XML 35 R25.htm IDEA: XBRL DOCUMENT
v3.24.3

INVESTMENT SECURITIES (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Summary of Amortized Cost, Gross Unrealized Gains and Losses and Approximate Fair Value of Investment Securities | The following tables summarize the amortized cost, gross unrealized gains and losses and approximate fair value of investment securities available for sale as of September 30, 2024 and December 31, 2023.
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  |  |  |
Available for sale at September 30, 2024 |  |  |  |  |  |  |  |  |  |  |
U.S. Government-sponsored agency securities | $ | 97,670 |  |  | $ | — |  |  | $ | 12,637 |  |  | $ | 85,033 |  |  |  |  |
State and municipal | 1,090,953 |  |  | 95 |  |  | 106,937 |  |  | 984,111 |  |  |  |  |
U.S. Government-sponsored mortgage-backed securities | 541,099 |  |  | 2,447 |  |  | 71,500 |  |  | 472,046 |  |  |  |  |
Corporate obligations | 12,957 |  |  | — |  |  | 651 |  |  | 12,306 |  |  |  |  |
Total available for sale | $ | 1,742,679 |  |  | $ | 2,542 |  |  | $ | 191,725 |  |  | $ | 1,553,496 |  |  |  |  |
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  |  |  |
Available for sale at December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
U.S. Government-sponsored agency securities | $ | 111,521 |  |  | $ | — |  |  | $ | 16,214 |  |  | $ | 95,307 |  |  |  |  |
State and municipal | 1,181,029 |  |  | 364 |  |  | 116,222 |  |  | 1,065,171 |  |  |  |  |
U.S. Government-sponsored mortgage-backed securities | 541,343 |  |  | 462 |  |  | 86,990 |  |  | 454,815 |  |  |  |  |
Corporate obligations | 12,947 |  |  | — |  |  | 1,128 |  |  | 11,819 |  |  |  |  |
Total available for sale | $ | 1,846,840 |  |  | $ | 826 |  |  | $ | 220,554 |  |  | $ | 1,627,112 |  |  |  |  |
The following tables summarize the amortized cost, gross unrealized gains and losses, approximate fair value and allowance for credit losses on investment securities held to maturity as of September 30, 2024 and December 31, 2023.
| Amortized Cost |  | Allowance for Credit Losses |  | Net Carrying Amount |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Held to maturity at September 30, 2024 |  |  |  |  |  |  |  |  |  |  |
U.S. Government-sponsored agency securities | $ | 361,335 |  |  | $ | — |  |  | $ | 361,335 |  |  | $ | — |  |  | $ | 53,432 |  |  | $ | 307,903 |
State and municipal | 1,087,980 |  |  | 245 |  |  | 1,087,735 |  |  | 1,157 |  |  | 151,227 |  |  | 937,910 |
U.S. Government-sponsored mortgage-backed securities | 658,079 |  |  | — |  |  | 658,079 |  |  | — |  |  | 82,382 |  |  | 575,697 |
Foreign investment | 1,500 |  |  | — |  |  | 1,500 |  |  | — |  |  | 4 |  |  | 1,496 |
Total held to maturity | $ | 2,108,894 |  |  | $ | 245 |  |  | $ | 2,108,649 |  |  | $ | 1,157 |  |  | $ | 287,045 |  |  | $ | 1,823,006 |
| Amortized Cost |  | Allowance for Credit Losses |  | Net Carrying Amount |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Held to maturity at December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
U.S. Government-sponsored agency securities | $ | 374,002 |  |  | $ | — |  |  | $ | 374,002 |  |  | $ | — |  |  | $ | 64,159 |  |  | $ | 309,843 |
State and municipal | 1,099,201 |  |  | 245 |  |  | 1,098,956 |  |  | 1,625 |  |  | 152,113 |  |  | 948,713 |
U.S. Government-sponsored mortgage-backed securities | 709,794 |  |  | — |  |  | 709,794 |  |  | — |  |  | 99,448 |  |  | 610,346 |
Foreign investment | 1,500 |  |  | — |  |  | 1,500 |  |  | — |  |  | 28 |  |  | 1,472 |
Total held to maturity | $ | 2,184,497 |  |  | $ | 245 |  |  | $ | 2,184,252 |  |  | $ | 1,625 |  |  | $ | 315,748 |  |  | $ | 1,870,374 |
Summary of Amortized Cost of Investment Securities Held to Maturity Aggregated by Credit Quality Indicator | On a quarterly basis, the Corporation monitors the credit quality of investment securities held to maturity through the use of credit ratings. The following table summarizes the amortized cost of investment securities held to maturity at September 30, 2024, aggregated by credit quality indicator.
