First Merchants Corporation Depository Shares (FRMEP) - Net Assets
Based on the latest financial reports, First Merchants Corporation Depository Shares (FRMEP) 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. Check asset resilience ratio of First Merchants Corporation Depository S to evaluate the company's liquid asset resilience ratio.
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 Depository Shares - Net Assets Trend (1989–2025)
This chart illustrates how First Merchants Corporation Depository Shares's net assets have evolved over time, based on quarterly financial data. Also explore First Merchants Corporation Depository S assets under control for the complete picture of this company's asset base.
Annual Net Assets for First Merchants Corporation Depository Shares (1989–2025)
The table below shows the annual net assets of First Merchants Corporation Depository Shares from 1989 to 2025. For live valuation and market cap data, see how much is First Merchants Corporation Depository S worth.
| 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 Depository Shares'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 Depository Shares Competitors by Market Cap
The table below lists competitors of First Merchants Corporation Depository Shares ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
TARGA EXPLORATION CORP.
F:V6Y
|
$237.86K |
|
Murray & Roberts Holdings Ltd
JSE:MUR
|
$238.01K |
|
First Eagle Alternative Capital BDC Inc
NYSE:FCRX
|
$238.29K |
|
Veg of Lund AB
ST:VOLAB
|
$239.80K |
|
Eenergy Group PLC
LSE:EAAS
|
$235.57K |
|
CARLYLE COMMODIT.CORP.
F:BJ4
|
$233.65K |
|
Develop North PLC
LSE:DVNO
|
$232.49K |
|
Leyden SAIC y F
BA:LEID
|
$232.05K |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in First Merchants Corporation Depository Shares'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 Depository Shares'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: 0.60x
- 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 4.42x to 0.60x 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 | $25.45 | x |
| 1990-12-31 | $6.20 | $25.45 | x |
| 1991-12-31 | $6.90 | $25.45 | x |
| 1992-12-31 | $7.21 | $25.45 | x |
| 1993-12-31 | $7.78 | $25.45 | x |
| 1994-12-31 | $8.05 | $25.45 | x |
| 1995-12-31 | $9.17 | $25.45 | x |
| 1996-12-31 | $9.86 | $25.45 | x |
| 1997-12-31 | $8.79 | $25.45 | x |
| 1998-12-31 | $10.99 | $25.45 | x |
| 1999-12-31 | $9.03 | $25.45 | x |
| 2000-12-31 | $11.83 | $25.45 | x |
| 2001-12-31 | $13.02 | $25.45 | x |
| 2002-12-31 | $15.81 | $25.45 | x |
| 2003-12-31 | $16.54 | $25.45 | x |
| 2004-12-31 | $16.90 | $25.45 | x |
| 2005-12-31 | $16.89 | $25.45 | x |
| 2006-12-31 | $17.78 | $25.45 | x |
| 2007-12-31 | $18.59 | $25.45 | x |
| 2008-12-31 | $21.80 | $25.45 | x |
| 2009-12-31 | $21.96 | $25.45 | x |
| 2010-12-31 | $18.44 | $25.45 | x |
| 2011-12-31 | $19.27 | $25.45 | x |
| 2012-12-31 | $19.14 | $25.45 | x |
| 2013-12-31 | $21.16 | $25.45 | x |
| 2014-12-31 | $19.88 | $25.45 | x |
| 2015-12-31 | $22.33 | $25.45 | x |
| 2016-12-31 | $21.98 | $25.45 | x |
| 2017-12-31 | $28.71 | $25.45 | x |
| 2018-12-31 | $28.47 | $25.45 | x |
| 2019-12-31 | $34.65 | $25.45 | x |
| 2020-12-31 | $34.59 | $25.45 | x |
| 2021-12-31 | $35.43 | $25.45 | x |
| 2022-12-31 | $35.11 | $25.45 | x |
| 2023-12-31 | $37.78 | $25.45 | x |
| 2024-12-31 | $39.38 | $25.45 | x |
| 2025-12-31 | $42.73 | $25.45 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently First Merchants Corporation Depository Shares 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 Depository Shares's net assets metrics with peer companies in the Banks - Regional industry.
Industry Context
- Industry: Banks - Regional
- Average net assets among peers: $552,557,300
- Average return on equity (ROE) among peers: 11.02%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| First Merchants Corporation Depository Shares (FRMEP) | $2.47 Billion | 11.83% | 6.71x | $236.91K |
| Ameris Bancorp (ABCB) | $1.46 Billion | 8.31% | 6.86x | $4.95 Billion |
| Ameris Bancorp (ABCB) | $120.94 Million | 10.83% | 9.48x | $5.70 Billion |
| ACNB Corporation (ACNB) | $74.01 Million | 9.97% | 11.77x | $483.21 Million |
| Affinity Bancshares Inc (AFBI) | $129.12 Million | 4.21% | 5.71x | $135.98 Million |
| Alerus Financial Corp (ALRS) | $153.31 Million | 13.22% | 8.01x | $647.19 Million |
| Amalgamated Bank (AMAL) | $535.82 Million | 8.62% | 10.16x | $1.14 Billion |
| Amerant Bancorp Inc. (AMTB) | $901.22 Million | 12.53% | 7.48x | $962.39 Million |
| Arrow Financial Corporation (AROW) | $72.29 Million | 17.85% | 12.85x | $601.02 Million |
| Associated Banc-Corp (ASB) | $2.02 Billion | 12.80% | 9.17x | $5.20 Billion |
| AmeriServ Financial Inc (ASRV) | $65.10 Million | 11.83% | 10.90x | $62.60 Million |
About First Merchants Corporation Depository Shares
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