Company: FRME
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000712534-25-000058
Chunk: 40

Company: FIRST MERCHANTS CORP
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 40
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$1,386,475 $2,074,465 $1,723,520 Available for SaleHeld to MaturityAmortized CostFair ValueAmortized CostFair ValueMaturity Distribution at December 31, 2023Due in one year or less$1,390 $1,382 $3,041 $3,043 Due after one through five years24,899 23,372 118,592 111,723 Due after five through ten years127,948 120,385 135,805 126,461 Due after ten years1,151,260 1,027,158 1,217,265 1,018,801 1,305,497 1,172,297 1,474,703 1,260,028 U.S. Government-sponsored mortgage-backed securities541,343 454,815 709,794 610,346 Total Investment Securities$1,846,840 $1,627,112 $2,184,497 $1,870,374  Securities with a carrying value of approximately $3.3 billion and $1.8 billion were pledged at December 31, 2024 and 2023, respectively, to secure certain deposits and securities sold under repurchase agreements, and for other purposes as permitted or required by law.  Pledged securities increased from December 31, 2023 as a result of the Corporation pledging additional securities to the Discount Window at the Federal Reserve Bank to be used as an alternative funding source, if needed.The book value of securities pledged and available under agreements to repurchase amounted to $173.0 million at December 31, 2024 and $181.4 million at December 31, 2023.Gross gains and losses on the sales of investment securities available for sale for the years indicated are shown below. 202420232022Sales and redemptions of investment securities available for sale:  Gross gains$8 $759 $1,264 Gross losses(20,765)(7,689)(70)Net gains (losses) of sales and redemptions of investment securities available for sale$(20,757)$(6,930)$1,194 

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PART II: ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATANOTES TO CONSOLIDATED FINANCIAL STATEMENTS(table dollar amounts in thousands