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Q2 2026 · read from the 30 June 2026 Call Report · United States · Great Lakes · Indiana, the state note

First Merchants Bank

Muncie, Indiana · $21.32B in assets · beside the 11 other the Great Lakes states banks over $10B (the state alone holds too few in the band to rank)

The filing

0.75%
ROA
11th of 12
65.2%
Efficiency
11th of 12
93.0%
Loans / deposits
10th of 12

First Merchants Bank is the sixth largest of the 12 the Great Lakes states banks nearest its size over $10B, with $21.32B in assets at 30 June 2026. Loans are 93.0% of deposits, 10th of 12 against a median of 89.7%, and equity is 12.8% of assets, 5th of 12. Loans grew +17.1% in the year, 4th of 12, and deposits grew 12.9%; the cohort's median loan growth is +15.1%.

Noncurrent loans are 0.82% of the book, 8th of 12 against a median of 0.76%; 0.43% is 30 to 89 days past due, and the allowance covers them 1.9 times. Net charge-offs are 0.18% of loans, 7th of 12. Commercial real estate is 26.6% of loans, 4th of 12 against a median of 28.7%, and 183% of capital, below the 300% screen, with construction at 39% against the 100% screen.

Return on assets is 0.75%, 11th of 12 against a median of 1.43%, on an efficiency ratio of 65.2%, 11th of 12. Five years ago it was 1.48%. The question is which of these lines moves first over the next four quarters, and against which peer.

Return on assetsGreat Lakes states banks over $10B · 30 June 2026 · higher is stronger, listed first
median 1.43% PN Park National Bank 1.83% NT Northern Trust Co. 1.59% CB CIBC Bank USA 1.53% CB Centier Bank 1.53% FF First Financial Bank 1.52% MB Merchants Bank of Indiana 1.47% ON Old National Bank 1.39% BB Busey Bank 1.34% NN Nicolet National Bank 1.01% AB Associated Bank N.A. 0.97% FM First Merchants Bank 0.75% TF Third Federal Savings & Loan Association of Cleveland 0.61%
Loans, year over yearGreat Lakes states banks over $10B · 30 June 2026 · no better direction, largest first
median +15.1% NN Nicolet National Bank +64.5% PN Park National Bank +22.2% AB Associated Bank N.A. +19.1% FM First Merchants Bank +17.1% FF First Financial Bank +16.6% MB Merchants Bank of Indiana +15.5% CB CIBC Bank USA +14.6% ON Old National Bank +5.9% CB Centier Bank +4.4% TF Third Federal Savings & Loan Association of Cleveland +3.6% NT Northern Trust Co. +1.2% BB Busey Bank -4.5%

SBA 7(a), FY2008 to FY2026

First Merchants Bank is the 7th largest 7(a) lender into Indiana of 351, with $236M across 743 loans, 2.9% of everything approved in the state (The Huntington National Bank leads with $911M). 231 of its 459 markets have had no approvals since before FY2023: an absence in the record, not a stated withdrawal.

Where it lends in Indiana, and where it has gone quietshare movement, FY2023 to FY2025 against FY2020 to FY2022; outlined counties are on the book
Gaining shareLosing shareFlatGone quiet: nothing since FY2023Too thin to read a directionNo record
Every market on the book, largest firstrank and share among every lender in the county, FY2008 to FY2026
CountyApprovedRankShareTrend
Oakland, MI$74M7th of 1853.1%-1.1 pts
Wayne, MI$64M6th of 1643.6%-0.8 pts
Cook, IL$42M37th of 2820.6%-0.4 pts
Hamilton, OH$39M9th of 1222.8%-1.0 pts
Marion, IN$34M13th of 1722.1%-1.4 pts
Hamilton, IN$30M7th of 1323.4%+0.9 pts
Franklin, OH$27M16th of 1661.3%-0.3 pts
Allen, IN$26M5th of 1015.4%thin
Macomb, MI$26M7th of 1262.2%+0.2 pts
Broward, FL$25M32nd of 2090.8%-0.8 pts
Dallas, TX$24M52nd of 3140.4%-0.0 pts
Collin, TX$20M35th of 2610.7%+0.5 pts
Orange, FL$16M35th of 2010.8%+0.1 pts
446 smaller markets not shown.
What it lends to: the five largest industries on the bookshare of book is concentration; share of sector and rank are position, among every 7(a) lender nationally
IndustryLoansApprovedShare of bookShare of sectorRank
Accommodation & food services280$221M15.2%0.29%84th of 2,596
Manufacturing232$200M13.7%0.50%33rd of 2,246
Retail trade302$196M13.4%0.32%62nd of 2,589
Other services229$141M9.6%0.40%53rd of 2,248
Health care & social assistance196$113M7.7%0.24%64th of 2,172
7(a) lenders into Indiana, share of approvals since FY2008351 lenders on record; the ten largest and First Merchants Bank
TH The Huntington National Bank 11.3% $911M · 4,690 loans KN KeyBank National Association 4.3% $349M · 745 loans BB Byline Bank 4.2% $338M · 296 loans LO Live Oak Banking Company 4.1% $334M · 259 loans ON Old National Bank 3.4% $275M · 416 loans sS 1st Source Bank 3.3% $271M · 1,827 loans FM First Merchants Bank 2.9% $236M · 743 loans G Gbank 2.5% $202M · 68 loans WF Wells Fargo Bank National Associa… 2.3% $188M · 395 loans FF First Financial Bank 2.2% $181M · 610 loans

