Company: FRME
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000712534-25-000058
Chunk: 12

Company: FIRST MERCHANTS CORP
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 12
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WS - CONTINUED

In conjunction with the acquisition, liabilities were assumed as follows:

December 31,2024December 31,2023December 31,2022Fair value of assets acquired$— $— $2,510,576 Cash paid in acquisition— — (79,324)Less:  Common stock issued— — 237,389 Less:  Preferred stock issued— — 25,000 Liabilities assumed$— $— $2,168,863 

In conjunction with the divestiture, liabilities were divested as follows:

December 31,2024December 31,2023December 31,2022Non-cash assets divested$10,664 $— $— Cash paid in divestiture243,504 — — Less: Final settlement receivable6,011 — — Net gain on divestiture19,983 — — Liabilities divested$268,140 $— $— 

See notes to consolidated financial statements.

58

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

NOTE 1

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESFINANCIAL STATEMENT PREPARATIONThe accounting and reporting policies of the Corporation and the Bank, conform to accounting principles generally accepted in the United States of America and reporting practices followed by the banking industry.  The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.  Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses.  The Corporation is a financial holding company whose principal activity is the ownership and management of the Bank and operates in a single significant business segment.  The Bank provides full banking services under an Indiana state-charter.  Additionally, the Bank operates as First Merchants Private Wealth Advisors (a division of First Merchants Bank).  The Bank generates commercial, mortgage, and consumer loans and receives deposits from customers located primarily in central and northern Indiana, northeast Illinois, central