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    First Merchants (FRME)

    Market Price (7/26/2026): $43.15 | Market Cap: $2.6 BilSector: Financials | Industry: Regional Banks

    First Merchants (FRME)

    Market Price (7/26/2026): $43.15
    Market Cap: $2.6 Bil
    Sector: Financials
    Industry: Regional Banks

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 3.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.6%, FCF Yield is 11%

    Attractive cash flow generation
    CFO/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 volatility
    Vol 12M is 25%

    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 low
    Uninsured 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 drivers
    Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, Digital Payments, and Wealth Management Technology.

    Trading close to highs
    Dist 52W High is -4.5%, Dist 3Y High is -4.5%

    Weak multi-year price returns
    2Y Excs Rtn is -15%, 3Y Excs Rtn is -12%

    Weak revenue growth
    Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.4%, Rev Chg QQuarterly Revenue Change % is -2.0%

    Key risks
    FRME key risks include [1] flat revenue growth and net interest margin compression, Show more.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 3.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.6%, FCF Yield is 11%
    1 Attractive cash flow generation
    CFO/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%
    2 Low stock price volatility
    Vol 12M is 25%
    3 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%
    4 Uninsured deposits are low
    Uninsured 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%
    5 Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, Digital Payments, and Wealth Management Technology.
    6 Trading close to highs
    Dist 52W High is -4.5%, Dist 3Y High is -4.5%
    7 Weak multi-year price returns
    2Y Excs Rtn is -15%, 3Y Excs Rtn is -12%
    8 Weak revenue growth
    Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.4%, Rev Chg QQuarterly Revenue Change % is -2.0%
    9 Key risks
    FRME key risks include [1] flat revenue growth and net interest margin compression, Show more.

    FRME in ETFs

    Weight = FRME's share of each fund

    VTI0.00%
    ITOT0.00%
    IWM0.09%
    VIG0.01%
    VYM0.01%
    VB0.03%
    KRE0.53%
    IWN0.19%
    +10 more covered ETFs

    Valuation & Metrics

    FYE: 12/31FRME [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$659.8 Mil—
    FY 2026 Sales$809.0 Mil—
    FY 2027 Sales$852.2 Mil—
    FY 2026 Sales Growth22.6%—
    FY 2027 Sales Growth5.3%13.3%
    EARNINGS
    LTM Net Income (GAAP) [3]$198.8 Mil—
    FY 2026 Net Income (Non-GAAP)$209.0 Mil—
    FY 2027 Net Income (Non-GAAP)$268.2 Mil—
    FY 2027 Net Income Growth28.4%19.6%
    FY 2026 EPS (Non-GAAP)$3.61—
    FY 2027 EPS (Non-GAAP)$4.61—
    FY 2027 EPS Growth27.5%—
    VALUATION
    FY 2026 P/S3.21.6
    FY 2027 P/S3.1—
    FY 2026 P/E12.57.6
    FY 2027 P/E9.8—

    [1] FRME forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 7/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    FRMES&P 500
    REVENUE GROWTHVERY POOR
    Rev LTM ($ Bil)0.7
    Rev Chg Q-2.0%9.1%
    Rev Chg LTM4.2%7.8%
    Rev Chg 3Y Avg-0.4%5.9%
    PROFITABILITYVERY GOOD
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)0.3
    Net Inc LTM ($ Bil)0.2
    CFO/Rev LTM42.5%21.5%
    Net Inc Mgn30.1%13.0%
    VALUATIONLOW
    P/S4.03.3
    P/CFO9.315.1
    P/FCF9.319.9
    P/E13.224.2

    AI Analysis | Feedback

    MetricValueDateSource
    Number of Banking Center Locations11611072025Link
    Common Equity Tier 1 Capital Ratio11.34%9302025Link
    Nonperforming Assets to Total Assets36 basis points9302025Link
    Efficiency Ratio55.09%9302025Link
    Net Interest Margin3.24%9302025Link
    Tangible Book Value per Share$29.089302025Link
    Total Risk-Based Capital Ratio13.04%9302025Link
    Tangible Common Equity to Tangible Assets Ratio9.18%9302025Link
    Loan to Deposit Ratio91.6%9302025Link

    Price Chart

    Recent
    7/22/2026Earnings ReleaseRev: $202 Mil (A) vs. $202 Mil (E)
    EPS: 0.74 (A) vs. $1.02 (E)
    Upcoming
    10/28/2026Earnings ReleaseRev: $204 Mil (E)
    EPS: $1.05 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 7/22/2026

    First Merchants (FRME) stock has gained about 15% since 3/31/2026 because of the following key factors:

    1. First Merchants Corporation reported strong adjusted earnings per share (EPS) for fiscal Q1 2026, surpassing analyst expectations. The company announced an adjusted diluted EPS of $1.03, which beat the consensus estimate of $0.96 by $0.07, representing an 8.95% surprise. This performance for the quarter ending March 31, 2026, also marked a 9.6% year-over-year growth from $0.94 in fiscal Q1 2025. Although reported GAAP net income was impacted by one-time charges, including a $29.8 million mortgage loan valuation adjustment and $17.0 million in acquisition expenses, the underlying adjusted results highlighted core profitability.

    2. The company demonstrated consistent expansion in its net interest margin and robust loan and deposit growth throughout the period. First Merchants' net interest margin (FTE) improved to 3.35% in fiscal Q1 2026 and further increased to 3.38% in fiscal Q2 2026, a 3 basis point rise from the prior quarter and 13 basis points from fiscal Q2 2025. This margin expansion, coupled with significant growth in its balance sheet, contributed to increased net interest income, which rose to $151.3 million in Q1 2026 and $158.9 million in Q2 2026. In fiscal Q2 2026, the company reported loan growth of $221.7 million, or 5.8% annualized on a linked-quarter basis, and deposit growth of $267.8 million, or 6.5% annualized, further bolstering its financial position.

    Show more
    Updated on 7/22/2026

    First Merchants (FRME) stock has gained about 15% since 3/31/2026 because of the following key factors:

    1. First Merchants Corporation reported strong adjusted earnings per share (EPS) for fiscal Q1 2026, surpassing analyst expectations. The company announced an adjusted diluted EPS of $1.03, which beat the consensus estimate of $0.96 by $0.07, representing an 8.95% surprise. This performance for the quarter ending March 31, 2026, also marked a 9.6% year-over-year growth from $0.94 in fiscal Q1 2025. Although reported GAAP net income was impacted by one-time charges, including a $29.8 million mortgage loan valuation adjustment and $17.0 million in acquisition expenses, the underlying adjusted results highlighted core profitability.

    2. The company demonstrated consistent expansion in its net interest margin and robust loan and deposit growth throughout the period. First Merchants' net interest margin (FTE) improved to 3.35% in fiscal Q1 2026 and further increased to 3.38% in fiscal Q2 2026, a 3 basis point rise from the prior quarter and 13 basis points from fiscal Q2 2025. This margin expansion, coupled with significant growth in its balance sheet, contributed to increased net interest income, which rose to $151.3 million in Q1 2026 and $158.9 million in Q2 2026. In fiscal Q2 2026, the company reported loan growth of $221.7 million, or 5.8% annualized on a linked-quarter basis, and deposit growth of $267.8 million, or 6.5% annualized, further bolstering its financial position.

    3. First Merchants actively engaged in a share repurchase program, signaling confidence and returning capital to shareholders. The company repurchased 640,486 shares of common stock totaling $24.9 million in fiscal Q1 2026. This was followed by an additional repurchase of 336,145 shares totaling $13.4 million in fiscal Q2 2026, bringing the year-to-date total to 976,631 shares for $38.3 million. These strategic repurchases contribute to improved EPS and demonstrate management's commitment to enhancing shareholder value.

    4. Favorable macroeconomic conditions and strong performance within the regional banking sector provided a tailwind for First Merchants' stock. The broader regional banking sector was projected to report a substantial 17% year-over-year earnings growth in fiscal Q2 2026. This positive environment was driven by resilient consumer spending, strong business investment, and steady hiring, which collectively fueled consistent demand for commercial and personal credit in the first half of 2026. Additionally, elevated interest rates contributed to healthy lending margins across the financial sector, benefiting banks like First Merchants.

