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What To Expect From First Merchants’s (FRME) Q3 Earnings

FRME Cover Image

Regional banking company First Merchants (NASDAQ: FRME) will be reporting earnings this Wednesday after the bell. Here’s what to look for.

First Merchants missed analysts’ revenue expectations by 0.9% last quarter, reporting revenues of $164.3 million, up 2.8% year on year. It was a slower quarter for the company, with a significant miss of analysts’ net interest income estimates and a slight miss of analysts’ revenue estimates.

Is First Merchants a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, analysts are expecting First Merchants’s revenue to decline 3.1% year on year to $165.6 million, a reversal from the 6% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.96 per share.

First Merchants Total Revenue

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. First Merchants has missed Wall Street’s revenue estimates five times over the last two years.

Looking at First Merchants’s peers in the regional banks segment, some have already reported their Q3 results, giving us a hint as to what we can expect. First Horizon delivered year-on-year revenue growth of 7.5%, beating analysts’ expectations by 7.7%, and FB Financial reported revenues up 94.2%, topping estimates by 4.2%. First Horizon traded down 13.3% following the results while FB Financial’s stock price was unchanged.

Read our full analysis of First Horizon’s results here and FB Financial’s results here.

Questions about potential tariffs and corporate tax changes have caused much volatility in 2025. While some of the regional banks stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 4.8% on average over the last month. First Merchants is down 8.8% during the same time and is heading into earnings with an average analyst price target of $46.50 (compared to the current share price of $36.37).

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