XML 57 R44.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Fair Values of Financial Instruments (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Fair Value Disclosures [Abstract] |
Fair Value Measurements of Assets and Liabilities Recognized in the Balance Sheets Measured at Fair Value on Recurring Basis | The following table presents the fair value measurements of assets and liabilities recognized in the accompanying balance sheets measured at fair value on a recurring basis and the level within the ASC 820-10 fair value hierarchy in which the fair value measurements fall at December 31, 2021 and 2020.
|  |  |  | Fair Value Measurements Using:
|  |  |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
December 31, 2021 |  | Fair Value |  | (Level 1) |  | (Level 2) |  | (Level 3)
Available for sale securities: |  |  |  |  |  |  |  |
U.S. Government-sponsored agency securities |  | $ | 95,136 |  |  | $ | — |  |  | $ | 95,136 |  |  | $ | — |
U.S. Treasury |  | 999 |  |  | 999 |  |  | — |  |  | — |
State and municipal |  | 1,576,532 |  |  | — |  |  | 1,571,076 |  |  | 5,456 |
U.S. Government-sponsored mortgage-backed securities |  | 667,605 |  |  | — |  |  | 667,601 |  |  | 4 |
Corporate obligations |  | 4,279 |  |  | — |  |  | 4,248 |  |  | 31 |
Interest rate swap asset |  | 41,133 |  |  | — |  |  | 41,133 |  |  | — |
Interest rate swap liability |  | 41,968 |  |  | — |  |  | 41,968 |  |  | — |
|  |  |  | Fair Value Measurements Using:
|  |  |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
December 31, 2020 |  | Fair Value |  | (Level 1) |  | (Level 2) |  | (Level 3)
Available for sale securities: |  |  |  |  |  |  |  |
U.S. Government-sponsored agency securities |  | $ | 2,430 |  |  | $ | — |  |  | $ | 2,430 |  |  | $ | — |
State and municipal |  | 1,257,885 |  |  | — |  |  | 1,255,441 |  |  | 2,444 |
U.S. Government-sponsored mortgage-backed securities |  | 654,669 |  |  | — |  |  | 654,665 |  |  | 4 |
Corporate obligations |  | 4,135 |  |  | — |  |  | 4,104 |  |  | 31 |
Interest rate swap asset |  | 74,335 |  |  | — |  |  | 74,335 |  |  | — |
Interest rate swap liability |  | 76,353 |  |  | — |  |  | 76,353 |  |  | — |
Reconciliation of Beginning and Ending Balances of Recurring Fair Value Measurements Recognized in the Balance Sheets using Significant Unobservable Level 3 Inputs | The following is a reconciliation of the beginning and ending balances of recurring fair value measurements recognized in the accompanying balance sheets using significant unobservable Level 3 inputs for year ended December 31, 2021 and 2020.
| Available for Sale Securities
| For The Year Ended
| December 31, 2021 |  | December 31, 2020
Beginning Balance | $ | 2,479 |  |  | $ | 2,893 |
Included in other comprehensive income | 227 |  |  | 16 |
Purchases, issuances, and settlements | 3,241 |  |  | — |
Principal payments | (456) |  |  | (430) |
Ending balance | $ | 5,491 |  |  | $ | 2,479 |
Description of Valuation Methodologies Used for Instruments Measured at Fair Value on a Non-Recurring Basis and Recognized in the Balance Sheets | Following is a description of valuation methodologies used for instruments measured at fair value on a non-recurring basis and recognized in the accompanying balance sheets, as well as the general classification of such instruments pursuant to the valuation hierarchy for year ended December 31, 2021 and 2020.
|  |  |  | Fair Value Measurements Using
|  |  |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
December 31, 2021 |  | Fair Value |  | (Level 1) |  | (Level 2) |  | (Level 3)
Collateral dependent loans |  | $ | 24,491 |  |  | — |  |  | — |  |  | $ | 24,491 |
Other real estate owned |  | $ | 96 |  |  | — |  |  | — |  |  | $ | 96 |
|  |  |  | Fair Value Measurements Using
|  |  |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
December 31, 2020 |  | Fair Value |  | (Level 1) |  | (Level 2) |  | (Level 3)
Collateral dependent loans |  | $ | 37,250 |  |  | — |  |  | — |  |  | $ | 37,250 |
Other real estate owned |  | $ | 544 |  |  | — |  |  | — |  |  | $ | 544 |
Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements Other than Goodwill | The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements, other than goodwill, at December 31, 2021 and 2020.
