Company: FRME
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000712534-25-000117
Chunk: 14

Company: FIRST MERCHANTS CORP
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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esInvestment securities available for sale at December 31, 2024U.S. Government-sponsored agency securities$— $— $79,381 $16,081 $79,381 $16,081 State and municipal40,398 2,115 820,663 131,271 861,061 133,386 U.S. Government-sponsored mortgage-backed securities82,724 1,660 318,310 87,064 401,034 88,724 Corporate obligations— — 12,268 662 12,268 662 Total investment securities available for sale$123,122 $3,775 $1,230,622 $235,078 $1,353,744 $238,853 

12

PART I. FINANCIAL INFORMATION ITEM 1. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS(table dollar amounts in thousands, except share data)(Unaudited)

The following tables summarize investment securities available for sale in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by security type and the number of securities in the portfolio as of the dates indicated.GrossUnrealizedLossesNumber of SecuritiesInvestment securities available for sale at March 31, 2025U.S. Government-sponsored agency securities$13,832 12State and municipal149,570 611U.S. Government-sponsored mortgage-backed securities77,614 114Corporate obligations530 10Total investment securities available for sale$241,546 747 GrossUnrealizedLossesNumber of SecuritiesInvestment securities available for sale at December 31, 2024U.S. Government-sponsored agency securities$16,081 12State and municipal133,386 611U.S. Government-sponsored mortgage-backed securities88,724 127Corporate obligations662 10Total investment securities available for sale$238,853 760 The unrealized losses in the Corporation’s investment portfolio were the result of changes in interest rates and not credit quality.  As a result, the Corporation expects to recover the amortized cost basis over the term of the securities.  The Corporation does not intend to sell the investments and it is not more likely than not that the Corporation will be required to sell the investments before recovery of their amortized cost basis, which may be maturity.  Certain investment securities available for sale are reported in the financial statements at an amount less than their historical cost as