First Merchants (FRME)
Market Price (5/30/2026): $40.32 | Market Cap: $2.4 BilSector: Financials | Industry: Regional Banks
First Merchants (FRME)
Market Price (5/30/2026): $40.32Market Cap: $2.4 BilSector: FinancialsIndustry: Regional Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 3.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.4%, FCF Yield is 11% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 43%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 43% Low stock price volatilityVol 12M is 24% Capital ratio is >2x the minimum of 6%Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 12% Uninsured deposits are lowUninsured Deposits Ratio %Fraction of deposits that exceed the insurance deposit thresholds. For example, the FDIC protects deposits up to $250K. A high uninsured deposits ratio indicates large accounts and greater potential exposure to bank run risk. is 26% Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, Digital Payments, and Wealth Management Technology. | Trading close to highsDist 52W High is -4.4% Weak multi-year price returns2Y Excs Rtn is -13%, 3Y Excs Rtn is -18% | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.4%, Rev Chg QQuarterly Revenue Change % is -2.0% Key risksFRME key risks include [1] flat revenue growth and net interest margin compression, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 3.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.4%, FCF Yield is 11% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 43%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 43% |
| Low stock price volatilityVol 12M is 24% |
| Capital ratio is >2x the minimum of 6%Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 12% |
| Uninsured deposits are lowUninsured Deposits Ratio %Fraction of deposits that exceed the insurance deposit thresholds. For example, the FDIC protects deposits up to $250K. A high uninsured deposits ratio indicates large accounts and greater potential exposure to bank run risk. is 26% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, Digital Payments, and Wealth Management Technology. |
| Trading close to highsDist 52W High is -4.4% |
| Weak multi-year price returns2Y Excs Rtn is -13%, 3Y Excs Rtn is -18% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.4%, Rev Chg QQuarterly Revenue Change % is -2.0% |
| Key risksFRME key risks include [1] flat revenue growth and net interest margin compression, Show more. |
Qualitative Assessment
AI Analysis | Feedback
First Merchants (FRME) stock has remained largely at the same level since 1/31/2026 because of the following key factors:
1. Successful Acquisition and Enhanced Scale.
First Merchants completed its acquisition of First Savings Financial Group, Inc. on February 1, 2026, which added $2.4 billion in assets, $1.8 billion in loans, and $1.7 billion in deposits. This strategic expansion strengthened the company's presence across Indiana, Ohio, and Michigan.
2. Strong Adjusted Earnings Performance.
The company reported adjusted diluted earnings per share (EPS) of $1.03 for the first quarter of 2026, surpassing analyst consensus estimates of $0.9454 or $0.95. This represented a 9.6% increase compared to the prior-year period and indicated solid core profitability despite reported net income being impacted by $17.0 million in acquisition costs and a $29.8 million mark-to-market loss on mortgage loans.
