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Midas Edge

FIRST MERCHANTS CORP

For the period ended Sep 30, 2024. Filed Oct 31, 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.

Sep 30, 2024 · Filed Oct 31, 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)

Nine Months Ended September 30,
20242023
Cash Flow From Operating Activities:
Net income$137,053$181,307
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses31,5002,000
Depreciation and amortization10,6028,666
Change in deferred taxes3,1283,957
Share-based compensation4,1913,792
Loans originated for sale(775,504)(567,626)
Proceeds from sales of loans held for sale773,446551,613
Gains on sales of loans held for sale(10,508)(5,865)
Net losses on sales and redemptions of securities available for sale9,1654,613
Increase in cash surrender value of life insurance(4,128)(3,813)
Gains on life insurance benefits(2,148)(1,332)
Change in interest receivable5,585(4,941)
Change in interest payable(319)8,943
Other adjustments16,64311,904
Net cash provided by operating activities198,706193,218
Cash Flows from Investing Activities:
Net change in interest-bearing deposits76,954(222,578)
Purchases of:
Securities available for sale(93,463)(12,543)
Securities held to maturity—(5,653)
Proceeds from sales of securities available for sale149,771347,318
Proceeds from maturities and redemptions of:
Securities available for sale33,34644,925
Securities held to maturity72,93876,427
Change in Federal Home Loan Bank stock53(3,272)
Payment of capital calls to qualified affordable housing investments(22,238)(7,478)
Net change in loans(206,478)(404,833)
Proceeds from the sale of other real estate owned3251,175
Proceeds from life insurance benefits7,9647,350
Proceeds from mortgage portfolio loan sale1,716—
Proceeds from commercial portfolio loan sale3,273112,124
Other adjustments(25,046)(40,257)
Net cash used in investing activities(885)(107,295)
Cash Flows from Financing Activities:
Net change in:
Demand and savings deposits(308,714)(581,735)
Certificates of deposit and other time deposits140,074845,566
Borrowings551,851754,229
Repayment of borrowings(499,542)(1,043,588)
Cash dividends on preferred stock(1,406)(1,406)
Cash dividends on common stock(61,146)(59,713)
Stock issued under employee benefit plans511590
Stock issued under dividend reinvestment and stock purchase plans1,6761,603
Stock options exercised9001,110
Repurchase of common stock(49,955)—
Net cash used in financing activities(225,751)(83,344)
Net Change in Cash and Cash Equivalents(27,930)2,579
Cash and Cash Equivalents, January 1112,649122,594
Cash and Cash Equivalents, September 30$84,719$125,173
Additional cash flow information:
Interest paid$327,443$232,616
Income tax paid (refunded)6,40732,741
Loans transferred to other real estate owned6991,224
Fixed assets transferred to other real estate owned693,226
Non-cash investing activities using trade date accounting17,7494,462
ROU assets obtained in exchange for new operating lease liabilities6,9181,630
Qualified affordable housing investments obtained in exchange for funding commitments40,50025,200
Reclassification of loans and other branch assets to held for sale13,404—
Reclassification of deposits and other branch liabilities to held for sale288,476—
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.