Company: FRME
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000712534-25-000171
Chunk: 170

Company: FIRST MERCHANTS CORP
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 8
Chunk 170
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 Ending December 31:Federal Funds PurchasedSecurities SoldUnder Repurchase AgreementsFederal HomeLoan BankAdvancesSubordinatedDebentures andTerm Loans2025$85,000 $114,758 $100,000 $1,111 2026— — 75,000 — 2027— — 320,000 — 2028— — 290,000 5,000 2029— — 50,000 — 2030 and after— — 63,702 60,566 ASC 805 fair value adjustments at acquisition— — — (4,060)$85,000 $114,758 $898,702 $62,617 At June 30, 2025, the outstanding FHLB advances had interest rates from 0 percent to 4.48 percent and are subject to restrictions or penalties in the event of prepayment.  The total available remaining borrowing capacity from the FHLB at June 30, 2025, was $689.2 million.  As of June 30, 2025, the Corporation had $305.0 million of putable advances with the FHLB. Subordinated Debentures and Term Loans.  As of June 30, 2025 and December 31, 2024, subordinated debentures and term loans totaled  $62.6 million and $93.5 million, respectively.•First Merchants Capital Trust II (“FMC Trust II”).  At June 30, 2025 and December 31, 2024, the Corporation had $41.7 million of subordinated debentures issued to FMC Trust II, a wholly-owned statutory business trust.  FMC Trust II was formed in July 2007 for purposes of issuing trust preferred securities to investors.  At that time, it simultaneously issued and sold its common securities to the Corporation, which constituted all of the issued and outstanding common securities of FMC Trust II.  The subordinated debentures, which were purchased with the proceeds of the sale of the trust’s capital securities, are the sole assets of FMC Trust II and are fully and unconditionally guaranteed by the Corporation.  As of June 30, 2025 and December 31, 2024, the subordinated debentures and trust preferred securities bear interest at a variable rate equal to the three-month C