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Stock Movement Drivers
Fundamental Drivers
The 2.3% change in FRME stock from 1/31/2026 to 5/29/2026 was primarily driven by a 26.9% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 5292026 | Change |
|---|---|---|---|
| Stock Price ($) | 39.39 | 40.30 | 2.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 648 | 660 | 1.8% |
| Net Income Margin (%) | 36.0% | 30.1% | -16.3% |
| P/E Multiple | 9.7 | 12.3 | 26.9% |
| Shares Outstanding (Mil) | 57 | 61 | -5.4% |
| Cumulative Contribution | 2.3% |
Market Drivers
1/31/2026 to 5/29/2026| Return | Correlation | |
|---|---|---|
| FRME | 2.3% | |
| Market (SPY) | 9.6% | 46.5% |
| Sector (XLF) | -3.0% | 65.3% |
Fundamental Drivers
The 15.8% change in FRME stock from 10/31/2025 to 5/29/2026 was primarily driven by a 43.6% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 5292026 | Change |
|---|---|---|---|
| Stock Price ($) | 34.81 | 40.30 | 15.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 648 | 660 | 1.8% |
| Net Income Margin (%) | 36.0% | 30.1% | -16.3% |
| P/E Multiple | 8.6 | 12.3 | 43.6% |
| Shares Outstanding (Mil) | 57 | 61 | -5.4% |
| Cumulative Contribution | 15.8% |
Market Drivers
10/31/2025 to 5/29/2026| Return | Correlation | |
|---|---|---|
| FRME | 15.8% | |
| Market (SPY) | 11.5% | 38.2% |
| Sector (XLF) | -0.7% | 60.7% |
Fundamental Drivers
The 17.4% change in FRME stock from 4/30/2025 to 5/29/2026 was primarily driven by a 24.9% change in the company's P/E Multiple.| (LTM values as of) | 4302025 | 5292026 | Change |
|---|---|---|---|
| Stock Price ($) | 34.33 | 40.30 | 17.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 627 | 660 | 5.3% |
| Net Income Margin (%) | 32.1% | 30.1% | -6.2% |
| P/E Multiple | 9.9 | 12.3 | 24.9% |
| Shares Outstanding (Mil) | 58 | 61 | -4.8% |
| Cumulative Contribution | 17.4% |
Market Drivers
4/30/2025 to 5/29/2026| Return | Correlation | |
|---|---|---|
| FRME | 17.4% | |
| Market (SPY) | 38.0% | 47.5% |
| Sector (XLF) | 7.4% | 65.3% |
Fundamental Drivers
The 55.7% change in FRME stock from 4/30/2023 to 5/29/2026 was primarily driven by a 78.5% change in the company's P/E Multiple.| (LTM values as of) | 4302023 | 5292026 | Change |
|---|---|---|---|
| Stock Price ($) | 25.88 | 40.30 | 55.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 628 | 660 | 5.0% |
| Net Income Margin (%) | 35.4% | 30.1% | -14.8% |
| P/E Multiple | 6.9 | 12.3 | 78.5% |
| Shares Outstanding (Mil) | 59 | 61 | -2.6% |
| Cumulative Contribution | 55.7% |
Market Drivers
4/30/2023 to 5/29/2026| Return | Correlation | |
|---|---|---|
| FRME | 55.7% | |
| Market (SPY) | 89.0% | 45.9% |
| Sector (XLF) | 63.2% | 66.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FRME Return | 15% | 1% | -6% | 12% | -3% | 9% | 30% |
| Peers Return | 29% | -28% | 25% | 8% | 29% | 0% | 63% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| FRME Win Rate | 58% | 42% | 42% | 33% | 50% | 80% | |
| Peers Win Rate | 44% | 50% | 56% | 50% | 65% | 49% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| FRME Max Drawdown | -23% | -23% | -42% | -15% | -24% | -14% | |
| Peers Max Drawdown | -22% | -39% | -36% | -25% | -24% | -23% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NEWT, ATLO, AGBK, NU, FITB.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/29/2026 (YTD)
How Low Can It Go
| Event | FRME | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -15.2% | -9.5% |
| % Gain to Breakeven | 17.9% | 10.5% |
| Time to Breakeven | 21 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -40.8% | -6.7% |
| % Gain to Breakeven | 69.0% | 7.1% |
| Time to Breakeven | 439 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -17.7% | -24.5% |
| % Gain to Breakeven | 21.4% | 32.4% |
| Time to Breakeven | 28 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.9% | -33.7% |
| % Gain to Breakeven | 75.2% | 50.9% |
| Time to Breakeven | 287 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -27.9% | -19.2% |
| % Gain to Breakeven | 38.8% | 23.8% |
| Time to Breakeven | 777 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -17.6% | -12.2% |
| % Gain to Breakeven | 21.4% | 13.9% |
| Time to Breakeven | 120 days | 62 days |
In The Past
First Merchants's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
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| Event | FRME | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -40.8% | -6.7% |
| % Gain to Breakeven | 69.0% | 7.1% |
| Time to Breakeven | 439 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.9% | -33.7% |
| % Gain to Breakeven | 75.2% | 50.9% |
| Time to Breakeven | 287 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -27.9% | -19.2% |
| % Gain to Breakeven | 38.8% | 23.8% |
| Time to Breakeven | 777 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -25.3% | -17.9% |
| % Gain to Breakeven | 33.9% | 21.8% |
| Time to Breakeven | 139 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -65.2% | -53.4% |
| % Gain to Breakeven | 187.6% | 114.4% |
| Time to Breakeven | 1726 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -24.1% | -8.6% |
| % Gain to Breakeven | 31.8% | 9.5% |
| Time to Breakeven | 175 days | 47 days |
In The Past
First Merchants's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About First Merchants (FRME)
AI Analysis | Feedback
Here are 1-3 brief analogies to describe First Merchants (FRME):
- A Midwest version of a major regional bank like PNC.
