First Merchants Corp
FRME Nasdaq National Commercial Banks Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$663M
2.5%
vs prior year
Efficiency ratio
Noninterest expense as a share of revenue. Lower is better for banks.
57.7%
0.9 pts
Net income
Profit after all expenses, interest and tax.
$226M
12.2%
Return on equity
Net income as a share of average shareholders' equity.
9.5%
0.6 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $3.39 EPS (TTM)
What First Merchants Corp does
No business description yet.
- Legal name
- FIRST MERCHANTS CORP
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 25, 2026
- Accession · CIK
- 0000712534-26-000022
0000712534
Revenue and margins
First Merchants Corp had $663M of revenue in fiscal 2025, up 2.5% on the year before.
FY16
Revenue $292M
FY17
Revenue $348M
FY18
Revenue $415M
FY19
Revenue $443M
FY20
Revenue $492M
FY21
Revenue $520M
FY22
Revenue $628M
FY23
Revenue $651M
FY24
Revenue $647M
FY25
Revenue $663M
Q2 '23
Revenue $164M
Q3 '23
Revenue $161M
Q4 '23
Revenue $157M
Q1 '24
Revenue $154M
Q2 '24
Revenue $160M
Q3 '24
Revenue $156M
Q4 '24
Revenue $177M
Q1 '25
Revenue $160M
Q2 '25
Revenue $164M
Q3 '25
Revenue $166M
Q4 '25
Revenue $172M
Q1 '26
Revenue $157M
FY16
Net interest share 77.6%
Efficiency ratio 60.8%
FY17
Net interest share 79.6%
Efficiency ratio 59.0%
FY18
Net interest share 81.6%
Efficiency ratio 53.0%
FY19
Net interest share 80.4%
Efficiency ratio 55.7%
FY20
Net interest share 77.7%
Efficiency ratio 53.5%
FY21
Net interest share 79.0%
Efficiency ratio 53.7%
FY22
Net interest share 82.8%
Efficiency ratio 56.6%
FY23
Net interest share 83.8%
Efficiency ratio 59.6%
FY24
Net interest share 80.6%
Efficiency ratio 58.6%
FY25
Net interest share 80.9%
Efficiency ratio 57.7%
Net interest share
Efficiency ratio
Q2 '23
Net interest share 84.0%
Efficiency ratio 56.4%
Q3 '23
Net interest share 82.7%
Efficiency ratio 58.2%
Q4 '23
Net interest share 83.1%
Efficiency ratio 69.1%
Q1 '24
Net interest share 82.7%
Efficiency ratio 63.1%
Q2 '24
Net interest share 80.4%
Efficiency ratio 57.2%
Q3 '24
Net interest share 84.1%
Efficiency ratio 60.7%
Q4 '24
Net interest share 75.9%
Efficiency ratio 54.4%
Q1 '25
Net interest share 81.3%
Efficiency ratio 57.9%
Q2 '25
Net interest share 80.9%
Efficiency ratio 57.0%
Q3 '25
Net interest share 80.5%
Efficiency ratio 58.1%
Q4 '25
Net interest share 80.8%
Efficiency ratio 57.8%
Q1 '26
Net interest share 96.3%
Efficiency ratio 79.6%
Net interest share
Efficiency ratio
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 7.8% a year. Loss periods are shown in red.
