Company: FRME
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000712534-25-000117
Chunk: 5

Company: FIRST MERCHANTS CORP
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 1
Chunk 5
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259 1 185 — — 186 Stock issued under dividend reinvestment andstock purchase plan— — — — 16,215 2 540 — — 542 Restricted shares withheld for taxes— — — — (748)— (25)— — (25)Balances, March 31, 2024125 $125 10,000 $25,000 58,564,819 $7,321 $1,208,447 $1,181,939 $(198,029)$2,224,803 

See NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS.

7

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

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)

Three Months Ended March 31, 20252024Cash Flow from Operating Activities:Net income$55,339 $47,941 Adjustments to reconcile net income to net cash provided by operating activities:Provision for credit losses4,200 2,000 Depreciation and amortization7,840 3,194 Change in deferred taxes(652)(2,260)Share-based compensation1,595 1,402 Loans originated for sale(95,744)(182,793)Proceeds from sales of loans held for sale95,159 188,347 Gains on sales of loans held for sale(3,756)(1,738)Net losses on sales and redemptions of securities available for sale7 2 Increase in cash surrender value of life insurance(1,540)(1,449)Gains on life insurance benefits(639)(143)Change in interest receivable3,477 5,114 Change in interest payable(2,798)350 Other adjustments(788)(1,119)Net cash provided by operating activities61,700 58,848 Cash Flows from Investing Activities:Net change in interest-bearing deposits(32,643)25,583 Purchases of:Securities available for sale(5,906)(32,231)Proceeds from maturities and redemptions of: Securities available for sale10,535 9,415 Securities held to maturity24,729 20,