First Merchants Bank Mortgage Rates, Fees & Info

Muncie, IN

LEI: S0Q3AHZRL5K6VQE35M07

Tax ID: 35-0508403

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

Mortgage Data

Bank Data

Review & Overview

First Merchants Bank is a smaller bank specializing in Other, Home Purchase, and Refi 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 by origination volume include: Indianapolis, Columbus, Chicago, Fort Wayne, and Lafayette among others. We have data for 109 markets. (Some data included below & more in-depth data is available with an active subscription.)

First Merchants Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. First Merchants Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 6.27% 3/28/24
30 Year Conventional Purchase 6.27% 3/28/24
30 Year Conventional Refi 6.47% 3/28/24
30 Year Cash-out Refi 6.65% 3/28/24
30 Year FHA Purchase 7.47% 3/28/24
30 Year FHA Refi 7.19% 3/28/24
30 Year VA Purchase 6.38% 3/28/24
30 Year USDA Purchase 6.59% 3/28/24
15 Year Conventional Purchase 5.90% 3/28/24
15 Year Conventional Refi 6.53% 3/28/24
15 Year Cash-out Refi 6.53% 3/28/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

First Merchants Bank Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from First Merchants Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

5,627

Origination Dollar Volume (All Markets)

$874,915,000

Employee count

1,887 Show all (22) awards

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market Originations Total Value Average Loan Average Fees Average Rate
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1,653 $239,495,000 $144,885 $2,363 4.34%
COLUMBUS, OH (FHA|USDA|VA) 383 $124,455,000 $324,948 $3,602 4.22%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 633 $100,395,000 $158,602 $2,619 4.24%
FORT WAYNE, IN (FHA|USDA|VA) 518 $76,680,000 $148,031 $2,297 4.21%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 482 $61,790,000 $128,195 $2,094 4.38%
Outside of Metro Areas 404 $53,600,000 $132,673 $1,903 4.45%
MUNCIE, IN (FHA|USDA|VA) 334 $33,890,000 $101,467 $2,134 4.32%
MONROE, MI (FHA|USDA|VA) 146 $18,650,000 $127,740 $2,469 4.44%
New Castle, IN (FHA|USDA|VA) 186 $16,220,000 $87,204 $2,140 4.50%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 84 $14,730,000 $175,357 $2,761 4.49%
Decatur, IN (FHA|USDA|VA) 104 $10,730,000 $103,173 $2,408 4.19%
Bluffton, IN (FHA|USDA|VA) 91 $7,205,000 $79,176 $2,126 4.41%
Warsaw, IN (FHA|USDA|VA) 25 $6,985,000 $279,400 $2,350 4.17%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 8 $6,680,000 $835,000 $6,448 4.13%
Auburn, IN (FHA|USDA|VA) 25 $5,795,000 $231,800 $2,025 4.45%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 4 $5,620,000 $1,405,000 $4,431 4.22%
Plymouth, IN (FHA|USDA|VA) 23 $5,505,000 $239,348 $2,316 4.33%
Crawfordsville, IN (FHA|USDA|VA) 50 $5,160,000 $103,200 $2,369 4.25%
Huntington, IN (FHA|USDA|VA) 64 $5,050,000 $78,906 $2,025 4.17%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 6 $4,900,000 $816,667 $6,564 3.90%
Frankfort, IN (FHA|USDA|VA) 55 $4,875,000 $88,636 $1,665 4.52%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 33 $3,875,000 $117,424 $2,726 4.22%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 9 $3,505,000 $389,444 $4,273 4.26%
DAYTON-KETTERING, OH (FHA|USDA|VA) 5 $3,235,000 $647,000 $0 4.97%
Angola, IN (FHA|USDA|VA) 17 $2,995,000 $176,176 $2,703 3.97%
Wabash, IN (FHA|USDA|VA) 34 $2,850,000 $83,824 $1,763 4.16%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 10 $2,580,000 $258,000 $2,395 4.30%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 4 $2,520,000 $630,000 $6,134 4.65%
TOLEDO, OH (FHA|USDA|VA) 19 $2,365,000 $124,474 $2,981 4.77%
Richmond, IN (FHA|USDA|VA) 16 $2,120,000 $132,500 $2,055 4.32%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 5 $1,915,000 $383,000 $4,554 4.58%
BLOOMINGTON, IN (FHA|USDA|VA) 5 $1,795,000 $359,000 $0 5.16%
Connersville, IN (FHA|USDA|VA) 26 $1,770,000 $68,077 $1,854 4.59%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 5 $1,705,000 $341,000 $3,502 4.00%
Heber, UT (FHA|USDA|VA) 2 $1,400,000 $700,000 $3,366 4.56%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 7 $1,325,000 $189,286 $2,303 4.51%
ANN ARBOR, MI (FHA|USDA|VA) 4 $1,320,000 $330,000 $2,893 4.66%
Edwards, CO (FHA|USDA|VA) 1 $1,095,000 $1,095,000 $3,679 4.13%
Kendallville, IN (FHA|USDA|VA) 6 $1,080,000 $180,000 $2,814 4.39%
Breckenridge, CO (FHA|USDA|VA) 1 $1,045,000 $1,045,000 $4,295 3.88%
Mount Vernon, OH (FHA|USDA|VA) 3 $1,015,000 $338,333 $4,229 3.96%
Salem, OH (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $5,094 3.50%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 3 $995,000 $331,667 $2,731 3.96%