| Held to Maturity
| U.S. Government-sponsored agency securities (1) |  | State and municipal |  | U.S. Government-sponsored mortgage-backed securities (1) |  | Foreign investment |  | Total
Credit Rating: |  |  |  |  |  |  |  |  |
Aaa | $ | 361,335 |  |  | $ | 113,233 |  |  | $ | 658,079 |  |  | $ | — |  |  | $ | 1,132,647 |
Aa1 | — |  |  | 160,281 |  |  | — |  |  | — |  |  | 160,281 |
Aa2 | — |  |  | 177,858 |  |  | — |  |  | — |  |  | 177,858 |
Aa3 | — |  |  | 112,393 |  |  | — |  |  | — |  |  | 112,393 |
A1 | — |  |  | 141,608 |  |  | — |  |  | — |  |  | 141,608 |
A2 | — |  |  | 20,313 |  |  | — |  |  | — |  |  | 20,313 |
Non-rated | — |  |  | 362,294 |  |  | — |  |  | 1,500 |  |  | 363,794 |
Total | $ | 361,335 |  |  | $ | 1,087,980 |  |  | $ | 658,079 |  |  | $ | 1,500 |  |  | $ | 2,108,894 |
(1) U.S. Government agency securities and U.S. Government mortgage-backed securities are included within the Aaa credit rating category due to their explicit or implicit government guarantees, which provide a high level of assurance regarding the timely collection of principal and interest payments.
Summary of Investment Securities in a Continuous Unrealized Loss Position | The following tables summarize, as of September 30, 2024 and December 31, 2023, investment securities available for sale in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by security type and length of time in a continuous unrealized loss position.
| Less than 12 Months |  | 12 Months or Longer |  | Total
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Investment securities available for sale at September 30, 2024 |  |  |  |  |  |  |  |  |  |  |
U.S. Government-sponsored agency securities | $ | — |  |  | $ | — |  |  | $ | 85,033 |  |  | $ | 12,637 |  |  | $ | 85,033 |  |  | $ | 12,637 |
State and municipal | 40,136 |  |  | 1,335 |  |  | 934,947 |  |  | 105,602 |  |  | 975,083 |  |  | 106,937 |
U.S. Government-sponsored mortgage-backed securities | 18,916 |  |  | 77 |  |  | 346,666 |  |  | 71,423 |  |  | 365,582 |  |  | 71,500 |
Corporate obligations | — |  |  | — |  |  | 12,275 |  |  | 651 |  |  | 12,275 |  |  | 651 |
Total investment securities available for sale | $ | 59,052 |  |  | $ | 1,412 |  |  | $ | 1,378,921 |  |  | $ | 190,313 |  |  | $ | 1,437,973 |  |  | $ | 191,725 |
| Less than 12 Months |  | 12 Months or Longer |  | Total
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Investment securities available for sale at December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
U.S. Government-sponsored agency securities | $ | — |  |  | $ | — |  |  | $ | 95,307 |  |  | $ | 16,214 |  |  | $ | 95,307 |  |  | $ | 16,214 |
State and municipal | 55,514 |  |  | 1,076 |  |  | 963,584 |  |  | 115,146 |  |  | 1,019,098 |  |  | 116,222 |
U.S. Government-sponsored mortgage-backed securities | 11,493 |  |  | 25 |  |  | 422,868 |  |  | 86,965 |  |  | 434,361 |  |  | 86,990 |
Corporate obligations | — |  |  | — |  |  | 11,788 |  |  | 1,128 |  |  | 11,788 |  |  | 1,128 |
Total investment securities available for sale | $ | 67,007 |  |  | $ | 1,101 |  |  | $ | 1,493,547 |  |  | $ | 219,453 |  |  | $ | 1,560,554 |  |  | $ | 220,554 |
The following tables summarize investment securities available for sale in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by security type and the number of securities in the portfolio as of the dates indicated.
| Gross Unrealized Losses |  | Number of Securities
Investment securities available for sale at September 30, 2024 |  |  |
U.S. Government-sponsored agency securities | $ | 12,637 |  |  | 13
State and municipal | 106,937 |  |  | 662
U.S. Government-sponsored mortgage-backed securities | 71,500 |  |  | 108
Corporate obligations | 651 |  |  | 10
Total investment securities available for sale | $ | 191,725 |  |  | 793 |
| Gross Unrealized Losses |  | Number of Securities
Investment securities available for sale at December 31, 2023 |  |  |
U.S. Government-sponsored agency securities | $ | 16,214 |  |  | 14
State and municipal | 116,222 |  |  | 691
U.S. Government-sponsored mortgage-backed securities | 86,990 |  |  | 150
Corporate obligations | 1,128 |  |  | 10
Total investment securities available for sale | $ | 220,554 |  |  | 865 |
Summary of Investments in Debt and Equity Securities Reported in the Financial Statements at an Amount Less Than Their Historical Cost | Certain investment securities available for sale are reported in the financial statements at an amount less than their historical cost as indicated in the table below.