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    Stock Movement Drivers

    Fundamental Drivers

    The 12.5% change in FRME stock from 3/31/2026 to 7/25/2026 was primarily driven by a 36.0% change in the company's P/E Multiple.
    (LTM values as of)33120267252026Change
    Stock Price ($)38.3743.1812.5%
    Change Contribution By: 
    Total Revenues ($ Mil)663660-0.5%
    Net Income Margin (%)34.1%30.1%-11.6%
    P/E Multiple9.713.236.0%
    Shares Outstanding (Mil)5761-6.0%
    Cumulative Contribution12.5%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 7/25/2026
    ReturnCorrelation
    FRME12.5% 
    Market (SPY)13.6%21.3%
    Sector (XLF)14.1%50.4%

    Fundamental Drivers

    The 17.4% change in FRME stock from 12/31/2025 to 7/25/2026 was primarily driven by a 45.6% change in the company's P/E Multiple.
    (LTM values as of)123120257252026Change
    Stock Price ($)36.7943.1817.4%
    Change Contribution By: 
    Total Revenues ($ Mil)6486601.8%
    Net Income Margin (%)36.0%30.1%-16.3%
    P/E Multiple9.113.245.6%
    Shares Outstanding (Mil)5761-5.4%
    Cumulative Contribution17.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    12/31/2025 to 7/25/2026
    ReturnCorrelation
    FRME17.4% 
    Market (SPY)8.7%29.4%
    Sector (XLF)3.3%58.7%

    Fundamental Drivers

    The 17.0% change in FRME stock from 6/30/2025 to 7/25/2026 was primarily driven by a 28.7% change in the company's P/E Multiple.
    (LTM values as of)63020257252026Change
    Stock Price ($)36.9143.1817.0%
    Change Contribution By: 
    Total Revenues ($ Mil)6336604.2%
    Net Income Margin (%)33.0%30.1%-8.6%
    P/E Multiple10.213.228.7%
    Shares Outstanding (Mil)5861-4.5%
    Cumulative Contribution17.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2025 to 7/25/2026
    ReturnCorrelation
    FRME17.0% 
    Market (SPY)20.6%34.0%
    Sector (XLF)8.8%60.2%

    Fundamental Drivers

    The 71.8% change in FRME stock from 6/30/2023 to 7/25/2026 was primarily driven by a 110.6% change in the company's P/E Multiple.
    (LTM values as of)63020237252026Change
    Stock Price ($)25.1343.1871.8%
    Change Contribution By: 
    Total Revenues ($ Mil)669660-1.4%
    Net Income Margin (%)35.5%30.1%-15.1%
    P/E Multiple6.313.2110.6%
    Shares Outstanding (Mil)5961-2.5%
    Cumulative Contribution71.8%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2023 to 7/25/2026
    ReturnCorrelation
    FRME71.8% 
    Market (SPY)72.6%45.2%
    Sector (XLF)74.5%65.7%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    FRME Return15%1%-6%12%-3%14%36%
    Peers Return24%-6%-2%-8%44%18%80%
    S&P 500 Return27%-19%24%23%16%8%97%

    Monthly Win Rates [3]
    FRME Win Rate58%42%42%33%50%57% 
    Peers Win Rate44%53%47%42%72%63% 
    S&P 500 Win Rate75%42%67%75%67%43% 

    Max Drawdowns [4]
    FRME Max Drawdown-23%-23%-42%-15%-24%-14% 
    Peers Max Drawdown-16%-19%-34%-22%-17%-14% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: NEWT, ATLO, FCBM, HAPN, CBC.
    [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 7/24/2026 (YTD)

    How Low Can It Go

    EventFRMES&P 500
    2025 US Tariff Shock
      % Loss-22.8%-18.8%
      % Gain to Breakeven29.5%23.1%
      Time to Breakeven439 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-15.2%-9.5%
      % Gain to Breakeven17.9%10.5%
      Time to Breakeven21 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-40.8%-6.7%
      % Gain to Breakeven69.0%7.1%
      Time to Breakeven439 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-17.7%-24.5%
      % Gain to Breakeven21.4%32.4%
      Time to Breakeven28 days427 days
    2020 COVID-19 Crash
      % Loss-42.9%-33.7%
      % Gain to Breakeven75.2%50.9%
      Time to Breakeven287 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-27.9%-19.2%
      % Gain to Breakeven38.8%23.8%
      Time to Breakeven777 days105 days

    Compare to NEWT, ATLO, FCBM, HAPN, CBC

    In The Past

    First Merchants's stock fell -22.8% during the 2025 US Tariff Shock. Such a loss loss requires a 29.5% 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.

