FRME earnings analysis
What we found in FRME's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
First Merchants reported Q1 2026 results with an adjusted diluted EPS of $1.03, surpassing the estimate of $0.96, while revenue of $157.1 million fell short of the estimated $185.1 million. The results were impacted by acquisition-related costs and mark-to-market losses on mortgage loans, although management did not provide explicit forward guidance for revenue or EPS.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Adjusted EPS Beat Estimates
- Reported adjusted diluted EPS was $1.03 compared to an estimate of $0.96, yielding an EPS surprise of +7.29%.
- Revenue Missed Consensus
- Total revenue was $157.1 million, which was 15.11% lower than the expected $185.1 million.
- Profit Margins Display Strength
- Gross margin was reported at 63.5%, reflecting stability similar to prior periods.
- Continued Stock Repurchase Program
- The Corporation repurchased 669,012 shares during the quarter, showing commitment to shareholder returns.
- Positive NIM Trends
- Management indicates net interest margin (NIM) improvements, enhancing income stability.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Acquisition-Related Expenses
- Continued integration costs from recent acquisitions adversely affected Q1 results.
- Mark-to-Market Losses
- The company incurred a significant mark-to-market loss on mortgage loans during the quarter.
- Market Sensitivity to Interest Rates
- The earnings may be impacted by fluctuations in interest rates, as modeled in varying scenarios.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.03
- Gross margin
- 63.5%
What they said about what is next.
Management provided no explicit forward revenue or EPS guidance.
The filing reads about the same as the one before it.
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing FRME makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever