10 Year Financial Data of First Merchants Corp (FRME)

17.25 (1y: +42%)

Market Cap	495.91 M	P/E(ttm)	13.00
Enterprise Value	769.07 M	P/B	1.10

FRME- NAS (USA)
First Merchants Corp

Currently 1/5

Business Predictability Rank: 1-Star
Back Testing Results:
Average gain of all 1-Star stocks: 1.1% per year.
% of Stocks that are in still loss if held for 10yrs: 45%.
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$17.25

2 Severe Warning Signs 2 Medium Warning Signs

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Annual Rates (per share)	10 yrs*	5 yrs*	12 months*
Revenue Growth (%)	0.2	-6.5	-1.6
EBITDA Growth (%)	0	0	16.8
Free Cash Flow Growth (%)	-1.3	17.5	32.6
Book Value Growth (%)	-0.7	-0.7	6.8

*12-month growth rate is calculated with the per share revenue (EBITDA, FCF, earnings) of the last 12 months over the per share revenue (EBITDA, FCF, earnings) over the previous 12 months. 5-year and 10-year growth rates are calculated with least-square regression based on the 5-year and 10-year numbers.

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See this page for the explanation of the data and charts * All numbers are in millions except for per share data

Per Share Data	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Revenue per Share ($)	7.56	7.52	7.86	7.86	8.40	9.08	9.69	7.80	7.21	7.51	7.31	2.04	1.78	1.88	1.81	1.84
EBITDA per Share	2.34	2.56	2.62	2.59	2.59	1.83	-2.99	0.37	1.46	2.27	2.15	0.73	0.48	0.56	0.50	0.61
Free Cashflow per Share	3.57	2.15	2.51	1.97	2.71	2.14	0.83	3.29	3.20	2.44	2.48	0.37	0.94	0.33	0.80	0.41
Earnings per Share ($)	1.50	1.58	1.63	1.64	1.73	1.14	-2.17	0.48	0.34	1.41	1.33	0.46	0.28	0.35	0.32	0.38
Dividends Per Share	0.90	0.92	0.92	0.92	0.92	0.92	0.47	0.04	0.04	0.10	0.15	0.01	0.03	0.03	0.03	0.06
Book Value per Share	16.54	16.90	16.89	17.78	18.59	21.68	16.64	15.68	15.87	15.99	16.24	15.20	15.44	15.78	15.95	16.24
Month End Stock Price	25.51	28.30	26.00	27.19	21.84	22.21	5.94	8.86	8.47	14.84	15.47	12.34	12.46	15.01	14.84	15.47
Ratios	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Return on Equity %	9.10	9.30	9.60	9.20	9.30	5.20	-8.80	1.50	4.90	8.20	8.80	10.80	6.80	8.40	7.60	8.80
Return on Assets %	0.90	0.90	0.90	0.80	0.80	0.40	-0.90	0.20	0.60	1.00	1.20	1.20	0.80	1.20	0.80	1.20
Debt to Equity	1.26	1.40	1.62	1.04	1.67	1.25	0.70	0.68	0.65	0.37	0.38	0.73	0.40	0.47	0.37	0.38

Operating Margin %	27.50	30.40	29.80	29.30	28.00	17.30	-33.80	1.70	17.60	28.20	31.00	33.80	24.40	28.00	25.70	31.00
Net Margin %	19.80	21.00	20.70	20.90	20.60	12.50	-19.90	3.60	13.10	20.80	22.20	24.50	18.00	20.70	19.60	22.20

Debt to Revenue	2.76	3.15	3.49	2.36	3.70	2.99	1.59	1.61	1.73	0.95	3.84	6.58	4.16	4.76	3.93	3.84
Interest Exp. to Revenue %	74.18	75.31	76.20	76.08	73.61	78.06	74.97	74.73	74.48	70.32	73.98	61.45	74.30	73.65	72.93	73.98

Asset Turnover	0.05	0.04	0.05	0.04	0.04	0.04	0.05	0.05	0.05	0.05	0.01	0.01	0.01	0.01	0.01	0.01
Buyback Ratio	--	--	--	--	--	--	3.30	-9.70	-3.00	-1.40	-1.80	-1.00	-1.80	-1.60	-1.50	-1.80
Dividend Payout Ratio	0.60	0.58	0.56	0.56	0.53	0.81	--	0.14	0.04	0.06	0.15	0.02	0.09	0.08	0.08	0.15
Income Statement	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Net Interest Income	103	105	111	110	113	129	153	144	143	152	156	36.12	38.05	39.90	38.27	39.46
Non Interest Income	35.90	34.55	34.72	34.61	40.55	36.37	51.20	48.54	49.12	64.30	55.52	22.66	13.17	14.27	14.21	13.88
Revenue	139	140	146	145	154	166	205	192	192	217	211	58.77	51.22	54.18	52.47	53.34

