Company: FRME
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000712534-25-000058
Chunk: 38

Company: FIRST MERCHANTS CORP
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 38
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1,019,098 116,222 U.S. Government-sponsored mortgage-backed securities11,493 25 422,868 86,965 434,361 86,990 Corporate obligations— — 11,788 1,128 11,788 1,128 Total investment securities available for sale$67,007 $1,101 $1,493,547 $219,453 $1,560,554 $220,554 The following table summarizes investment securities available for sale in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by security type and the number of securities in the portfolio as of the dates indicated.GrossUnrealizedLossesNumber of SecuritiesInvestment securities available for sale at December 31, 2024U.S. Government-sponsored agency securities$16,081 12State and municipal133,386 611U.S. Government-sponsored mortgage-backed securities88,724 127Corporate obligations662 10Total investment securities available for sale$238,853 760 GrossUnrealizedLossesNumber of SecuritiesInvestment securities available for sale at December 31, 2023U.S. Government-sponsored agency securities$16,214 14State and municipal116,222 691U.S. Government-sponsored mortgage-backed securities86,990 150Corporate obligations1,128 10Total investment securities available for sale$220,554 865 The unrealized losses in the Corporation’s investment portfolio were the result of changes in interest rates and not credit quality.  As a result, the Corporation expects to recover the amortized cost basis over the term of the securities.  The Corporation does not intend to sell the investments and it is not more likely than not that the Corporation will be required to sell the investments before recovery of their amortized cost basis, which may be maturity.  Certain investment securities available for sale are reported in the financial statements at an amount less than their historical cost as indicated in the table below.December 31, 2024December 31, 2023Investments available for sale reported at less than historical cost:Historical cost$1,592,597 $1,781,108 Fair value1,353,744 1,560,554 Gross unrealized losses$238,853 $220,554 Percent of the Corporation's investments available for sale in an unrealized loss position97.6 %95.9 %