367 2,233 2,177 - 2,455
Book Value per Share		 $34.62 $37.14 $37.07 $37.34 $38.92 $38.86 $39.41 $39.84 $41.35 - $41.76
Tangible Book Value per Share		 $22.21 $24.79 $24.65 $24.78 $26.38 $26.38 $26.94 $27.34 $28.75 - $28.76
Total Capital		 3,117 3,276 3,086 3,239 3,353 3,364 3,490 3,424 3,391 - 4,148
Total Debt		 1,025 1,029 862 1,027 1,051 1,059 1,158 1,076 978 - 1,475
Total Long-Term Debt		 872 713 613 926 926 823 1,035 961 856 - 1,386
Net Debt		 551 480 351 753 607 672 740 771 722 - 1,202
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)		 1,025 1,029 862 1,027 1,051 1,059 1,158 1,076 978 - 1,475
Total Depreciation and Amortization (D&A)		 2.87 3.05 3.19 3.49 3.92 16 7.84 7.87 8.01 - 9.00
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.95 $0.70 $0.80 $0.68 $0.84 $1.10 $0.95 $0.98 $0.98 $0.99 $0.46
Adjusted Weighted Average Basic Shares Outstanding		 59.85M 59.34M 58.59M 58.51M 58.67M 58.54M 58.31M 57.73M 57.83M 63.39M 63.02M
Adjusted Diluted Earnings per Share		 $0.94 $0.70 $0.80 $0.68 $0.84 $1.09 $0.94 $0.98 $0.98 $0.98 $0.45
Adjusted Weighted Average Diluted Shares Outstanding		 59.50M 59.49M 59.27M 58.33M 58.29M 58.53M 58.24M 57.77M 57.45M 57.73M 61.01M
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		 59.85M 59.34M 58.59M 58.51M 58.67M 58.54M 58.31M 57.73M 57.83M 63.39M 63.02M
Normalized Net Operating Profit after Tax (NOPAT)		 56 42 48 40 49 64 55 57 57 - 19
Normalized NOPAT Margin		 34.96% 27.14% 31.19% 24.97% 31.54% 36.33% 34.52% 34.59% 34.17% - 12.07%
Pre Tax Income Margin		 40.55% 29.97% 35.63% 27.51% 36.13% 43.26% 39.43% 39.63% 39.29% - 17.24%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.68 0.44 0.50 0.41 0.51 0.76 0.69 0.67 0.64 - 0.28
NOPAT to Interest Expense		 0.59 0.40 0.44 0.37 0.45 0.64 0.60 0.59 0.56 - 0.29
EBIT Less CapEx to Interest Expense		 0.68 0.44 0.50 0.41 0.51 0.76 0.69 0.67 0.64 - 0.28
NOPAT Less CapEx to Interest Expense		 0.59 0.40 0.44 0.37 0.45 0.64 0.60 0.59 0.56 - 0.29
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 31.99% 36.61% 39.97% 44.55% 46.44% 41.46% 40.15% 37.29% 36.20% - 43.82%
Augmented Payout Ratio		 31.99% 36.61% 54.41% 71.31% 74.26% 69.35% 56.48% 53.33% 54.50% - 75.96%

Financials Breakdown Chart

Key Financial Trends

First Merchants (NASDAQ: FRME) delivered a solid start to 2026, with first-quarter earnings holding up well despite a noticeable slowdown in deposit balances and some pressure on liquidity-related items. Over the last several years, the company has shown a generally resilient banking profile, with strong net interest income, consistent profitability, and stable dividend coverage, but it has also faced rising balance sheet volatility and a heavier reliance on wholesale funding at times.

In Q1 2026, FRME reported net income attributable to common shareholders of $27.7 million, or $0.46 per diluted share, down from $56.6 million and $0.98 per diluted share in Q4 2025. That quarter-over-quarter decline was driven by lower non-interest income and a much smaller contribution from gains on investments, while expenses and credit costs remained meaningful. Even so, the company still produced $58.6 million in operating cash flow, which shows the core business remains cash-generative.

