Declared Dividend • May 22
First quarter dividend increased to US$0.37 Dividend of US$0.37 is 2.8% higher than last year. Ex-date: 5th June 2026 Payment date: 19th June 2026 Dividend yield will be 3.6%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 18% over the next year, which should provide support to the dividend and adequate earnings cover. Live News • May 22
First Merchants Q1 Earnings Beat as Acquisition and Loan Moves Reshape Outlook First Merchants reported Q1 2026 revenue of US$157.13 million, which was 2%–5.6% lower year over year and about 12.75% below analyst expectations.
Adjusted EPS came in at US$1.03, about 9.6% higher year over year and roughly 6.6%–7.3% above estimates, supported by net interest margin expansion and fee income growth.
The quarter included sizeable one-time items, including a US$29.8 million loss on reclassified mortgage loans and US$17 million of acquisition and integration costs related to the February 1 purchase of First Savings Financial Group, which added US$2.46 billion in assets and 127 banking centers.
The earnings profile in Q1 appears heavily shaped by repositioning moves and acquisition accounting, so it may help to separate one-time charges from the underlying margin and fee trends when assessing the bank’s progress.
Investors may want to watch how quickly integration costs taper off, whether deposit mix and loan growth targets hold up, and how effectively the company executes on its plan to fund higher-yielding commercial loans after selling lower-yield mortgages. Announcement • Apr 24
First Merchants Corporation Reports Net Charge Offs for the First Quarter Ended March 31, 2026 First Merchants Corporation reported net charge offs for the first quarter ended March 31, 2026. For the period, the company reported net charge-offs of $10,256,000 compared to $4,926,000 a year ago. Announcement • Apr 06
First Merchants Corporation, Annual General Meeting, May 19, 2026 First Merchants Corporation, Annual General Meeting, May 19, 2026. Announcement • Apr 02
First Merchants Corporation to Report Q1, 2026 Results on Apr 22, 2026 First Merchants Corporation announced that they will report Q1, 2026 results on Apr 22, 2026 Upcoming Dividend • Feb 28
Upcoming dividend of US$0.36 per share Eligible shareholders must have bought the stock before 06 March 2026. Payment date: 06 March 2026. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of American dividend payers (4.2%). Higher than average of industry peers (2.4%). Reported Earnings • Feb 27
Full year 2025 earnings: Revenues and EPS in line with analyst expectations Full year 2025 results: EPS: US$3.90 (up from US$3.42 in FY 2024). Revenue: US$641.7m (up 5.0% from FY 2024). Net income: US$224.1m (up 12% from FY 2024). Profit margin: 35% (up from 33% in FY 2024). The increase in margin was driven by higher revenue. Net interest margin (NIM): 3.25% (up from 3.19% in FY 2024). Cost-to-income ratio: 54.5% (up from 53.6% in FY 2024). Non-performing loans: 0.52% (down from 0.57% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 9.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 1% per year. Declared Dividend • Feb 13
Fourth quarter dividend of US$0.36 announced Shareholders will receive a dividend of US$0.36. Ex-date: 6th March 2026 Payment date: 6th March 2026 Dividend yield will be 3.4%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (37% payout ratio) and is expected to be well covered in 3 years' time (33% forecast payout ratio). The dividend has increased by an average of 16% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 16% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 11
First Merchants Corporation Declares Cash Dividend, Payable on March 20, 2026 On February 10, 2026, First Merchants Corporation issued a press release announcing the declaration of a cash dividend of $0.36 per common share. The cash dividend is payable on March 20, 2026 to common stockholders of record as of March 6, 2026. Announcement • Feb 10
First Merchants Corporation and First Merchants Bank Announces Appointment of Larry Myers to Board of Directors First Merchants Corporation announced that Larry Myers has been appointed to the Boards of Directors of First Merchants Corporation and First Merchants Bank. Myers recently announced plans to transition from his role as President and Chief Executive Officer of First Savings Bank and First Savings Financial Group Inc., positions he has held for nearly 20 years. During Myers’ tenure at First Savings, he served as Chairman of the Indiana Bankers Association and on the board of the American Bankers Association. He earned both his Bachelor of Science and MBA from the University of Kentucky and joined the Federal Home Loan Bank Board of Directors in 2018. Myers’ career includes decades of experience in community banking, credit management, and regional economic development. The Board of Directors of First Merchants Corporation increased the size of its Board of Directors from twelve to thirteen members with the additional vacancy added in Class III. Announcement • Feb 03
