Company: FRME
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000712534-25-000058
Chunk: 66

Company: FIRST MERCHANTS CORP
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 66
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IAL STATEMENTS(table dollar amounts in thousands, except share data)

Supplemental cash flow information related to leases is presented in the tables below.Maturity of lease liabilitiesOperating Leases2025$6,181 20264,562 20273,863 20283,479 20292,434 After 20296,513 Total lease payments$27,032 Less: Present value discount3,159 Present value of lease liabilities$23,873 Other InformationTwelve Months Ended December 31, 2024Twelve Months Ended December 31, 2023Twelve Months Ended December 31, 2022Cash paid for amounts included in the measurement of lease liabilitiesOperating cash flows from operating leases$5,073 $5,742 $5,329 ROU assets obtained in exchange for new operating lease liabilities$7,102 $2,253 $10,516 

NOTE 9 

QUALIFIED AFFORDABLE HOUSING INVESTMENTSThe Corporation has investments in various limited partnerships that sponsor affordable housing projects.  The purpose of these investments is to earn an adequate return of capital through the receipt of low income housing tax credits and to assist the Corporation in achieving goals associated with the CRA.  These investments are included in other assets on the Consolidated Balance Sheet, with any unfunded commitments included in other liabilities.  The investments are amortized as a component of income tax expense. Details of the accounting treatment of the Corporation’s LIHTC investments are included in NOTE 1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES of these Notes to Consolidated Financial Statements.The following table summarizes the Corporation’s affordable housing investments as of December 31, 2024 and 2023: 20242023Investment TypeInvestmentUnfunded Commitment InvestmentUnfunded CommitmentLIHTC$167,685 $132,226 $114,514 $96,408 The following table summarizes the amortization expense and tax credits recognized for the Corporation’s affordable housing investments for the years ended December 31, 2024, 2023 and 2022: 202420232022Amortization expense$12,040 $6,324 $812 Tax credits recognized11,782 5,327 1,055 

NOTE 10

DEPOSITSThe composition of the deposit portfolio is included in the table below as of the dates indicated:December 31