Company: FRME
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000712534-25-000058
Chunk: 37

Company: FIRST MERCHANTS CORP
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 37
---
20,317 Non-rated— 360,708 — 1,500 362,208 Total$345,531 $1,085,921 $641,513 $1,500 $2,074,465 (1) U.S. Government agency securities and U.S. Government mortgage-backed securities are included within the Aaa credit rating category due to their explicit or implicit government guarantees, which provide a high level of assurance regarding the timely collection of principal and interest payments.

69

PART II: ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATANOTES TO CONSOLIDATED FINANCIAL STATEMENTS(table dollar amounts in thousands, except share data)

The following tables summarize, as of December 31, 2024 and December 31, 2023, 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 length of time in a continuous unrealized loss position.Less than 12 Months12 Months or LongerTotalFairValueGrossUnrealizedLossesFairValueGrossUnrealizedLossesFairValueGrossUnrealizedLossesInvestment 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 $238,853 Less than 12 Months12 Months or LongerTotalFairValueGrossUnrealizedLossesFairValueGrossUnrealizedLossesFairValueGrossUnrealizedLossesInvestment securities available for sale at December 31, 2023U.S. Government-sponsored agency securities$— $— $95,307 $16,214 $95,307 $16,214 State and municipal55,514 1,076 963,584 115,146