First Merchants Corporation
Description
First Merchants Corporation operates as the financial holding company for First Merchants Bank that provides community banking services. The company offers a range of financial services, including time, savings, and demand deposits; and consumer, commercial, agri-business, public finance, and real estate mortgage loans. It also provides personal and corporate trust; brokerage and private wealth management; and letters of credit, repurchase agreements, and other corporate services. The company operates banking locations in Indiana, Illinois, Ohio, and Michigan counties. It also offers its services through electronic and mobile delivery channels. First Merchants Corporation was founded in 1893 and is headquartered in Muncie, Indiana.
About
CEO
Mr. Mark K. Hardwick
Employees
2,162
Instrument type
Common Stock
Sector
Financial Services
Industry
Banks - Regional
MIC code
XNGS
Address
200 East Jackson Street, Muncie, IN 47305-2814, United States
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![Enlarged Chart]()
Oscillators
No data available
Summary
No data available
Moving Averages
No data available
Earnings
| Date | Estimate EPS | Actual EPS | Difference | % Surprise |
|---|---|---|---|---|
| Oct 22, 2025 | — | — | — | — |
| Jul 23, 2025 | — | — | — | — |
| Apr 23, 2025 | — | — | — | — |
| Jan 30, 2025 | 0.90 | 0.76 | -0.14 | -15.56% |
| Oct 24, 2024 | 0.90 | 0.95 | 0.05 | 5.56% |
Earnings estimate
|
Current Quarter
(Mar 2025)
|
Next Quarter
(Jun 2025)
|
Current Year
(Dec 2025)
|
Next Year
(Dec 2026)
|
|
|---|---|---|---|---|
| Number of analysts | 3 | 3 | 3 | 4 |
| Average estimate | 0.92 | 0.97 | 3.92 | 3.95 |
| Low estimate | 0.91 | 0.95 | 3.86 | 3.53 |
| High estimate | 0.93 | 1.00 | 3.95 | 4.15 |
| Last year EPS | 0.85 | 0.68 | 3.47 | 3.92 |
[stock_revenue_estimate]
Growth estimates
Current qtr (Mar 2025)
8.000%
Next qtr. (Jun 2025)
41.470%
Current year (Dec 2025)
11.820%
Next year (Dec 2026)
7.060%
Next 5 years (per annum)
—
Past 5 years (per annum)
—
Income statement
| 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|
| Fiscal date | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Total reported revenue | 651.00M | 628.14M | 520.00M | 492.05M | 443.35M |
| Cost of revenue | — | — | — | — | — |
| Gross profit | — | — | — | — | — |
| Operating expense | |||||
| Research & development | — | — | — | — | — |
| Selling general and admin | 250.85M | 224.84M | 179.00M | 168.35M | 151.40M |
| Other operating expenses | — | — | — | — | — |
| Operating income | — | — | — | — | — |
| Non operating interest income | |||||
| Income | — | — | — | — | — |
| Expense | — | — | — | — | — |
| Other income expense | — | — | — | — | — |
| Pretax income | 259.23M | 255.67M | 240.79M | 169.98M | 193.79M |
| Tax provision | 35.45M | 33.59M | 35.26M | 21.38M | 29.33M |
| Net income | 223.79M | 222.09M | 205.53M | 148.60M | 164.46M |
| Basic EPS | 3.74 | 3.83 | 3.82 | 2.75 | 3.20 |
| Diluted EPS | 3.73 | 3.81 | 3.81 | 2.74 | 3.19 |
| Basic average shares | 59.30M | 57.62M | 53.80M | 54.04M | 51.39M |
| Diluted average shares | 59.30M | 57.62M | 53.80M | 54.04M | 51.39M |
| EBITDA | — | — | — | — | — |
| Net income from continuing op. | 223.79M | 222.09M | 205.53M | 148.60M | 164.46M |
| Minority interests | — | — | — | — | — |
| Preferred stock dividends | — | — | — | — | — |
Balance sheet
| 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|
| Fiscal date | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Total assets | — | — | — | — | — |
| Current assets | |||||
| Cash | 112.65M | 122.59M | 167.15M | — | — |
| Cash equivalents | — | — | — | — | — |
| Cash and cash equivalents | 548.73M | 248.66M | 641.30M | 585.20M | 295.46M |
| Other short term investments | 1.63B | 1.98B | 2.34B | 1.92B | 1.79B |
| Accounts receivable | 97.66M | 85.07M | 57.19M | 53.95M | 48.90M |
| Other receivables | — | — | — | — | — |
| Inventory | — | — | — | — | — |
| Prepaid assets | — | — | — | — | — |
| Restricted cash | — | — | — | — | — |
| Assets held for sale | — | — | — | — | — |
| Hedging assets | — | — | — | — | — |
| Other current assets | — | — | — | — | — |
| Non current assets | |||||
| Properties | — | — | — | — | — |
| Land and improvements | 25.66M | 25.30M | 22.35M | 25.62M | 25.23M |
| Machinery furniture equipment | 148.26M | 144.52M | 129.89M | 127.34M | 124.33M |
| Construction in progress | — | — | — | — | — |
| Leases | — | — | — | — | — |
| Accumulated depreciation | -226.46M | -227.60M | -206.99M | -205.49M | -198.89M |
| Goodwill | 1.45B | 1.46B | 1.12B | 1.12B | 1.12B |
| Investment properties | — | — | — | — | — |
| Financial assets | — | — | — | — | — |
| Intangible assets | 27.10M | 35.84M | 25.48M | 28.98M | 34.96M |
| Investments and advances | 3.81B | 4.26B | 4.52B | 3.15B | 2.60B |
| Other non current assets | — | — | — | — | — |
| Total liabilities | — | — | — | — | — |
| Current liabilities | |||||
| Accounts payable | 18.91M | 7.53M | 2.76M | 3.29M | 6.75M |
| Accrued expenses | — | — | — | — | — |
| Short term debt | — | — | — | — | — |
| Deferred revenue | — | — | — | — | — |
| Tax payable | — | — | — | — | — |
| Pensions | — | — | — | — | — |
| Other current liabilities | — | — | — | — | — |
| Non current liabilities | |||||
| Long term debt | 871.50M | 974.97M | 452.67M | 507.81M | 489.76M |
| Provision for risks and charges | — | — | — | — | — |
| Deferred liabilities | — | — | — | — | — |
| Derivative product liabilities | — | — | — | — | — |
| Other non current liabilities | — | — | — | — | — |
| Shareholders equity | |||||
| Common stock | 7.43M | 7.40M | 6.68M | 6.74M | 6.92M |
| Retained earnings | 1.15B | 1.01B | 864.84M | 788.58M | 696.52M |
| Other shareholders equity | -175.97M | -239.15M | 55.11M | 74.84M | 27.87M |
| Total shareholders equity | 2.25B | 2.03B | 1.91B | 1.88B | 1.79B |
| Additional paid in capital | 1.24B | 1.23B | 985.82M | 1.01B | 1.05B |
| Treasury stock | — | — | — | — | — |
| Minority interest | — | — | — | — | — |
Cash flow statement
| 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 | 1996 | 1995 | 1994 | 1993 | 1992 | 1991 | 1990 | 1989 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | |||||||||||||||||||||||||||||||||||
| Net Income | 223.79M | 222.09M | 205.53M | 148.60M | 164.46M | 159.14M | 96.07M | 81.05M | 65.38M | 60.16M | 44.53M | 45.12M | 25.25M | 6.91M | -40.76M | 20.64M | 31.64M | 30.20M | 30.24M | 29.41M | 27.57M | 27.84M | 22.21M | 19.94M | 19.10M | 17.90M | 16.50M | 13.10M | 9.90M | 9.20M | 8.50M | 7.80M | 6.80M | 6.00M | 5.70M |
| Depreciation | 11.71M | 11.82M | 10.70M | 11.01M | 9.38M | 8.84M | 7.97M | 7.16M | 6.26M | 6.01M | 4.67M | 4.47M | 5.16M | 5.70M | 5.96M | 4.61M | 4.33M | 5.38M | 5.07M | 5.06M | 4.77M | 7.29M | 4.67M | 4.17M | 3.10M | 2.90M | 2.60M | 1.90M | 1.90M | 2.40M | 1.80M | 800,000 | 600,000 | 600,000 | 500,000 |
