FIRST MERCHANTS CORP (FRME) financial statements: income statement, balance sheet and cash flow
FIRST MERCHANTS CORP's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), FIRST MERCHANTS CORP reported net income of $226.0M (+12.2% year on year).
Income statement
FIRST MERCHANTS CORP income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Taxable
$786.4M
$803.7M
$747.8M
$470.5M
Tax-exempt
$43.4M
$34.3M
$32.0M
$25.1M
Taxable
$32.7M
$36.1M
$35.2M
$38.4M
Tax-exempt
$50.0M
$53.5M
$58.1M
$67.4M
Deposits with financial institutions
$8.1M
$17.0M
$17.7M
$2.5M
Federal Home Loan Bank stock
$4.2M
$3.5M
$3.1M
$1.2M
Total Interest Income
$924.8M
$948.0M
$893.9M
$605.0M
Deposits
$344.3M
$386.1M
$306.1M
$62.9M
Federal funds purchased
$2.2M
$481.0K
$1.4M
$1.3M
Securities sold under repurchase agreements
$2.5M
$3.1M
$3.5M
$1.1M
Federal Home Loan Bank advances
$35.8M
$29.9M
$27.2M
$11.4M
Subordinated debentures and other borrowings
$4.1M
$7.3M
$10.3M
$8.0M
Total Interest Expense
$388.8M
$426.9M
$348.5M
$84.8M
NET INTEREST INCOME
$536.0M
$521.1M
$545.4M
$520.2M
Provision for credit losses
$21.3M
$35.7M
$3.5M
$16.8M
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES
$514.8M
$485.4M
$541.9M
$503.4M
Other income
$94.5M
$90.8M
$85.8M
$83.6M
Net gains and fees on sales of loans
$21.3M
$20.8M
$15.7M
$10.1M
Earnings on bank-owned life insurance
$7.6M
$5.7M
$5.3M
$5.2M
Net realized losses on sales of available for sale securities
($8.0K)
($20.8M)
($6.9M)
$1.2M
Gain on branch sale
$0
$20.0M
—
—
Other income
$3.6M
$6.3M
$2.7M
$1.9M
Total Noninterest Income
$126.9M
$125.6M
$105.6M
$107.9M
Salaries and employee benefits
$225.1M
$221.2M
$228.7M
$206.9M
Net occupancy
$28.4M
$28.4M
$29.9M
$26.2M
Equipment
$28.6M
$26.8M
$24.1M
$23.9M
Marketing
$7.8M
$7.4M
$7.4M
$7.7M
Outside data processing fees
$27.5M
$27.1M
$25.2M
$21.7M
Printing and office supplies
$1.4M
$1.5M
$1.6M
$1.6M
Intangible asset amortization
$6.0M
$7.3M
$8.7M
$8.3M
FDIC assessments
$13.4M
$15.0M
$14.7M
$10.2M
Other real estate owned and foreclosure expenses
$1.5M
$2.1M
$3.3M
$823.0K
Professional and other outside services
$14.5M
$14.6M
$16.2M
$21.6M
Other expenses
$28.4M
$28.0M
$28.5M
$26.7M
Total Noninterest Expense
$382.6M
$379.3M
$388.3M
$355.7M
Income Before Income Taxes
$259.1M
$231.7M
$259.2M
$255.7M
Income tax expense
$33.1M
$30.3M
$35.4M
$33.6M
NET INCOME
$226.0M
$201.4M
$223.8M
$222.1M
Preferred stock dividends
$1.9M
$1.9M
$1.9M
$1.4M
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS
$224.1M
$199.5M
$221.9M
$220.7M
Basic Net Income Available to Common Stockholders (in dollars per share)
$3.90
$3.42
$3.74
$3.83
Diluted Net Income Available to Common Stockholders (in dollars per share)
$3.88
$3.41
$3.73
$3.81
Cash Dividends Paid (in dollars per share)
$1.43
$1.39
—
—
Average Diluted Common Shares Outstanding (in shares)
57.7M
58.5M
—
—
FIRST MERCHANTS CORP income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Taxable
$226.5M
$213.6M
$200.4M
$195.2M
Tax exempt
$11.8M
$11.6M
$11.2M
$10.8M
Taxable
$7.4M
$7.5M
$8.3M
$8.3M
Tax exempt
$12.5M
$12.6M
$12.5M
$12.5M
Deposits with financial institutions
$1.1M
