First Merchants Bank Mortgage Rates, Fees & Info

Muncie, IN

LEI: S0Q3AHZRL5K6VQE35M07

Tax ID: 35-0508403

5 stars - out of 5 stars, based on 84 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

First Merchants Bank is a small bank specializing in Refi and Home Purchase loans. First Merchants Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets include Indianapolis, Chicago, Columbus, Fort Wayne, and Lafayette among others. First Merchants Bank has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. First Merchants Bank is typically a low fee lendor.


Originations

7,054

Origination Dollar Volume (All Markets)

$1,565,580,000

Employee count

1,817 Show all (18) awards

Relative Rate

First Merchants Bank's average 30 year fixed rate mortgage of loans were 2.98%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.17%.

Relative Fees

First Merchants Bank's average total fees for a 30 year fixed rate mortgage are $2,959.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 2,030 $338,790,000 $166,892 $2,403 2.83%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 852 $175,910,000 $206,467 $2,660 2.93%
COLUMBUS, OH (FHA|USDA|VA) 491 $163,965,000 $333,941 $3,165 2.80%
FORT WAYNE, IN (FHA|USDA|VA) 578 $100,900,000 $174,567 $2,229 2.75%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 541 $68,715,000 $127,015 $2,173 3.06%
TALLAHASSEE, FL (FHA|USDA|VA) 1 $68,005,000 $68,005,000 $0 3.00%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $52,425,000 $52,425,000 $0 3.50%
MUNCIE, IN (FHA|USDA|VA) 386 $51,810,000 $134,223 $2,157 3.12%
Outside of Metro Areas 419 $48,795,000 $116,456 $2,264 3.03%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 248 $41,030,000 $165,444 $2,591 3.22%
MONROE, MI (FHA|USDA|VA) 336 $40,630,000 $120,923 $2,269 3.04%
COLORADO SPRINGS, CO (FHA|USDA|VA) 1 $31,405,000 $31,405,000 $0 3.50%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 2 $21,940,000 $10,970,000 $2,432 3.34%
New Castle, IN (FHA|USDA|VA) 207 $20,845,000 $100,700 $2,234 3.06%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 5 $20,505,000 $4,101,000 $3,545 2.78%
BLOOMINGTON, IN (FHA|USDA|VA) 7 $20,045,000 $2,863,571 $2,266 2.74%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 1 $15,755,000 $15,755,000 $0 3.25%
TERRE HAUTE, IN (FHA|USDA|VA) 7 $15,715,000 $2,245,000 $2,348 2.87%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 8 $15,310,000 $1,913,750 $1,789 3.06%
TOLEDO, OH (FHA|USDA|VA) 57 $15,035,000 $263,772 $2,473 3.87%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 5 $14,855,000 $2,971,000 $2,170 2.88%
Starkville, MS (FHA|USDA|VA) 1 $14,065,000 $14,065,000 $0 3.50%
Crawfordsville, IN (FHA|USDA|VA) 65 $13,465,000 $207,154 $1,948 2.92%
Bluffton, IN (FHA|USDA|VA) 94 $12,210,000 $129,894 $2,211 2.97%
Decatur, IN (FHA|USDA|VA) 88 $10,650,000 $121,023 $2,355 2.82%
Bozeman, MT (FHA|USDA|VA) 1 $9,445,000 $9,445,000 $0 4.00%
Angola, IN (FHA|USDA|VA) 21 $9,375,000 $446,429 $3,505 2.81%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 47 $9,135,000 $194,362 $2,990 3.07%
KOKOMO, IN (FHA|USDA|VA) 12 $9,060,000 $755,000 $2,827 3.39%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 12 $7,570,000 $630,833 $6,209 2.60%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 5 $7,035,000 $1,407,000 $3,511 3.08%
Plymouth, IN (FHA|USDA|VA) 33 $6,565,000 $198,939 $2,776 3.07%
Auburn, IN (FHA|USDA|VA) 29 $6,435,000 $221,897 $2,933 2.95%
Warsaw, IN (FHA|USDA|VA) 22 $6,300,000 $286,364 $2,236 2.90%
