Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
PERFORMANCE GRAPH — Comparison of Five‑Year Cumulative Total Return
The following graph compares the cumulative five-year total return to shareholders of First Merchants Corporation’s common stock relative to the cumulative total returns of the Russell 2000 Index and the KBW Nasdaq Regional Banking Index. The graph assumes that the value of the Corporation’s common stock and each of the indexes, assuming reinvestment of dividends, was $100 on December 31, 2020 and tracks those values through December 31, 2025.
Period Ending
Index 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
First Merchants Corporation $ 100.00 $ 114.99 $ 116.27 $ 109.51 $ 122.46 $ 119.34
Russell 2000 Index 100.00 114.82 91.35 106.82 119.46 134.40
KBW Nasdaq Regional Banking Index 100.00 136.64 127.17 126.67 143.39 152.71
The stock price performance included in this graph is not necessarily indicative of future stock price performance.
COMMON STOCK LISTING
First Merchants Corporation common stock is traded on the Nasdaq Global Select Market under the symbol FRME. At the close of business on February 19, 2026, the number of shares outstanding was 63,392,748. There were 3,842 stockholders of record on that date.
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PART II: ITEM 5. AND ITEM 6.
PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASES
The following table presents information relating to the Corporation’s purchases of equity securities during the three months ended December 31, 2025, as follows:
Period Total Number
of Shares
Purchased (1)
Average
Price Paid
per Share Total Number of Shares
Purchased as part of Publicly announced Plans or Programs (2)
Maximum Number of Shares that may yet be Purchased Under the Plans or Programs (2)
October, 2025 — $ — — 1,987,729
November, 2025 311 $ 36.01 — 1,987,729
December, 2025 272,044 $ 38.29 271,953 1,715,776
Total 272,355 271,953
(1) During the three months ended December 31, 2025, there were 271,953 shares repurchased pursuant to the Corporation’s share repurchase program described in Note (2) below. The amounts in November 2025 and December 2025 include 311 and 91 shares, respectively, repurchased pursuant to net settlement by employees in satisfaction of income tax withholding obligations incurred through the vesting of the Corporation’s restricted stock awards and are not a part of the Corporation’s share repurchase program described in Note (2) below.
(2) On March 18, 2025, the Board of Directors of the Corporation approved a stock repurchase program of up to 2,927,000 shares of the Corporation’s outstanding common stock; provided, however, that the total aggregate investment in shares repurchased under the program may not exceed $100.0 million. The program does not have an expiration date and may be discontinued by the Board at any time. Since commencing the program, the Corporation has repurchased a total of 1,211,224 shares of common stock for a total aggregate investment of $46.9 million.
EQUITY COMPENSATION PLAN INFORMATION
See Item 12 of Part III of this Annual Report on Form 10-K for information regarding securities authorized for issuance under equity compensation plans.
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PART II: ITEM 5. AND ITEM 6.
ITEM 6. [RESERVED]
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PART II: ITEM 7. AND ITEM 7A. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS