Company: FRME
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000712534-25-000058
Chunk: 67

Company: FIRST MERCHANTS CORP
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 67
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, 2024December 31, 2023Demand deposits$7,980,061 $7,965,862 Savings deposits4,522,758 4,516,433 Certificates and other time deposits of $100,000 or more1,043,068 1,408,985 Other certificates and time deposits692,068 849,906 Brokered certificates of deposits283,671 80,267 Total deposits$14,521,626 $14,821,453 Deposits decreased $299.8 million from December 31, 2023.  The majority of the decrease was due to the sale of the Illinois branch deposits of $267.4 million.  Details regarding the branch sale are discussed in NOTE 2. ACQUISITIONS AND DIVESTITURES of these Notes to Consolidated Financial Statements.  At December 31, 2024 and 2023, deposits exceeding the FDIC’s Standard Maximum Deposit Insurance Amount of $250,000 were $8.7 billion and $8.6 billion, respectively. 

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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)

At December 31, 2024, the contractual maturities of time deposits are summarized as follows:Certificates and Other Time Deposits2025$1,743,960 202685,236 202799,634 202886,322 20293,018 After 2029637  $2,018,807 

NOTE 11

BORROWINGSThe following table summarizes the Corporation’s borrowings as of December 31, 2024 and 2023:December 31, 2024December 31, 2023Federal funds purchased$99,226 $— Securities sold under repurchase agreements142,876 157,280 Federal Home Loan Bank advances822,554 712,852 Subordinated debentures and other borrowings93,529 158,644 Total Borrowings$1,158,185 $1,028,776  Securities sold under repurchase agreements consist of obligations of the Bank to other parties and are secured by U.S. Government-Sponsored Enterprise obligations.  The maximum amount of outstanding agreements at any month-end during 2024 and 2023 totaled $194.2