Company: FRME
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000712534-25-000058
Chunk: 56

Company: FIRST MERCHANTS CORP
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 56
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 weighted average contractual interest rate from 9.25% to 7.25%. Extended loans by a weighted average of 240 months.

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PART II: ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATANOTES TO CONSOLIDATED FINANCIAL STATEMENTS(table dollar amounts in thousands, except share data)

The Corporation closely monitors the performance of financial difficulty modifications to understand the effectiveness of its efforts. The following tables present the performance of financial difficulty modifications in the twelve months following modification. Year Ended December 31, 2024Current30-59 Days Past Due60-89 Days Past Due90+ Days Past DueTotalCommercial and industrial loans$26,208 $2,858 $— $1,473 $30,539 Agricultural land, production and other loans to farmers2,230 — — — 2,230 Real estate loans:Construction2,393 — 22,000 — 24,393 Commercial real estate, non-owner occupied10,253 — — 8,680 18,933 Commercial real estate, owner occupied2,560 3,573 — — 6,133 Residential2,046 237 365 1,459 4,107 Home equity222 — — — 222 Total$45,912 $6,668 $22,365 $11,612 $86,557 Year Ended December 31, 2023Current60-89 Days Past DueTotalCommercial and industrial loans$17,660 $— $17,660 Agricultural land, production and other loans to farmers58 — 58 Real estate loans:Construction11 — 11 Commercial real estate, non-owner occupied19,480 — 19,480 Commercial real estate, owner occupied15,734 — 15,734 Residential473 125 598 Home equity92 — 92 Total$53,508 $125 $53,633 Allowance for Credit Losses on LoansThe ACL - Loans is a valuation account that is deducted from the amortized cost basis of loans to present the net amount expected to be collected on loans over the contractual term.  The ACL - Loans is adjusted by the provision for credit losses, which is reported in earnings, and reduced by charge-offs for loans, net of recoveries.  Provision for credit losses on