Commercial real estate against capital

Commercial real estate concentrationthe 2006 interagency screens against total risk-based capital; owner-occupied excluded; bold marks a screen met
First Merchants BankRankCohort median
Total CRE against capital, the 300% screen183%5th of 12190%
Construction against capital, the 100% screen39%6th of 1241%
Construction and land development, share of loans5.6%6th of 126.0%
Non-owner-occupied nonfarm nonresidential, share of loans16.1%6th of 1216.6%
Total CRE, the guidance definition, share of loans26.6%4th of 1228.7%
CRE growth over 36 months, the third prong+24.8%7th of 12+24.0%

Among its peers

Where it sits among its peersnavy: the stronger half of each column; amber: the weaker; darker at the ends
InstitutionAssetsROAEfficiencyNPA / loansNet charge-offsAllowance / loansLoans / depositsEquity / assets
Northern Trust Co.$178.57B1.6%70.3%0.23%0.00%0.4%29.6%6.7%
Old National Bank$73.86B1.4%49.4%0.92%0.25%1.1%89.2%11.3%
CIBC Bank USA$66.50B1.5%36.8%1.35%0.25%1.1%84.2%17.4%
Associated Bank N.A.$51.76B1.0%58.8%0.42%0.16%1.2%91.2%10.4%
First Financial Bank$22.35B1.5%57.5%0.70%0.27%1.4%77.3%13.4%
First Merchants Bank$21.32B0.7%65.2%0.82%0.18%1.5%93.0%12.8%
Merchants Bank of Indiana$21.17B1.5%40.2%1.18%0.39%0.4%121.1%11.0%
Busey Bank$18.15B1.3%59.9%0.51%0.21%1.2%87.1%13.7%
Third Federal Savings & Loan Association of Cleveland$18.06B0.6%60.7%0.25%-0.02%0.5%159.7%9.9%
Nicolet National Bank$15.39B1.0%64.9%0.63%0.03%1.2%87.0%15.0%
Park National Bank$12.61B1.8%54.7%0.86%0.11%1.1%90.3%12.4%
Centier Bank$10.41B1.5%48.2%0.82%0.08%1.2%92.3%9.9%
Five years, 2021 to 2026same quarter, five years apart; dollars as growth, ratios in points
First Merchants BankCohort median
20212026Change20212026Change
Loans$9.14B$15.61B+71%$9.34B$15.94B+71%
Deposits$12.30B$16.78B+36%$10.80B$15.97B+48%
NPA / loans0.63%0.82%+0.19 pts0.51%0.76%+0.25 pts
Efficiency51.1%65.2%+14.1 pts56.5%58.1%+1.6 pts
ROA1.48%0.75%-0.74 pts1.36%1.43%+0.07 pts

This read was prepared for First Merchants Bank's board and management from the public record, and is one slice of what Lynx builds for any bank from its own filing: the peer cohort, the capital, liquidity and rate models with the assumptions the institution sets, and a summary report of twenty sections for the board.

The full pack on First Merchants Bank is prepared on request, and thirty days on the institution's own numbers are open to anyone at the bank.

Ask for the pack

Prepared 7 September 2026
Filing 30 June 2026
Cohort Great Lakes states banks over $10B
Institution www.firstmerchants.com

Public record only: FFIEC Call Report, 30 June 2026; FDIC data; cohort by New England and asset band; SBA 7(a) FOIA release as of the 2026 file, loans credited to the institution holding them today. Computed from the institution's own Call Report and its peers' as published; no estimate, no adjustment; not a rating, not an audited statement and not a supervisory judgement.
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