Company: FRME
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000712534-25-000117
Chunk: 42

Company: FIRST MERCHANTS CORP
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 1
Chunk 42
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440,946 — Corporate obligations12,434 — 12,403 31 Derivative assets63,734 — 63,734 — Derivative liabilities62,944 — 62,944 —   Fair Value Measurements Using:December 31, 2024Fair ValueQuoted Prices inActive Markets forIdentical Assets(Level 1)Significant Other Observable Inputs(Level 2)SignificantUnobservableInputs(Level 3)Available for sale securities:    U.S. Government-sponsored agency securities$79,381 $— $79,381 $— State and municipal863,174 — 860,793 2,381 U.S. Government-sponsored mortgage-backed securities431,622 — 431,618 4 Corporate obligations12,298 — 12,267 31 Derivative assets77,133 — 77,133 — Derivative liabilities76,568 — 76,568 — Level 3 ReconciliationThe following is a reconciliation of the beginning and ending balances of recurring fair value measurements recognized in the accompanyingbalance sheets using significant unobservable Level 3 inputs for the three months ended March 31, 2025 and 2024.  Available for Sale SecuritiesThree Months Ended March 31, 2025March 31, 2024Balance at beginning of the period$2,416 $3,310 Included in other comprehensive income(6)(95)Principal payments(227)32 Ending balance $2,183 $3,247 There were no gains or losses included in earnings that were attributable to the changes in unrealized gains or losses related to assets orliabilities held at March 31, 2025 or December 31, 2024.Transfers Between LevelsThere were no transfers in or out of Level 3 during the three months ended March 31, 2025 and 2024.

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PART I. FINANCIAL INFORMATION ITEM 1. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS(table dollar amounts in thousands, except share data)(Unaudited)

Nonrecurring MeasurementsFollowing is a description of valuation methodologies used for instruments measured at fair value on a nonrecurring basis and recognized in the accompanying balance sheets, as well as the general classification of such instruments pursuant to the valuation hierarchy at March 31, 2025, and December 31, 2024. Fair Value