- Like a smaller, regional Wells Fargo, concentrated in Indiana, Illinois, Ohio, and Michigan.
AI Analysis | Feedback
- Deposit Accounts: The bank accepts various types of deposits, including time, savings, and demand deposits from individuals and businesses.
- Lending Services: First Merchants provides a range of loans, including consumer, commercial, agri-business, real estate mortgage, and public finance loans.
- Trust Services: The company offers personal and corporate trust services, managing assets and financial affairs for individuals and businesses.
- Wealth Management & Brokerage Services: This includes private wealth management for high-net-worth clients and brokerage services for investment activities.
- Corporate Banking Services: The bank provides specialized services for businesses such as letters of credit, repurchase agreements, and other corporate financial solutions.
AI Analysis | Feedback
First Merchants (FRME) is a community bank that provides a wide range of financial services. As a bank, it serves a diverse customer base rather than having a few major customers. Its services are primarily offered to the following categories of customers:
- Individuals and Consumers: This category includes everyday consumers seeking services such as checking and savings accounts, consumer loans, and residential mortgage loans. It also encompasses individuals seeking personal trust services and private wealth management.
- Businesses and Commercial Clients: This category includes small to medium-sized businesses and agricultural enterprises that utilize commercial loans, agri-business loans, corporate trust services, letters of credit, and other corporate banking solutions.
- Public Entities and Governmental Organizations: The company offers public finance services, catering to the financial needs of municipalities, local governments, and other public sector clients.
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Mark K. Hardwick, Chief Executive Officer
Mark K. Hardwick currently serves as the Chief Executive Officer of First Merchants Corporation and First Merchants Bank, a position he assumed in 2021. He joined First Merchants in November 1997 as corporate controller and was promoted to Chief Financial Officer in April 2002. In June 2007, Hardwick took on leadership responsibilities for operations, technology, and risk management, and in 2016, his title expanded to Chief Operating Officer, overseeing finance, operations, technology, risk, legal, and facilities. Prior to joining First Merchants, he was a senior accountant with BKD, LLP in Indianapolis.
Michele M. Kawiecki, Executive Vice President and Chief Financial Officer
Michele M. Kawiecki serves as Executive Vice President and Chief Financial Officer for First Merchants Corporation and First Merchants Bank, a role she was promoted to in 2021. She began her career with First Merchants in March 2015 as Director of Finance, assuming responsibilities for facilities in 2017. Before joining First Merchants, Kawiecki spent 11 years with UMB Financial Corporation in Kansas City, Missouri, where her roles included Senior Vice President of Capital Management and Assistant Treasurer, Director of Corporate Development and the Enterprise Project Management Office, and Chief Risk Officer. Earlier in her career, she worked as an Audit Manager for PriceWaterhouseCoopers LLP.
