Company: FRME
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000712534-25-000171
Chunk: 13

Company: FIRST MERCHANTS CORP
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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970 $— $334,970 $— $52,156 $282,814 State and municipal1,076,773 245 1,076,528 259 201,668 875,364 U.S. Government-sponsored mortgage-backed securities609,828 — 609,828 — 82,266 527,562 Foreign investment1,500 — 1,500 — — 1,500 Total held to maturity$2,023,071 $245 $2,022,826 $259 $336,090 $1,687,240 AmortizedCostAllowance for Credit LossesNet Carrying AmountGross Unrealized GainsGross Unrealized LossesFairValueHeld to maturity at December 31, 2024U.S. Government-sponsored agency securities$345,531 $— $345,531 $— $63,112 $282,419 State and municipal1,085,921 245 1,085,676 299 185,784 900,436 U.S. Government-sponsored mortgage-backed securities641,513 — 641,513 — 102,343 539,170 Foreign investment1,500 — 1,500 — 5 1,495 Total held to maturity$2,074,465 $245 $2,074,220 $299 $351,244 $1,723,520 Accrued interest on investment securities available for sale and held to maturity at June 30, 2025 and December 31, 2024 of $22.1 million and $22.5 million, respectively, are included in the Interest Receivable line on the Corporation's Consolidated Condensed Balance Sheets.  The total amount of accrued interest is excluded from the amortized cost of available for sale and held to maturity securities presented above. In determining the allowance for credit losses on investment securities available for sale that are in an unrealized loss position, the Corporation first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis.  If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through the income statement.  For investment securities available for sale that do not meet the