First Merchants Corporation
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 servi… Read more
First Merchants Corporation (FRME) - Net Assets
Latest net assets as of December 2025: $2.47 Billion USD
Based on the latest financial reports, First Merchants Corporation (FRME) has net assets worth $2.47 Billion USD as of December 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($19.03 Billion) and total liabilities ($16.56 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $2.47 Billion |
| % of Total Assets | 12.97% |
| Annual Growth Rate | 11.55% |
| 5-Year Change | 28.97% |
| 10-Year Change | 173.57% |
| Growth Volatility | 12.5 |
First Merchants Corporation - Net Assets Trend (1989–2025)
This chart illustrates how First Merchants Corporation's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for First Merchants Corporation (1989–2025)
The table below shows the annual net assets of First Merchants Corporation from 1989 to 2025.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $2.47 Billion | +7.01% |
| 2024-12-31 | $2.30 Billion | +2.55% |
| 2023-12-31 | $2.25 Billion | +10.47% |
| 2022-12-31 | $2.03 Billion | +6.39% |
| 2021-12-31 | $1.91 Billion | +1.97% |
| 2020-12-31 | $1.88 Billion | +4.99% |
| 2019-12-31 | $1.79 Billion | +26.85% |
| 2018-12-31 | $1.41 Billion | +8.04% |
| 2017-12-31 | $1.30 Billion | +44.56% |
| 2016-12-31 | $901.66 Million | +6.01% |
| 2015-12-31 | $850.51 Million | +17.02% |
| 2014-12-31 | $726.83 Million | +14.47% |
| 2013-12-31 | $634.92 Million | +14.97% |
| 2012-12-31 | $552.24 Million | +7.34% |
| 2011-12-31 | $514.47 Million | +13.22% |
| 2010-12-31 | $454.41 Million | -2.02% |
| 2009-12-31 | $463.79 Million | +17.15% |
| 2008-12-31 | $395.90 Million | +16.46% |
| 2007-12-31 | $339.94 Million | +3.85% |
| 2006-12-31 | $327.32 Million | +4.44% |
| 2005-12-31 | $313.40 Million | -0.38% |
| 2004-12-31 | $314.60 Million | +3.50% |
| 2003-12-31 | $303.96 Million | +16.40% |
| 2002-12-31 | $261.13 Million | +45.78% |
| 2001-12-31 | $179.13 Million | +14.78% |
| 2000-12-31 | $156.06 Million | +23.57% |
| 1999-12-31 | $126.30 Million | -17.93% |
| 1998-12-31 | $153.90 Million | +26.15% |
| 1997-12-31 | $122.00 Million | +8.25% |
| 1996-12-31 | $112.70 Million | +40.00% |
| 1995-12-31 | $80.50 Million | +13.38% |
| 1994-12-31 | $71.00 Million | +3.20% |
| 1993-12-31 | $68.80 Million | +7.67% |
| 1992-12-31 | $63.90 Million | +9.23% |
| 1991-12-31 | $58.50 Million | +14.04% |
| 1990-12-31 | $51.30 Million | +6.43% |
| 1989-12-31 | $48.20 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to First Merchants Corporation's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 4184.1% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $1.41 Billion | 57.31% |
| Common Stock | $7.12 Million | 0.29% |
| Other Comprehensive Income | $-130.13 Million | -5.28% |
| Other Components | $1.18 Billion | 47.67% |
| Total Equity | $2.47 Billion | 100.00% |
First Merchants Corporation Competitors by Market Cap
The table below lists competitors of First Merchants Corporation ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
China National Building Material Company Limited
F:D1Y
|
$2.28 Billion |
|
Foot Locker Inc
NYSE:FL
|
$2.28 Billion |
|
Dentsply Sirona Inc
NASDAQ:XRAY
|
$2.28 Billion |
|
Luxi Chemical Group Co Ltd
SHE:000830
|
$2.28 Billion |
|
Shenzhen Senior Technology Material Co Ltd
SHE:300568
|
$2.28 Billion |
|
Universal Microwave Technology
TWO:3491
|
$2.27 Billion |
|
Beam Therapeutics Inc
NASDAQ:BEAM
|
$2.27 Billion |
|
Zhongyuan Bank Co., Ltd.
PINK:ZNNGY
|
$2.27 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in First Merchants Corporation's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 2,304,983,000 to 2,466,667,000, a change of 161,684,000 (7.0%).
- Net income of 226,001,000 contributed positively to equity growth.
- Dividend payments of 84,787,000 reduced retained earnings.
- Share repurchases of 46,890,000 reduced equity.
- New share issuances of 2,336,000 increased equity.
- Other comprehensive income increased equity by 58,550,001.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $226.00 Million | +9.16% |
| Dividends Paid | $84.79 Million | -3.44% |
| Share Repurchases | $46.89 Million | -1.9% |
| Share Issuances | $2.34 Million | +0.09% |
| Other Comprehensive Income | $58.55 Million | +2.37% |
| Other Changes | $6.47 Million | +0.26% |
| Total Change | $- | 7.01% |
Book Value vs Market Value Analysis
This analysis compares First Merchants Corporation's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.86x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
- The price-to-book ratio has decreased from 6.36x to 0.86x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1989-12-31 | $5.76 | $36.67 | x |
| 1990-12-31 | $6.20 | $36.67 | x |
| 1991-12-31 | $6.90 | $36.67 | x |
| 1992-12-31 | $7.21 | $36.67 | x |
| 1993-12-31 | $7.78 | $36.67 | x |
| 1994-12-31 | $8.05 | $36.67 | x |
| 1995-12-31 | $9.17 | $36.67 | x |
| 1996-12-31 | $9.86 | $36.67 | x |
| 1997-12-31 | $8.79 | $36.67 | x |
| 1998-12-31 | $10.99 | $36.67 | x |
| 1999-12-31 | $9.03 | $36.67 | x |
| 2000-12-31 | $11.83 | $36.67 | x |
| 2001-12-31 | $13.02 | $36.67 | x |
| 2002-12-31 | $15.81 | $36.67 | x |
| 2003-12-31 | $16.54 | $36.67 | x |
| 2004-12-31 | $16.90 | $36.67 | x |
| 2005-12-31 | $16.89 | $36.67 | x |
| 2006-12-31 | $17.78 | $36.67 | x |
| 2007-12-31 | $18.59 | $36.67 | x |
| 2008-12-31 | $21.80 | $36.67 | x |
| 2009-12-31 | $21.96 | $36.67 | x |
| 2010-12-31 | $18.44 | $36.67 | x |
| 2011-12-31 | $19.27 | $36.67 | x |
| 2012-12-31 | $19.14 | $36.67 | x |
| 2013-12-31 | $21.16 | $36.67 | x |
| 2014-12-31 | $19.88 | $36.67 | x |
| 2015-12-31 | $22.33 | $36.67 | x |
| 2016-12-31 | $21.98 | $36.67 | x |
| 2017-12-31 | $28.71 | $36.67 | x |
| 2018-12-31 | $28.47 | $36.67 | x |
| 2019-12-31 | $34.65 | $36.67 | x |
| 2020-12-31 | $34.59 | $36.67 | x |
| 2021-12-31 | $35.43 | $36.67 | x |
| 2022-12-31 | $35.11 | $36.67 | x |
| 2023-12-31 | $37.78 | $36.67 | x |
| 2024-12-31 | $39.38 | $36.67 | x |
| 2025-12-31 | $42.73 | $36.67 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently First Merchants Corporation utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 9.16%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 21.52%
- • Asset Turnover: 0.06x
- • Equity Multiplier: 7.71x
- Recent ROE (9.16%) is below the historical average (9.40%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1989 | 11.83% | 11.33% | 0.10x | 10.85x | $880.00K |
| 1990 | 11.70% | 11.54% | 0.10x | 10.55x | $870.00K |
| 1991 | 11.62% | 12.64% | 0.09x | 10.20x | $950.00K |
| 1992 | 12.21% | 15.15% | 0.08x | 9.65x | $1.41 Million |
| 1993 | 12.65% | 17.90% | 0.08x | 9.10x | $1.82 Million |
| 1994 | 12.96% | 18.62% | 0.08x | 9.08x | $2.10 Million |
| 1995 | 12.30% | 17.40% | 0.08x | 8.79x | $1.85 Million |
