First Merchants Corporation (FRME) Balance Sheet
FRME balance sheet, 2025
December 31, 2025 · U.S. dollars$19.03B assets = $16.56B liabilities + $2.47B equity
Both columns are drawn to the same scale: what FRME owns equals what it owes plus shareholders’ equity. Hover a block for its value.
FRME financial health
Descriptive bands, not a rating. Fiscal 2025.
FRME balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $7.21B2016 | $19.03B2025 | +11.4%/yr | |
| Total liabilities | $6.31B2016 | $16.56B2025 | +11.3%/yr | |
| Shareholders’ equity | $901.7M2016 | $2.47B2025 | +11.8%/yr | |
| Cash & short-term investments | $849.2M2016 | $1.49B2025 | +6.5%/yr | |
| Total debt | $566.7M2016 | $999.9M2025 | +6.5%/yr | |
| Net cash (debt) | $282.6M2016 | $491.3M2025 | +$208.7M | |
| Working capital | $5.55B2016 | −$6.35B2025 | −$11.9B | |
| Book value per share | $21.982016 | $42.732025 | +7.7%/yr | |
| Debt / equity | 0.632016 | 0.412025 | −0.22 | |
| Shares outstanding | 41.0M2016 | 57.7M2025 | +3.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FRME assets
FRME liabilities and equity
FRME debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
FRME balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $1.49B | $1.77B | $2.18B | $248.7M | $2.99B | $2.50B | $2.09B | $1.32B | $1.19B | $849.2M |
| Cash & equivalents | $84.2M | $386.5M | $548.7M | $248.7M | $641.3M | $585.2M | $295.5M | $176.2M | $189.9M | $152.4M |
| Short-term investments | $1.41B | $1.39B | $1.63B | $1.98B | $2.34B | $1.92B | $1.79B | $1.14B | $999.9M | $696.9M |
| Receivables | $93.4M | $91.8M | $97.7M | $85.1M | $57.2M | $53.9M | $48.9M | $42.5M | $39.7M | $26.5M |
| Inventory | $0 | $0 | $15.0M | −$451.4M | −$734.7M | −$652.4M | −$364.1M | $2.2M | $10.4M | $9.0M |
| Other current assets | $0 | $0 | $0 | $451.4M | $734.7M | $652.4M | $364.1M | $6.33B | $5.99B | $4.67B |
| Total current assets | $1.58B | $1.86B | $2.27B | $333.7M | $3.04B | $2.56B | $2.13B | $7.69B | $7.23B | $5.55B |
| Property, plant & equipment (net) | $121.1M | $129.7M | $133.9M | $117.1M | $105.7M | $111.1M | $113.1M | $93.4M | $95.9M | $94.4M |
| Goodwill & intangible assets | $725.8M | $731.8M | $739.1M | $747.8M | $570.9M | $572.9M | $578.9M | $469.8M | $476.5M | $258.9M |
| Long-term investments | $3.38B | $3.46B | $3.81B | $4.26B | $4.52B | $12.26B | $10.98B | $1.63B | $7.24B | $5.68B |
| Other non-current assets | $13.21B | $12.12B | $11.45B | $12.48B | $7.21B | $0 | $0 | $0 | $0 | $0 |
| Total assets | $19.03B | $18.31B | $18.41B | $17.94B | $15.45B | $14.07B | $12.46B | $9.88B | $9.37B | $7.21B |
| Liabilities | ||||||||||
| Accounts payable | $18.2M | $16.1M | $18.9M | $7.5M | $2.8M | $3.3M | $6.8M | $5.6M | $4.4M | $3.1M |
| Short-term debt | $143.8M | $242.1M | $157.3M | $803.5M | $373.7M | $235.7M | $242.9M | $334.9M | $455.2M | $438.2M |
| Deferred revenue | — | — | −$18.9M | −$796.0M | −$371.0M | −$232.5M | −$281.0M | −$329.3M | −$450.8M | −$435.1M |
| Total current liabilities | $7.93B | $14.78B | $15.00B | $7.5M | $2.8M | $3.3M | $10.09B | $5.6M | $4.4M | $3.1M |
| Long-term debt | $856.2M | $916.1M | $871.5M | $1.31B | $634.2M | $684.9M | $138.7M | $138.5M | $139.3M | $128.4M |
| Other long-term liabilities | $7.77B | $311.1M | $289.0M | $0 | $0 | $0 | $442.5M | $315.0M | $414.4M | $298.9M |
| Total liabilities | $16.56B | $16.01B | $16.16B | $15.90B | $13.54B | $12.19B | $10.67B | $8.48B | $8.06B | $6.31B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $7.1M | $7.2M | $7.4M | $7.4M | $6.7M | $6.7M | $6.9M | $6.2M | $6.1M | $5.1M |