First Merchants Corporation (NasdaqGS:FRME) completed the acquisition of First Savings Financial Group, Inc. (NasdaqCM:FSFG). First Merchants Corporation (NasdaqGS:FRME) entered into a definitive merger agreement to acquire First Savings Financial Group, Inc. (NasdaqCM:FSFG) for approximately $230 million on September 24, 2025. The all-stock transaction is currently valued at approximately $241.3 million. The merger agreement provides that the common shareholders of First Savings will have the right to receive 0.85 of a share of First Merchants common stock. First Merchants expects to appoint Larry W. Myers, President and Chief Executive Officer and a Director of First Savings, to its Board of Directors in connection with the merger. First Merchants anticipates earnings per share accretion of approximately 11% in 2027 and a tangible book value earnback period of 3.0 years. Sell side termination fee is $10 million.
The transaction is subject to First Savings’ shareholder approval, regulatory approvals, effectiveness of a Form S-4 registration statement, authorization for listing on the Nasdaq Global Select Market of the shares of First Merchants common stock, court approval and other customary conditions. First Merchants’ shareholder approval is not required. The Boards of Directors of both First Merchants and First Savings have approved the Merger Agreement. All regulatory and approval from the holders of First Savings Common Stock shall has been received as of October 17, 2025. The transaction is expected to close in the first quarter of 2026. On January 15, 2026, First Merchants Corporation received the non-objection of the Federal Reserve Bank of Chicago in connection with the Company’s request for a waiver of application related to its pending merger with First Savings Financial Group, Inc. First Merchants and First Savings anticipate that the Merger will become effective as of February 1, 2026, subject to satisfaction of certain customary closing conditions contained in the Merger Agreement.
Stephens Inc. is serving as financial advisor to First Merchants, and Jeremy E. Hill of Dentons is serving as legal advisor. Piper Sandler & Co. is serving as financial advisor, fairness opinion provider to First Savings and will receive a fee of 1.625% of the aggregate purchase price, of which $0.4 million for opinion rendered. Victor L. Cangelosi and Thomas P. Hutton of Luse Gorman, PC is serving as legal advisor.
First Merchants Corporation (NasdaqGS:FRME) completed the acquisition of First Savings Financial Group, Inc. (NasdaqCM:FSFG) on February 1, 2026. Reported Earnings • Jan 27
Full year 2025 earnings: Revenues and EPS in line with analyst expectations Full year 2025 results: EPS: US$3.88 (up from US$3.42 in FY 2024). Revenue: US$641.7m (up 5.0% from FY 2024). Net income: US$224.1m (up 12% from FY 2024). Profit margin: 35% (up from 33% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 8.9% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 4% per year. Announcement • Jan 27
First Merchants Corporation Announces Net Charge Offs for the Quarter Ended December 31, 2025 First Merchants Corporation announced net charge offs for the quarter ended December 31, 2025. For the quarter, the company reported net charge offs of $6,021,000 against $771,000 a year ago. Announcement • Jan 06
First Merchants Corporation to Report Q4, 2025 Results on Jan 26, 2026 First Merchants Corporation announced that they will report Q4, 2025 results on Jan 26, 2026 Declared Dividend • Nov 20
Third quarter dividend of US$0.36 announced Shareholders will receive a dividend of US$0.36. Ex-date: 5th December 2025 Payment date: 19th December 2025 Dividend yield will be 4.0%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (35% payout ratio) and is expected to be well covered in 3 years' time (34% forecast payout ratio). The dividend has increased by an average of 16% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 12% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 17
First Merchants Corporation Announces the Retirement of Patrick Fehring from the Board of Directors Effective November 14, 2025 On November 14, 2025, First Merchants Corporation (the “Corporation”) announced the retirement of Patrick Fehring from the Board of Directors effective immediately. Mr. Fehring has served on the Board since 2022 and was a member of the Risk and Credit Policy Committee. The retirement of Mr. Fehring is not the result of any disagreement with the Corporation on any matter relating to the Corporation’s operations, policies, or practices. Also, on November 14, 2025, the Corporation decreased the size of its Board from thirteen (13) members to twelve (12) members. The Corporation had thirteen (13) members immediately prior to the decrease. Announcement • Nov 15
First Merchants Corporation Announces Cash Dividend, Payable on December 19, 2025 First Merchants Corporation declared a cash dividend on November 14, 2025 of $0.36 per common share. The dividend is payable on December 19, 2025, to common shareholders of record as of December 5, 2025. Announcement • Oct 24
First Merchants Corporation Reports Net Charge-Offs for the Third Quarter Ended September 30, 2025 First Merchants Corporation reported Net Charge-offs for the third quarter ended September 30, 2025. For the quarter, the company reported Net Charge-offs of $5,148,000 against $6,709,000 a year ago. Reported Earnings • Oct 23
Third quarter 2025 earnings: EPS exceeds analyst expectations Third quarter 2025 results: EPS: US$0.98 (up from US$0.84 in 3Q 2024). Revenue: US$161.8m (up 7.2% from 3Q 2024). Net income: US$56.3m (up 16% from 3Q 2024). Profit margin: 35% (up from 32% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.9%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 6% per year. Announcement • Oct 02
First Merchants Corporation to Report Q3, 2025 Results on Oct 22, 2025 First Merchants Corporation announced that they will report Q3, 2025 results on Oct 22, 2025 Announcement • Sep 26
First Merchants Corporation Appoints Larry W. Myers to Its Board of Directors First Merchants Corporation and First Savings Financial Group Inc. announced they have entered into a definitive merger agreement pursuant to which First Savings will merge with and into First Merchants in an all-stock transaction currently valued at approximately $241.3 million. Immediately following the merger, First Savings Bank will merge with and into First Merchants Bank. First Merchants expects to appoint Larry W. Myers, President and Chief Executive Officer and a Director of First Savings, to its Board of Directors in connection with the merger. Announcement • Sep 25
First Merchants Corporation (NasdaqGS:FRME) entered into a definitive merger agreement to acquire First Savings Financial Group, Inc. (NasdaqCM:FSFG) for approximately $230 million. First Merchants Corporation (NasdaqGS:FRME) entered into a definitive merger agreement to acquire First Savings Financial Group, Inc. (NasdaqCM:FSFG) for approximately $230 million on September 24, 2025. The all-stock transaction is currently valued at approximately $241.3 million. The merger agreement provides that the common shareholders of First Savings will have the right to receive 0.85 of a share of First Merchants common stock. First Merchants expects to appoint Larry W. Myers, President and Chief Executive Officer and a Director of First Savings, to its Board of Directors in connection with the merger. First Merchants anticipates earnings per share accretion of approximately 11% in 2027 and a tangible book value earnback period of 3.0 years. Sell side termination fee is $10 million. The transaction is subject to First Savings’ shareholder approval, regulatory approvals, effectiveness of a Form S-4 registration statement, authorization for listing on the Nasdaq Global Select Market of the shares of First Merchants common stock and other customary conditions. First Merchants’ shareholder approval is not required. The Boards of Directors of both First Merchants and First Savings have approved the Merger Agreement. The transaction is expected to close in the first quarter of 2026. Stephens Inc. is serving as financial advisor to First Merchants, and Jeremy E. Hill of Dentons is serving as legal advisor. Piper Sandler & Co. is serving as financial advisor and fairness opinion provider to First Savings and Victor L. Cangelosi and Thomas P. Hutton of Luse Gorman, PC is serving as legal advisor. Declared Dividend • Aug 20
Second quarter dividend of US$0.36 announced Shareholders will receive a dividend of US$0.36. Ex-date: 5th September 2025 Payment date: 19th September 2025 Dividend yield will be 3.6%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 16% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 1.0% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 16
First Merchants Corporation Announces Cash Dividend on Common Shares, Payable on September 19, 2025 First Merchants Corporation declared a cash dividend on August 15, 2025 of $0.36 per common share. The dividend is payable on September 19, 2025, to common shareholders of record as of September 5, 2025. New Risk • Jul 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.01% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Jul 24
Second quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2025 results: EPS: US$0.98 (up from US$0.68 in 2Q 2024). Revenue: US$158.7m (up 17% from 2Q 2024). Net income: US$56.4m (up 43% from 2Q 2024). Profit margin: 36% (up from 29% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) exceeded analyst estimates by 3.7%. Revenue is forecast to grow 7.7% p.a. on average during the next 2 years, compared to a 7.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 1% per year. Announcement • Jul 24
First Merchants Corporation Reports Net Charge Offs for the Second Quarter Ended June 30, 2025 First Merchants Corporation reported net charge offs for the second quarter ended June 30, 2025. For the quarter, the company reported Net charge-offs of $2,315,000 against $39,644,000 a year ago. Announcement • Jun 30
First Merchants Corporation to Report Q2, 2025 Results on Jul 23, 2025 First Merchants Corporation announced that they will report Q2, 2025 results on Jul 23, 2025 Declared Dividend • May 21
First quarter dividend increased to US$0.36 Dividend of US$0.36 is 2.9% higher than last year. Ex-date: 6th June 2025 Payment date: 20th June 2025 Dividend yield will be 3.7%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 16% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 6.7% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • May 17
First Merchants Corporation Declares Cash Dividend, Payable on June 20, 2025 First Merchants Corporation declared a cash dividend on May 16, 2025 of $0.36 per share. The dividend is payable on June 20, 2025, to common shareholders of record as of June 6, 2025. For purposes of broker trading, the ex-date of the cash dividend is June 5, 2025. Price Target Changed • Apr 28
Price target decreased by 8.4% to US$45.17 Down from US$49.33, the current price target is an average from 6 analysts. New target price is 27% above last closing price of US$35.61. Stock is up 5.3% over the past year. The company is forecast to post earnings per share of US$3.80 for next year compared to US$3.42 last year. Reported Earnings • Apr 25
First quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2025 results: EPS: US$0.95 (up from US$0.80 in 1Q 2024). Revenue: US$156.1m (up 2.9% from 1Q 2024). Net income: US$54.9m (up 16% from 1Q 2024). Profit margin: 35% (up from 31% in 1Q 2024). The increase in margin was primarily driven by higher revenue. Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) exceeded analyst estimates by 2.9%. Revenue is forecast to grow 9.2% p.a. on average during the next 2 years, compared to a 6.9% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 3% per year. Announcement • Apr 25
First Merchants Corporation Reports Net Charge-Offs Results for the First Quarter Ended March 31, 2025 First Merchants Corporation reported net charge-offs results for the first quarter ended March 31, 2025. For the quarter, the company reported net charge-offs of $4,926,000 against $2,253,000 a year ago. Announcement • Mar 20
First Merchants Corporation (NasdaqGS:FRME) announces an Equity Buyback for 2,927,000 shares, representing 5% for $100 million. First Merchants Corporation (NasdaqGS:FRME) announces a share repurchase program. Under the program, the company will repurchase up to 2,927,000 shares, representing 5% of the company's outstanding shares for $100 million. The program has no expiration date. Upcoming Dividend • Feb 28
Upcoming dividend of US$0.35 per share Eligible shareholders must have bought the stock before 07 March 2025. Payment date: 21 March 2025. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of American dividend payers (4.5%). Higher than average of industry peers (2.6%). Declared Dividend • Feb 12
Fourth quarter dividend of US$0.35 announced Shareholders will receive a dividend of US$0.35. Ex-date: 7th March 2025 Payment date: 21st March 2025 Dividend yield will be 3.2%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by earnings (41% payout ratio) and is expected to be well covered in 3 years' time (35% forecast payout ratio). The dividend has increased by an average of 21% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 19% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 08
