Company: FRME
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000712534-25-000058
Chunk: 145

Company: FIRST MERCHANTS CORP
Filing Date: 2025-02-24
Form: 10-K
Item: Item 1
Chunk 145
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 and Analysis of Financial Condition and Results of Operations included as Item 7 of this Annual Report on Form 10-K.

DEPOSITS

The average balances, interest expense and average rates on deposits for the years ended December 31, 2024, 2023 and 2022 are presented in the Part I. Item I. Business section titled “DISTRIBUTION OF ASSETS, LIABILITIES AND STOCKHOLDERS’ EQUITY, INTEREST RATES AND  INTEREST DIFFERENTIAL” of this Annual Report on Form 10-K.

As of December 31, 2024, certificates of deposit and other time deposits exceeding the FDIC insurance limit of $250,000 mature as follows: 

 (Dollars in Thousands)Maturing 3Months or LessMaturing 3-6MonthsMaturing 6-12 MonthsMaturing Over12 MonthsTotalUninsured certificates of deposit and other time deposits$185,060 $60,834 $27,134 $2,373 $275,401 Percent67 %22 %10 %1 %100 % 

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PART I: ITEM 1. BUSINESS

SHORT-TERM BORROWINGS

Borrowings maturing in one year or less are included in the following table:

Years Ended(Dollars in Thousands)December 31, 2024December 31, 2023December 31, 2022Federal funds purchased$99,226 $— $171,560 Securities sold under repurchase agreements (short-term portion)142,876 157,280 167,413 Federal Home Loan Bank advances (short-term portion)95,000 60,000 460,097 Subordinated debentures and other borrowings (short-term portion)$1,157 $1,176 $1,182 Total short-term borrowings$338,259 $218,456 $800,252 

Securities sold under repurchase agreements are categorized as borrowings maturing within one year and are secured by U.S. Government-Sponsored Enterprise obligations.

Pertinent information with respect to borrowings maturing in one year or less is summarized below:

(Dollars in Thousands)202420232022Weighted Average Interest Rate on Outstanding Balance at December 31:   Federal funds purchased2.3 %— %3.5 %Securities sold under repurchase agreements (short-term