$1.2M
$1.7M
$1.9M
Federal Home Loan Bank stock
$1.5M
$2.0M
$1.1M
$1.1M
Total Interest Income
$260.8M
$248.6M
$235.1M
$229.7M
Deposits
$86.3M
$84.1M
$90.8M
$84.2M
Federal funds purchased
$717.0K
$590.0K
$224.0K
$965.0K
Securities sold under repurchase agreements
$419.0K
$332.0K
$654.0K
$663.0K
Federal Home Loan Bank advances
$13.2M
$11.0M
$8.6M
$9.7M
Subordinated debentures and other borrowings
$1.3M
$1.2M
$1.1M
$1.1M
Total Interest Expense
$101.9M
$97.3M
$101.4M
$96.7M
NET INTEREST INCOME
$158.9M
$151.3M
$133.7M
$133.0M
Provision for credit losses
$33.0M
$4.9M
$4.3M
$5.6M
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES
$125.9M
$146.4M
$129.4M
$127.4M
Other income
$26.5M
$25.2M
$24.3M
$23.6M
Net gains and fees on sales of loans
$7.7M
$6.5M
$5.0M
$5.8M
Earnings on bank-owned life insurance
$2.3M
$3.4M
$1.7M
$1.9M
Net realized losses on sales of available for sale securities
$0
$0
$0
($1.0K)
Net loss on mortgage loans reclassified to held for sale
$0
($29.8M)
—
—
Other income (loss)
$577.0K
$390.0K
$1.5M
($19.0K)
Total Noninterest Income
$37.2M
$5.8M
$32.5M
$31.3M
Salaries and employee benefits
$65.8M
$69.4M
$57.3M
$54.5M
Net occupancy
$8.2M
$8.3M
$7.1M
$6.8M
Equipment
$8.6M
$7.8M
$7.0M
$6.9M
Marketing
$2.4M
$1.6M
$2.1M
$2.0M
Outside data processing fees
$8.0M
$7.2M
$6.9M
$7.1M
Printing and office supplies
$491.0K
$377.0K
$311.0K
$272.0K
Intangible asset amortization
$2.7M
$2.3M
$1.5M
$1.5M
FDIC assessments
$4.4M
$3.9M
$3.5M
$3.6M
Other real estate owned and foreclosure expenses
$1.1M
$1.1M
$121.0K
$29.0K
Professional and other outside services
$5.0M
$14.6M
$3.7M
$3.7M
Other expenses
$8.7M
$8.5M
$7.0M
$7.1M
Total Noninterest Expense
$115.3M
$125.1M
$96.6M
$93.6M
Income Before Income Taxes
$47.8M
$27.1M
$65.3M
$65.1M
Income tax expense
$3.8M
($1.1M)
$8.5M
$8.3M
NET INCOME
$44.0M
$28.2M
$56.8M
$56.8M
Preferred stock dividends
$469.0K
$469.0K
$468.0K
$469.0K
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS
$43.5M
$27.7M
$56.3M
$56.4M
Basic Net Income Available to Common Stockholders (in dollars per share)
$0.70
$0.46
$0.98
$0.98
Diluted Net Income Available to Common Stockholders (in dollars per share)
$0.70
$0.45
$0.98
$0.98
Cash Dividends Paid (in dollars per share)
$0.37
$0.36
$0.36
$0.36
Average Diluted Common Shares Outstanding (in shares)
62.6M
61.0M
57.4M
57.8M
Balance sheet
FIRST MERCHANTS CORP balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and due from banks
$84.2M
$87.6M
$112.6M
$122.6M
Interest-bearing deposits
$196.3M
$298.9M
$436.1M
$126.1M
Investment securities available for sale
$1.4B
$1.4B
$1.6B
$2.0B
Investment securities held to maturity, net of allowance for credit losses of $245 and $245 (fair value of $1,718,287 and $1,723,520)
$2.0B
$2.1B
$2.2B
$2.3B
Loans held for sale
$20.1M
$18.7M
$18.9M
$9.1M
Loans
$13.8B
$12.9B
$12.5B
$12.0B
Less: Allowance for credit losses - loans
($195.6M)
($192.8M)
($204.9M)
($223.3M)
Net loans
$13.6B
$12.7B
$12.3B
$11.8B
Premises and equipment
$121.1M
$129.7M
$133.9M
$117.1M
Federal Home Loan Bank stock
$47.2M
$41.7M
$41.8M
$38.5M
Interest receivable
$93.4M
$91.8M
$97.7M
$85.1M
Goodwill
