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

Company: FIRST MERCHANTS CORP
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 1
Chunk 10
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 $— $54,935 $286,310 State and municipal1,079,688 245 1,079,443 148 200,377 879,459 U.S. Government-sponsored mortgage-backed securities626,444 — 626,444 — 88,705 537,739 Foreign investment1,500 — 1,500 — 2 1,498 Total held to maturity$2,048,877 $245 $2,048,632 $148 $344,019 $1,705,006 AmortizedCostAllowance for Credit LossesNet Carrying AmountGross Unrealized GainsGross Unrealized LossesFairValueHeld to maturity at December 31, 2024U.S. Government-sponsored agency securities$345,531 $— $345,531 $— $63,112 $282,419 State and municipal1,085,921 245 1,085,676 299 185,784 900,436 U.S. Government-sponsored mortgage-backed securities641,513 — 641,513 — 102,343 539,170 Foreign investment1,500 — 1,500 — 5 1,495 Total held to maturity$2,074,465 $245 $2,074,220 $299 $351,244 $1,723,520 Accrued interest on investment securities available for sale and held to maturity at March 31, 2025 and December 31, 2024 of $19.7 million and $22.5 million, respectively, are included in the Interest Receivable line on the Corporation's Consolidated Condensed Balance Sheets. The total amount of accrued interest is excluded from the amortized cost of available for sale and held to maturity securities presented above. In determining the allowance for credit losses on investment securities available for sale that are in an unrealized loss position, the Corporation first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis.  If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through the income statement.  For investment securities available for sale that do not meet the aforementioned criteria, the Corporation evaluates whether the decline in