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Side-by-side financial comparison of FIRST COMMONWEALTH FINANCIAL CORP (FCF) and FIRST MERCHANTS CORP (FRME). Click either name above to swap in a different company.
FIRST MERCHANTS CORP is the larger business by last-quarter revenue ($157.1M vs $133.7M, roughly 1.2× FIRST COMMONWEALTH FINANCIAL CORP). FIRST COMMONWEALTH FINANCIAL CORP runs the higher net margin — 28.1% vs 17.9%, a 10.2% gap on every dollar of revenue. Over the past eight quarters, FIRST COMMONWEALTH FINANCIAL CORP's revenue compounded faster (5.5% CAGR vs -0.9%).
First Commonwealth Financial Corp is a Pennsylvania-based regional financial services holding company. It offers consumer and commercial banking products, loans, wealth management, and insurance services for individuals, small and mid-sized enterprises across central and western Pennsylvania and Ohio.
First Merchants Corporation is a financial holding company in Central Indiana, headquartered in Muncie, Indiana. The Corporation includes First Merchants Bank and First Merchants Private Wealth Advisors. The company is listed on the NASDAQ as FRME. As of March 2023, total asset size of First Merchants Corporation was $18.2 billion. First Merchants offers commercial banking, personal banking, and investment advisor services.
FCF vs FRME — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $133.7M | $157.1M |
| Net Profit | $37.5M | $28.2M |
| Gross Margin | — | — |
| Operating Margin | — | — |
| Net Margin | 28.1% | 17.9% |
| Revenue YoY | 13.0% | — |
| Net Profit YoY | -16.3% | -49.1% |
| EPS (diluted) | $0.37 | $0.45 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $133.7M | $157.1M | ||
| Q4 25 | $137.9M | $172.2M | ||
| Q3 25 | $136.0M | $166.1M | ||
| Q2 25 | $131.0M | $164.3M | ||
| Q1 25 | $118.0M | $160.3M | ||
| Q4 24 | $120.4M | $177.1M | ||
| Q3 24 | $121.2M | $156.0M | ||
| Q2 24 | $120.2M | $159.9M |
| Q1 26 | $37.5M | $28.2M | ||
| Q4 25 | $44.9M | $57.1M | ||
| Q3 25 | $41.3M | $56.8M | ||
| Q2 25 | $33.4M | $56.8M | ||
| Q1 25 | $32.7M | $55.3M | ||
| Q4 24 | $35.8M | $64.3M | ||
| Q3 24 | $32.1M | $49.2M | ||
| Q2 24 | $37.1M | $39.9M |
| Q1 26 | — | — | ||
| Q4 25 | 40.9% | 38.0% | ||
| Q3 25 | 38.1% | 39.3% | ||
| Q2 25 | 32.1% | 39.6% | ||
| Q1 25 | 34.8% | 39.4% | ||
| Q4 24 | 37.1% | 43.3% | ||
| Q3 24 | 33.4% | 36.1% | ||
| Q2 24 | 38.7% | 27.5% |
| Q1 26 | 28.1% | 17.9% | ||
| Q4 25 | 32.5% | 33.1% | ||
| Q3 25 | 30.4% | 34.2% | ||
| Q2 25 | 25.5% | 34.6% | ||
| Q1 25 | 27.7% | 34.5% | ||
| Q4 24 | 29.8% | 36.3% | ||
| Q3 24 | 26.5% | 31.5% | ||
| Q2 24 | 30.9% | 25.0% |
| Q1 26 | $0.37 | $0.45 | ||
| Q4 25 | $0.44 | $0.98 | ||
| Q3 25 | $0.39 | $0.98 | ||
| Q2 25 | $0.32 | $0.98 | ||
| Q1 25 | $0.32 | $0.94 | ||
| Q4 24 | $0.35 | $1.09 | ||
| Q3 24 | $0.31 | $0.84 | ||
| Q2 24 | $0.36 | $0.68 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | — |
| Total DebtLower is stronger | $154.9M | — |
| Stockholders' EquityBook value | $1.6B | $2.7B |
| Total Assets | $12.3B | $21.1B |
| Debt / EquityLower = less leverage | 0.10× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $154.9M | — | ||
| Q4 25 | $261.7M | — | ||
| Q3 25 | $262.1M | — | ||
| Q2 25 | $262.4M | — | ||
| Q1 25 | $262.7M | — | ||
| Q4 24 | $263.0M | — | ||
| Q3 24 | $136.3M | — | ||
| Q2 24 | $136.6M | — |
| Q1 26 | $1.6B | $2.7B | ||
| Q4 25 | $1.6B | $2.5B | ||
| Q3 25 | $1.5B | $2.4B | ||
| Q2 25 | $1.5B | $2.3B | ||
| Q1 25 | $1.4B | $2.3B | ||
| Q4 24 | $1.4B | $2.3B | ||
| Q3 24 | $1.4B | $2.3B | ||
| Q2 24 | $1.4B | $2.2B |
| Q1 26 | $12.3B | $21.1B | ||
| Q4 25 | $12.3B | $19.0B | ||
| Q3 25 | $12.3B | $18.8B | ||
| Q2 25 | $12.2B | $18.6B | ||
| Q1 25 | $11.8B | $18.4B | ||
| Q4 24 | $11.6B | $18.3B | ||
| Q3 24 | $12.0B | $18.3B | ||
| Q2 24 | $11.6B | $18.3B |
| Q1 26 | 0.10× | — | ||
| Q4 25 | 0.17× | — | ||
| Q3 25 | 0.17× | — | ||
| Q2 25 | 0.17× | — | ||
| Q1 25 | 0.18× | — | ||
| Q4 24 | 0.19× | — | ||
| Q3 24 | 0.10× | — | ||
| Q2 24 | 0.10× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FCF
Segment breakdown not available.
FRME
| Net Interest Income | $151.3M | 96% |
| Noninterest Income | $5.8M | 4% |