$712.0M
$712.0M
$712.0M
$712.0M
Other intangibles
$13.8M
$19.8M
$27.1M
$35.8M
Cash surrender value of life insurance
$308.4M
$304.9M
$306.3M
$308.3M
Other real estate owned
$658.0K
$4.9M
$4.8M
$6.4M
Tax asset, deferred and receivable
$78.7M
$92.4M
$99.9M
$111.2M
Other assets
$374.6M
$387.2M
$322.3M
$221.6M
TOTAL ASSETS
$19.0B
$18.3B
$18.4B
$17.9B
Noninterest-bearing
$2.1B
$2.3B
$2.5B
$3.2B
Interest-bearing
$13.2B
$12.2B
$12.3B
$11.2B
Total deposits
$15.3B
$14.5B
$14.8B
$14.4B
Federal funds purchased
$40.0M
$99.2M
$0
$171.6M
Securities sold under repurchase agreements
$103.8M
$142.9M
$157.3M
$167.4M
Federal Home Loan Bank advances
$798.5M
$822.6M
$712.9M
$823.7M
Subordinated debentures and other borrowings
$57.6M
$93.5M
$158.6M
$151.3M
Total Borrowings
$999.9M
$1.2B
$1.0B
$1.3B
Interest payable
$18.2M
$16.1M
$18.9M
$7.5M
Other liabilities
$245.4M
$311.1M
$289.0M
$199.3M
Total Liabilities
$16.6B
$16.0B
$16.2B
$15.9B
Preferred stock value
$25.1M
$25.1M
$25.1M
$25.1M
Common Stock, $0.125 stated value: Authorized - 100,000,000 shares Issued and outstanding - 0 and 57,974,535 shares
7.1M
7.2M
7.4M
7.4M
Additional paid-in capital
$1.2B
$1.2B
$1.2B
$1.2B
Retained earnings
$1.4B
$1.3B
$1.2B
$1.0B
Accumulated other comprehensive loss
($130.1M)
($188.7M)
($176.0M)
($239.2M)
Total Stockholders' Equity
$2.5B
$2.3B
$2.2B
$2.0B
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$19.0B
$18.3B
$18.4B
$17.9B
FIRST MERCHANTS CORP balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and due from banks
$86.7M
$98.1M
$88.1M
$81.6M
Interest-bearing deposits
$529.4M
$175.4M
$168.7M
$223.3M
Investment securities available for sale
$1.4B
$1.4B
$1.4B
$1.4B
Investment securities held to maturity, net of allowance for credit losses of $245 and $245 (fair value of $1,653,943 and $1,718,287)
$1.9B
$1.9B
$2.0B
$2.0B
Loans held for sale
$77.9M
$401.8M
$23.2M
$28.8M
Loans
$15.5B
$15.3B
$13.6B
$13.3B
Less: Allowance for credit losses - loans
($241.6M)
($212.5M)
($194.5M)
($195.3M)
Net loans
$15.3B
$15.0B
$13.4B
$13.1B
Premises and equipment
$148.2M
$146.0M
$121.8M
$122.8M
Federal Home Loan Bank stock
$70.8M
$70.8M
$47.3M
$47.3M
Interest receivable
$101.9M
$97.0M
$89.1M
$93.3M
Goodwill
$788.2M
$782.8M
$712.0M
$712.0M
Other intangibles
$39.0M
$41.7M
$15.3M
$16.8M
Cash surrender value of life insurance
$373.2M
$371.2M
$306.6M
$305.7M
Other real estate owned
$1.6M
$1.3M
$1.3M
$177.0K
Tax asset, deferred and receivable
$114.0M
$116.8M
$89.8M
$97.7M
Other assets
$436.7M
$410.3M
$369.5M
$380.9M
TOTAL ASSETS
$21.3B
$21.1B
$18.8B
$18.6B
Noninterest-bearing
$3.8B
$3.7B
$2.1B
$2.2B
Interest-bearing
$12.9B
$12.7B
$12.8B
$12.6B
Total Deposits
$16.8B
$16.5B
$14.9B
$14.8B
Federal funds purchased
$0
$170.0M
$199.4M
$85.0M
Securities sold under repurchase agreements
$103.3M
$89.5M
$122.2M
$114.8M
Federal Home Loan Bank advances
$1.4B
$1.3B
$798.6M
$898.7M
Subordinated debentures and other borrowings
$86.3M
$86.3M
$57.6M
$62.6M
Total Borrowings
$1.6B
$1.6B
$1.2B
$1.2B
Interest payable
$17.5M
$18.9M
$18.2M
$16.2M
Other liabilities
$277.0M
$250.5M
$333.2M
$270.0M
Total Liabilities
$18.7B
$18.4B
$16.4B
