First Merchants Management
Management criteria checks 4/4
First Merchants' CEO is Mark Hardwick, appointed in Jan 2021, has a tenure of 5.67 years. total yearly compensation is $2.40M, comprised of 34.5% salary and 65.5% bonuses, including company stock and options. directly owns 0.24% of the company’s shares, worth $6.19M. The average tenure of the management team and the board of directors is 5.7 years and 6.3 years respectively.
Key information
Mark Hardwick
Chief executive officer
US$2.4m
Total compensation
| CEO salary percentage | 34.46% |
| CEO tenure | 5.7yrs |
| CEO ownership | 0.2% |
| Management average tenure | 5.7yrs |
| Board average tenure | 6.3yrs |
Recent management updates
Recent updates
First Merchants: A Mid-Cap Midwest Bank With Earnings Stuck In Neutral
Summary First Merchants Corporation remains a Hold due to stagnant earnings, missed Q2 2026 estimates, and rising asset quality concerns. FRME's acquisition of First Savings Financial Group has yet to deliver its expected earnings accretion, with portfolio yields and tangible book value negatively impacted. Adjusted Q2 2026 ROA (0.88%) and ROE (6.87%) are well below peers, while nonperforming assets have nearly doubled since Q3 2025. Despite a 3.42% yield and ongoing buybacks, FRME's lack of earnings growth and deteriorating credit metrics undermine its valuation case. Read the full article on Seeking AlphaFirst Merchants (NASDAQ:FRME) Is Increasing Its Dividend To $0.36
First Merchants Corporation ( NASDAQ:FRME ) will increase its dividend on the 20th of June to $0.36, which is 2.9...First Merchants Corporation's (NASDAQ:FRME) CEO Compensation Looks Acceptable To Us And Here's Why
Key Insights First Merchants will host its Annual General Meeting on 16th of May Salary of US$762.5k is part of CEO...First Merchants Corporation: Earnings To Grow Thanks To Deposit Repricing, Strong Pipelines
Summary The margin will continue to expand because (i) deposits will re-price downwards, and (ii) proceeds from maturing securities will get rolled over into higher-yielding securities. Strong pipelines indicate that loan growth can remain healthy in the near term. I’m expecting the EPS to grow to $3.60 in 2025. I’m maintaining a buy rating due to a price upside of 7.6% and a dividend yield of 3.5%. Read the full article on Seeking AlphaFirst Merchants (NASDAQ:FRME) Is Paying Out A Dividend Of $0.35
First Merchants Corporation ( NASDAQ:FRME ) has announced that it will pay a dividend of $0.35 per share on the 20th of...
Tech Investments And Expansion Strategy Fuel Growth And Enhance Shareholder Value In Midwest Banking Sector
Enhanced platforms for commercial clients and tech initiatives aim to improve operational efficiency and customer acquisition, boosting margins and revenue growth.First Merchants Corporation: Decent Return Potential With Earnings Likely To Recover Next Year
Summary The regional economy appears to be conducive to loan growth. Interest rate cuts will most probably hurt the net interest margin. I’m expecting earnings to recover next year after falling in 2024. The December 2024 target price suggests a small upside. Further, FRME is offering a dividend yield of 3.8%. Read the full article on Seeking AlphaFirst Merchants (NASDAQ:FRME) Is Paying Out A Dividend Of $0.35
First Merchants Corporation ( NASDAQ:FRME ) has announced that it will pay a dividend of $0.35 per share on the 20th of...First Merchants Corporation: An Attractive Way To Play The Banking Sector
Summary First Merchants Corporation is a regional bank with a long operating history and a market capitalization of $1.85 billion. The bank has shown growth in deposits and loans, with a focus on commercial and industrial loans. Despite recent downward pressure on revenue and profits, the institution is undervalued compared to similar firms and has strong asset quality, making it a "buy." Read the full article on Seeking AlphaCEO Compensation Analysis
| Date | Total Compensation | Salary | Company Earnings |
|---|---|---|---|
| Jun 30 2026 | n/a | n/a | US$184m |
| Mar 31 2026 | n/a | n/a | US$197m |
| Dec 31 2025 | US$2m | US$827k | US$224m |
| Sep 30 2025 | n/a | n/a | US$231m |
| Jun 30 2025 | n/a | n/a | US$224m |
| Mar 31 2025 | n/a | n/a | US$207m |
| Dec 31 2024 | US$2m | US$763k | US$200m |
| 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$164m |
Compensation vs Market: Mark's total compensation ($USD2.40M) is below average for companies of similar size in the US market ($USD6.88M).
Compensation vs Earnings: Mark's compensation has been consistent with company performance over the past year.
CEO
Mark Hardwick (55 yo)
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 | 5.7yrs | US$2.40m | 0.24% $ 6.2m | |
| Advisor & Vice Chair | 20.8yrs | US$165.97k | 0.15% $ 3.9m | |
| President | 5.7yrs | US$1.75m | 0.20% $ 5.1m | |
| Executive VP | 5.7yrs | US$1.37m | 0.12% $ 3.1m | |
| Executive VP & Chief Credit Officer | 17.3yrs | US$1.05m | 0.11% $ 2.9m | |
| Executive VP & Chief Commercial Officer | no data | US$983.18k | 0.072% $ 1.9m | |
| Chief Investment Officer | 4.8yrs | no data | no data | |
| Senior VP & Chief Information Officer | 12.3yrs | US$696.71k | 0.041% $ 1.0m | |
| VP & Director of Corporate Administration | no data | no data | no data | |
| Secretary & Legal Counsel | 8.7yrs | no data | no data | |
| Executive VP & Chief Human Resources Officer | 9.8yrs | no data | 0.036% $ 937.0k | |
| Senior VP & Chief Risk Officer | less than a year | no data | 0.050% $ 1.3m |
Experienced Management: FRME's management team is seasoned and experienced (5.7 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Director | 5.6yrs | US$2.40m | 0.24% $ 6.2m | |
| Advisor & Vice Chair | 20.8yrs | US$165.97k | 0.15% $ 3.9m | |
| Independent Chair of the Board | 22.7yrs | US$213.80k | 0.11% $ 2.7m | |
| Director | less than a year | no data | 0.50% $ 12.9m | |
| Independent Director | 4.3yrs | US$156.80k | 0.015% $ 390.3k | |
| Director | less than a year | no data | 0.00082% $ 21.2k | |
| Independent Director | 12.8yrs | US$168.61k | 0.047% $ 1.2m | |
| Independent Director | 14.3yrs | US$166.46k | 0.047% $ 1.2m | |
| Independent Director | 9.6yrs | US$150.31k | 0.030% $ 782.1k | |
| Independent Director | 4.3yrs | US$160.40k | 0.017% $ 435.7k | |
| Independent Director | 7.1yrs | US$155.67k | 0.028% $ 714.5k | |
| Independent Director | 5.6yrs | US$155.63k | 0.020% $ 516.7k |
Experienced Board: FRME's board of directors are considered experienced (6.3 years average tenure).
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/09/11 22:04 |
| End of Day Share Price | 2026/09/11 00:00 |
| Earnings | 2026/06/30 |
| Annual Earnings | 2025/12/31 |
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.
Analysis Model and Snowflake
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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 Github.
Analyst Sources
First Merchants Corporation is covered by 11 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. |
| Brendan Nosal | Hovde Group, LLC |
| Damon DelMonte | Keefe, Bruyette, & Woods |