Selling, General, &Admin. Expense	52.28	54.19	56.07	58.06	61.05	65.32	96.46	89.70	89.18	91.89	93.15	22.56	22.87	23.11	23.36	23.81
Credit Losses Provision	9.48	5.71	8.35	6.26	8.51	28.24	122	46.48	22.63	18.53	15.76	4.88	4.55	4.61	4.51	2.10
Other Expenses	34.23	32.39	32.82	32.62	36.80	38.86	49.14	46.91	41.60	40.75	40.25	10.32	10.11	10.21	10.11	9.82
Earnings Before DDA	43.06	47.66	48.61	47.78	47.31	33.33	-63.23	9.02	39.07	65.46	62.04	21.02	13.69	16.25	14.50	17.60

Depreciation, Depletion and Amortization	4.77	5.06	5.07	5.38	4.33	4.61	5.96	5.70	5.16	4.47	4.39	1.15	1.20	1.08	1.04	1.07

Operating Income	38.29	42.60	43.54	42.39	42.98	28.72	-69.19	3.32	33.91	60.99	57.65	19.87	12.49	15.16	13.46	16.53
Net Income	27.57	29.41	30.24	30.20	31.64	20.64	-40.76	6.91	25.25	45.12	42.62	14.37	9.21	11.24	10.31	11.87

Preferred dividends	--	--	--	--	--	--	4.98	5.24	3.98	4.54	4.26	1.14	1.14	1.13	1.14	0.86
Earnings per Share ($)	1.50	1.58	1.63	1.64	1.73	1.14	-2.17	0.48	0.34	1.41	1.33	0.46	0.28	0.35	0.32	0.38
Total Shares Outstanding	18.38	18.62	18.55	18.41	18.29	18.26	21.12	24.64	26.69	28.85	28.97	28.76	28.82	28.89	28.93	28.97
Balance Sheet	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Cash and cash equivalents	85.25	79.30	79.17	101	160	123	151	116	126	140	112	95.28	110	92.35	140	112
Money Market Investments	47.92	22.86	23.20	23.69	25.25	101	102	7.46	--	--	--	--	--	--	--	--
Net Loan	2,331	2,409	2,437	2,671	2,852	3,677	3,186	2,774	2,660	2,855	2,838	2,745	2,743	2,795	2,855	2,838
Securities & Investments	357	422	434	465	451	482	563	827	946	874	870	960	944	929	874	870
Accounts Receivable	16.84	0.17	19.69	24.35	23.40	23.98	20.82	18.67	17.72	16.37	15.35	16.73	16.51	17.52	16.37	15.35
Deferred Policy Acquisition Costs	--	17.32	--	--	--	--	--	--	--	--	--	--	--	--	--	--
Property, Plant and Equipment	39.64	38.25	39.42	42.39	44.45	59.64	55.80	52.45	51.01	52.75	53.76	51.54	51.34	51.37	52.75	53.76
Intangible Assets	143	141	139	139	136	166	159	154	150	150	149	150	150	150	150	149
Other Assets	56.59	79.39	65.36	87.87	90.00	152	244	221	221	217	215	218	217	216	217	215
Total Assets	3,077	3,192	3,237	3,555	3,782	4,784	4,481	4,171	4,173	4,305	4,253	4,236	4,232	4,250	4,305	4,253

Total Deposits	2,362	2,408	2,383	2,751	2,844	3,719	3,537	3,269	3,135	3,346	3,311	3,280	3,289	3,195	3,346	3,311
Accounts Payable	4.68	4.41	5.87	9.33	8.33	8.84	5.71	4.26	2.93	1.84	1.35	2.09	2.17	1.59	1.84	1.35
Current Portion of Long-Term Debt	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--
Long-Term Debt	383	441	508	342	569	496	325	309	333	206	205	387	213	258	206	205
Other liabilities	22.90	23.61	27.00	126	20.93	165	150	134	188	198	197	39.98	193	249	198	197
Total Liabilities	2,773	2,877	2,924	3,228	3,442	4,388	4,017	3,716	3,659	3,753	3,714	3,708	3,697	3,703	3,753	3,714

