Company: FRME
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000712534-25-000058
Chunk: 79

Company: FIRST MERCHANTS CORP
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 79
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 Fair Value Measurements Using:  Quoted Prices in ActiveMarkets for Identical AssetsSignificant Other Observable InputsSignificantUnobservable InputsDecember 31, 2024Fair Value(Level 1)(Level 2)(Level 3)Available for sale securities:U.S. Government-sponsored agency securities$79,381 $— $79,381 $— State and municipal863,174 — 860,793 2,381 U.S. Government-sponsored mortgage-backed securities431,622 — 431,618 4 Corporate obligations12,298 — 12,267 31 Derivative assets77,133 — 77,133 — Derivative liabilities76,568 — 76,568 —   Fair Value Measurements Using:  Quoted Prices in ActiveMarkets for Identical AssetsSignificant Other Observable InputsSignificantUnobservable InputsDecember 31, 2023Fair Value(Level 1)(Level 2)(Level 3)Available for sale securities:U.S. Government-sponsored agency securities$95,307 $— $95,307 $— State and municipal1,065,171 — 1,061,896 3,275 U.S. Government-sponsored mortgage-backed securities454,815 — 454,811 4 Corporate obligations11,819 — 11,788 31 Derivative assets79,379 — 79,379 — Derivative liabilities79,008 — 79,008 — LEVEL 3 RECONCILIATIONThe following is a reconciliation of the beginning and ending balances of recurring fair value measurements recognized in the accompanying balance sheets using significant unobservable Level 3 inputs for year ended December 31, 2024 and 2023.Available for Sale SecuritiesFor The Year Ended December 31, 2024December 31, 2023Beginning Balance$3,310 $3,439 Included in other comprehensive income (loss)(908)(186)Principal payments14 57 Ending balance$2,416 $3,310 There were no gains or losses included in earnings that were attributable to the changes in unrealized gains or losses related to assets or liabilities held at December 31, 2024 or 2023.TRANSFERS BETWEEN LEVELSThere were no transfers in or out of Level 3 during 2024 or 2023.

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PART II: ITEM