| Retained earnings (deficit) | $1.41B | $1.27B | $1.15B | $1.01B | $864.8M | $788.6M | $696.5M | $583.3M | $465.2M | $401.0M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$130.1M | −$188.7M | −$176.0M | −$239.2M | $55.1M | $74.8M | $27.9M | −$21.4M | −$2.9M | −$13.6M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $2.47B | $2.30B | $2.25B | $2.03B | $1.91B | $1.88B | $1.79B | $1.41B | $1.30B | $901.7M |
| Key figures | ||||||||||
| Total debt | $999.9M | $1.16B | $1.03B | $2.12B | $1.01B | $920.7M | $732.7M | $473.4M | $594.6M | $566.7M |
| Net cash (debt) | $491.3M | $614.8M | $1.15B | −$1.87B | $1.98B | $1.58B | $1.35B | $845.0M | $595.3M | $282.6M |
| Working capital | −$6.35B | −$12.92B | −$12.72B | $326.2M | $3.04B | $2.55B | −$7.96B | $7.68B | $7.23B | $5.55B |
| Tangible book value | $1.74B | $1.57B | $1.51B | $1.29B | $1.34B | $1.30B | $1.21B | $938.5M | $827.0M | $642.8M |
| Book value per share | $42.73 | $39.38 | $37.78 | $35.11 | $35.43 | $34.59 | $34.65 | $28.47 | $28.71 | $21.98 |
| Shares outstanding | 57.7M | 58.5M | 59.5M | 58.0M | 54.0M | 54.2M | 51.6M | 49.5M | 45.4M | 41.0M |
| Current ratio | 0.20 | 0.13 | 0.15 | 44.32 | 1,101.75 | 778.30 | 0.21 | 1,371.31 | 1,647.95 | 1,785.79 |
| Quick ratio | 0.20 | 0.13 | 0.15 | 44.32 | 1,101.75 | 778.30 | 0.21 | 242.71 | 280.08 | 281.59 |
| Debt / equity | 0.41 | 0.50 | 0.46 | 1.04 | 0.53 | 0.49 | 0.41 | 0.34 | 0.46 | 0.63 |
| Equity / assets | 13.0% | 12.6% | 12.2% | 11.3% | 12.4% | 13.3% | 14.3% | 14.2% | 13.9% | 12.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $3.91B | $1.47B | $1.49B | $686.7M | $739.2M | $1.49B | $1.77B | $2.00B | $1.89B | $2.13B | $2.18B | $1.97B |
| Cash & equivalents | $616.1M | $98.1M | $84.2M | $256.8M | $304.9M | $417.6M | $386.5M | $443.8M | $273.9M | $511.0M | $548.7M | $473.8M |
| Short-term investments | $3.29B | $1.37B | $1.41B | $429.9M | $434.3M | $1.07B | $1.39B | $1.55B | $1.62B | $1.62B | $1.63B | $1.50B |
| Receivables | $101.9M | $97.0M | $93.4M | $89.1M | $93.3M | $88.4M | $91.8M | $92.1M | $97.5M | $92.5M | $97.7M | $90.0M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$1.73B | $7.8M | −$193.1M | $15.0M | −$705.8M |
| Other current assets | $77.9M | $0 | $0 | $0 | $0 | $0 | $0 | $1.73B | $0 | $193.1M | $0 | $705.8M |
| Total current assets | $4.09B | $1.57B | $1.58B | $775.8M | $832.5M | $1.58B | $1.86B | $2.09B | $1.99B | $2.22B | $2.27B | $2.06B |
| Property, plant & equipment (net) | $148.2M | $146.0M | $121.1M | $121.8M | $122.8M | $128.7M | $129.7M | $129.6M | $133.2M | $132.7M | $133.9M | $132.4M |
| Goodwill & intangible assets | $827.2M | $824.5M | $725.8M | $727.3M | $728.8M | $730.3M | $731.8M | $733.6M | $735.4M | $737.1M | $739.1M | $741.3M |
| Long-term investments | $0 | $3.31B | $3.38B | $3.38B | $3.38B | $3.43B | $3.46B | $3.66B | $3.75B | $3.78B | $3.81B | $3.71B |
| Other non-current assets | $16.29B | $15.22B | $13.21B | $13.80B | $13.53B | $12.57B | $12.12B | $11.73B | $11.69B | $11.44B | $11.45B | $11.35B |
| Total assets | $21.35B | $21.07B | $19.03B | $18.81B | $18.59B | $18.44B | $18.31B | $18.35B | $18.30B | $18.32B | $18.41B | $18.00B |
| Liabilities | ||||||||||||
| Accounts payable | — | $18.9M | $18.2M | $18.2M | $16.2M | $13.3M | $16.1M | $18.1M | $18.6M | $19.3M | $18.9M | $16.5M |
| Short-term debt | $103.3M | $259.5M | $143.8M | $321.6M | $199.8M | $307.9M | $242.1M | $154.9M | $247.7M | $130.3M | $157.3M | $152.5M |
| Deferred revenue | — | — | — | — | — | — | — | — | −$18.6M | −$19.3M | −$18.9M | −$262.5M |
| Total current liabilities | $16.87B | $259.5M | $7.93B | $15.21B | $15.01B | $14.78B | $14.78B | $14.54B | $14.78B | $15.03B | $15.00B | $14.82B |
| Long-term debt | $0 | $1.39B | $856.2M | $856.3M | $961.3M | $1.04B | $916.1M | $926.2M | $926.3M | $731.4M | $871.5M | $872.0M |
| Other long-term liabilities | $1.78B | $16.75B | $7.77B | $333.2M | $270.0M | $289.2M | $311.1M | $580.9M | $329.3M | $327.5M | $289.0M | $216.4M |