FY16
Net income $81.1M
FY17
Net income $96.1M
FY18
Net income $159M
FY19
Net income $164M
FY20
Net income $149M
FY21
Net income $206M
FY22
Net income $222M
FY23
Net income $224M
FY24
Net income $201M
FY25
Net income $226M
Q2 '23
Net income $60.9M
Q3 '23
Net income $56.4M
Q4 '23
Net income $42.5M
Q1 '24
Net income $47.9M
Q2 '24
Net income $39.9M
Q3 '24
Net income $49.2M
Q4 '24
Net income $64.3M
Q1 '25
Net income $55.3M
Q2 '25
Net income $56.8M
Q3 '25
Net income $56.8M
Q4 '25
Net income $57.1M
Q1 '26
Net income $28.2M
FY16
Diluted EPS $1.98
FY17
Diluted EPS $2.12
FY18
Diluted EPS $3.22
FY19
Diluted EPS $3.19
FY20
Diluted EPS $2.74
FY21
Diluted EPS $3.81
FY22
Diluted EPS $3.81
FY23
Diluted EPS $3.73
FY24
Diluted EPS $3.41
FY25
Diluted EPS $3.88
Q2 '23
Diluted EPS $1.02
Q3 '23
Diluted EPS $0.94
Q4 '23
Diluted EPS $0.70
Q1 '24
Diluted EPS $0.80
Q2 '24
Diluted EPS $0.68
Q3 '24
Diluted EPS $0.84
Q4 '24
Diluted EPS $1.09
Q1 '25
Diluted EPS $0.94
Q2 '25
Diluted EPS $0.98
Q3 '25
Diluted EPS $0.98
Q4 '25
Diluted EPS $0.98
Q1 '26
Diluted EPS $0.45
Returns and efficiency
For banks, return on equity and the efficiency ratio (costs as a share of revenue) say most about how well the business runs.
FY16
ROE 9.0%
ROTE 12.6%
Efficiency ratio 60.8%
FY17
ROE 8.7%
ROTE 11.6%
Efficiency ratio 59.0%
FY18
ROE 11.7%
ROTE 17.0%
Efficiency ratio 53.0%
FY19
ROE 10.3%
ROTE 13.6%
Efficiency ratio 55.7%
FY20
ROE 8.1%
ROTE 11.4%
Efficiency ratio 53.5%
FY21
ROE 10.9%
ROTE 15.3%
Efficiency ratio 53.7%
FY22
ROE 11.3%
ROTE 17.1%
Efficiency ratio 56.6%
FY23
ROE 10.5%
ROTE 14.7%
Efficiency ratio 59.6%
FY24
ROE 8.8%
ROTE 12.7%
Efficiency ratio 58.6%
FY25
ROE 9.5%
ROTE 12.9%
Efficiency ratio 57.7%
ROE
ROTE
Efficiency ratio
Dividends, buybacks and share count
First Merchants Corp returned $130M to shareholders in fiscal 2025. The diluted share count fell 1.4%.
FY16
Dividends $22.2M
Buybacks $2.0M
FY17
Dividends $31.8M
Buybacks $0.0M
FY18
Dividends $41.7M
Buybacks $0.0M
FY19
Dividends $51.3M
Buybacks $19.0M
FY20
Dividends $56.5M
Buybacks $55.9M
FY21
Dividends $61.2M
Buybacks $25.4M
FY22
Dividends $72.7M
Buybacks $0.0M
FY23
Dividends $80.1M
Buybacks $0.0M
FY24
Dividends $81.6M
Buybacks $56.2M
FY25
Dividends $82.9M
Buybacks $46.9M
Dividends
Buybacks
Q2 '23
Dividends $20.3M
Buybacks $0.0M
Q3 '23
Dividends $20.3M
Buybacks $0.0M
Q4 '23
Dividends $20.3M
Buybacks $0.0M
Q1 '24
Dividends $20.2M
Buybacks $30.0M
Q2 '24
Dividends $20.5M
Buybacks $20.0M
Q3 '24
Dividends $20.5M
Buybacks $0.0M
Q4 '24
Dividends $20.5M
Buybacks $6.2M
Q1 '25
Dividends $20.5M
Buybacks $7.9M
Q2 '25
Dividends $20.8M
Buybacks $22.1M
Q3 '25
Dividends $20.8M
Buybacks $6.5M
Q4 '25
Dividends $20.8M
Buybacks $10.4M
Q1 '26
Dividends $22.8M
Buybacks $24.9M
Dividends
Buybacks
FY16
Diluted shares 0.04B
FY17
Diluted shares 0.05B
FY18
Diluted shares 0.05B
FY19
Diluted shares 0.05B
FY20
Diluted shares 0.05B
FY21
Diluted shares 0.05B
FY22
Diluted shares 0.06B
FY23
Diluted shares 0.06B
FY24
Diluted shares 0.06B
FY25
Diluted shares 0.06B
Balance sheet
Loans, deposits and capital at each fiscal year end.