    EventFRMES&P 500
    2025 US Tariff Shock
      % Loss-22.8%-18.8%
      % Gain to Breakeven29.5%23.1%
      Time to Breakeven439 days79 days
    2023 SVB Regional Banking Crisis
      % Loss-40.8%-6.7%
      % Gain to Breakeven69.0%7.1%
      Time to Breakeven439 days31 days
    2020 COVID-19 Crash
      % Loss-42.9%-33.7%
      % Gain to Breakeven75.2%50.9%
      Time to Breakeven287 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-27.9%-19.2%
      % Gain to Breakeven38.8%23.8%
      Time to Breakeven777 days105 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-25.3%-17.9%
      % Gain to Breakeven33.9%21.8%
      Time to Breakeven139 days123 days
    2008-2009 Global Financial Crisis
      % Loss-65.2%-53.4%
      % Gain to Breakeven187.6%114.4%
      Time to Breakeven1726 days1085 days
    Summer 2007 Credit Crunch
      % Loss-24.1%-8.6%
      % Gain to Breakeven31.8%9.5%
      Time to Breakeven175 days47 days

    Compare to NEWT, ATLO, FCBM, HAPN, CBC

    In The Past

    First Merchants's stock fell -22.8% during the 2025 US Tariff Shock. Such a loss loss requires a 29.5% 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)

    ```html

    First Merchants Corporation (FRME) is a financial holding company operating primarily through its subsidiary, First Merchants Bank. It functions as a community bank, offering a comprehensive suite of banking services to individuals, businesses, and public entities. Its core activities revolve around accepting various types of deposits, including time, savings, and demand accounts, and providing a wide range of lending solutions.

    The company's main products and services encompass consumer, commercial, agri-business, and real estate mortgage loans, catering to diverse client needs. Beyond traditional banking, First Merchants also offers specialized financial services such as personal and corporate trust administration, brokerage, and private wealth management. Additionally, it provides corporate services like letters of credit and repurchase agreements.

    First Merchants primarily serves customers across Indiana, Illinois, Ohio, and Michigan, operating through 109 physical banking locations. The company also extends its reach through modern electronic and mobile delivery channels, ensuring accessibility and convenience for its client base in these Midwestern markets.

    ```

    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.

    AI Analysis | Feedback

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    AI Analysis | Feedback

    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.

    1. 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.
    2. 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.
    3. 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.

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

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    AI Analysis | Feedback

    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.

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    Financials

    FRMENEWTATLOFCBMHAPNCBCMedian
    NameFirst Me.NewtekOneAmes Nat.First Ca.Happen, .Central . 
    Mkt Price43.1814.4330.0512.6618.0632.0424.05
    Mkt Cap2.60.40.3-2.1385.02.1
    Rev LTM66027270-1,0331,000660
    Op Inc LTM-------
    FCF LTM281-77622--3,16045722
    FCF 3Y Avg260-34817--2,498--165
    CFO LTM281-77623--3,00749123
    CFO 3Y Avg260-34819--2,410--164

    Growth & Margins

    FRMENEWTATLOFCBMHAPNCBCMedian
    NameFirst Me.NewtekOneAmes Nat.First Ca.Happen, .Central . 
    Rev Chg LTM4.2%10.5%21.7%-25.4%-16.1%
    Rev Chg 3Y Avg-0.4%32.1%5.4%--0.6%-2.5%
    Rev Chg Q-2.0%8.0%17.8%-15.9%-11.9%
    QoQ Delta Rev Chg LTM-0.5%1.9%4.1%-3.5%-2.7%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM42.5%-285.4%32.5%--291.0%49.1%32.5%
    CFO/Rev 3Y Avg40.4%-134.4%31.4%--270.5%--51.5%
    FCF/Rev LTM42.5%-285.4%31.2%--305.8%45.7%31.2%
    FCF/Rev 3Y Avg40.4%-134.5%28.6%--279.9%--53.0%

    Valuation

    FRMENEWTATLOFCBMHAPNCBCMedian
    NameFirst Me.NewtekOneAmes Nat.First Ca.Happen, .Central . 
    Mkt Cap2.60.40.3-2.1385.02.1
    P/S4.01.53.8-2.0384.83.8
    P/Op Inc-------
    P/EBIT-------
    P/E13.26.412.4-11.91,025.612.4
    P/CFO9.3-0.511.8--0.7784.59.3
    Total Yield10.8%22.8%10.9%-8.4%0.1%10.8%
    Dividend Yield3.3%7.1%2.8%-0.0%0.0%2.8%
    FCF Yield 3Y Avg11.5%-92.0%8.8%---8.8%
    D/E0.51.30.1-0.00.00.1
    Net D/E0.30.4-1.8--0.4-0.0-0.0