The balance sheet remains sizeable at $21.1 billion in assets, with $15.0 billion in net loans and $2.67 billion in equity. Compared with the prior year, FRME has grown loans and improved earnings power, but the trend in deposits and funding mix deserves attention. Deposit balances fell sharply in Q1 2026, even though the company still maintained a strong operating franchise.

  • Net interest income remained strong at $151.3 million in Q1 2026, up from $139.1 million in Q4 2025 and above prior-year levels, showing that the core banking spread business is still generating healthy income.
  • Operating cash flow was solid at $58.6 million, indicating that reported earnings are translating into real cash generation.
  • Loan growth has been durable, with net loans rising to $15.0 billion in Q1 2026 from $12.8 billion in Q1 2025, supporting revenue growth.
  • Common equity improved to $2.65 billion, up from $2.31 billion a year earlier, giving the bank a sturdier capital base.
  • EPS remains healthy despite the quarter-to-quarter drop, and the company continued to cover its dividend, which was $0.36 per share in Q1 2026.
  • Provision expense was manageable at $4.9 million in Q1 2026, suggesting credit losses are not yet becoming an acute problem, though they remain a recurring expense.
  • Non-interest income was modest at $5.8 million in Q1 2026, indicating that earnings still rely heavily on spread income rather than fee-driven diversification.
  • Goodwill and intangible assets remain sizable, which is common after banking acquisitions but can weigh on tangible book value and flexibility.
  • Deposits dropped sharply in Q1 2026, with the company reporting a net decrease in deposits of $499.4 million, a key watch item for funding stability.
  • Non-interest income weakened meaningfully versus Q4 2025, when FRME benefited from stronger capital gains and other fee-related items.

Looking at the broader multi-year trend, FRME’s earnings power improved meaningfully from 2023 into 2024 and remained relatively strong through 2025 and early 2026. In 2023, quarterly diluted EPS was generally around the $0.84 to $1.07 range; by 2024 and 2025, the company was often printing roughly $0.68 to $1.19 depending on the quarter, reflecting a stronger rate and spread environment along with generally stable operating performance.

One encouraging long-term sign is that net income has stayed consistently positive across the periods provided, and FRME has continued to generate enough cash to fund dividends, absorb provisions, and support share repurchases. At the same time, the balance sheet has seen some swings in deposits, borrowings, and securities, which is typical for banks but still worth monitoring. If deposit trends stabilize and credit quality remains contained, FRME appears positioned to continue producing respectable earnings and cash flow.

Bottom line: First Merchants still looks like a profitable, cash-generative regional bank with a manageable credit profile and a solid dividend, but investors should pay close attention to deposit trends and the mix of funding sources. The latest quarter was good overall, though not as strong as the prior quarter, and the key question now is whether earnings can stay steady while deposit pressure eases.

06/03/26 11:30 AM ETAI Generated. May Contain Errors.

First Merchants Financials - Frequently Asked Questions

According to the most recent income statement we have on file, First Merchants' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

First Merchants' net income appears to be on an upward trend, with a most recent value of $226.00 million in 2025, rising from $65.38 million in 2015. The previous period was $201.40 million in 2024. See where experts think First Merchants is headed by visiting First Merchants' forecast page.

Over the last 10 years, First Merchants' total revenue changed from $266.27 million in 2015 to $662.95 million in 2025, a change of 149.0%.

First Merchants' total liabilities were at $16.56 billion at the end of 2025, a 3.4% increase from 2024, and a 180.2% increase since 2015.

In the past 10 years, First Merchants' cash and equivalents has ranged from $84.16 million in 2025 to $192.90 million in 2020, and is currently $84.16 million as of their latest financial filing in 2025.


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Financial statements for NASDAQ:FRME last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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