Marion, IN (FHA|USDA|VA) 11 $975,000 $88,636 $1,770 4.63%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $965,000 $965,000 $5,654 4.13%
COLUMBUS, IN (FHA|USDA|VA) 7 $955,000 $136,429 $2,524 4.32%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 6 $840,000 $140,000 $2,063 4.43%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $805,000 $805,000 $5,163 3.88%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 2 $790,000 $395,000 $2,664 4.39%
Peru, IN (FHA|USDA|VA) 16 $770,000 $48,125 $524 5.14%
Bozeman, MT (FHA|USDA|VA) 1 $765,000 $765,000 $4,580 3.88%
Adrian, MI (FHA|USDA|VA) 6 $680,000 $113,333 $2,399 4.88%
PUNTA GORDA, FL (FHA|USDA|VA) 2 $670,000 $335,000 $4,501 3.69%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 2 $670,000 $335,000 $3,380 3.50%
Greenville, OH (FHA|USDA|VA) 8 $660,000 $82,500 $653 5.52%
Sandusky, OH (FHA|USDA|VA) 2 $630,000 $315,000 $3,324 4.25%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $615,000 $615,000 $2,469 3.50%
Traverse City, MI (FHA|USDA|VA) 2 $610,000 $305,000 $2,719 3.75%
TERRE HAUTE, IN (FHA|USDA|VA) 6 $610,000 $101,667 $2,789 4.54%
BURLINGTON, NC (FHA|USDA|VA) 1 $555,000 $555,000 $3,642 4.13%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $505,000 $505,000 $0 3.99%
JACKSON, MI (FHA|USDA|VA) 3 $495,000 $165,000 $2,479 4.50%
Logansport, IN (FHA|USDA|VA) 3 $475,000 $158,333 $2,179 5.96%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 1 $465,000 $465,000 $3,267 4.00%
Coldwater, MI (FHA|USDA|VA) 2 $460,000 $230,000 $2,858 3.31%
KOKOMO, IN (FHA|USDA|VA) 3 $415,000 $138,333 $2,998 3.67%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 3 $405,000 $135,000 $3,088 4.13%
MANSFIELD, OH (FHA|USDA|VA) 1 $365,000 $365,000 $4,590 3.50%
RICHMOND, VA (FHA|USDA|VA) 1 $335,000 $335,000 $3,456 4.00%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $335,000 $335,000 $2,487 3.63%
SALT LAKE CITY, UT (FHA|USDA|VA) 1 $315,000 $315,000 $3,151 3.88%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $295,000 $295,000 $3,883 4.25%
CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 1 $285,000 $285,000 $2,585 4.00%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $275,000 $275,000 $3,896 4.63%
GRAND JUNCTION, CO (FHA|USDA|VA) 1 $255,000 $255,000 $2,264 4.00%
Bellefontaine, OH (FHA|USDA|VA) 1 $255,000 $255,000 $0 3.25%
PANAMA CITY, FL (FHA|USDA|VA) 1 $255,000 $255,000 $2,709 3.88%
BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 1 $235,000 $235,000 $7,987 4.00%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $225,000 $225,000 $2,934 4.25%
Urbana, OH (FHA|USDA|VA) 1 $205,000 $205,000 $2,106 4.00%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $205,000 $205,000 $4,152 4.00%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 1 $205,000 $205,000 $3,696 4.00%
Bucyrus-Galion, OH (FHA|USDA|VA) 1 $195,000 $195,000 $4,395 3.88%
Cambridge, OH (FHA|USDA|VA) 1 $195,000 $195,000 $4,659 3.50%
Chillicothe, OH (FHA|USDA|VA) 1 $195,000 $195,000 $0 3.99%
EVANSVILLE, IN-KY (FHA|USDA|VA) 1 $195,000 $195,000 $2,225 3.50%
Sevierville, TN (FHA|USDA|VA) 1 $185,000 $185,000 $3,220 4.38%
WILMINGTON, NC (FHA|USDA|VA) 1 $175,000 $175,000 $5,240 4.75%
KNOXVILLE, TN (FHA|USDA|VA) 1 $145,000 $145,000 $2,584 3.25%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 1 $145,000 $145,000 $0 3.97%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $135,000 $135,000 $3,128 4.25%
ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $135,000 $135,000 $2,845 4.75%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $135,000 $135,000 $2,847 4.50%
Holland, MI (FHA|USDA|VA) 1 $125,000 $125,000 $2,380 4.50%
AKRON, OH (FHA|USDA|VA) 1 $125,000 $125,000 $2,602 3.25%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 1 $125,000 $125,000 $2,572 4.00%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $115,000 $115,000 $3,154 4.38%
Whitewater, WI (FHA|USDA|VA) 1 $105,000 $105,000 $2,157 3.75%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $105,000 $105,000 $2,979 4.38%
LIMA, OH (FHA|USDA|VA) 1 $85,000 $85,000 $0 5.50%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $85,000 $85,000 $2,476 4.00%
SPRINGFIELD, OH (FHA|USDA|VA) 1 $75,000 $75,000 $2,475 5.00%
Natchez, MS-LA (FHA|USDA|VA) 1 $65,000 $65,000 $0 3.99%
NILES, MI (FHA|USDA|VA) 1 $55,000 $55,000 $0 3.99%
DECATUR, IL (FHA|USDA|VA) 1 $55,000 $55,000 $2,399 3.75%
BOWLING GREEN, KY (FHA|USDA|VA) 1 $55,000 $55,000 $0 3.99%
Greensburg, IN (FHA|USDA|VA) 1 $55,000 $55,000 $0 3.25%
Defiance, OH (FHA|USDA|VA) 1 $55,000 $55,000 $0 3.99%
Celina, OH (FHA|USDA|VA) 1 $45,000 $45,000 $199 5.39%
First Merchants Bank's top markets include Indianapolis, Columbus, Chicago, Fort Wayne, and Lafayette among others.

