First Merchants Bank
First Merchants Bank reported total assets of $21.3 bn at Q2 2026, up 14.7% on a year earlier, the 100th largest of 497 banks in our US coverage. The CET1 capital ratio at First Merchants Bank was 11.50%, and the uninsured share of First Merchants Bank was 45.36%. Source: FDIC Call Reports.
Key takeaways
- On efficiency ratio, First Merchants Bank slipped from 187th to 380th among 500 US banks between and (1 = lowest; FDIC Call Reports).
- Since , First Merchants Bank has taken over 5 institutions; the latest was First Savings Bank on (FDIC Call Reports).
- First Merchants Bank reports one of the lowest return on equity (ROE) readings among banks of $10 bn to $100 bn: 6.04% at , where the median of the 126 banks is 10.71% (FDIC Call Reports).
What sets First Merchants Bank apart
How large is First Merchants Bank?
The balance sheet of First Merchants Bank at : assets $21.3 bn, deposits $16.8 bn, net loans $15.4 bn (loans equal to 91.58% of deposits). Securities make up 15.4% of total assets at First Merchants Bank. Since , when First Merchants Bank held $6.8 bn, its assets grew 214.4%. In the year to , deposits at First Merchants Bank rose 12.9% while its total assets rose 14.7%. At , First Merchants Bank employed 2,233 full-time equivalent staff across 135 offices, about $9.5 mn of assets per employee and $124.3 mn of deposits per office.
How much funding at First Merchants Bank is uninsured?
At First Merchants Bank, uninsured deposits (above the FDIC limit) made up 45.36% of domestic deposits at (+0.73 pp on a year earlier); First Merchants Bank ranks 132nd of 500 on this measure. In dollars, First Merchants Bank estimated $7.6 bn of uninsured deposits.
Key facts, Q2 2026
| Metric | Value | Change from a year earlier | US rank |
|---|---|---|---|
| Total deposits | $16.8 bn | +12.9% | 102nd of 499 |
| Net loans and leases | $15.4 bn | +17.0% | 91st of 500 |
| Loan-to-deposit ratio | 91.58% | +3.23 pp | 165th of 500 |
| Tier 1 leverage ratio | 9.96% | -0.04 pp | 306th of 500 |
| Total risk-based capital ratio | 12.75% | +0.11 pp | 378th of 448 |
| Net interest margin | 3.40% | +0.20 pp | 319th of 500 |
| Return on assets (ROA) | 0.78% | -0.49 pp | 436th of 500 |
| Efficiency ratio | 63.81% | +8.92 pp | 380th of 500 (1 = lowest) |
| Unrealized gain/loss on held-to-maturity securities | Loss of $254.0 mn | Narrowed by $81.8 mn | |
| Unrealized gain/loss on available-for-sale securities | Loss of $171.3 mn | Narrowed by $68.8 mn | |
| Noncurrent loans to total loans | 0.82% | +0.28 pp | 316th of 500 (1 = lowest) |
| Net charge-offs to average loans | 0.19% | +0.08 pp | 337th of 500 (1 = lowest) |
US rank of First Merchants Bank: 1 = highest unless marked 1 = lowest.
Balance sheet
First Merchants Bank: assets, deposits and loans
- Total assets $21.3bn
- Deposits $16.8bn
- Net loans $15.4bn
Capital and securities
The CET1 ratio of First Merchants Bank stood at 11.50% in , +0.11 pp year on year. Low and high at First Merchants Bank since : 11.03% () to 12.71% (). Equity capital of First Merchants Bank at : $2.7 bn, or 12.8% of total assets. First Merchants Bank also reported a total capital ratio of 12.75% for , and a tier 1 leverage ratio of 9.96%.
On held-to-maturity securities, First Merchants Bank carried an unrealized loss of $254.0 mn at , equal to 9.3% of equity capital. The loss narrowed by $81.8 mn over the year. Its deepest point: $472.6 mn in . The available-for-sale portfolio of First Merchants Bank showed an unrealized loss of $171.3 mn at ; the loss narrowed by $68.8 mn over the year.
First Merchants Bank: capital ratios
- Total capital 13%
- CET1 12%
- Tier 1 leverage 10.0%
First Merchants Bank: unrealized securities gains and losses
- Available for sale -$171mn
- Held to maturity -$254mn
Profitability and loan quality
For the year to , First Merchants Bank earned a return on equity of 6.04%; return on assets: 0.78%. Net interest margin at First Merchants Bank: 3.40%, +0.20 pp in a year. First Merchants Bank net income: $79.7 mn, down 31.6% year on year. The efficiency ratio of First Merchants Bank was 63.81%: about 64 cents cost per revenue dollar, against 53 cents at the median peer.
