Company: FRME
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000712534-25-000117
Chunk: 46

Company: FIRST MERCHANTS CORP
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 1
Chunk 46
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502,819 $2,010,348 $— 14,513,167 Borrowings:Securities sold under repurchase agreements142,876 — 142,865 — 142,865 Federal Home Loan Bank advances822,554 — 816,786 — 816,786 Subordinated debentures and other borrowings93,529 — 84,108 — 84,108 Interest payable16,102 — 16,102 — 16,102 

NOTE 7

QUALIFIED AFFORDABLE HOUSING INVESTMENTSThe Corporation has investments in various limited partnerships that sponsor affordable housing projects.  The purpose of these investments is to earn an adequate return of capital through the receipt of low income housing tax credits and to assist the Corporation in achieving goals associated with the Community Reinvestment Act.  These investments are included in other assets on the Consolidated Condensed Balance Sheets, with any unfunded commitments included in other liabilities.  The investments are amortized as a component of income tax expense. The following table summarizes the Corporation’s affordable housing investments as of March 31, 2025 and December 31, 2024: March 31, 2025December 31, 2024Investment TypeInvestmentUnfunded CommitmentInvestmentUnfunded CommitmentLIHTC$163,663 $120,013 $167,685 $132,226 The following table summarizes the amortization expense and tax credits recognized for the Corporation’s affordable housing investments for the three months ended March 31, 2025 and 2024: Three Months Ended March 31,20252024Amortization expense$4,021 $1,696 Tax credits recognized4,922 1,644 

NOTE 8

BORROWINGSThe following table summarizes the Corporation’s borrowings as of March 31, 2025 and December 31, 2024:March 31, 2025December 31, 2024Federal funds purchased$185,000 $99,226 Securities sold under repurchase agreements122,947 142,876 Federal Home Loan Bank advances972,478 822,554 Subordinated debentures and other borrowings62,619 93,529 Total Borrowings$1,343,044 $1,158,185 

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PART I. FINANCIAL INFORMATION ITEM