First Merchants Management

Management criteria checks 4/4

First Merchants' CEO is Mark Hardwick, appointed in Jan 2021, has a tenure of 3.33 years. total yearly compensation is $1.79M, comprised of 40.4% salary and 59.6% bonuses, including company stock and options. directly owns 0.21% of the company’s shares, worth €4.09M. The average tenure of the management team and the board of directors is 3.3 years and 6 years respectively.

Key information

Mark Hardwick

Chief executive officer

US$1.8m

Total compensation

CEO salary percentage	40.4%
CEO tenure	3.3yrs
CEO ownership	0.2%
Management average tenure	3.3yrs
Board average tenure	6yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Mark Hardwick's remuneration changed compared to First Merchants's earnings?
Date	Total Compensation	Salary	Company Earnings
Mar 31 2024	n/a	n/a	US$206m
Dec 31 2023	US$2m	US$722k	US$222m
Sep 30 2023	n/a	n/a	US$250m
Jun 30 2023	n/a	n/a	US$258m
Mar 31 2023	n/a	n/a	US$236m
Dec 31 2022	US$2m	US$663k	US$221m
Sep 30 2022	n/a	n/a	US$198m
Jun 30 2022	n/a	n/a	US$188m
Mar 31 2022	n/a	n/a	US$205m
Dec 31 2021	US$1m	US$561k	US$206m
Sep 30 2021	n/a	n/a	US$203m
Jun 30 2021	n/a	n/a	US$186m
Mar 31 2021	n/a	n/a	US$164m
Dec 31 2020	US$828k	US$399k	US$149m
Sep 30 2020	n/a	n/a	US$151m
Jun 30 2020	n/a	n/a	US$152m
Mar 31 2020	n/a	n/a	US$160m
Dec 31 2019	US$994k	US$386k	US$164m
Sep 30 2019	n/a	n/a	US$158m
Jun 30 2019	n/a	n/a	US$163m
Mar 31 2019	n/a	n/a	US$161m
Dec 31 2018	US$1m	US$372k	US$159m
Sep 30 2018	n/a	n/a	US$142m
Jun 30 2018	n/a	n/a	US$125m
Mar 31 2018	n/a	n/a	US$110m
Dec 31 2017	US$1m	US$359k	US$96m

Compensation vs Market: Mark's total compensation ($USD1.79M) is about average for companies of similar size in the German market ($USD1.56M).

Compensation vs Earnings: Mark's compensation has been consistent with company performance over the past year.

CEO

Mark Hardwick (52 yo)

3.3yrs

Tenure

US$1,787,750

Compensation

Mr. Mark K. Hardwick, C.P.A. serves as the Chief Executive Officer of First Merchants Corporation and First Merchants Bank since January 01, 2021. He serves as a Director of First Merchants Corporation and...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Mark Hardwick	CEO & Director	3.3yrs	US$1.79m	0.21% $ 4.1m
Michael Rechin	Advisor & Vice Chair	18.4yrs	US$151.40k	0.16% $ 3.1m
Michael Stewart	President	3.3yrs	US$1.38m	0.16% $ 3.2m
Michele Kawiecki	Executive VP	3.3yrs	US$1.00m	0.068% $ 1.3m
Stephan Fluhler	Senior VP & Chief Information Officer	10yrs	US$696.71k	0.046% $ 906.1k
John Martin	Executive VP & Chief Credit Officer	14.9yrs	US$801.96k	0.092% $ 1.8m
Marcos Nogues	Chief Investment Officer	2.5yrs	no data	no data
Nicole Weaver	VP & Director of Corporate Administration	no data	no data	no data
Brian Hunt	Secretary & Legal Counsel	6.3yrs	no data	no data
Steven Harris	Senior VP & Chief Human Resources Officer	7.5yrs	no data	0.025% $ 484.1k
Chad Kimball	Senior VP & Chief Risk Officer	2.8yrs	no data	0.018% $ 349.1k
Julie Crabtree	Corporate Controller & First VP	no data	no data	no data

3.3yrs

Average Tenure

56yo

Average Age

Experienced Management: FM5's management team is considered experienced (3.3 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Mark Hardwick	CEO & Director	3.3yrs	US$1.79m	0.21% $ 4.1m
Michael Rechin	Advisor & Vice Chair	18.4yrs	US$151.40k	0.16% $ 3.1m
Jean Wojtowicz	Independent Chair of the Board	20.3yrs	US$194.44k	0.092% $ 1.8m
Patrick Fehring	Director	2yrs	US$148.46k	0.24% $ 4.8m
Gary Lehman	Independent Director	13yrs	US$162.88k	0.083% $ 1.6m
Kevin Johnson	Independent Director	1.9yrs	US$146.68k	0.0074% $ 145.1k
F. Halderman	Independent Director	10.5yrs	US$166.20k	0.039% $ 760.0k
Michael Becher	Independent Director	11.9yrs	US$163.95k	0.045% $ 875.3k
Michael Fisher	Independent Director	7.3yrs	US$147.88k	0.023% $ 448.4k
Jason Sondhi	Independent Director	1.9yrs	US$150.29k	0.0086% $ 168.4k
Clark Kellogg	Independent Director	4.8yrs	US$158.98k	0.020% $ 386.0k
Susan Brooks	Independent Director	3.3yrs	US$151.23k	0.012% $ 236.4k

6.0yrs

Average Tenure

62yo

Average Age

Experienced Board: FM5's board of directors are considered experienced (6 years average tenure).