$16.2B
Preferred stock value
$25.1M
$25.1M
$25.1M
$25.1M
Common Stock, $0.125 stated value: Authorized - 100,000,000 shares Issued and outstanding - 62,205,528 and 56,951,939 shares
7.8M
7.8M
7.1M
7.2M
Additional paid-in capital
$1.4B
$1.4B
$1.2B
$1.2B
Retained earnings
$1.4B
$1.4B
$1.4B
$1.3B
Accumulated other comprehensive loss
($133.6M)
($148.9M)
($155.9M)
($190.0M)
Total Stockholders' Equity
$2.7B
$2.7B
$2.4B
$2.3B
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$21.3B
$21.1B
$18.8B
$18.6B
Cash flow statement
FIRST MERCHANTS CORP cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$226.0M
$201.4M
$223.8M
$222.1M
Provision for credit losses
$21.3M
$35.7M
$3.5M
$16.8M
Depreciation and amortization
$29.4M
$26.8M
$11.7M
$11.8M
Change in deferred taxes
$2.2M
$1.6M
$6.6M
$9.1M
Share-based compensation
$7.3M
$5.8M
$5.2M
$4.7M
Loans originated for sale
($501.2M)
($1.2B)
($793.1M)
($251.3M)
Proceeds from sales of loans held for sale
$515.9M
$1.2B
$791.8M
$265.7M
Gains on sales of loans held for sale
($16.1M)
($12.1M)
($8.5M)
($4.4M)
Gain on branch sale
$0
($20.0M)
—
—
Net losses on sales of securities available for sale
$8.0K
$20.8M
$6.9M
($1.2M)
Increase in cash surrender of life insurance
($6.5M)
($5.7M)
($5.3M)
($5.2M)
Gains on life insurance benefits
($1.1M)
($2.8M)
($3.0M)
($6.0M)
Change in interest receivable
($1.5M)
$5.8M
($12.6M)
($20.7M)
Change in interest payable
$2.1M
($2.8M)
$11.4M
$3.7M
Operating lease right-of-use abandonment
$0
$0
$2.1M
—
Other adjustments
$5.9M
($789.0K)
$18.5M
$23.0M
Net cash provided by operating activities
$283.6M
$266.2M
$258.8M
$268.0M
Net change in interest-bearing deposits
$102.6M
$137.2M
($310.0M)
$348.1M
Securities available for sale
($19.7M)
($94.7M)
($32.9M)
($451.2M)
Securities held to maturity
$0
$0
($5.7M)
($292.5M)
Proceeds from sales of securities available for sale
$0
$247.7M
$388.3M
$606.9M
Securities available for sale
$65.6M
$51.4M
$56.2M
$201.8M
Securities held to maturity
$99.3M
$96.5M
$104.9M
$154.7M
Purchases of Federal Home Loan Bank stock
($5.6M)
—
—
—
Redemptions of Federal Home Loan Bank stock
$89.0K
—
—
—
Payment of capital calls to qualified affordable housing investments
($48.0M)
($29.7M)
($11.7M)
—
Net change in loans
($965.6M)
($419.4M)
($621.8M)
($1.2B)
Net cash and cash equivalents paid in divestiture of branches
$0
($243.5M)
—
—
Proceeds from the sale of other real estate owned
$7.3M
$781.0K
$1.7M
$496.0K
Proceeds from life insurance benefits
$4.1M
$9.9M
$10.4M
$24.0M
Proceeds from portfolio loan sale
$0
$5.0M
$113.3M
$0
Other adjustments
($13.8M)
($13.7M)
($33.9M)
($12.9M)
Net cash used by investing activities
($773.8M)
($252.4M)
($344.4M)
($446.4M)
Demand and savings deposits
$749.4M
$203.3M
($623.6M)
($513.5M)
Certificates of deposit and other time deposits
$23.8M
($235.6M)
$1.1B
$232.9M
Borrowings
$854.2M
$639.1M
$834.0M
$1.8B
Repayment of borrowings
($1.0B)
($509.7M)
($1.1B)
($1.3B)
Cash dividends on preferred stock
($1.9M)
($1.9M)
($1.9M)
($1.4M)
Cash dividends on common stock
($82.9M)
($81.6M)
($80.1M)
($72.7M)
Stock issued under employee benefit plans
$628.0K
$656.0K
$754.0K
