First Merchants (FRME) vs NBT Bancorp (NBTB)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 9, 2026.
Summary
NBT Bancorp (NBTB) has outperformed First Merchants (FRME) over the past year, gaining 22.8% versus a gain of 4.8%. Over five years, NBTB leads with a +37.8% price change compared with -7.7% for FRME. NBT Bancorp is the larger company by market cap ($2.60 billion vs $2.45 billion), about 1.1 times the size.
On valuation, First Merchants trades at a lower forward P/E (8.7x vs 11.0x for NBT Bancorp). First Merchants offers the higher dividend yield (3.72% vs 2.96%). NBT Bancorp converts more of its revenue into profit, with a net margin of 92.5% 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 | FRME | NBTB |
|---|---|---|
| Share price | $39.00 | $50.06 |
| Market cap | $2.45B | $2.60B |
| 1-day change | -1.49% | -0.93% |
| YTD return | +5.63% | +21.70% |
| 1-year return | +4.79% | +22.76% |
| 5-year return | -7.72% | +37.80% |
| P/E ratio (TTM) | 12.54 | 12.24 |
| Forward P/E | 8.72 | 10.96 |
| EPS (TTM) | $3.11 | $4.09 |
| Dividend yield | 3.72% | 2.96% |
| Annual dividend | $1.45 | $1.48 |
| Revenue (latest FY) | $662.95M | $182.95M |
| Revenue growth (YoY) | +2.51% | +10.40% |
| Net income (latest FY) | $226.00M | $169.24M |
| Net margin | 34.09% | 92.50% |
| 52-week high | $45.33 | $54.50 |
| 52-week low | $34.66 | $39.20 |
| Distance from 52-week high | -13.96% | -8.15% |
| Analyst consensus | buy | hold |
| Avg. price target upside | +20.08% | +14.86% |
| Average volume | 462.61K | 348.49K |
| Shares outstanding | 62.80M | 51.96M |
| Employees | 2,086 | 2,303 |
| Sector | Finance | Finance |
| Industry | Major Banks | 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
- NBTB has outperformed FRME by 18.0 percentage points over the past year.
- NBT Bancorp is more profitable, keeping 92.5 cents of every revenue dollar as net income versus 34.1 cents for First Merchants.
- NBT Bancorp grew revenue faster in its latest fiscal year (+10.40% vs +2.51%).
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
About NBT Bancorp
NBTB stock →NBT Bancorp Inc., a financial holding company, provides personal and commercial banking, retail banking, and wealth management services in the United States. It operates through Banking, Retirement Plan Administration, and All Other segments.
Finance · Major Banks · 2,303 employees
FRME vs NBTB FAQ
Which is bigger, First Merchants or NBT Bancorp?
NBT Bancorp (NBTB) is larger, with a market capitalization of $2.60B compared with $2.45B for First Merchants (FRME).
Which stock has performed better over the past year, FRME or NBTB?
NBTB returned +22.76% 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, FRME or NBTB?
NBTB has the lower trailing P/E at 12.2, versus 12.5 for FRME. 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 Merchants or NBT Bancorp?
First Merchants has the higher yield at 3.72%, compared with 2.96% for NBT Bancorp.
Are First Merchants and NBT Bancorp in the same industry?
Yes. Both are classified in the Major Banks industry within the Finance sector.