| Deferred Taxes | 6.60M | 9.07M | 6.98M | -9.74M | 4.97M | 3.52M | 15.52M | 8.61M | 4.44M | 15.05M | 2.15M | 15.89M | 8.26M | -1.81M | -10.86M | -8.67M | — | — | — | — | — | -503,000 | 616,000 | -767,000 | -1.10M | 200,000 | -100,000 | 400,000 | 300,000 | -100,000 | -500,000 | -600,000 | -400,000 | -500,000 | -100,000 |
| Stock-Based Compensation | 5.16M | 4.65M | 4.76M | 4.60M | 4.12M | 3.59M | 2.83M | 2.60M | 2.27M | 2.18M | 1.77M | 1.49M | 1.32M | 1.75M | 2.29M | 1.90M | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Non-Cash Items | 14.08M | 47.68M | 17.90M | 31.95M | 9.72M | 13.76M | 14.23M | 13.34M | 1.62M | -3.09M | 14.72M | -13.29M | 25.30M | 23.13M | -53.07M | 9.86M | 12.02M | 2.40M | 12.09M | 6.22M | 33.66M | -15.63M | 2.73M | 5.90M | 4.90M | -1.10M | 500,000 | 1.10M | -1.40M | 900,000 | 2.00M | 1.20M | 2.20M | 1.70M | 1.40M |
| Accounts Receivable | -12.59M | -20.70M | -3.24M | -5.05M | -4.66M | -3.75M | -6.84M | -1.78M | -2.83M | -545,000 | 109.50M | 1.88M | 951,000 | 2.14M | 3.16M | 2.86M | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Accounts Payable | 11.38M | 3.70M | -525,000 | -3.47M | 1.09M | 1.22M | 31,000 | 18,000 | -162,000 | 1.33M | -364,000 | -1.45M | -1.34M | -1.45M | -3.13M | -1.22M | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Assets & Liabilities | -3.24M | -5.21M | -4.87M | -5.04M | -4.52M | -4.02M | -3.91M | -3.63M | -2.93M | — | 110.03M | — | — | — | -61.84M | -8.77M | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Operating Cash Flow | 256.88M | 273.10M | 237.24M | 172.87M | 184.55M | 182.30M | 125.90M | 107.37M | 74.05M | 81.09M | 287.00M | 54.12M | 64.89M | 36.38M | -158.25M | 21.22M | 47.99M | 37.98M | 47.40M | 40.70M | 66.00M | 19.00M | 30.23M | 29.24M | 26.00M | 19.90M | 19.50M | 16.50M | 10.70M | 12.40M | 11.80M | 9.20M | 9.20M | 7.80M | 7.50M |
| Investing Activities | |||||||||||||||||||||||||||||||||||
| Capital Expenditures | — | — | — | — | — | — | — | — | — | — | — | — | — | 20.64M | 39.60M | 10.78M | — | — | — | — | — | -4.85M | -2.44M | -4.41M | -3.70M | -5.20M | -2.60M | -2.10M | -2.10M | -1.20M | -2.60M | -1.40M | -1.10M | -500,000 | -700,000 |
| Net Intangibles | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Net Acquisitions | — | 137.78M | -2.93M | — | 10.21M | — | 54.54M | — | 7.22M | -10.08M | 10.99M | 29.11M | — | — | — | 6.93M | -370,000 | -59,000 | -213,000 | -201,000 | -7.79M | -12.53M | 5.26M | — | — | — | — | — | — | — | — | — | — | — | — |
| Purchase of Investments | -50.19M | -755.29M | -2.09B | -1.31B | -1.10B | -400.75M | -509.27M | -392.27M | -287.44M | -253.92M | -409.64M | -143.82M | -283.39M | -491.78M | -551.54M | -29.32M | -79.56M | -100.85M | -98.20M | -214.39M | -260.47M | -183.23M | -35.09M | -12.15M | -152.30M | -194.20M | -80.60M | -136.40M | -103.60M | -55.00M | -120.30M | -97.20M | -103.50M | -126.10M | -97.40M |
| Sale of Investments | 549.30M | 963.41M | 687.96M | 827.24M | 401.70M | 298.53M | 237.23M | 360.19M | 245.35M | 264.33M | 197.03M | 232.61M | 181.98M | 224.32M | 482.15M | 116.21M | 95.71M | 71.88M | 73.95M | 148.63M | 232.25M | 189.94M | 113.07M | 70.25M | 147.30M | 110.10M | 112.30M | 145.30M | 84.80M | 77.00M | 111.00M | 109.40M | 105.80M | 108.20M | 101.30M |
| Investing Cash Flow | 474.07M | 354.77M | -1.41B | -485.00M | -693.96M | -90.22M | -203.27M | -3.78M | -15.02M | 20.04M | -192.05M | 120.51M | -101.89M | -223.83M | -31.92M | 99.72M | -197.58M | -298.00M | -65.19M | -163.83M | -103.77M | -100.52M | 27.47M | -31.91M | -119.10M | -144.10M | -67.20M | -73.50M | -39.30M | -4.10M | -38.80M | -17.10M | -4.40M | -37.80M | -7.90M |
| Financing Activities | |||||||||||||||||||||||||||||||||||
| Long-Term Debt Issuance | 834.03M | 1.82B | 45.54M | 573.76M | 599.30M | 1.52B | 1.09B | 1.11B | 491.66M | 678.29M | 295.54M | 138.13M | 306.54M | 2.38M | 126.59M | 961.07M | 457.16M | 182.45M | 191.00M | 181.21M | — | 131.09M | 60.93M | 199.40M | 314.50M | 27.70M | 15.40M | — | — | — | — | — | — | — | — |
| Long-Term Debt Payments | -1.12B | -1.33B | -96.20M | -621.55M | -643.17M | -1.68B | -1.02B | -982.45M | -370.81M | -789.56M | -163.84M | -271.01M | -252.51M | -65.25M | -294.72M | -1.05B | -331.02M | -249.93M | -123.66M | -124.76M | -11.45M | -32.05M | -50.61M | -181.51M | -288.10M | -6.10M | — | — | — | — | — | — | — | — | — |
| Other Financing Charges | — | — | — | — | — | — | — | 107,000 | 70,000 | 60,000 | — | — | 41.98M | -50,000 | — | 11.06M | 116,000 | 139,000 | — | — | -28,000 | -35,000 | -22,000 | -51.39M | 49.80M | 37.60M | -16.70M | 100,000 | — | 100,000 | -1.30M | — | 100,000 | 100,000 | — |
| Financing Cash Flow | -364.93M | 413.40M | -135.46M | -158.52M | -112.66M | -204.69M | 31.91M | 102.11M | 104.28M | -122.45M | 32.76M | -140.35M | 133.59M | -44.67M | -65.22M | -93.08M | 109.40M | -84.29M | 50.36M | 39.40M | -28.04M | 92.90M | -326,000 | -43.83M | 66.40M | 73.90M | -15.00M | 2.50M | -8.10M | -11.20M | 5.30M | -14.90M | -2.50M | -8.90M | 34.90M |
| Other Cash Details | |||||||||||||||||||||||||||||||||||
| End Cash Position | 112.65M | 122.59M | 167.15M | 192.90M | 177.20M | 139.25M | 154.91M | 127.93M | 102.17M | 118.62M | 109.43M | 101.46M | 73.31M | 58.31M | 179.15M | 150.49M | 134.68M | 89.96M | 70.42M | 69.96M | 109.53M | 119.04M | 103.03M | 67.46M | 84.30M | 80.80M | 43.70M | — | — | — | — | — | — | — | — |
| Income Tax Paid | 34.84M | 13.82M | 31.17M | 33.20M | 23.59M | 23.29M | 22.42M | 12.00M | 21.20M | 6.21M | 7.58M | 11.74M | 2.98M | 17.67M | 3.18M | 18.39M | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Interest Paid | 337.10M | 80.04M | 36.48M | 69.85M | 107.60M | 67.87M | 36.33M | 26.82M | 24.90M | 20.41M | 16.64M | 24.70M | 39.23M | 57.46M | 80.23M | 89.57M | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Free Cash Flow | 258.83M | 284.29M | 215.34M | 203.83M | 176.73M | 180.24M | 126.50M | 103.72M | 56.66M | 75.84M | 183.13M | 70.27M | 85.48M | 81.05M | 17.61M | 39.01M | 49.61M | 36.28M | 46.49M | 39.95M | 65.67M | 12.84M | 28.77M | 25.38M | 22.00M | 14.20M | 16.70M | 14.70M | 9.70M | 11.30M | 8.70M | 9.30M | 8.40M | 7.30M | 6.90M |
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First Merchants Corporation (NASDAQ:FRME ) Q4 2024 Earnings Conference Call January 30, 2025 11:30 AM ET Company Participants Mark Hardwick - Chief Executive Officer Michael Stewart - President Michele Kawiecki - Chief Financial Officer John Martin - Chief Credit Officer Conference Call Participants Brendan Nosal - Hovde Group Terry McEvoy - Stephens Damon DelMonte - KBW Nathan Race - Piper Sandler Daniel Tamayo - Raymond James Operator Thank you for standing by and welcome to the First Merchants Corporation's Fourth Quarter 2024 Earnings Conference Call. Before we begin, management would like to remind you that today's call contains forward-looking statements with respect to the future performance of financial condition of First Merchants Corporation that involve risks and uncertainties.
Jan 30, 2025