$706.0K
Stock issued under dividend reinvestment and stock purchase plans
$2.3M
$2.3M
$2.2M
$2.1M
Stock options exercised
$454.0K
$900.0K
$1.1M
$358.0K
Repurchase of common stock
($46.9M)
($56.2M)
$0
$0
Net cash provided (used) by financing activities
$486.7M
($38.8M)
$75.6M
$133.8M
Net Change in Cash and Cash Equivalents
($3.5M)
($25.0M)
($9.9M)
($44.6M)
FIRST MERCHANTS CORP cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income
$72.1M
$28.2M
$168.9M
$112.2M
Provision for credit losses
$37.9M
$4.9M
$14.1M
$9.8M
Depreciation and amortization
$18.3M
$9.0M
$23.7M
$15.7M
Change in deferred taxes
($3.6M)
$4.0M
($2.1M)
($2.2M)
Share-based compensation
$3.5M
$1.7M
$4.9M
$3.2M
Loans originated for sale
($368.6M)
($153.5M)
($358.9M)
($237.3M)
Proceeds from sales of loans held for sale
$383.9M
$163.4M
$366.4M
$235.5M
Net gains on sales of loans held for sale
($10.5M)
($4.8M)
($12.0M)
($8.3M)
Loss on mortgage loans reclassified to held for sale
$29.8M
$29.8M
—
—
Net losses on sales of securities available for sale
$0
$0
$8.0K
$8.0K
Increase in cash surrender value of life insurance
($4.4M)
($2.1M)
($4.7M)
($3.1M)
Gains on life insurance benefits
($1.4M)
($1.3M)
($1.1M)
($942.0K)
Change in income tax receivable
($11.3M)
($17.4M)
—
—
Change in interest receivable
$2.4M
$7.3M
$2.7M
($1.4M)
Change in interest payable
($6.7M)
($5.3M)
$2.1M
$72.0K
Other adjustments
$5.2M
($5.3M)
($1.2M)
($7.7M)
Net cash provided by operating activities
$146.6M
$58.6M
$202.9M
$115.4M
Net change in interest-bearing deposits
($309.0M)
$75.0M
$130.2M
$75.5M
Purchase of securities available for sale
($10.8M)
($1.1M)
($10.6M)
($5.9M)
Proceeds from sales of securities available for sale
$251.3M
$251.3M
$0
—
Securities available for sale
$26.6M
$10.8M
$48.0M
$30.1M
Securities held to maturity
$62.2M
$33.2M
$76.2M
$49.7M
Purchases of Federal Home Loan Bank stock
$0
$0
($5.6M)
($5.6M)
Redemptions of Federal Home Loan Bank stock
$57.0K
$40.0K
$70.0K
$43.0K
Redemptions of Federal Reserve Bank stock
$1.9M
$1.9M
—
—
Payment of capital calls to qualified affordable housing investments
($23.5M)
($13.1M)
($35.0M)
($23.6M)
Net change in loans
($215.8M)
$10.7M
($681.2M)
($457.0M)
Proceeds from mortgage portfolio loan sale
$271.1M
—
$0
$0
Net cash and cash equivalents received in acquisition
$29.9M
—
—
—
Proceeds from the sale of other real estate owned
$1.8M
$728.0K
$6.1M
$5.7M
Proceeds from life insurance benefits
$4.6M
$4.3M
$4.1M
$3.3M
Other adjustments
($12.0M)
($5.6M)
($5.2M)
($2.0M)
Net cash provided (used) by investing activities
$78.4M
$368.1M
($473.1M)
($329.7M)
Demand and savings deposits
$106.8M
($293.2M)
$307.6M
$280.5M
Certificates of deposit and other time deposits
($338.4M)
($206.2M)
$40.8M
($4.6M)
Proceeds from borrowings
$1.1B
$280.1M
$854.1M
$682.2M
Repayment of borrowings
($966.6M)
($146.4M)
($834.4M)
($679.3M)
Cash dividends on preferred stock
($938.0K)
($469.0K)
($1.4M)
($938.0K)
Cash dividends on common stock
($46.0M)
($22.8M)
($62.1M)
($41.3M)
Stock issued under employee benefit plans
$339.0K
$170.0K
$480.0K
$317.0K
Stock issued under dividend reinvestment and stock purchase plans