0000712534-24-000071 | 10-K | XBRL Viewer

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DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 loan	Dec. 31, 2022 derivative
Derivative [Line Items]
Termination value of derivatives in a net liability position	$ 7,700,000
Derivative collateral posted	$ 0
Cash Flow Hedging \| Interest Rate Swap \| Derivatives Designated as Hedging Instruments \| Federal Home Loan Bank Advances
Derivative [Line Items]
Number of interest rate derivatives held			1	1
Notional amount of interest rate derivatives		$ 10,000,000

INCOME TAX - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Valuation Allowance [Line Items]
Additional paid-in capital	$ 1,236,506	$ 1,228,626
Unrecorded deferred tax liability	5,300
CFS
Valuation Allowance [Line Items]
Additional paid-in capital	13,400
Ameriana
Valuation Allowance [Line Items]
Additional paid-in capital	11,900
State and Local Jurisdiction
Valuation Allowance [Line Items]
State tax loss carryforward	12,200
State deferred tax assets	$ 6,800

OTHER INTANGIBLES (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Core Deposit and Other Intangibles

The carrying basis and accumulated amortization of recognized core deposit and other intangibles are noted below.


	2023		2022
Gross carrying amount	$	123,285	$	104,643

Other intangibles acquired	—		18,642

Accumulated amortization	(96,186)		(87,443)

Total core deposit and other intangibles	$	27,099	$	35,842

Schedule of Estimated Future Amortization Expense

Estimated future amortization expense is summarized as follows:


	Amortization Expense
2024	$	7,271
2025	6,028
2026	4,910
2027	3,603
2028	2,852
After 2028	2,435
	$	27,099

OTHER INTANGIBLES - Schedule of Core Deposit and Other Intangibles (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Gross carrying amount	$ 123,285	$ 104,643
Other intangibles acquired	0	18,642
Accumulated amortization	(96,186)	(87,443)
Total other intangibles	$ 27,099	$ 35,842

NET INCOME PER COMMON SHARE - Schedule of Reconciliation of Basic and Diluted Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net income available to common stockholders	$ 221,911	$ 220,683	$ 205,531
Diluted net income per common share	$ 221,911	$ 220,683	$ 205,531
Weighted-Average Common Shares
Net income available to common stockholders (in shares)	59,304,879	57,692,018	53,783,632
Effect of potentially dilutive stock options and restricted stock awards (in shares)	183,641	258,239	200,597
Diluted net income per common share (in shares)	59,488,520	57,950,257	53,984,229
Per Share Amount
Net income available to common stockholders (in dollars per share)	$ 3.74	$ 3.83	$ 3.82
Diluted net income per common share (in dollars per share)	$ 3.73	$ 3.81	$ 3.81

LOANS AND ALLOWANCE FOR CREDIT LOSSES - Credit Quality of Loan Portfolio by Loan Class (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	$ 2,870,871	$ 3,483,295
Current fiscal year, writeoff	14,338
Year 2	2,546,512	2,680,834
Fiscal year before current fiscal year, writeoff	4,012
Year 3	2,063,941	1,843,080
Two years before current fiscal year, writeoff	1,350
Year 4	1,410,944	686,065
Three years before current fiscal year, writeoff	5,894
Year 5	529,690	385,461
Four years before current fiscal year, writeoff	338
Prior	892,018	828,159
More than Five years before current fiscal year, writeoff	2,107
Revolving loans amortized cost basis	2,164,828	2,084,096
Revolving loans amortized cost basis writeoff	0
Revolving loans converted to term	7,223	12,904
Revolving loans converted to term, writeoff	0
Loans	12,486,027	12,003,894
Total, writeoff	28,039
Commercial and industrial loans
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	1,223,491	1,094,363
Current fiscal year, writeoff	13,973
Year 2	498,757	576,080
Fiscal year before current fiscal year, writeoff	2,711
Year 3	272,427	159,416
Two years before current fiscal year, writeoff	576
Year 4	93,854	131,332
Three years before current fiscal year, writeoff	5,665
Year 5	52,403	48,822
Four years before current fiscal year, writeoff	78
Prior	46,773	48,058
More than Five years before current fiscal year, writeoff	261
Revolving loans amortized cost basis	1,483,039	1,373,714
Revolving loans amortized cost basis writeoff	0
Revolving loans converted to term	204	5,341
Revolving loans converted to term, writeoff	0
Loans	3,670,948	3,437,126
Total, writeoff	23,264
Commercial and industrial loans \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	1,175,967	1,064,687
Year 2	474,601	531,504
Year 3	253,148	141,985
Year 4	86,226	114,999
Year 5	47,910	43,136
Prior	45,020	45,310
Revolving loans amortized cost basis	1,393,756	1,302,562
Revolving loans converted to term	60	5,048
Loans	3,476,688	3,249,231
Commercial and industrial loans \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	34,356	2,164
Year 2	3,911	18,005
Year 3	1,546	11,900
Year 4	5,149	5,727
Year 5	2,986	1,012
Prior	241	2,181
Revolving loans amortized cost basis	45,994	27,702
Revolving loans converted to term	0	150
Loans	94,183	68,841
Commercial and industrial loans \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	12,311	27,512
Year 2	20,245	26,571
Year 3	17,733	5,531
Year 4	2,479	10,606
Year 5	1,507	4,674
Prior	1,512	567
Revolving loans amortized cost basis	40,449	43,450
Revolving loans converted to term	144	143
Loans	96,380	119,054
Commercial and industrial loans \| Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	857
Year 2	0
Year 3	0
Year 4	0
Year 5	0
Prior	0
Revolving loans amortized cost basis	2,840
Revolving loans converted to term	0
Loans	3,697
Agricultural land, production and other loans to farmers
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	35,691	44,910
Current fiscal year, writeoff	0
Year 2	38,561	37,083
Fiscal year before current fiscal year, writeoff	0
Year 3	31,511	36,281
Two years before current fiscal year, writeoff	0
Year 4	31,502	15,296
Three years before current fiscal year, writeoff	0
Year 5	12,995	4,127
Four years before current fiscal year, writeoff	0
Prior	25,620	30,694
More than Five years before current fiscal year, writeoff	0
Revolving loans amortized cost basis	87,534	73,402
Revolving loans amortized cost basis writeoff	0
Revolving loans converted to term	0	0
Revolving loans converted to term, writeoff	0
Loans	263,414	241,793
Total, writeoff	0
Agricultural land, production and other loans to farmers \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	35,633	44,446
Year 2	38,145	36,299
Year 3	31,511	35,791
Year 4	31,048	15,296
Year 5	12,995	3,752
Prior	25,462	28,910
Revolving loans amortized cost basis	87,534	73,402
Revolving loans converted to term	0	0
Loans	262,328	237,896
Agricultural land, production and other loans to farmers \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	0	286
Year 2	266	784
Year 3	0	0
Year 4	0	0
Year 5	0	281
Prior	122	632
Revolving loans amortized cost basis	0	0
Revolving loans converted to term	0	0
Loans	388	1,983
Agricultural land, production and other loans to farmers \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	58	178
Year 2	150	0
Year 3	0	490
Year 4	454	0
Year 5	0	94
Prior	36	1,152
Revolving loans amortized cost basis	0	0
Revolving loans converted to term	0	0
Loans	698	1,914
Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	430,923	383,367
Current fiscal year, writeoff	0
Year 2	271,917	301,986
Fiscal year before current fiscal year, writeoff	0
Year 3	203,672	117,541
Two years before current fiscal year, writeoff	0
Year 4	29,218	11,428
Three years before current fiscal year, writeoff	0
Year 5	7,723	857
Four years before current fiscal year, writeoff	0
Prior	2,357	3,236
More than Five years before current fiscal year, writeoff	0
Revolving loans amortized cost basis	11,735	17,167
Revolving loans amortized cost basis writeoff	0
Revolving loans converted to term	0	0
Revolving loans converted to term, writeoff	0
Loans	957,545	835,582
Total, writeoff	0
Construction \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	403,578	366,414
Year 2	267,587	301,986
Year 3	198,350	117,541
Year 4	8,372	11,428
Year 5	7,723	857
Prior	2,357	3,224
Revolving loans amortized cost basis	11,735	17,167
Revolving loans converted to term	0	0
Loans	899,702	818,617
Construction \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	25,894	16,922
Year 2	0	0
Year 3	0	0
Year 4	20,846	0
Year 5	0	0
Prior	0	0
Revolving loans amortized cost basis	0	0
Revolving loans converted to term	0	0
Loans	46,740	16,922
Construction \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	1,451	31
Year 2	4,330	0
Year 3	5,322	0
Year 4	0	0
Year 5	0	0
Prior	0	12
Revolving loans amortized cost basis	0	0
Revolving loans converted to term	0	0
Loans	11,103	43
Commercial real estate, non-owner occupied
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	470,118	630,708
Current fiscal year, writeoff	0
Year 2	535,962	615,408
Fiscal year before current fiscal year, writeoff	66
Year 3	542,551	596,899
Two years before current fiscal year, writeoff	0
Year 4	443,320	187,486
Three years before current fiscal year, writeoff	0
Year 5	160,799	132,847
Four years before current fiscal year, writeoff	0
Prior	231,061	209,128
More than Five years before current fiscal year, writeoff	0
Revolving loans amortized cost basis	17,028	31,196
Revolving loans amortized cost basis writeoff	0
Revolving loans converted to term	0	3,803
Revolving loans converted to term, writeoff	0
Loans	2,400,839	2,407,475
Total, writeoff	66
Commercial real estate, non-owner occupied \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	373,378	560,146
Year 2	504,280	603,254
Year 3	535,327	550,605
Year 4	418,553	168,701
Year 5	141,320	116,859
Prior	200,821	190,264
Revolving loans amortized cost basis	16,744	31,196
Revolving loans converted to term	0	3,803
Loans	2,190,423	2,224,828
Commercial real estate, non-owner occupied \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	76,382	49,439
Year 2	21,145	4,026
Year 3	7,005	38,268
Year 4	4,531	18,785
Year 5	19,479	11,546
Prior	27,941	17,992
Revolving loans amortized cost basis	37	0
Revolving loans converted to term	0	0
Loans	156,520	140,056
Commercial real estate, non-owner occupied \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	20,358	21,123
Year 2	10,537	8,128
Year 3	219	8,026
Year 4	20,236	0
Year 5	0	4,442
Prior	2,299	872
Revolving loans amortized cost basis	247	0
Revolving loans converted to term	0	0
Loans	53,896	42,591
Commercial real estate, owner occupied
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	201,554	271,593
Current fiscal year, writeoff	48
Year 2	208,567	324,004
Fiscal year before current fiscal year, writeoff	0
Year 3	269,848	335,062
Two years before current fiscal year, writeoff	0
Year 4	270,527	119,104
Three years before current fiscal year, writeoff	0
Year 5	100,388	67,946
Four years before current fiscal year, writeoff	2
Prior	83,316	90,990
More than Five years before current fiscal year, writeoff	0
Revolving loans amortized cost basis	27,883	34,451
Revolving loans amortized cost basis writeoff	0
Revolving loans converted to term	0	3,378
Revolving loans converted to term, writeoff	0
Loans	1,162,083	1,246,528
Total, writeoff	50
Commercial real estate, owner occupied \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	176,750	260,725
Year 2	199,821	316,665
Year 3	256,346	330,441
Year 4	263,522	114,015
Year 5	99,180	63,816
Prior	77,485	81,286
Revolving loans amortized cost basis	27,369	33,123
Revolving loans converted to term	0	3,378
Loans	1,100,473	1,203,449
Commercial real estate, owner occupied \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	6,712	7,744
Year 2	5,034	6,125
Year 3	9,319	2,245
Year 4	2,460	3,481
Year 5	919	1,210
Prior	2,902	2,984
Revolving loans amortized cost basis	514	1,328
Revolving loans converted to term	0	0
Loans	27,860	25,117
Commercial real estate, owner occupied \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	18,092	3,124
Year 2	3,712	1,214
Year 3	4,183	2,376
Year 4	4,545	1,608
Year 5	289	2,920
Prior	2,929	6,720
Revolving loans amortized cost basis	0	0
Revolving loans converted to term	0	0
Loans	33,750	17,962
Residential
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	398,334	762,399
Current fiscal year, writeoff	101
Year 2	704,355	494,049
Fiscal year before current fiscal year, writeoff	252
Year 3	448,226	405,136
Two years before current fiscal year, writeoff	208
Year 4	368,420	115,738
Three years before current fiscal year, writeoff	3
Year 5	100,585	79,632
Four years before current fiscal year, writeoff	3
Prior	263,618	234,141
More than Five years before current fiscal year, writeoff	94
Revolving loans amortized cost basis	5,219	5,459
Revolving loans amortized cost basis writeoff	0
Revolving loans converted to term	164	101
Revolving loans converted to term, writeoff	0
Loans	2,288,921	2,096,655
Total, writeoff	661
Residential \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	395,363	758,161
Year 2	695,056	489,301
Year 3	442,495	401,353
Year 4	365,297	114,420
Year 5	98,654	77,768
Prior	254,718	229,812
Revolving loans amortized cost basis	4,988	5,365
Revolving loans converted to term	83	46
Loans	2,256,654	2,076,226
Residential \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	2,167	2,839
Year 2	5,591	2,924
Year 3	3,202	1,972
Year 4	1,924	513
Year 5	1,065	396
Prior	4,837	2,588
Revolving loans amortized cost basis	200	34
Revolving loans converted to term	81	0
Loans	19,067	11,266
Residential \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	804	1,399
Year 2	3,708	1,824
Year 3	2,529	1,811
Year 4	1,199	805
Year 5	866	1,468
Prior	4,063	1,741
Revolving loans amortized cost basis	31	60
Revolving loans converted to term	0	55
Loans	13,200	9,163
Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	9,438	40,768
Current fiscal year, writeoff	69
Year 2	30,499	75,749
Fiscal year before current fiscal year, writeoff	213
Year 3	62,318	14,621
Two years before current fiscal year, writeoff	224
Year 4	12,176	1,572
Three years before current fiscal year, writeoff	149
Year 5	1,107	1,528
Four years before current fiscal year, writeoff	193
Prior	4,000	3,393
More than Five years before current fiscal year, writeoff	1,596
Revolving loans amortized cost basis	491,950	492,720
Revolving loans amortized cost basis writeoff	0
Revolving loans converted to term	6,083	281
Revolving loans converted to term, writeoff	0
Loans	617,571	630,632
Total, writeoff	2,444
Home equity \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	9,375	40,768
Year 2	29,784	75,670
Year 3	61,591	14,621
Year 4	11,084	1,572
Year 5	1,092	1,348
Prior	3,875	3,325
Revolving loans amortized cost basis	484,330	486,924
Revolving loans converted to term	5,837	281
Loans	606,968	624,509
Home equity \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	0	0
Year 2	715	0
Year 3	0	0
Year 4	1,092	0
Year 5	15	115
Prior	2	8
Revolving loans amortized cost basis	5,031	3,698
Revolving loans converted to term	149	0
Loans	7,004	3,821
Home equity \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	63	0
Year 2	0	79
Year 3	727	0
Year 4	0	0
Year 5	0	65
Prior	123	60
Revolving loans amortized cost basis	2,589	2,098
Revolving loans converted to term	97	0
Loans	3,599	2,302
Individuals' loans for household and other personal expenditures
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	35,965	68,062
Current fiscal year, writeoff	147
Year 2	49,547	43,773
Fiscal year before current fiscal year, writeoff	770
Year 3	28,525	13,105
Two years before current fiscal year, writeoff	342
Year 4	6,795	5,422
Three years before current fiscal year, writeoff	77
Year 5	2,071	5,942
Four years before current fiscal year, writeoff	62
Prior	5,918	3,800
More than Five years before current fiscal year, writeoff	156
Revolving loans amortized cost basis	38,795	35,107
Revolving loans amortized cost basis writeoff	0
Revolving loans converted to term	772	0
Revolving loans converted to term, writeoff	0
Loans	168,388	175,211
Total, writeoff	1,554
Individuals' loans for household and other personal expenditures \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	35,781	67,883
Year 2	49,295	43,639
Year 3	28,387	13,025
Year 4	6,726	5,389
Year 5	2,070	5,830
Prior	5,904	3,775
Revolving loans amortized cost basis	38,619	35,091
Revolving loans converted to term	772	0
Loans	167,554	174,632
Individuals' loans for household and other personal expenditures \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	184	178
Year 2	246	134
Year 3	138	77
Year 4	69	33
Year 5	0	28
Prior	14	17
Revolving loans amortized cost basis	176	16
Revolving loans converted to term	0	0
Loans	827	483
Individuals' loans for household and other personal expenditures \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	0	1
Year 2	6	0
Year 3	0	3
Year 4	0	0
Year 5	1	84
Prior	0	8
Revolving loans amortized cost basis	0	0
Revolving loans converted to term	0	0
Loans	7	96
Public finance and other commercial loans
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	65,357	187,125
Year 2	208,347	212,702
Year 3	204,863	165,019
Year 4	155,132	98,687
Year 5	91,619	43,760
Prior	229,355	204,719
Revolving loans amortized cost basis	1,645	20,880
Revolving loans converted to term	0	0
Loans	956,318	932,892
Public finance and other commercial loans \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	65,357	187,125
Year 2	208,347	212,702
Year 3	204,863	165,019
Year 4	155,132	98,687
Year 5	91,619	43,760
Prior	229,355	204,719
Revolving loans amortized cost basis	1,645	20,880
Revolving loans converted to term	0	0
Loans	$ 956,318	$ 932,892

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Loans receivable:
Taxable	$ 747,837	$ 470,468	$ 338,009
Tax-exempt	31,954	25,124	22,110
Investment securities:
Taxable	35,207	38,354	29,951
Tax-exempt	58,117	67,381	55,331
Deposits with financial institutions	17,719	2,503	634
Federal Home Loan Bank stock	3,052	1,176	597
Total Interest Income	893,886	605,006	446,632
INTEREST EXPENSE
Deposits	306,092	62,939	23,319
Federal funds purchased	1,421	1,302	5
Securities sold under repurchase agreements	3,451	1,136	314
Federal Home Loan Bank advances	27,206	11,417	5,672
Subordinated debentures and other borrowings	10,316	8,009	6,642
Total Interest Expense	348,486	84,803	35,952
NET INTEREST INCOME	545,400	520,203	410,680
Provision for credit losses	3,500	16,755	0
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES	541,900	503,448	410,680
NONINTEREST INCOME
Net gains and fees on sales of loans	15,659	10,055	19,689
Increase in cash surrender value of life insurance	5,320	5,210	4,873
Gains on life insurance benefits	3,027	5,964	2,187
Net realized gains (losses) on sales of available for sale securities	(6,930)	1,194	5,674
Other income	2,722	1,929	3,008
Total Noninterest Income	105,602	107,941	109,323
NONINTEREST EXPENSES
Salaries and employee benefits	228,745	206,893	166,995
Net occupancy	29,859	26,211	23,326
Equipment	24,113	23,945	19,401
Marketing	7,427	7,708	5,762
Outside data processing fees	25,165	21,682	18,317
Printing and office supplies	1,552	1,588	1,217
Intangible asset amortization	8,743	8,275	5,747
FDIC assessments	14,674	10,235	6,243
Other real estate owned and foreclosure expenses	3,318	823	992
Professional and other outside services	16,172	21,642	11,913
Other expenses	28,502	26,713	19,300
Total Noninterest Expenses	388,270	355,715	279,213
INCOME BEFORE INCOME TAX	259,232	255,674	240,790
Income tax expense	35,446	33,585	35,259
NET INCOME	223,786	222,089	205,531
Preferred stock dividends	1,875	1,406	0
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$ 221,911	$ 220,683	$ 205,531
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS PER SHARE DATA:
Basic (in dollars per share)	$ 3.74	$ 3.83	$ 3.82
Diluted (in dollars per share)	$ 3.73	$ 3.81	$ 3.81
Service charges on deposit accounts
NONINTEREST INCOME
Other income	$ 30,837	$ 28,371	$ 23,571
Fiduciary and wealth management fees
NONINTEREST INCOME
Other income	30,840	29,688	28,362
Card payment fees
NONINTEREST INCOME
Other income	18,862	20,207	16,619
Derivative hedge fees
NONINTEREST INCOME
Other income	3,385	3,388	3,850
Other customer fees
NONINTEREST INCOME
Other income	$ 1,880	$ 1,935	$ 1,490

LOANS AND ALLOWANCE FOR CREDIT LOSSES

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

LOANS AND ALLOWANCE FOR CREDIT LOSSES

The Corporation’s primary lending focus is small business and middle market commercial, commercial real estate, public finance and residential real estate, which results in portfolio diversification. The following tables show the composition of the loan portfolio and credit quality characteristics by collateral classification, excluding loans held for sale. Loans held for sale at December 31, 2023 and December 31, 2022, were $18.9 million and $9.1 million, respectively.

The following table illustrates the composition of the Corporation’s loan portfolio by loan class as of the dates indicated:


	December 31, 2023		December 31, 2022

Commercial and industrial loans	$	3,670,948	$	3,437,126
Agricultural land, production and other loans to farmers	263,414		241,793
Real estate loans:
Construction	957,545		835,582
Commercial real estate, non-owner occupied	2,400,839		2,407,475
Commercial real estate, owner occupied	1,162,083		1,246,528
Residential	2,288,921		2,096,655
Home equity	617,571		630,632
Individuals' loans for household and other personal expenditures	168,388		175,211
Public finance and other commercial loans	956,318		932,892
Loans	$	12,486,027	$	12,003,894

Credit Quality

As part of the ongoing monitoring of the credit quality of the Corporation’s loan portfolio, management tracks certain credit quality indicators including trends related to: (i) the level of criticized commercial loans, (ii) net charge-offs, (iii) nonperforming loans, (iv) covenant failures and (v) the general national and local economic conditions.

The Corporation utilizes a risk grading of pass, special mention, substandard, doubtful and loss to assess the overall credit quality of large commercial loans. All large commercial credit grades are reviewed at a minimum of once a year for pass grade loans. Loans with grades below pass are reviewed more frequently depending on the grade. A description of the general characteristics of these grades is as follows:

•Pass - Loans that are considered to be of acceptable credit quality.

•Special Mention - Loans which possess some credit deficiency or potential weakness, which deserves close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Corporation’s credit position at some future date. Special mention assets are not adversely classified and do not expose the Corporation to sufficient risk to warrant adverse classification.

•Substandard - Loans that are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified have a well-defined weakness that jeopardizes the liquidation of the debt. They are characterized by the distinct possibility that the Corporation will sustain some loss if the deficiencies are not corrected.

•Doubtful - Loans that have all of the weaknesses of those classified as Substandard. However, based on currently existing facts, conditions and values, these weaknesses make full collection of principal highly questionable and improbable.

•Loss – Loans that are considered uncollectible and of such little value that continuing to carry them as an asset is not warranted. Loans will be classified as Loss when it is neither practical or desirable to defer writing off or reserving all or a portion of a basically worthless asset, even though partial recovery may be possible at some time in the future.

The following tables summarize the risk grading of the Corporation’s loan portfolio by loan class and by year of origination for the years indicated. Consumer loans are not risk graded. For the purposes of this disclosure, the consumer loans are classified in the following manner: loans that are less than 30 days past due are Pass, loans 30-89 days past due are Special Mention and loans greater than 89 days past due are Substandard. The entire balance of a loan is considered delinquent if the minimum payment contractually required to be made is not received by the specified due date.