    Returns

    FRMENEWTATLOFCBMHAPNCBCMedian
    NameFirst Me.NewtekOneAmes Nat.First Ca.Happen, .Central . 
    1M Rtn-0.4%0.0%-0.7%-2.6%-8.2%9.4%-0.6%
    3M Rtn10.1%14.8%8.0%0.5%-4.7%24.0%9.1%
    6M Rtn15.5%8.6%25.9%0.5%-4.7%33.3%12.1%
    12M Rtn12.6%31.3%69.3%0.5%-4.7%76.9%21.9%
    3Y Rtn49.8%-5.7%72.4%0.5%-4.7%153.4%25.1%
    1M Excs Rtn0.7%1.5%-2.8%-1.8%-7.9%8.1%-0.6%
    3M Excs Rtn5.5%12.5%3.3%-3.8%-9.0%21.3%4.4%
    6M Excs Rtn3.8%-1.0%17.7%-6.7%-12.0%22.0%1.4%
    12M Excs Rtn-7.9%10.3%50.5%-16.1%-21.3%60.3%1.2%
    3Y Excs Rtn-12.5%-63.4%13.5%-61.9%-67.1%64.5%-37.2%

    Comparison Analyses

    null

    FDIC Bank Data

    Bank Assets

    FDIC Data As Of12312018
    ASSETS 
    Cash Balance ($ Bil)0
    Securities ($ Bil)2
    Net Loans ($ Bil)7
    Trading Assets ($ Bil)0
    Bank Premises Assets ($ Bil)0
    Other Real Estate Owned ($ Bil)0
    Goodwill & Intangibles ($ Bil)0
    Other Assets ($ Bil)0
    Total Assets (Sum) ($ Bil)10
    Total Assets (Reported) ($ Bil)10
    Risk Weighted Assets ($ Bil)8
    SECURITIES DETAILS 
    US Govt Securities ($ Bil)1
    Equity Securities Not Held for Trading ($ Bil)0
    Total Debt Securities ($ Bil)2
    Mortgage-Backed Securities ($ Bil)1
    SECURITIES VALUATION 
    Securities Held to Maturity (Book Value) ($ Bil)0
    Securities Available for Sale (Fair Market) ($ Bil)1

    Bank Loans

    FDIC Data As Of12312018
    LOAN DETAILS 
    All Real Estate Loans ($ Bil)5
    Farm Loans ($ Bil)0
    Commercial and Industrial Loans ($ Bil)2
    Loans to Individuals (CC, revolving credit, auto, other) (non-mortgage) ($ Bil)0
    Commercial Real Estate Loans not Secured by Real Estate ($ Bil)0
    Commercial Real Estate Owner-Occupied ($ Bil)1
    Commercial Real Estate Other Non-Farm Non-Residential ($ Bil)1
    Total Net Loans ($ Bil)7

    Financials

    $ Mil | FY: 12/312026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q2
    Period End3/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/2023
    Filing Date5/1/20262/25/202610/30/20257/31/20255/1/20252/24/202510/31/20248/1/20245/1/20242/29/202411/1/20238/2/2023
    Key Financials Quarterly            
    Total Revenue157172166164160157156160154157161164
    Net Income285757575564494048425661
    EPS0.460.990.980.980.951.100.840.680.800.710.951.02
    Key Financials TTM            
    Total Revenue TTM660663648638633627626631636651668676
    Net Income TTM199226233226209201180187208224252259
    Growth Rates Quarterly            
    Total Revenue Growth-2.0%9.6%6.5%2.8%4.3%0.4%-3.3%-2.6%-9.1%-9.6%-5.1%4.6%
    Net Income Growth-49.1%-11.3%15.4%42.3%15.4%51.5%-12.7%-34.4%-25.2%-40.0%-11.6%56.1%
    Margins Quarterly            
    Net Income Margin17.9%33.1%34.2%34.6%34.5%41.0%31.5%25.0%31.2%27.1%35.0%37.1%
    Cash & Debt            
    Total Cash6847076877398658251,9971,8932,1312,1761,9741,980
    Total Debt1,3868568569611,035916926926731871872875
    Net Debt / (Cash)70214917022217091-1,071-967-1,400-1,304-1,102-1,105
    Cash Flows Quarterly            
    FCF from Operations598188546268776359668025
    Cash Flows TTM            
    FCF from Operations TTM281284270260269266264268230259333302
    Returns to Shareholders Quarterly            
    Dividends232121212020212020202020
    Share Repurchases251062286-02030-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC5.5%19.0%18.9%18.5%18.5%22.9%9377.9%354.1%----
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM10.2%18.8%19.4%18.4%17.5%17.9%8557.3%414.0%----