At , noncurrent loans were 0.82% of total loans at First Merchants Bank; net charge-offs: 0.19% of average loans. Gross loans and leases at First Merchants Bank: $15.6 bn, up 17.1% in a year.
First Merchants Bank: profitability
- Return on equity 6.0%
- Net interest margin 3.4%
- Return on assets 0.8%
Peer group of First Merchants Bank
The peer group of First Merchants Bank is the 6 banks nearest to it by total assets at : 3 larger and 3 smaller. Of the peers, 3 share the charter type of First Merchants Bank (state nonmember bank), 6 sit in the same size group ($10 bn to $100 bn) and 1 has its head office in Indiana. Against them, First Merchants Bank shows CET1 ratio 11.50% against a peer median of 13.94%, return on equity 6.04% against a peer median of 8.73% and uninsured deposit share 45.36% against a peer median of 37.33%.
| Bank | Charter | State | Total assets | CET1 ratio | Return on equity | Uninsured share | |
|---|---|---|---|---|---|---|---|
| Beacon Bank and Trust | State member bank | MA | $22.2 bn | 11.77% | 9.41% | 38.34% | |
| Optum Bank, Inc. | State nonmember bank | UT | $21.4 bn | 17.86% | 17.52% | 3.78% | |
| Seacoast National Bank | National bank | FL | $21.3 bn | 13.55% | 6.11% | 36.31% | |
| First Merchants Bank | State nonmember bank | IN | $21.3 bn | 11.50% | 6.04% | 45.36% | |
| Mechanics Bank | State nonmember bank | CA | $21.2 bn | 15.48% | 7.33% | 42.90% | |
| Citizens Business Bank | National bank | CA | $21.2 bn | 14.33% | 8.05% | 54.18% | |
| Merchants Bank of Indiana | State nonmember bank | IN | $21.2 bn | 11.76% | 13.29% | 28.97% | |
. FDIC Call Reports.
Last eight quarters
Two years at First Merchants Bank, to : assets +16.3%, deposits +16.2%, equity +18.7%. Staff 2,039 to 2,233; offices 123 to 135.
| Metric | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|---|---|---|
| Total assets | $18.3 bn | $18.3 bn | $18.4 bn | $18.6 bn | $18.8 bn | $19.0 bn | $21.0 bn | $21.3 bn |
| Total deposits | $14.4 bn | $14.6 bn | $14.5 bn | $14.9 bn | $14.9 bn | $15.3 bn | $16.5 bn | $16.8 bn |
| Bank equity capital | $2.3 bn | $2.3 bn | $2.3 bn | $2.3 bn | $2.4 bn | $2.5 bn | $2.7 bn | $2.7 bn |
| CET1 ratio | 11.41% | 11.64% | 11.65% | 11.39% | 11.42% | 11.86% | 11.58% | 11.50% |
| Return on equity (ROE) | 8.56% | 9.33% | 9.90% | 10.03% | 10.01% | 9.95% | 5.14% | 6.04% |
| Uninsured share of domestic deposits | 45.17% | 43.72% | 42.92% | 44.64% | 44.40% | 42.80% | 42.55% | 45.36% |
| Full-time equivalent employees | 2,039 | 2,033 | 2,004 | 2,009 | 2,014 | 1,991 | 2,258 | 2,233 |
| Number of offices | 123 | 118 | 119 | 120 | 120 | 120 | 135 | 135 |
FDIC Call Reports.
Mergers and acquisitions
The FDIC history of First Merchants Bank, oldest first; figures before and after each event are not like for like.
- . Absorbed Ameriana Bank (FDIC certificate 29031).
- . Absorbed The Arlington Bank (FDIC certificate 34977).
- . Absorbed IAB Financial Bank (FDIC certificate 16400).
- . Absorbed Monroe Bank & Trust (FDIC certificate 12181).
- . Absorbed Level One Bank (FDIC certificate 58604).
- . Absorbed First Savings Bank (FDIC certificate 29961).
Questions and identifiers
What were the total assets of First Merchants Bank?
First Merchants Bank reported $21.3 bn at in its Call Report. That makes First Merchants Bank the 100th largest of 497 banks in our US coverage.
Is First Merchants Bank the same as its holding company?
No. This page covers First Merchants Bank, FDIC certificate 4365; FIRST MERCHANTS CORP (as reported to the FDIC), its holding company, reports separately to the Federal Reserve.
Is First Merchants Bank profitable?
First Merchants Bank reported net income of $79.7 mn for the year to ; annualized return on equity: 6.04%. So yes: First Merchants Bank made a profit over these months.
When is data for First Merchants Bank next updated?
Figures from First Merchants Bank for are due after .
Where can I check the figures for First Merchants Bank?
In the FDIC BankFind Suite record for certificate 4365, and in the Call Reports of First Merchants Bank (RSSD ID 17147) at the FFIEC Central Data Repository.