By Natalie Brooks, compensation analyst and banking-sector labor reporter with 10 years of experience reviewing SEC filings, wage surveys and employee-pay data
Last reviewed: July 20, 2026
First Merchants pay varies sharply by role. Glassdoor’s July 2026 employee-submitted data places First Merchants service associates near $39,108 a year, while vice-president positions reach roughly $174,116; federal data provides a more reliable occupational benchmark, putting the May 2024 median at $39,340 for tellers and $74,180 for loan officers.
Those figures are not direct equivalents. Glassdoor estimates one employer from voluntary submissions, while the U.S. Bureau of Labor Statistics measures occupations across thousands of employers. The useful question is where the numbers overlap and where job titles disguise different work.
First Merchants as an Employer
First Merchants Corporation is the publicly traded parent of First Merchants Bank. Its 2025 Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 25, 2026, reported 2,086 full-time-equivalent employees as of December 31, 2025. The same filing reported an 18% overall turnover rate for 2025, below the company’s stated goal of keeping turnover at 20% or less.
That headcount predates the company’s February 1, 2026 acquisition of First Savings Financial Group, which added 16 banking centers in southern Indiana. The acquisition means later workforce totals may be higher than the year-end figure in the 2025 filing.
The 18% turnover figure deserves attention. It does not reveal which jobs account for departures, nor does it separate voluntary exits from dismissals, retirements or acquisition-related changes. It does show that First Merchants tracks retention as a formal human-capital measure rather than presenting workforce size alone. That is useful context missing from most salary pages.
First Merchants Salary Ranges Reported Online
Glassdoor’s July 2026 First Merchants salary page says its figures are based on 452 employee submissions across the company. It reports annual pay ranging from $39,108 for service associates to $174,116 for vice presidents, with employees assigning compensation and benefits an average rating of 3 out of 5 stars.
A separate Glassdoor listing specifically labeled First Merchants Bank contains 107 salary submissions across 65 job titles. Its visible ranges include the following.
| First Merchants role | Glassdoor reported range |
|---|---|
| Bank teller | $33,000–$44,000 |
| Service associate | $33,000–$46,000 |
| Client relationship representative | $42,000–$62,000 |
| Credit analyst | $50,000–$77,000 |
| Credit analyst II | $54,000–$76,000 |
| Banking center manager | $55,000–$77,000 |
| Senior client relationship representative | $50,000–$81,000 |
Source: Glassdoor employee-submitted salary ranges available in July 2026.
These ranges describe estimated total annual compensation, not necessarily base salary. Glassdoor may include bonuses, incentives or other reported compensation, and the sample is thin for several positions. Only four salaries were displayed for bank teller and four for banking center manager, while the credit-analyst estimate drew from 10 submissions.
Small samples matter.
A range based on four reports can be distorted by seniority, branch location, incentive pay or one unusually high or low submission. The federal comparisons below are broader, but they lose company specificity.
What BLS Pay Data Actually Shows
The Bureau of Labor Statistics’ Occupational Outlook Handbook, Tellers, using May 2024 Occupational Employment and Wage Statistics, reports a median teller wage of $39,340 a year. The lowest-paid 10% earned below $31,270, while the highest-paid 10% earned above $48,270. Tellers employed in credit intermediation and related activities had a median of $39,230.
Glassdoor’s First Merchants Bank teller range of $33,000 to $44,000 brackets the federal median fairly closely. Its midpoint is $38,500, only $840 below the national BLS median for tellers.
That comparison suggests the visible First Merchants teller submissions are broadly consistent with the national market rather than dramatically above it. It does not prove that every First Merchants teller earns near the midpoint.
For broader branch-support and account-service work, BLS reported $48,650 as the May 2024 median for financial clerks. New accounts clerks earned a median $46,610, loan interviewers and clerks earned $48,950, and financial clerks employed in credit intermediation earned $48,550.
Those benchmarks sit inside or near several First Merchants self-reported ranges:
| Comparison | Company-submitted data | BLS occupational benchmark |
| Bank teller | $33,000–$44,000 | $39,340 median |
| Client relationship representative | $42,000–$62,000 | $46,610 for new accounts clerks |
| Credit-related support | $50,000–$77,000 for credit analyst | $49,130 for credit authorizers, checkers and clerks |
| Loan officer | Company range varies by posting and incentives | $74,180 national median |
Sources: Glassdoor First Merchants Bank salary submissions; BLS Tellers, Financial Clerks and Loan Officers, May 2024 wage data.
The credit-analyst comparison is imperfect. BLS credit authorizers and checkers are usually clerical workers applying established standards, while a bank credit analyst may perform deeper underwriting, cash-flow analysis and risk review. Similar language does not mean equal responsibility.
Loan Officer Pay Has a Wider Spread
BLS reports a May 2024 median annual wage of $74,180 for loan officers. The lowest 10% earned below $38,490, and the highest 10% exceeded $145,780. Within credit intermediation and related activities, the median was $73,330.
That spread is much wider than the teller range because loan-officer compensation can include commissions and bonuses tied to originations or loan performance. BLS explicitly notes that some loan officers receive a flat salary, while others receive base pay plus commission.
The headline number misleads when it is presented as guaranteed base pay.
A mortgage originator with production incentives, a commercial lender managing a mature portfolio and an entry-level consumer loan officer can all appear under the same broad occupational category. Their compensation structures may differ even inside one bank.
BLS also says mortgage loan officers must be licensed, typically need a bachelor’s degree and receive on-the-job training. Employment is projected to grow 2% from 2024 through 2034, with roughly 20,300 openings each year, mainly because workers leave the occupation or labor force rather than because of rapid expansion.
Where the Headline Salary Number Misleads
Company-wide salary summaries flatten incompatible jobs.
Glassdoor’s visible First Merchants range from $39,108 to $174,116 spans front-line service work, analytical positions and senior management. Averaging those roles together would not produce a meaningful expectation for a specific applicant.
Location also interferes. First Merchants operates primarily across Midwestern markets, while BLS national medians include higher-cost and lower-cost areas. A branch role in a smaller Indiana market cannot be assumed to follow the same range as one in a large metropolitan labor market.
Titles are another problem. “Client relationship representative” may combine transaction service, account opening, customer support and product conversations. BLS splits comparable work among tellers, new accounts clerks, financial clerks and sometimes sales-related occupations.
The analytical reading is narrower: visible First Merchants branch-support pay generally clusters around the BLS range for bank tellers and financial clerks, while lending and management roles have more variable compensation.
Benefits First Merchants Publicly Lists
First Merchants’ employee-benefits page names a broad package but does not publish contribution percentages, employee premiums, deductibles, vesting periods or paid-time-off quantities. Its listed programs include a 401(k) retirement income and savings plan, an employee stock purchase plan and educational assistance.
Health-related offerings listed by the company include medical, prescription-drug, dental and vision insurance, a wellness program and a health savings account. Income-protection benefits include life and accidental death and dismemberment insurance, short- and long-term disability, critical-care coverage, accident insurance and flexible spending accounts.
The company also lists vacation and sick PTO, holidays and bereavement leave.
| Benefit category | Publicly listed First Merchants programs |
| Retirement and savings | 401(k), employee stock purchase plan |
| Education | Educational assistance |
| Health | Medical, prescription, dental, vision, HSA, wellness |
| Income protection | Life, AD&D, short- and long-term disability |
| Voluntary coverage | Critical-care and accident insurance |
| Time away | Vacation and sick PTO, holidays, bereavement |
Source: First Merchants Employee Benefits careers page, accessed July 2026.
This is where the public record stops. A benefits list confirms that a program exists, but it does not establish its employee cost or generosity. The 401(k) match formula, medical premiums and PTO schedule would need to come from the current plan documents or an employment offer.
Workforce Spending and Retention
First Merchants reported $109.509 million in salaries and employee-benefits expense for the first half of 2025, compared with $110.507 million in the first half of 2024. The figures appeared in the company’s Second Quarter 2025 Earnings Release, published July 24, 2025.
Those totals should not be divided by headcount to estimate average employee pay. The expense line can include payroll taxes, health-benefit costs, retirement expense, incentive compensation and timing differences, while reported full-time-equivalent headcount is a year-end snapshot rather than a six-month average.
The 2025 Form 10-K reported $382.6 million in total noninterest expense, an increase of $3.3 million from 2024, with higher salaries, employee benefits and equipment expenses identified as primary drivers.
That is an employer-cost signal, not a salary statistic.
The stronger workforce indicator is the reported 18% turnover rate. It suggests substantial annual movement even though the company met its own target of staying at or below 20%. Banking employers often need continuing replacement hiring when branch-service roles turn over, and BLS projections support that pattern at the occupational level.
Banking Job Outlook Is Uneven
BLS expects teller employment to decline 13% between 2024 and 2034, although it projects approximately 29,800 openings each year as existing workers change careers or leave the labor force. The agency connects the decline to branch consolidation, online banking and automation.
Financial-clerk employment is projected to decline 5% over the same period, with about 102,200 annual openings. BLS cites online self-service and productivity technology as constraints on roles including new accounts clerks, credit clerks and loan interviewers.
Loan officers have a different trajectory: 2% projected growth and roughly 20,300 annual openings through 2034. Demand for credit remains, but technology and declining branch counts are expected to limit growth.
The pattern is not “bank jobs are disappearing.” Routine transaction work faces the largest pressure, while credit judgment, relationship management and regulated lending work holds up better.
Frequently Asked Questions
How much does First Merchants pay tellers?
Glassdoor’s July 2026 First Merchants Bank data shows $33,000 to $44,000 a year from four submitted teller salaries. The BLS national median for tellers was $39,340 in May 2024, placing the midpoint of the reported company range close to the broader occupational benchmark.
What does a First Merchants client relationship representative earn?
Glassdoor displays $42,000 to $62,000 annually for the role, based on five submissions in the visible First Merchants Bank data. Self-reported figures can include variable compensation and may not represent every market.
How much do First Merchants credit analysts make?
The visible Glassdoor range is $50,000 to $77,000 for credit analysts and $54,000 to $76,000 for credit analyst II positions. Those estimates came from 10 and seven salary submissions, respectively.
Does First Merchants offer a 401(k)?
Yes.
What other benefits are listed?
First Merchants publicly lists health, prescription, dental and vision insurance; an employee stock purchase plan; educational assistance; disability and life coverage; health and flexible spending accounts; wellness benefits; PTO; holidays; and bereavement leave. The public page does not state the employee premiums or plan contribution formulas.
Is First Merchants teller pay above average?
The available figures do not show a clear premium. Glassdoor’s company range of $33,000 to $44,000 contains the BLS national teller median of $39,340, so the public evidence points to broadly market-level pay rather than a consistently higher rate.
Is First Merchants growing its workforce?
The 2025 Annual Report on Form 10-K listed 2,086 full-time-equivalent employees at year-end. The February 2026 acquisition of First Savings Financial Group added 16 banking centers, so the workforce may have expanded after that reporting date, but a directly comparable post-acquisition headcount was not found in the reviewed sources.
The cleanest reading is role by role: front-line First Merchants pay appears near national banking benchmarks, lending compensation has a wider incentive-driven range, and public benefits pages confirm categories rather than the economic value of each plan.