FY16
Loans $5.1B
Deposits $5.6B
FY17
Loans $6.7B
Deposits $7.2B
FY18
Loans $7.1B
Deposits $7.8B
FY19
Loans $8.4B
Deposits $9.8B
FY20
Loans $9.1B
Deposits $11.4B
FY21
Loans $9.0B
Deposits $12.7B
FY22
Loans $11.8B
Deposits $14.4B
FY23
Loans $12.3B
Deposits $14.8B
FY24
Loans $12.7B
Deposits $14.5B
FY25
Loans $13.6B
Deposits $15.3B
Loans
Deposits
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Loans, net | $9.0B | $11.8B | $12.3B | $12.7B | $13.6B |
| Deposits | $12.7B | $14.4B | $14.8B | $14.5B | $15.3B |
| Loans / deposits | 71.0% | 81.9% | 82.9% | 87.2% | 88.9% |
| Total assets | $15.5B | $18.0B | $18.4B | $18.3B | $19.0B |
| Shareholders' equity | $1.9B | $2.0B | $2.2B | $2.3B | $2.5B |
| Goodwill | $545M | $712M | $712M | $712M | $712M |
| Intangible assets | $25.5M | $35.8M | $27.1M | $19.8M | $13.8M |
| Provision / loans | 0.0% | 0.1% | 0.0% | 0.3% | 0.2% |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $292M | $348M | $415M | $443M | $492M | $520M | $628M | $651M | $647M | $663M |
| Net interest income | $226M | $277M | $339M | $357M | $382M | $411M | $520M | $545M | $521M | $536M |
| Noninterest income | $65.2M | $71.0M | $76.5M | $86.7M | $110M | $109M | $108M | $106M | $126M | $127M |
| Noninterest expense | $177M | $206M | $220M | $247M | $263M | $279M | $356M | $388M | $379M | $383M |
| Provision for credit losses | $5.7M | $9.1M | $7.2M | $2.8M | $58.7M | $0.0M | $16.8M | $3.5M | $35.7M | $21.3M |
| Interest expense | $26.8M | $37.6M | $69.1M | $109M | $66.4M | $36.0M | $84.8M | $348M | — | — |
| Pretax income | $109M | $134M | $188M | $194M | $170M | $241M | $256M | $259M | $232M | $259M |
| Income tax | $27.6M | $37.5M | $29.0M | $29.3M | $21.4M | $35.3M | $33.6M | $35.4M | $30.3M | $33.1M |
| Net income | $81.1M | $96.1M | $159M | $164M | $149M | $206M | $222M | $224M | $201M | $226M |
| Net income to common | $81.1M | $96.1M | $159M | $164M | $149M | $206M | $221M | $222M | $200M | $224M |
| Diluted EPS | $1.98 | $2.12 | $3.22 | $3.19 | $2.74 | $3.81 | $3.81 | $3.73 | $3.41 | $3.88 |
| Diluted shares | 0.04B | 0.05B | 0.05B | 0.05B | 0.05B | 0.05B | 0.06B | 0.06B | 0.06B | 0.06B |
| Cash flow | ||||||||||
| Cash from operations | $104M | $127M | $180M | $177M | $204M | $215M | $284M | $259M | $266M | $284M |
| Depreciation and amortization | $7.2M | $8.0M | $8.8M | $9.4M | $11.0M | $10.7M | $11.8M | $11.7M | $26.8M | $29.4M |
| Stock-based compensation | $2.6M | $2.8M | $3.6M | $4.1M | $4.6M | $4.8M | $4.7M | $5.2M | $5.8M | $7.3M |
| Acquisitions | — | −$54.5M | — | — | — | — | — | — | — | — |
| Share buybacks | $2.0M | $0.0M | $0.0M | $19.0M | $55.9M | $25.4M | $0.0M | $0.0M | $56.2M | $46.9M |
| Dividends paid | $22.2M | $31.8M | $41.7M | $51.3M | $56.5M | $61.2M | $72.7M | $80.1M | $81.6M | $82.9M |
