Company: FRME
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000712534-25-000117
Chunk: 47

Company: FIRST MERCHANTS CORP
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 1
Chunk 47
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1. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS(table dollar amounts in thousands, except share data)(Unaudited)

Securities sold under repurchase agreements consist of obligations of the Bank to other parties and are secured by U.S. Government-sponsored enterprise obligations.  The maximum amount of outstanding agreements at any month-end during the three months ended March 31, 2025 and 2024 totaled $169.1 million and $194.2 million, respectively, and the average balance of such agreements totaled $159.3 million and $172.7 million during the same period of 2025 and 2024, respectively.The collateral pledged for all repurchase agreements that are accounted for as secured borrowings as of March 31, 2025 and December 31, 2024 were:March 31, 2025Remaining Contractual Maturity of the AgreementsOvernight and ContinuousUp to 30 Days30-90 DaysGreater Than 90 DaysTotalU.S. Government-sponsored mortgage-backed securities$122,947 $— $— $— $122,947 December 31, 2024Remaining Contractual Maturity of the AgreementsOvernight and ContinuousUp to 30 Days30-90 DaysGreater Than 90 DaysTotalU.S. Government-sponsored mortgage-backed securities$142,876 $— $— $— $142,876 Contractual maturities of borrowings as of March 31, 2025, are as follows:Maturities in Years Ending December 31:Federal Funds PurchasedSecurities SoldUnder Repurchase AgreementsFederal HomeLoan BankAdvancesSubordinatedDebentures andTerm Loans2025$185,000 $122,947 $175,000 $1,129 2026— — 75,000 — 2027— — 270,000 — 2028— — 240,000 5,000 2029— — 150,000 — 2030 and after— — 62,478 60,660 ASC 805 fair value adjustments at acquisition— — — (4,170)$185,000 $122,947 $972,478 $62,619 At March 31, 2025, the outstanding FHLB advances had interest rates from 1.50 to 4.83 percent and are subject