Their top states include:
  • Indiana (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against First Merchants Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Hoosier Heartland State Bank
    Similarity Rank: 8
    BEACON CREDIT UNION
    Similarity Rank: 52
    BALL STATE FEDERAL CREDIT UNION
    Similarity Rank: 75
    Liberty Bank for Savings
    Similarity Rank: 85
    Industrial Federal Credit Union
    Similarity Rank: 138
    BIRMINGHAM-BLOOMFIELD Credit Union
    Similarity Rank: 159
    Security Federal Savings Bank
    Similarity Rank: 180
    TLC COMMUNITY Credit Union
    Similarity Rank: 196

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,822 $593,000,000 $210,135 $2,308 4.43%
    HELOC 2,580 $250,970,000 $97,275 n/a 4.26%
    FHA 135 $19,025,000 $140,926 $4,762 3.88%
    USDA 49 $4,795,000 $97,857 $2,977 3.71%
    VA 41 $7,125,000 $173,780 $3,780 3.63%

    For 2019, First Merchants Bank's most frequently originated type of loan was Conventional, with 2,822 originations. Their 2nd most popular type was HELOC, with 2,580 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 2,264 $196,110,000 $86,621 $103 4.26%
    Home Purchase 1,708 $350,730,000 $205,345 $2,794 4.26%
    Refi 858 $199,570,000 $232,599 $1,973 4.54%
    Cash Out Refi 489 $105,175,000 $215,082 $2,655 4.24%
    Home Improvement 308 $23,330,000 $75,747 $1,125 4.67%

    For 2019, First Merchants Bank's most frequently cited loan purpose was Other, with 2,264 originations. The 2nd most popular reason was Home Purchase, with 1,708 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 4,424 $599,750,000 $135,567 $2,815 4.21%
    15 Year 472 $73,530,000 $155,784 $1,996 4.02%
    10 Year 240 $49,890,000 $207,875 $648 5.49%
    20 Year 184 $25,920,000 $140,870 $1,409 4.85%
    5 Year 119 $35,635,000 $299,454 $108 5.24%
    Other 88 $41,310,000 $469,432 $450 5.34%
    1 Year 46 $12,530,000 $272,391 $0 6.16%
    30+ year 44 $21,180,000 $481,364 $3,999 4.03%
    3 Year 10 $15,170,000 $1,517,000 $0 5.35%

    For 2019, First Merchants Bank's most frequently cited loan duration was 30 Year, with 4,424 originations. The 2nd most popular length was 15 Year, with 472 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 2,336 $410,090,000 $175,552
    $1k-2k 380 $89,570,000 $235,711
    $2k-3k 34 $7,230,000 $212,647
    $3k-4k 17 $4,105,000 $241,471
    $5k+ 6 $1,830,000 $305,000
    $4k-5k 2 $700,000 $350,000

