FRME First Merchants Corp

XNAS 39.96 Delayed
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Stock quote, options chain, IV rank, technicals, AI analysis, and institutional ownership. Iron condor setups Expected move IV rank history Fibonacci levels Insider trading

Market data may be delayed, incomplete, or inaccurate. Not a recommendation to buy, sell, or hold any security. Verify quotes with your broker before trading. See Terms §17.

FRME $39.96 —
Key stats
$39.96
52-Week Range
$34.66 – $45.33
YTD
+6.56%
IV Rank (30D)
57.66
Straddle Price
$5.00
P/C Vol Ratio
221.00
Market Cap
$2.5B
Open
$40.11
Day Range
$39.66 – $40.17
Volume
376,457
Prev Close
$40.11
Fair Value
MODEL: NEUTRAL

A blended fair-value estimate combining up to six valuation methods. Each method is weighted by how well it fits the company — DCF down-weights for unprofitable names; DDM only fires for steady dividend payers; comparables down-weight when peer multiples disagree.

  • DCF (quality-aware) — projects free cash flow with a horizon that scales to business quality. True compounders (quality 6/6) get 10 years explicit + 10 years fade before terminal; cyclical/struggling names (quality 0-1) get a 5-year terminal cliff. Quality is scored from ROE, gross margin, growth, FCF margin, debt load, and FCF consistency — the same factors that drive market premium for compounders.
  • Market-Implied Growth (in Model Inputs) — reverse-DCF that answers "what growth rate is the market pricing in?". Lets you sanity-check the deviation: if implied growth is plausible for the business, the model's bearish flag may be wrong; if implausible, the market may be over-extrapolating.
  • DDM (Gordon Growth Dividend Model) — values the stream of future dividends. Only used when trailing yield ≥ 2% and dividend payments are stable — below that the dividend is a token payout and Gordon (which values only the dividend stream) systematically underprices growth names, so those route to DCF + comparables + market anchor instead.
  • P/E, EV/EBITDA, P/B, P/S — applies the peer-group median multiple to this company's per-share metric. Peers come from the same set as the "Related symbols" card. Earnings/sales metrics are forward-tilted by the company's recent revenue growth (capped at 25%) so they're comparable to peers' growth-embedded multiples — mimics how analysts use NTM rather than TTM. Per-multiple weights are biased by company quality (e.g. P/B down-weighted for asset-light tech).
  • Market Anchor (SMA50) — the 50-day moving average, weighted by recent trading-range stability (tighter Bollinger bands → higher weight). Captures information fundamentals miss (forward consensus, sentiment, supply/demand) — but only when recent trading is steady enough that the market has converged on a view. During wild breakouts or breakdowns the anchor's weight collapses.
  • Options Expected (B-L 30d) — the risk-neutral expected stock price at 30-day options expiration, derived from the full implied-volatility surface via Breeden-Litzenberger (second derivative of call price wrt strike → implied PDF, then E[S_T]). Forward-looking, captures all options-implied information (smile, skew, term structure) in one number. Weighted by chain liquidity. SP500-only at present (pre-computed daily). Backtest evidence: adds modest alpha across most bucket × holding combos.
  • Blended value — weighted average. Confidence reflects how many methods fired and how tight peer dispersion is.
  • Deviation pill — green when blended FV ≥ 10% above current price (undervalued); red when ≥ 10% below; grey otherwise.
10-yr Treasury (rf)5.15%
Beta vs SPY0.79
Cost of Equity (CAPM)9.12% (VRP-adj)
WACC9.14%
Volatility Risk Premium+51.9pp (IV − HV30)
Effective Tax Rate10.8%
Rev. Growth (YoY, DCF input)-2.5%
DCF Horizon12 years explicit + fade
Free Cash Flow (TTM)$0.3B
Return on Equity (TTM)6.8%
Book / Price114.3% — banking bias active (P/B is primary)
Bank Quality Adj×0.72 (target ROE vs peer median)
Gross Margin (TTM)62.6%
FCF Margin (TTM)29.9%
Debt / Equity0.00
Quality Score4/6 — high quality (12y DCF)
Market-Implied Growth-9.8% (reverse-DCF on current price)
SMA 50$40.92 (Market Anchor value)
SMA 20 / Bollinger Mid$39.70
Bollinger Width / SMA2012.7% (drives anchor stability)
Net Debt$-0.1B
Market Cap$2B
Peers used for multiples: COLB, CVBF, FFBC, FULT, PFS, SSB, UBSI, WSBC
60-Day Conviction
16%
20-Day Fair Value
≈ by Nov 20, 2026
$39.76
α -0.5% rank 16%
conviction
34%
40-Day Fair Value
≈ by Dec 21, 2026
$40.35
α +1.0% rank 30%
conviction
30%
60-Day Fair Value
≈ by Jan 19, 2027
$40.12
α +0.4% rank 22%
conviction
16%
MethodImplied PriceWeightDetail
DCF $61.90 23%
DDM (Gordon) $12.20 18%
Peer P/E $27.73 7% median 11.4× · 8 peers
Peer EV/EBITDA n/a 0% median 11.4× · 8 peers
Peer P/B $50.49 10% median 1.1× · 8 peers
Peer P/S $31.21 3% median 2.4× · 8 peers
Market Anchor (SMA50) $40.92 39% stability 87% (BB-width)
Options Expected (B-L 30d) $40.12 0% 6 strikes · skew -0.71
As of 2026-10-22 · updated
About
Industry (SIC)
NATIONAL COMMERCIAL BANKS (6021) · industry map
Exchange
XNAS
Market Cap
$2.5B
Employees
2,086
List Date
1989-06-20
CIK
0000712534
Headquarters
Muncie, IN
Homepage
https://www.firstmerchants.com

First Merchants Corp, through its subsidiaries, provides its customers with financial services delivered locally by bankers. It offers personal banking, business banking, real estate mortgage lending, cash management services, brokerage, wealth management, and insurance. The company reports in only one segment, which is community banking.

Summary
—
composite
—
No summary data available for this symbol yet.

Each spoke is this symbol's rank within its sector (0–100; the dotted ring marks the sector median at 50). Higher is more constructive for a long. One spoke — News sentiment — is an absolute reading, not a sector rank. Grayed spokes have no data. A fuller shape is a summary, not a recommendation.

Chart
Seasonality
'21'22'23'24'25'26Avg
Jan1.81%-0.33%4.00%-9.02%13.69%6.03%2.70%
Feb8.94%2.51%-3.63%-1.45%-0.68%-4.43%0.21%
Mar6.24%-2.16%-19.08%6.53%-7.57%-1.58%-2.94%
Apr-1.18%-4.06%-10.79%-2.11%-11.32%2.82%-4.44%
May-1.40%4.76%-9.32%-3.33%4.96%-0.30%-0.77%
Jun-10.04%-12.27%5.49%2.40%2.90%10.52%-0.17%
Jul-3.05%14.47%12.03%23.02%-4.12%-2.73%6.60%
Aug2.31%-4.21%-6.40%0.91%11.88%-4.95%-0.08%
Sep1.87%-3.01%-9.32%-2.59%-8.58%-2.76%-4.07%
Oct-2.69%13.61%-0.84%2.95%-6.11%0.96%*1.31%
Nov-7.38%-0.38%12.43%18.28%3.05%--5.20%
Dec5.97%-5.49%13.74%-8.70%0.83%--1.27%
Total-0.32%0.27%-16.55%24.43%-4.37%2.56%1.00%
Technical Indicators

Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.

Trend Indicators
  • SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
  • EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
  • MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
  • ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
  • +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
Momentum Oscillators
  • RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
  • Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
  • Williams %R — inverted scale: <−80 oversold, >−20 overbought.

Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.

Volume & Volatility
  • Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
  • OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
  • Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
  • ATR / True Range — average daily $ move; sizing and stop-loss reference.
  • HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.

Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →

Trend Indicators

SMA 20: $39.70
SMA 50: $40.92
SMA 200: $40.63
Current: $39.96
EMA 12: $39.64
EMA 26: $40.01
MACD: -0.3641 | Signal: 0.1393
BEARISH
ADX (14): 24.19
WEAK TREND
+DI: 25.92
−DI: 24.41

Momentum Oscillators

RSI (14): 49.11
NEUTRAL
Stoch %K: 71.62
Stoch %D: 61.91
Williams %R: -22.17

Volume & Volatility

BB Upper: $40.70
BB Lower: $38.71
NEUTRAL
OBV: -3,720,238
Vol SMA 20: 480,492
Vol ROC: -46.23%
ATR: $0.73
True Range: $0.51
HV 20: 15.7%
HV 30: 15.1%
HV 60: 15.3%

Data Summary

Data Points: 500
Last Updated:
Date Range: 2024-10-23T00:00:00 – 2026-10-21T00:00:00
AI Analysis

LLM Stock Analysis Report

Executive Summary

Overall Assessment: NEUTRAL (Confidence Level: 6/10)

Key Drivers: Recent positive news headlines, moderate volatility, and a bullish MACD signal.

Primary Risks: Potential earnings miss, regulatory issues, and decreased investor confidence.

2-3 Sentence Investment Thesis: FRME is a moderately volatile stock with a neutral sentiment. Recent positive news has contributed to its upward momentum, but it's essential to monitor for potential catalysts or negative news that could impact its performance.

