HIGHBuilt-inGeographic
Indiana, Ohio, Michigan
“10-K Item 1: 'The Bank includes 111 banking locations in Indiana, Ohio, and Michigan.'”
FRME · Concentration risk · 10-K extracted
First Merchants (FRME) concentration risks
Updated
The most significant concentration First Merchants discloses is Indiana, Ohio, Michigan, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: First Merchants’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH2
MEDIUM0
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHBuilt-inRegulatory
FDIC and Indiana DFI
“10-K Item 1: 'The Bank is subject to the primary regulatory oversight, supervision and examination of the FDIC and the Indiana DFI.'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The bank's disclosed concentration profile is defined by two high-share structural exposures — geography and regulatory oversight — that are characteristic of a community bank with a tightly defined regional footprint. The geographic concentration is the more economically material of the two. The bank operates 111 banking locations in Indiana, Ohio, and Michigan, a high-share structural exposure by disclosed size. These three contiguous Midwestern states represent the entire disclosed footprint, meaning the bank's loan quality, deposit growth, and net interest income are directly tied to the economic conditions, employment trends, and real estate dynamics of that tri-state corridor. Automotive sector cycles, manufacturing trends, and agricultural conditions in the Midwest are the primary macro drivers of credit performance. A region-specific downturn — such as an automotive demand contraction or industrial retrenchment — would affect the lending portfolio without offsetting exposure in other geographies. The regulatory dimension — primary oversight by the FDIC and the Indiana Department of Financial Institutions — is a high-share structural exposure by disclosed size, but its character is standard for a state-chartered bank and does not represent an unusual idiosyncratic risk relative to peer community banks. Regulatory concentration in state and federal banking agencies is expected and well-understood. Together, the geographic concentration in Indiana, Ohio, and Michigan is the dominant variable in the disclosed profile and the primary factor worth monitoring from a credit quality and regional economic sensitivity standpoint. No customer, product, or supplier concentrations are disclosed.
For the engine’s reasoning on FRME’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Banks - Regional
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| ASB | Associated Banc-Corp | 2 | 3 | 0 | 5 |
| BANC | Banc of California, Inc. | 2 | 0 | 0 | 2 |
| FRME● | First Merchants Corporation | 2 | 0 | 0 | 2 |
| AX | Axos Financial, Inc. | 1 | 1 | 0 | 2 |
| AUB | Atlantic Union Bankshares Corpo | 0 | 3 | 0 | 3 |
| ABCB | Ameris Bancorp | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.