2024 Overview
General Bank Information
First Merchants Bank is an FDIC insured institution located in Muncie, IN. It was founded in 1893 and has approximately $18.3 billion in assets. Customers can open an account at one of its 149 branches.
| FDIC Insured | Yes |
| FDIC Certificate | # 4365 |
| Date Established | 1893 |
| Assets | $ 18.30 billion |
| Loans | $ 12.30 billion |
| Deposits | $ 14.92 billion |
| Capital | $ 2.29 billion |
For a more detailed analysis of First Merchants Bank's financial condition and a description of what these numbers mean, please visit the Financial Details section.
Deposit Rates - May 4, 2024
Your Current Location: Ohio, OH 43085
| Savings and Money Market Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| Savings
|
0.01% | $2,500 | $4,999 |
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Money Market
|
0.01% | $2,500 | $2,999 |
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|
Money Market
|
0.03% | $10,000 | $14,999 |
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Money Market
|
0.05% | $25,000 | $29,999 |
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| CD Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| 6 Mo CD
|
0.05% | $10,000 | $14,999 |
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| 6 Mo CD
|
0.10% | $100,000 | $199,999 |
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| 12 Mo CD
|
0.10% | $10,000 | $14,999 |
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| 12 Mo CD
|
0.15% | $100,000 | $199,999 |
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| 18 Mo CD
|
0.12% | $10,000 | $14,999 |
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| 18 Mo CD
|
0.17% | $100,000 | $199,999 |
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| 24 Mo CD
|
0.15% | $10,000 | $14,999 |
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| 24 Mo CD
|
0.20% | $100,000 | $199,999 |
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| 30 Mo CD
|
0.15% | $10,000 | $14,999 |
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| 30 Mo CD
|
0.20% | $100,000 | $199,999 |
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| 36 Mo CD
|
0.20% | $10,000 | $14,999 |
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| 36 Mo CD
|
0.25% | $100,000 | $199,999 |
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| 48 Mo CD
|
0.30% | $10,000 | $14,999 |
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| 48 Mo CD
|
0.35% | $100,000 | $199,999 |
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| 60 Mo CD
|
0.50% | $10,000 | $14,999 |
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| 60 Mo CD
|
0.55% | $100,000 | $199,999 |
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| Variable IRA Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| Var IRA
|
0.10% | $1 | $499 | Learn More |
| Int Checking Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| Int Ckg
|
0.01% | $1 | $99 | Learn More |
| Int Ckg
|
0.01% | $2,500 | $3,499 | Learn More |
Loan Rates - May 4, 2024
Your Current Location: Ohio, OH 43085
| Refinance Mortgage Rates | APR | Rate | Monthly Payment | |
|---|---|---|---|---|
| 10 Year Fixed Conforming See Amortization Table |
6.41% | 6.25% | $3,592.96 | |
| 15 Year Fixed Conforming See Amortization Table |
6.36% | 6.25% | $2,743.75 | |
| 20 Year Fixed Conforming See Amortization Table |
6.96% | 6.88% | $2,457.96 | |
| 30 Year Fixed Conforming See Amortization Table |
7.19% | 7.13% | $2,156.98 |
| Purchase Mortgage Rates | APR | Rate | Monthly Payment | |
|---|---|---|---|---|
| 10 Year Fixed Conforming See Amortization Table |
6.41% | 6.25% | $3,592.96 | |
| 15 Year Fixed Conforming See Amortization Table |
6.36% | 6.25% | $2,743.75 | |
| 20 Year Fixed Conforming See Amortization Table |
6.96% | 6.88% | $2,457.96 | |
| 30 Year Fixed Conforming See Amortization Table |
7.19% | 7.13% | $2,156.98 | |
Compare with 6.638% APR and 6.500% 30-Year Fixed RATE from Tomo Mortgage, LLC.
See All Mortgage Rates |
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Monthly payments for mortgage products are based on a loan amount of $200,000. Home equity monthly payments are based on a loan amount of $50,000. Auto loan monthly payments are based on a loan amount of $25,000. Rates for each product are based on a variety of factors including credit score and loan amount. For specific requirements please check with the lender. Rates may change at any time.
Branches
First Merchants Bank branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.
Your Location:
Columbus,Ohio
Climate Policy and Initiatives
First Merchants Bank is encouraged to provide us with this information. When we receive this information from the bank, we will provide it here.
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Financial Details
First Merchants Bank Ratio Analysis
The following ratios and data are available to help you better understand the financial condition of First Merchants Bank. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.
Texas Ratio
| First Merchants Bank | U.S. Bank Average |
|---|---|
| 2.35% | 3.96% |
The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.
As of December 31, 2024, First Merchants Bank had $53,752,000 in non-current loans and $4,831,000 in owned real estate. To cover these potential losses it had $2,291,788,000 in equity and $204,934,000 in loans loss reserves. That gives it a Texas Ratio of 2.35%.
Return on Equity
| First Merchants Bank | U.S. Bank Average |
|---|---|
| 10.77% | 12.20% |
First Merchants Bank has a Return on Equity of 10.77% versus the BestCashCow average of 12.20%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.