Michael J. Stewart, President
Michael J. Stewart is the President of First Merchants Corporation and First Merchants Bank. He joined First Merchants in 2008 and is responsible for leading revenue-generating activities. Prior to his tenure at First Merchants, Stewart held executive roles with National City Bank in Indiana.
Michael Joyce, President, Private Wealth Advisors
Michael Joyce joined First Merchants in 2011, establishing the company's business banking line as its Director of Business Banking, before moving into his current role as President of Private Wealth Advisors in early 2014. Before his time at First Merchants, Michael was Executive Vice President of Retail Banking for PNC in Indiana, and he held executive leadership positions in Wealth Management, Retail, and Business Banking with PNC/National City and Morgan Stanley. He also commented on the merger between First Merchants and Hoosier Trust Company in 2021.
John J. Martin, Executive Vice President and Chief Credit Officer
John J. Martin is the Executive Vice President and Chief Credit Officer of First Merchants Corporation.
AI Analysis | Feedback
The key risks to First Merchants Corporation (FRME) include its sensitivity to interest rate fluctuations and broader economic conditions, the intense competition within the banking industry, and the inherent credit risk associated with its loan portfolio.
- Interest Rate Sensitivities and Economic Fluctuations: As a financial institution, First Merchants' profitability is highly susceptible to changes in interest rates. Fluctuations in interest rates directly impact the company's net interest margin, affecting its earnings. Furthermore, the banking industry is inherently linked to the overall economic environment. Economic downturns, market volatility, or unfavorable macroeconomic conditions can negatively affect loan quality and the demand for banking services.
- Competitive Market Landscape: First Merchants operates in a highly competitive banking environment, contending with national, regional, and internet banks, as well as emerging fintech companies. Larger institutions with greater financial resources may offer a broader range of products and services or more competitive pricing, which can challenge First Merchants' ability to attract and retain customers and maintain its market position.
- Credit Risk and Loan Quality: First Merchants is exposed to credit risk, which includes concerns about the quality of its loans. Economic cyclicality and recent acquisitions have brought renewed attention to regional banks' credit risk. There is always a risk that the company's allowances for credit losses may not be sufficient to cover actual losses, and its underwriting practices may not entirely prevent losses within its loan portfolio.
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The clear emerging threats to First Merchants (FRME) are:
- The proliferation and increasing market penetration of digital-only banks (neobanks), which offer banking services entirely online or via mobile apps, often with lower fees and more competitive interest rates, directly challenging traditional banks' deposit base and basic lending services.
- The growth of specialized financial technology (fintech) companies that disintermediate traditional banks by focusing on specific services such as online lending (e.g., mortgages, consumer loans) or automated wealth management (robo-advisors), often providing more streamlined, technologically advanced, and potentially lower-cost alternatives.
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First Merchants (FRME) is expected to drive future revenue growth over the next 2-3 years through several key strategies: * Continued Loan Growth Across Segments: First Merchants anticipates robust loan growth, with a forecast of 6-8% in 2026. This growth is expected to be fueled by both its commercial segment, including capital expenditure financing, increased usage of revolvers, merger and acquisition financing, and new business conversion, as well as its consumer segment, driven by residential mortgages, home equity lines of credit (HELOC), and private banking relationships. * Strategic Expansion through Acquisitions: The completed acquisition of First Savings Group, which closed around early February 2026, is a significant driver. This acquisition expands First Merchants' market presence into Southern Indiana and the Louisville metropolitan statistical area (MSA), adding approximately $2.4 billion in assets and is expected to generate substantial cost savings and contribute to future growth. * Growth in Non-Interest Income: The company projects non-interest income to increase by 10% in 2026. This growth is expected from various sources such as gains on the sales of loans, treasury management fees, derivative hedge fees, card payment fees, and fees from wealth management and mortgage services. * Disciplined Net Interest Margin (NIM) Management: While acknowledging potential margin compression, First Merchants aims to maintain its efficiency ratio below 55% and has demonstrated success in increasing net interest income through disciplined pricing strategies for loans and deposits. The company has focused on achieving higher yields on new and renewed loans, contributing to net interest margin stability and expansion.AI Analysis | Feedback
Capital Allocation Decisions (2021-2025)
Share Repurchases
- First Merchants Corporation authorized a new stock repurchase program on March 18, 2025, allowing for the repurchase of up to 2,927,000 shares, with an aggregate investment limit of $100 million. This program replaced a previous one from January 2021.
