Company: FRME
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000712534-25-000058
Chunk: 33

Company: FIRST MERCHANTS CORP
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 33
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 limits by approximately $35.8 million.  Each correspondent bank’s financial performance and market rating are reviewed on a quarterly basis to ensure the Corporation has deposits only at institutions providing minimal risk for those exceeding the federally insured limits.Additionally, the Corporation had approximately $283.4 million at the Federal Home Loan Bank and Federal Reserve Bank, which are government-sponsored entities not insured by the FDIC.The Corporation has historically been required to maintain reserve funds in cash and/or on deposit with the Federal Reserve Bank.  However, the Federal Reserve announced on March 15, 2020 that in order to support the flow of credit to households and businesses during the COVID-19 pandemic, reserve requirement ratios would move to zero effective March 26, 2020.  The reserve requirement ratios remained at zero as of December 31, 2024.

NOTE 4

INVESTMENT SECURITIESThe following table summarizes the amortized cost, gross unrealized gains and losses and approximate fair value of investment securities available for sale as of December 31, 2024 and December 31, 2023.AmortizedCostGross Unrealized GainsGross Unrealized LossesFairValueAvailable for sale at December 31, 2024U.S. Government-sponsored agency securities$95,462 $— $16,081 $79,381 State and municipal996,541 19 133,386 863,174 U.S. Government-sponsored mortgage-backed securities519,943 403 88,724 431,622 Corporate obligations12,960 — 662 12,298 Total available for sale$1,624,906 $422 $238,853 $1,386,475 AmortizedCostGross Unrealized GainsGross Unrealized LossesFairValueAvailable for sale at December 31, 2023U.S. Government-sponsored agency securities$111,521 $— $16,214 $95,307 State and municipal1,181,029 364 116,222 1,065,171 U.S. Government-sponsored mortgage-backed securities541,343 462 86,990 454,815 Corporate obligations12,947 — 1,128 11,819 Total available for sale$1,846,840 $826 $220,554 $1,627,112 The following table summarizes the amortized cost, gross unrealized gains and losses,