First Merchants Corp (FRME) Financial Statements
Industry: National Commercial Banks
In fiscal 2025, First Merchants reported revenue of $662.9M, up 2.5% from $646.7M the year before. Net income was $226.0M (a 34.1% net margin), or $3.88 per diluted share. Net interest income was $536.0M, and the efficiency ratio (noninterest expense / revenue) was 57.7%. Operating activities generated $283.6M of cash. At fiscal year end, First Merchants held $19.03B in total assets against $16.56B in total liabilities.
Open the full interactive First Merchants financials → Quarterly statements, key ratios, valuation history and price charts.
First Merchants Key Stats
| Share Price | $39.06 |
|---|---|
| Market Cap | $2.44B |
| P/E Ratio | 10.1 |
| Revenue YoY Growth | +2.5% |
| 52-Week Range | $33.72 – $44.83 |
| Shares Outstanding | 62.3 million (basic, 2026 Q2) |
First Merchants Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Net Interest Income | $382.1M | $410.7M | $520.2M | $545.4M | $521.1M | $536.0M |
| Provision for Credit Losses | $58.7M | $0 | $16.8M | $3.5M | $35.7M | $21.2M |
| Noninterest Income | $109.9M | $109.3M | $107.9M | $105.6M | $125.6M | $126.9M |
| Noninterest Expense | $263.4M | $279.2M | $355.7M | $388.3M | $379.3M | $382.6M |
| Revenue | $492.1M | $520.0M | $628.1M | $651.0M | $646.7M | $662.9M |
| Pre-Tax Income | $170.0M | $240.8M | $255.7M | $259.2M | $231.7M | $259.1M |
| Income Tax | $21.4M | $35.3M | $33.6M | $35.4M | $30.3M | $33.1M |
| Net Income | $148.6M | $205.5M | $222.1M | $223.8M | $201.4M | $226.0M |
| Diluted EPS | $2.74 | $3.81 | $3.81 | $3.73 | $3.41 | $3.88 |
First Merchants Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $166.1M | $172.2M | $157.1M | $196.1M |
| Net Income | $56.8M | $57.1M | $28.2M | $44.0M |
| Diluted EPS | $0.98 | $0.99 | $0.45 | $0.70 |
First Merchants Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Loans (Net) | $9.11B | $9.05B | $11.78B | $12.28B | $12.66B | $13.60B |
| Total Assets | $14.07B | $15.45B | $17.94B | $18.41B | $18.31B | $19.03B |
| Deposits | $11.36B | $12.73B | $14.38B | $14.82B | $14.52B | $15.29B |
| Total Long-Term Debt | $684.9M | $634.2M | $1.31B | $1.03B | $1.16B | $999.9M |
| Total Liabilities | $12.19B | $13.54B | $15.90B | $16.16B | $16.01B | $16.56B |
| Shareholders' Equity | $1.88B | $1.91B | $2.03B | $2.25B | $2.30B | $2.47B |
First Merchants Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $204.8M | $207.4M | $268.0M | $258.8M | $266.2M | $283.6M |
| Cash From Investing | -$1.55B | -$1.47B | -$446.4M | -$344.4M | -$252.4M | -$773.8M |
| Cash From Financing | $1.36B | $1.24B | $133.8M | $75.6M | -$38.8M | $486.7M |
Figures from First Merchants' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full First Merchants financials page for every line item.
First Merchants Company Profile
| Ticker | FRME |
|---|---|
| Exchange | Nasdaq |
| Industry | National Commercial Banks |
| Headquarters | Muncie, Indiana |
| Incorporated in | Indiana |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0000712534 |
Frequently Asked Questions
What was First Merchants' revenue in fiscal 2025?
First Merchants (FRME) reported revenue of $662.9M for fiscal 2025.
What is First Merchants' annual revenue history?
First Merchants' annual revenue by fiscal year: 2020: $492.1M; 2021: $520.0M; 2022: $628.1M; 2023: $651.0M; 2024: $646.7M; 2025: $662.9M.
What was First Merchants' net income in fiscal 2025?
First Merchants reported net income of $226.0M for fiscal 2025.
What was First Merchants' earnings per share (EPS) in fiscal 2025?
First Merchants' diluted EPS was $3.88 for fiscal 2025 (adjusted for any later stock splits).
What was First Merchants' revenue last quarter?
In its most recent reported quarter (2026 Q2), First Merchants reported revenue of $196.1M.
How much debt does First Merchants have?
First Merchants reported $999.9M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of First Merchants are outstanding?
First Merchants reported a weighted average of 62.3 million basic shares outstanding in 2026 Q2.
What is First Merchants' market cap?
Based on its latest closing price, First Merchants (FRME) has a market capitalization of about $2.44B.
When does First Merchants' fiscal year end?
First Merchants' fiscal year end, as registered with the SEC, is December 31.
Where is First Merchants headquartered?
First Merchants lists its business address in Muncie, Indiana in its SEC filings.