Frankfort, IN (FHA|USDA|VA) 65 $5,815,000 $89,462 $1,748 3.38%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 12 $5,340,000 $445,000 $5,406 2.60%
ANN ARBOR, MI (FHA|USDA|VA) 14 $5,020,000 $358,571 $2,703 3.07%
Huntington, IN (FHA|USDA|VA) 50 $4,940,000 $98,800 $2,273 2.93%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 10 $4,860,000 $486,000 $4,952 2.99%
Wabash, IN (FHA|USDA|VA) 41 $4,235,000 $103,293 $1,977 3.16%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $4,025,000 $4,025,000 $16,331 2.38%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 5 $3,195,000 $639,000 $7,330 2.70%
Traverse City, MI (FHA|USDA|VA) 2 $2,730,000 $1,365,000 $3,497 3.70%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 11 $2,615,000 $237,727 $2,471 3.04%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 3 $2,495,000 $831,667 $5,180 2.79%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 7 $2,445,000 $349,286 $3,514 3.09%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $2,355,000 $2,355,000 $8,209 2.38%
AKRON, OH (FHA|USDA|VA) 5 $2,355,000 $471,000 $4,696 2.60%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 1 $2,145,000 $2,145,000 $0 3.88%
Richmond, IN (FHA|USDA|VA) 21 $1,845,000 $87,857 $2,231 2.95%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 1 $1,625,000 $1,625,000 $0 2.49%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 3 $1,565,000 $521,667 $5,466 2.96%
Connersville, IN (FHA|USDA|VA) 23 $1,495,000 $65,000 $2,144 2.85%
FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 2 $1,430,000 $715,000 $3,803 2.44%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 3 $1,415,000 $471,667 $4,496 2.96%
Kendallville, IN (FHA|USDA|VA) 9 $1,325,000 $147,222 $2,285 2.98%
Sandusky, OH (FHA|USDA|VA) 1 $1,325,000 $1,325,000 $0 3.95%
Peru, IN (FHA|USDA|VA) 13 $1,325,000 $101,923 $1,764 3.41%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 7 $1,265,000 $180,714 $2,891 3.01%
NILES, MI (FHA|USDA|VA) 3 $1,205,000 $401,667 $3,970 2.67%
OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 1 $1,195,000 $1,195,000 $0 4.00%
Logansport, IN (FHA|USDA|VA) 6 $1,120,000 $186,667 $3,753 2.83%
MADISON, WI (FHA|USDA|VA) 1 $1,045,000 $1,045,000 $3,294 2.38%
DAYTON-KETTERING, OH (FHA|USDA|VA) 5 $1,005,000 $201,000 $2,835 2.97%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 2 $980,000 $490,000 $5,346 2.43%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 1 $955,000 $955,000 $0 2.75%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $945,000 $945,000 $3,632 2.50%
Adrian, MI (FHA|USDA|VA) 7 $915,000 $130,714 $2,089 3.26%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 2 $900,000 $450,000 $5,832 2.69%
Mount Vernon, OH (FHA|USDA|VA) 4 $830,000 $207,500 $7,463 3.22%
RALEIGH-CARY, NC (FHA|USDA|VA) 2 $830,000 $415,000 $3,484 2.69%
Heber, UT (FHA|USDA|VA) 2 $800,000 $400,000 $3,806 2.63%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $765,000 $765,000 $5,913 2.63%
Marion, IN (FHA|USDA|VA) 7 $725,000 $103,571 $2,874 2.68%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 2 $720,000 $360,000 $2,901 3.31%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $705,000 $705,000 $5,940 2.38%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 2 $660,000 $330,000 $3,727 2.81%
Greensburg, IN (FHA|USDA|VA) 3 $655,000 $218,333 $4,156 2.83%
Holland, MI (FHA|USDA|VA) 2 $650,000 $325,000 $3,629 2.88%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $630,000 $315,000 $2,713 2.63%
ST. LOUIS, MO-IL (FHA|USDA|VA) 2 $590,000 $295,000 $2,771 2.75%
PUNTA GORDA, FL (FHA|USDA|VA) 2 $580,000 $290,000 $3,497 3.00%