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Community Banking663627651628520
    Total663627651628520


    Price Behavior

    Price Behavior
    Market Price$43.18 
    Market Cap ($ Bil)2.6 
    First Trading Date02/25/1992 
    Distance from 52W High-4.5% 
       50 Days200 Days
    DMA Price$41.61$38.74
    DMA Trendupup
    Distance from DMA3.8%11.5%
     3M1YR
    Volatility23.8%24.4%
    Downside Capture43.4370.46
    Upside Capture81.5571.30
    Correlation (SPY)13.2%34.6%
    FRME Betas & Captures as of 6/30/2026

     1M2M3M6M1Y3Y
    Beta-0.180.020.290.480.650.88
    Up Beta-1.34-0.600.150.430.770.87
    Down Beta0.12-0.07-0.260.290.500.86
    Up Capture59%49%61%65%60%74%
    Bmk +ve Days11244067140429
    Stock +ve Days16264069132379
    Down Capture-44%-3%40%49%73%96%
    Bmk -ve Days10172358112321
    Stock -ve Days5152356119371

    [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
    FRME8.6%24.6%0.29-
    Sector ETF (XLF)7.3%14.6%0.2760.0%
    Equity (SPY)17.6%12.7%1.0034.0%
    Gold (GLD)19.2%28.1%0.61-3.0%
    Commodities (DBC)34.7%19.1%1.42-24.1%
    Real Estate (VNQ)13.8%14.1%0.6943.6%
    Bitcoin (BTCUSD)-46.2%42.9%-1.3213.6%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with FRME
    FRME5.3%29.9%0.20-
    Sector ETF (XLF)11.1%18.5%0.4665.7%
    Equity (SPY)12.8%17.1%0.5846.6%
    Gold (GLD)17.0%18.4%0.75-3.0%
    Commodities (DBC)9.6%19.5%0.386.0%
    Real Estate (VNQ)3.0%18.9%0.0648.0%
    Bitcoin (BTCUSD)15.3%53.4%0.4717.1%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with FRME
    FRME8.7%32.8%0.33-
    Sector ETF (XLF)13.4%22.0%0.5671.9%
    Equity (SPY)14.9%17.9%0.7153.1%
    Gold (GLD)11.3%16.1%0.57-6.3%
    Commodities (DBC)7.2%17.9%0.3215.9%
    Real Estate (VNQ)5.2%20.7%0.2148.7%
    Bitcoin (BTCUSD)58.1%66.2%0.9814.0%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date7152026
    Short Interest: Shares Quantity1.6 Mil
    Short Interest: % Change Since 63020264.4%
    Average Daily Volume0.4 Mil
    Days-to-Cover Short Interest3.9 days
    Basic Shares Quantity60.7 Mil
    Short % of Basic Shares2.7%

