First Merchants Management
Management criteria checks 4/4
First Merchants' CEO is Mark Hardwick, appointed in Jan 2021, has a tenure of 3.92 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 $4.76M. The average tenure of the management team and the board of directors is 4 years and 6.7 years respectively.
Key information
Mark Hardwick
Chief executive officer
US$1.8m
Total compensation
| CEO salary percentage | 40.4% |
| CEO tenure | 4yrs |
| CEO ownership | 0.2% |
| Management average tenure | 4yrs |
| Board average tenure | 6.7yrs |
Recent management updates
Recent updates
CEO Compensation Analysis
| Date | Total Compensation | Salary | Company Earnings |
|---|---|---|---|
| Sep 30 2024 | n/a | n/a | US$178m |
| Jun 30 2024 | n/a | n/a | US$185m |
| 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$159m |
Compensation vs Market: Mark's total compensation ($USD1.79M) is below average for companies of similar size in the US market ($USD5.47M).
Compensation vs Earnings: Mark's compensation has been consistent with company performance over the past year.
CEO
Mark Hardwick (53 yo)
4yrs
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 |
|---|---|---|---|---|
| CEO & Director | 4yrs | US$1.79m | 0.21% $ 4.8m | |
| Advisor & Vice Chair | 19.1yrs | US$151.40k | 0.16% $ 3.6m | |
| President | 4yrs | US$1.38m | 0.17% $ 3.9m | |
| Executive VP | 4yrs | US$1.00m | 0.089% $ 2.0m | |
| Senior VP & Chief Information Officer | 10.7yrs | US$696.71k | 0.054% $ 1.2m | |
| Executive VP & Chief Credit Officer | 15.6yrs | US$801.96k | 0.11% $ 2.4m | |
| Chief Investment Officer | 3.2yrs | no data | no data | |
| VP & Director of Corporate Administration | no data | no data | no data | |
| Secretary & Legal Counsel | 7yrs | no data | no data | |
| Senior VP & Chief Human Resources Officer | 8.2yrs | no data | 0.030% $ 673.3k | |
| Senior VP & Chief Risk Officer | 3.4yrs | no data | 0.024% $ 547.0k | |
| Corporate Controller & First VP | no data | no data | no data |
4.0yrs
Average Tenure
57yo
Average Age
Experienced Management: FRME.P's management team is considered experienced (4 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Director | 3.9yrs | US$1.79m | 0.21% $ 4.8m | |
| Advisor & Vice Chair | 19.1yrs | US$151.40k | 0.16% $ 3.6m | |
| Independent Chair of the Board | 21yrs | US$194.44k | 0.10% $ 2.3m | |
| Director | 2.7yrs | US$148.46k | 0.20% $ 4.6m | |
| Independent Director | 13.7yrs | US$162.88k | 0.086% $ 2.0m | |
| Independent Director | 2.6yrs | US$146.68k | 0.010% $ 237.4k | |
| Independent Director | 11.2yrs | US$166.20k | 0.043% $ 973.0k | |
| Independent Director | 12.6yrs | US$163.95k | 0.044% $ 1.0m | |
| Independent Director | 7.9yrs | US$147.88k | 0.026% $ 593.6k | |
| Independent Director | 2.6yrs | US$150.29k | 0.012% $ 269.9k | |
| Independent Director | 5.4yrs | US$158.98k | 0.023% $ 524.5k | |
| Independent Director | 3.9yrs | US$151.23k | 0.015% $ 346.7k |
6.7yrs
Average Tenure
63yo
Average Age
Experienced Board: FRME.P's board of directors are considered experienced (6.7 years average tenure).
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2025/01/10 02:27 |
| End of Day Share Price | 2025/01/10 00:00 |
| Earnings | 2024/09/30 |
| Annual Earnings | 2023/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.
Analysis Model and Snowflake
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Industry and Sector Metrics
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Analyst Sources
First Merchants Corporation is covered by 12 analysts. 6 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Kevin Reevey | D.A. Davidson & Co. |
| Benjamin Gerlinger | Hovde Group, LLC |
| Brendan Nosal | Hovde Group, LLC |