Company: FRME
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000712534-25-000058
Chunk: 101

Company: FIRST MERCHANTS CORP
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 101
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 Bonds and Notes17,224 17,224 — — Government Agency and Municipal Bonds and Notes5,164 — 5,164 — Certificates of Deposit245 — 245 — Party-in-Interest InvestmentsCommon Stock2,243 2,243 — — Mutual Funds and Exchange Traded FundsTaxable Bond11,834 11,834 — — Large Cap Equity24,787 24,787 — — Mid Cap Equity9,520 9,520 — — Small Cap Equity4,900 4,900 — — International Equity2,494 2,494 — — Specialty Alternative Equity1,414 1,414 — — $82,258 $76,849 $5,409 $— 

NOTE 19

INCOME TAXThe reconciliation between income tax expense expected at the U.S. federal statutory tax rate and the reported income tax expense is summarized in the following table for years ended December 31, 2024, 2023 and 2022:202420232022Reconciliation of Federal Statutory to Actual Tax Expense: Federal Statutory Income Tax at 21%$48,663 $54,439 $53,692 Tax-exempt Interest Income(17,509)(18,193)(19,349)Non-deductible FDIC Premiums624 454 427 Earnings on Life Insurance(1,777)(1,753)(2,344)Tax Credits(2,018)(331)(414)State Tax631 1,171 2,494 Other1,712 (341)(921)Income Tax Expense$30,326 $35,446 $33,585 Effective Tax Rate13.1 %13.7 %13.1 %Income tax expense consists of the following components for the years ended December 31, 2024, 2023, 2022: 202420232022Income Tax Expense for the Year Ended December 31:Currently Payable:Federal$27,979 $29,351 $21,824 State723 (504)2,696 Deferred:Federal1,548 4,613 8,604 State76 1,986 461 Income Tax Expense$30,326 $35,446 $33,585 

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