Company: FRME
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000712534-25-000058
Chunk: 215

Company: FIRST MERCHANTS CORP
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 215
---
 %N/AN/AFirst Merchants Bank1,931,810 13.06 1,553,600 10.50 $1,479,619 10.00 %Tier 1 capital to risk-weighted assetsFirst Merchants Corporation$1,703,626 11.52 %$1,256,935 8.50 %N/AN/AFirst Merchants Bank1,746,299 11.80 1,257,676 8.50 $1,183,695 8.00 %Common equity tier 1 capital to risk-weighted assetsFirst Merchants Corporation$1,678,626 11.35 %$1,035,123 7.00 %N/AN/AFirst Merchants Bank1,746,299 11.80 1,035,733 7.00 $961,752 6.50 %Tier 1 capital to average assetsFirst Merchants Corporation$1,703,626 9.64 %$707,091 4.00 %N/AN/AFirst Merchants Bank1,746,299 9.89 706,331 4.00 $882,913 5.00 %

On November 1, 2013, the Corporation completed the private issuance and sale to four institutional investors of an aggregate of $70.0 million of debt comprised of (a) 5.00 percent Fixed-to-Floating Rate Senior Notes due 2028 in the aggregate principal amount of $5 million  and (b) 6.75 percent Fixed-to-Floating Rate Subordinated Notes due October 30, 2028 in the aggregate principal amount of $65.0 million.  The Corporation exercised its right to redeem $65 million of the subordinated debt on the scheduled interest payment date during the first half of 2024.  

On April 1, 2022, the Corporation assumed $30.0 million of subordinated notes in conjunction with its acquisition of Level One.  The notes mature on December 18, 2029, and the Corporation has the option to redeem any or all of the subordinated notes without premium or penalty any time after December 18, 2024 or upon the occurrence of a tier 2 capital event or tax event.  As of December 31, 2024, these subordinated debentures were classified as tier 2 capital and were subject