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Home CompaniesFirst Merchants Corporation

First Merchants Corporation

Financial Services Banks - Regional
PortfolioPortfolio WatchlistWatchlist
Company price
40.97 USD -0.10 ( 0.24%)
Last update at 2026-11-12T15:42:00Z
VOLUME
29569
Market Cap
2558.53M
P/E
10.62

Momentum Score

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First Merchants Corporation operates as the financial holding company for First Merchants Bank that provides commercial and consumer banking services. The company offers a range of financial services, including checking, savings, and deposit products; debit and credit cards; mortgages, refinance, construction or renovation of residential properties, agricultural lending, treasury management services and depository products. It also provides personal and commercial wealth management services, brokerage, investment management, private banking, fiduciary estate, and financial planning services. The company operates banking locations in Indiana, Ohio, and Michigan counties. It offers its services through electronic and mobile delivery channels. First Merchants Corporation was founded in 1893 and is headquartered in Muncie, Indiana.

Source: TradingView
The charts and visual representations are sourced from TradingView through embedded widgets. For any issues with chart display, please visit the TradingView website

Day Price Range
40.82
Low
41.26
High
52 Week Price Range
33.57
Low
42.82
High

Momentum Score

…
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A unique technical analysis driven score developed by Kalkine showing momentum in stock prices based on select technical indicators identified.

Score - Rating
>= 1 - Low / > 1 but < 2 - Below Average / > 2 but < 3 - Average / > 3 but < 4 - Above Average / > 4 - High
AI Summary

First Merchants Corporation is a regional bank holding company headquartered in Indiana that offers commercial and consumer banking, wealth management, mortgage and payment services through its bank subsidiary. Long-term growth may be supported by lending and deposit expansion tied to Midwest economic activity, growth in fee-based wealth and treasury services, and continued digital channel adoption, which could improve efficiency and customer retention and make its diversified revenue mix attractive to investors.

The company faces material risks from credit and interest-rate sensitivity, competitive pressure from larger banks and fintechs, regulatory oversight and concentration risk from regional economic downturns; investors should monitor asset quality and deposit stability.

Risk Score
Medium

Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.

Key Metrics*

Previous Close
41.07
Dividend Yield
3.47%
Revenue TTM
641.70M
Revenue Per Share
11.17
Gross Profit TTM
641.70M
Debt / Equity
0.41
ROE
9.47%
Net Debt
915.78M
ROCE
2.34%
Diluted EPS TTM
3.80

