Applications / Mortgage Analytics / Lenders / Indiana / First Merchants Bank
Muncie, IN · State non-member bank · FDIC · $19.0 billion assets · 5,622 loans in 2025
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5,622
loans originated, 2025
8,533
applications, 2025
29
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
First Merchants Bank is an Indiana lender that made 40.9% of its loans to low- and moderate-income (LMI) borrowers, the highest share among similar banks, and gained share in Lafayette and Columbus.
Similar lenders are state non-member banks making between half and twice as many loans. Its LMI borrower share compares with 28.5% for them, up from 34.0% five years before. Loans in LMI areas were 20.7% against 17.2%, higher than more than four in five. Its majority-minority area share, 11.6% against 15.3%, was below the middle, which may reflect its Indiana and Michigan markets.
Its Lafayette share rose to 7.9% from 5.5%, second to Purdue Federal Credit Union. It gained in Columbus, to 0.9% from 0.6%, and in Indianapolis, to 1.4% from 1.3%. Its mergers with Monroe Bank & Trust in 2019 and Level One Bank in 2022 count toward its rank of 12 of 599 in Detroit.
Originations rose 2% against 16% for similar lenders and 10% for the whole market, slower than about three in four of them. Its typical loan rose to $155,000 from $115,000 five years before, still lower than $240,000 for similar lenders. Slower growth in its own markets, or its own lending choices, may account for the gap.
It turned down 6.5% of first-lien purchase applications on owner-occupied homes against 7.4%, and 12.4% of refinance applications against 15.7%, lower than about two-thirds of similar lenders.
Questions the data can answer next
Similar lenders: same lender type, originations between half and twice the lender's in the data year. Written from the 2025 HMDA data and checked figure by figure against it.
FIG. 1 — LOANS ORIGINATED, 2018–2025
Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. First Merchants Bank took 8,533 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Purchase 47.5% · Refinance 27.7% · Other 19.1% · Home improvement 5.7%
Conventional 97.1% · FHA 2.4% · VA 0.4% · USDA (RHS or FSA) 0.1% · of 5,622 loans. Purchase: buying a home. Refinance: replacing an existing mortgage, including cash-out. FHA: insured by the Federal Housing Administration. VA: guaranteed by the Department of Veterans Affairs. Conventional: neither.
SOURCE: FFIEC HMDA 2025, LOANS ORIGINATED
Where it lends, 2025
| State | Loans | Share |
|---|---|---|
| Indiana | 3,248 | 57.8% |
| Michigan | 1,861 | 33.1% |
| Ohio | 327 | 5.8% |
| Florida | 50 | 0.9% |
| Illinois | 50 | 0.9% |
| Arizona | 10 | 0.2% |
| South Carolina | 8 | 0.1% |
| Tennessee | 8 | 0.1% |
| Georgia | 6 | 0.1% |
| North Carolina | 6 | 0.1% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Indianapolis-Carmel-Greenwood | 902 |
| Warren-Troy-Farmington Hills | 842 |
| Fort Wayne | 517 |
| Lafayette-West Lafayette | 396 |
| Detroit-Dearborn-Livonia | 380 |
| Lake County-Porter County-Jasper County | 331 |
| Muncie | 286 |
| Columbus | 256 |
| Ann Arbor | 223 |
| Monroe | 214 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | S0Q3AHZRL5K6VQE35M07 | 2018–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 17147 | 2004–2023 |
| Respondent ID (the HMDA filer code before 2018) | 12234 | 1990–2015 |
| Respondent ID (the HMDA filer code before 2018) | 34365 | 2016–2017 |
Established 13 March 1893. Reported under HMDA 1990-2025.
Mergers, name changes, data editions and corrections: First Merchants Bank's data.
First Merchants Bank's data
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First Merchants Bank and its peers, 2018–2025: every application in the HMDA data, cleaned and corrected, as Parquet files, with the Jenner programs that made these pages.
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