- In 2025, the company repurchased 1.2 million shares of its common stock, amounting to $46.9 million.
- As of December 31, 2025, approximately 1.7 million shares remained available for repurchase under the authorization.
Share Issuance
- First Merchants Corporation anticipated issuing approximately 6.1 million shares of its common stock to complete the acquisition of First Savings Financial Group, Inc., which became effective on February 1, 2026. Each share of First Savings common stock was converted into 0.85 share of First Merchants common stock.
Outbound Investments
- First Merchants completed the acquisition of First Savings Financial Group, Inc. on February 1, 2026. This acquisition added approximately $2.4 billion in assets, $1.9 billion in loans, and $1.7 billion in deposits, expanding First Merchants' presence in Southern Indiana and the Louisville MSA.
- In December 2024, First Merchants sold five of its Illinois branches, which included $267.4 million in deposits, to Old Second National Bank.
Latest Trefis Analyses
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| 03272026 | JKHY | Jack Henry & Associates | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.3% | 0.3% | -4.0% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 21.31 |
| Mkt Cap | 1.7 |
| Rev LTM | 3,260 |
| Op Inc LTM | - |
| FCF LTM | 208 |
| FCF 3Y Avg | 260 |
| CFO LTM | 312 |
| CFO 3Y Avg | 260 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 13.9% |
| Rev Chg 3Y Avg | 5.4% |
| Rev Chg Q | 17.8% |
| QoQ Delta Rev Chg LTM | 4.1% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 16.5% |
| CFO/Rev 3Y Avg | 31.4% |
| FCF/Rev LTM | 11.2% |
| FCF/Rev 3Y Avg | 28.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 1.7 |
| P/S | 3.7 |
| P/Op Inc | - |
| P/EBIT | - |
| P/E | 12.1 |
| P/CFO | 10.0 |
| Total Yield | 11.5% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 9.0% |
| D/E | 0.5 |
| Net D/E | -0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 0.7% |
| 3M Rtn | 3.0% |
| 6M Rtn | 14.2% |
| 12M Rtn | 21.9% |
| 3Y Rtn | 74.0% |
| 1M Excs Rtn | -5.5% |
| 3M Excs Rtn | -7.2% |
| 6M Excs Rtn | 1.9% |
| 12M Excs Rtn | -4.8% |
| 3Y Excs Rtn | -9.5% |
Price Behavior
| Market Price | $40.30 | |
| Market Cap ($ Bil) | 2.3 | |
| First Trading Date | 02/25/1992 | |
| Distance from 52W High | -4.4% | |
| 50 Days | 200 Days | |
| DMA Price | $39.82 | $38.41 |
| DMA Trend | indeterminate | indeterminate |
| Distance from DMA | 1.2% | 4.9% |
| 3M | 1YR | |
| Volatility | 19.0% | 24.4% |
| Downside Capture | 83.74 | 92.33 |
| Upside Capture | 67.37 | 75.60 |
| Correlation (SPY) | 48.5% | 42.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.81 | 0.62 | 0.66 | 0.64 | 0.95 | 0.93 |
| Up Beta | 0.51 | 0.57 | 0.48 | 0.74 | 1.18 | 0.92 |
| Down Beta | 2.85 | 0.34 | 0.73 | 0.45 | 0.82 | 0.91 |
| Up Capture | 72% | 72% | 81% | 78% | 77% | 80% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 14 | 23 | 34 | 66 | 126 | 370 |
