FIRST MERCHANTS CORP FRME
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 3.90 | 3.42 | 3.74 | 3.83 | 3.82 | 2.75 | 3.20 | 3.23 | 2.13 | 1.99 |
| EPS, diluted | 3.88 | 3.41 | 3.73 | 3.81 | 3.81 | 2.74 | 3.19 | 3.22 | 2.12 | 1.98 |
| Shares, diluted (wtd. avg.) | $57.7M | $58.5M | $59.5M | $58.0M | $54.0M | $54.2M | $51.6M | $49.5M | $45.4M | $41.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
Others in SIC 6021
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO | $953.33B | 17.9x | 2.8% |
| BAC | BANK OF AMERICA CORP /DE/ | $438.31B | 16.5x | 6.8% |
| WFC | WELLS FARGO & COMPANY/MN | $272.07B | 14.4x | -3.8% |
| C | CITIGROUP INC | $240.92B | 19.7x | 5.6% |
| COF | CAPITAL ONE FINANCIAL CORP | $136.66B | 54.5x | 36.3% |
| USB | US BANCORP \DE\ | $98.73B | 13.7x | 4.4% |
| PNC | PNC FINANCIAL SERVICES GROUP, INC. | $97.98B | 14.8x | 7.2% |
| TFC | TRUIST FINANCIAL CORP | $63.10B | 13.5x | -2.1% |