First Merchants (FRME) 10-K Report Highlights $14.52 Billion in Total Deposits

By Bobby Samwell • Monday, February 24 15:14 • Permanent Link

First Merchants Corporation recently released its 10-K report, providing insights into its financial performance and operations. The company operates as a financial holding company for First Merchants Bank, offering a range of financial services, including deposits, loans, trust services, and corporate banking. As of December 31, 2024, the company's total deposits amounted to $14.52 billion, reflecting a decrease of $299.8 million from the previous year, primarily due to the sale of Illinois branch deposits and customers shifting funds from time deposit products to nonmaturity deposit products. Additionally, federal funds purchased increased by $99.2 million, while securities sold under repurchase agreements decreased by $14.4 million compared to the prior year. The company also utilized Federal Home Loan Bank advances to fund loan growth and supplement deposit balances, resulting in an increase of $109.7 million compared to the previous year. Furthermore, subordinated debentures and term loans decreased by $65.1 million compared to the prior year, as the company redeemed a portion of its subordinated debt. Today the company's shares have moved 0.4% to a price of $43.6. For more information, read the company's full 10-K submission here.

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