Capitalization
| First Merchants Bank | U.S. Bank Average |
|---|---|
| 12.52% | 10.76% |
First Merchants Bank has a Capitalization of 12.52% versus the BestCashCow average of 10.76. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.
First Merchants Bank Balance Sheet Analysis
As of December 31, 2023, First Merchants Bank had assets of $18,299,229,000, loans of $12,300,027,000, and deposits of $14,922,310,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.
Summary Balance Sheet
December 31, 2024| ASSETS | |
|---|---|
| Cash & Balances due from depository institutions | $ 548.73 million |
| Interest-bearing balances | $ 436.08 million |
| Total securities | $ 3.81 billion |
| Federal funds sold and reverse repurchase | N.A. |
| Net loans and leases | $ 12.30 billion |
| Loan loss allowance | $ 204.93 million |
| Trading account assets | N.A. |
| Bank premises and fixed assets | N.A. |
| Other real estate owned | $ 4.83 million |
| Goodwill and other intangibles | $ 746.81 million |
| All other assets | $ 699.56 million |
| Total Assets | $ 16.01 billion |
| LIABILITIES | |
|---|---|
| Total deposits | $ 14.92 billion |
| Interest-bearing deposits | $ 12.32 billion |
| Deposits held in domestic offices | $ 14.92 billion |
| % insured (estimated) | 56.53% |
| Federal funds purchased and repurchase agreements | $ 157.28 million |
| Trading liabilities | N.A. |
| Other borrowed funds | $ 600.08 million |
| Subordinated debt | N.A. |
| All other liabilities | $ 190.46 million |
| Total Liabilities | $ 16.01 billion |
| Shareholders’ Equity | $ 2.29 billion |
Summary Income Statement
December 31, 2024| INCOME AND EXPENSES | |
|---|---|
| Total Interest Income | $ 893.69 million |
| Total Interest Expense | $ 338.32 million |
| Net interest income | $ 555.37 million |
| Provision for loan and lease losses | $ 3.50 million |
| Total non interest income | $ 110.68 million |
| Total non interest expense | $ 379.83 million |
| Pre-tax Net Operating Income | $ 104.72 million |
Bank Loan Profile?
The top three loan types in First Merchants Bank’s loan portfolio are Commercial and Industrial Loans, Commercial Real Estate, and 1-4 Family Residential Loans.
Compared to other banks in Indiana, First Merchants Bank has a significantly higher percent of Commercial and Industrial Loans on its balance sheet, potentially indicating a specialty in that lending area.
Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.
| % Loans |
% Comparison to Other Banks |
|||
|---|---|---|---|---|
| Low | Med | High | ||
| 1-4 Family Residential Loans | 19.58 | ✓ | ||
| Multifamily Mortgages |
6.20 | ✓ | ||
| Credit Card Loans | 0.00 | ✓ | ||
| Consumer Auto Loans | 0.62 | ✓ | ||
| Small Business Loans | 5.29 | ✓ | ||
| Construction and Development Loans | 6.06 | ✓ | ||
| Commercial Real Estate | 23.78 | ✓ | ||
| Commercial and Industrial Loans | 26.81 | ✓ | ||
| Farm Loans | 0.49 | ✓ | ||
Customer Reviews for First Merchants Bank
Squittyrules83
September 6, 2022
DO NOT TRUST THIS BANK. I caught them Ted handed trying to hold my funds through various methods even going so far as to not allow me to transfer my funds to another bank. I've been banking with them for over 10 years and have had a myriad of different issues with them which I k ow get another bank but I'm already busy holding down two jobs that take up the majority of my time. Because of their hold I have not eaten in two days and am unable to pay my rent putting my housing in jeopardy. Currently contacting the EFTA as well as a lawyer to enter arbitration over this.
I can't stress enough DO NOT TRUST THIS BANK!!!
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Duped
January 2, 2020 |
Rates are not the actual rate. The actual rates are 1% or more lower. Bank says they "don't know why" that rate show up. I do - it's a bait and switch.
Is this review helpful? Yes:1 / No: 0
Dave
July 15, 2019 |
Flossmoor, IL Bank Manager determined that the Durable Power of Attorney was no longer valid, with no contact with the Power of Attorney (with an explanation) whatsoever, working only with a co-signatory, who emptied the account.
Is this review helpful? Yes:1 / No: 0
Lerono
November 17, 2017 |
If only I could rate with zero stars, I would. They just took over a great local, community bank called iAB. I have had more problems with First Merchants in a month than I have had with banks ever.
-First they had us verify our contact info, which we did. When the merger was complete, suddenly the contact info is wrong.
-Second, if you want to use an app, good luck figuring out who gets the app as you can only have one app per account.
-Third, you cannot us Chrome because there is a known glitch.
-Customer service isn't great either.
Time to find a better bank. Which could be any other bank in the country.
I miss my friendly, local bank.
Is this review helpful? Yes:2 / No: 0
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