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First Merchants Corporation (FRME) Q3 2023 Earnings Call Transcript
First Merchants Corporation (NASDAQ:FRME ) Q3 2023 Earnings Conference Call October 26, 2023 11:30 AM ET Company Participants Mark Hardwick - Chief Executive Officer Mike Stewart - President Michele Kawiecki - Chief Financial Officer John Martin - Chief Credit Officer Conference Call Participants Terry McEvoy - Stevens Damon DelMonte - KBW Nathan Race - Piper Sandler Brian Martin - Janney Operator Thank you for standing by. Welcome to the First Merchants Corporation Third Quarter 2023 Earnings Conference Call.

First Merchants (FRME) Q3 Earnings and Revenues Miss Estimates
First Merchants (FRME) came out with quarterly earnings of $0.94 per share, missing the Zacks Consensus Estimate of $0.96 per share. This compares to earnings of $1.12 per share a year ago.

First Merchants Corporation to Report Third Quarter 2023 Financial Results, Host Conference Call and Webcast
MUNCIE, Ind., Oct. 05, 2023 (GLOBE NEWSWIRE) -- First Merchants Corporation (Nasdaq:FRME) will report third quarter 2023 financial results on October 26, 2023. The Corporation will host a third quarter 2023 earnings conference call and webcast at 11:30 a.m. (ET) on Thursday, October 26, 2023.

Regional banks facing credit losses for commercial real estate: Moody's study
A survey of commercial real estate exposure by U.S. regional banks reveals increasing asset risk and potential credit losses as loans mature over the next 18 months, Moody's Investors Service said.

First Merchants: Robust Results Make The 7.7% Yielding Preferred Shares Attractive
First Merchants' financial performance in the second quarter showed improvement in net interest income and decreased non-interest expenses. The bank's ability to cover preferred dividends is strong, with less than 1% of net profit needed to cover the payments. The preferred shares have a small issue size and low dividend requirements, making a call in 2025 more likely.

First Merchants Corporation (FRME) Q2 2023 Earnings Call Transcript
First Merchants Corporation (NASDAQ:FRME ) Q2 2023 Earnings Conference Call July 25, 2023 11:30 AM ET Company Participants Mark Hardwick - Chief Executive Officer Mike Stewart - President Michele Kawiecki - Chief Financial Officer John Martin - Chief Credit Officer Conference Call Participants Ben Gerlinger - Hovde Group Nathan Race - Piper Sandler Daniel Tamayo - Raymond James Terry McEvoy - Stephens Inc Brian Martin - Janney Damon DelMonte - KBW Operator Good day, and thank you for standing by. Welcome to the First Merchants Corporation Second Quarter 2023 Earnings.

Compared to Estimates, First Merchants (FRME) Q2 Earnings: A Look at Key Metrics
While the top- and bottom-line numbers for First Merchants (FRME) give a sense of how the business performed in the quarter ended June 2023, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.

First Merchants (FRME) Lags Q2 Earnings and Revenue Estimates
First Merchants (FRME) came out with quarterly earnings of $1.02 per share, missing the Zacks Consensus Estimate of $1.04 per share. This compares to earnings of $1.01 per share a year ago.

First Merchants Corporation: A Stable Bank In An Unstable Market
First Merchants Corporation's valuation has become highly attractive since the sell-off in regional banks started after SVB's collapse. The bank has solid fundamentals supported by its strong franchise, growing loan book, increasing loan yields, and stable risk profile.

