First Merchants Corporation

NasdaqGS:FRME Stock Report

Market Cap: US$2.6b

First Merchants Past Earnings Performance

Past criteria checks 2/6

First Merchants has been growing earnings at an average annual rate of 0.2%, while the Banks industry saw earnings growing at 4% annually. Revenues have been growing at an average rate of 4.3% per year. First Merchants's return on equity is 6.9%, and it has net margins of 28.7%.

Key information

0.18%

Earnings growth rate

-1.37%

EPS growth rate

Banks Industry Growth11.18%
Revenue growth rate4.29%
Return on equity6.89%
Net Margin28.67%
Last Earnings Update30 Jun 2026

Recent past performance updates

Recent updates

Seeking Alpha • Aug 20

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 Alpha
Analysis Article • May 22

First 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...
Analysis Article • May 09

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...
Seeking Alpha • Jan 20

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 Alpha
Analysis Article • Nov 16

First 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...
User avatar
New Narrative • Sep 24

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.
Seeking Alpha • Sep 18

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 Alpha
Analysis Article • Aug 22

First 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...
Seeking Alpha • Jun 21

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 Alpha

Revenue & Expenses Breakdown

How First Merchants makes and spends money. Based on latest reported earnings, on an LTM basis.

Earnings and Revenue History

NasdaqGS:FRME Revenue, expenses and earnings (USD Millions)
DateRevenueEarningsG+A ExpensesR&D Expenses
30 Jun 266421843800
31 Mar 266381973620
31 Dec 256422243330
30 Sep 256502313290
30 Jun 256392243260
31 Mar 256152073230
31 Dec 246112003270
30 Sep 245931783330
30 Jun 246011853330
31 Mar 246302063350
31 Dec 236482223330
30 Sep 236662503220
30 Jun 236762583210
31 Mar 236522363170
31 Dec 226112213100
30 Sep 225651982820
30 Jun 225291882650
31 Mar 225242052510
31 Dec 215202062470
30 Sep 215182032470
30 Jun 214921862410
31 Mar 214541642320
31 Dec 204331492330
30 Sep 204291512260
30 Jun 204331522290
31 Mar 204421602270
31 Dec 194411642180
30 Sep 194251582110
30 Jun 194191631980
31 Mar 194131611940
31 Dec 184081591920
30 Sep 183991421970
30 Jun 183851251960
31 Mar 183631101880
31 Dec 17339961800
30 Sep 17315941610
30 Jun 17297911520
31 Mar 17290871500
31 Dec 16286811520
30 Sep 16278731530
30 Jun 16271691510
31 Mar 16262671520
31 Dec 15256651470
30 Sep 15255661460

Quality Earnings: FRME has high quality earnings.

Growing Profit Margin: FRME's current net profit margins (28.7%) are lower than last year (35%).

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Earnings Trend: FRME's earnings have grown by 0.2% per year over the past 5 years.

Accelerating Growth: FRME's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: FRME had negative earnings growth (-17.8%) over the past year, making it difficult to compare to the Banks industry average (23.3%).

Return on Equity

High ROE: FRME's Return on Equity (6.9%) is considered low.

Return on Assets

Return on Capital Employed

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/09/11 22:04
End of Day Share Price 2026/09/11 00:00
Earnings2026/06/30
Annual Earnings2025/12/31

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.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* 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

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 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 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.

AnalystInstitution
Kevin ReeveyD.A. Davidson & Co.
Brendan NosalHovde Group, LLC
Damon DelMonteKeefe, Bruyette, & Woods