Company: FRME
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000712534-25-000058
Chunk: 54

Company: FIRST MERCHANTS CORP
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 54
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246 $22,844 $111 $532 Year Ended December 31, 2023Loan Modifications Made to Borrowers Experiencing Financial DifficultyPayment DelayTerm ExtensionCombination Payment Delay & Term ExtensionCombination Interest Rate Reduction & Term Extension% of Total Class of Financing ReceivableCommercial and industrial loans$857 $16,572 $— $231 0.48 %Agricultural land, production and other loans to farmers— 58 — — 0.02 %Real estate loans:Construction— 11 — — — %Commercial real estate, non-owner occupied— 11,823 — 7,657 0.81 %Commercial real estate, owner occupied5,540 10,123 — 71 1.35 %Residential— 129 469 — 0.03 %Home equity— 63 — 29 0.01 %Total$6,397 $38,779 $469 $7,988 

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PART II: ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATANOTES TO CONSOLIDATED FINANCIAL STATEMENTS(table dollar amounts in thousands, except share data)

The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the year ended December 31, 2024 and 2023. Year Ended December 31, 2024Financial Effect of Loan ModificationsPayment DelayTerm ExtensionInterest Rate ReductionCombination Payment Delay & Term ExtensionCombination Interest Rate Reduction & Term ExtensionCombination Interest Rate Reduction, Term Extension, & Payment DelayCommercial and industrial loansProvided payment deferrals with weighted average delayed amounts of $180,000.Extended loans by a weighted average of 8 months.Reduced the weighted average contractual interest rate from 9.00% to 8.00%. Reduced the weighted average contractual interest rate from 10.24% to 7.90%. Extended loans by a weighted average of 67 months. Agricultural land, production and other loans to farmersProvided payment deferrals with weighted average delayed amounts of $17,000.Real estate loans:ConstructionExtended loans by a weighted average of 6 months.Provided payment deferrals with weighted average delayed amounts of $475,000. Extended loans by a weighted average of 2 months. Commercial real estate, non-owner occupiedExtended loans by a weighted average of 16 months.Commercial real estate, owner occupiedExtended