First Merchants (FRME) Reports Q1 Earnings: What Key Metrics Have to Say
While the top- and bottom-line numbers for First Merchants (FRME) give a sense of how the business performed in the quarter ended March 2023, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
FRME Financial details
FRME Financial Performance
Yearly Fundamentals Overview
Last date of statement is 2022-12-31
Metric | History | 2018-12-31 | 2019-12-31 | 2020-12-31 | 2021-12-31 | 2022-12-31 |
---|---|---|---|---|---|---|
2.02K | 2.02K | 2.02K | 2.02K | 2.02K | ||
Revenue per share | 8.43 | 8.63 | 9.1 | 9.67 | 11.71 | |
Net income per share | 3.23 | 3.2 | 2.75 | 3.82 | 4.14 | |
Operating cash flow per share | 3.66 | 3.47 | 3.79 | 3.86 | 5 | |
Free cash flow per share | 3.66 | -2.61 | 3.79 | 2.66 | 5 | |
Cash per share | 26.76 | 40.58 | 46.33 | 55.52 | 41.49 | |
Book value per share | 28.58 | 34.76 | 34.7 | 35.56 | 37.94 | |
Tangible book value per share | 19.05 | 23.5 | 24.1 | 24.95 | 24 | |
Share holders equity per share | 28.58 | 34.76 | 34.7 | 35.56 | 37.94 | |
Interest debt per share | 10.61 | 11.65 | 10.62 | 9.09 | 19.76 | |
Market cap | 1.69B | 2.14B | 2.02B | 2.25B | 2.2B | |
Enterprise value | 1.97B | 2.33B | 1.94B | 2.06B | 2.93B | |
P/E ratio | 10.61 | 13 | 13.61 | 10.96 | 9.93 | |
Price to sales ratio | 4.07 | 4.82 | 4.11 | 4.33 | 3.51 | |
POCF ratio | 9.37 | 11.98 | 9.87 | 10.86 | 8.23 | |
PFCF ratio | 9.37 | -15.95 | 9.87 | 15.74 | 8.23 | |
P/B Ratio | 1.2 | 1.2 | 1.08 | 1.18 | 1.08 | |
PTB ratio | 1.2 | 1.2 | 1.08 | 1.18 | 1.08 | |
EV to sales | 4.73 | 5.26 | 3.95 | 3.97 | 4.67 | |
Enterprise value over EBITDA | 7.39 | 11.67 | 11.05 | 8.37 | 8.4 | |
EV to operating cash flow | 10.91 | 13.07 | 9.5 | 9.95 | 10.94 | |
EV to free cash flow | 10.91 | -17.4 | 9.5 | 14.42 | 10.94 | |
Earnings yield | 0.09 | 0.08 | 0.07 | 0.09 | 0.1 | |
Free cash flow yield | 0.11 | -0.06 | 0.1 | 0.06 | 0.12 | |
Debt to equity | 0.32 | 0.27 | 0.27 | 0.24 | 0.48 | |
Debt to assets | 0.05 | 0.04 | 0.04 | 0.03 | 0.05 | |
Net debt to EBITDA | 1.04 | 0.97 | -0.44 | -0.77 | 2.08 | |
Current ratio | 1.37K | 316.02 | 778.3 | 1.1K | 44.32 | |
Interest coverage | 3.72 | 1.78 | 2.56 | 6.7 | 4.01 | |
Income quality | 1.13 | 1.08 | 1.38 | 1.01 | 1.21 | |
Dividend Yield | 0.02 | 0.02 | 0.03 | 0.03 | 0.03 | |
Payout ratio | 0.26 | 0.31 | 0.38 | 0.3 | 0.33 | |
Sales general and administrative to revenue | 0.32 | 0.33 | 0.33 | 0.33 | 0.35 | |
Research and developement to revenue | 0 | 0 | 0 | 0 | 0 | |
Intangibles to total assets | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 | |
Capex to operating cash flow | 0 | -1.75 | 0 | -0.31 | 0 | |
Capex to revenue | 0 | -0.7 | 0 | -0.12 | 0 | |
Capex to depreciation | 0 | -33.3 | 0 | -6.01 | 0 | |
Stock based compensation to revenue | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | |
Graham number | 45.58 | 50.03 | 46.32 | 55.3 | 59.45 | |
ROIC | 0.12 | 0.07 | 0.06 | 0.09 | 0.1 | |
Return on tangible assets | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | |
Graham Net | -144.64 | -166.34 | -178.45 | -195.45 | -253.85 | |
Working capital | 7.68B | 2.13B | 2.55B | 3.04B | 326.2M | |
Tangible asset value | 938.48M | 1.21B | 1.3B | 1.34B | 1.29B | |
Net current asset value | -787.53M | -8.54B | -9.63B | -10.5B | -15.57B | |
Invested capital | 0.32 | 0.27 | 0.27 | 0.24 | 0.48 | |
Average receivables | 41.07M | 45.69M | 51.42M | 55.57M | 71.13M | |
Average payables | 5M | 6.18M | 5.02M | 3.02M | 5.15M | |
Average inventory | 0 | 0 | 0 | 0 | 0 | |
Days sales outstanding | 37.33 | 40.26 | 40.02 | 40.14 | 49.43 | |
Days payables outstanding | 0 | 0 | 0 | 0 | 0 | |
Days of inventory on hand | 0 | 0 | 0 | 0 | 0 | |
Receivables turnover | 9.78 | 9.07 | 9.12 | 9.09 | 7.38 | |
Payables turnover | 0 | 0 | 0 | 0 | 0 | |
Inventory turnover | 0 | 0 | 0 | 0 | 0 | |
ROE | 0.11 | 0.09 | 0.08 | 0.11 | 0.11 | |
Capex per share | 0 | -6.08 | 0 | -1.19 | 0 |
Quarterly Fundamentals Overview