December 31, 2021 | Fair Value |  | Valuation Technique |  | Unobservable Inputs |  | Range (Weighted-Average)
State and municipal securities | $ | 5,456 |  |  | Discounted cash flow |  | Maturity Call Date US Muni BQ curve Discount rate Weighted-average coupon |  | 1 month to 15 years A- to BBB- 0.75% - 4% 3.7%
Corporate obligations and U.S. Government-sponsored mortgage backed securities | $ | 35 |  |  | Discounted cash flow |  | Risk free rate plus Premium for illiquidity Weighted-average coupon |  | 3 month LIBOR plus 200bps 0%
Collateral dependent loans | $ | 24,491 |  |  | Collateral based measurements |  | Discount to reflect current market conditions and ultimate collectability Weighted-average discount by loan balance |  | 0% - 10% 5.5%
Other real estate owned | $ | 96 |  |  | Appraisals |  | Discount to reflect current market conditions Weighted-average discount of other real estate owned balance |  | 0% - 44% 43.5%
December 31, 2020 | Fair Value |  | Valuation Technique |  | Unobservable Inputs |  | Range (Weighted-Average)
State and municipal securities | $ | 2,444 |  |  | Discounted cash flow |  | Maturity Call Date US Muni BQ curve Discount rate Weighted-average coupon |  | 1 month to 15 years A- to BBB- 1.5% - 4% 3.9%
Corporate obligations and U.S. Government-sponsored mortgage backed securities | $ | 35 |  |  | Discounted cash flow |  | Risk free rate plus Premium for illiquidity Weighted-average coupon |  | 3 month LIBOR plus 200bps 0%
Collateral dependent loans | $ | 37,250 |  |  | Collateral based measurements |  | Discount to reflect current market conditions and ultimate collectability Weighted-average discount by loan balance |  | 0% - 10% 6.0%
Other real estate owned | $ | 544 |  |  | Appraisals |  | Discount to reflect current market conditions Weighted-average discount of other real estate owned balance |  | 0% - 30% 26.2%
Estimated Fair Values of Financial Instruments | The following table presents estimated fair values of the Corporation's financial instruments and the level within the fair value hierarchy in which the fair value measurements fall at December 31, 2021 and 2020.
| 2021
| Carrying Amount |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets at December 31: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 167,146 |  |  | $ | 167,146 |  |  | $ | — |  |  | $ | — |
Interest-bearing deposits | 474,154 |  |  | 474,154 |  |  | — |  |  | — |
Investment securities available for sale | 2,344,551 |  |  | 999 |  |  | 2,338,061 |  |  | 5,491 |
Investment securities held to maturity | 2,179,802 |  |  | — |  |  | 2,188,600 |  |  | 13,903 |
Loans held for sale | 11,187 |  |  | — |  |  | 11,187 |  |  | — |
Loans | 9,046,464 |  |  | — |  |  | — |  |  | 9,068,319 |
Federal Home Loan Bank stock | 28,736 |  |  | — |  |  | 28,736 |  |  | — |
Interest rate swap asset | 41,133 |  |  | — |  |  | 41,133 |  |  | — |
Interest receivable | 57,187 |  |  | — |  |  | 57,187 |  |  | — |
Liabilities at December 31: |  |  |  |  |  |  |
Deposits | $ | 12,732,577 |  |  | $ | 12,038,992 |  |  | $ | 690,089 |  |  | $ | — |
Borrowings: |  |  |  |  |  |  |
Securities sold under repurchase agreements | 181,577 |  |  | — |  |  | 181,572 |  |  | — |
Federal Home Loan Bank advances | 334,055 |  |  | — |  |  | 337,005 |  |  | — |
Subordinated debentures and term loans | 118,618 |  |  | — |  |  | 107,892 |  |  | — |
Interest rate swap liability | 41,968 |  |  | — |  |  | 41,968 |  |  | — |
Interest payable | 2,762 |  |  | — |  |  | 2,762 |  |  | — |
| 2020
| Carrying Amount |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets at December 31: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 192,896 |  |  | $ | 192,896 |  |  | $ | — |  |  | $ | — |
Interest-bearing deposits | 392,305 |  |  | 392,305 |  |  | — |  |  | — |
Investment securities available for sale | 1,919,119 |  |  | — |  |  | 1,916,640 |  |  | 2,479 |
Investment securities held to maturity | 1,227,668 |  |  | — |  |  | 1,260,815 |  |  | 19,478 |
Loans held for sale | 3,966 |  |  | — |  |  | 3,966 |  |  | — |
Loans | 9,112,526 |  |  | — |  |  | — |  |  | 9,191,628 |
Federal Home Loan Bank stock | 28,736 |  |  | — |  |  | 28,736 |  |  | — |
Interest rate swap asset | 74,335 |  |  | — |  |  | 74,335 |  |  | — |
Interest receivable | 53,948 |  |  | — |  |  | 53,948 |  |  | — |
Liabilities at December 31: |  |  |  |  |  |  |
Deposits | $ | 11,361,610 |  |  | $ | 10,482,865 |  |  | $ | 878,257 |  |  | $ | — |
Borrowings: |  |  |  |  |  |  |
Securities sold under repurchase agreements | 177,102 |  |  | — |  |  | 177,097 |  |  | — |
Federal Home Loan Bank advances | 389,430 |  |  | — |  |  | 399,991 |  |  | — |
Subordinated debentures and term loans | 118,380 |  |  | — |  |  | 108,439 |  |  | — |
Interest rate swap liability | 76,353 |  |  | — |  |  | 76,353 |  |  | — |
Interest payable | 3,287 |  |  | — |  |  | 3,287 |  |  | — |

X
- Definition Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation + References No definition available. + Details
Name: | frme_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTableTextBlock
Namespace Prefix: | frme_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration