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First Merchants Corporation FRME · Stock Open First Merchants Corporation in new tab

43.69 USD
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P/E
12.71
EPS
3.39
Yield
3.40%
Safety Score
96
P/B
1.02
ROE
7.95
Beta
0.87
Target Price
47.60 USD
First Merchants Corporation logo

First Merchants Corporation

🧾 Earnings Recap – Q1 2026

First Merchants delivered solid Q1 results with adjusted EPS up 9.6% year-over-year, driven by net interest margin expansion and fee income growth, despite one-time acquisition expenses and portfolio repositioning impacts.

  • Adjusted earnings per share reached $1.03, reflecting strong operational performance amidst integration costs.
  • Loan growth remained stable, with record production in real estate and asset-based teams; mid-single-digit full-year growth outlook maintained.
  • Deposit franchise showed resilience, with high-cost public and brokered funds declining, supporting margin improvements.
  • Strategic loan repositioning and disciplined deposit pricing contributed to margin expansion and enhanced earnings quality.
  • Integration with First Savings Bank progressing on plan, with robust client engagement and development of SBA and specialty verticals to bolster fee income.
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1M 6M YTD 1Y 2Y 5Y Max
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Key Metrics
Earnings dateJuly 22, 2026
P/E12.71
EPS3.39
Book Value42.35
Price to Book1.02
% Insiders2.023%
Growth
Revenue Growth-0.03%
Earnings Growth-0.52%
Estimates
Forward P/E9.46
Forward EPS4.56
Target Mean Price47.60
Dividend
Dividend Yield3.40%
Annual dividends1.45 USD
Ex-Div. DateJune 5, 2026
Payout43.82%
5y avg Yield3.45%

DCF Valuation

Tweak assumptions to recompute fair value for First Merchants Corporation (FRME)
Currency: USD
DCF Assumptions
Decimal (e.g., 0.10 = 10%). Range allows declines (−50%) to strong growth (+50%).
Decimal (e.g., 0.30 = 30%).
Decimal (e.g., 0.04 = 4%).
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Percent number (e.g., 3 = 3%).
Percent number (e.g., 10 = 10%).
Percent number (e.g., 5 = 5%).
DCF Result
Fair Value (DCF)
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Current Price
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WACC
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Terminal PV
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Note: historical bars show reported FCF (for context); forward bars show PV of projected FCF; if no per-year data, totals are shown.

First Merchants Corporation Logo First Merchants Corporation Analysis (FRME)

United States Financials Official Website Stock

Is First Merchants Corporation a good investment? First Merchants Corporation (FRME) is currently trading at 43.69 USD. Market analysts have a consensus price target of 47.60 USD. This suggests a potential upside from current levels.

In terms of valuation, the stock trades at a P/E ratio of 12.71. This relatively low multiple may signal that First Merchants Corporation is undervalued compared to historical market norms.

Earnings Schedule: First Merchants Corporation is expected to release its next earnings report on July 22, 2026. The market consensus estimate for Forward EPS is 4.56.

For income investors, First Merchants Corporation pays a dividend yield of 3.40%. With a payout ratio of 44%, the dividend appears sustainable.

Investor FAQ

Does First Merchants Corporation pay a dividend?

Yes, it pays an annual dividend of 1.45 USD (3.40% yield).

What asset class is First Merchants Corporation?

First Merchants Corporation is classified as a Stock. You can compare it against its peer in the "Related Symbols" list.

When is the next earnings date?

The next earnings date is projected to be July 22, 2026. The company currently has a trailing EPS of 3.39.

Company Profile

First Merchants Corporation operates as the financial holding company for First Merchants Bank that provides commercial and consumer banking services. The company offers a range of financial services, including checking, savings, and deposit products; debit and credit cards; mortgages, refinance, construction or renovation of residential properties, agricultural lending, treasury management services and depository products. It also provides personal and commercial wealth management services, brokerage, investment management, private banking, fiduciary estate, and financial planning services. The company operates banking locations in Indiana, Ohio, and Michigan counties. It offers its services through electronic and mobile delivery channels. First Merchants Corporation was founded in 1893 and is headquartered in Muncie, Indiana.

Exchange Ticker
NMS (United States) FRME
Trades
Dividend Yield
3.40%
5y avg 3.45%
Annual Dividends
1.45USD
Next Ex. Div Date
June 5, 2026
Payout Ratio
43.82%
Dividend History paid per year (USD)
Historical Dividends
Year Total Dividends
▸2027
0.78 USD
June 18, 2027 (estimated) 0.3987
March 19, 2027 (estimated) 0.3853
▸2026
1.51 USD
Dec. 18, 2026 (estimated) 0.3880
Sept. 18, 2026 (estimated) 0.3880
June 19, 2026 0.3700
March 20, 2026 0.3600
▸2025
1.43 USD
Dec. 19, 2025 0.3600
Sept. 19, 2025 0.3600
June 20, 2025 0.3600
March 21, 2025 0.3500
▸2024
1.39 USD
Dec. 20, 2024 0.3500
Sept. 20, 2024 0.3500
June 21, 2024 0.3500
March 15, 2024 0.3400
▸2023
1.34 USD
Dec. 15, 2023 0.3400
Sept. 15, 2023 0.3400
June 16, 2023 0.3400
March 17, 2023 0.3200
▸2022
1.25 USD
Dec. 16, 2022 0.3200
Sept. 16, 2022 0.3200
June 17, 2022 0.3200
March 18, 2022 0.2900
▸2021
1.13 USD
Dec. 17, 2021 0.2900
Sept. 17, 2021 0.2900
June 18, 2021 0.2900
March 19, 2021 0.2600
▸2020
1.04 USD
Dec. 18, 2020 0.2600
Sept. 18, 2020 0.2600
June 19, 2020 0.2600
March 20, 2020 0.2600
▸2019
1.00 USD
Dec. 20, 2019 0.2600
Sept. 20, 2019 0.2600
June 21, 2019 0.2600
March 15, 2019 0.2200
▸2018
0.84 USD
Dec. 21, 2018 0.2200
Sept. 21, 2018 0.2200
June 15, 2018 0.2200
March 16, 2018 0.1800
▸2017
0.69 USD
Dec. 15, 2017 0.1800
Sept. 15, 2017 0.1800
June 16, 2017 0.1800
March 17, 2017 0.1500
▸2016
0.54 USD
Dec. 16, 2016 0.1500
Sept. 16, 2016 0.1400
June 17, 2016 0.1400
March 18, 2016 0.1100
▸2015
0.41 USD
Dec. 18, 2015 0.1100
Sept. 18, 2015 0.1100
June 19, 2015 0.1100
March 20, 2015 0.0800
▸2014
0.29 USD
Dec. 19, 2014 0.0800
Sept. 19, 2014 0.0800
June 20, 2014 0.0800
March 21, 2014 0.0500
▸2013
0.18 USD
Dec. 20, 2013 0.0500
Sept. 20, 2013 0.0500
June 17, 2013 0.0500
March 18, 2013 0.0300
▸2012
0.10 USD
Dec. 17, 2012 0.0300
Sept. 17, 2012 0.0300
June 18, 2012 0.0300
March 19, 2012 0.0100
▸2011
0.04 USD
Dec. 19, 2011 0.0100
Sept. 19, 2011 0.0100
June 20, 2011 0.0100
March 21, 2011 0.0100
▸2010
0.04 USD
Dec. 20, 2010 0.0100
Sept. 20, 2010 0.0100
June 21, 2010 0.0100
March 19, 2010 0.0100
▸2009
0.47 USD
Dec. 18, 2009 0.0800
Sept. 18, 2009 0.0800
June 19, 2009 0.0800
March 20, 2009 0.2300
▸2008
0.92 USD
Dec. 19, 2008 0.2300
Sept. 19, 2008 0.2300
June 20, 2008 0.2300
March 20, 2008 0.2300
▸2007
0.92 USD
Dec. 20, 2007 0.2300
Sept. 20, 2007 0.2300
