content_image/55126.jpg content_image/55119.jpg content_image/55124.jpg content_image/55125.jpg content_image/55120.jpg content_image/55123.jpg
LISTED ON NASDAQ/NMS ON JUNE 20, 1989 

TRADING SYMBOL: FRME 2003 STOCK PRICE RANGE: 

HIGH $27.25 LOW $21.29 

CURRENT BID PRICE AS OF 12/31/03: $25.51 

2003 NASDAQ TRADING VOLUME: 4,832,381 SHARES 

DECEMBER 31, 2003 SHARES OUTSTANDING: 18,512,834 

## earnings growth 

<img src='content_image/55126.jpg'>

## TRADING HISTORY 

## INVESTOR SUMMARY 

## return on assets 

<img src='content_image/55119.jpg'>

## efficiency ratio 

(indicates the cost to produce a dollar of revenue) 

<img src='content_image/55124.jpg'>

$^{(1)}$ Bank holding companies with assets from $1 billion to $5 billion. 2003 peer data reflects results through September 30, 2003. 

## stock performance 

A purchase of 100 shares in September 1982, when the holding company was organized, would have cost $4,200. Through three 2-for-1 stock splits, three 3-for-2 splits, and three five percent (5%) stock dividends, the number of shares held as of December 31, 2003, would be approximately 3,126 with a market value of $79,744. In addition, dividends in the amount of $29,434 would have been paid on the initial investment of $4,200. 

n FIRST MERCHANTS n SNL SECURITIES PEER GROUP (1) 

<img src='content_image/55125.jpg'>

## return on equity 

<img src='content_image/55120.jpg'>

## loan losses 

(as a percent of average loans) 

<img src='content_image/55123.jpg'>

