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First Merchants
First Merchants (FRME) investor relations material
First Merchants Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary27 Jan, 2026
Executive summary
Achieved record full-year net income of $224.1M and diluted EPS of $3.88 for 2025, with Q4 net income of $56.6M ($0.99 per share), up 13.8% year-over-year.
Total assets reached $19.0B, loans $13.8B, and deposits $15.3B at year-end 2025.
Efficiency ratio for 2025 was 54.5%, with Q4 at 54.52%.
Regulatory and shareholder approval received for the First Savings Financial Group acquisition, adding $2.4B in assets and expanding into Southern Indiana and Louisville, closing February 1, 2026.
Repurchased 1,211,224 shares for $46.9M in 2025, including 271,953 shares for $10.4M in Q4.
Financial highlights
Annual ROA was 1.21% and return on tangible common equity was 14.08%.
Loan growth of $197.4M in Q4 (5.8% annualized) and $938.8M for the year (7.3%).
Tangible book value per share rose 12.7% year-over-year to $30.18.
Net interest income in Q4 was $145.3M, up $5.4M sequentially and $5.1M year-over-year; net interest margin increased 5 bps to 3.29%.
Noninterest income in Q4 was $33.1M, with strong growth in wealth management, card payment, and mortgage fees.
Outlook and guidance
Expect mid to high single-digit loan growth (6–8%) in 2026, consistent with 2025.
Double-digit non-interest income growth targeted for 2026, even excluding the acquisition.
Core non-interest expense budgeted to rise 3–5% in 2026, with 27.5% annualized cost savings from the acquisition expected post-integration.
Efficiency ratio expected to remain below 55% throughout 2026.
Net interest margin projected to compress slightly in 2026, but net interest income to grow.
What drove the Q4 net charge-off increase
Expected accretion from First Savings acquisition
NIM trend excluding one-time interest recovery
What is the expected impact of bond portfolio sales?
What drives 2026 mid-to-high single-digit loan growth?
How does Midwest M&A disruption create opportunity?
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Next First Merchants earnings date
Q1 202623 Apr, 2026
First Merchants
Next First Merchants earnings date
Q1 202623 Apr, 2026
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Frequently asked questions
First Merchants Corporation operates as the financial holding company for First Merchants Bank that provides community banking services. The company offers personal and business checking accounts, savings accounts, certificates of deposit, money market accounts, personal loans, home equity loans, mortgage loans, automobile loans and consumer credit card lines to its retail customers both in-branch and through its electronic channels. It also offers credit cards, debit cards and related services to its business customers. First Merchants Corporation is based in Marion, Indiana.
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