First Merchants Corporation logo

First Merchants Corporation

FRME

NASDAQFinancial ServicesBanks - Regional

Previous close

$42.03

+$0.09 · +0.21%

Aug 21, 4:00 PM ET

FRME company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Buy

Favorable setup — positive multi-factor alignment

Valuation

77

Undervalued

Momentum

59

Neutral

Sentiment

61

Bullish

Risk resilience

78

Moderate Risk

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Company profile

Company website

First Merchants Corporation operates as a financial holding entity, primarily conducting its business through its subsidiary, First Merchants Bank. This institution delivers a full spectrum of community banking solutions. It accepts various types of deposits, including term, savings, and checking accounts. The company also extends a wide array of lending products, such as consumer, commercial, agricultural business, and real estate mortgage loans, in addition to public finance options. Beyond standard banking, First Merchants provides personal and corporate trust services, brokerage capabilities, and private wealth management. Its corporate offerings further include letters of credit, repurchase agreements, and other specialized financial services. The company maintains a network of 109 physical banking locations situated across counties in Indiana, Illinois, Ohio, and Michigan. Furthermore, it offers convenient access to its services via electronic and mobile platforms. First Merchants Corporation was established in 1893 and is headquartered in Muncie, Indiana.

Industry
Banks - Regional
Sector
Financial Services
Headquarters
US
CEO
Mark K. Hardwick
Listed since
Jun 20, 1989
Employees
2,086

Market position

Day range

Current $42.03

52-week range

Current $42.03

Open
$42.38
Previous close
$41.94
Volume
337.33K
0.85× average
Average volume
395.9K
Average daily volume
Market cap
2.64B USD
Beta
0.86
Market reference 1
50-day average
$42.9174
-2.07% below average
200-day average
$39.9329
+5.25% above average

Financials

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends101%71%41%12%Gross margin, FY2021: 93.53%Gross margin, FY2022: 85.76%Gross margin, FY2023: 64.78%Gross margin, FY2024: 56.09%Gross margin, FY2025: 60.96%Operating margin, FY2021: 43.31%Operating margin, FY2022: 35.86%Operating margin, FY2023: 25.94%Operating margin, FY2024: 21.99%Operating margin, FY2025: 24.67%Net margin, FY2021: 36.97%Net margin, FY2022: 31.15%Net margin, FY2023: 22.39%Net margin, FY2024: 19.12%Net margin, FY2025: 21.52%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 93.53%. Gross margin FY2022 85.76%. Gross margin FY2023 64.78%. Gross margin FY2024 56.09%. Gross margin FY2025 60.96%. Operating margin FY2021 43.31%. Operating margin FY2022 35.86%. Operating margin FY2023 25.94%. Operating margin FY2024 21.99%. Operating margin FY2025 24.67%. Net margin FY2021 36.97%. Net margin FY2022 31.15%. Net margin FY2023 22.39%. Net margin FY2024 19.12%. Net margin FY2025 21.52%.

Income trends

Revenue

1.05B USD-0.32%

Operating income

259.11M USD+11.82%

Net income

226M USD+12.21%
Income trends across reported periods1.14B USD797.94M USD457.06M USD116.18M USDRevenue, FY2021: 555.96M USDRevenue, FY2022: 712.95M USDRevenue, FY2023: 999.49M USDRevenue, FY2024: 1.05B USDRevenue, FY2025: 1.05B USDOperating income, FY2021: 240.79M USDOperating income, FY2022: 255.67M USDOperating income, FY2023: 259.23M USDOperating income, FY2024: 231.73M USDOperating income, FY2025: 259.11M USDNet income, FY2021: 205.53M USDNet income, FY2022: 222.09M USDNet income, FY2023: 223.79M USDNet income, FY2024: 201.4M USDNet income, FY2025: 226M USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 555.96M USD. Revenue FY2022 712.95M USD. Revenue FY2023 999.49M USD. Revenue FY2024 1.05B USD. Revenue FY2025 1.05B USD. Operating income FY2021 240.79M USD. Operating income FY2022 255.67M USD. Operating income FY2023 259.23M USD. Operating income FY2024 231.73M USD. Operating income FY2025 259.11M USD. Net income FY2021 205.53M USD. Net income FY2022 222.09M USD. Net income FY2023 223.79M USD. Net income FY2024 201.4M USD. Net income FY2025 226M USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue1.05B USD1.05B USD999.49M USD712.95M USD555.96M USD
Cost of goods sold410.03M USD462.59M USD351.99M USD101.56M USD35.95M USD
Gross profit640.17M USD591.01M USD647.5M USD611.39M USD520M USD
Selling, general, and administrative282.1M USD243.59M USD250.85M USD224.84M USD179M USD
Operating expenses381.06M USD359.28M USD388.27M USD355.72M USD279.21M USD
Interest income924.79M USD948.01M USD893.89M USD605.01M USD446.63M USD
Interest expense388.78M USD426.89M USD348.49M USD84.8M USD35.95M USD
Depreciation and amortization29.42M USD26.85M USD11.71M USD11.82M USD10.7M USD
Operating income259.11M USD231.73M USD259.23M USD255.67M USD240.79M USD
Net income226M USD201.4M USD223.79M USD222.09M USD205.53M USD

Company facts updated Aug 24, 2026.

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