    First Merchants Bank's average total fees were $2,815, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 2,336 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 3,421 $496,415,000 $145,108
    4-5% 1,167 $255,055,000 $218,556
    5-6% 678 $88,040,000 $129,853
    6-7% 243 $20,015,000 $82,366
    7-8% 49 $3,515,000 $71,735
    Over 8% 44 $1,640,000 $37,273
    2.5-3% 23 $10,185,000 $442,826
    <2.5% 2 $50,000 $25,000

    During 2019, First Merchants Bank's average interest rate for loans was 4.21%, while their most frequently originated rate bucket for loans was 3-4%, with 3,421 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 2,717 $142,395,000 $52,409 $1,654 4.53%
    $100k-200k 1,759 $245,385,000 $139,503 $2,546 4.17%
    $200k-400k 845 $225,785,000 $267,201 $2,932 4.07%
    $400k-600k 185 $87,365,000 $472,243 $3,355 4.10%
    $600k-1MM 65 $48,825,000 $751,154 $3,896 4.24%
    $1MM+ 56 $125,160,000 $2,235,000 $6,622 4.23%

    2019 saw First Merchants Bank place emphasis on $100,000 or less loans with 2,717 originations, totaling $142,395,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 1,374 $113,250,000 $82,424 $2,228 4.39%
    $50k-75k 1,205 $119,775,000 $99,398 $2,354 4.31%
    $100k-150k 965 $142,615,000 $147,788 $2,480 4.24%
    $75k-100k 757 $85,235,000 $112,596 $2,256 4.25%
    $150k-250k 594 $127,640,000 $214,882 $2,853 4.13%
    $250k+ 374 $148,420,000 $396,845 $3,631 4.13%

    First Merchants Bank lent most frequently to those with incomes in the $50k or less range, with 1,374 originations. The second most popular income band? $50k-75k, with 1,205 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 1,594 $215,440,000 $135,157 $2,384 4.19%
    30-36% 1,184 $167,400,000 $141,385 $2,414 4.31%
    <20% 852 $112,080,000 $131,549 $2,308 4.19%
    39% 350 $37,780,000 $107,943 $2,372 4.38%
    36% 239 $29,645,000 $124,038 $2,370 4.39%
    38% 223 $29,865,000 $133,924 $2,341 4.39%
    37% 208 $26,700,000 $128,365 $2,462 4.47%
    40% 106 $16,230,000 $153,113 $2,689 4.28%
    42% 93 $15,585,000 $167,581 $2,751 4.25%
    41% 93 $13,555,000 $145,753 $2,866 4.25%
    44% 86 $14,970,000 $174,070 $2,665 4.36%
    43% 80 $15,350,000 $191,875 $2,831 4.19%
    46% 49 $9,415,000 $192,143 $3,175 4.14%
    45% 48 $10,680,000 $222,500 $2,714 4.29%
    47% 39 $6,695,000 $171,667 $2,776 4.17%
    50-60% 32 $5,340,000 $166,875 $2,910 5.21%
    48% 31 $6,375,000 $205,645 $3,037 4.25%
    >60% 30 $5,810,000 $193,667 $877 5.32%
    49% 16 $2,950,000 $184,375 $2,951 4.47%

    First Merchants Bank lent most frequently to those with DTI ratios of 20-30%, with 1,594 originations. The next most common DTI ratio? 30-36%, with 1,184 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 4,330 $607,120,000 $140,212 $2,450 4.27%
    Not applicable 235 $125,705,000 $534,915 $0 5.21%
    Not provided 707 $94,735,000 $133,996 $2,421 4.38%
    Asian 175 $23,275,000 $133,000 $2,632 4.25%
    Black 140 $17,380,000 $124,143 $2,479 4.37%
    American Indian 16 $3,360,000 $210,000 $3,390 4.59%
    Asian Indian 10 $1,670,000 $167,000 $2,570 3.91%
    Filipino 4 $520,000 $130,000 $199 6.14%
    Native Hawaiian or Islander 2 $450,000 $225,000 $2,210 4.00%
    Japanese 2 $260,000 $130,000 $0 4.75%
    Korean 2 $150,000 $75,000 $0 3.62%
    Other Pacific Islander 2 $130,000 $65,000 $0 3.99%
    Vietnamese 1 $95,000 $95,000 $0 3.99%
    Other Asian 1 $65,000 $65,000 $0 3.99%

    Approval Rates

    Total approvals of all applications
    79.61%

    First Merchants Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    79.39%

    First Merchants Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 5,627 $874,915,000 $155,485

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 4 $2,860,000 $715,000
    Multifamily:Site-Built 118 $84,170,000 $713,305
    Single Family (1-4 Units):Manufactured 93 $5,905,000 $63,495
    Single Family (1-4 Units):Site-Built 5,412 $781,980,000 $144,490

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1,090 $94,730,000 $86,908 $1,419 4.34%
    40-60% 788 $130,280,000 $165,330 $2,089 4.25%
    60-80% 1,495 $322,515,000 $215,729 $2,537 4.29%
    80-100% 1,407 $282,135,000 $200,522 $2,781 4.18%
    Over 100% 21 $9,905,000 $471,667 $4,875 4.92%
    Under 20% 810 $33,080,000 $40,840 $305 4.66%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    FIRST HORIZON BANK VA mortgage Closing on a mortgage 1 6.7%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Trouble during payment process 3 20.0%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Closing on a mortgage 1 6.7%
    FIRST HORIZON BANK FHA mortgage Trouble during payment process 2 13.3%
    FIRST HORIZON BANK FHA mortgage Struggling to pay mortgage 1 6.7%
    FIRST HORIZON BANK Conventional home mortgage Trouble during payment process 4 26.7%
    FIRST HORIZON BANK Conventional home mortgage Struggling to pay mortgage 1 6.7%
    FIRST HORIZON BANK Other type of mortgage Trouble during payment process 1 6.7%
    FIRST HORIZON BANK VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 6.7%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    First Merchants Bank 112 W Main St, Po Box 1089 Portland, IN 47371 Full Service B&M $126,051
    First Merchants Bank 100 E State St, Po Box 210 Pendleton, IN 46064 Full Service B&M $114,640
    First Merchants Bank 1007 South 10th Street Noblesville, IN 46060 Limited, Drive-thru $0
    First Merchants Bank 101 East Division Street Remington, IN 47977 Full Service B&M $80,610
    First Merchants Bank 101 South Country Club Road Muncie, IN 47303 Full Service B&M $91,012
    First Merchants Bank 101 West Center Street Bourbon, IN 46504 Full Service B&M $51,819
    First Merchants Bank 1010 N Samuel Moore Pkwy Mooresville, IN 46158 Full Service B&M $85,594
    First Merchants Bank 1011 N Main St, Po Box 476 Lapel, IN 46051 Full Service B&M $39,820
    First Merchants Bank 10210 North Michigan Road Carmel, IN 46032 Full Service B&M $55,623
    First Merchants Bank 103 N Prairie St. Brookston, IN 47923 Full Service B&M $37,637
    First Merchants Bank 10333 N Meridian St, Ste 350 Indianapolis, IN 46290 Full Service B&M $317
    First Merchants Bank 10403 Leo Road Fort Wayne, IN 46825 Full Service B&M $72,616
    First Merchants Bank 107 W Union St, Po Box 217 Liberty, IN 47353 Full Service B&M $47,507
    First Merchants Bank 1088 West Broadway Street Monticello, IN 47960 Full Service Retail $21,389
    First Merchants Bank 110 North State Road 135 Trafalgar, IN 46181 Full Service B&M $27,804
    First Merchants Bank 1100 East Joliet Street Dyer, IN 46311 Full Service B&M $41,464
    First Merchants Bank 1100 South Peru Street Cicero, IN 46034 Full Service B&M $34,408
    First Merchants Bank 11075 Isabelle Drive New Haven, IN 46774 Full Service B&M $57,843
    First Merchants Bank 11100 W 109th Ave Saint John, IN 46373 Full Service B&M $27,754
    First Merchants Bank 1121 East Main Street Plainfield, IN 46168 Full Service B&M $87,447
    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 $67,075
    First Merchants Bank 116 East Washington Street Monticello, IN 47960 Full Service B&M $114,904
    First Merchants Bank 11991 Fishers Crossing Drive Fishers, IN 46038 Full Service B&M $25,711
    First Merchants Bank 1202 North Park Avenue Alexandria, IN 46001 Full Service B&M $29,419
    First Merchants Bank 122-124 West Washington Street, Po Box 67 Winchester, IN 47394 Full Service B&M $58,335
    First Merchants Bank 1250 N Emerson Avenue Greenwood, IN 46142 Full Service B&M $24,793
    First Merchants Bank 1250 North Cass St, Po Box 588 Wabash, IN 46992 Full Service B&M $65,689
    First Merchants Bank 1275 Us Hwy 31 Greenwood, IN 46142 Full Service B&M $24,847
    First Merchants Bank 1300 Mercer Avenue Decatur, IN 46733 Full Service B&M $2,424
    First Merchants Bank 13323 S Baltimore Ave Chicago, IL 60633 Full Service B&M $24,481
    First Merchants Bank 134 South Washington Crawfordsville, IN 47933 Full Service B&M $48,808
    First Merchants Bank 135 E 154th St Harvey, IL 60426 Full Service B&M $13,172
    First Merchants Bank 13505 Main St. Grabill, IN 46741 Full Service B&M $86,040
    First Merchants Bank 13839 Amstutz Road Leo, IN 46765 Full Service B&M $58,023
    First Merchants Bank 1401 West Dupont Road Fort Wayne, IN 46825 Full Service B&M $177,119
    First Merchants Bank 1405 Baker Place Bluffton, IN 46714 Full Service B&M $66,657
    First Merchants Bank 14500 West Davis Drive Daleville, IN 47334 Full Service B&M $32,227
    First Merchants Bank 1460 Grandview Avenue Columbus, OH 43212 Full Service B&M $78,909
    First Merchants Bank 1501 N Nebo Rd Muncie, IN 47304 Full Service B&M $54,300
    First Merchants Bank 1526 E 53rd St Anderson, IN 46013 Full Service B&M $43,925
    First Merchants Bank 155 N. Main Street Crown Point, IN 46307 Full Service B&M $110,992
    First Merchants Bank 1616 East Dublin Granville Road Columbus, OH 43229 Full Service B&M $15,954
    First Merchants Bank 1628 W Mcgalliard Road Muncie, IN 47304 Full Service B&M $107,104
    First Merchants Bank 1717 South Harrison Plaza Bluffton, IN 46714 Full Service B&M $39,283
    First Merchants Bank 1720 45th Street Munster, IN 46321 Full Service B&M $108,075
    First Merchants Bank 17505-17507 State Road 37 Harlan, IN 46743 Full Service B&M $53,310
    First Merchants Bank 180 East Morse Street Markle, IN 46770 Full Service B&M $31,975
    First Merchants Bank 180 W Washington Street Morgantown, IN 46160 Full Service B&M $44,589
    First Merchants Bank 1801 North Scatterfield Rd Anderson, IN 46012 Full Service B&M $48,081
    First Merchants Bank 1803 E Veterans Memorial Pkwy S, Suite J Lafayette, IN 47909 Full Service B&M $63,561
