Company: FRME
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000712534-25-000058
Chunk: 97

Company: FIRST MERCHANTS CORP
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 97
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)(3,887)(4,544)Amortization of prior service cost49 87 87 Amortization of net loss1 80 13 Net periodic pension benefit cost$(1,451)$(844)$(2,539)

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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)

Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss):December 31, 2024December 31, 2023December 31, 2022Net periodic pension benefit cost$(1,451)$(844)$(2,539)Net gain (loss)2,551 3,121 (1,797)Amortization of net loss49 80 13 Amortization of prior service cost1 87 87 Total recognized in other comprehensive income (loss)2,601 3,288 (1,697)Total recognized in net periodic pension benefit cost and other comprehensive income (loss)$4,052 $4,132 $842 Significant assumptions include:December 31, 2024December 31, 2023December 31, 2022Weighted-average Assumptions Used to Determine Benefit Obligation:  Discount rate5.60 %5.10 %5.40 %Rate of compensation increase for accruing active participantsn/an/an/aWeighted-average Assumptions Used to Determine Cost: Discount rate5.10 %5.40 %2.70 %Expected return on plan assets5.25 %5.25 %5.00 %Rate of compensation increase for accruing active participantsn/an/an/aAt December 31, 2024 and 2023, the Corporation based its estimate of the expected long-term rate of return on analysis of the historical returns of the plans and current market information available.  The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as of December 31, 2024. The minimum contribution required in 2025 will likely be zero, but the Corporation may decide to make a discretionary contribution during the year.2025$5,274 20265,110 20274,832 20284,663 20294,493 After 202918,420  $42,792 The