Company: FRME
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000712534-25-000058
Chunk: 34

Company: FIRST MERCHANTS CORP
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 34
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 approximate fair value and allowance for credit losses on investment securities held to maturity as of December 31, 2024 and December 31, 2023.AmortizedCostAllowance for Credit LossesNet Carrying AmountGross Unrealized GainsGross Unrealized LossesFairValueHeld to maturity at December 31, 2024U.S. Government-sponsored agency securities$345,531 $— $345,531 $— $63,112 $282,419 State and municipal1,085,921 245 1,085,676 299 185,784 900,436 U.S. Government-sponsored mortgage-backed securities641,513 — 641,513 — 102,343 539,170 Foreign investment1,500 — 1,500 — 5 1,495 Total held to maturity$2,074,465 $245 $2,074,220 $299 $351,244 $1,723,520 AmortizedCostAllowance for Credit LossesNet Carrying AmountGross Unrealized GainsGross Unrealized LossesFairValueHeld to maturity at December 31, 2023U.S. Government-sponsored agency securities$374,002 $— $374,002 $— $64,159 $309,843 State and municipal1,099,201 245 1,098,956 1,625 152,113 948,713 U.S. Government-sponsored mortgage-backed securities709,794 — 709,794 — 99,448 610,346 Foreign investment1,500 — 1,500 — 28 1,472 Total held to maturity$2,184,497 $245 $2,184,252 $1,625 $315,748 $1,870,374 

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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)

Accrued interest on investment securities available for sale and held to maturity at December 31, 2024 and December 31, 2023 of $22.5 million and $25.2 million, respectively, is included in the Interest Receivable line on the Corporation’s Consolidated Balance Sheets.  The total amount of