ASHEVILLE, NC (FHA|USDA|VA) 1 $545,000 $545,000 $3,542 3.25%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $545,000 $545,000 $0 2.49%
Sevierville, TN (FHA|USDA|VA) 1 $545,000 $545,000 $5,794 3.38%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 2 $520,000 $260,000 $4,247 2.56%
SAVANNAH, GA (FHA|USDA|VA) 1 $505,000 $505,000 $0 3.99%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $495,000 $495,000 $3,725 3.63%
Coldwater, MI (FHA|USDA|VA) 1 $485,000 $485,000 $3,323 2.63%
JACKSONVILLE, FL (FHA|USDA|VA) 3 $465,000 $155,000 $3,316 3.08%
Sturgis, MI (FHA|USDA|VA) 2 $420,000 $210,000 $2,907 2.88%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 4 $410,000 $102,500 $2,096 2.43%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 1 $375,000 $375,000 $3,245 2.25%
Bellefontaine, OH (FHA|USDA|VA) 2 $330,000 $165,000 $2,756 3.00%
Edwards, CO (FHA|USDA|VA) 1 $325,000 $325,000 $3,359 2.38%
THE VILLAGES, FL (FHA|USDA|VA) 2 $310,000 $155,000 $2,766 2.88%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 1 $305,000 $305,000 $3,254 4.63%
Marquette, MI (FHA|USDA|VA) 1 $305,000 $305,000 $3,220 2.63%
Greenville, OH (FHA|USDA|VA) 5 $305,000 $61,000 $2,725 3.10%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $305,000 $305,000 $3,769 3.25%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 2 $290,000 $145,000 $3,170 2.88%
CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 1 $285,000 $285,000 $2,535 3.00%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $285,000 $285,000 $2,279 2.88%
TUCSON, AZ (FHA|USDA|VA) 1 $275,000 $275,000 $2,849 4.13%
COLUMBUS, IN (FHA|USDA|VA) 1 $265,000 $265,000 $0 4.25%
GRAND JUNCTION, CO (FHA|USDA|VA) 1 $255,000 $255,000 $2,172 2.75%
Boone, NC (FHA|USDA|VA) 1 $255,000 $255,000 $0 2.49%
EVANSVILLE, IN-KY (FHA|USDA|VA) 2 $240,000 $120,000 $2,560 2.63%
DULUTH, MN-WI (FHA|USDA|VA) 1 $225,000 $225,000 $2,984 2.88%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $215,000 $215,000 $2,661 2.75%
MUSKEGON, MI (FHA|USDA|VA) 2 $210,000 $105,000 $0 3.62%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $205,000 $205,000 $3,498 3.00%
Celina, OH (FHA|USDA|VA) 2 $200,000 $100,000 $2,660 3.06%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1 $195,000 $195,000 $0 3.54%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $185,000 $185,000 $1,793 2.75%
MANSFIELD, OH (FHA|USDA|VA) 1 $185,000 $185,000 $6,221 2.38%
SANTA FE, NM (FHA|USDA|VA) 1 $175,000 $175,000 $3,303 2.63%
PITTSBURGH, PA (FHA|USDA|VA) 1 $155,000 $155,000 $3,425 2.75%
Crossville, TN (FHA|USDA|VA) 1 $155,000 $155,000 $0 4.19%
Indiana, PA (FHA|USDA|VA) 1 $155,000 $155,000 $3,709 3.00%
Van Wert, OH (FHA|USDA|VA) 1 $145,000 $145,000 $3,284 3.00%
Somerset, KY (FHA|USDA|VA) 1 $145,000 $145,000 $2,892 3.00%
Cadillac, MI (FHA|USDA|VA) 1 $145,000 $145,000 $2,411 3.38%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $125,000 $125,000 $2,784 3.38%
Madison, IN (FHA|USDA|VA) 1 $115,000 $115,000 $2,640 2.75%
WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 1 $115,000 $115,000 $2,509 3.25%
JACKSON, MI (FHA|USDA|VA) 1 $105,000 $105,000 $0 4.62%
Marion, OH (FHA|USDA|VA) 1 $105,000 $105,000 $2,462 3.75%
HOT SPRINGS, AR (FHA|USDA|VA) 1 $85,000 $85,000 $2,341 3.25%
CANTON-MASSILLON, OH (FHA|USDA|VA) 1 $75,000 $75,000 $2,479 2.25%
Madisonville, KY (FHA|USDA|VA) 1 $75,000 $75,000 $2,473 3.13%
ALEXANDRIA, LA (FHA|USDA|VA) 1 $65,000 $65,000 $0 5.50%
PEORIA, IL (FHA|USDA|VA) 1 $55,000 $55,000 $2,332 3.75%
Seymour, IN (FHA|USDA|VA) 1 $35,000 $35,000 $0 2.49%

