Company: FRME
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000712534-25-000171
Chunk: 169

Company: FIRST MERCHANTS CORP
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 8
Chunk 169
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 June 30,2025202420252024Amortization expense$4,100 $1,626 $8,121 $3,323 Tax credits recognized5,017 1,644 9,939 3,289 

NOTE 8

BORROWINGSThe following table summarizes the Corporation’s borrowings as of June 30, 2025 and December 31, 2024.June 30, 2025December 31, 2024Federal funds purchased$85,000 $99,226 Securities sold under repurchase agreements114,758 142,876 Federal Home Loan Bank advances898,702 822,554 Subordinated debentures and other borrowings62,617 93,529 Total Borrowings$1,161,077 $1,158,185 

32

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

Securities sold under repurchase agreements consist of obligations of the Bank to other parties and are secured by U.S. Government-sponsored enterprise obligations.  The maximum amount of outstanding agreements at any month-end during the six months ended June 30, 2025 and 2024 totaled $169.1 million and $194.2 million, respectively, and the average balance of such agreements totaled $141.7 million and $144.3 million during the same period of 2025 and 2024, respectively.The collateral pledged for all repurchase agreements that are accounted for as secured borrowings as of June 30, 2025 and December 31, 2024 were:June 30, 2025Remaining Contractual Maturity of the AgreementsOvernight and ContinuousUp to 30 Days30-90 DaysGreater Than 90 DaysTotalU.S. Government-sponsored mortgage-backed securities$114,758 $— $— $— $114,758 December 31, 2024Remaining Contractual Maturity of the AgreementsOvernight and ContinuousUp to 30 Days30-90 DaysGreater Than 90 DaysTotalU.S. Government-sponsored mortgage-backed securities$142,876 $— $— $— $142,876 Contractual maturities of borrowings as of June 30, 2025, are as follows:Maturities in Years