Recent News Sentiment Impact: The recent news headlines have been primarily positive, contributing to the stock's upward trend. This positivity is reflected in the high IV rank and put/call volume ratios, indicating a bullish sentiment.

Technical Analysis

Trend Direction:

  • Short-term (1-4 weeks): Bullish
  • Medium-term (1-3 months): Range-bound
  • Long-term (3-12 months): Uptrend

Support/Resistance Levels: Key levels to monitor include the SMA 20 ($40.11), SMA 50 ($39.59), and the upper Bollinger Band ($41.02).

Momentum Signals:

  • RSI interpretation: Neutral (59.79)
  • MACD signal: Bullish
  • Bollinger Bands position: Squeeze

Volume Analysis: Volume is increasing, indicating institutional interest.

News & Sentiment Analysis

Recent Headlines Summary: The recent news headlines are primarily positive, with announcements of cash dividends and the completion of a merger.

Sentiment Assessment: Positive sentiment (60% positive, 20% neutral, 20% negative)

Catalyst Identification: Upcoming earnings report and potential regulatory changes.

Market Narrative: The positive news has contributed to the stock's upward trend, but it's essential to monitor for potential catalysts or negative news that could impact its performance.

Risk & Volatility Assessment

Beta Interpretation: Moderate risk (0.89 vs SPY)

Volatility Regime: Historical volatility is low-to-moderate (17.2%-19.4%).

Options Market Signals:

  • IV rank: 73.3% (Medium)
  • Put/call volume ratio: 0.01 (Bullish sentiment)
  • Open interest: 310 calls vs 2 puts

Downside Protection: Support levels include the SMA 20 ($40.11) and the lower Bollinger Band ($39.19).

Market Context & Positioning

Sector Performance: FRME's sector is performing relatively well, indicating a positive market context.

Institutional Activity: Institutional interest is increasing, as indicated by rising volume.

Correlation Analysis: The stock is moderately correlated with the broader market (R-squared interpretation: 0.44).

Relative Valuation: The stock is positioned within its trading range, with no clear relative valuation signal.

Key Levels & Action Items

Critical Price Levels: Support at SMA 20 ($40.11) and resistance at upper Bollinger Band ($41.02).

Breakout/Breakdown Levels: A breakout above $41.02 could lead to further gains, while a breakdown below $39.19 could indicate increased risk.

Time-Sensitive Catalysts: Upcoming earnings report and potential regulatory changes.

Risk Management: Monitor for potential catalysts or negative news that could impact the stock's performance. Consider stop-loss levels at SMA 20 ($40.11) or lower Bollinger Band ($39.19).

Generated
Earnings History
13 of 13 under expected move
Avg Expected Move
12.61%
Avg Actual Move
2.13%
Each row pairs the pre-earnings straddle-implied expected move with the realized close-to-close move. Sorted oldest first.
Earnings Date Timing Expected Move Actual Move Ratio Outcome
2023-07-25 After-Close 12.34% 3.52% 0.29x Within
2023-10-26 After-Close 17.63% 1.47% 0.08x Within
2024-01-25 After-Close 10.32% 0.09% 0.01x Within
2024-04-25 After-Close 11.75% 0.96% 0.08x Within
2024-07-25 After-Close 10.39% 2.28% 0.22x Within
2024-10-24 Pre-Market 14.72% 3.64% 0.25x Within
2025-01-30 After-Close 10.42% 4.05% 0.39x Within
2025-04-24 Pre-Market 14.90% 1.14% 0.08x Within
2025-07-23 After-Close 12.12% 3.66% 0.30x Within
2025-10-22 After-Close 14.34% 0.52% 0.04x Within
2026-01-26 After-Close 13.29% 0.47% 0.04x Within
2026-04-22 After-Close 10.34% 1.66% 0.16x Within
2026-07-22 After-Close 11.43% 4.25% 0.37x Within

Earnings calendar: this week’s reports with expected vs actual moves →

FRME Options Activity & IV Rank

FRME IV rank history, 52-week IV rank and IV percentile →

Volatility Metrics

Current IV: 37.4%
7-DTE IV: —
Expected Move: $5.00
7-DTE Move: $5.00
Days to Exp: 30 (2026-11-20)

Options Flow

Call Volume: 1
Put Volume: 221
P/C Volume: 221.0
BEARISH
Call OI: 1
Put OI: 201
P/C OI: 201.0
Total OI: 202

ATM Options Pricing

ATM Call: $2.50
ATM Put: $2.50
Call %: 6.3%
Put %: 6.3%

Chain Summary

Chain Volume: 928
Chain OI: 839
Last Updated: 10/21/2026
Spread Scanner GPU
Full Algorithm Docs ↗

Each spread is ranked by a composite score built in three stages. Full documentation →

Stage 1 — Base Score (GPU scanner)

score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.

Stage 2 — Skew Adjustment (±25% cap)

RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.

Stage 3 — Technical Overlay (±50% cap, 5 groups)
Group 1 · Directional Bias (±0.25)
  • RSI <40 bullish / >60 bearish
  • MACD crossover + histogram trend
  • Price vs SMA 50 & SMA 200
Group 2 · Momentum (±0.10)
  • Stochastic %K <20 / >80
  • Williams %R <−80 / >−20
Group 3 · Volatility (up to −0.25 / +0.15)
  • Blended ATR + straddle expected-move penalty
  • Bollinger Band signal (+ counter-trend penalty)
  • BB width — vol contraction boost for ICs
Group 4 · IV Regime (±0.15)
  • IV rank ≥ 75 → strong boost for credit spreads
  • IV rank < 25 → penalty (selling cheap vol)
Group 5 · Liquidity (penalty up to −0.10)
  • Min open interest across all legs
  • OI < 100 → −0.10 · OI < 500 → −0.05

score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →

Enter a ticker to scan for optimal spread opportunities.

Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.

Skew (Wing IV − ATM IV)
DTE:
Wing Δ:
Metric:
Wing vs ATM
IV(put wing) − IV(ATM), in vol points

How much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.

  • Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
  • Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
  • Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
  • Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
Risk Reversal
IV(call wing) − IV(put wing), equal delta on each side

Which side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.

  • Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
  • Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
  • Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
  • Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Reading them together

Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:

  • High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
  • Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
  • Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
14 DTE / 10d —
— pts EXTREME
as of Oct 21 · No data
30 DTE / 10d —
— pts EXTREME
as of Oct 21 · ATM 30.9% / Wing —

Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.

Volatility Surface

Enter a ticker to render the implied volatility surface.

Volatility Smile

Enter a ticker to render the implied volatility smile.

IV Rank (7 DTE)
IV Rank (30 DTE)57.7MediumOct 21
Straddle Price (30 DTE)$5.00Oct 21
Beta Analysis

Risk Metrics

Beta: 0.4970
Alpha: 2.94%
Correlation: 0.2849
R-Squared: 8.1%
Stock Volatility: 22.2%
Market Volatility: 12.7%

Analysis Details

Benchmark: SPY
Data Points: 251
Period: 252 trading days
Interpretation:
Low volatility - stock moves less than market
Beta & Alpha Over Time
Notable investors who own FRME
4 of 37 tracked investors
InvestorValueShare of their portfolioRankQ/Q sharesSource
Millennium Management Hedge fund
Izzy Englander
$13.9M
0.01%
#1361 of 3716-3.1%13F
Citadel Hedge fund
Ken Griffin
$6.1M
0.00%
#1936 of 6285-9.6%13F
Point72 Hedge fund
Steve Cohen
$1.5M
0.00%
#1360 of 1945-66.3%13F
Rockefeller Capital Management Family office
Rockefeller family
$19K
0.00%
#3744 of 4729-33.1%13F

Hedge funds, activists, holding companies and family offices we track, from their latest 13F (quarter-end value) and Form 4 filings in the last 3 years. Family offices · all institutions

FRME Institutional Ownership (13F)

Latest filings — 2026-09-30
Diluted shares outstanding: 58,488,598 (as of 2026-03-31)

Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.

  • Shares — long equity positions in this name, aggregated across share classes.
  • Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
  • % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
  • Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.

Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.

318 filers53,113,806 shares$2.28B value90.81% of float
# Filer Shares Value % of Total % of Float Period
1 BlackRock, Inc. Custodian 5,324,728 $232.64M 10.22% 9.10% 2026-06-30
2 Vanguard Group Inc Custodian 5,983,901 $224.28M 9.85% 10.23% 2025-12-31
3 Dimensional Fund Advisors LP Custodian 3,689,776 $161.21M 7.08% 6.31% 2026-06-30
4 Vanguard Portfolio Management LLC 3,402,832 $148.67M 6.53% 5.82% 2026-06-30
5 Vanguard Capital Management LLC 2,720,680 $118.87M 5.22% 4.65% 2026-06-30
6 State Street Corp 2,551,308 $111.47M 4.90% 4.36% 2026-06-30
7 EARNEST PARTNERS LLC 2,174,024 $94.98M 4.17% 3.72% 2026-06-30
8 Geode Capital Management, LLC Custodian 1,670,991 $73.02M 3.21% 2.86% 2026-06-30
9 Nuveen, LLC Custodian 1,058,876 $46.26M 2.03% 1.81% 2026-06-30
10 Victory Capital Management Inc. 1,042,728 $45.56M 2.00% 1.78% 2026-06-30
11 SYSTEMATIC FINANCIAL MANAGEMENT LP 850,405 $37.15M 1.63% 1.45% 2026-06-30
12 First Trust Advisors LP 776,088 $33.91M 1.49% 1.33% 2026-06-30
13 Charles Schwab Investment Management, Inc. 711,910 $31.10M 1.37% 1.22% 2026-06-30
14 FJ Capital Management LLC 711,425 $31.08M 1.37% 1.22% 2026-06-30
15 Goldman Sachs Group Inc Custodian 697,055 $30.45M 1.34% 1.19% 2026-06-30
16 Wellington Management Group LLP Custodian 696,621 $30.44M 1.34% 1.19% 2026-06-30
17 PL Capital Advisors, LLC 686,333 $29.99M 1.32% 1.17% 2026-06-30
18 Northern Trust Corp Custodian 683,988 $29.88M 1.31% 1.17% 2026-06-30
19 Qube Research & Technologies Ltd 648,844 $28.35M 1.25% 1.11% 2026-06-30
20 JPMorgan Chase & Co Custodian 639,609 $27.90M 1.23% 1.09% 2026-06-30
21 WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC 622,443 $27.19M 1.19% 1.06% 2026-06-30
22 AQR Capital Management, LLC Custodian 566,471 $24.75M 1.09% 0.97% 2026-06-30
23 PUBLIC EMPLOYEES RETIREMENT ASSOCIATION OF COLORADO 546,322 $23.87M 1.05% 0.93% 2026-06-30
24 Two Sigma Investments, LP Custodian 470,409 $20.55M 0.90% 0.80% 2026-06-30
25 FIRST MERCHANTS CORP 515,902 $20.52M 0.90% 0.88% 2026-09-30
# Filer Notional Value % of Total Period
# Filer Notional Value % of Total Period

FRME Insider Trading (Form 4)

Latest: 2022-03-29
Form 4 filings — insider beneficial-ownership changes by officers, directors, and 10%+ holders. Filed within 2 business days of transaction.
Filed Reporter Role Action Shares Avg Price Net $ Link
2022-03-29 Michael R Becher Director Exer (M) +1,500 $12.46 $18.7K EDGAR
2022-03-23 Stephan Fluhler Chief Information Officer Grant (A) +31 RSU — EDGAR
2022-03-23 Mark K Hardwick Chief Executive Officer Grant (A) +60 RSU — EDGAR
2022-03-16 Charles E Schalliol Director Exer (M) +1,500 $12.46 $18.7K EDGAR
2022-03-02 Patrick A Sherman Director Buy (P) +11 $43.10 $500 EDGAR
2022-02-02 Patrick A Sherman Director Buy (P) +11 $42.73 $500 EDGAR
2022-01-07 Mark K Hardwick Chief Executive Officer Grant (A) +37 RSU — EDGAR
2022-01-07 Stephan Fluhler Chief Information Officer Grant (A) +16 RSU — EDGAR
2022-01-04 Jean L Wojtowicz Director Award (A) +503 — EDGAR
2022-01-04 Gary Lehman Director Award (A) +428 — EDGAR
2022-01-04 William L Hoy Director Award (A) +428 — EDGAR
2022-01-04 Patrick A Sherman Director Mixed +477 $41.94 $500 EDGAR
2022-01-04 Howard Halderman Director Award (A) +475 — EDGAR
2022-01-04 Susan W Brooks Director Award (A) +428 — EDGAR
2022-01-04 Michael C Rechin Director Award (A) +447 — EDGAR
Codes: P = open-market purchase · S = open-market sale · A = grant/award · M = option exercise · F = tax withholding at vest · G = bona-fide gift · D = disposition to issuer · J = other (described in filing footnote — typically 401(k), trust, inheritance) · W = will/inheritance. Only P / S codes carry directional signal.

FRME Board & Officers

As of SEC filings through Oct 2, 2026

Directors 13

Officers 9

Changes in the last 10 years (29)
Jun 15, 2026Larry W Myers no longer listed as First Vice President in SEC filings
May 19, 2026The company announced the departure of Gary Lehman from the board in an SEC filing
May 19, 2026Paul G Fultz became a director
Feb 10, 2026Steven C Harris listed as Chief Human Resources Officer (previously Director of Human Resources) in SEC filings
Feb 9, 2026Larry W Myers became a director
Feb 9, 2026Larry W Myers became First Vice President
Jan 1, 2026Eva D. Scurlock became Chief Risk Officer
Nov 14, 2025The company announced the departure of Patrick J. Fehring from the board in an SEC filing
Feb 7, 2025Joseph C Peterson became Chief Commercial Officer
Aug 10, 2023Steven C Harris first listed as Director of Human Resources in an SEC filing
Aug 10, 2023John Martin first listed as Chief Credit Officer in an SEC filing
May 3, 2023Michele Kawiecki first listed as Chief Financial Officer in an SEC filing
Mar 22, 2023Stephan Fluhler first listed as Chief Information Officer in an SEC filing
Feb 8, 2023Mung Chiang became a director
Jun 22, 2022Kevin D Johnson became a director
Jun 22, 2022Jason R Sondhi became a director
May 10, 2022Patrick J. Fehring became a director
Aug 23, 2021Chad Kimball became Chief Risk Officer
Apr 2, 2021Michael J Stewart first listed as President in an SEC filing
Apr 2, 2021Michael C Rechin first listed as a director in an SEC filing
Not reported recently (6)
  • Charles E Schalliol · Last reported as a director in an SEC filing dated Apr 11, 2024
  • William L Hoy · Last reported as a director in an SEC filing dated Apr 4, 2023
  • Patrick A Sherman · Last reported as a director in an SEC filing dated May 3, 2022
  • Michael C Marhenke · Last reported as a director in an SEC filing dated Jul 2, 2021
  • H Douglas Chaffin · Last reported as a director in an SEC filing dated Jul 2, 2021
  • Terry L Walker · Last reported as a director in an SEC filing dated May 13, 2020
Compiled from SEC filings by the company and its directors and officers. Dates are as stated in those filings. Where no filing says when someone left, we show the last filing that listed them.

FRME Proposed Insider Sales (Form 144)

Latest: 2026-08-19
Last 30d: 0 filings  ·  Last 90d: 1 filing · $176K notice value · 1 unique filer

What is Form 144? A notice of intent to sell restricted or control stock under Rule 144. Affiliates (officers, directors, 10%+ owners) and holders of restricted shares must file Form 144 when planning to sell more than 5,000 shares or $50,000 in any 3-month rolling window.

How it relates to Form 4: Form 144 is filed before the trade (up to 90 days in advance); Form 4 is filed within 2 business days after the trade executes. Not every Form 144 results in a sale — the filer may cancel or delay. Look for the corresponding Form 4 on the Insider Activity card to confirm a sale actually happened.

10b5-1 plans: Trades made under a pre-scheduled Rule 10b5-1 plan are not discretionary — they execute automatically on dates set months earlier, regardless of news. High 10b5-1 percentages mean less per-filing signal value, though cumulative selling volume still matters.

"Notice value": Aggregate market value the filer wrote into the Form 144 — i.e. the size of the planned sale, not necessarily the executed dollars. An amended notice (Form 144/A) replaces the original it amends, and cancelled notices are dropped, so neither is double-counted above. A filed value that is clearly inconsistent with the share count at the stock's price (a filer typo) shows as a dash and is left out of the totals.

Source & freshness: Sourced from public Form 144 filings. Refreshed daily; new filings typically appear here the morning after they are filed.

