FIRST MERCHANTS CORP
In the published model solve dated 2026-Q2, anchored at $41.93, FIRST MERCHANTS CORP (FRME) is priced for 9.4% return on equity. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed July 26, 2026 from SEC EDGAR filings.
• Deposits of 16.8 billion dollars, 91 percent of them core funding gathered through 126 banking centers in Indiana, Ohio and Michigan, let First Merchants earn 6.11 percent on its loan book while paying 2.07 percent for funding [Source: 2Q 2026 investor update, filed July 22, 2026]. • Two commercial borrowers, an authorized wireless retailer and a roofing contractor, went to non-accrual in the June quarter and forced a 33.0 million dollar provision that cut reported quarterly earnings per dilut
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285 institutional managers reported holding FRME in 13F filings for the quarter ended 2026-03-31. Together they hold about 75% of the company; the top 10 hold 42%. 44 opened new positions that quarter. Held by Vanguard Group, BlackRock, Dimensional Fund Advisors, among others. On the short side, 1.5M shares were sold short as of the 2026-06-15 count, about 2% of shares outstanding (4.7 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
FRME's share count grew 12.6% over the past five years even with $153.42M spent on repurchases. It pays a dividend, and has paid one every year in our records (16 and counting), raised 15 years straight; the current rate is $1.43 a share annually. Cash returned over the past three years: $228.04M in dividends and $127.97M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at FRME over the trailing three years: 2023: 3 buys totaling $65k; 2024: 2 buys totaling $1k. 22 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
FRME's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-03 | -0.1% | -13.1% |
| 2023-11-02 | +1.7% | +25.6% |
| 2024-03-01 | +0.5% | +5.9% |
| 2024-05-02 | -2.6% | -4.6% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
FRME's latest 8-K filings: 2026-08-14 (items 8.01, 9.01); 2026-07-22 (items 2.02, 9.01); 2026-07-13 (items 8.01, 9.01); 2026-07-02 (items 5.02); 2026-06-24 (items 8.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: July 26, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.