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FRME

First Merchants Corporation

FRME

First Merchants Corporation • NASDAQ
$36.84 ▼ -0.78% (-0.29)
Market Cap $2.12 B
52w High $45.62
52w Low $33.13
Dividend Yield 1.42%
P/E 9.21
Volume 85.73K
Outstanding Shares 57.66M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $267.572M ▲ $96.561M ▲ $56.765M ▼ 21.215% ▼ $0.99 ▲ $73.288M ▲
Q2-2025 $261.028M ▲ $93.598M ▲ $56.832M ▲ 21.772% ▼ $0.98 ▲ $72.99M ▲
Q1-2025 $252.566M ▼ $92.902M ▲ $55.339M ▼ 21.911% ▼ $0.95 ▼ $71.056M ▼
Q4-2024 $257.401M ▼ $76.306M ▼ $64.349M ▲ 25% ▲ $1.1 ▲ $92.87M ▲
Q3-2024 $265.949M $94.629M $49.187M 18.495% $0.84 $60.269M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $686.687M ▼ $18.812B ▲ $16.399B ▲ $2.412B ▲
Q2-2025 $739.249M ▼ $18.593B ▲ $16.245B ▲ $2.348B ▲
Q1-2025 $1.492B ▼ $18.44B ▲ $16.108B ▲ $2.332B ▲
Q4-2024 $1.773B ▼ $18.312B ▼ $16.007B ▼ $2.305B ▲
Q3-2024 $1.997B $18.348B $16.045B $2.302B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $56.832M ▲ $53.675M ▼ $-169.318M ▼ $111.097M ▲ $-4.546M ▼ $53.675M ▼
Q1-2025 $55.339M ▼ $61.7M ▼ $-160.418M ▲ $97.215M ▼ $-1.503M ▼ $61.7M ▼
Q4-2024 $64.349M ▲ $67.504M ▼ $-251.539M ▼ $186.932M ▲ $2.897M ▲ $67.504M ▼
Q3-2024 $49.187M ▲ $76.831M ▲ $-68.179M ▼ $-29.305M ▲ $-20.653M ▼ $76.831M ▲
Q2-2024 $39.925M $63.027M $-15.586M $-42.583M $4.858M $63.027M

Revenue by Products

Product Q3-2024Q4-2024Q2-2025Q3-2025
Credit Card
Credit Card
 $10.00M ▲$0 ▼$0 ▲$10.00M ▲
Deposit Account
Deposit Account
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Derivative Hedging
Derivative Hedging
 $0 ▲$0 ▲$0 ▲$0 ▲
Fiduciary and Trust
Fiduciary and Trust
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Financial Service Other
Financial Service Other
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement First Merchants shows a picture of steady, respectable profitability rather than rapid growth. Revenue has generally trended higher over the past few years, but earnings per share have flattened and even slipped a bit recently, which suggests pressure on profit margins. This is typical for regional banks dealing with higher funding costs and a shifting interest-rate environment. Credit performance still appears solid, and operating profits are consistently positive, but the business is earning less on each dollar of revenue than it did at its recent peak. Overall, the income statement reflects a stable, well-established bank facing normal industry headwinds rather than any dramatic issues.

Balance Sheet

Balance Sheet The balance sheet looks sound for a regional bank. Total assets have grown steadily, funded by a mix of deposits, equity, and more use of debt than a few years ago, but not to an obviously aggressive level. Equity has increased over time, which supports resilience and capacity for growth. Cash balances move around year to year, which is typical for a bank managing its securities portfolio and funding, rather than a sign of stress by itself. The overall impression is of a conservatively run balance sheet with moderate leverage and a solid capital base, though somewhat more reliant on borrowed funds than in the past.

Cash Flow

Cash Flow Cash generation appears consistent and dependable. Operating cash flow has been fairly stable over several years, and free cash flow essentially matches operating cash flow because this is a bank business, not a heavy spender on physical assets. That means most of the cash generated can support dividends, organic growth, and acquisitions rather than being tied up in big capital projects. While banking cash flows can be lumpy due to loan and deposit movements, the trend here suggests a business that reliably converts its core operations into cash over time.

Competitive Edge

Competitive Edge First Merchants operates as a classic regional relationship bank with a strong local presence in its Midwestern markets. Its edge comes less from unique products and more from personal service, local decision-making for commercial clients, and deep roots in the communities it serves. The private wealth management arm adds a higher-margin, stickier line of business with affluent customers. This relationship focus can help defend against larger national banks that may feel more transactional, and against digital-only players that lack local ties. However, the bank still faces the usual regional-bank challenges: intense competition for deposits, pricing pressure on loans, and the need to keep up technologically with both big banks and fintechs.

Innovation and R&D

Innovation and R&D For a regional bank, First Merchants is reasonably advanced digitally while clearly positioning itself as a “fast follower” rather than a disruptor. Its mobile app and digital tools—budgeting features, credit score monitoring, card controls, and wallet integration—are now table stakes, and it appears to deliver them well. The big story is the completion of several major technology upgrades in 2024, which should make it easier to launch new digital marketing, improve customer onboarding, and personalize services. The bank also seems open to partnering with fintechs and using data analytics to deepen relationships. In short, it is using technology to reinforce its high-touch model, not to replace it, which fits its brand and customer base.

Summary

First Merchants comes across as a steady, relationship-driven regional bank with modern-enough technology and a conservative financial profile. Earnings are solid but facing the usual margin and funding pressures that many banks are dealing with today. The balance sheet and cash generation support ongoing dividends, organic growth, and selective acquisitions, such as its planned expansion further into Indiana. Its core strengths are long-standing community ties, commercial and wealth-management relationships, and a culture that appears to value employees and customers. Key watchpoints include how well it manages loan quality through the credit cycle, how effectively it uses its new tech infrastructure to grow profitably, and how it balances acquisition-driven growth with maintaining its service-focused culture and risk discipline.

NEWS

November 14, 2025 · 4:05 PM UTC

First Merchants Corporation Announces Cash Dividend

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October 23, 2025 · 12:20 PM UTC

First Savings Financial Investor Alert By The Former Attorney General Of Louisiana: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of First Savings Financial Group, Inc. - FSFG

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October 22, 2025 · 4:05 PM UTC

First Merchants Corporation Announces Third Quarter 2025 Earnings per Share

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October 15, 2025 · 2:30 PM UTC

First Merchants Corporation Announces Cash Dividend on Its Preferred Stock

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October 2, 2025 · 10:00 AM UTC

First Merchants Corporation to Report Third Quarter 2025 Financial Results, Host Conference Call and Webcast

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