First Merchants (FRME)
Provides Midwestern commercial, consumer, mortgage, and private wealth banking through one charter.
Something off on this page? Send us feedback.
Offers commercial and consumer banking, deposits, treasury management, mortgages, and private wealth services through a single bank charter across Indiana, Ohio, and Michigan. Commercial lending makes up most of the loan book, leaving results closely tied to credit quality, deposit funding, and interest rates.
Operates First Merchants Bank, a single-charter community bank offering commercial and consumer lending, deposits, treasury management, residential mortgages, and digital banking. First Merchants Private Wealth Advisors adds investment management, private banking, fiduciary, estate, and financial-planning services. The footprint spans Indiana, Ohio, and Michigan, with the recent First Savings integration extending the Indiana franchise into southern counties.
Combines local decision-making and relationship teams with branch, mobile, and online delivery, using commercial relationships to connect business owners and executives with consumer, mortgage, and wealth services. Commercial lending makes up most of the loan book. Earnings depend on credit performance, deposit funding, and interest-rate movements, while capital rules and federal and state bank supervision constrain operations.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Feb 4, 2026 | Piper Sandler | Reiterate | Rating: —Target: $46 | Target: $49 |
| Oct 27, 2025 | Piper Sandler | Reiterate | Rating: —Target: $47 | Target: $46 |
| Sep 26, 2025 | Raymond James | Downgrade | ||
| Jan 31, 2025 | Hovde Group | Upgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $3.91B · Total debt $1.60B · Total assets $21.35B · Shareholders' equity $2.70B
- Revenue
- $298.0M
- Operating income
- $48.4M
- Net income
- $44.0M
HistoryDividendAnnual yield
| Institutions | 75.48% | 47.40M shares | |
|---|---|---|---|
| 311 holders · as of Jun 30, 2026 | |||
| Insiders | 1.97% | 1.24M shares | |
| 23 holders · as of Aug 21, 2026 | |||
| Other | 22.55% | 14.16M shares | |
| remainder | |||
62.80M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 8.48% | 5.32M | as of Jun 30, 2026 |
Dimensional Fund Advisors LPInstitution | 5.88% | 3.69M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 5.42% | 3.40M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 4.33% | 2.72M | as of Jun 30, 2026 |
State Street CorpInstitution | 4.06% | 2.55M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 19, 2026 | Stephan Fluhler | officer, other: Chief Information Officer | −4,080 | $43.20 |
| Jun 12, 2026 | Larry W. Myers | director | −10,000 | $42.00 |
| Jun 11, 2026 | Larry W. Myers | director | −10,000 | $41.50 |
| May 5, 2026 | Larry W. Myers | director, officer: First Vice President | −0 | $40.54 |
| Feb 26, 2026 | Larry W. Myers | director, officer: First Vice President | −5,000 | $41.50 |
- Huntington Bancshares
Ohio-centered super-regional pressure across banking and wealth
- Fifth Third
Large Cincinnati-based rival in Midwest banking and wealth
- Old National Bancorp
Broad Midwest regional overlap in commercial, consumer, and wealth banking
- First Financial Bancorp
Close Ohio-Indiana regional peer in relationship banking
- Lakeland Financial
Indiana community-bank peer for commercial clients and deposits
- Horizon Bancorp
Indiana-Michigan community-bank rival with similar local model
- Independent Bank
Michigan community-bank overlap in lending, deposits, and mortgage
- Mercantile Bank
Michigan-focused commercial bank rival after footprint expansion
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| First Merchants | $40.37 | −0.69% | $2.55B | 13.0 | 9.5 | 2.3 | +23.2% |
| Huntington Bancshares | $15.56 | −0.86% | $31.70B | 11.7 | 9.4 | 2.2 | +47.4% |
| Fifth Third | $52.38 | −0.72% | $47.82B | 18.0 | 12.1 | 3.2 | +45.2% |
| Old National Bancorp | $25.03 | −0.02% | $9.58B | 11.0 | 9.2 | 2.4 | +12.3% |
| First Financial Bancorp | $31.45 | +0.40% | $3.29B | 11.1 | 9.8 | 2.5 | +16.7% |
| Lakeland Financial | $58.98 | −0.46% | $1.48B | 13.6 | 13.4 | 3.5 | +6.8% |
| Horizon Bancorp | $19.14 | −0.23% | $984.5M | — | 8.9 | 10.3 | +16.1% |
| Independent Bank | $35.53 | −0.24% | $734.0M | 10.4 | 9.5 | 2.3 | +17.0% |
| Mercantile Bank | $58.97 | −0.25% | $1.02B | 10.4 | 10.7 | 2.7 | +12.9% |
| Median | 11.1 | 9.7 | 2.6 | +16.4% |