| 1996 | 11.62% | 16.84% | 0.08x | 8.59x | $1.83 Million |
| 1997 | 13.52% | 16.79% | 0.10x | 8.36x | $4.30 Million |
| 1998 | 11.63% | 16.71% | 0.08x | 8.85x | $2.51 Million |
| 1999 | 15.12% | 16.60% | 0.08x | 11.67x | $6.47 Million |
| 2000 | 12.78% | 14.97% | 0.08x | 10.39x | $4.33 Million |
| 2001 | 12.40% | 15.98% | 0.08x | 9.98x | $4.30 Million |
| 2002 | 10.66% | 16.02% | 0.06x | 10.26x | $1.72 Million |
| 2003 | 9.07% | 14.40% | 0.06x | 10.12x | $-2.83 Million |
| 2004 | 9.35% | 15.36% | 0.06x | 10.15x | $-2.05 Million |
| 2005 | 9.65% | 14.27% | 0.07x | 10.33x | $-1.10 Million |
| 2006 | 9.23% | 12.42% | 0.07x | 10.86x | $-2.53 Million |
| 2007 | 9.31% | 11.66% | 0.07x | 11.13x | $-2.35 Million |
| 2008 | 5.21% | 7.98% | 0.05x | 12.08x | $-18.95 Million |
| 2009 | -8.79% | -14.14% | 0.06x | 9.66x | $-87.14 Million |
| 2010 | 1.52% | 2.78% | 0.06x | 9.18x | $-38.53 Million |
| 2011 | 4.91% | 10.96% | 0.06x | 8.11x | $-26.19 Million |
| 2012 | 8.17% | 18.78% | 0.06x | 7.80x | $-10.10 Million |
| 2013 | 7.01% | 19.63% | 0.04x | 8.56x | $-18.96 Million |
| 2014 | 8.28% | 22.23% | 0.05x | 8.01x | $-12.52 Million |
| 2015 | 7.69% | 23.22% | 0.04x | 7.95x | $-19.67 Million |
| 2016 | 8.99% | 25.45% | 0.04x | 8.00x | $-9.11 Million |
| 2017 | 7.37% | 24.89% | 0.04x | 7.19x | $-34.28 Million |
| 2018 | 11.30% | 32.85% | 0.05x | 7.02x | $18.31 Million |
| 2019 | 9.21% | 29.79% | 0.04x | 6.97x | $-14.18 Million |
| 2020 | 7.92% | 26.61% | 0.04x | 7.50x | $-38.96 Million |
| 2021 | 10.75% | 36.97% | 0.04x | 8.08x | $14.27 Million |
| 2022 | 10.91% | 31.15% | 0.04x | 8.82x | $18.61 Million |
| 2023 | 9.96% | 22.39% | 0.05x | 8.19x | $-985.30K |
| 2024 | 8.74% | 19.12% | 0.06x | 7.94x | $-29.10 Million |
| 2025 | 9.16% | 21.52% | 0.06x | 7.71x | $-20.67 Million |
Industry Comparison
This section compares First Merchants Corporation's net assets metrics with peer companies in the Banks - Regional industry.
Industry Context
- Industry: Banks - Regional
- Average net assets among peers: $25,670,820,700
- Average return on equity (ROE) among peers: 9.44%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| First Merchants Corporation (FRME) | $2.47 Billion | 11.83% | 6.71x | $2.28 Billion |
| Ameris Bancorp (ABCB) | $120.94 Million | 10.83% | 9.48x | $4.91 Billion |
| ACNB Corporation (ACNB) | $2.75 Billion | 1.01% | 0.01x | $462.57 Million |
| Addiko Bank AG (ADBKF) | $839.50 Million | 5.41% | 6.63x | $210.07 Million |
| Affinity Bancshares Inc (AFBI) | $120.97 Million | 6.26% | 5.51x | $79.94 Million |
| Absa Group Limited (AGRPF) | $19.52 Billion | 23.08% | 14.72x | $6.72 Billion |
| AIB Group plc (AIBGY) | $14.46 Billion | -16.17% | 8.45x | $21.72 Billion |
| Akbank Turk Anonim Sirketi (AKBTY) | $211.22 Billion | 31.48% | 8.02x | $8.60 Billion |
| Alpha Bank SA (ALBKY) | $7.32 Billion | 8.44% | 8.89x | $1.12 Billion |
| Community Capital Bancshares Inc (ALBY) | $9.19 Million | 7.09% | 8.66x | $19.76 Million |
| Alpine Banks of Colorado (ALPIB) | $342.89 Million | 16.92% | 10.27x | $248.47 Million |