Company: FRME
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000712534-25-000197
Chunk: 131

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 8
Chunk 131
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us for the Corporation which will be submitted to the First Savings common shareholders for their consideration at a meeting to be held December 19, 2025.  Consummation of the Merger remains subject to certain other closing conditions set forth in the Merger Agreement.  The parties expect the closing to occur in the first quarter of 2026, subject to satisfaction of those conditions.Old Second National Bank Branch SaleOn December 6, 2024, the Bank completed its sale of five branches in the suburban Chicago market to Old Second National Bank ("Old Second"). Pursuant to the terms of the branch sale agreement, Old Second assumed certain deposit liabilities and acquired certain loans, as well as cash and premises and equipment. The Bank recognized a gain on sale of $20.0 million related to the branch sale for the year ended December 31, 2024. The following table summarizes the assets and liabilities related to the branch sale: December 6, 2024AssetsCash and due from banks$419 Loans7,410 Premises and equipment3,233 Interest receivable and other assets21 Total Assets$11,083 LiabilitiesDeposits$267,448 Interest payable and other liabilities692 Total Liabilities$268,140 

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PART I. FINANCIAL INFORMATION ITEM 1. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS(table dollar amounts in thousands, except share data)(Unaudited)

NOTE 3

INVESTMENT SECURITIESThe following tables summarize the amortized cost, gross unrealized gains and losses and approximate fair value of investment securities available for sale as of September 30, 2025 and December 31, 2024.AmortizedCostGross Unrealized GainsGross Unrealized LossesFairValueAvailable for sale at September 30, 2025    U.S. Government-sponsored agency securities$90,304 $— $12,407 $77,897 State and municipal990,867 92 116,383 874,576 U.S. Government-sponsored mortgage-backed securities491,164 1,320 69,146 423,338 Foreign investment1,500 — — 1,500 Corporate obligations9,970 — 378 9,592 Total available for sale$1,583,805 $1,412 $198,314 $1,386,903 Amort