Common Stock	2.31	2.32	2.30	2.31	2.25	2.65	2.65	3.20	3.57	3.59	3.60	3.58	3.58	3.58	3.59	3.60
Preferred Stock	--	--	--	--	--	0.13	112	68.01	90.91	90.91	68.21	90.91	90.91	90.91	90.91	68.21
Retained Earnings	149	161	175	188	203	206	151	161	169	206	217	182	189	198	206	217
Additional Paid-In Capital	150	151	146	146	138	202	207	233	255	257	257	255	256	256	257	257
Total Equity	304	315	313	327	340	396	464	454	514	552	539	528	536	547	552	539
Cashflow Statement	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Net Income	27.57	29.41	30.24	30.20	31.64	20.64	-40.76	6.91	25.25	45.12	42.62	14.37	9.21	11.24	10.31	11.87
Depreciation, Depletion and Amortization	4.77	5.06	5.07	5.38	4.33	4.61	5.96	5.70	5.16	4.47	4.39	1.15	1.20	1.08	1.04	1.07
Cash Flow from Others	33.33	5.48	11.19	0.70	13.64	13.76	52.41	68.44	55.07	20.68	24.59	-5.00	16.65	-2.70	11.73	-1.09
Cash Flow from Operations	65.67	39.95	46.49	36.28	49.61	39.01	17.61	81.05	85.48	70.27	71.59	10.52	27.06	9.62	23.08	11.84

Cash Flow from Acquisitions	-7.79	-0.20	-0.21	-0.06	-0.37	6.93	--	--	--	29.11	11.91	17.20	--	11.91	--	--
Cash Flow from Investing	-104	-164	-65.19	-298	-198	-151	258	110	-28.16	11.89	-51.23	61.59	-2.91	-19.37	-27.42	-1.52

Net Issuance of Stock	2.75	-1.14	-5.64	-2.42	-10.30	1.24	1.16	0.60	0.63	0.42	0.24	-0.08	0.16	0.18	0.15	-0.26
Net Issuance of Preferred Stock	--	--	--	--	--	--	116	--	--	--	-22.70	--	--	--	--	-22.70
Net Issuance of Debt	-11.45	56.45	67.35	-67.47	126	-87.09	-168	-62.87	54.03	-133	-30.88	-102	-24.11	94.20	-101	0.05
Cash Flow for Dividends	-16.56	-17.05	-16.98	-16.95	-16.85	-16.78	-14.25	-5.92	-4.73	-7.44	-7.75	-1.42	-2.01	-2.01	-2.01	-1.73
Other Financing	53.85	46.05	-25.57	368	93.70	230	-182	-244	-92.25	85.90	31.32	19.01	9.32	-94.08	152	-35.56
Cash Flow from Financing	28.59	84.31	19.15	281	193	128	-247	-312	-42.32	-54.01	-29.77	-84.43	-16.64	-1.71	48.77	-60.19

Net Change in Cash	-9.51	-39.57	0.46	19.54	44.73	15.80	28.66	-121	15.01	28.15	-9.40	-12.32	7.50	-11.47	44.43	-49.87

Free Cash Flow	65.67	39.95	46.49	36.28	49.61	39.01	17.61	81.05	85.48	70.27	71.59	10.52	27.06	9.62	23.08	11.84
Valuation Ratios (Daily)	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

PE Ratio(ttm)
Price to Tangible Book
Price-to-Free-Cash-Flow ratio
PS Ratio
EV-to-Revenue
EV-to-EBITDA
EV-to-EBIT
Earnings Yield (Joel Greenblatt)
Forward Rate of Return
Shiller PE Ratio
Valuation and Quality	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Market Cap
Enterprise Value
Month End Stock Price
Net Cash (per share)
Net Current Asset Value (per share)
DCF (per share)
Median PS (per share)
Peter Lynch Fair Value (per share)
Graham Number (per share)
Altman Z-Score
Piotroski F-Score

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FRME Quarterly/Annuals Reports

FRME: 10-Q - FIRST MERCHANTS CORP (0000712534) (Filer): (10-Q) - 2012-11-09
FRME: 10-K/A - FIRST MERCHANTS CORP (0000712534) (Filer): (10-K/A) - 2012-10-31
FRME: 10-Q - FIRST MERCHANTS CORP (0000712534) (Filer): (10-Q) - 2012-05-10
FRME: 10-Q - FIRST MERCHANTS CORP (0000712534) (Filer): (10-Q) - 2011-11-09
FRME: 10-K/A - FIRST MERCHANTS CORP (0000712534) (Filer): (10-K/A) - 2011-10-28

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