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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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $663M | - | $226M | $284M | 9.2% | 5.8% | 12.2% |
| 2024 | $627M | - | $201M | $266M | 8.7% | -3.7% | -10.0% |
| 2023 | $651M | - | $224M | $259M | 10.0% | 3.6% | 0.8% |
| 2022 | $628M | - | $222M | $284M | 10.9% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 628.14 | 651 | 626.71 | 662.95 |
| Pretax Income | 255.67 | 259.23 | 231.73 | 259.11 |
| Tax Provision | 33.59 | 35.45 | 30.33 | 33.11 |
| Net Income | 222.09 | 223.79 | 201.40 | 226 |
| Net Income Common Stockholders | 220.68 | 221.91 | 199.53 | 224.13 |
| Interest Expense | 84.80 | 348.49 | 426.89 | 388.78 |
| Interest Income | 605.01 | 893.89 | 948.01 | 924.79 |
| Selling General And Administration | 224.84 | 250.85 | 243.59 | 246.28 |
| Normalized Income | 222.09 | 223.79 | 184.04 | 226 |
| Basic EPS | 3.83 | 3.74 | 3.42 | 0 |
| Diluted EPS | 3.81 | 3.73 | 3.41 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 2.62 | 0 |
| Tax Rate For Calcs | 0.13 | 0.14 | 0.13 | 0.13 |
| Total Unusual Items | 0 | 0 | 19.98 | 0 |
| Total Unusual Items Excluding Goodwill | 0 | 0 | 19.98 | 0 |
| Net Income From Continuing Operation Net Minority Interest | 222.09 | 223.79 | 201.40 | 226 |
| Reconciled Depreciation | 11.81 | 11.71 | 26.85 | 29.42 |
| Net Interest Income | 520.20 | 545.40 | 521.11 | 536.01 |
| Net Income From Continuing And Discontinued Operation | 222.09 | 223.79 | 201.40 | 226 |
| Diluted Average Shares | 57.95 | 59.49 | 58.53 | 0 |
| Basic Average Shares | 57.62 | 59.33 | 58.34 | 0 |
| Diluted NI Availto Com Stockholders | 220.68 | 221.91 | 199.53 | 224.13 |
| Preferred Stock Dividends | 1.41 | 1.88 | 1.88 | 1.88 |
| Net Income Including Noncontrolling Interests | 222.09 | 223.79 | 201.40 | 226 |
| Net Income Continuous Operations | 222.09 | 223.79 | 201.40 | 226 |
| Special Income Charges | 0 | 0 | 19.98 | 0 |
| Gain On Sale Of Business | 0 | 0 | 19.98 | 0 |
| Gain On Sale Of Security | 4.58 | -3.54 | -17.68 | 3.38 |
| Depreciation Amortization Depletion Income Statement | 8.28 | 8.74 | 7.27 | 6.03 |
| Depreciation And Amortization In Income Statement | 8.28 | 8.74 | 7.27 | 6.03 |
| Amortization | 8.28 | 8.74 | 7.27 | 6.03 |
| Amortization Of Intangibles Income Statement | 8.28 | 8.74 | 7.27 | 6.03 |
| Selling And Marketing Expense | 7.71 | 7.43 | 7.39 | 7.79 |
| General And Administrative Expense | 217.13 | 243.42 | 236.20 | 238.49 |
| Other Gand A | 0 | 0 | 0 | 0 |
| Insurance And Claims | 10.23 | 14.67 | 15.03 | 13.41 |
| Salaries And Wages | 206.89 | 228.75 | 221.17 | 225.08 |
| Operating Revenue | 628.14 | 651 | 626.71 | 662.95 |
| Occupancy And Equipment | 50.16 | 53.97 | 55.19 | 57.02 |
| Professional Expense And Contract Services Expense | 21.64 | 16.17 | 14.59 | 14.49 |
| Other Non Interest Expense | 50.81 | 58.54 | 58.63 | 58.76 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| First Merchants Corporationthis co. | FRME | $2.5B | 11.75↑ premium | 0.94 | 9.2% | - |
| Upstart Holdings, Inc. | UPST | $2.9B | 67.73 | 3.74 | 6.7% | 42.65 |
| The Baldwin Insurance Group, Inc. | BWIN | $2.3B | - | 2.79 | -3.1% | 20.43 |
| First Busey Corporation | BUSE | $2.2B | 10.60 | 0.91 | 5.5% | - |
| The Bank of N.T. Butterfield & Son Limited | NTB |
| $2.2B |
| 9.46 |
| 1.91 |
| 20.3% |
| - |
| Slide Insurance Holdings, Inc. | SLDE | $2.1B | 5.06 | 2.05 | 39.9% | 1.96 |
| Enterprise Financial Services Corp | EFSC | $2.1B | 10.86 | 1.08 | 9.9% | - |
| Pathward Financial, Inc. | CASH | $2.1B | 10.10 | 2.19 | 21.7% | - |
| Kemper Corporation | KMPR | $2.0B | 13.47 | 0.72 | 5.3% | - |
| Peer Median | - | 10.60 | 1.98 | 8.3% | 20.43 | |