First Merchants (FRMEP) Financials

$25.70 +0.02 (+0.06%)

As of 10:32 AM 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	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

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

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

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

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

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

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%

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 Corporation (NASDAQ: FRME) has demonstrated steady financial performance over the last four years through its quarterly reports. Here is a summary of key financial trends and metrics based on the analysis of the quarterly Income Statements, Cash Flow Statements, and Balance Sheets from Q3 2022 through Q1 2025.

Consistent Net Income Growth: Net income attributable to common shareholders shows an overall upward trend, from around $63.3 million in Q3 2022 to approximately $54.9 million in Q1 2025 annually adjusted. Quarterly fluctuations reflect strong earnings resilience with Q1 2025 net income at $54.9 million, slightly down from Q4 2024 ($63.9 million) but comparatively stable.
Stable Earnings Per Share (EPS): Diluted EPS have been robust, generally ranging between $0.68 to $1.20 per quarter over the period. The latest Q1 2025 EPS was $0.94, showing the company’s ability to maintain earnings amid quarterly variations.
Strong Net Interest Income: Net interest income remains a significant revenue driver, consistently above $120 million per quarter, peaking at $144.1 million in Q1 2023. This indicates First Merchants’ solid footing in its core lending activities.
Growing Loan Portfolio: Loans and leases net of allowance steadily increased from about $11.4 billion in Q3 2022 to $13.0 billion by Q1 2025. This growth supports the firm’s interest income expansion potential.
Robust Cash Flows From Operations: Operating cash flows are strong, consistently in the range of $49 million to $87 million quarterly, illustrating solid cash generation capability which supports dividends and investments.
Dividend Stability: The quarterly cash dividend per share increased modestly from $0.32 in early 2023 to $0.35 as of Q1 2025, demonstrating commitment to shareholder returns.
Managed Provision for Credit Losses: Provisions have fluctuated from $0 in some quarters to as high as $24.5 million in Q2 2024, reflecting prudent risk management responsive to economic conditions.
Moderate Increase in Non-Interest Expenses: Salaries, employee benefits, and other operating expenses have generally increased modestly, reflecting inflation and growth but could pressure margins if not controlled.
Leverage and Debt Management: Long-term debt rose from about $795 million in Q3 2022 to approximately $1.04 billion in Q1 2025, funded by debt issuance and repayments. Total liabilities increased proportionally with assets, suggesting controlled leverage growth.
Decline in Non-Interest Income Contributions: Non-interest income has shown some volatility and slight decline in recent quarters, with net realized and unrealized capital gains declining from $8.3 million in Q1 2023 to $5.0 million in Q1 2025, potentially impacting diversified revenue streams.

Summary: First Merchants exhibits strong core banking operations with a growing loan portfolio, stable net interest income, and robust operational cash flow, supporting consistent profitability and dividend payouts. The company manages credit risk proactively, although provisions for loan losses have increased temporarily in response to economic conditions. Rising non-interest expenses and modest declines in capital gains may impact profitability if not monitored closely, but overall financial health appears solid with expanding equity and controlled leverage.

Retail investors may find First Merchants a relatively stable financial institution exhibiting balanced growth and prudent financial management, with a reasonable yield on dividends. Continued monitoring of credit provisions and expense control will be important to sustain earnings momentum.

09/16/25 12:43 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About First Merchants' Financials

When does First Merchants' fiscal year end?

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

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:FRMEP) was last updated on 9/16/2025 by MarketBeat.com Staff

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First Merchants (FRMEP) Financials

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First Merchants (FRMEP) Financials

Annual Income Statements for First Merchants

Quarterly Income Statements for First Merchants

Annual Cash Flow Statements for First Merchants

Quarterly Cash Flow Statements for First Merchants

Annual Balance Sheets for First Merchants

Quarterly Balance Sheets for First Merchants

Annual Metrics And Ratios for First Merchants

Quarterly Metrics And Ratios for First Merchants

Key Financial Trends

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