| Total liabilities | $18.65B | $18.40B | $16.56B | $16.40B | $16.24B | $16.11B | $16.01B | $16.05B | $16.09B | $16.09B | $16.16B | $15.90B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $7.8M | $7.8M | $7.1M | $7.1M | $7.2M | $7.2M | $7.2M | $7.3M | $7.3M | $7.3M | $7.4M | $7.4M |
| Retained earnings (deficit) | $1.44B | $1.42B | $1.41B | $1.38B | $1.34B | $1.31B | $1.27B | $1.23B | $1.20B | $1.18B | $1.15B | $1.13B |
| Accumulated other comprehensive income | −$133.6M | −$148.9M | −$130.1M | −$155.9M | −$190.0M | −$190.3M | −$188.7M | −$151.8M | −$212.0M | −$198.0M | −$176.0M | −$307.3M |
| Total shareholders' equity | $2.70B | $2.67B | $2.47B | $2.41B | $2.35B | $2.33B | $2.30B | $2.30B | $2.21B | $2.22B | $2.25B | $2.09B |
| Key figures | ||||||||||||
| Total debt | $1.60B | $1.64B | $999.9M | $1.18B | $1.16B | $1.34B | $1.16B | $1.08B | $1.17B | $861.7M | $1.03B | $1.02B |
| Net cash (debt) | $2.30B | −$174.5M | $491.3M | −$491.2M | −$421.8M | $148.6M | $614.8M | $916.3M | $718.8M | $1.27B | $1.15B | $949.4M |
| Working capital | −$12.79B | $1.31B | −$6.35B | −$14.43B | −$14.18B | −$13.20B | −$12.92B | −$12.45B | −$12.79B | −$12.81B | −$12.72B | −$12.75B |
| Tangible book value | $1.87B | $1.85B | $1.74B | $1.69B | $1.62B | $1.60B | $1.57B | $1.57B | $1.48B | $1.49B | $1.51B | $1.35B |
| Book value per share | $43.10 | $43.81 | $42.94 | $41.99 | $40.64 | $40.04 | $39.57 | $39.50 | $37.93 | $37.53 | $37.74 | $35.17 |
| Shares outstanding | 62.6M | 61.0M | 57.4M | 57.4M | 57.8M | 58.2M | 58.2M | 58.3M | 58.3M | 59.3M | 59.6M | 59.5M |
| Current ratio | 0.24 | 6.04 | 0.20 | 0.05 | 0.06 | 0.11 | 0.13 | 0.14 | 0.13 | 0.15 | 0.15 | 0.14 |
| Quick ratio | 0.24 | 6.04 | 0.20 | 0.05 | 0.06 | 0.11 | 0.13 | 0.14 | 0.13 | 0.15 | 0.15 | 0.14 |
| Debt / equity | 0.59 | 0.62 | 0.41 | 0.49 | 0.49 | 0.58 | 0.50 | 0.47 | 0.53 | 0.39 | 0.46 | 0.49 |
| Equity / assets | 12.6% | 12.7% | 13.0% | 12.8% | 12.6% | 12.6% | 12.6% | 12.5% | 12.1% | 12.1% | 12.2% | 11.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 25, 2026); data from EODHD.
FRME financial position
At the end of fiscal 2025 (December 31, 2025), First Merchants had total assets of $19.0 billion (up 3.9% from a year earlier), total liabilities of $16.6 billion and shareholders' equity of $2.5 billion. It held $1.5 billion in cash and short-term investments against $999.9 million of debt, a net cash position of $491.3 million. Its current ratio was 0.20. In the latest quarter (ended June 30, 2026) total assets were $21.3 billion and equity $2.7 billion.
Related: FRME income statement, FRME cash flow statement, FRME key metrics. See the FRME stock overview for the latest quote and news.
FRME balance sheet FAQ
What are First Merchants's total assets?
First Merchants reported total assets of $19.0 billion at the end of fiscal 2025 (December 31, 2025), compared with $18.3 billion a year earlier.
How much debt does First Merchants have?
First Merchants had $999.9 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.41.
How much cash does First Merchants have?
First Merchants held $1.5 billion in cash and short-term investments at the end of fiscal 2025; with $999.9 million of debt that is net cash of $491.3 million.
What is First Merchants's book value?
First Merchants's shareholders' equity (book value) was $2.5 billion at the end of fiscal 2025, or $42.73 per share.
What is First Merchants's current ratio?
First Merchants had current assets of $1.6 billion and current liabilities of $7.9 billion, a current ratio of 0.20 (current liabilities exceed current assets).
How much goodwill does First Merchants have?
First Merchants carried $725.8 million of goodwill and intangible assets, 3.8% of total assets, at the end of fiscal 2025.