| Down Capture | 342% | 70% | 63% | 58% | 96% | 99% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 8 | 20 | 30 | 59 | 125 | 382 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FRME | |
|---|---|---|---|---|
| FRME | 11.4% | 24.3% | 0.39 | - |
| Sector ETF (XLF) | 3.5% | 14.4% | 0.02 | 62.6% |
| Equity (SPY) | 30.3% | 11.8% | 1.94 | 42.2% |
| Gold (GLD) | 37.5% | 26.7% | 1.17 | -3.5% |
| Commodities (DBC) | 39.6% | 18.8% | 1.63 | -21.8% |
| Real Estate (VNQ) | 12.5% | 13.1% | 0.64 | 42.3% |
| Bitcoin (BTCUSD) | -31.8% | 41.6% | -0.81 | 19.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FRME | |
|---|---|---|---|---|
| FRME | 0.5% | 30.0% | 0.05 | - |
| Sector ETF (XLF) | 8.4% | 18.6% | 0.34 | 66.7% |
| Equity (SPY) | 14.3% | 17.0% | 0.66 | 47.4% |
| Gold (GLD) | 18.8% | 18.0% | 0.85 | -2.1% |
| Commodities (DBC) | 10.2% | 19.4% | 0.41 | 7.9% |
| Real Estate (VNQ) | 3.4% | 18.8% | 0.08 | 47.4% |
| Bitcoin (BTCUSD) | 14.6% | 54.6% | 0.46 | 15.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FRME | |
|---|---|---|---|---|
| FRME | 8.3% | 32.8% | 0.32 | - |
| Sector ETF (XLF) | 12.8% | 22.1% | 0.53 | 72.2% |
| Equity (SPY) | 15.9% | 17.9% | 0.76 | 54.0% |
| Gold (GLD) | 13.3% | 16.0% | 0.69 | -7.0% |
| Commodities (DBC) | 7.3% | 17.9% | 0.33 | 17.1% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.24 | 48.5% |
| Bitcoin (BTCUSD) | 67.0% | 66.9% | 1.06 | 13.8% |
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Returns Analyses
Earnings Returns History
Updated 5/29/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/22/2026 | -1.7% | -1.4% | -0.3% |
| 1/26/2026 | 0.5% | 7.6% | 8.2% |
| 10/22/2025 | -0.5% | -2.6% | -3.6% |
| 7/23/2025 | -3.7% | -6.3% | -3.8% |
| 4/24/2025 | -1.1% | -3.5% | 2.0% |
| 1/30/2025 | 3.5% | 8.4% | 6.2% |
| 10/24/2024 | -3.6% | 1.0% | 16.2% |
| 7/25/2024 | 2.0% | 1.8% | -7.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 13 | 13 |
| # Negative | 15 | 11 | 11 |
| Median Positive | 2.0% | 3.5% | 6.2% |
| Median Negative | -1.8% | -3.1% | -5.1% |
| Max Positive | 4.5% | 10.0% | 33.1% |
| Max Negative | -6.1% | -6.5% | -9.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/24/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
Insider Activity
Updated 5/22/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Myers, Larry W | First Vice President | Direct | Sell | 5222026 | 40.54 | 0 | 16 | 4,449,306 | Form |
| 2 | Myers, Larry W | First Vice President | Direct | Sell | 2262026 | 41.50 | 5,000 | 207,500 | 4,543,876 | Form |
| 3 | Fluhler, Stephan | Chief Information Officer | Direct | Sell | 2122026 | 41.96 | 4,161 | 174,596 | 923,112 | Form |
| 4 | Scurlock, Eva D | Chief Risk Officer | Direct | Sell | 2092026 | 42.29 | 3,227 | 136,470 | 848,470 | Form |
| 5 | Fluhler, Stephan | Chief Information Officer | Direct | Sell | 11042025 | 35.55 | 5,689 | 202,244 | 986,604 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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