Last date of statement is 2023-09-30 for Q3
Metric | History | 2022-09-30 | 2022-12-31 | 2023-03-31 | 2023-06-30 | 2023-09-30 |
---|---|---|---|---|---|---|
2.02K | 2.02K | 2.02K | 2.02K | 2.02K | ||
Revenue per share | 0.11 | 2.96 | 2.84 | 2.77 | 2.74 | |
Net income per share | 1.08 | 1.21 | 1.08 | 1.03 | 0.96 | |
Operating cash flow per share | 0.84 | 2.11 | 1.31 | 0.61 | 0 | |
Free cash flow per share | 0.84 | 2.11 | 1.31 | 0.61 | 0 | |
Cash per share | 38.63 | 37.99 | 38.23 | 33.44 | 33.55 | |
Book value per share | 32.26 | 34.74 | 35.7 | 36.24 | 35.56 | |
Tangible book value per share | 19.56 | 21.97 | 23.16 | 23.68 | 22.97 | |
Share holders equity per share | 32.26 | 34.74 | 35.7 | 36.24 | 35.56 | |
Interest debt per share | 13.84 | 17.36 | 17.45 | 16.19 | 16.45 | |
Market cap | 2.29B | 2.41B | 1.96B | 1.67B | 1.64B | |
Enterprise value | 2.78B | 3.13B | 2.46B | 2.22B | 2.04B | |
P/E ratio | 8.96 | 8.51 | 7.64 | 6.87 | 7.26 | |
Price to sales ratio | 347.13 | 13.91 | 11.58 | 10.18 | 10.15 | |
POCF ratio | 46.07 | 19.52 | 25.16 | 46.59 | 0 | |
PFCF ratio | 46.07 | 19.52 | 25.16 | 46.59 | 0 | |
P/B Ratio | 1.2 | 1.18 | 0.92 | 0.78 | 0.78 | |
PTB ratio | 1.2 | 1.18 | 0.92 | 0.78 | 0.78 | |
EV to sales | 422.45 | 18.11 | 14.52 | 13.51 | 12.62 | |
Enterprise value over EBITDA | 27.21 | 24.54 | 17.55 | 30.07 | 30.13 | |
EV to operating cash flow | 56.06 | 25.41 | 31.53 | 61.82 | 0 | |
EV to free cash flow | 56.06 | 25.41 | 31.53 | 61.82 | 0 | |
Earnings yield | 0.03 | 0.03 | 0.03 | 0.04 | 0.03 | |
Free cash flow yield | 0.02 | 0.05 | 0.04 | 0.02 | 0 | |
Debt to equity | 0.42 | 0.48 | 0.46 | 0.41 | 0.42 | |
Debt to assets | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | |
Net debt to EBITDA | 4.85 | 5.69 | 3.55 | 7.41 | 5.9 | |
Current ratio | 437.56 | 44.32 | 47.08 | 30.76 | 34.23 | |
Interest coverage | 4.34 | 2.98 | 2.21 | 0.86 | 0.68 | |
Income quality | 0.78 | 1.74 | 1.22 | 0.59 | 0 | |
Dividend Yield | 0.01 | 0.01 | 0.01 | 0.01 | 0 | |
Payout ratio | 0.31 | 0.28 | 0.31 | 0.34 | 0 | |
Sales general and administrative to revenue | 8.93 | 0.32 | 0.35 | 0.35 | 0.36 | |
Research and developement to revenue | 0 | 0 | 0 | 0 | 0 | |
Intangibles to total assets | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | |
Capex to operating cash flow | 0 | 0 | 0 | 0 | 0 | |
Capex to revenue | 0 | 0 | 0 | 0 | 0 | |
Capex to depreciation | 0 | 0 | 0 | 0 | 0 | |
Stock based compensation to revenue | 0.18 | 0.01 | 0.01 | 0.01 | 0 | |
Graham number | 27.98 | 30.73 | 29.43 | 28.95 | 27.69 | |
ROIC | 0.03 | 0.04 | 0.04 | 0.02 | 0.02 | |
Return on tangible assets | 0 | 0 | 0 | 0 | 0 | |
Graham Net | -228.02 | -232.42 | -230.78 | -232.66 | -235.6 | |
Working capital | 2.17B | 326.2M | 552.05M | 404.64M | 547.35M | |
Tangible asset value | 1.16B | 1.29B | 1.38B | 1.4B | 1.35B | |
Net current asset value | -13.64B | -15.57B | -15.49B | -15.4B | -15.34B | |
Invested capital | 0.42 | 0.48 | 0.46 | 0.41 | 0.42 | |
Average receivables | 70.17M | 78.34M | 85.29M | 87.65M | 89.9M | |
Average payables | 3.97M | 6.25M | 9.75M | 12.79M | 15.03M | |
Average inventory | 0 | 0 | 0 | 0 | 0 | |
Days sales outstanding | 978.66 | 44.23 | 45.51 | 49.23 | 50.25 | |
Days payables outstanding | 0 | 0 | 0 | 0 | 0 | |
Days of inventory on hand | 0 | 0 | 0 | 0 | 0 | |
Receivables turnover | 0.09 | 2.03 | 1.98 | 1.83 | 1.79 | |
Payables turnover | 0 | 0 | 0 | 0 | 0 | |
Inventory turnover | 0 | 0 | 0 | 0 | 0 | |
ROE | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | |
Capex per share | 0 | 0 | 0 | 0 | 0 |
FRME Frequently Asked Questions
What is First Merchants Corporation stock symbol ?
First Merchants Corporation is a US stock , located in Muncie of In and trading under the symbol FRME
What is First Merchants Corporation stock quote today ?
First Merchants Corporation stock price is $34.38 today.
Is First Merchants Corporation stock public?
Yes, First Merchants Corporation is a publicly traded company.