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Midas Edge

FIRST MERCHANTS CORP

For the period ended Jun 30, 2024. Filed Aug 1, 2024.

View on SEC.gov

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2024 · Filed Aug 1, 2024

FRME$41.20-0.6%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits
Contents

Consolidated Condensed Statements of Cash Flows

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS(Unaudited)

Six Months Ended June 30,
20242023
Cash Flow From Operating Activities:
Net income$87,866$124,941
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses26,500—
Depreciation and amortization6,6805,799
Change in deferred taxes1,356(1,429)
Share-based compensation2,7542,432
Loans originated for sale(451,682)(272,074)
Proceeds from sales of loans held for sale443,068256,880
Gains on sales of loans held for sale(4,744)(3,009)
Net losses on sales and redemptions of securities available for sale512,963
Increase in cash surrender value of life insurance(2,863)(2,603)
Gains on life insurance benefits(658)(781)
Change in interest receivable118(4,714)
Change in interest payable(358)6,065
Other adjustments13,787(1,497)
Net cash provided by operating activities121,875112,973
Cash Flows from Investing Activities:
Net change in interest-bearing deposits267,552(93,419)
Purchases of:
Securities available for sale(62,328)(1,400)
Securities held to maturity—(5,653)
Proceeds from sales of securities available for sale—314,087
Proceeds from maturities and redemptions of:
Securities available for sale21,39632,365
Securities held to maturity48,25450,774
Change in Federal Home Loan Bank stock31(3,317)
Payment of capital calls to qualified affordable housing investments(15,933)(4,749)
Net change in loans(171,915)(386,135)
Proceeds from the sale of other real estate owned274101
Proceeds from life insurance benefits3,4434,675
Proceeds from mortgage portfolio loan sale1,716—
Proceeds from commercial portfolio loan sale3,27389,675
Other adjustments(28,469)2,424
Net cash provided by (used in) investing activities67,294(572)
Cash Flows from Financing Activities:
Net change in:
Demand and savings deposits(385,455)(530,227)
Certificates of deposit and other time deposits133,072728,637
Borrowings427,348746,773
Repayment of borrowings(282,152)(1,033,441)
Cash dividends on preferred stock(938)(938)
Cash dividends on common stock(40,622)(39,378)
Stock issued under employee benefit plans343380
Stock issued under dividend reinvestment and stock purchase plans1,1011,064
Stock options exercised8121,110
Repurchase of common stock(49,955)—
Net cash used in financing activities(196,446)(126,020)
Net Change in Cash and Cash Equivalents(7,277)(13,619)
Cash and Cash Equivalents, January 1112,649122,594
Cash and Cash Equivalents, June 30$105,372$108,975
Additional cash flow information:
Interest paid$217,005$139,744
Income tax paid (refunded)5,30027,530
Loans transferred to other real estate owned2111,080
Fixed assets transferred to other real estate owned—2,900
Non-cash investing activities using trade date accounting28,80526,911
ROU assets obtained in exchange for new operating lease liabilities5,5881,505
Qualified affordable housing investments obtained in exchange for funding commitments40,0004,700
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.