First Merchants Corporation Announces Cash Dividend, Payable on March 21, 2025 First Merchants Corporation declared a cash dividend on February 7, 2025 of $0.35 per share. The dividend is payable on March 21, 2025, to common shareholders of record as of March 7, 2025. For purposes of broker trading, the ex-date of the cash dividend is March 6, 2025. Price Target Changed • Jan 31
Price target increased by 7.8% to US$49.60 Up from US$46.00, the current price target is an average from 5 analysts. New target price is 12% above last closing price of US$44.44. Stock is up 32% over the past year. The company is forecast to post earnings per share of US$3.88 for next year compared to US$3.42 last year. Reported Earnings • Jan 30
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: US$3.42 (down from US$3.74 in FY 2023). Revenue: US$611.0m (down 5.6% from FY 2023). Net income: US$199.5m (down 10% from FY 2023). Profit margin: 33% (down from 34% in FY 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) exceeded analyst estimates by 4.4%. Revenue is forecast to grow 6.9% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has remained flat. Announcement • Jan 09
First Merchants Corporation to Report Q4, 2024 Results on Jan 30, 2025 First Merchants Corporation announced that they will report Q4, 2024 results on Jan 30, 2025 Recent Insider Transactions • Dec 18
President recently sold US$317k worth of stock On the 16th of December, Michael Stewart sold around 7k shares on-market at roughly US$43.73 per share. This transaction amounted to 6.8% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$1.1m. This was Michael's only on-market trade for the last 12 months. Recent Insider Transactions Derivative • Dec 05
President notifies of intention to sell stock Michael Stewart intends to sell 7k shares in the next 90 days after lodging an Intent To Sell Form on the 5th of December. If the sale is conducted around the recent share price of US$43.54, it would amount to US$316k. Since December 2023, Michael's direct individual holding has increased from 95.83k shares to 107.15k. Company insiders have collectively sold US$2.1m more than they bought, via options and on-market transactions in the last 12 months. Upcoming Dividend • Dec 01
Upcoming dividend of US$0.35 per share Eligible shareholders must have bought the stock before 06 December 2024. Payment date: 20 December 2024. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of American dividend payers (4.2%). Higher than average of industry peers (2.5%). Declared Dividend • Nov 15
Third quarter dividend of US$0.35 announced Shareholders will receive a dividend of US$0.35. Ex-date: 6th December 2024 Payment date: 20th December 2024 Dividend yield will be 3.2%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by earnings (46% payout ratio) and is expected to be well covered in 3 years' time (40% forecast payout ratio). The dividend has increased by an average of 21% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 17% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 13
First Merchants Corporation Announces Cash Dividend, Payable on December 20, 2024 First Merchants Corporation declared a cash dividend on November 12, 2024 of $0.35 per share. The dividend is payable on December 20, 2024, to shareholders of record as of December 6, 2024. For purposes of broker trading, the ex-date of the cash dividend is December 5, 2024. Recent Insider Transactions • Nov 11
Director recently sold US$1.1m worth of stock On the 8th of November, Patrick Fehring sold around 26k shares on-market at roughly US$43.01 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$1.9m more than they bought in the last 12 months. Recent Insider Transactions Derivative • Nov 08
Director notifies of intention to sell stock Patrick Fehring intends to sell 26k shares in the next 90 days after lodging an Intent To Sell Form on the 7th of November. If the sale is conducted around the recent share price of US$43.02, it would amount to US$1.1m. Since December 2023, Patrick's direct individual holding has decreased from 152.57k shares to 144.60k. Company insiders have collectively sold US$960k more than they bought, via options and on-market transactions in the last 12 months. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$42.70, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 13x in the Banks industry in the US. Total returns to shareholders of 11% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$72.92 per share. Reported Earnings • Oct 24