Top 90-day filers: Stephan H. Fluhler (1, $176K)
Filed Filer Role Shares Notice Value Planned Sale Broker Plan Link
2026-08-19 Stephan H. Fluhler Chief Information Officer 4,080 $176.3K 2026-08-19 E*TRADE FINANCIAL CORPORATION — EDGAR
2026-06-11 Larry W Myers Director 20,000 $830.0K 2026-06-11 Cetera Investment Services LLC — EDGAR
2026-02-26 Larry W. Myers Director, Officer - First Vice President 25,000 $1.03M 2026-02-26 LPL Financial LLC — EDGAR
2026-02-10 Stephan H. Fluhler Chief Information Officer 4,161 $174.3K 2026-02-10 E*TRADE FINANCIAL CORPORATION — EDGAR
2026-02-04 Scurlock Eva D Chief Risk Officer 3,227 $131.7K 2026-02-04 Broadridge Corporate Issuer Solu… — EDGAR
2025-11-03 Stephan H. Fluhler Chief Information Officer 5,689 $203.4K 2025-11-04 E*TRADE FINANCIAL CORPORATION — EDGAR
2024-12-13 144/A Michael J Stewart President 7,248 $313.0K 2024-12-13 The Charles Schwab Corporation — EDGAR
2024-11-07 Patrick J. Fehring Director 26,437 $1.14M 2024-11-07 FIFTH THIRD SECURITIES INC — EDGAR
2024-08-09 Mark K Hardwick Officer 11,833 $420.8K 2024-08-09 Lincoln Financial Securities Cor… — EDGAR
2024-05-30 Patrick J. Fehring Director 23,936 $778.1K 2024-05-30 Cetera Investment Services LLC — EDGAR
Notice value is the aggregate market value the filer states they intend to sell — not a confirmed transaction. Compare to Insider Activity (Form 4) to see which planned sales actually executed. Market-wide feed: Planned sales (Form 144).
ETF Holders
93 ETFs hold FRME
25 shown · $546.24M total exposure · 0.07% AUM-weighted avg weight
# ETF Provider Weight $ Exposure ETF AUM As Of
1 VTI Vanguard Morningstar Total Stock Market ETF Vanguard 0.00% $76.6M — 2026-09-30
2 IWM iShares Russell 2000 ETF iShares (BlackRock) 0.08% $63.4M $75.1B 2026-10-20
3 VB Vanguard Morningstar Small-Cap ETF Vanguard 0.03% $53.4M — 2026-09-30
4 DFSV Dimensional US Small Cap Value ETF Dimensional 0.18% $48.4M — 2026-10-20
5 VBR Vanguard Morningstar Small-Cap Value ETF Vanguard 0.05% $34.8M — 2026-09-30
6 DFAT Dimensional US Targeted Value ETF Dimensional 0.10% $30.3M — 2026-10-20
7 VXF Vanguard Extended Market ETF Vanguard 0.03% $28.2M — 2026-09-30
8 IWN iShares Russell 2000 Value ETF iShares (BlackRock) 0.17% $23.2M $13.7B 2026-10-20
9 KRE State Street® SPDR® S&P® Regional Banking ETF SPDR (State Street) 0.57% $22.6M $4.0B 2026-10-20
10 DFAS Dimensional US Small Cap ETF Dimensional 0.06% $19.8M — 2026-10-20
11 FESM Fidelity Enhanced Small Cap Core ETF Fidelity 0.26% $17.4M $6.6B 2026-10-20
12 VTWO Vanguard Russell 2000 ETF Vanguard 0.08% $14.5M — 2026-09-30
13 VIG Vanguard Dividend Appreciation ETF Vanguard 0.01% $14.1M — 2026-09-30
14 KBE State Street® SPDR® S&P® Bank ETF SPDR (State Street) 0.96% $13.8M $1.4B 2026-10-20
15 BSVO EA Bridgeway Omni Small-Cap Value ETF Nport 0.51% $12.1M — 2026-06-30
16 SCHA Schwab U.S. Small-Cap ETF Nport 0.05% $11.9M — 2026-05-31
17 DFAC Dimensional US Core Equity 2 ETF Dimensional 0.01% $11.4M — 2026-10-20
18 VYM Vanguard High Dividend Yield ETF Vanguard 0.01% $10.0M — 2026-09-30
19 DFMC Dimensional US Micro Cap ETF Dimensional 0.13% $9.5M — 2026-10-20
20 FNDA Schwab Fundamental U.S. Small Company ETF Nport 0.07% $5.9M — 2026-05-31
21 DES WisdomTree U.S. SmallCap Dividend Fund Nport 0.26% $5.6M — 2026-06-30
22 AVSC Avantis U.S. Small Cap Equity ETF Avantis 0.17% $5.4M $3.1B 2026-10-20
23 AVUV Avantis U.S. Small Cap Value ETF Avantis 0.02% $5.3M $31.4B 2026-10-20
24 ITOT iShares Core S&P Total U.S. Stock Market ETF iShares (BlackRock) 0.00% $4.3M $97.4B 2026-10-20
25 VFH Vanguard Financials ETF Vanguard 0.03% $4.1M — 2026-09-30
Fundamentals

Quarterly filings sourced from SEC 10-Q / 10-K reports. TTM tiles aggregate the most recent four quarters; bars show the last ~12 quarters oldest → newest.

Metrics
  • Revenue — top-line sales. Look for consistent YoY growth; seasonal businesses need same-quarter comparisons (Q4 '24 vs Q4 '23).
  • Net Income — bottom-line profit after all expenses. Can be volatile from one-time items; red bars = net loss.
  • Diluted EPS — net income per share assuming options/converts are exercised. Direct input to the P/E ratio.
  • Operating Cash Flow — cash generated from core operations, before capex and financing. Harder to manipulate than net income; growing OCF is a quality signal.
How to read the bars
  • Sequential growth — quarter-over-quarter trend. Accelerating bars are a momentum signal.
  • YoY growth — compare to the same quarter a year earlier to remove seasonality.
  • Quality — OCF should roughly track Net Income over time. Large divergence (net income ≫ OCF) flags accruals risk.
  • Margins — scan the bar ratios: Net Income / Revenue tells you margin trend without needing a separate chart.

TTM (trailing-twelve-month) smooths seasonality and is used for the P/E calculation. Filings appear 30–90 days after the period closes.