    First Merchants Bank 1810 North State Street Greenfield, IN 46140 Full Service B&M $79,596
    First Merchants Bank 200 East Jackson Street Muncie, IN 47305 Limited, Trust Office $0
    First Merchants Bank 200 East Jackson Street Muncie, IN 47305 Full Service B&M $1,119,810
    First Merchants Bank 200 West Washington Street Rensselaer, IN 47978 Full Service B&M $106,373
    First Merchants Bank 2101 South Madison Street Muncie, IN 47302 Full Service B&M $58,680
    First Merchants Bank 2118 Bundy Avenue New Castle, IN 47362 Full Service B&M $139,694
    First Merchants Bank 2130 Tremont Center Upper Arlington, OH 43221 Full Service B&M $103,119
    First Merchants Bank 22 North Jefferson Street Knightstown, IN 46148 Full Service B&M $32,620
    First Merchants Bank 2200 Elmwood Avenue Lafayette, IN 47904 Full Service B&M $61,211
    First Merchants Bank 2206 Chester Blvd Richmond, IN 47374 Full Service B&M $30,100
    First Merchants Bank 2259 North Morton Street Franklin, IN 46131 Full Service B&M $84,435
    First Merchants Bank 2329 North Salisbury Street West Lafayette, IN 47906 Full Service B&M $93,066
    First Merchants Bank 2350 Marketplace Blvd Shelbyville, IN 46176 Full Service B&M $20,227
    First Merchants Bank 250 Main Street Lafayette, IN 47901 Full Service B&M $152,613
    First Merchants Bank 2504 Teal Road Lafayette, IN 47905 Full Service B&M $58,653
    First Merchants Bank 2845 Guilford Street Huntington, IN 46750 Full Service B&M $21,469
    First Merchants Bank 2862 U.S. Highway 231 S Lafayette, IN 47909 Full Service B&M $57,813
    First Merchants Bank 29 E Washington Street Shelbyville, IN 46176 Full Service B&M $46,310
    First Merchants Bank 3245 North High Street Columbus, OH 43202 Full Service B&M $15,333
    First Merchants Bank 3301 Vollmer Road Flossmoor, IL 60422 Full Service B&M $42,170
    First Merchants Bank 3333 East State Road 32 Westfield, IN 46074 Full Service B&M $58,793
    First Merchants Bank 335 S. College Ave, Suite 101 Oxford, OH 45056 Full Service B&M $25,138
    First Merchants Bank 3650 Olentangy River Road, Suite 100 Columbus, OH 43214 Full Service B&M $166,873
    First Merchants Bank 3853 45th Street Highland, IN 46322 Full Service B&M $43,672
    First Merchants Bank 3901 South Street Lafayette, IN 47905 Full Service B&M $93,160
    First Merchants Bank 400 Noble Creek Drive Noblesville, IN 46060 Full Service B&M $93,614
    First Merchants Bank 437 North Halleck Demotte, IN 46310 Full Service B&M $39,742
    First Merchants Bank 450 Bennett Drive Warren, IN 46792 Full Service B&M $43,465
    First Merchants Bank 450 West Chestnut Street Union City, IN 47390 Full Service B&M $17,757
    First Merchants Bank 4621 Reed Road Columbus, OH 43220 Full Service B&M $78,377
    First Merchants Bank 4740 Indianapolis Boulevard East Chicago, IN 46312 Full Service B&M $81,590
    First Merchants Bank 488 West Main Street Morristown, IN 46161 Full Service B&M $34,675
    First Merchants Bank 5090 North High Street Columbus, OH 43214 Full Service B&M $17,674
    First Merchants Bank 520 North 13th Street Decatur, IN 46733 Full Service B&M $103,753
    First Merchants Bank 5311 Hohman Avenue Hammond, IN 46320 Full Service B&M $26,933
    First Merchants Bank 5801 West Bethel Avenue Muncie, IN 47304 Full Service B&M $4,697
    First Merchants Bank 5811 Sawmill Road Dublin, OH 43017 Full Service B&M $113,034
    First Merchants Bank 5915 N College Ave Indianapolis, IN 46220 Full Service B&M $71,749
    First Merchants Bank 60 South Main Street Frankfort, IN 46041 Full Service B&M $56,763
    First Merchants Bank 601 East 162nd Street South Holland, IL 60473 Full Service B&M $46,325
    First Merchants Bank 6101 Harrison St Merrillville, IN 46410 Full Service B&M $42,250
    First Merchants Bank 651 Westfield Rd Noblesville, IN 46060 Full Service B&M $44,295
    First Merchants Bank 6751 West Jefferson Boulevard Fort Wayne, IN 46804 Full Service B&M $96,079
    First Merchants Bank 6950 East Main Street Reynoldsburg, OH 43068 Full Service B&M $18,445
    First Merchants Bank 707 Ridge Road Munster, IN 46321 Full Service B&M $381,789
    First Merchants Bank 7101 West 127th Street Palos Heights, IL 60463 Full Service B&M $65,288
    First Merchants Bank 7231 171st St Tinley Park, IL 60477 Full Service B&M $61,245
    First Merchants Bank 7435 West Us 52 New Palestine, IN 46163 Full Service B&M $33,835
    First Merchants Bank 7648 East Us Hwy 36 Avon, IN 46123 Full Service B&M $107,384
    First Merchants Bank 7650 Harvest Drive Schererville, IN 46375 Full Service B&M $49,196
    First Merchants Bank 790 W Mill Street Middletown, IN 47356 Full Service B&M $63,395
    First Merchants Bank 800 Main Street, Suite 100 Anderson, IN 46016 Full Service B&M $122,940
    First Merchants Bank 801 South Tillotson Avenue Muncie, IN 47304 Full Service B&M $54,403
    First Merchants Bank 805 East Columbia Street Flora, IN 46929 Full Service B&M $46,381
    First Merchants Bank 830 Logan Street Noblesville, IN 46060 Full Service B&M $26,726
    First Merchants Bank 8301 South Cass Avenue Darien, IL 60561 Full Service B&M $68,131
    First Merchants Bank 832 N Central Ave Connersville, IN 47331 Full Service B&M $31,663
    First Merchants Bank 855 Thornapple Way Valparaiso, IN 46385 Full Service B&M $82,901
    First Merchants Bank 855 Webster Street, Suite 200 Fort Wayne, IN 46802 Full Service B&M $34,282
    First Merchants Bank 901 S State Rd 135 Greenwood, IN 46143 Full Service B&M $56,145
    First Merchants Bank 975 East Main Street Brownsburg, IN 46112 Full Service B&M $125,903
    First Merchants Bank 990 West Main Street Peru, IN 46970 Full Service B&M $33,489
    First Merchants Bank One East Carmel Drive, Suite 100 Carmel, IN 46032 Full Service B&M $431,480