December 31, 2023
	Term Loans (amortized cost basis by origination year)
	2023		2022		2021		2020		2019		Prior		Revolving loans amortized cost basis		Revolving loans converted to term		Total
Commercial and industrial loans
Pass	$	1,175,967	$	474,601	$	253,148	$	86,226	$	47,910	$	45,020	$	1,393,756	$	60	$	3,476,688
Special Mention	34,356		3,911		1,546		5,149		2,986		241		45,994		—		94,183
Substandard	12,311		20,245		17,733		2,479		1,507		1,512		40,449		144		96,380
Doubtful	857		—		—		—		—		—		2,840		—		3,697

Total Commercial and industrial loans	1,223,491		498,757		272,427		93,854		52,403		46,773		1,483,039		204		3,670,948
Current period gross write-offs	13,973		2,711		576		5,665		78		261		—		—		23,264
Agricultural land, production and other loans to farmers
Pass	35,633		38,145		31,511		31,048		12,995		25,462		87,534		—		262,328
Special Mention	—		266		—		—		—		122		—		—		388
Substandard	58		150		—		454		—		36		—		—		698


Total Agricultural land, production and other loans to farmers	35,691		38,561		31,511		31,502		12,995		25,620		87,534		—		263,414
Current period gross write-offs	—		—		—		—		—		—		—		—		—
Real estate loans:
Construction
Pass	403,578		267,587		198,350		8,372		7,723		2,357		11,735		—		899,702
Special Mention	25,894		—		—		20,846		—		—		—		—		46,740
Substandard	1,451		4,330		5,322		—		—		—		—		—		11,103


Total Construction	430,923		271,917		203,672		29,218		7,723		2,357		11,735		—		957,545
Current period gross write-offs	—		—		—		—		—		—		—		—		—
Commercial real estate, non-owner occupied
Pass	373,378		504,280		535,327		418,553		141,320		200,821		16,744		—		2,190,423
Special Mention	76,382		21,145		7,005		4,531		19,479		27,941		37		—		156,520
Substandard	20,358		10,537		219		20,236		—		2,299		247		—		53,896


Total Commercial real estate, non-owner occupied	470,118		535,962		542,551		443,320		160,799		231,061		17,028		—		2,400,839
Current period gross write-offs	—		66		—		—		—		—		—		—		66
Commercial real estate, owner occupied
Pass	176,750		199,821		256,346		263,522		99,180		77,485		27,369		—		1,100,473
Special Mention	6,712		5,034		9,319		2,460		919		2,902		514		—		27,860
Substandard	18,092		3,712		4,183		4,545		289		2,929		—		—		33,750


Total Commercial real estate, owner occupied	201,554		208,567		269,848		270,527		100,388		83,316		27,883		—		1,162,083
Current period gross write-offs	48		—		—		—		2		—		—		—		50
Residential
Pass	395,363		695,056		442,495		365,297		98,654		254,718		4,988		83		2,256,654
Special Mention	2,167		5,591		3,202		1,924		1,065		4,837		200		81		19,067
Substandard	804		3,708		2,529		1,199		866		4,063		31		—		13,200


Total Residential	398,334		704,355		448,226		368,420		100,585		263,618		5,219		164		2,288,921
Current period gross write-offs	101		252		208		3		3		94		—		—		661
Home equity
Pass	9,375		29,784		61,591		11,084		1,092		3,875		484,330		5,837		606,968
Special Mention	—		715		—		1,092		15		2		5,031		149		7,004
Substandard	63		—		727		—		—		123		2,589		97		3,599


Total Home Equity	9,438		30,499		62,318		12,176		1,107		4,000		491,950		6,083		617,571
Current period gross write-offs	69		213		224		149		193		1,596		—		—		2,444
Individuals' loans for household and other personal expenditures
Pass	35,781		49,295		28,387		6,726		2,070		5,904		38,619		772		167,554
Special Mention	184		246		138		69		—		14		176		—		827
Substandard	—		6		—		—		1		—		—		—		7


Total Individuals' loans for household and other personal expenditures	35,965		49,547		28,525		6,795		2,071		5,918		38,795		772		168,388
Current period gross write-offs	147		770		342		77		62		156		—		—		1,554
Public finance and other commercial loans
Pass	65,357		208,347		204,863		155,132		91,619		229,355		1,645		—		956,318




Total Public finance and other commercial loans	65,357		208,347		204,863		155,132		91,619		229,355		1,645		—		956,318
Loans	$	2,870,871	$	2,546,512	$	2,063,941	$	1,410,944	$	529,690	$	892,018	$	2,164,828	$	7,223	$	12,486,027
Total current period gross charge-offs	$	14,338	$	4,012	$	1,350	$	5,894	$	338	$	2,107	$	—	$	—	$	28,039


December 31, 2022
	Term Loans (amortized cost basis by origination year)
	2022		2021		2020		2019		2018		Prior		Revolving loans amortized cost basis		Revolving loans converted to term		Total
Commercial and industrial loans
Pass	$	1,064,687	$	531,504	$	141,985	$	114,999	$	43,136	$	45,310	$	1,302,562	$	5,048	$	3,249,231
Special Mention	2,164		18,005		11,900		5,727		1,012		2,181		27,702		150		68,841
Substandard	27,512		26,571		5,531		10,606		4,674		567		43,450		143		119,054


Total Commercial and industrial loans	1,094,363		576,080		159,416		131,332		48,822		48,058		1,373,714		5,341		3,437,126
Agricultural land, production and other loans to farmers
Pass	44,446		36,299		35,791		15,296		3,752		28,910		73,402		—		237,896
Special Mention	286		784		—		—		281		632		—		—		1,983
Substandard	178		—		490		—		94		1,152		—		—		1,914


Total Agricultural land, production and other loans to farmers	44,910		37,083		36,281		15,296		4,127		30,694		73,402		—		241,793
Real estate loans:
Construction
Pass	366,414		301,986		117,541		11,428		857		3,224		17,167		—		818,617
Special Mention	16,922		—		—		—		—		—		—		—		16,922
Substandard	31		—		—		—		—		12		—		—		43


Total Construction	383,367		301,986		117,541		11,428		857		3,236		17,167		—		835,582
Commercial real estate, non-owner occupied
Pass	560,146		603,254		550,605		168,701		116,859		190,264		31,196		3,803		2,224,828
Special Mention	49,439		4,026		38,268		18,785		11,546		17,992		—		—		140,056
Substandard	21,123		8,128		8,026		—		4,442		872		—		—		42,591


Total Commercial real estate, non-owner occupied	630,708		615,408		596,899		187,486		132,847		209,128		31,196		3,803		2,407,475
Commercial real estate, owner occupied
Pass	260,725		316,665		330,441		114,015		63,816		81,286		33,123		3,378		1,203,449
Special Mention	7,744		6,125		2,245		3,481		1,210		2,984		1,328		—		25,117
Substandard	3,124		1,214		2,376		1,608		2,920		6,720		—		—		17,962


Total Commercial real estate, owner occupied	271,593		324,004		335,062		119,104		67,946		90,990		34,451		3,378		1,246,528
Residential
Pass	758,161		489,301		401,353		114,420		77,768		229,812		5,365		46		2,076,226
Special Mention	2,839		2,924		1,972		513		396		2,588		34		—		11,266
Substandard	1,399		1,824		1,811		805		1,468		1,741		60		55		9,163


Total Residential	762,399		494,049		405,136		115,738		79,632		234,141		5,459		101		2,096,655
Home equity
Pass	40,768		75,670		14,621		1,572		1,348		3,325		486,924		281		624,509
Special Mention	—		—		—		—		115		8		3,698		—		3,821
Substandard	—		79		—		—		65		60		2,098		—		2,302


Total Home Equity	40,768		75,749		14,621		1,572		1,528		3,393		492,720		281		630,632
Individuals' loans for household and other personal expenditures
Pass	67,883		43,639		13,025		5,389		5,830		3,775		35,091		—		174,632
Special Mention	178		134		77		33		28		17		16		—		483
Substandard	1		—		3		—		84		8		—		—		96


Total Individuals' loans for household and other personal expenditures	68,062		43,773		13,105		5,422		5,942		3,800		35,107		—		175,211
Public finance and other commercial loans
Pass	187,125		212,702		165,019		98,687		43,760		204,719		20,880		—		932,892




Total Public finance and other commercial loans	187,125		212,702		165,019		98,687		43,760		204,719		20,880		—		932,892
Loans	$	3,483,295	$	2,680,834	$	1,843,080	$	686,065	$	385,461	$	828,159	$	2,084,096	$	12,904	$	12,003,894

Total past due loans equaled $79.2 million as of December 31, 2023, a $28.2 million increase from the total of $51.0 million for December 31, 2022. At December 31, 2023, 30-59 Days Past Due loans totaled $34.1 million, an increase of $5.0 million from December 31, 2022. The primary increases were in commercial real estate non-owner occupied and residential portfolios, offset by a decrease in the commercial real estate, owner occupied. At December 31, 2023, 60-89 Days Past Due loans totaled $11.2 million, an increase of $5.3 million from December 31, 2022. The primary increases were in commercial and industrial, construction and residential portfolios. At December 31, 2023, 90 Days or More Past Due loans totaled $34.0 million, an increase of $18.0 million from December 31, 2022. The primary increases were in the commercial and industrial, commercial real estate, non-owner occupied and residential portfolios. The tables below show a past due aging of the Corporation’s loan portfolio, by loan class, as of the dates indicated:


	December 31, 2023
	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total		Loans > 90 Days or More Past Due And Accruing
Commercial and industrial loans	$	3,657,447	$	5,021	$	1,622	$	6,858	$	3,670,948	$	86
Agricultural land, production and other loans to farmers	263,414		—		—		—		263,414		—
Real estate loans:
Construction	955,588		—		1,957		—		957,545		—
Commercial real estate, non-owner occupied	2,376,184		12,995		195		11,465		2,400,839		—
Commercial real estate, owner occupied	1,161,869		—		104		110		1,162,083		—
Residential	2,259,496		11,810		5,472		12,143		2,288,921		—
Home equity	608,948		3,614		1,647		3,362		617,571		52
Individuals' loans for household and other personal expenditures	167,553		635		192		8		168,388		—

Public finance and other commercial loans	956,284		—		—		34		956,318		34
Loans	$	12,406,783	$	34,075	$	11,189	$	33,980	$	12,486,027	$	172


	December 31, 2022
	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total		Loans > 90 Days or More Past Due And Accruing
Commercial and industrial loans	$	3,429,314	$	4,904	$	434	$	2,474	$	3,437,126	$	1,147
Agricultural land, production and other loans to farmers	241,739		—		—		54		241,793		—
Real estate loans:
Construction	832,716		2,436		418		12		835,582		—
Commercial real estate, non-owner occupied	2,395,495		5,946		881		5,153		2,407,475		264
Commercial real estate, owner occupied	1,241,714		4,495		—		319		1,246,528		—
Residential	2,079,959		8,607		2,278		5,811		2,096,655		—
Home equity	624,543		2,206		1,782		2,101		630,632		326
Individuals' loans for household and other personal expenditures	174,629		343		142		97		175,211		—

Public finance and other commercial loans	932,778		114		—		—		932,892		—
Loans	$	11,952,887	$	29,051	$	5,935	$	16,021	$	12,003,894	$	1,737

Loans are reclassified to a non-accruing status when, in management’s judgment, the collateral value and financial condition of the borrower do not justify accruing interest. At the time the accrual is discontinued, all unpaid accrued interest is reversed against earnings. Interest income accrued in the prior year, if any, is charged to the allowance for credit losses. Payments subsequently received on non-accrual loans are applied to principal. A loan is returned to accrual status when principal and interest are no longer past due and collectability is probable, typically after a minimum of six consecutive months of performance.

The following table summarizes the Corporation’s non-accrual loans by loan class as of the dates indicated:


	December 31, 2023				December 31, 2022
	Nonaccrual Loans		Nonaccrual Loans with no Allowance for Credit Losses		Nonaccrual Loans		Nonaccrual Loans with no Allowance for Credit Losses
Commercial and industrial loans	$	9,050	$	1,015	$	3,292	$	481
Agricultural land, production and other loans to farmers	58		—		54		—
Real estate loans:
Construction	520		—		12		—
Commercial real estate, non-owner occupied	11,932		11,095		19,374		280
Commercial real estate, owner occupied	3,041		2,257		3,550		2,784
Residential	25,140		—		13,685		702
Home equity	3,820		—		2,247		—
Individuals' loans for household and other personal expenditures	19		—		110		—

Loans	$	53,580	$	14,367	$	42,324	$	4,247

Interest income on non-accrual loans is recognized only to the extent that cash payments are received in excess of principal due. There was no interest income recognized on non-accrual loans for the twelve months ended December 31, 2023 and 2022, respectively.

Determining fair value for collateral dependent loans requires obtaining a current independent appraisal of the collateral and applying a discount factor, which includes selling costs if applicable, to the value. The fair value of real estate is generally based on appraisals by qualified licensed appraisers. The appraisers typically determine the value of the real estate by utilizing an income or market valuation approach. If an appraisal is not available, the fair value may be determined by using a cash flow analysis. Fair value on other collateral such as business assets is typically ascertained by assessing, either singularly or some combination of, asset appraisals, accounts receivable aging reports, inventory listings and or customer financial statements. Both appraised values and values based on borrower’s financial information are discounted as considered appropriate based on age and quality of the information and current market conditions.

The following tables present the amortized cost basis of collateral dependent loans by loan class and their respective collateral type, which are individually evaluated to determine expected credit losses, for December 31, 2023 and 2022. The total collateral dependent loans for December 31, 2023 decreased $17.6 million from December 31, 2022. The primary changes were related to a decrease of $10.1 million and $9.0 million, respectively, in the commercial and industrial loans and commercial real estate, non-owner occupied loan classes, which was offset by an increase of $2.5 million in the commercial real estate, owner occupied loan class.


	December 31, 2023
	Commercial Real Estate		Residential Real Estate		Other		Total		Allowance on Collateral Dependent Loans
Commercial and industrial loans	$	—	$	—	$	32,029	$	32,029	$	11,474

Real estate loans:
Construction	—		7		—		7		—
Commercial real estate, non-owner occupied	17,516		—		—		17,516		35
Commercial real estate, owner occupied	9,452		—		—		9,452		—
Residential	—		1,439		—		1,439		230
Home equity	—		223		—		223		30


Loans	$	26,968	$	1,669	$	32,029	$	60,666	$	11,769


	December 31, 2022
	Commercial Real Estate		Residential Real Estate		Other		Total		Allowance on Collateral Dependent Loans
Commercial and industrial loans	$	—	$	—	$	42,101	$	42,101	$	8,367

Real estate loans:
Construction	—		10		—		10		1
Commercial real estate, non-owner occupied	26,534		—		—		26,534		2,064
Commercial real estate, owner occupied	6,986		—		—		6,986		776
Residential	—		2,382		—		2,382		260
Home equity	—		289		—		289		44


Loans	$	33,520	$	2,681	$	42,101	$	78,302	$	11,512

In certain situations, the Corporation may modify the terms of a loan to a debtor experiencing financial difficulty. The modifications may include principal forgiveness, interest rate reductions, payment delays, term extensions or combinations of the above. The following table presents the amortized cost basis of loans at December 31, 2023 that were both experiencing financial difficulty and modified during the year ended December 31, 2023, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below.


	Year Ended December 31, 2023
	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
	Payment Delay		Term Extension		Combination Interest Rate Reduction & Term Extension		Combination Payment Delay & Term Extension		% of Total Class of Financing Receivable
Commercial and industrial loans	$	857	$	16,572	$	231	$	—	0.48	%
Agricultural land, production and other loans to farmers	—		58		—		—		0.02	%
Real estate loans:
Construction	—		11		—		—		—	%
Commercial real estate, non-owner occupied	—		11,823		7,657		—		0.81	%
Commercial real estate, owner occupied	5,540		10,123		71		—		1.35	%
Residential	—		129		—		469		0.03	%
Home equity	—		63		29		—		0.01	%


Total	$	6,397	$	38,779	$	7,988	$	469

The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the year ended December 31, 2023.

Year Ended December 31, 2023

Financial Effect of Loan Modifications

Payment Delay

Term Extension

Combination Interest Rate Reduction & Term Extension

Combination Payment Delay & Term Extension

Commercial and industrial loans

Provided payment deferrals with weighted average delayed amounts of $24,000.

Extended loans by a weighted average of 10 months.

Reduced the weighted average contractual interest rate from 9.67% to 7.39%. Extended loans by a weighted average of 13 months.

Agricultural land, production and other loans to farmers

Extended loans by a weighted average of 144 months.

Real estate loans:

Construction

Extended loans by a weighted average of 24 months.

Commercial real estate, non-owner occupied

Extended loans by a weighted average of 11 months.

Reduced the weighted average contractual interest rate from 8.57% to 7.89%. Extended loans by a weighted average of 34 months.

Commercial real estate, owner occupied

Provided payment deferrals with weighted average delayed amounts of $4.5 million.

Extended loans by a weighted average of 6 months.

Reduced the weighted average contractual interest rate from 10.25% to 6.61%. Extended loans by a weighted average of 114 months.

Residential

Extended loans by a weighted average of 6 months.

Provided payment deferrals with weighted average delayed amounts of $3,400. Extended loans by a weighted average of 3 months.

Home equity

Extended loans by a weighted average of 7 months.

Reduced the weighted average contractual interest rate from 9.25% to 7.25%. Extended loans by a weighted average of 240 months.

Provided payment deferrals with weighted average delayed amounts of $300. Extended loans by a weighted average of 3 months.

The following table presents the amortized cost basis and payment status of loans that were modified during the year ended December 31, 2023 due to the borrowers experiencing financial difficulty.


	Year Ended December 31, 2023
	Payment Status
	Current		30-89 Days Past Due
Commercial and industrial loans	$	17,660	$	—
Agricultural land, production and other loans to farmers	58		—
Real estate loans:
Construction	11		—
Commercial real estate, non-owner occupied	19,480		—
Commercial real estate, owner occupied	15,734		—
Residential	473		125
Home equity	92		—
Individuals' loans for household and other personal expenditures	—		—

Total	$	53,508	$	125

Upon the Corporation’s determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount.

Prior to the adoption of ASU No. 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures on January 1, 2023 the Corporation’s disclosures regarding certain loan modifications were presented in accordance with the accounting for troubled debt restructurings. Details regarding the change are discussed in NOTE 1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES of these Notes to Consolidated Financial Statements.

The following table summarizes troubled debt restructures in the Corporation’s loan portfolio that occurred during the twelve months ended December 31, 2022.


	Twelve Months Ended December 31, 2022
	Pre- Modification Recorded Balance		Term Modification				Rate Modification				Post - Modification Recorded Balance				Number of Loans
Commercial and industrial loans	$	61	$	62			$	—			$	62			1
Real estate loans:
Residential	53		—				56				56				1
Total	$	114	$	62	$	—	$	56	$	—	$	118	$	—	2

None of the troubled debt restructures that occurred during the twelve months ended December 31, 2022 resulted in a subsequent default that remained in default at December 31, 2022.

Purchased Credit Deteriorated Loans

The Corporation acquired Level One on April 1, 2022 and performed an evaluation of the loan portfolio in which there were loans that, at acquisition, had more than an insignificant amount of credit quality deterioration. The carrying amount of those loans is shown in the table below:


	Level One
Purchase price of loans at acquisition	$	41,347
CECL Day 1 PCD ACL	16,599
Par value of acquired loans at acquisition	$	57,946

Allowance for Credit Losses on Loans

The Allowance for Credit Losses on Loans (“ACL - Loans”) is a valuation account that is deducted from the amortized cost basis of loans to present the net amount expected to be collected on loans over the contractual term. The ACL - Loans is adjusted by the provision for credit losses, which is reported in earnings, and reduced by charge-offs for loans, net or recoveries. Provision for credit losses on loans reflects the totality of actions taken on all loans for a particular period including any necessary increases or decreases in the allowance related to changes in credit loss expectations associated with specific loans or pools of loans. Loans are charged off against the allowance when the uncollectibility of the loan is confirmed. Expected recoveries do not exceed the aggregate of amounts previously charged off and expected to be charged off.

The allowance represents the Corporation’s best estimate of current expected credit losses on loans using relevant available information, from internal and external sources, related to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. The current expected credit loss (“CECL”) calculation is performed and evaluated quarterly and losses are estimated over the expected life of the loan. The level of the allowance for credit losses is believed to be adequate to absorb all expected future losses inherent in the loan portfolio at the measurement date.

In calculating the allowance for credit losses, the loan portfolio was pooled into ten loan segments with similar risk characteristics. Common characteristics include the type or purpose of the loan, underlying collateral and historical/expected credit loss patterns. In developing the loan segments, the Corporation analyzed the degree of correlation in how loans within each portfolio respond when subjected to varying economic conditions and scenarios as well as other portfolio stress factors.

The expected credit losses are measured over the life of each loan segment utilizing the Probability of Default / Loss Given Default methodology combined with economic forecast models to estimate the current expected credit loss inherent in the loan portfolio. This approach is also leveraged to estimate the expected credit losses associated with unfunded loan commitments incorporating expected utilization rates.

The Corporation sub-segmented certain commercial portfolios by risk level and certain consumer portfolios by delinquency status where appropriate. The Corporation utilized a four-quarter reasonable and supportable economic forecast period followed by a six-quarter, straight-line reversion period to the historical macroeconomic mean for the remaining life of the loans. Econometric modeling was performed using historical default rates and a selection of economic forecast scenarios published by Moody’s to develop a range of estimated credit losses for which to determine the best credit loss estimate within. Macroeconomic factors utilized in the modeling process include the national unemployment rate, BBB US corporate index, CRE price index and the home price index.

The Corporation qualitatively adjusts model results for risk factors that are not inherently considered in the quantitative modeling process, but are

nonetheless relevant in assessing the expected credit losses within the loan portfolio. These adjustments may increase or decrease the estimate

of expected credit losses based upon the assessed level of risk for each qualitative factor. The various risks that may be considered in making

qualitative adjustments include, among other things, the impact of (i) changes in the nature and volume of the loan portfolio, (ii) changes in the

existence, growth and effect of any concentrations in credit, (iii) changes in lending policies and procedures, including changes in underwriting

standards and practices for collections, write-offs, and recoveries, (iv) changes in the quality of the credit review function, (v) changes in the

experience, ability and depth of lending management and staff, and (vi) other environmental factors of a borrower such as regulatory, legal and

technological considerations, as well as competition. At CECL adoption, the Corporation established certain qualitative factors that were

expected to correlate to losses within the loan portfolio. During a scheduled review of qualitative factors in 2023, the Corporation determined there had not been significant evidence of correlation to losses for the qualitative factors that included i) changes in experience, ability and depth of lending management and staff; ii) changes in lending policies and procedures; iii) changes in the quality of the credit review function; iv) portfolio mix and growth; and v) industry concentration. The Corporation decided to refine these qualitative factors in order to improve our ability to assess related risk and enhance our ability to correlate to losses. The Corporation’s evaluation of the qualitative approach resulted in an insignificant change to the ACL – Loans estimate.

In some cases, management may determine that an individual loan exhibits unique risk characteristics which differentiate the loan from other loans within the loan segments. In such cases, the loans are evaluated for expected credit losses on an individual basis and excluded from the collective evaluation. Specific reserve allocations of the allowance for credit losses are determined by analyzing the borrower’s ability to repay amounts owed, collateral deficiencies, the relative risk grade of the loan and economic conditions affecting the borrower’s industry, among other things. A loan is considered to be collateral dependent when, based upon management’s assessment, the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. In such cases, expected credit losses are based on the fair value of the collateral at the measurement date, adjusted for estimated selling costs if satisfaction of the loan depends on the sale of the collateral. The fair value of collateral supporting collateral dependent loans is evaluated on a quarterly basis.

The risk characteristics of the Corporation’s portfolio segments are as follows:

Commercial

Commercial lending is primarily based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The cash flows of borrowers, however, may not be as expected and the collateral securing these loans may fluctuate in value. Most commercial loans are secured by the tangible assets being financed such as equipment or real estate or other business assets such as accounts receivable or inventory and may incorporate a personal guarantee. Other loans may be unsecured, secured but under-collateralized or otherwise made on the basis of the enterprise value of an organization. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its customers.

Commercial real estate

Commercial real estate loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts and the repayment of these loans is generally dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. The Corporation monitors commercial real estate loans based on collateral and risk grade criteria, as well as the levels of owner-occupied versus non-owner occupied loans.

Construction

Construction loans are underwritten utilizing a combination of tools and techniques including feasibility and market studies, independent appraisals and appraisal reviews, absorption and interest rate sensitivity analysis as well as the financial analysis of the developer and all guarantors. Construction loans are monitored by either in house or third party inspectors limiting advances to a percentage of costs or stabilized project value. These loans frequently involve the disbursement of significant funds with the repayment dependent upon the successful completion and, where necessary, the future stabilization of the project. The predominant inherent risk of this portfolio is associated with the borrower’s ability to successfully complete a project on time, within budget and stabilize the projected as originally projected.

Consumer and Residential

With respect to residential loans that are secured by 1-4 family residences, which are typically owner occupied, the Corporation generally establishes a maximum loan-to-value ratio and requires private mortgage insurance if that ratio is exceeded. Home equity loans are secured by a subordinate interest in 1-4 family residences, and consumer loans are secured by consumer assets such as automobiles or recreational vehicles. Some consumer loans, such as small installment loans and certain lines of credit, are unsecured. Repayment of these loans is primarily dependent on the personal income and credit rating of the borrowers and can also be impacted by changes in property values. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers.

The allowance for credit losses decreased $18.3 million during the twelve months ended December 31, 2023. The allowance decreased primarily due to $25.6 million of net charge-offs during the twelve months ended December 31, 2023. The increase in net charge-offs was primarily related to two large commercial and industrial charge-offs of $13.7 million and $5.4 million in the third quarter of 2023. These charge-offs, along with related specific reserves, materially represent the entire credit risk on the loans, which were idiosyncratic in nature and are not indicative of a larger portfolio credit issue. There was $7.3 million in provision for credit losses during the twelve months ended December 31, 2023.

The following tables summarize changes in the allowance for credit losses by loan segment for the twelve months ended December 31, 2023, 2022 and 2021:


	Twelve Months Ended December 31, 2023
	Commercial		Commercial Real Estate		Construction		Consumer & Residential		Total
Allowance for credit losses
Balances, December 31, 2022	$	102,216	$	46,839	$	28,955	$	45,267	$	223,277




Provision for credit losses - loans	17,401		(2,735)		(4,132)		(3,234)		7,300


Recoveries on loans	995		60		—		1,341		2,396
Loans charged off	(23,264)		(116)		—		(4,659)		(28,039)
Balances. December 31, 2023	$	97,348	$	44,048	$	24,823	$	38,715	$	204,934


	Twelve Months Ended December 31, 2022
	Commercial		Commercial Real Estate		Construction		Consumer & Residential		Total
Allowance for credit losses
Balances, December 31, 2021	$	69,935	$	60,665	$	20,206	$	44,591	$	195,397




Provision for credit losses - loans	16,697		(20,425)		6,367		(2,639)		—
CECL Day 1 non-PCD provision for credit losses	2,957		5,539		871		4,588		13,955
CECL Day 1 PCD ACL	12,970		2,981		648		—		16,599
Recoveries on loans	872		1,096		863		1,096		3,927
Loans charged off	(1,215)		(3,017)		—		(2,369)		(6,601)
Balances. December 31, 2022	$	102,216	$	46,839	$	28,955	$	45,267	$	223,277


	Twelve Months Ended December 31, 2021
	Commercial		Commercial Real Estate		Construction		Consumer		Residential		Consumer & Residential		Total
Allowance for credit losses
Balances, December 31, 2020	$	47,115	$	51,070	$	—	$	9,648	$	22,815	$	—	$	130,648
Credit risk reclassifications			(10,284)		10,284		(9,648)		(22,815)		32,463		—
Balances, December 31, 2020 after reclassifications	47,115		40,786		10,284		—		—		32,463		130,648
Impact of adopting ASC 326	20,024		34,925		8,805		—		—		10,301		74,055
Balances, January 1, 2021 Post-ASC 326 adoption	67,139		75,711		19,089		—		—		42,764		204,703
Provision for credit losses - loans	7,921		(11,093)		1,122		—		—		2,050		—


Recoveries on loans	724		580		1		—		—		1,273		2,578
Loans charged off	(5,849)		(4,533)		(6)		—		—		(1,496)		(11,884)
Balances. December 31, 2021	$	69,935	$	60,665	$	20,206	$	—	$	—	$	44,591	$	195,397

Off-Balance Sheet Arrangements, Commitments And Contingencies

In the normal course of business, the Corporation has entered into off-balance sheet financial instruments which include commitments to extend credit and standby letters of credit. Commitments to extend credit are usually the result of lines of credit granted to existing borrowers under agreements that the total outstanding indebtedness will not exceed a specific amount during the term of the indebtedness. Typical borrowers are commercial concerns that use lines of credit to supplement their treasury management functions, and thus their total outstanding indebtedness may fluctuate during any time period based on the seasonality of their business and the resultant timing for their cash flows. Other typical lines of credit are related to home equity loans granted to customers. Commitments to extend credit generally have fixed expiration dates or other termination clauses that may require a fee.

Standby letters of credit are generally issued on behalf of an applicant (the Corporation’s customer) to a specifically named beneficiary and are the result of a particular business arrangement that exists between the applicant and the beneficiary. Standby letters of credit have fixed expiration dates and are usually for terms of two years or less unless terminated beforehand due to criteria specified in the standby letter of credit. The standby letter of credit would permit the beneficiary to obtain payment from the Corporation under certain prescribed circumstances. Subsequently, the Corporation would seek reimbursement from the applicant pursuant to the terms of the standby letter of credit.

The Corporation typically follows the same credit policies and underwriting practices when making these commitments as it does for on-balance sheet instruments. Each customer’s creditworthiness is typically evaluated on a case-by-case basis, and the amount of collateral obtained, if any, is based on management’s credit evaluation of the customer. Collateral held varies but may include cash, real estate, marketable securities, accounts receivable, inventory, equipment and personal property.The contractual amounts of these commitments are not reflected in the consolidated financial statements and only amounts drawn upon would be reflected in the future. Since many of the commitments are expected to expire without being drawn upon, the contractual amounts do not necessarily represent future cash requirements. However, should the commitments be drawn upon and should the Corporation’s customers default on their resulting obligation to the Corporation, the maximum exposure to credit loss, without consideration of collateral, is represented by the contractual amount of those commitments.

Financial instruments with off-balance sheet risk were as follows:


	December 31, 2023		December 31, 2022
Amounts of commitments:
Loan commitments to extend credit	$	5,025,790	$	4,950,724
Standby letters of credit	$	65,580	$	40,784

The adoption of the CECL methodology for measuring credit losses on January 1, 2021, as discussed more fully in the Allowance for Credit Loss on Loans section of this Note, and in NOTE 1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES of these Notes to Consolidated Financial Statements, resulted in an accrual for off-balance sheet commitments of $20.5 million. The Level One acquisition in 2022 was responsible for an additional $2.8 million of provision for credit losses associated with off-balance sheet commitments, resulting in a total allowance for credit losses on off-balance sheet commitments of $23.3 million as of December 31, 2022. Reserves for unfunded commitments declined by $3.8 million during the twelve months ended December 31, 2023 due to reserve release, which decreased the reserve to $19.5 million at December 31, 2023. This reserve level remains appropriate and is reported in Other Liabilities as of December 31, 2023 in the Consolidated Balance Sheets.

The following table details activity in the allowance for credit losses on off-balance sheet commitments:


	December 31, 2023		December 31, 2022
Balance, January 1	$	23,300	$	20,500
Provision for credit losses - unfunded commitments related to Level One	—		2,800
Provision for credit losses - unfunded commitments	(3,800)		—
Balance, December 31	$	19,500	$	23,300

OTHER INTANGIBLES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Apr. 01, 2022
Business Acquisition [Line Items]
Intangible asset amortization	$ 8,743	$ 8,275	$ 5,747
Minimum
Business Acquisition [Line Items]
Useful life of core deposit intangibles and other intangibles	2 years
Maximum
Business Acquisition [Line Items]
Useful life of core deposit intangibles and other intangibles	10 years
Level One
Business Acquisition [Line Items]
Other intangibles				$ 18,642
Level One \| Core deposit intangible acquired
Business Acquisition [Line Items]
Other intangibles				17,200
Level One \| Noncompete Agreements
Business Acquisition [Line Items]
Other intangibles				$ 1,400

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Maturity of lease liabilities
2024	$ 5,581
2025	5,141
2026	3,648
2027	2,842
2028	2,381
2029 and after	5,288
Total lease payments	24,881
Less: Present value discount	2,546
Present value of lease liabilities	22,335	$ 25,316
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	5,742	5,329	$ 3,773
ROU assets obtained in exchange for new operating lease liabilities	$ 2,253	$ 10,516	$ 2,700

DEPOSITS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
DEPOSITS - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2023
Statistical Disclosure for Banks [Abstract]
Demand and savings deposits	$ 438.7
Maturity deposits decline	1,100.0
Non-maturity deposits decline	623.6
Deposits exceeding FDIC amount	$ 8,100.0	$ 8,600.0

GOODWILL - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Apr. 01, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill	$ 712,002	$ 712,002		$ 545,385
Level One
Business Acquisition [Line Items]
Goodwill			$ 166,617

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

GENERAL LITIGATION	12 Months Ended
GENERAL LITIGATION	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
GENERAL LITIGATION	GENERAL LITIGATION The Corporation is subject to claims and lawsuits that arise primarily in the ordinary course of business. It is the opinion of management that the disposition or ultimate resolution of such claims and lawsuits will not have a material adverse effect on the consolidated financial position, results of operations and cash flow of the Corporation.

FAIR VALUES OF FINANCIAL INSTRUMENTS - Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets:
Cash and due from banks	$ 112,649	$ 122,594
Investment securities held to maturity	1,870,374	1,907,865
Loans held for sale	18,934	9,094
Total Fair Value
Assets:
Cash and due from banks	112,649	122,594
Interest-bearing deposits	436,080	126,061
Investment securities available for sale	1,627,112	1,976,661
Investment securities held to maturity	1,870,374	1,907,865
Loans held for sale	18,934	9,094
Loans	11,958,301	11,156,217
Federal Home Loan Bank stock	41,769	38,525
Derivative assets	79,379	93,036
Interest receivable	97,664	85,070
Liabilities at December 31:
Deposits	14,811,957	14,356,953
Borrowings:
Federal funds purchased		171,560
Securities sold under repurchase agreements	157,265	167,396
Federal Home Loan Bank advances	707,377	615,211
Subordinated debentures and other borrowings	149,995	122,102
Derivative liabilities	79,008	92,770
Interest payable	18,912	7,530
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Cash and due from banks	112,649	122,594
Interest-bearing deposits	436,080	126,061
Investment securities available for sale	0	2,459
Investment securities held to maturity	0	0
Loans held for sale	0	0
Loans	0	0
Federal Home Loan Bank stock	0	0
Derivative assets	0	0
Interest receivable	0	0
Liabilities at December 31:
Deposits	12,482,295	13,105,936
Borrowings:
Federal funds purchased		0
Securities sold under repurchase agreements	0	0
Federal Home Loan Bank advances	0	0
Subordinated debentures and other borrowings	0	0
Derivative liabilities	0	0
Interest payable	0	0
Significant Other Observable Inputs (Level 2)
Assets:
Cash and due from banks	0	0
Interest-bearing deposits	0	0
Investment securities available for sale	1,623,802	1,970,763
Investment securities held to maturity	1,859,974	1,893,271
Loans held for sale	18,934	9,094
Loans	0	0
Federal Home Loan Bank stock	41,769	38,525
Derivative assets	79,379	93,036
Interest receivable	97,664	85,070
Liabilities at December 31:
Deposits	2,329,662	1,251,017
Borrowings:
Federal funds purchased		171,560
Securities sold under repurchase agreements	157,265	167,396
Federal Home Loan Bank advances	707,377	615,211
Subordinated debentures and other borrowings	149,995	122,102
Derivative liabilities	79,008	92,770
Interest payable	18,912	7,530
Significant Unobservable Inputs (Level 3)
Assets:
Cash and due from banks	0	0
Interest-bearing deposits	0	0
Investment securities available for sale	3,310	3,439
Investment securities held to maturity	10,400	14,594
Loans held for sale	0	0
Loans	11,958,301	11,156,217
Federal Home Loan Bank stock	0	0
Derivative assets	0	0
Interest receivable	0	0
Liabilities at December 31:
Deposits	0	0
Borrowings:
Federal funds purchased		0
Securities sold under repurchase agreements	0	0
Federal Home Loan Bank advances	0	0
Subordinated debentures and other borrowings	0	0
Derivative liabilities	0	0
Interest payable	0	0
Carrying Amount
Assets:
Cash and due from banks	112,649	122,594
Interest-bearing deposits	436,080	126,061
Investment securities available for sale	1,627,112	1,976,661
Investment securities held to maturity	2,184,252	2,287,127
Loans held for sale	18,934	9,094
Loans	12,281,093	11,780,617
Federal Home Loan Bank stock	41,769	38,525
Derivative assets	79,379	93,036
Interest receivable	97,664	85,070
Liabilities at December 31:
Deposits	14,821,453	14,382,745
Borrowings:
Federal funds purchased		171,560
Securities sold under repurchase agreements	157,280	167,413
Federal Home Loan Bank advances	712,852	823,674
Subordinated debentures and other borrowings	158,644	151,298
Derivative liabilities	79,008	92,770
Interest payable	$ 18,912	$ 7,530

REGULATORY CAPITAL AND DIVIDENDS - Narrative (Details)		12 Months Ended
REGULATORY CAPITAL AND DIVIDENDS - Narrative (Details)	Apr. 01, 2022 $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)	Jan. 27, 2021 USD ($) shares	Nov. 01, 2013 USD ($) investor
Restructuring Cost and Reserve [Line Items]
Private debt issuance, number of institutional investors \| investor						4
Debt face amount						$ 70,000,000
Repayment of borrowings		$ 1,119,200,000	$ 1,332,889,000	$ 96,204,000
Dividends available		305,900,000
Dividend reinvestment and stock purchase plan, stockholder's maximum amount of cash payments per quarter in purchase of common stock		$ 5,000
Cash dividends on preferred stock (in dollars per share) \| $ / shares		$ 187.52	$ 140.64
Cash dividends on preferred stock		$ 1,875,000	$ 1,406,000
Stock Repurchase Program
Restructuring Cost and Reserve [Line Items]
Stock authorized to be repurchased (in shares) \| shares					3,333,000
Stock authorized to be repurchased (in shares)					$ 100,000,000
Percent of outstanding shares					6.00%
Available to repurchase (in shares) \| shares			2,700,000
Available to repurchase			$ 74,500,000
Series A Preferred Stock
Restructuring Cost and Reserve [Line Items]
Preferred Stock, issued (in shares) \| shares		10,000	10,000
Liquidation value per share (in dollars per share) \| $ / shares		$ 2,500	$ 2,500
Cash dividends on preferred stock (in dollars per share) \| $ / shares		187.52	140.64
Depository share dividends (in dollars per share) \| $ / shares		$ 1.88	$ 1.41
Cash dividends on preferred stock		$ 1,900,000	$ 1,400,000
Series A Preferred Stock \| Level One
Restructuring Cost and Reserve [Line Items]
Preferred Stock, issued (in shares) \| shares	10,000
Dividend rate, percentage	7.50%
Liquidation value per share (in dollars per share) \| $ / shares	$ 2,500
Outstanding preferred stock			$ 25,000,000
Senior Notes
Restructuring Cost and Reserve [Line Items]
Private debt issuance, number of institutional investors \| investor						4
Debt face amount						$ 70,000,000
Phase out period		5 years
Phase out annual percent		20.00%
Phase out annual amount		$ 13,000,000
Senior Notes \| Fixed-to-Floating Rate Senior Notes due 2028
Restructuring Cost and Reserve [Line Items]
Debt face amount						$ 5,000,000
Interest rate on notes (as a percent)						5.00%
Senior Notes \| Fixed-to-Floating Rate Subordinated Notes due 2028
Restructuring Cost and Reserve [Line Items]
Debt face amount						$ 65,000,000
Interest rate on notes (as a percent)						6.75%

QUALIFIED AFFORDABLE HOUSING INVESTMENTS - Summary of Affordable Housing Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investment	$ 114,514	$ 76,686
Unfunded Commitment	96,408	63,893
Amortization expense	6,324	812	$ 658
Tax credits recognized	$ 5,327	$ 1,055	$ 874

ACQUISITIONS - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Apr. 01, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill	$ 712,002	$ 712,002		$ 545,385
Level One
Business Acquisition [Line Items]
Cash and due from banks			$ 217,104
Investment securities available for sale			370,071
Investment securities held to maturity			587
Loans held for sale			7,951
Loans			1,627,423
Allowance for credit losses - loans			(16,599)
Premises and equipment			11,848
Federal Home Loan Bank stock			11,688
Interest receivable			7,188
Cash surrender value of life insurance			30,143
Tax asset, deferred and receivable			16,223
Other assets			41,690
Deposits			(1,930,790)
Securities sold under repurchase agreements			(1,521)
Federal Home Loan Bank advances			(160,043)
Subordinated debentures			(32,631)
Interest payable			(1,065)
Other liabilities			(42,813)
Net tangible assets acquired			156,454
Other intangibles			18,642
Goodwill			166,617
Purchase price			$ 341,713

FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of 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 fair value hierarchy in which the fair value measurements fall at December 31, 2023 and 2022.


			Fair Value Measurements Using:
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
December 31, 2023	Fair Value		(Level 1)		(Level 2)		(Level 3)
Available for sale securities:
U.S. Government-sponsored agency securities	$	95,307	$	—	$	95,307	$	—

State and municipal	1,065,171		—		1,061,896		3,275
U.S. Government-sponsored mortgage-backed securities	454,815		—		454,811		4

Corporate obligations	11,819		—		11,788		31

Derivative assets	79,379		—		79,379		—

Derivative liabilities	79,008		—		79,008		—


			Fair Value Measurements Using:
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
December 31, 2022	Fair Value		(Level 1)		(Level 2)		(Level 3)
Available for sale securities:
U.S. Government-sponsored agency securities	$	101,962	$	—	$	101,962	$	—
U.S. Treasury	2,459		2,459		—		—
State and municipal	1,351,760		—		1,348,356		3,404
U.S. Government-sponsored mortgage-backed securities	508,273		—		508,269		4

Corporate obligations	12,207		—		12,176		31

Derivative assets	93,036		—		93,036		—

Derivative liabilities	92,770		—		92,770		—

Schedule of 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, 2023 and 2022.


	Available for Sale Securities
	For The Year Ended
	December 31, 2023		December 31, 2022
Beginning Balance	$	3,439	$	5,491


Included in other comprehensive income (loss)	(186)		(612)
Purchases, issuances, and settlements	—		5,111

Principal payments	57		(6,551)
Ending balance	$	3,310	$	3,439

Schedule of Description of Valuation Methodologies Used for Instruments Measured at Fair Value on a Non-Recurring Basis and Recognized in the Balance Sheets

The following tables disclose the fair value measurement of assets with a recorded change during the period resulting from re-measuring the assets at fair value on a non-recurring basis:

Fair Value Measurements Using

Quoted Prices in Active
Markets for Identical Assets

Significant Other Observable Inputs

Significant
Unobservable Inputs

December 31, 2023

Fair Value

(Level 1)

(Level 2)

(Level 3)

Collateral dependent loans

55,020

—

55,020

Fair Value Measurements Using

Quoted Prices in Active
Markets for Identical Assets

Significant Other Observable Inputs

Significant
Unobservable Inputs

December 31, 2022

Fair Value

(Level 1)

(Level 2)

(Level 3)

Collateral dependent loans

55,290

—

55,290

Schedule of Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements Other than Goodwill

The following tables present quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements, other than goodwill, at December 31, 2023 and 2022.

December 31, 2023

Fair Value

Valuation Technique

Unobservable Inputs

Range (Weighted-Average)

State and municipal securities

3,275

Discounted cash flow

Maturity Call Date
US Muni BQ curve
Discount rate
Weighted-average coupon

1 month to 15 years

BBB

3.6% - 4.7%

3.3%

Corporate obligations and U.S. Government-sponsored mortgage backed securities

Discounted cash flow

Risk free rate
plus Premium for illiquidity
Weighted-average coupon

3 month CME Term Sofr plus 26bps

plus 200bps

Collateral dependent loans

55,020

Collateral based measurements

Discount to reflect current market conditions and ultimate collectability
Weighted-average discount by loan balance

0% - 10% 4.1%

December 31, 2022

Fair Value

Valuation Technique

Unobservable Inputs

Range (Weighted-Average)

State and municipal securities

3,404

Discounted cash flow

Maturity Call Date
US Muni BQ curve
Discount rate
Weighted-average coupon

1 month to 15 years

A- to BBB-

0.4% - 4%

3.4%

Corporate obligations and U.S. Government-sponsored mortgage backed securities

Discounted cash flow

Risk free rate
plus Premium for illiquidity
Weighted-average coupon

3 month LIBOR

plus 200bps

Collateral dependent loans

55,290

Collateral based measurements

Discount to reflect current market conditions and ultimate collectability
Weighted-average discount by loan balance

0% - 10% 1.1%

Schedule of 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, 2023 and 2022.