| Dividends and buybacks | $24.2M | $31.8M | $41.7M | $70.3M | $112M | $86.7M | $72.7M | $80.1M | $138M | $130M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $128M | $155M | $139M | $177M | $193M | $167M | $123M | $113M | $87.6M | $84.2M |
| Loans, net | $5.1B | $6.7B | $7.1B | $8.4B | $9.1B | $9.0B | $11.8B | $12.3B | $12.7B | $13.6B |
| Deposits | $5.6B | $7.2B | $7.8B | $9.8B | $11.4B | $12.7B | $14.4B | $14.8B | $14.5B | $15.3B |
| Property and equipment, net | $94.4M | $95.9M | $93.4M | $113M | $111M | $106M | $117M | $134M | $130M | $121M |
| Goodwill | $244M | $445M | $445M | $544M | $544M | $545M | $712M | $712M | $712M | $712M |
| Intangible assets | $14.9M | $31.1M | $24.4M | $35.0M | $29.0M | $25.5M | $35.8M | $27.1M | $19.8M | $13.8M |
| Total assets | $7.2B | $9.4B | $9.9B | $12.5B | $14.1B | $15.5B | $18.0B | $18.4B | $18.3B | $19.0B |
| Total liabilities | $6.3B | $8.1B | $8.5B | $10.7B | $12.2B | $13.5B | $16.0B | $16.2B | $16.0B | $16.6B |
| Preferred stock | $0.1M | $0.1M | $0.1M | $0.1M | $0.1M | $0.1M | — | — | — | — |
| Shareholders' equity | $902M | $1.3B | $1.4B | $1.8B | $1.9B | $1.9B | $2.0B | $2.2B | $2.3B | $2.5B |
| Margins | ||||||||||
| Net margin | 27.8% | 27.6% | 38.3% | 37.1% | 30.2% | 39.5% | 35.4% | 34.4% | 31.1% | 34.1% |
| Net interest share of revenue | 77.6% | 79.6% | 81.6% | 80.4% | 77.7% | 79.0% | 82.8% | 83.8% | 80.6% | 80.9% |
| Efficiency ratio | 60.8% | 59.0% | 53.0% | 55.7% | 53.5% | 53.7% | 56.6% | 59.6% | 58.6% | 57.7% |
| Returns | ||||||||||
| Return on equity | 9.0% | 8.7% | 11.7% | 10.3% | 8.1% | 10.9% | 11.3% | 10.5% | 8.8% | 9.5% |
| Return on assets | 1.1% | 1.2% | 1.7% | 1.5% | 1.1% | 1.4% | 1.3% | 1.2% | 1.1% | 1.2% |
| Return on tangible equity | 12.6% | 11.6% | 17.0% | 13.6% | 11.4% | 15.3% | 17.1% | 14.7% | 12.7% | 12.9% |
| Growth | ||||||||||
| Revenue growth | — | 19.4% | 19.2% | 6.7% | 11.0% | 5.7% | 20.8% | 3.6% | −0.7% | 2.5% |
| Net income growth | — | 18.5% | 65.6% | 3.3% | −9.6% | 38.3% | 8.1% | 0.8% | −10.0% | 12.2% |
| EPS growth | — | 7.1% | 51.9% | −0.9% | −14.1% | 39.1% | 0.0% | −2.1% | −8.6% | 13.8% |
| Share count change | — | 10.7% | 9.0% | 4.2% | 5.2% | −0.4% | 7.3% | 2.7% | −1.6% | −1.4% |
| Financial health | ||||||||||
| Loans / deposits | 91.3% | 93.1% | 92.1% | 85.2% | 80.2% | 71.0% | 81.9% | 82.9% | 87.2% | 88.9% |
| Provision / loans | 0.1% | 0.1% | 0.1% | 0.0% | 0.6% | 0.0% | 0.1% | 0.0% | 0.3% | 0.2% |
| Capital allocation | ||||||||||
| Stock comp / revenue | 0.9% | 0.8% | 0.9% | 0.9% | 0.9% | 0.9% | 0.7% | 0.8% | 0.9% | 1.1% |
| Quality scores | ||||||||||
| Accruals ratio | −0.3% | −0.4% | −0.2% | −0.1% | −0.4% | −0.1% | −0.4% | −0.2% | −0.4% | −0.3% |
Source: SEC EDGAR XBRL filings (CIK 0000712534). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.