    For 2019, First Merchants Bank had 114 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $465,240
    Net interest income $364,804
    Total noninterest income $81,306
    Gross Fiduciary activities income $15,114
    Service charges on deposit accounts $23,209
    Trading account gains and fees $0
    Additional Noninterest Income $42,983
    Pre-tax net operating income $203,624
    Securities gains (or losses, -) $4,418
    Income before extraordinary items $175,159
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $175,159
    Minority interest net income $0
    Net income $175,159
    Sale, conversion, retirement of capital stock, net $2,775
    Net operating income $171,447

    First Merchants Bank's gross interest income from loans was $465,240,000.
    First Merchants Bank's net interest income from loans was $364,804,000.
    First Merchants Bank's fee based income from loans was $23,209,000.
    First Merchants Bank's net income from loans was $175,159,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $100,436
    Provision for credit losses $2,800
    Total noninterest expense $239,686
    Salaries and employee benefits $140,497
    Premises and equipment expense $34,588
    Additional noninterest expense $64,601
    Applicable income taxes $32,883
    Net charge-offs $3,068
    Cash dividends $125,000

    First Merchants Bank's interest expense for loans was $100,436,000.
    First Merchants Bank's payroll and benefits expense were $140,497,000.
    First Merchants Bank's property, plant and equipment expenses $34,588,000.