First Merchants Management

Management criteria checks 4/4

Key information

Recent management updates

First Merchants Corporation and First Merchants Bank Announce Board and Committee Changes

First Merchants Corporation and First Merchants Bank Announce Board Changes

Independent Director recently sold €306k worth of stock

Advisor & Director recently sold €337k worth of stock

Independent Chairman of the Board recently sold €1.1m worth of stock

First Merchants Corporation Announces Board Appointments

Recent updates

First Merchants Corporation and First Merchants Bank Announce Board and Committee Changes

First Merchants Corporation and First Merchants Bank Announce Board Changes

First quarter 2024 earnings released: EPS: US$0.80 (vs US$1.07 in 1Q 2023)

First Merchants Corporation to Report Q1, 2024 Results on Apr 25, 2024

Full year 2023 earnings released: EPS: US$3.74 (vs US$3.83 in FY 2022)

Upcoming dividend of US$0.34 per share

Independent Director recently sold €306k worth of stock

Fourth quarter dividend of US$0.34 announced

First Merchants Corporation Declares Cash Dividend, Payable on March 15, 2024

Full year 2023 earnings released: EPS: US$3.74 (vs US$3.83 in FY 2022)

First Merchants Corporation to Report Q4, 2023 Results on Jan 25, 2024

Advisor & Director recently sold €337k worth of stock

Upcoming dividend of US$0.34 per share at 4.4% yield

First Merchants Corporation Declares Cash Dividend, Payable on December 15, 2023

Third quarter 2023 earnings released: EPS: US$0.95 (vs US$1.07 in 3Q 2022)

First Merchants Corporation to Report Q3, 2023 Results on Oct 26, 2023

Upcoming dividend of US$0.34 per share at 4.6% yield

First Merchants Corporation Declares Cash Dividend, Payable on September 15, 2023

Second quarter 2023 earnings released: EPS: US$1.02 (vs US$0.65 in 2Q 2022)

First Merchants Corporation to Report Q2, 2023 Results on Jul 25, 2023

New minor risk - Share price stability

Upcoming dividend of US$0.34 per share at 5.1% yield

First Merchants Corporation Declares Cash Dividend, Payable on June 16, 2023

First quarter 2023 earnings released: EPS: US$1.07 (vs US$0.91 in 1Q 2022)

Investor sentiment deteriorates as stock falls 18%

Full year 2022 earnings released

Upcoming dividend of US$0.32 per share at 3.1% yield

First Merchants Corporation Announces Cash Dividend, Payable on March 17, 2023

Full year 2022 earnings released: EPS: US$3.83 (vs US$3.82 in FY 2021)

First Merchants Corporation to Report Q4, 2022 Results on Jan 26, 2023

Upcoming dividend of US$0.32 per share

First Merchants Corporation Declares Cash Dividend, Payable on December 16, 2022

Independent Chairman of the Board recently sold €1.1m worth of stock

Third quarter 2022 earnings released: EPS: US$1.08 (vs US$0.98 in 3Q 2021)

First Merchants Corporation to Report Q3, 2022 Results on Oct 25, 2022

Upcoming dividend of US$0.32 per share

First Merchants Corporation Announces Board Appointments

First Merchants Corporation Announces Cash Dividend, Payable on September 16, 2022

First Merchants Corporation(NasdaqGS:FRME.P) dropped from NASDAQ Composite Index

Second quarter 2022 earnings released: EPS: US$0.64 (vs US$1.03 in 2Q 2021)

First Merchants Corporation to Report Q2, 2022 Results on Jul 26, 2022

First Merchants Corporation Elects Kevin D. Johnson and Jason R. Sondhi to the Board of Directors of First Merchants Corporation and First Merchants Bank

First Merchants Corporation Announces Executive Changes

Upcoming dividend of US$0.32 per share

Director recently sold €453k worth of stock

First Merchants Corporation Elects Patrick J. Fehring to the Boards of Directors

First quarter 2022 earnings released: EPS: US$0.91 (vs US$0.92 in 1Q 2021)

First Merchants Corporation to Report Q1, 2022 Results on Apr 26, 2022

First Merchants Corporation (NasdaqGS:FRME) completed the acquisition of Level One Bancorp, Inc. (NasdaqGS:LEVL).

Full year 2021 earnings: EPS in line with expectations, revenues disappoint

Upcoming dividend of US$0.29 per share

First Merchants Corporation Announces Cash Dividend, Payable on March 18, 2022

Full year 2021 earnings: EPS in line with expectations, revenues disappoint

First Merchants Corporation Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2021

Senior VP & Chief Information Officer recently sold €113k worth of stock

Upcoming dividend of US$0.29 per share

Third quarter 2021 earnings released: EPS US$0.98 (vs US$0.67 in 3Q 2020)

Upcoming dividend of US$0.29 per share

Second quarter 2021 earnings released: EPS US$1.03 (vs US$0.61 in 2Q 2020)

CEO & Director recently sold €300k worth of stock

Upcoming dividend of US$0.29 per share

First Merchants Corporation Announces Cash Dividend, Payable on June 18, 2021

First quarter 2021 earnings released: EPS US$0.92 (vs US$0.63 in 1Q 2020)

First quarter 2021 earnings released: EPS US$0.92 (vs US$0.63 in 1Q 2020)

First Merchants Corporation Reports Net Charge-Offs for the First Quarter Ended March 31, 2021

Independent Director recently sold €377k worth of stock

Full year 2020 earnings released: EPS US$2.75 (vs US$3.20 in FY 2019)

Independent Director recently sold €162k worth of stock

New 90-day high: €35.60