| September 30, 2024 |  | December 31, 2023
Historical cost | $ | 1,629,698 |  |  | $ | 1,781,108 |
Fair value | 1,437,973 |  |  | 1,560,554 |
Gross unrealized losses | $ | 191,725 |  |  | $ | 220,554 |
Percentage of the Corporation's investment securities available for sale in an unrealized loss position | 92.6 | % |  | 95.9 | %
Summary of Amortized Cost and Fair Value of Available for Sale Securities and Held to Maturity Securities by Contractual Maturity | The amortized cost and fair value of investment securities available for sale and held to maturity at September 30, 2024 and December 31, 2023, by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity are shown separately.
| Available for Sale |  | Held to Maturity
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Maturity Distribution at September 30, 2024 |  |  |  |  |  |  |
Due in one year or less | $ | 1,809 |  |  | $ | 1,800 |  |  | $ | 15,139 |  |  | $ | 15,096 |
Due after one through five years | 12,818 |  |  | 12,578 |  |  | 121,204 |  |  | 116,480 |
Due after five through ten years | 162,996 |  |  | 151,369 |  |  | 165,418 |  |  | 151,803 |
Due after ten years | 1,023,957 |  |  | 915,703 |  |  | 1,149,054 |  |  | 963,930 |
| 1,201,580 |  |  | 1,081,450 |  |  | 1,450,815 |  |  | 1,247,309 |
U.S. Government-sponsored mortgage-backed securities | 541,099 |  |  | 472,046 |  |  | 658,079 |  |  | 575,697 |
Total investment securities | $ | 1,742,679 |  |  | $ | 1,553,496 |  |  | $ | 2,108,894 |  |  | $ | 1,823,006 |
| Available for Sale |  | Held to Maturity
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Maturity Distribution at December 31, 2023 |  |  |  |  |  |  |
Due in one year or less | $ | 1,390 |  |  | $ | 1,382 |  |  | $ | 3,041 |  |  | $ | 3,043 |
Due after one through five years | 24,899 |  |  | 23,372 |  |  | 118,592 |  |  | 111,723 |
Due after five through ten years | 127,948 |  |  | 120,385 |  |  | 135,805 |  |  | 126,461 |
Due after ten years | 1,151,260 |  |  | 1,027,158 |  |  | 1,217,265 |  |  | 1,018,801 |
| 1,305,497 |  |  | 1,172,297 |  |  | 1,474,703 |  |  | 1,260,028 |
U.S. Government-sponsored mortgage-backed securities | 541,343 |  |  | 454,815 |  |  | 709,794 |  |  | 610,346 |
Total investment securities | $ | 1,846,840 |  |  | $ | 1,627,112 |  |  | $ | 2,184,497 |  |  | $ | 1,870,374 |
Summary of Gross Gains and Losses on Sales and Redemptions of Available for Sale Securities | Gross gains and losses on the sales of investment securities available for sale for the three and nine months ended September 30, 2024 and 2023 are shown below.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Sales and redemptions of investment securities available for sale: |  |  |  |  |  |  |
Gross gains | $ | 7 |  |  | $ | — |  |  | $ | 7 |  |  | $ | 759 |
Gross losses | (9,121) |  |  | (1,650) |  |  | (9,172) |  |  | (5,372) |
Net gains (losses) on sales and redemptions of investment securities available for sale | $ | (9,114) |  |  | $ | (1,650) |  |  | $ | (9,165) |  |  | $ | (4,613) |

X
- Definition Schedule Of Investments Cost And Fair Value [Table Text Block] + References No definition available. + Details
Name: | frme_ScheduleOfInvestmentsCostAndFairValueTableTextBlock
Namespace Prefix: | frme_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479081/326-30-55-8 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-6 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479106/326-30-50-4 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of credit quality indicator for investment in debt security measured at amortized cost (held-to-maturity). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-5 + Details
Name: | us-gaap_DebtSecuritiesHeldToMaturityCreditQualityIndicatorTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- Definition Tabular disclosure of realized gains and losses on investments reported in the statement of income. + References No definition available. + Details
Name: | us-gaap_RealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of unrealized gains and losses on investments. + References No definition available. + Details
Name: | us-gaap_UnrealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration