{
  "url": "https://struct.news/briefs/first-merchants-piled-on-9328m-of-deposits-and-paid-56m-more-to-hold-them",
  "title": "First Merchants’ stock barely moved. The 10-Q shows the bank is funding a different balance sheet.",
  "summary": "The filing peels back one fact: acquisition-fueled growth has pushed FHLB advances and borrowings hundreds of millions higher, even as interest-bearing deposits rose nearly $933 million and deposit pricing eased.",
  "published_at": "2026-07-31T16:37:14.706783+00:00",
  "publisher": "Struct",
  "usage": "Figures are as reported by the company. Quote with attribution to the source filing.",
  "company": {
    "name": null,
    "ticker": "FRME",
    "cik": "712534",
    "sector": null,
    "industry": null
  },
  "source_filing": {
    "form": "10-Q",
    "filed": "2026-07-31",
    "accession": "0000712534-26-000059",
    "url": "https://www.sec.gov/Archives/edgar/data/712534/000071253426000059/frme-20260630.htm"
  },
  "comparison_filing": {
    "form": "10-Q",
    "filed": "2025-07-31",
    "url": "https://www.sec.gov/Archives/edgar/data/712534/000071253425000171/frme-20250630.htm"
  },
  "reported_figures": [
    {
      "group": "Market snapshot",
      "label": "Last close",
      "value": 43.14,
      "display": "$43.14",
      "unit": "usd_per_share",
      "period": "2026-07-31",
      "detail": null,
      "source": {
        "kind": "market_data",
        "label": "Observed market close",
        "as_of": "2026-07-31"
      }
    },
    {
      "group": "Market snapshot",
      "label": "One-day move",
      "value": -0.2081887578070707,
      "display": "-0.2%",
      "unit": "percent",
      "period": "2026-07-31",
      "detail": null,
      "source": {
        "kind": "market_data",
        "label": "Observed market close",
        "as_of": "2026-07-31"
      }
    }
  ],
  "watch_next": [
    {
      "type": "liquidity_financing",
      "statement": "Average borrowings rose $389.9M, led by higher FHLB advances including advances assumed with the First Savings acquisition.",
      "importance": "medium",
      "evidence": "Average borrowings increased $389.9 million, primarily driven by higher FHLB advances, including advances assumed in connection with the First Savings acquisition, and borrowings used to support balance sheet growth and liquidity needs.",
      "source_date": "2026-07-31"
    },
    {
      "type": "interest_rates",
      "statement": "Average interest-bearing deposits increased $932.8M while deposit interest expense rose $5.6M, even as deposit pricing eased.",
      "importance": "medium",
      "evidence": "Interest expense on deposits increased $5.6 million compared to the prior year period, reflecting a $932.8 million increase in average interest‑bearing deposit balances, partially offset by lower deposit pricing across all deposit categories.",
      "source_date": "2026-07-31"
    }
  ],
  "related_tickers": [
    "FRME"
  ],
  "disclaimer": "Descriptive reporting of filed results. Not investment advice, and contains no forecast or recommendation."
}