Company: FRME
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000712534-25-000058
Chunk: 224

Company: FIRST MERCHANTS CORP
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 224
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 year are sources of liquidity.

The most stable source of liability-funded liquidity for both the long-term and short-term is deposit growth and retention in the core deposit base.  Federal funds purchased and securities sold under agreements to repurchase are also considered a source of liquidity.  In addition, FHLB advances and Federal Reserve Discount Window borrowings are utilized as a funding source.  At December 31, 2024, total borrowings from the FHLB were $822.6 million and there was $10,000 of outstanding borrowings from the Federal Reserve Discount Window.  The Bank has pledged certain mortgage loans and investments to the FHLB and Federal Reserve.  The total available remaining borrowing capacity from the FHLB and Federal Reserve at December 31, 2024 was $733.1 million and $2.5 billion, respectively.

The following table presents the Corporation’s material cash requirements from known contractual and other obligations at December 31, 2024: 

Payments Due In(Dollars in Thousands)One Year or LessOver One YearTotalDeposits without stated maturity$12,502,819 $— $12,502,819 Certificates and other time deposits1,746,640 272,167 2,018,807 Securities sold under repurchase agreements142,876 — 142,876 Federal Home Loan Bank advances95,000 727,554 822,554 Federal Funds Purchased99,226 — 99,226 Subordinated debentures and term loans1,333 92,196 93,529 Total$14,587,894 $1,091,917 $15,679,811 

For further details related to the Corporation’s deposits and borrowings, see NOTE 10. DEPOSITS and NOTE 11. BORROWINGS of the Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K.

Also, in the normal course of business, the Bank is a party to a number of other off-balance sheet activities that contain credit, market and operational risk that are not reflected in whole or in part in the consolidated financial statements.  These activities primarily consist of traditional off-balance sheet credit-related financial instruments such as loan commitments and standby letters of credit.

Summarized credit-related financial instruments at December 31, 2024 are as follows:

(Dollars in Thousands)December 31, 2024Amounts of