Company: FRME
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000712534-25-000117
Chunk: 136

Company: FIRST MERCHANTS CORP
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 8
Chunk 136
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5Current30-59 Days Past Due60-89 Days Past Due90+ Days Past DueTotalCommercial and industrial loans$17,281 $— $— $4,231 $21,512 Agricultural land, production and other loans to farmers2,212 — — — 2,212 Real estate loans:Construction22,000 — — — 22,000 Commercial real estate, owner occupied12,730 — — 3,573 16,303 Residential4,846 298 25 1,740 6,909 Home equity261 — — — 261 Total$59,330 $298 $25 $9,544 $69,197 March 31, 2024Current30-59 Days Past Due60-89 Days Past Due90+ Days Past DueTotalCommercial and industrial loans$4,605 $— $— $98 $4,703 Real estate loans:Commercial real estate, owner occupied189 — 7 — 196 Residential— — 122 1,617 1,739 Home equity356 — — — 356 Total$5,150 $— $129 $1,715 $6,994 During the three months ended March 31, 2025, there were payment defaults of $9.5 million on loans to borrowers whose loans were modified due to financial difficulties within the previous twelve months.  The payment defaults did not materially impact the allowance for credit losses on loans.  There were $1.7 million payment defaults during the three months ended March 31, 2024 on loans that had been modified within the previous twelve months.Upon the Corporation's determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or portion of the loan) is charged-off.  Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount.Allowance for Credit Losses on LoansThe Allowance for Credit Losses on Loans ("ACL - Loans") is a valuation account that is deducted from the amortized cost basis of loans to present the net amount expected to be collected on loans over the contractual term.  The ACL - Loans is adjusted by the provision for credit losses, which is