    Returns Analyses

    Earnings Returns History

    Updated 7/26/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/22/2026-4.3%  
    4/22/2026-1.7%-1.4%-0.3%
    1/26/20260.5%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%
    1/30/20253.5%8.4%6.2%
    10/24/2024-3.6%1.0%16.2%
    ...
    SUMMARY STATS   
    # Positive91313
    # Negative161111
    Median Positive2.0%3.5%6.2%
    Median Negative-2.4%-3.1%-5.1%
    Max Positive4.5%10.0%33.1%
    Max Negative-6.1%-6.5%-9.4%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/22/2026-4.3%  
    4/22/2026-1.7%-1.4%-0.3%
    1/26/20260.5%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%
    1/30/20253.5%8.4%6.2%
    10/24/2024-3.6%1.0%16.2%
    7/25/20242.0%1.8%-7.8%
    4/25/2024-1.7%-2.5%-5.3%
    1/25/2024-2.9%-6.0%-5.1%
    10/26/20233.2%3.5%17.7%
    7/25/2023-3.5%-0.9%-9.4%
    4/25/2023-4.9%-3.1%-8.5%
    1/26/20230.4%5.6%2.1%
    10/25/2022-0.3%2.2%1.3%
    7/26/20221.8%10.0%9.1%
    4/26/2022-0.2%-6.5%-5.1%
    1/27/2022-6.1%-3.5%-0.9%
    10/26/2021-0.1%-0.6%-0.6%
    7/26/20210.4%1.6%3.8%
    4/22/2021-1.8%2.0%0.7%
    1/28/20212.1%3.5%10.8%
    10/28/2020-4.7%4.1%33.1%
    7/23/20204.5%0.8%0.2%
    SUMMARY STATS   
    # Positive91313
    # Negative161111
    Median Positive2.0%3.5%6.2%
    Median Negative-2.4%-3.1%-5.1%
    Max Positive4.5%10.0%33.1%
    Max Negative-6.1%-6.5%-9.4%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    03/31/202605/01/202610-Q
    12/31/202502/25/202610-K
    09/30/202510/30/202510-Q
    06/30/202507/31/202510-Q
    03/31/202505/01/202510-Q
    12/31/202402/24/202510-K
    09/30/202410/31/202410-Q
    06/30/202408/01/202410-Q
    03/31/202405/01/202410-Q
    12/31/202302/29/202410-K
    09/30/202311/01/202310-Q
    06/30/202308/02/202310-Q
    03/31/202305/03/202310-Q
    12/31/202203/01/202310-K
    09/30/202211/09/202210-Q
    06/30/202208/09/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    03/31/202605/01/202610-Q
    12/31/202502/25/202610-K
    09/30/202510/30/202510-Q
    06/30/202507/31/202510-Q
    03/31/202505/01/202510-Q
    12/31/202402/24/202510-K
    09/30/202410/31/202410-Q
    06/30/202408/01/202410-Q
    03/31/202405/01/202410-Q
    12/31/202302/29/202410-K
    09/30/202311/01/202310-Q
    06/30/202308/02/202310-Q
    03/31/202305/03/202310-Q
    12/31/202203/01/202310-K
    09/30/202211/09/202210-Q
    06/30/202208/09/202210-Q
    03/31/202205/10/202210-Q
    12/31/202103/01/202210-K
    09/30/202111/03/202110-Q
    06/30/202108/09/202110-Q
    03/31/202105/10/202110-Q
    12/31/202003/01/202110-K
    09/30/202011/09/202010-Q
    06/30/202008/07/202010-Q
    03/31/202005/08/202010-Q
    12/31/201902/28/202010-K
    09/30/201911/08/201910-Q
    06/30/201908/07/201910-Q

    Insider Activity

    Updated 7/2/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Myers, Larry W DirectSell615202642.0010,000420,0003,769,542Form
    2Myers, Larry W DirectSell615202641.5010,000415,0004,139,666Form
    3Myers, Larry WFirst Vice PresidentDirectSell522202640.540164,449,306Form
    4Myers, Larry WFirst Vice PresidentDirectSell226202641.505,000207,5004,543,876Form
    5Fluhler, StephanChief Information OfficerDirectSell212202641.964,161174,596923,112Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Myers, Larry W DirectSell615202642.0010,000420,0003,769,542Form
    2Myers, Larry W DirectSell615202641.5010,000415,0004,139,666Form
    3Myers, Larry WFirst Vice PresidentDirectSell522202640.540164,449,306Form
    4Myers, Larry WFirst Vice PresidentDirectSell226202641.505,000207,5004,543,876Form
    5Fluhler, StephanChief Information OfficerDirectSell212202641.964,161174,596923,112Form
    6Scurlock, Eva DChief Risk OfficerDirectSell209202642.293,227136,470848,470Form
    7Fluhler, StephanChief Information OfficerDirectSell1104202535.555,689202,244986,604Form

    Investor Activity (13F)

    Updated Jul 26, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    PL Capital Advisors, LLC$26.6 Mil8.0%30Hold13F
    Active Manager
    Active Manager
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    PL Capital Advisors, LLC$26.6 Mil8.0%30Hold13F

    First Merchants — Investor Video Playlist

    Industry Resources

    External Quote Links


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