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: US$0.84 (down from US$0.94 in 3Q 2023). Revenue: US$151.0m (down 5.2% from 3Q 2023). Net income: US$48.7m (down 13% from 3Q 2023). Profit margin: 32% (down from 35% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) also missed analyst estimates by 7.0%. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 4% per year and the company’s share price has also fallen by 4% per year. Announcement • Oct 03
First Merchants Corporation to Report Q3, 2024 Results on Oct 24, 2024 First Merchants Corporation announced that they will report Q3, 2024 results on Oct 24, 2024 Declared Dividend • Aug 21
Second quarter dividend of US$0.35 announced Shareholders will receive a dividend of US$0.35. Ex-date: 6th September 2024 Payment date: 20th September 2024 Dividend yield will be 3.8%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 21% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 8.9% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 19
First Merchants Corporation Declares Cash Dividend, Payable on September 20, 2024 First Merchants Corporation declared a cash dividend on August 16, 2024 of $0.35 per share. The dividend is payable on September 20, 2024, to shareholders of record as of September 6, 2024. For purposes of broker trading, the ex-date of the cash dividend is September 5, 2024. Recent Insider Transactions Derivative • Aug 12
CEO & Director notifies of intention to sell stock Mark Hardwick intends to sell 12k shares in the next 90 days after lodging an Intent To Sell Form on the 9th of August. If the sale is conducted around the recent share price of US$35.56, it would amount to US$421k. For the year to December 2017, Mark's total compensation was 40% salary and 60% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since September 2023, Mark's direct individual holding has decreased from 123.70k shares to 122.23k. Company insiders have collectively sold US$960k more than they bought, via options and on-market transactions in the last 12 months. Price Target Changed • Jul 29
Price target increased by 11% to US$45.80 Up from US$41.20, the current price target is an average from 5 analysts. New target price is 11% above last closing price of US$41.35. Stock is up 29% over the past year. The company is forecast to post earnings per share of US$3.26 for next year compared to US$3.74 last year. Reported Earnings • Jul 26
Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2024 results: EPS: US$0.68 (down from US$1.02 in 2Q 2023). Revenue: US$135.4m (down 18% from 2Q 2023). Net income: US$39.5m (down 35% from 2Q 2023). Profit margin: 29% (down from 37% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 3.3%. Earnings per share (EPS) missed analyst estimates by 13%. Revenue is forecast to grow 7.0% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 1% per year. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$38.50, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 12x in the Banks industry in the US. Total returns to shareholders of 7.7% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$69.19 per share. Announcement • Jul 04
First Merchants Corporation to Report Q2, 2024 Results on Jul 25, 2024 First Merchants Corporation announced that they will report Q2, 2024 results on Jul 25, 2024 Recent Insider Transactions Derivative • Jun 02
Director notifies of intention to sell stock Patrick Fehring intends to sell 24k shares in the next 90 days after lodging an Intent To Sell Form on the 30th of May. If the sale is conducted around the recent share price of US$32.51, it would amount to US$778k. Since June 2023, Patrick's direct individual holding has decreased from 152.83k shares to 143.31k. Company insiders have collectively sold US$978k more than they bought, via options and on-market transactions in the last 12 months. Upcoming Dividend • May 31
Upcoming dividend of US$0.35 per share Eligible shareholders must have bought the stock before 07 June 2024. Payment date: 21 June 2024. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of American dividend payers (4.8%). Higher than average of industry peers (3.0%). Declared Dividend • May 12
First quarter dividend increased to US$0.35 Dividend of US$0.35 is 2.9% higher than last year. Ex-date: 7th June 2024 Payment date: 21st June 2024 Dividend yield will be 3.8%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 21% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend. Announcement • May 10
