Is FNLC or FRME more undervalued in 2026?

CirclFi compares First Bancorp, Inc (ME) (FNLC) and First Merchants Corporation (FRME) using 13 institutional-grade valuation models. FNLC has a Quality of Company score of 8.0/10 while FRME scores 8.4/10.

Which is a better buy — FNLC or FRME?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do FNLC and FRME valuations compare?

FNLC at $29.11 and FRME at $40.30 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

FNLC vs FRME Valuation Comparison 2026 — Intrinsic Value Analysis

FNLC

National Commercial Banks

First Bancorp, Inc (ME)

Quality

8.0

out of 10

Value Trap

—

Price

$29.11

Last close

Models

11/13

Active

FRME

National Commercial Banks

First Merchants Corporation

Quality

8.4

out of 10

Value Trap

SAFE

Price

$40.30

Last close

Models

11/13

Active

Model-by-Model Comparison

Model	Type	FNLC Fair Value	FNLC Upside	FRME Fair Value	FRME Upside
Bayesian DCF	Intrinsic	$6.10	-79.0%	$23.19	-42.5%
Earnings Power Value	Intrinsic	$5.45	-81.3%	$35.41	-12.1%
EROIC Spread	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%
RCMH-DCF	Intrinsic	$•••.••	••.•%	$•••.••	••.•%

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FNLC vs FRME — Which Stock Is More Undervalued?

FRME scores higher with a 8.4/10 quality rating vs FNLC's 8.0/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing First Bancorp, Inc (ME) (FNLC) and First Merchants Corporation (FRME) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

FNLC currently trades at $29.11 with a QOC of 8.0/10, while FRME trades at $40.30 with a QOC of 8.4/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).