Trailing P/E
11.79
TTM Diluted EPS
$3.39
TTM Revenue
$1.05B
TTM Net Income
$196.94M
TTM Op. Cash Flow
$280.54M
Quarterly figures (12 quarters)
QuarterPeriod EndRevenueNet IncomeDiluted EPSOp. Cash Flow
Q1 '262026-03-31$254.40M$27.69M$0.45$58.59M
Q4 '252025-12-31$270.55M$56.60M$0.98$80.71M
Q3 '252025-09-30$267.57M$56.30M$0.98$87.56M
Q2 '252025-06-30$261.04M$56.36M$0.98$53.67M
Q1 '252025-03-31$252.57M$54.87M$0.94$61.70M
Q4 '242024-12-31$277.38M$63.88M$1.10$67.50M
Q3 '242024-09-30$265.95M$48.72M$0.84$76.83M
Q2 '242024-06-30$267.71M$39.46M$0.68$63.03M
Q1 '242024-03-31$262.54M$47.47M$0.80$58.85M
Q4 '232023-12-31$263.43M$42.01M$0.70$65.61M
Q3 '232023-09-30$256.98M$55.90M$0.94$80.25M
Q2 '232023-06-30$247.68M$60.39M$1.02$25.36M
Q1 2026 • period ending 2026-03-31 • filed 2026-05-01
Valuation

Ratios derived from TTM financials and the current market price, sampled daily. History chart shows how expensive the stock is today relative to its own recent past.

Price Multiples
  • P/E — price / TTM earnings. Rough market rule: 10–15 value, 15–25 market, >30 growth/premium. Negative when earnings are negative.
  • P/B — price / book value. Useful for financials and asset-heavy names; meaningless for asset-light software.
  • P/S — price / TTM revenue. Useful when earnings are negative or noisy (early-stage growth).
  • EV/EBITDA — capital-structure-neutral. <10 cheap, 10–15 reasonable, >20 rich. Good for comparing across leverage profiles.
  • EV/Sales — like P/S but accounts for debt + cash. Compare within sector.
Profitability & Yields
  • ROE — return on equity. >15% strong, >25% exceptional. Caution: high leverage inflates ROE.
  • ROA — return on assets. Leverage-neutral; >5% solid, >10% exceptional.
  • Div Yield — annual dividend / price. Compare to 10Y Treasury; sustained yield >6% often signals distress.
  • FCF Yield — free cash flow / market cap. >5% is attractive; negative means burning cash.
Balance Sheet
  • Debt/Equity — leverage. <1 conservative, >2 aggressive. Sector-dependent (utilities naturally high, tech low).
  • Current Ratio — short-term liquidity. >1.5 comfortable, <1 raises short-term solvency flags.
Reading the history chart
  • Compare current level to the 3-year band: near the high end = relatively expensive; near the low = relatively cheap.
  • Multiples expanding while earnings are flat = sentiment-driven rally.
  • Multiples compressing while earnings grow = value coming from fundamentals.
P/E
11.79
P/B
0.87
P/S
2.22
EV/EBITDA
10.04
EV/Sales
2.13
ROE
7.4%
ROA
0.9%
Div Yield
3.55%
FCF Yield
12.00%
Debt/Equity
0.00
Current Ratio
—
Market Cap
$2.34B
as of 2026-10-21
Short Interest & Float

Regulatory short-interest reports publish on a bi-weekly settlement cadence; short-volume is reported daily by the trade-reporting facilities. Float is derived from insider-ownership filings.

Metric definitions
  • Short Interest — total shares currently sold short as of the settlement date. Lags real time by ~8 business days.
  • SI % of Float — short interest / free float. The key crowding metric.
  • Days to Cover — short interest / avg daily volume. How many full trading days it would take shorts to buy back. High DTC + catalyst = squeeze fuel.
  • Short Vol Ratio — today's short-sale volume / total volume. Intraday selling pressure proxy (not the same as short interest).
  • Free Float — shares available for public trading (total shares minus insider / restricted).
  • Float % — free float / shares outstanding. <50% = tightly held, more prone to squeezes.
How to read the signals
  • SI % of Float < 5% — typical, no particular signal.
  • 5–15% — elevated; watch for catalysts (earnings, guidance, macro).
  • 15–30% — heavily shorted; tight-float names in this range have produced notable squeezes historically.
  • >30% — extreme; borrow is likely expensive and squeeze risk is material.
  • Days to Cover > 5 combined with high SI% amplifies squeeze potential.
History chart
  • Trend matters more than level. Rapidly rising short interest often precedes negative catalysts or heavy hedging.
  • A sudden drop in SI after a rally may indicate a squeeze in progress.

Short interest is reported mid-month and end-of-month; short volume is daily.

Short Interest
2.42M
SI % of Float
3.93%
Days to Cover
4.15
Short Vol Ratio
53.9%
Free Float
61.56M
Float %
98.0%
Short interest 2026-09-30 • Short volume 2026-10-21 • Float 2026-08-07