First Merchants Corporation and First Merchants Bank Announce Board and Committee Changes First Merchants Corporation announced that Jean L. Wojtowicz has been appointed as First Merchants Corporation and First Merchants Bank Chair of the Board of Directors. Effective May 7, 2024, Wojtowicz succeeds Charles E. Schalliol, who retired after serving as Chair for the past seventeen years. Ms. Wojtowicz, founder and President of Cambridge Capital Management Corporation, is in her 20th year as a board member for First Merchants Corporation. Ms. Wojtowicz will also serve as Chair of the Compensation and Human Resources Committee and as a member of the Audit and Nominating and Governance Committees. In addition, Ms. Wojtowicz serves on several public, private, and governmental agency boards. During his leadership at First Merchants, Mr. Schalliol also served as the Chair of the Board’s Compensation and Human Resources Committee and Nominating and Governance Committee. Additionally, Michael C. Rechin, former First Merchants Corporation CEO, was appointed as Vice Chair of the Board of Directors effective May 7, 2024. Mr. Rechin, who joined First Merchants in 2005 as Executive Vice President and Chief Operating Officer, was promoted to CEO in 2007 and served until his retirement on December 31, 2020. Announcement • May 09
First Merchants Corporation Declares Cash Dividend, Payable on June 21, 2024 First Merchants Corporation declared cash dividend of $0.35 per share. The cash dividend is payable on June 21, 2024 to stockholders of record as of June 7, 2024. Reported Earnings • Apr 25
First quarter 2024 earnings released: EPS: US$0.80 (vs US$1.07 in 1Q 2023) First quarter 2024 results: EPS: US$0.80 (down from US$1.07 in 1Q 2023). Revenue: US$151.7m (down 10% from 1Q 2023). Net income: US$47.5m (down 25% from 1Q 2023). Profit margin: 31% (down from 38% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.3% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Announcement • Apr 05
First Merchants Corporation to Report Q1, 2024 Results on Apr 25, 2024 First Merchants Corporation announced that they will report Q1, 2024 results on Apr 25, 2024 Reported Earnings • Mar 03
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: US$3.74. Revenue: US$647.5m (up 5.9% from FY 2022). Net income: US$221.9m (flat on FY 2022). Profit margin: 34% (down from 36% in FY 2022). The decrease in margin was driven by higher expenses. Net interest margin (NIM): 3.35% (down from 3.41% in FY 2022). Non-performing loans: 0.43% (up from 0.35% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.1%. Revenue is forecast to grow 3.3% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Banks industry in the US. Upcoming Dividend • Feb 22
Upcoming dividend of US$0.34 per share Eligible shareholders must have bought the stock before 29 February 2024. Payment date: 15 March 2024. Trailing yield: 4.0%. Lower than top quartile of American dividend payers (4.7%). Higher than average of industry peers (3.2%). Recent Insider Transactions • Feb 14
Independent Director recently sold US$328k worth of stock On the 13th of February, Patrick Fehring sold around 10k shares on-market at roughly US$33.08 per share. This transaction amounted to 6.5% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$371k. Insiders have been net sellers, collectively disposing of US$633k more than they bought in the last 12 months. Declared Dividend • Feb 11
Fourth quarter dividend of US$0.34 announced Shareholders will receive a dividend of US$0.34. Ex-date: 29th February 2024 Payment date: 15th March 2024 Dividend yield will be 4.0%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (36% payout ratio) and is expected to be well covered in 3 years' time (40% forecast payout ratio). The dividend has increased by an average of 27% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 6.2% over the next 2 years. However, it would need to fall by 60% to increase the payout ratio to a potentially unsustainable range. Announcement • Feb 07
First Merchants Corporation Declares Cash Dividend, Payable on March 15, 2024 First Merchants Corporation declared a cash dividend on February 6, 2024 of $0.34 per share. The dividend is payable on March 15, 2024, to shareholders of record as of March 1, 2024. For purposes of broker trading, the ex-date of the cash dividend is February 29, 2024. Price Target Changed • Jan 29
Price target increased by 7.6% to US$41.00 Up from US$38.10, the current price target is an average from 5 analysts. New target price is 16% above last closing price of US$35.21. Stock is down 14% over the past year. The company is forecast to post earnings per share of US$3.39 for next year compared to US$3.74 last year. Reported Earnings • Jan 26
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: US$3.74. Revenue: US$647.5m (up 5.9% from FY 2022). Net income: US$221.9m (flat on FY 2022). Profit margin: 34% (down from 36% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.1%. Revenue is forecast to grow 4.0% p.a. on average during the next 2 years, compared to a 5.5% growth forecast for the Banks industry in the US. Announcement • Jan 05
First Merchants Corporation to Report Q4, 2023 Results on Jan 25, 2024 First Merchants Corporation announced that they will report Q4, 2023 results on Jan 25, 2024 Price Target Changed • Dec 27
Price target increased by 9.5% to US$38.10 Up from US$34.80, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of US$37.94. Stock is down 5.5% over the past year. The company is forecast to post earnings per share of US$3.88 for next year compared to US$3.83 last year. Recent Insider Transactions • Dec 22
Advisor & Director recently sold US$371k worth of stock On the 19th of December, Michael Rechin sold around 10k shares on-market at roughly US$37.05 per share. This transaction amounted to 9.9% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$306k more than they bought in the last 12 months. Recent Insider Transactions Derivative • Dec 17
Advisor & Director notifies of intention to sell stock Michael Rechin intends to sell 10k shares in the next 90 days after lodging an Intent To Sell Form on the 14th of December. If the sale is conducted around the recent share price of US$37.54, it would amount to US$375k. Since December 2022, Michael's direct individual holding has decreased from 106.08k shares to 100.95k. Company insiders have collectively bought US$92k more than they sold, via options and on-market transactions, in the last 12 months. Upcoming Dividend • Nov 23
Upcoming dividend of US$0.34 per share at 4.4% yield Eligible shareholders must have bought the stock before 30 November 2023. Payment date: 15 December 2023. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 4.4%. Lower than top quartile of American dividend payers (5.0%). Higher than average of industry peers (3.6%). Announcement • Nov 15
First Merchants Corporation Declares Cash Dividend, Payable on December 15, 2023 First Merchants Corporation declared a cash dividend on November 9, 2023 of $0.34 per share. The dividend is payable on December 15, 2023, to shareholders of record as of December 1, 2023. For purposes of broker trading, the ex-date of the cash dividend is November 30, 2023. Reported Earnings • Oct 27
Third quarter 2023 earnings: Revenues and EPS in line with analyst expectations Third quarter 2023 results: EPS: US$0.95 (down from US$1.07 in 3Q 2022). Revenue: US$159.2m (down 6.3% from 3Q 2022). Net income: US$55.9m (down 12% from 3Q 2022). Profit margin: 35% (down from 37% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Oct 06
First Merchants Corporation to Report Q3, 2023 Results on Oct 26, 2023 First Merchants Corporation announced that they will report Q3, 2023 results on Oct 26, 2023 Upcoming Dividend • Aug 24
Upcoming dividend of US$0.34 per share at 4.6% yield Eligible shareholders must have bought the stock before 31 August 2023. Payment date: 15 September 2023. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 4.6%. Lower than top quartile of American dividend payers (4.9%). Higher than average of industry peers (3.7%). Announcement • Aug 10
First Merchants Corporation Declares Cash Dividend, Payable on September 15, 2023 First Merchants Corporation declared a cash dividend on August 9, 2023 of $0.34 per share. The dividend is payable on September 15, 2023, to shareholders of record as of September 1, 2023. For purposes of broker trading, the ex-date of the cash dividend is August 31, 2023. Reported Earnings • Jul 25
Second quarter 2023 earnings: EPS in line with expectations, revenues disappoint Second quarter 2023 results: EPS: US$1.02 (up from US$0.65 in 2Q 2022). Revenue: US$164.2m (up 17% from 2Q 2022). Net income: US$60.4m (up 57% from 2Q 2022). Profit margin: 37% (up from 28% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 1.8% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 8% per year. Announcement • Jul 06
First Merchants Corporation to Report Q2, 2023 Results on Jul 25, 2023 First Merchants Corporation announced that they will report Q2, 2023 results on Jul 25, 2023 Upcoming Dividend • May 25
Upcoming dividend of US$0.34 per share at 4.9% yield Eligible shareholders must have bought the stock before 01 June 2023. Payment date: 16 June 2023. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 4.9%. Lower than top quartile of American dividend payers (5.1%). Higher than average of industry peers (3.7%). 