June 20, 2007 0.2300
March 20, 2007 0.2300
▸2006
0.92 USD
Dec. 20, 2006 0.2300
Sept. 20, 2006 0.2300
June 19, 2006 0.2300
March 20, 2006 0.2300
▸2005
0.92 USD
Dec. 20, 2005 0.2300
Sept. 20, 2005 0.2300
June 20, 2005 0.2300
March 21, 2005 0.2300
▸2004
0.92 USD
Dec. 20, 2004 0.2300
Sept. 20, 2004 0.2300
June 18, 2004 0.2300
March 19, 2004 0.2300
▸2003
0.90 USD
Dec. 19, 2003 0.2300
Sept. 19, 2003 0.2300
June 20, 2003 0.2190
March 20, 2003 0.2190
▸2002
0.86 USD
Dec. 20, 2002 0.2190
Sept. 20, 2002 0.2190
June 20, 2002 0.2086
March 20, 2002 0.2086
▸2001
0.81 USD
Dec. 20, 2001 0.2086
Sept. 24, 2001 0.2086
June 21, 2001 0.1987
March 20, 2001 0.1987
▸2000
0.78 USD
Dec. 20, 2000 0.1987
Sept. 20, 2000 0.1987
June 20, 2000 0.1900
March 20, 2000 0.1900
▸1999
0.73 USD
Dec. 20, 1999 0.1900
Sept. 20, 1999 0.1900
June 18, 1999 0.1728
March 19, 1999 0.1728
▸1998
0.67 USD
Dec. 18, 1998 0.1728
Sept. 18, 1998 0.1728
June 19, 1998 0.1613
March 20, 1998 0.1613
▸1997
0.60 USD
Dec. 19, 1997 0.1613
Sept. 19, 1997 0.1613
June 20, 1997 0.1382
March 20, 1997 0.1382
▸1996
0.51 USD
Dec. 20, 1996 0.1382
Sept. 20, 1996 0.1382
June 20, 1996 0.1152
March 20, 1996 0.1152
▸1995
0.45 USD
Dec. 20, 1995 0.1152
Sept. 20, 1995 0.1152
June 20, 1995 0.1075
March 21, 1995 0.1075
▸1994
0.41 USD
Dec. 20, 1994 0.1075
Sept. 20, 1994 0.1075
June 20, 1994 0.0960
March 21, 1994 0.0960
▸1993
0.36 USD
Dec. 20, 1993 0.0960
Sept. 20, 1993 0.0960
June 21, 1993 0.0845
March 19, 1993 0.0845
▸1992
0.57 USD
Dec. 21, 1992 0.3300
Sept. 21, 1992 0.0845
June 19, 1992 0.0793
March 20, 1992 0.0793
▸1991
0.30 USD
Dec. 20, 1991 0.0793
Sept. 20, 1991 0.0793
June 20, 1991 0.0717
March 20, 1991 0.0717
▸1990
0.27 USD
Dec. 20, 1990 0.0717
Sept. 20, 1990 0.0717
June 20, 1990 0.0640
March 20, 1990 0.0640
▸1989
0.13 USD
Dec. 20, 1989 0.0640
Sept. 20, 1989 0.0640
Upcoming Dividends
Name Payment Date Status Amount
First Merchants Corporation Jun 19, 2026 0.37 USD
First Merchants Corporation Mar 20, 2026 0.36 USD
First Merchants Corporation Dec 19, 2025 0.36 USD
First Merchants Corporation Sep 19, 2025 0.36 USD
Stock Splits
Split Date Split Ratio to 1
Aug. 29, 2001 1.050000
Aug. 28, 2002 1.050000
Aug. 27, 2003 1.050000
Oct. 26, 1998 1.500000
Oct. 30, 1995 1.500000
Jan. 26, 1993 1.500000
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