First Bancorp (FBNC) vs First Merchants (FRME)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 9, 2026.
Summary
First Bancorp (FBNC) has outperformed First Merchants (FRME) over the past year, gaining 17.9% versus a gain of 4.8%. Over five years, FBNC leads with a +30.2% price change compared with -7.7% for FRME. First Merchants is the larger company by market cap ($2.49 billion vs $2.47 billion), about 1.0 times the size.
On valuation, First Merchants trades at a lower forward P/E (8.9x vs 11.9x for First Bancorp). First Merchants offers the higher dividend yield (3.66% vs 1.57%). First Bancorp converts more of its revenue into profit, with a net margin of 164.2% versus 34.1%.
Summary generated from market data by MetaCap's automated system. Methodology
Relative performance
Percent change in share price from the first common trading day shown; excludes dividends.
Head-to-head
| Metric | FBNC | FRME |
|---|---|---|
| Share price | $59.73 | $39.59 |
| Market cap | $2.47B | $2.49B |
| 1-day change | +1.37% | +0.76% |
| YTD return | +17.60% | +5.63% |
| 1-year return | +17.88% | +4.79% |
| 5-year return | +30.19% | -7.72% |
| P/E ratio (TTM) | 18.55 | 12.73 |
| Forward P/E | 11.85 | 8.86 |
| EPS (TTM) | $3.22 | $3.11 |
| Dividend yield | 1.57% | 3.66% |
| Annual dividend | $0.94 | $1.45 |
| Revenue (latest FY) | $67.62M | $662.95M |
| Revenue growth (YoY) | -3.57% | +2.51% |
| Net income (latest FY) | $111.05M | $226.00M |
| Net margin | 164.22% | 34.09% |
| 52-week high | $66.78 | $45.33 |
| 52-week low | $45.96 | $34.66 |
| Distance from 52-week high | -10.56% | -12.66% |
| Analyst consensus | buy | buy |
| Avg. price target upside | +15.52% | +18.29% |
| Average volume | 225.31K | 462.61K |
| Shares outstanding | 41.40M | 62.80M |
| Employees | 1,396 | 2,086 |
| Sector | Financial Services | Finance |
| Industry | Banks - Regional | Major Banks |
Highlighted cells mark the higher value for growth, returns, margins and yield, and the lower value for P/E ratios. Highlighting is a mechanical comparison, not a recommendation.
Key differences
- FBNC has outperformed FRME by 13.1 percentage points over the past year.
- First Bancorp trades at a higher earnings multiple (18.5x vs 12.7x trailing P/E).
- First Merchants offers a meaningfully higher dividend yield (3.66% vs 1.57%).
- First Bancorp is more profitable, keeping 164.2 cents of every revenue dollar as net income versus 34.1 cents for First Merchants.
- First Merchants grew revenue faster in its latest fiscal year (+2.51% vs -3.57%).
- The two companies sit in different sectors: First Bancorp in Financial Services and First Merchants in Finance.
About First Bancorp
FBNC stock →First Bancorp operates as the bank holding company for First Bank that provides banking products and services for individuals and businesses. The company accepts deposit products, such as checking, savings, and money market accounts; and time deposits, including certificate of deposits and individual retirement accounts.
Financial Services · Banks - Regional · 1,396 employees
About First Merchants
FRME stock →First Merchants Corporation operates as the financial holding company for First Merchants Bank that provides commercial and consumer banking services. The company offers a range of financial services, including checking, savings, and deposit products; debit and credit cards; mortgages, refinance, construction or renovation of residential properties, agricultural lending, treasury management services and depository products.
Finance · Major Banks · 2,086 employees
FBNC vs FRME FAQ
Which is bigger, First Bancorp or First Merchants?
First Merchants (FRME) is larger, with a market capitalization of $2.49B compared with $2.47B for First Bancorp (FBNC).
Which stock has performed better over the past year, FBNC or FRME?
FBNC returned +17.88% over the past 12 months, compared with +4.79% for FRME (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, FBNC or FRME?
FRME has the lower trailing P/E at 12.7, versus 18.5 for FBNC. A lower P/E is not by itself a sign of a better investment; it can reflect slower expected growth or higher risk.
Which pays a higher dividend, First Bancorp or First Merchants?
First Merchants has the higher yield at 3.66%, compared with 1.57% for First Bancorp.
Are First Bancorp and First Merchants in the same industry?
No. First Bancorp is in the Financial Services sector, while First Merchants is in Finance.