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 $5.03M. The average tenure of the management team and the board of directors is 3.9 years and 6.6 years respectively.

Key information

Mark Hardwick

Chief executive officer

US$1.8m

Total compensation

CEO salary percentage	40.4%
CEO tenure	3.9yrs
CEO ownership	0.2%
Management average tenure	3.9yrs
Board average tenure	6.6yrs

Recent management updates

Recent updates

First Merchants (NASDAQ:FRME) Is Paying Out A Dividend Of $0.35

Nov 16

First Merchants Corporation: Decent Return Potential With Earnings Likely To Recover Next Year

Sep 18

First Merchants' (NASDAQ:FRME) Upcoming Dividend Will Be Larger Than Last Year's

May 31

First Merchants' (NASDAQ:FRME) Upcoming Dividend Will Be Larger Than Last Year's

May 14

If EPS Growth Is Important To You, First Merchants (NASDAQ:FRME) Presents An Opportunity

May 03

First Merchants declares $0.32 dividend

Aug 10

First Merchants Non-GAAP EPS of $1.01 beats by $0.13, revenue of $156.94M beats by $1.6M

Jul 26

First Merchants: The Level One Acquisition Will Boost Earnings Power

Jun 07

First Merchants' (NASDAQ:FRME) Dividend Will Be Increased To US$0.32

May 14

Here's Why I Think First Merchants (NASDAQ:FRME) Might Deserve Your Attention Today

Mar 24

CEO Compensation Analysis

How has Mark Hardwick's remuneration changed compared to First Merchants's earnings?
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
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 ($USD1.79M) is below average for companies of similar size in the US market ($USD5.54M).

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

CEO

Mark Hardwick (53 yo)

3.9yrs

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	3.9yrs	US$1.79m	0.21% $ 5.0m
Michael Rechin	Advisor & Vice Chair	19yrs	US$151.40k	0.16% $ 3.7m
Michael Stewart	President	3.9yrs	US$1.38m	0.17% $ 4.1m
Michele Kawiecki	Executive VP	3.9yrs	US$1.00m	0.089% $ 2.1m
Stephan Fluhler	Senior VP & Chief Information Officer	10.6yrs	US$696.71k	0.054% $ 1.3m
John Martin	Executive VP & Chief Credit Officer	15.5yrs	US$801.96k	0.11% $ 2.5m
Marcos Nogues	Chief Investment Officer	3.1yrs	no data	no data
Nicole Weaver	VP & Director of Corporate Administration	no data	no data	no data
Brian Hunt	Secretary & Legal Counsel	6.9yrs	no data	no data
Steven Harris	Senior VP & Chief Human Resources Officer	8.1yrs	no data	0.030% $ 711.1k
Chad Kimball	Senior VP & Chief Risk Officer	3.3yrs	no data	0.024% $ 577.7k
Julie Crabtree	Corporate Controller & First VP	no data	no data	no data

3.9yrs

Average Tenure

57yo

Average Age

Experienced Management: FRME's management team is considered experienced (3.9 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Mark Hardwick	CEO & Director	3.8yrs	US$1.79m	0.21% $ 5.0m
Michael Rechin	Advisor & Vice Chair	19yrs	US$151.40k	0.16% $ 3.7m
Jean Wojtowicz	Independent Chair of the Board	20.9yrs	US$194.44k	0.099% $ 2.4m
Patrick Fehring	Director	2.6yrs	US$148.46k	0.20% $ 4.8m
Gary Lehman	Independent Director	13.6yrs	US$162.88k	0.085% $ 2.0m
Kevin Johnson	Independent Director	2.5yrs	US$146.68k	0.0095% $ 228.4k
F. Halderman	Independent Director	11.1yrs	US$166.20k	0.042% $ 997.5k
Michael Becher	Independent Director	12.5yrs	US$163.95k	0.043% $ 1.0m
Michael Fisher	Independent Director	7.8yrs	US$147.88k	0.025% $ 602.6k
Jason Sondhi	Independent Director	2.5yrs	US$150.29k	0.011% $ 260.8k
Clark Kellogg	Independent Director	5.3yrs	US$158.98k	0.022% $ 528.8k
Susan Brooks	Independent Director	3.8yrs	US$151.23k	0.014% $ 342.3k

6.6yrs

Average Tenure

63yo

Average Age

Experienced Board: FRME's board of directors are considered experienced (6.6 years average tenure).

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2024/12/22 18:18
End of Day Share Price	2024/12/20 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	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* 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

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

First Merchants Corporation is covered by 13 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

First Merchants Management

Management criteria checks 4/4

Key information

Recent management updates

President recently sold US$317k worth of stock

President notifies of intention to sell stock

Director recently sold US$1.1m worth of stock

Director notifies of intention to sell stock

CEO & Director notifies of intention to sell stock

Director notifies of intention to sell stock

Recent updates

President recently sold US$317k worth of stock

President notifies of intention to sell stock

Upcoming dividend of US$0.35 per share

First Merchants (NASDAQ:FRME) Is Paying Out A Dividend Of $0.35

Third quarter dividend of US$0.35 announced

First Merchants Corporation Announces Cash Dividend, Payable on December 20, 2024

Director recently sold US$1.1m worth of stock

Director notifies of intention to sell stock

Investor sentiment improves as stock rises 15%

Third quarter 2024 earnings: EPS and revenues miss analyst expectations

First Merchants Corporation to Report Q3, 2024 Results on Oct 24, 2024

First Merchants Corporation: Decent Return Potential With Earnings Likely To Recover Next Year

First Merchants (NASDAQ:FRME) Is Paying Out A Dividend Of $0.35

Second quarter dividend of US$0.35 announced

First Merchants Corporation Declares Cash Dividend, Payable on September 20, 2024

CEO & Director notifies of intention to sell stock

Price target increased by 11% to US$45.80

Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind

Investor sentiment improves as stock rises 17%

First Merchants Corporation to Report Q2, 2024 Results on Jul 25, 2024

First Merchants Corporation: An Attractive Way To Play The Banking Sector

Director notifies of intention to sell stock

Upcoming dividend of US$0.35 per share

First quarter dividend increased to US$0.35

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: EPS misses analyst expectations

Upcoming dividend of US$0.34 per share

Independent Director recently sold US$328k worth of stock

Fourth quarter dividend of US$0.34 announced

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

Price target increased by 7.6% to US$41.00

Full year 2023 earnings: EPS misses analyst expectations

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

Price target increased by 9.5% to US$38.10

Advisor & Director recently sold US$371k worth of stock

Advisor & Director notifies of intention to sell 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: Revenues and EPS in line with analyst expectations

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

Here's Why We Think First Merchants (NASDAQ:FRME) Is Well Worth Watching

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: EPS in line with expectations, revenues disappoint

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

First Merchants' (NASDAQ:FRME) Upcoming Dividend Will Be Larger Than Last Year's

Upcoming dividend of US$0.34 per share at 4.9% yield

First Merchants' (NASDAQ:FRME) Upcoming Dividend Will Be Larger Than Last Year's

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

If EPS Growth Is Important To You, First Merchants (NASDAQ:FRME) Presents An Opportunity

Price target decreased by 12% to US$37.50

First quarter 2023 earnings: EPS and revenues miss analyst expectations

Price target decreased by 8.2% to US$45.00

Independent Director notifies of intention to sell stock

Investor sentiment deteriorates as stock falls 17%

Full year 2022 earnings: Revenues in line with analyst expectations

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: EPS in line with expectations, revenues disappoint

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 notifies of intention to sell stock

Independent Chairman of the Board recently sold US$1.1m worth of stock

Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind

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