NASDAQ : FRME
First Merchants Corporation — Financial statements
Financials · Banks - Regional · United States
Last price 41.09 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 2.56B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Interest Income on Loans | 919.05M | 829.84M | 837.91M | 779.79M | 495.59M | 360.12M |
| Interest Income on Investments | 91.75M | 94.95M | 110.09M | 114.09M | 109.41M | 86.51M |
| Total Interest Income | 1.01B | 924.79M | 948.01M | 893.89M | 605.01M | 446.63M |
| Interest Paid on Deposits | 350.33M | 344.28M | 386.13M | 306.09M | 62.94M | 23.32M |
| Interest Paid on Borrowings | 50.09M | 44.50M | 40.77M | 42.39M | 21.86M | 12.63M |
| Total Interest Expense | 400.42M | 388.78M | 426.89M | 348.49M | 84.80M | 35.95M |
| Net Interest Income | 610.38M | 536.01M | 521.11M | 545.40M | 520.20M | 410.68M |
| Trust Income | 38.37M | 35.49M | 34.22M | 30.84M | 29.69M | 28.36M |
| Gain (Loss) on Sale of Assets | 19.98M | |||||
| Gain (Loss) on Sale of Investments | -8.00K | -20.76M | -6.93M | 1.19M | 5.67M | |
| Other Non-Interest Income | 41.49M | 35.91M | 38.69M | 35.20M | 38.63M | 32.03M |
| Total Non-Interest Income | 114.10M | 126.93M | 125.58M | 105.60M | 107.94M | 109.32M |
| Revenues Before Loan Losses | 724.47M | 662.95M | 646.69M | 651.00M | 628.14M | 520.00M |
| Provision for Loan Losses | 48.35M | 21.25M | 35.70M | 3.50M | 16.75M | |
| Revenue | 676.12M | 641.70M | 610.99M | 647.50M | 611.39M | 520.00M |
| Salaries and Employee Benefits | 251.90M | 217.75M | 215.35M | 223.59M | 202.24M | 162.23M |
| Occupancy Expenses | 32.62M | 28.40M | 28.39M | 29.86M | 26.21M | 23.33M |
| Federal Deposit Insurance | 15.35M | 13.41M | 15.03M | 14.67M | 10.23M | 6.24M |
| Amortization of Goodwill & Intangibles | 9.16M | 6.03M | 7.27M | 8.74M | 8.28M | 5.75M |
| Selling, General & Administrative | 110.44M | 87.10M | 83.20M | 79.59M | 81.22M | 61.37M |
| Other Non-Interest Expense | 32.29M | 28.37M | 27.96M | 28.50M | 26.71M | 19.30M |
| Total Non-Interest Expense | 456.27M | 382.58M | 379.27M | 388.27M | 355.71M | 279.21M |
| EBT Excluding Unusual Items | 219.85M | 259.11M | 231.73M | 259.23M | 255.67M | 240.79M |
| Pretax Income | 219.85M | 259.11M | 231.73M | 259.23M | 255.67M | 240.79M |
| Income Tax Expense | 22.34M | 33.11M | 30.33M | 35.45M | 33.59M | 35.26M |
| Net Income | 197.52M | 226.00M | 201.40M | 223.79M | 222.09M | 205.53M |
| Preferred Dividends & Other Adjustments | 1.88M | 1.88M | 1.88M | 1.88M | 1.41M | |
| Net Income to Common | 195.64M | 224.13M | 199.53M | 221.91M | 220.68M | 205.53M |
| Basic Shares Outstanding | 60.59M | 57.46M | 58.31M | 59.30M | 57.69M | 53.78M |
| Diluted Shares Outstanding | 60.87M | 57.73M | 58.53M | 59.49M | 57.95M | 53.98M |
| EPS (Basic) | 3.23 | 3.90 | 3.42 | 3.74 | 3.83 | 3.82 |
| EPS (Diluted) | 3.21 | 3.88 | 3.41 | 3.73 | 3.81 | 3.81 |
| Dividend Per Share | 1.46 | 1.43 | 1.39 | 1.34 | 1.25 | 1.13 |
| Effective Tax Rate | 10.16% | 12.78% | 13.09% | 13.67% | 13.14% | 14.64% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 86.59M | 84.16M | 87.62M | 112.65M | 122.59M | 167.15M |
| Investment Securities | 2.48B | 2.76B | 2.85B | 3.20B | 3.11B | 3.58B |
| Trading Asset Securities | 48.47M | 77.13M | 79.38M | 93.04M | 41.13M | |
| Mortgage-Backed Securities | 906.85M | 997.00M | 1.07B | 1.16B | 1.28B | 1.42B |
| Total Investments | 3.39B | 3.80B | 4.00B | 4.44B | 4.48B | 5.04B |
| Gross Loans | 15.60B | 13.79B | 12.85B | 12.49B | 12.00B | 9.24B |
| Allowance for Loan Losses | -215.53M | -195.60M | -192.76M | -204.93M | -223.28M | -195.40M |
| Net Loans | 15.39B | 13.60B | 12.66B | 12.28B | 11.78B | 9.05B |
| Property, Plant & Equipment | 145.03M | 138.48M | 150.83M | 152.81M | 140.74M | 123.47M |
| Goodwill | 788.19M | 712.00M | 712.00M | 712.00M | 712.00M | 545.38M |
| Other Intangible Assets | 36.32M | 13.80M | 19.83M | 27.10M | 35.84M | 25.48M |
| Loans Held for Sale | 87.30M | 20.08M | 18.66M | 18.93M | 9.09M | 11.19M |
| Accrued Interest Receivable | 99.28M | 93.37M | 91.83M | 97.66M | 85.07M | 57.19M |
| Other Receivables | 136.26M | 11.42M | 6.50M | 15.13M | 1.76M | 11.32M |
| Other Current Assets | 4.50M | |||||
| Long-Term Deferred Tax Assets | 67.24M | 85.89M | 84.75M | 109.46M | 24.32M | |
| Other Real Estate Owned & Foreclosed | 1.60M | 658.00K | 4.95M | 4.83M | 6.43M | 558.00K |
| Other Long-Term Assets | 832.91M | 438.74M | 426.17M | 415.82M | 477.18M | 367.76M |
| Total Assets | 21.06B | 19.03B | 18.31B | 18.41B | 18.00B | 15.45B |
| Interest Bearing Deposits | 13.18B | 12.24B | 11.15B | 10.91B | 10.47B | 9.75B |
| Institutional Deposits | 915.29M | 1.04B | 1.41B | 742.54M | 273.38M | |
| Non-Interest Bearing Deposits | 3.75B | 2.14B | 2.33B | 2.50B | 3.17B | 2.71B |
| Total Deposits | 16.93B | 15.29B | 14.52B | 14.82B | 14.38B | 12.73B |
| Short-Term Borrowings | 99.64M | 191.74M | 318.67M | 236.29M | 264.33M | 41.97M |
| Current Portion of Long-Term Debt | 76.09M | 96.16M | 61.18M | 167.41M | 181.58M | |
| Current Portion of Leases | 4.94M | 25.32M | ||||
| Accrued Interest Payable | 17.09M | 18.23M | 16.10M | 18.91M | 7.53M | 2.76M |
| Long-Term Debt | 184.50M | 56.53M | 92.37M | 157.47M | 151.30M | 118.62M |
| Federal Home Loan Bank Debt, Long-Term | 903.94M | 723.55M | 727.55M | 652.85M | 823.67M | 334.06M |
| Long-Term Leases | 14.18M | 23.87M | 22.34M | 19.62M | ||
| Other Long-Term Liabilities | 286.23M | 178.31M | 210.63M | 187.69M | 145.12M | 109.40M |
| Total Liabilities | 18.42B | 16.56B | 16.01B | 16.16B | 15.97B | 13.54B |
| Preferred Stock, Non-Redeemable | 25.12M | 25.12M | 25.12M | 25.12M | 25.12M | 125.00K |
| Total Preferred Equity | 25.12M | 25.12M | 25.12M | 25.12M | 25.12M | 125.00K |
| Common Stock | 7.75M | 7.12M | 7.25M | 7.43M | 7.40M | 6.68M |
| Additional Paid-In Capital | 1.35B | 1.15B | 1.19B | 1.24B | 1.23B | 985.82M |
| Retained Earnings | 1.48B | 1.41B | 1.27B | 1.15B | 1.01B | 864.84M |
| Comprehensive Income & Other | -227.94M | -130.13M | -188.69M | -175.97M | -239.15M | 55.11M |
| Total Common Equity | 2.61B | 2.44B | 2.28B | 2.22B | 2.01B | 1.91B |
| Shareholders' Equity | 2.64B | 2.47B | 2.30B | 2.25B | 2.03B | 1.91B |
| Total Liabilities & Equity | 21.06B | 19.03B | 18.31B | 18.41B | 18.00B | 15.45B |
| Total Debt | 1.19B | 1.07B | 1.26B | 1.13B | 1.43B | 695.84M |
| Net Cash (Debt) | -838.99M | -738.11M | -794.99M | -502.01M | -1.09B | -13.40M |
| Net Cash Per Share | -13.78 | -12.79 | -13.58 | -8.44 | -18.82 | -0.25 |
| Filing Date Shares Outstanding | 62.68M | 63.39M | 58.54M | 59.34M | 59.64M | 53.82M |
| Total Common Shares Outstanding | 62.21M | 56.95M | 57.97M | 59.42M | 59.17M | 53.41M |
| Book Value Per Share | 41.97 | 42.87 | 39.33 | 37.40 | 33.96 | 35.81 |
| Tangible Book Value | 1.79B | 1.72B | 1.55B | 1.48B | 1.26B | 1.34B |
| Tangible Book Value Per Share | 28.72 | 30.13 | 26.70 | 24.96 | 21.32 | 25.12 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 197.52M | 226.00M | 201.40M | 223.79M | 222.09M | 205.53M |