First Merchants Bank's top markets include Indianapolis, Chicago, Columbus, Fort Wayne, and Lafayette among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 6,883 $1,535,635,000 $223,105 $2,351 2.94%
FHA 120 $20,950,000 $174,583 $6,219 3.00%
USDA 29 $3,825,000 $131,897 $3,503 2.70%
VA 22 $5,170,000 $235,000 $5,580 2.58%

For the 2021 period, First Merchants Bank's most frequently originated loan type of loans were Conventional, with 6,883 originations. Their 2nd most popular type is FHA, with 120 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 2,461 $421,735,000 $171,367 $2,161 2.97%
Home Purchase 1,896 $747,570,000 $394,288 $2,748 2.86%
Other 1,459 $145,275,000 $99,572 $1,773 2.90%
Cash Out Refi 789 $211,185,000 $267,662 $2,691 3.01%
Home Improvement 449 $39,815,000 $88,675 $1,640 3.11%

For the 2021, First Merchants Bank's most frequently cited loan purpose of loans were Refi, with 2,461 originations. The 2nd most popular reason of loans were Home Purchase, with 1,896 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 5,020 $784,380,000 $156,251 $2,959 2.98%
15 Year 839 $153,635,000 $183,117 $2,309 2.64%
5 Year 444 $84,910,000 $191,239 $7 1.87%
10 Year 270 $76,910,000 $284,852 $1,207 3.87%
20 Year 242 $37,730,000 $155,909 $1,921 3.36%
Other 143 $281,465,000 $1,968,287 $1,346 3.80%
30+ year 45 $38,705,000 $860,111 $5,389 2.80%
1 Year 35 $9,135,000 $261,000 $0 4.31%
3 Year 16 $98,710,000 $6,169,375 $0 3.97%

For the 2021, First Merchants Bank's most frequently cited loan length of loans were 30 Year, with 5,020 originations. The 2nd most popular length of loans were 15 Year, with 839 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 3,321 $626,485,000 $188,643
$1k-2k 371 $95,495,000 $257,399
$2k-3k 67 $14,655,000 $218,731
$3k-4k 34 $9,940,000 $292,353
$5k+ 8 $2,330,000 $291,250

$2,959 of loans were First Merchants Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 3,321 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
<2.5% 2,960 $448,940,000 $151,669
3-4% 1,978 $569,710,000 $288,023
2.5-3% 1,452 $449,580,000 $309,628
4-5% 539 $86,745,000 $160,937
5-6% 59 $4,405,000 $74,661
6-7% 46 $2,990,000 $65,000
7-8% 10 $410,000 $41,000
Over 8% 8 $340,000 $42,500

During 2021, First Merchants Bank's average interest rate of loans were 2.98%, while their most frequently originated rate bucket of loans were <2.5%, with 2,960 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 3,006 $155,820,000 $51,836 $1,480 2.87%
$100k-200k 2,275 $325,885,000 $143,246 $2,592 3.02%
$200k-400k 1,272 $341,720,000 $268,648 $3,029 2.95%
$400k-600k 260 $125,520,000 $482,769 $3,314 2.95%
$600k-1MM 124 $93,140,000 $751,129 $4,222 2.89%
$1MM+ 117 $523,495,000 $4,474,316 $6,509 3.05%

2021 saw First Merchants Bank place emphasis on $100,000 or less loans with 3,006 originations, totaling $155,820,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k or less 1,879 $164,695,000 $87,650 $2,066 2.84%
$50k-75k 1,485 $169,685,000 $114,266 $2,514 2.93%
$100k-150k 1,052 $173,260,000 $164,696 $2,605 2.91%
$75k-100k 937 $124,145,000 $132,492 $2,435 2.92%
$150k-250k 711 $173,905,000 $244,592 $2,858 2.84%
$250k+ 502 $242,510,000 $483,088 $3,973 2.73%

First Merchants Bank lent most frequently to those with incomes in the $50k or less range, with 1,879 originations. The second most popular income band? $50k-75k, with 1,485 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 1,844 $285,580,000 $154,870 $2,437 2.88%
30-36% 1,330 $202,310,000 $152,113 $2,461 2.93%
<20% 1,042 $191,110,000 $183,407 $2,601 2.82%
39% 267 $35,205,000 $131,854 $2,616 2.92%
36% 259 $34,765,000 $134,228 $2,295 2.93%
37% 258 $36,860,000 $142,868 $2,292 2.84%
40% 251 $34,115,000 $135,916 $2,411 2.98%
41% 232 $32,090,000 $138,319 $2,373 2.70%
42% 220 $31,580,000 $143,545 $2,436 2.72%
38% 205 $30,575,000 $149,146 $2,663 2.97%
43% 177 $28,775,000 $162,571 $2,528 2.77%
44% 154 $25,650,000 $166,558 $2,574 2.88%
45% 106 $17,200,000 $162,264 $2,603 2.71%
46% 87 $16,755,000 $192,586 $2,591 2.60%
47% 65 $11,245,000 $173,000 $3,073 2.91%
50-60% 49 $15,135,000 $308,878 $3,882 3.30%
49% 46 $11,550,000 $251,087 $2,512 2.64%
>60% 43 $8,905,000 $207,093 $2,210 4.20%
48% 34 $6,730,000 $197,941 $2,828 2.94%

First Merchants Bank lent most frequently to those with DTI ratios of 20-30%, with 1,844 originations. The next most common DTI ratio? 30-36%, with 1,330 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 5,095 $842,315,000 $165,322 $2,521 2.89%
Not applicable 348 $498,980,000 $1,433,851 $0 3.99%
Not provided 891 $122,915,000 $137,952 $2,431 3.02%
Black 454 $61,770,000 $136,057 $2,587 2.73%
Asian 218 $32,250,000 $147,936 $2,216 2.55%
American Indian 24 $3,150,000 $131,250 $1,895 2.56%
Asian Indian 11 $2,495,000 $226,818 $2,895 2.54%
Chinese 5 $605,000 $121,000 $2,007 2.62%
Other Asian 3 $445,000 $148,333 $1,130 3.90%
Filipino 2 $390,000 $195,000 $0 2.75%
Native Hawaiian 2 $230,000 $115,000 $0 2.49%
Korean 1 $35,000 $35,000 $0 2.49%

Approval Rates

Total approvals of all applications
82.32%

First Merchants Bank has a below average approval rate.

Pick Rate

Approvals leading to origination
78.39%

First Merchants Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 7,054 $1,565,580,000 $221,942

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
7,054 $1,565,580,000 $221,942

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 1,346 $198,620,000 $147,563 $1,987 2.97%
40-60% 1,247 $442,855,000 $355,136 $2,379 2.89%
60-80% 1,917 $568,825,000 $296,727 $2,690 3.07%
80-100% 1,343 $301,725,000 $224,665 $3,093 3.21%
Over 100% 11 $5,705,000 $518,636 $10,564 3.16%
Under 20% 1,182 $46,910,000 $39,687 $227 2.43%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
FIRST MERCHANTS CORPORATION Conventional home mortgage Trouble during payment process 2 100.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
First Merchants Bank 100 E State St, Po Box 210 Pendleton, IN 46064 Full Service B&M $150,516
First Merchants Bank 135 E 154th St Harvey, IL 60426 Full Service B&M $21,235
First Merchants Bank 13505 Main St. Grabill, IN 46741 Full Service B&M $111,443
First Merchants Bank 1401 West Dupont Road Fort Wayne, IN 46825 Full Service B&M $275,053
First Merchants Bank 1405 Baker Place Bluffton, IN 46714 Full Service B&M $150,417
First Merchants Bank 14581 South Dixie Highway Monroe, MI 48161 Full Service B&M $79,234
First Merchants Bank 1460 Grandview Avenue Columbus, OH 43212 Full Service B&M $136,028
First Merchants Bank 14690 South Sanford Road Milan, MI 48160 Full Service B&M $62,321
First Merchants Bank 1500 North Custer Road Monroe, MI 48162 Full Service B&M $84,829
First Merchants Bank 1501 N Nebo Rd Muncie, IN 47304 Full Service B&M $93,205
First Merchants Bank 1526 E 53rd St Anderson, IN 46013 Full Service B&M $71,040
First Merchants Bank 155 N. Main Street Crown Point, IN 46307 Full Service B&M $203,325
First Merchants Bank 1616 East Dublin Granville Road Columbus, OH 43229 Full Service B&M $30,049
First Merchants Bank 1628 W Mcgalliard Road Muncie, IN 47304 Full Service B&M $166,826
First Merchants Bank 22 North Jefferson Street Knightstown, IN 46148 Full Service B&M $40,380
First Merchants Bank 2200 Elmwood Avenue Lafayette, IN 47904 Full Service B&M $71,355
First Merchants Bank 2259 North Morton Street Franklin, IN 46131 Full Service B&M $129,742
First Merchants Bank 2329 North Salisbury Street West Lafayette, IN 47906 Full Service B&M $117,819
First Merchants Bank 2350 Marketplace Blvd Shelbyville, IN 46176 Full Service B&M $73,673
First Merchants Bank 2410 West Road Trenton, MI 48183 Full Service B&M $29,564
First Merchants Bank 250 Main Street Lafayette, IN 47901 Full Service B&M $244,426
First Merchants Bank 2504 Teal Road Lafayette, IN 47905 Full Service B&M $68,164
First Merchants Bank 2517 Fort Street Wyandotte, MI 48192 Full Service B&M $63,221
First Merchants Bank 28417 N. Telegraph Road Flat Rock, MI 48134 Full Service B&M $79,696
First Merchants Bank 2845 Guilford Street Huntington, IN 46750 Full Service B&M $94,571
First Merchants Bank 2862 U.S. Highway 231 S Lafayette, IN 47909 Full Service B&M $166,390
First Merchants Bank 29 E Washington Street Shelbyville, IN 46176 Full Service B&M $57,848
First Merchants Bank 2910 E. 38th Street Indianapolis, IN 46218 Full Service B&M $2,401
First Merchants Bank 2917 Lewis Avenue Ida, MI 48140 Full Service B&M $90,572
First Merchants Bank 3301 Vollmer Road Flossmoor, IL 60422 Full Service B&M $124,255
First Merchants Bank 3333 East State Road 32 Westfield, IN 46074 Full Service B&M $106,888
First Merchants Bank 335 S. College Ave, Suite 101 Oxford, OH 45056 Full Service B&M $32,265
First Merchants Bank 3650 Olentangy River Road, Suite 100 Columbus, OH 43214 Full Service B&M $161,670
First Merchants Bank 3805 North Dixie Highway Monroe, MI 48162 Full Service B&M $57,940
First Merchants Bank 3853 45th Street Highland, IN 46322 Full Service B&M $56,292
First Merchants Bank 3901 South Street Lafayette, IN 47905 Full Service B&M $127,513
First Merchants Bank 400 Noble Creek Drive Noblesville, IN 46060 Full Service B&M $177,161
First Merchants Bank 41128 Ann Arbor Road, Unit 5 Plymouth, MI 48170 Full Service B&M $48,034
First Merchants Bank 6751 West Jefferson Boulevard Fort Wayne, IN 46804 Full Service B&M $193,020
First Merchants Bank 6950 East Main Street Reynoldsburg, OH 43068 Full Service B&M $18,367
First Merchants Bank 707 Ridge Road Munster, IN 46321 Full Service B&M $409,347
First Merchants Bank 7101 West 127th Street Palos Heights, IL 60463 Full Service B&M $69,355
First Merchants Bank 7146 Pelham Road Taylor, MI 48180 Full Service B&M $33,000
First Merchants Bank 7341 Secor Road Lambertville, MI 48144 Full Service B&M $62,671
First Merchants Bank 7435 West Us 52 New Palestine, IN 46163 Full Service B&M $40,979
First Merchants Bank 7648 East Us Hwy 36 Avon, IN 46123 Full Service B&M $133,519
First Merchants Bank 7650 Harvest Drive Schererville, IN 46375 Full Service B&M $101,838
First Merchants Bank 790 W Mill Street Middletown, IN 47356 Full Service B&M $77,559
First Merchants Bank 800 Main Street, Suite 100 Anderson, IN 46016 Full Service B&M $212,136
First Merchants Bank 801 South Tillotson Avenue Muncie, IN 47304 Full Service B&M $67,468
First Merchants Bank 112 W Main St, Po Box 1089 Portland, IN 47371 Full Service B&M $123,289
First Merchants Bank 1121 East Main Street Plainfield, IN 46168 Full Service B&M $153,417
First Merchants Bank 115 W Main St, Po Box 1089 Portland, IN 47371 Limited, Drive-thru $0
First Merchants Bank 11521 Olio Road Fishers, IN 46037 Full Service B&M $121,928
First Merchants Bank 116 East Washington Street Monticello, IN 47960 Full Service B&M $192,776
First Merchants Bank 1204 North Monroe Street Monroe, MI 48162 Full Service B&M $82,672
First Merchants Bank 122-124 West Washington Street, Po Box 67 Winchester, IN 47394 Full Service B&M $87,860
First Merchants Bank 123 Helle Blvd Dundee, MI 48131 Full Service B&M $35,854
First Merchants Bank 1250 N Emerson Avenue Greenwood, IN 46142 Full Service B&M $59,767
First Merchants Bank 1250 North Cass St, Po Box 588 Wabash, IN 46992 Full Service B&M $88,022
First Merchants Bank 12633 Grafton Road Carleton, MI 48117 Full Service B&M $88,321
First Merchants Bank 13323 S Baltimore Ave Chicago, IL 60633 Full Service B&M $30,494
First Merchants Bank 134 South Washington Crawfordsville, IN 47933 Full Service B&M $56,206
First Merchants Bank 1720 45th Street Munster, IN 46321 Full Service B&M $117,467
First Merchants Bank 17505-17507 State Road 37 Harlan, IN 46743 Full Service B&M $73,812
First Merchants Bank 180 W Washington Street Morgantown, IN 46160 Full Service B&M $50,708
First Merchants Bank 1801 North Scatterfield Rd Anderson, IN 46012 Full Service B&M $153,869
First Merchants Bank 1803 E Veterans Memorial Pkwy S, Suite J Lafayette, IN 47909 Full Service B&M $92,885
First Merchants Bank 1810 North State Street Greenfield, IN 46140 Full Service B&M $100,616
First Merchants Bank 200 E Jackson St Muncie, IN 47305 Full Service B&M $954,888
First Merchants Bank 200 East Jackson Street Muncie, IN 47305 Limited, Trust Office $0
First Merchants Bank 200 West Washington Street Rensselaer, IN 47978 Full Service B&M $155,327
First Merchants Bank 201 East Main St Northville, MI 48167 Full Service B&M $44,171
First Merchants Bank 2101 South Madison Street Muncie, IN 47302 Full Service B&M $65,458
First Merchants Bank 2118 Bundy Avenue New Castle, IN 47362 Full Service B&M $172,795
First Merchants Bank 2130 Tremont Center Upper Arlington, OH 43221 Full Service B&M $154,547
First Merchants Bank 437 North Halleck Demotte, IN 46310 Full Service B&M $49,433
First Merchants Bank 450 Bennett Drive Warren, IN 46792 Full Service B&M $46,106
First Merchants Bank 4621 Reed Road Columbus, OH 43220 Full Service B&M $80,920
First Merchants Bank 4740 Indianapolis Boulevard East Chicago, IN 46312 Full Service B&M $101,328
First Merchants Bank 5090 North High Street Columbus, OH 43214 Full Service B&M $32,700
First Merchants Bank 520 North 13th Street Decatur, IN 46733 Full Service B&M $138,802
First Merchants Bank 5311 Hohman Avenue Hammond, IN 46320 Full Service B&M $31,113
First Merchants Bank 5811 Sawmill Road Dublin, OH 43017 Full Service B&M $158,193
First Merchants Bank 5915 N College Ave Indianapolis, IN 46220 Full Service B&M $154,482
First Merchants Bank 60 South Main Street Frankfort, IN 46041 Full Service B&M $78,971
First Merchants Bank 601 East 162nd Street South Holland, IL 60473 Full Service B&M $54,397
First Merchants Bank 6101 Harrison St Merrillville, IN 46410 Full Service B&M $44,708
First Merchants Bank 651 Westfield Rd Noblesville, IN 46060 Full Service B&M $92,306
First Merchants Bank 805 East Columbia Street Flora, IN 46929 Full Service B&M $70,498
First Merchants Bank 8301 South Cass Avenue Darien, IL 60561 Full Service B&M $91,836
First Merchants Bank 832 N Central Ave Connersville, IN 47331 Full Service B&M $39,533
First Merchants Bank 855 Thornapple Way Valparaiso, IN 46385 Full Service B&M $105,907
First Merchants Bank 855 Webster Street, Suite 200 Fort Wayne, IN 46802 Full Service B&M $161,765
First Merchants Bank 9007 Lewis Avenue Temperance, MI 48182 Full Service B&M $121,518
First Merchants Bank 901 S State Rd 135 Greenwood, IN 46143 Full Service B&M $81,880
First Merchants Bank 975 East Main Street Brownsburg, IN 46112 Full Service B&M $158,989
First Merchants Bank 990 West Main Street Peru, IN 46970 Full Service B&M $41,372
First Merchants Bank One East Carmel Drive, Suite 100 Carmel, IN 46032 Full Service B&M $629,618
First Merchants Bank 101 East Division Street Remington, IN 47977 Full Service B&M $61,221
First Merchants Bank 101 South Country Club Road Muncie, IN 47303 Full Service B&M $99,627
First Merchants Bank 101 West Center Street Bourbon, IN 46504 Full Service B&M $52,850
First Merchants Bank 1010 N Samuel Moore Pkwy Mooresville, IN 46158 Full Service B&M $120,859
First Merchants Bank 1011 N Main St, Po Box 476 Lapel, IN 46051 Full Service B&M $55,279
First Merchants Bank 102 East Front Street Monroe, MI 48161 Full Service B&M $336,390
First Merchants Bank 10210 North Michigan Road Carmel, IN 46032 Full Service B&M $95,560
First Merchants Bank 10333 N Meridian St, Ste 350 Carmel, IN 46290 Full Service B&M $402
First Merchants Bank 10403 Leo Road Fort Wayne, IN 46825 Full Service B&M $149,551
First Merchants Bank 107 W Union St, Po Box 217 Liberty, IN 47353 Full Service B&M $82,507
First Merchants Bank 110 North State Road 135 Trafalgar, IN 46181 Full Service B&M $38,623
First Merchants Bank 11075 Isabelle Drive New Haven, IN 46774 Full Service B&M $106,498

For 2021, First Merchants Bank had 111 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $446,577
Net interest income $417,267
Total noninterest income $101,979
Gross Fiduciary activities income $22,406
Service charges on deposit accounts $23,815
Trading account gains and fees $0
Additional Noninterest Income $55,758
Pre-tax net operating income $247,809
Securities gains (or losses, -) $5,674
Income before extraordinary items $215,302
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $215,302
Minority interest net income $0
Net income $215,302
Sale, conversion, retirement of capital stock, net $3,197
Net operating income $210,479

First Merchants Bank's gross interest income from loans was $446,577,000.
First Merchants Bank's net interest income from loans was $417,267,000.
First Merchants Bank's fee based income from loans was $23,815,000.
First Merchants Bank's net income from loans was $215,302,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $29,310
Provision for credit losses $0
Total noninterest expense $271,437
Salaries and employee benefits $163,077
Premises and equipment expense $41,339
Additional noninterest expense $67,021
Applicable income taxes $38,181
Net charge-offs $9,306
Cash dividends $160,000

First Merchants Bank's interest expense for loans was $29,310,000.
First Merchants Bank's payroll and benefits expense were $163,077,000.
First Merchants Bank's property, plant and equipment expenses $41,339,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 0.0%
Real Estate loans 0.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 0.0%
Multifamily residential loans 0.0%
1-4 family residential loans 0.0%
HELOC loans 0.0%
All other family 0.0%
Commercial & industrial loans 0.0%
Personal loans 0.0%
Credit card loans 0.0%
Other individual loans 0.0%
Auto loans 0.0%
Other consumer loans 0.0%
Unsecured commercial real estate loans 0.0%

Deposits

Type Value (in 000's)
Total deposits $12,857,063
Deposits held in domestic offices $12,857,063
Deposits by Individuals, partnerships, and corporations $10,311,571
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $2,544,053
Deposits by Commercial banks and other depository institutions in U.S. $1,439
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $7,828,677
Demand deposits $2,834,132
Nontransaction accounts $5,028,386
Money market deposit accounts (MMDAs) $2,501,343
Other savings deposits (excluding MMDAs) $1,833,459
Total time deposits $693,585
Total time and savings deposits $10,022,931
Noninterest-bearing deposits $2,834,132
Interest-bearing deposits $10,022,931
Retail deposits $12,413,606
IRAs and Keogh plan accounts $150,831
Brokered deposits $345,627
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $15,432,095
Cash & Balances due from depository institutions $634,946
Interest-bearing balances $467,800
Total securities $4,520,479
Federal funds sold & reverse repurchase $0
Net loans and leases $9,057,651
Loan and leases loss allowance $195,397
Trading account assets $0
Bank premises and fixed assets $119,828
Other real estate owned $558
Goodwill and other intangibles $575,111
All other assets $523,522

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $15,432,095
Total Liabilities $13,535,702
Total deposits $12,857,063
Interest-bearing deposits $10,022,931
Deposits held in domestic offices $12,857,063
% insured (estimated) $68
Federal funds purchased and repurchase agreements $181,577
Trading liabilities $0
Other borrowed funds $334,055
Subordinated debt $0
All other liabilities $163,007

Issued Loan Types

Type Value (in 000's)
Net loans and leases $9,057,651
Loan and leases loss allowance $195,397
Total loans and leases (domestic) $9,253,048
All real estate loans $5,506,543
Real estate loans in domestic offices $5,506,543
Construction and development loans $523,066
Residential 1-4 family construction $58,189
Other construction, all land development and other land $464,877
Loans secured by nonfarm nonresidential properties $2,408,614
Nonfarm nonresidential secured by owner-occupied properties $986,720
Commercial real estate & other non-farm, non-residential $1,421,894
Multifamily residential real estate $713,565
1-4 family residential loans $1,691,942
Farmland loans $169,356
Loans held in foreign offices $0
Farm loans $77,086
Commercial and industrial loans $2,714,565
To non-U.S. addressees $0
Loans to individuals $148,218
Credit card loans $0
Related Plans $22,593
Consumer Auto Loans $72,828
Other loans to individuals $52,797
All other loans & leases $806,636
Loans to foreign governments and official institutions $0
Other loans $39,070
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $0
Loans secured by real estate to non-U.S. addressees $924
Restructured Loans & leases $203
Non 1-4 family restructured loans & leases $21
Total loans and leases (foreign) $0

First Merchants Bank had $9,057,651,000 of loans outstanding in 2021. $5,506,543,000 of loans were in real estate loans. $523,066,000 of loans were in development loans. $713,565,000 of loans were in multifamily mortgage loans. $1,691,942,000 of loans were in 1-4 family mortgage loans. $77,086,000 of loans were in farm loans. $0 of loans were in credit card loans. $72,828,000 of loans were in the auto loan category.

Small Business Loans

Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
Nonfarm, nonresidential loans - <$1MM 2,364 $566,986 $239,842
Nonfarm, nonresidential loans - <$100k 489 $19,326 $39,521
Nonfarm, nonresidential loans - $100-250k 716 $84,991 $118,703
Nonfarm, nonresidential loans - $250k-1MM 1,159 $462,669 $399,197
Commercial & Industrial, US addressed loans - <$1MM 6,778 $472,314 $69,683
Commercial & Industrial, US addressed loans - <$100k 4,577 $85,073 $18,587
Commercial & Industrial, US addressed loans - $100-250k 1,024 $89,239 $87,147
Commercial & Industrial, US addressed loans - $250k-1MM 1,177 $298,002 $253,188
Farmland loans - <$1MM 638 $84,779 $132,882
Farmland loans - <$100k 194 $6,381 $32,892
Farmland loans - $100-250k 271 $30,987 $114,343
Farmland loans - $250k-1MM 173 $47,411 $274,052
Agriculture operations loans - <$1MM 569 $36,378 $63,933
Agriculture operations loans - <$100k 335 $8,176 $24,406
Agriculture operations loans - $100-250k 148 $12,372 $83,595
Agriculture operations loans - $250k-1MM 86 $15,830 $184,070