Key Financials*

Income Statement

Balance Sheet

Change in Cash

Total Operating Cash

Dividends Paid

Breakdown 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Type yearly yearly yearly yearly yearly
Date 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Income before tax 259.11M 231.73M 259.23M 255.67M 240.79M
Net income 226.00M 201.40M 223.79M 222.09M 205.53M
Selling general administrative 282.10M 236.20M 243.42M 217.13M 173.24M
Selling and marketing expenses 7.79M 7.39M 7.43M 7.71M 5.76M
Gross profit 640.17M 591.01M 647.50M 628.14M 520.00M
Reconciled depreciation 29.42M 26.85M 11.68M 8.28M 5.75M
Ebit 259.11M 231.73M 259.23M 340.48M 240.79M
Ebitda 288.54M 258.58M 270.94M 348.75M 246.54M
Depreciation and amortization 29.42M 26.85M 11.71M 8.28M 5.75M
Operating income 259.11M 231.73M 259.23M 340.48M 240.79M
Other operating expenses 791.09M 821.88M 740.26M -287.67M -279.21M
Interest expense 388.78M 426.89M 348.49M 84.80M 35.95M
Tax provision 33.11M 30.33M 43.67M 33.59M 35.26M
Interest income 924.79M 948.01M 847.88M 605.01M 446.63M
Net interest income 536.01M 521.11M 564.29M 520.20M 410.68M
Income tax expense 33.11M 30.33M 35.45M 33.59M 35.26M
Total revenue 1050.20M 1053.60M 999.49M 628.14M 520.00M
Total operating expenses 381.06M 359.28M 388.27M -287.67M -279.21M
Cost of revenue 410.03M 462.59M 351.99M - -
Total other income expense net - -708.89M -62.05M -84.80M -35.95M
Net income from continuing ops 226.00M 201.40M 252.07M 222.09M 205.53M
Net income applicable to common shares - - - 220.68M 205.53M
Preferred stock and other adjustments - - - 1.41M -
Breakdown 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Type yearly yearly yearly yearly yearly
Date 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Total assets 19025.10M 18311.97M 18405.89M 17938.31M 15453.15M
Intangible assets 13.80M 19.83M 27.10M 35.84M 25.48M
Other current assets - - 751.11M -211.13M 9553.79M
Total liab 16558.43M 16006.99M 16158.17M 15903.54M 13540.58M
Total stockholder equity 2466.67M 2304.98M 2247.71M 2034.77M 1912.57M
Other current liab 7788.71M 14521.63M 10170.34M -7.53M -2.76M
Common stock 7.12M 7.25M 7.43M 7.40M 6.68M
Capital stock 32.24M 32.37M 32.55M 32.52M 6.80M
Retained earnings 1413.74M 1272.53M 1154.62M 1012.77M 864.84M
Other liab - - - 81.23M 170.99M
Good will 712.00M 712.00M 712.00M 712.00M 545.38M
Other assets 16514.94M 15792.09M - 12475.83M 7209.24M
Cash 84.16M 386.51M 548.73M 248.66M 641.30M
Total current liabilities 7932.46M 14779.83M 10394.38M 7.53M 2.76M
Current deferred revenue - - -18.91M - -
Net debt 915.78M 771.68M 502.38M 726.32M -188.63M
Short term debt 143.75M 242.10M 224.04M - -
Short long term debt total 999.93M 1158.18M 1051.11M 974.97M 452.67M
Other stockholder equity 1150.82M 1188.77M 1236.51M 1228.63M 985.82M
Property plant equipment - - - 123.55M 105.66M
Total current assets 1584.63M 1864.81M 751.11M 333.73M 3043.04M
Long term investments 3378.64M 3460.70M 3811.36M 4263.79M 4524.35M
Net tangible assets - - - 1261.80M 1341.59M
Short term investments 1407.10M 1386.47M 1627.11M 1976.66M 2344.55M
Net receivables 93.37M 91.83M 97.66M 85.07M 57.19M
Long term debt 856.18M 916.08M 871.50M 974.97M 452.67M
Inventory - - 14.98M 6.43M 0.56M
Accounts payable 18.23M 16.10M 18.91M 7.53M 2.76M
Accumulated other comprehensive income -130.13M -188.69M -175.97M -239.15M 55.11M
Common stock total equity - - - 7.40M 6.68M
Preferred stock total equity - - - 25.12M 0.12M
Retained earnings total equity - - - 1012.77M 864.84M
Non currrent assets other 78.66M 738.71M 415.82M -111.22M -5200.87M
Non current assets total 925.52M 16447.16M 17654.78M 5128.75M 5200.87M
Long term debt total - - - 1313.94M 634.25M
Breakdown 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Type yearly yearly yearly yearly yearly
Date 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Investments 97.11M -252.42M -275.59M -595.84M -1464.31M
Change to liabilities - - - 3.70M -0.53M
Total cashflows from investing activities -773.82M -252.42M - -446.44M -1469.45M
Net borrowings -158.25M 129.41M - 485.50M -50.66M
Total cash from financing activities 486.72M -38.82M 75.65M 133.84M 1236.31M
Change to operating activities - - - -1.51M -5.40M
Net income 226.00M 201.40M 223.79M 222.09M 205.53M
Change in cash -3.46M -25.03M -9.95M -44.55M -25.75M
Begin period cash flow 87.62M 112.65M 122.59M 167.15M 192.90M
End period cash flow 84.16M 87.62M 112.65M 122.59M 167.15M
Total cash from operating activities 283.65M 266.21M 260.19M 268.05M 207.38M
Issuance of capital stock 2.34M 2.26M 2.12M 2.06M 1.88M
Depreciation 29.42M 26.85M 11.71M 11.81M 10.70M
Other cashflows from investing activities -870.94M -280.18M - 70.08M -8.37M
Dividends paid 84.79M 83.50M 81.94M 74.15M 61.23M
Change to inventory - - 23.79M - -
Change to account receivables -1.54M 5.83M -12.59M -20.70M -3.24M
Sale purchase of stock -46.89M -56.17M 0.00M 3.12M -25.44M
Other cashflows from financing activities 773.23M -30.82M 438.71M 1538.83M 1417.31M
Change to netincome - - - -199.72M 19.00M
Capital expenditures 0.00M 0.00M 0.00M 0.00M 64.27M
Change receivables - - - -20.70M -3.24M
Cash flows other operating - - - -11.53M -24.08M
Cash and cash equivalents changes - - - -44.55M -25.75M
Change in working capital -5.93M -2.63M 19.34M -22.20M -8.64M
Stock based compensation 7.33M 5.82M 5.16M 4.65M 4.76M
Other non cash items 24.60M 33.15M -6.40M 42.63M -11.96M
Free cash flow 283.65M 266.21M 260.19M 268.05M 143.11M

Peer Comparison*

Sector: Financial Services Industry: Banks - Regional

Stock Name
Change
(USD)
Price
(USD)
Trailing
PE (x)
Forward
PE (x)
Price Sales
TTM (x)
Price to Book Value (x)
Enterprise Value
to Revenue (x)
FRME
First Merchants Corporation		 -0.10
0.24%		 40.97 10.62 11.07 3.99 1.05 5.18
DBSDY
DBS Group Holdings Ltd ADR		 -0.76
0.34%		 219.92 20.00 17.57 7.54 3.17 13.19
CIHHF
China Merchants Bank Co Ltd Class H		 -
-%		 6.62 7.70 7.10 0.55 0.83 3.51
CIHKY
China Merchants Bank Co Ltd		 0.28
0.82%		 34.49 7.79 7.20 0.55 0.85 3.51
UNCFF
UniCredit SpA		 -0.46
0.49%		 92.86 11.53 10.27 5.72 1.83 8.22

Profile*

First Merchants Corporation

First Merchants Corporation operates as the financial holding company for First Merchants Bank that provides commercial and consumer banking services. The company offers a range of financial services, including checking, savings, and deposit products; debit and credit cards; mortgages, refinance, construction or renovation of residential properties, agricultural lending, treasury management services and depository products. It also provides personal and commercial wealth management services, brokerage, investment management, private banking, fiduciary estate, and financial planning services. The company operates banking locations in Indiana, Ohio, and Michigan counties. It offers its services through electronic and mobile delivery channels. First Merchants Corporation was founded in 1893 and is headquartered in Muncie, Indiana.

200 East Jackson Street, Muncie, IN, United States, 47305-2814

765 747 1500

https://www.firstmerchants.com

2086

Name Title Year Born
Mr. Mark K. Hardwick CEO & Director 1971
Mr. Michael J. Stewart Pres 1966
Ms. Michele M. Kawiecki Exec. VP, CFO & Principal Accounting Officer 1973
Mr. Stephan H. Fluhler Sr. VP & Chief Information Officer 1969
Mr. Michael C. Rechin Advisor & Director 1959
Mr. John J. Martin Exec. VP & Chief Credit Officer 1967
Mr. Marcos Nogues C.F.A. Chief Investment Officer NA
Ms. Nicole M. Weaver VP & Director of Corp. Admin. NA
Mr. Brian T. Hunt Sec. & Legal Counsel 1960
Ms. Karen Evens VP & Director of Marketing NA

Disclaimer - (*)This information, including any data, is sourced from Unicorn Data Services SAS, trading as EOD Historical Data (“EODHD”) on an ‘as is’ basis, using their API. We cannot guarantee the completeness or validity of the information and data provided on this page, as well as via the API. In some cases, the data may include analyst ratings or recommendations sourced through the EODHD API, which are intended solely for general information purposes.
This information does not consider your personal objectives, financial situation, or needs. Kalkine is not liable for any errors or omissions in the information provided or for any actions taken in reliance on it. You should seek advice from a financial adviser, stockbroker or other professional adviser (including taxation and legal advice) as necessary before acting on this information.

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