Company: FRME
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000712534-25-000058
Chunk: 136

Company: FIRST MERCHANTS CORP
Filing Date: 2025-02-24
Form: 10-K
Item: Item 1
Chunk 136
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Yield (1)U.S. Government-sponsored agency securities$255,239 1.5 %$— — %$345,531 1.4 %State and municipal873,908 3.0 %— — %1,085,921 3.1 %U.S. Government-sponsored mortgage-backed securities— — %641,513 2.6 %641,513 2.6 %Foreign investment— — %— — %1,500 — %$1,129,147 2.6 %$641,513 2.6 %$2,074,465 2.6 %

(1) Interest yields are presented on a fully taxable equivalent basis using a 21 percent tax rate.

LOAN PORTFOLIO

Loans are generated from customers primarily in Indiana, Illinois, Ohio, and Michigan and are typically secured by specific items of collateral, including real property, consumer assets, and business assets. The following table shows the composition of the Corporation’s loan portfolio by collateral classification, including purchased credit deteriorated loans, for the years indicated:

 20242023202220212020(Dollars in Thousands)Amount%Amount%Amount%Amount%Amount%Loans at December 31:          Commercial and industrial loans(1)$4,114,292 32.0 %$3,670,948 29.4 %$3,437,126 28.6 %$2,714,565 29.4 %$2,776,699 30.0 %Agricultural land, production and other loans to farmers256,312 2.0 263,414 2.1 241,793 2.0 246,442 2.7 281,884 3.0 Real estate loans: Construction792,144 6.2 957,545 7.7 835,582 6.9 523,066 5.7 484,723 5.2 Commercial real estate, non-owner occupied2,274,016 17.7 2,400,839 19.2 2,407,475 20.1 2,135,459 23.1 2,220,949 24.0 Commercial real estate, owner occupied1,157,944 9.0