Company: FRME
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000712534-25-000117
Chunk: 72

Company: FIRST MERCHANTS CORP
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 1
Chunk 72
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 a decrease in the cost of all deposit products and borrowings as the average balance of total interest-bearing liabilities was comparable to the prior year period. 

43

PART I: FINANCIAL INFORMATIONITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following tables present the Corporation’s average balance sheet, interest income/interest expense, and the average rate as a percent of average earning assets/liabilities for the three months ended March 31, 2025 and 2024.

Three Months EndedMarch 31, 2025March 31, 2024Average BalanceInterest Income /ExpenseAverageRateAverage BalanceInterest Income /ExpenseAverageRateAssets: Interest-bearing deposits$294,016 $2,372 3.23 %$575,699 $6,493 4.51 %Federal Home Loan Bank stock43,980 997 9.07 41,764 835 8.00 Investment Securities: (1)Taxable1,634,452 8,372 2.05 1,783,057 8,748 1.96 Tax-Exempt (2)2,046,674 15,844 3.10 2,246,265 17,229 3.07 Total Investment Securities3,681,126 24,216 2.63 4,029,322 25,977 2.58 Loans held for sale20,965 319 6.09 21,782 328 6.02 Loans: (3)Commercial8,770,282 147,772 6.74 8,598,110 159,209 7.41 Real estate mortgage2,191,384 24,446 4.46 2,130,947 22,357 4.20 HELOC and installment828,874 15,191 7.33 821,815 16,129 7.85 Tax-Exempt (2)1,129,848 13,332 4.72 904,412 10,367 4.59 Total Loans12,941,353 201,060 6.21 12,477,066 208,390 6.68 Total Earning Assets16,960,475 228,645 5.39 %17,123