| Depreciation & Amortization | 33.64M | 29.42M | 26.85M | 11.71M | 11.81M | 10.70M |
| Gain (Loss) on Sale of Assets | -19.98M | |||||
| Gain (Loss) on Sale of Investments | 8.00K | 20.76M | 6.93M | -1.19M | -5.67M | |
| Provision for Credit Losses | 48.35M | 21.25M | 35.70M | 3.50M | 16.75M | |
| Net Decrease (Increase) in Loans Originated / Sold - Operating | 18.48M | 14.67M | 12.35M | -1.36M | 14.42M | 9.00M |
| Accrued Interest Receivable | 824.00K | -1.54M | 5.83M | -12.59M | -20.70M | -3.24M |
| Change in Other Net Operating Assets | -8.40M | -6.52M | -5.66M | -5.32M | -5.21M | -4.87M |
| Other Operating Activities | 7.76M | 4.76M | -3.60M | 17.52M | 33.27M | 8.90M |
| Operating Cash Flow | 305.74M | 283.65M | 266.21M | 258.83M | 284.29M | 215.34M |
| Cash Acquisitions | 29.92M | 137.78M | -2.93M | |||
| Investment in Securities | 284.94M | 199.71M | 408.45M | 189.09M | 556.22M | -1.48B |
| Divestitures | -243.50M | |||||
| Net Decrease (Increase) in Loans Originated / Sold - Investing | -329.98M | -965.56M | -414.42M | -508.47M | -1.17B | 17.58M |
| Other Investing Activities | -10.68M | -7.97M | -2.95M | -25.04M | 8.87M | -7.93M |
| Investing Cash Flow | -25.80M | -773.82M | -252.42M | -344.43M | -462.69M | -1.48B |
| Long-Term Debt Issued | 854.15M | 639.12M | 834.03M | 1.82B | 45.54M | |
| Long-Term Debt Repaid | -1.01B | -509.71M | -1.12B | -1.33B | -96.20M | |
| Net Debt Issued (Repaid) | -599.34M | -158.25M | 129.41M | -285.17M | 485.50M | -50.66M |
| Issuance of Common Stock | 101.79M | 3.42M | 3.82M | 4.04M | 3.12M | 2.68M |
| Repurchase of Common Stock | -60.71M | -46.89M | -56.17M | -25.44M | ||
| Common Dividends Paid | -90.11M | -82.91M | -81.62M | -80.06M | -72.75M | -61.23M |
| Preferred Dividends Paid | -1.88M | -1.88M | -1.88M | -1.88M | -1.41M | |
| Total Dividends Paid | -91.99M | -84.79M | -83.50M | -81.94M | -74.15M | -61.23M |
| Net Increase (Decrease) in Deposit Accounts | 368.82M | 773.23M | -32.38M | 438.71M | -280.62M | 1.37B |
| Financing Cash Flow | -281.43M | 486.72M | -38.82M | 75.65M | 133.84M | 1.24B |
| Net Cash Flow | -1.49M | -3.46M | -25.03M | -9.95M | -44.55M | -25.75M |
| Cash Interest Paid | 401.57M | 386.65M | 429.70M | 337.10M | 80.03M | 36.48M |
| Cash Income Tax Paid | 7.75M | 20.75M | 7.63M | 34.84M | 13.82M | 31.17M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.61B | 2.17B | 2.34B | 2.22B | 2.45B | 2.26B |
| Last Close Price | 40.59 | 36.46 | 37.42 | 33.46 | 35.53 | 35.14 |
| PE Ratio | 12.96 | 9.67 | 11.73 | 10.00 | 11.10 | 10.99 |
| PS Ratio | 3.76 | 3.38 | 3.83 | 3.43 | 4.00 | 4.34 |
| PB Ratio | 0.97 | 0.88 | 1.01 | 0.99 | 1.20 | 1.18 |
| P/OCF Ratio | 8.32 | 7.64 | 8.79 | 8.57 | 8.61 | 10.49 |
| Debt / Equity Ratio | 0.45 | 0.43 | 0.55 | 0.50 | 0.70 | 0.36 |
| Net Debt / Equity Ratio | 0.32 | 0.30 | 0.34 | 0.22 | 0.54 | 0.01 |
| Return on Equity (ROE) | 7.82% | 9.47% | 8.85% | 10.45% | 11.25% | 10.85% |
| Return on Assets (ROA) | 0.99% | 1.21% | 1.10% | 1.23% | 1.33% | 1.39% |
| Earnings Yield | 7.71% | 10.43% | 8.61% | 10.08% | 9.07% | 9.10% |
| Dividend Yield | 3.57% | 3.76% | 3.44% | 3.59% | 3.02% | 2.67% |
| Payout Ratio | 46.15% | 37.52% | 41.46% | 36.61% | 33.39% | 29.79% |
| Buyback Yield / Dilution | -5.08% | 1.38% | 1.61% | -2.65% | -7.35% | 0.44% |
| Total Shareholder Return | -1.43% | 5.14% | 5.05% | 0.93% | -4.33% | 3.11% |