FIRST MERCHANTS CORP FRME

Financials SIC 6021 - National Commercial Banks NAICS Finance and Insurance › Credit Intermediation and Related Activities › Depository Credit Intermediation › Commercial Banking derived Nasdaq

First Merchants Corporation (the "Corporation") is a financial holding company headquartered in Muncie, Indiana and was organized in September 1982. The Corporation's common stock is traded on the Nasdaq Global Select Market System under the symbol FRME. The Corporation has one full-service bank charter, First Merchants Bank, which opened for business in Muncie, Indiana in March 1893. The Bank also operates First Merchants Private Wealth Advisors (a division of First Merchants Bank). The Bank includes 111 banking locations in Indiana, Ohio, and Michigan. In addition to its branch network, the Corporation offers comprehensive electronic and mobile delivery channels to its customers. The Corporation's business activities are currently limited to one significant business segment, which is community banking.

Last close 40.68 2026-10-23
Market cap $2.56B 2026-03-31 share count
52-week range 34.66 - 45.33

Valuation FY2025 figures against the last close

P/S2.8x
P/E10.5x
P/FCF9.0x
EV/EBITDA—
Dividend yield3.2%
Diluted EPS3.88

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $924.8M$948.0M$893.9M$605.0M$446.6M$448.5M$465.4M$407.9M$314.9M$253.3M
Interest expense $536.0M$521.1M$545.4M$520.2M$36.0M$66.4M$108.7M$69.1M$37.6M$26.8M
Pre-tax income $259.1M$231.7M$259.2M$255.7M$240.8M$170.0M$193.8M$188.1M$133.6M$108.7M
Income tax $33.1M$30.3M$35.4M$33.6M$35.3M$21.4M$29.3M$29.0M$37.5M$27.6M
Net income $226.0M$201.4M$223.8M$222.1M$205.5M$148.6M$164.5M$159.1M$96.1M$81.1M
EPS, basic 3.903.423.743.833.822.753.203.232.131.99
EPS, diluted 3.883.413.733.813.812.743.193.222.121.98
Shares, diluted (wtd. avg.) 57.7M58.5M59.5M58.0M54.0M54.2M51.6M49.5M45.4M41.0M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $84.2M$87.6M$112.6M$122.6M$167.1M$192.9M$177.2M$139.2M$154.9M$127.9M
Property, plant and equipment $121.1M$129.7M$133.9M$117.1M$105.7M$111.1M$113.1M$93.4M$95.9M$94.4M
Goodwill $712.0M$712.0M$712.0M$712.0M$545.4M$543.9M$543.9M$445.4M$445.4M$244.0M
Other intangibles $13.8M$19.8M$27.1M$35.8M$25.5M$29.0M$35.0M$24.4M$31.1M$14.9M
Total assets $19.03B$18.31B$18.41B$18.00B$15.45B$14.07B$12.46B$9.88B$9.37B$7.21B
Total liabilities $16.56B$16.01B$16.16B$15.97B$13.54B$12.19B$10.67B$8.48B$8.06B$6.31B
Retained earnings $1.41B$1.27B$1.15B$1.01B$864.8M$788.6M$696.5M$583.3M$465.2M$401.0M
Total equity $2.47B$2.30B$2.25B$2.03B$1.91B$1.88B$1.79B$1.41B$1.30B$901.7M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $283.6M$266.2M$258.8M$284.3M$215.3M$203.8M$176.7M$180.2M$126.5M$103.7M
Stock-based compensation $7.3M$5.8M$5.2M$4.7M$4.8M$4.6M$4.1M$3.6M$2.8M$2.6M
Investing cash flow -$773.8M-$252.4M-$344.4M-$462.7M-$1.48B-$1.55B-$1.01B-$575.6M-$635.3M-$448.7M
Financing cash flow $486.7M-$38.8M$75.6M$133.8M$1.24B$1.36B$867.6M$379.7M$535.8M$370.7M
Dividends paid $82.9M$81.6M$80.1M$72.7M$61.2M$56.5M$51.3M$41.7M$31.8M$22.2M
Buybacks $46.9M$56.2M$0$0$25.4M$55.9M$19.0M$0$0$2.0M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000712534-26-000022.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 250M 500M 750M 1B Revenue, FY2016: 253.3M Net income, FY2016: 81.1M Revenue, FY2017: 314.9M Net income, FY2017: 96.1M Revenue, FY2018: 407.9M Net income, FY2018: 159.1M Revenue, FY2019: 465.4M Net income, FY2019: 164.5M Revenue, FY2020: 448.5M Net income, FY2020: 148.6M Revenue, FY2021: 446.6M Net income, FY2021: 205.5M Revenue, FY2022: 605M Net income, FY2022: 222.1M Revenue, FY2023: 893.9M Net income, FY2023: 223.8M Revenue, FY2024: 948M Net income, FY2024: 201.4M Revenue, FY2025: 924.8M Net income, FY2025: 226M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $253.3M $314.9M $407.9M $465.4M $448.5M $446.6M $605.0M $893.9M $948.0M $924.8M
Gross profit — — — — — — — — — —
Net income $81.1M $96.1M $159.1M $164.5M $148.6M $205.5M $222.1M $223.8M $201.4M $226.0M

Recent filings and events

  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Other event Item 8.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Other event Item 8.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Officer or director change Item 5.02
  • Other event Item 8.01
  • Results announced Item 2.02
  • Other event Item 8.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Other event Item 8.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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