    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 $9,964,664
    Deposits held in domestic offices $9,964,664
    Deposits by Individuals, partnerships, and corporations $8,312,436
    Deposits by U.S. Government $25
    Deposits by States and political subdivisions in the U.S. $1,651,214
    Deposits by Commercial banks and other depository institutions in U.S. $989
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $909,226
    Demand deposits $529,841
    Nontransaction accounts $9,055,438
    Money market deposit accounts (MMDAs) $1,487,537
    Other savings deposits (excluding MMDAs) $5,874,689
    Total time deposits $1,693,212
    Total time and savings deposits $9,434,823
    Noninterest-bearing deposits $1,861,104
    Interest-bearing deposits $8,103,560
    Retail deposits $9,110,321
    IRAs and Keogh plan accounts $179,765
    Brokered deposits $562,285
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $12,430,349
    Cash & Balances due from depository institutions $288,022
    Interest-bearing balances $110,821
    Total securities $2,594,014
    Federal funds sold & reverse repurchase $0
    Net loans and leases $8,388,063
    Loan and leases loss allowance $80,284
    Trading account assets $0
    Bank premises and fixed assets $129,941
    Other real estate owned $7,527
    Goodwill and other intangibles $579,961
    All other assets $442,821

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $12,430,349
    Total Liabilities $10,643,343
    Total deposits $9,964,664
    Interest-bearing deposits $8,103,560
    Deposits held in domestic offices $9,964,664
    % insured (estimated) $74
    Federal funds purchased and repurchase agreements $242,946
    Trading liabilities $0
    Other borrowed funds $351,072
    Subordinated debt $0
    All other liabilities $84,661

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $8,388,063
    Loan and leases loss allowance $80,284
    Total loans and leases (domestic) $8,468,347
    All real estate loans $5,578,817
    Real estate loans in domestic offices $5,578,817
    Construction and development loans $787,568
    Residential 1-4 family construction $68,180
    Other construction, all land development and other land $719,388
    Loans secured by nonfarm nonresidential properties $2,213,704
    Nonfarm nonresidential secured by owner-occupied properties $909,695
    Commercial real estate & other non-farm, non-residential $1,304,009
    Multifamily residential real estate $598,683
    1-4 family residential loans $1,738,551
    Farmland loans $240,311
    Loans held in foreign offices $0
    Farm loans $93,861
    Commercial and industrial loans $2,109,879
    To non-U.S. addressees $0
    Loans to individuals $138,676
    Credit card loans $275
    Related Plans $15,865
    Consumer Auto Loans $61,153
    Other loans to individuals $61,383
    All other loans & leases $547,114
    Loans to foreign governments and official institutions $0
    Other loans $18,894
    Loans to depository institutions and acceptances of other banks $5,051
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $1,283
    Restructured Loans & leases $398
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    First Merchants Bank had $8,388,063,000 of loans outstanding in 2019. $5,578,817,000 of loans were in real estate loans. $787,568,000 of loans were in development loans. $598,683,000 of loans were in multifamily mortgage loans. $1,738,551,000 of loans were in 1-4 family mortgage loans. $93,861,000 of loans were in farm loans. $275,000 of loans were in credit card loans. $61,153,000 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 2,774 $606,066 $218,481
    Nonfarm, nonresidential loans - <$100k 633 $26,342 $41,615
    Nonfarm, nonresidential loans - $100-250k 897 $102,814 $114,620
    Nonfarm, nonresidential loans - $250k-1MM 1,244 $476,910 $383,368
    Commercial & Industrial, US addressed loans - <$1MM 6,502 $467,076 $71,836
    Commercial & Industrial, US addressed loans - <$100k 4,320 $81,797 $18,934
    Commercial & Industrial, US addressed loans - $100-250k 1,037 $89,013 $85,837
    Commercial & Industrial, US addressed loans - $250k-1MM 1,145 $296,266 $258,748
    Farmland loans - <$1MM 834 $106,923 $128,205
    Farmland loans - <$100k 282 $10,911 $38,691
    Farmland loans - $100-250k 343 $39,823 $116,102
    Farmland loans - $250k-1MM 209 $56,189 $268,847
    Agriculture operations loans - <$1MM 675 $48,699 $72,147
    Agriculture operations loans - <$100k 401 $10,004 $24,948
    Agriculture operations loans - $100-250k 173 $18,013 $104,121
    Agriculture operations loans - $250k-1MM 101 $20,682 $204,772