	2023
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
Assets at December 31:
Cash and due from banks	$	112,649	$	112,649	$	—	$	—	$	112,649
Interest-bearing deposits	436,080		436,080		—		—		436,080
Investment securities available for sale	1,627,112		—		1,623,802		3,310		1,627,112
Investment securities held to maturity	2,184,252		—		1,859,974		10,400		1,870,374
Loans held for sale	18,934		—		18,934		—		18,934
Loans	12,281,093		—		—		11,958,301		11,958,301
Federal Home Loan Bank stock	41,769		—		41,769		—		41,769
Derivative assets	79,379		—		79,379		—		79,379
Interest receivable	97,664		—		97,664		—		97,664
Liabilities at December 31:
Deposits	14,821,453		$	12,482,295	$	2,329,662	$	—	14,811,957
Borrowings:

Securities sold under repurchase agreements	157,280		—		157,265		—		157,265
Federal Home Loan Bank advances	712,852		—		707,377		—		707,377
Subordinated debentures and other borrowings	158,644		—		149,995		—		149,995
Derivative liabilities	79,008		—		79,008		—		79,008
Interest payable	18,912		—		18,912		—		18,912


	2022
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
Assets at December 31:
Cash and due from banks	$	122,594	$	122,594	$	—	$	—	$	122,594
Interest-bearing deposits	126,061		126,061		—		—		126,061
Investment securities available for sale	1,976,661		2,459		1,970,763		3,439		1,976,661
Investment securities held to maturity	2,287,127		—		1,893,271		14,594		1,907,865
Loans held for sale	9,094		—		9,094		—		9,094
Loans	11,780,617		—		—		11,156,217		11,156,217
Federal Home Loan Bank stock	38,525		—		38,525		—		38,525
Interest rate swap asset	93,036		—		93,036		—		93,036
Interest receivable	85,070		—		85,070		—		85,070
Liabilities at December 31:
Deposits	$	14,382,745	$	13,105,936	$	1,251,017	$	—	14,356,953
Borrowings:
Federal funds purchased	171,560		—		171,560		—		171,560
Securities sold under repurchase agreements	167,413		—		167,396		—		167,396
Federal Home Loan Bank advances	823,674		—		615,211		—		615,211
Subordinated debentures and other borrowings	151,298		—		122,102		—		122,102
Derivative liabilities	92,770		—		92,770		—		92,770
Interest payable	7,530		—		7,530		—		7,530

INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of Federal Statutory to Actual Tax Expense

The reconciliation between income tax expense expected at the U.S. federal statutory tax rate and the reported income tax expense is summarized in the following table for years ended December 31, 2023, 2022 and 2021:


	2023			2022			2021
Reconciliation of Federal Statutory to Actual Tax Expense:
Federal Statutory Income Tax at 21%	$	54,439		$	53,692		$	50,566
Tax-exempt Interest Income	(18,193)			(19,349)			(16,200)

Stock Compensation	(228)			(214)			(20)
Earnings on Life Insurance	(1,753)			(2,344)			(1,468)
Tax Credits	(331)			(414)			(354)
State Tax	1,171			2,494			2,697
Other	341			(280)			38
Income Tax Expense	$	35,446		$	33,585		$	35,259

Effective Tax Rate	13.7		%	13.1		%	14.6		%

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense consists of the following components for the years ended December 31, 2023, 2022, 2021:


	2023		2022		2021
Income Tax Expense for the Year Ended December 31:
Currently Payable:
Federal	$	29,351	$	21,824	$	24,634
State	(504)		2,696		1,473
Deferred:
Federal	4,613		8,604		7,211

State	1,986		461		1,941
Income Tax Expense	$	35,446	$	33,585	$	35,259

Schedule of Deferred Tax Assets and Liabilities

Significant components of the net deferred tax assets and liabilities resulting from temporary differences were as follows at December 31, 2023 and 2022:


	2023		2022
Deferred Tax Asset at December 31:
Assets:
Differences in Accounting for Credit Losses	$	54,734	$	61,484
Differences in Accounting for Loan Fees	2,398		2,094

Deferred Compensation	4,021		3,922

Federal & State Income Tax Loss Carryforward and Credits	600		600
Net Unrealized Loss on Securities Available for Sale	46,161		62,323
Other	6,716		2,883
Total Assets	114,630		133,306
Liabilities:
Differences in Depreciation Methods	7,439		7,039
Differences in Accounting for Loans and Securities	1,284		1,058
Differences in Accounting for Mortgage Servicing Rights	1,987		616
Difference in Accounting for Pensions and Other Employee Benefits	6,072		3,687
State Income Tax	1,428		1,859

REIT Dividend Deferral	2,979		3,088

Other	8,692		6,502
Total Liabilities	29,881		23,849
Net Deferred Tax Asset	$	84,749	$	109,457

CONDENSED FINANCIAL INFORMATION (parent company only) - Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Flow From Operating Activities:
Net income	$ 223,786	$ 222,089	$ 205,531
Adjustments to reconcile net income to net cash provided by operating activities
Share-based compensation	5,158	4,652	4,762
Net cash provided by operating activities	258,833	284,289	215,341
Cash Flow From Investing Activities:
Cash paid in acquisition	0	(79,324)	(3,225)
Net cash used in investing activities	(344,425)	(462,685)	(1,477,405)
Cash Flows from Financing Activities:
Cash dividends on common stock	(80,061)	(72,748)	(61,230)
Cash dividends on preferred stock	(1,875)	(1,406)	0
Stock issued under employee benefit plans	754	706	605
Stock issued under dividend reinvestment and stock purchase plan	2,180	2,056	1,880
Stock options exercised	1,110	358	198
Repurchase of common stock	0	0	(25,444)
Net cash provided by financing activities	75,647	133,844	1,236,314
Net Change in Cash and Cash Equivalents	(9,945)	(44,552)	(25,750)
Cash and Cash Equivalents, January 1	122,594	167,146	192,896
Cash and Cash Equivalents, December 31	112,649	122,594	167,146
Parent
Cash Flow From Operating Activities:
Net income	223,786	222,089	205,531
Adjustments to reconcile net income to net cash provided by operating activities
Share-based compensation	1,803	1,659	1,563
Distributions in excess of (equity in undistributed) income of subsidiaries	(105,984)	(145,057)	(55,162)
Other adjustments	(2,446)	(5,925)	(288)
Net cash provided by operating activities	117,159	72,766	151,644
Cash Flow From Investing Activities:
Cash paid in acquisition	0	(72,494)	0
Proceeds from business divestitures	4,852	0	0
Net cash used in investing activities	4,852	(72,494)	0
Cash Flows from Financing Activities:
Cash dividends on common stock	(80,061)	(72,748)	(61,230)
Cash dividends on preferred stock	(1,875)	(1,406)	0
Stock issued under employee benefit plans	754	706	605
Stock issued under dividend reinvestment and stock purchase plan	2,180	2,056	1,880
Stock options exercised	1,110	358	198
Repurchase of common stock	0	0	(25,444)
Net cash provided by financing activities	(77,892)	(71,034)	(83,991)
Net Change in Cash and Cash Equivalents	44,119	(70,762)	67,653
Cash and Cash Equivalents, January 1	56,739	127,501	59,848
Cash and Cash Equivalents, December 31	$ 100,858	$ 56,739	$ 127,501

LEASES - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Total lease assets	$ 18,912	$ 23,619
Total lease liabilities	$ 22,335	$ 25,316
Weighted average remaining lease term (years)
Operating leases	6 years 3 months 18 days	6 years 6 months
Weighted average discount rate
Operating leases	3.20%	3.10%

DERIVATIVE FINANCIAL INSTRUMENTS - Effect of Derivative Financial Instruments on Income Statement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Amount of Gain (Loss) Reclassified from Other Comprehensive Income (Loss) into Income (Effective Portion)	$ (15)	$ (521)	$ (1,044)
Derivatives Designated as Hedging Instruments \| Interest rate contracts \| Interest expense
Derivative [Line Items]
Amount of Gain (Loss) Reclassified from Other Comprehensive Income (Loss) into Income (Effective Portion)	$ (15)	$ (521)	$ (1,044)

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES- Intangible Assets (Details)	Dec. 31, 2023
Minimum
Intangible Assets [Abstract]
Estimated useful lives of intangible assets	2 years
Maximum
Intangible Assets [Abstract]
Estimated useful lives of intangible assets	10 years

QUALIFIED AFFORDABLE HOUSING INVESTMENTS - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Reclassification [Line Items]
Other assets	$ 322,322	$ 285,524
Other liabilities	289,033	263,209
Immaterial understatement
Reclassification [Line Items]
Other assets	96,400	63,900
Other liabilities	$ 96,400	$ 63,900

LOANS AND ALLOWANCE FOR CREDIT LOSSES - Past Due Aging of Loan Portfolio by Loan Class (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Loans	$ 12,486,027	$ 12,003,894
Loans > 90 Days or More Past Due And Accruing	172	1,737
Current
Financing Receivable, Past Due [Line Items]
Loans	12,406,783	11,952,887
30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans	34,075	29,051
60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans	11,189	5,935
90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Loans	33,980	16,021
Commercial and industrial loans
Financing Receivable, Past Due [Line Items]
Loans	3,670,948	3,437,126
Loans > 90 Days or More Past Due And Accruing	86	1,147
Commercial and industrial loans \| Current
Financing Receivable, Past Due [Line Items]
Loans	3,657,447	3,429,314
Commercial and industrial loans \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans	5,021	4,904
Commercial and industrial loans \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans	1,622	434
Commercial and industrial loans \| 90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Loans	6,858	2,474
Agricultural land, production and other loans to farmers
Financing Receivable, Past Due [Line Items]
Loans	263,414	241,793
Loans > 90 Days or More Past Due And Accruing	0	0
Agricultural land, production and other loans to farmers \| Current
Financing Receivable, Past Due [Line Items]
Loans	263,414	241,739
Agricultural land, production and other loans to farmers \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans	0	0
Agricultural land, production and other loans to farmers \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans	0	0
Agricultural land, production and other loans to farmers \| 90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Loans	0	54
Construction
Financing Receivable, Past Due [Line Items]
Loans	957,545	835,582
Loans > 90 Days or More Past Due And Accruing	0	0
Construction \| Current
Financing Receivable, Past Due [Line Items]
Loans	955,588	832,716
Construction \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans	0	2,436
Construction \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans	1,957	418
Construction \| 90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Loans	0	12
Commercial real estate, non-owner occupied
Financing Receivable, Past Due [Line Items]
Loans	2,400,839	2,407,475
Loans > 90 Days or More Past Due And Accruing	0	264
Commercial real estate, non-owner occupied \| Current
Financing Receivable, Past Due [Line Items]
Loans	2,376,184	2,395,495
Commercial real estate, non-owner occupied \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans	12,995	5,946
Commercial real estate, non-owner occupied \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans	195	881
Commercial real estate, non-owner occupied \| 90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Loans	11,465	5,153
Commercial real estate, owner occupied
Financing Receivable, Past Due [Line Items]
Loans	1,162,083	1,246,528
Loans > 90 Days or More Past Due And Accruing	0	0
Commercial real estate, owner occupied \| Current
Financing Receivable, Past Due [Line Items]
Loans	1,161,869	1,241,714
Commercial real estate, owner occupied \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans	0	4,495
Commercial real estate, owner occupied \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans	104	0
Commercial real estate, owner occupied \| 90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Loans	110	319
Residential
Financing Receivable, Past Due [Line Items]
Loans	2,288,921	2,096,655
Loans > 90 Days or More Past Due And Accruing	0	0
Residential \| Current
Financing Receivable, Past Due [Line Items]
Loans	2,259,496	2,079,959
Residential \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans	11,810	8,607
Residential \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans	5,472	2,278
Residential \| 90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Loans	12,143	5,811
Home equity
Financing Receivable, Past Due [Line Items]
Loans	617,571	630,632
Loans > 90 Days or More Past Due And Accruing	52	326
Home equity \| Current
Financing Receivable, Past Due [Line Items]
Loans	608,948	624,543
Home equity \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans	3,614	2,206
Home equity \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans	1,647	1,782
Home equity \| 90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Loans	3,362	2,101
Consumer
Financing Receivable, Past Due [Line Items]
Loans	168,388	175,211
Loans > 90 Days or More Past Due And Accruing	0	0
Consumer \| Current
Financing Receivable, Past Due [Line Items]
Loans	167,553	174,629
Consumer \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans	635	343
Consumer \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans	192	142
Consumer \| 90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Loans	8	97
Public finance and other commercial loans
Financing Receivable, Past Due [Line Items]
Loans	956,318	932,892
Loans > 90 Days or More Past Due And Accruing	34	0
Public finance and other commercial loans \| Current
Financing Receivable, Past Due [Line Items]
Loans	956,284	932,778
Public finance and other commercial loans \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans	0	114
Public finance and other commercial loans \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans	0	0
Public finance and other commercial loans \| 90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Loans	$ 34	$ 0

INCOME TAX - Reconciliation of Federal Statutory to Actual Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Federal Statutory to Actual Tax Expense:
Federal Statutory Income Tax at 21%	$ 54,439	$ 53,692	$ 50,566
Tax-exempt Interest Income	(18,193)	(19,349)	(16,200)
Stock Compensation	(228)	(214)	(20)
Earnings on Life Insurance	(1,753)	(2,344)	(1,468)
Tax Credits	(331)	(414)	(354)
State Tax	1,171	2,494	2,697
Other	341	(280)	38
Income Tax Expense	$ 35,446	$ 33,585	$ 35,259
Effective Tax Rate	13.70%	13.10%	14.60%

BORROWINGS - Schedule of Maturities of Long Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Securities Sold Under Repurchase Agreements
Maturities in Years Ending December 31:
2022	$ 157,280
2023	0
2024	0
2025	0
2026	0
2029 and after	0
ASC 805 fair value adjustments at acquisition	0
Total	157,280
Federal Home Loan Bank Advances
Maturities in Years Ending December 31:
2022	60,000
2023	95,000
2024	75,000
2025	250,000
2026	215,000
2029 and after	17,852
ASC 805 fair value adjustments at acquisition	0
Total	712,852
Subordinated Debentures and Term Loans
Maturities in Years Ending December 31:
2022	1,175
2023	0
2024	0
2025	0
2026	70,000
2029 and after	91,120
ASC 805 fair value adjustments at acquisition	(3,651)
Total	$ 158,644	$ 151,300

PENSION AND OTHER POST RETIREMENT BENEFIT PLANS - Schedule of Changes in Benefit Obligation, and Plan Assets, Funded Status of the Plan, Assets and Liabilities Recognized in the Balance Sheets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in Benefit Obligation:
Benefit obligation at beginning of year	$ 55,764	$ 74,274
Interest cost	2,876	1,905	$ 1,760
Actuarial (gain) loss	2,386	(14,546)
Benefits paid	(5,265)	(5,869)
Benefit obligation at end of year	55,761	55,764	74,274
Change in Plan Assets:
Fair value of plan assets at beginning of year	77,534	94,588
Actual return on plan assets	9,395	(11,799)
Employer contributions	594	614
Benefits paid	(5,265)	(5,869)
End of year	82,258	77,534	$ 94,588
Funded status at end of year	26,497	21,770
Assets and Liabilities Recognized in the Balance Sheets:
Deferred tax asset	1,141	1,955
Assets	29,262	25,175
Liabilities	$ 2,765	$ 3,405

DEPOSITS - Schedule of Contractual Maturities of Time Deposits (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Certificates and Other Time Deposits
2024	$ 2,185,566
2025	98,377
2026	47,924
2027	5,056
2028	2,015
After 2028	220
Total	$ 2,339,158

PREMISES AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Premises and Equipment

The following table summarizes the Corporation’s premises and equipment as of December 31, 2023 and 2022:


	2023		2022
Cost at December 31:
Land	$	25,655	$	25,299
Buildings and Leasehold Improvements	186,444		174,895
Equipment	148,258		144,524
Total Cost	360,357		344,718
Accumulated Depreciation and Amortization	(226,461)		(227,600)
Net	$	133,896	$	117,118

CASH AND CASH EQUIVALENTS AND INTEREST-BEARING DEPOSITS (Details) $ in Millions	Dec. 31, 2023 USD ($)
Cash and Cash Equivalents [Abstract]
Cash amount that exceeded federally insured limits	$ 134.7
Federal Home Loan Bank and Federal Reserve Bank balance	$ 346.4

SHARE-BASED COMPENSATION - Unvested RSAs Outstanding (Details) - RSAs	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Number of Shares
Unvested RSAs, Beginning Balance (in shares) \| shares	416,705
Granted (in shares) \| shares	172,573
Forfeited (in shares) \| shares	(2,975)
Vested (in shares) \| shares	(133,877)
Unvested RSAs, Ending Balance (in shares) \| shares	452,426
Weighted-Average Grant Date Fair Value
Unvested RSAs, Beginning Balance (in dollars per share) \| $ / shares	$ 36.97
Granted (in dollars per share) \| $ / shares	31.93
Forfeited (in dollars per share) \| $ / shares	34.58
Vested (in dollars per share) \| $ / shares	27.25
Unvested RSAs, Ending Balance (in dollars per share) \| $ / shares	$ 37.94

PENSION AND OTHER POST RETIREMENT BENEFIT PLANS - Schedule of Weighted Average Assumptions Used to Determine Benefit Obligation and Benefit Cost (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Weighted-average Assumptions Used to Determine Benefit Obligation:
Discount rate	5.10%	5.40%	2.70%
Weighted-average Assumptions Used to Determine Cost:
Discount rate	5.40%	2.70%	2.30%
Expected return on plan assets	5.25%	5.00%	5.00%

SHARE-BASED COMPENSATION - Components of Awards (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pre-tax compensation expense	$ 5,158	$ 4,652	$ 4,762
Income tax benefit	(1,250)	(1,117)	(947)
Total share-based compensation expense, net of income taxes	3,908	3,535	3,815
Stock and ESPP Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pre-tax compensation expense	103	95	155
Income tax benefit	(62)	(74)	(92)
Total share-based compensation expense, net of income taxes	41	21	63
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pre-tax compensation expense	5,055	4,557	4,607
Income tax benefit	(1,188)	(1,043)	(855)
Total share-based compensation expense, net of income taxes	$ 3,867	$ 3,514	$ 3,752

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

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+ Details

ACQUISITIONS - Narrative (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Apr. 01, 2022 USD ($) banking_center $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)	Mar. 31, 2022
Business Acquisition [Line Items]
Cash paid in acquisition		$ 0	$ 79,324	$ 3,225
Series A Preferred Stock
Business Acquisition [Line Items]
Preferred Stock, issued (in shares) \| shares		10,000	10,000
Liquidation value per share (in dollars per share) \| $ / shares		$ 2,500	$ 2,500
Entity listing, depository receipt ratio	0.01
Preferred Class B
Business Acquisition [Line Items]
Entity listing, depository receipt ratio	0.01
Preferred Class B \| Level One
Business Acquisition [Line Items]
Entity listing, depository receipt ratio					0.01
Level One
Business Acquisition [Line Items]
Acquired interest	100.00%
Number of banking centers \| banking_center	17
Exchange ratio	0.7167
Cash payment per share (in dollars per share) \| $ / shares	$ 10.17
Cash paid in acquisition	$ 79,300
Other intangibles	$ 18,642
Operating revenue			$ 56,900
Provision expense related to CECL Day 1 adjustments			16,800
Acquisition-related expenses, net of tax			$ 16,500
Level One \| Common Stock
Business Acquisition [Line Items]
Issuance of common stock related to acquisitions (in shares) \| shares	5,600,000
Level One \| Series A Preferred Stock
Business Acquisition [Line Items]
Preferred Stock, issued (in shares) \| shares	10,000
Dividend rate, percentage	7.50%
Liquidation value per share (in dollars per share) \| $ / shares	$ 2,500
Level One \| Other Intangible Assets
Business Acquisition [Line Items]
Other intangibles	$ 18,600
Level One \| Core deposit intangible acquired
Business Acquisition [Line Items]
Other intangibles	$ 17,200
Estimated life	10 years
Level One \| Noncompete Agreements
Business Acquisition [Line Items]
Other intangibles	$ 1,400
Estimated life	2 years

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Allowance for Credit Losses and Loans Held for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Jan. 01, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for Credit Losses	$ 245	$ 245
State and municipal
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for Credit Losses	$ 245	$ 245
Impact of adopting ASC 326 \| State and municipal
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for Credit Losses			$ 245

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Section 65
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SHARE-BASED COMPENSATION - Narrative (Details) - USD ($)		12 Months Ended
	Oct. 01, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation		$ 5,158,000	$ 4,652,000	$ 4,762,000
Estimated pre-vesting forfeiture rate (as a percent)		0.20%
Income tax benefit (expense) at vesting		$ 1,250,000	1,117,000	947,000
Aggregate intrinsic value of stock options exercised		1,400,000	533,000
Stock options exercised		$ 1,110,000	358,000	198,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option term		10 years
Stock options vesting percentage		100.00%
Unrecognized compensation expense		$ 0
RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested period		3 years
Income tax benefit (expense) at vesting		$ 126,000	$ 86,000,000	$ 112,000
Unrecognized compensation expense		$ 9,300,000
Unrecognized compensation expense expected recognition period		1 year 9 months 25 days
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of average closing price to be paid by employees		85.00%
Grant date fair value of ESPP options	$ 23,000
Unrecognized compensation expense		$ 0
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum common stock purchases through advance payroll deductions in a calendar year		$ 25,000
Minimum \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested period		1 year
Maximum \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested period		2 years

PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

PREMISES AND EQUIPMENT

The following table summarizes the Corporation’s premises and equipment as of December 31, 2023 and 2022:


	2023		2022
Cost at December 31:
Land	$	25,655	$	25,299
Buildings and Leasehold Improvements	186,444		174,895
Equipment	148,258		144,524
Total Cost	360,357		344,718
Accumulated Depreciation and Amortization	(226,461)		(227,600)
Net	$	133,896	$	117,118

First Merchants Corporation purchased a new regional headquarters in Indianapolis in the third quarter of 2023 which resulted in additions to premises and equipment of $16.7 million.

The Corporation is committed under various non-cancelable lease contracts for certain subsidiary office facilities and equipment. Details regarding the lease contracts are discussed in NOTE 9. LEASES of these Notes to Consolidated Financial Statements.

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Derivative Financial Instruments and Classification on the Balance Sheet

The following table summarizes the Corporation’s derivatives designated as hedges:

Asset Derivatives

Liability Derivatives

December 31, 2023

December 31, 2022

December 31, 2023

December 31, 2022

Balance
Sheet
Location

Fair
Value

Balance
Sheet
Location

Fair
Value

Balance
Sheet
Location

Fair
Value

Balance
Sheet
Location

Fair
Value

Cash flow hedges:

Interest rate swaps on borrowings

Other Assets

—

Other Assets

164

Other Liabilities

—

Other Liabilities

—

The table below presents the fair value of the Corporation’s non-designated hedges, as well as their classification on the Balance Sheet, as of December 31, 2023, and December 31, 2022.


	December 31, 2023				December 31, 2022
	Notional Amount		Fair Value		Notional Amount		Fair Value
Included in other assets:
Interest rate swaps	$	1,355,947	$	78,743	$	1,184,866	$	92,652
Forward contracts related to mortgage loans to be delivered for sale	15,160		469		14,406		188
Interest rate lock commitments	22,706		167		5,049		32
Included in other assets	$	1,393,813	$	79,379	$	1,204,321	$	92,872
Included in other liabilities:
Interest rate swaps	$	1,355,947	$	78,811	$	1,184,866	$	92,652
Forward contracts related to mortgage loans to be delivered for sale	25,290		191		4,483		63
Interest rate lock commitments	1,025		6		7,549		55
Included in other liabilities	$	1,382,262	$	79,008	$	1,196,898	$	92,770

Schedule of Amount of Loss Recognized in Other Comprehensive Income

The amount of gain (loss) recognized in other comprehensive income (loss) is included in the table below for the periods indicated.


Derivatives in Cash Flow Hedging Relationships	Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivative (Effective Portion) For the Year Ended December 31,
Derivatives in Cash Flow Hedging Relationships	2023		2022
Interest rate products	$	179	$	479

Schedule of Effect of Derivative Financial Instruments on the Income Statement

The amount of loss reclassified from other comprehensive income (loss) into income related to cash flow hedging relationships is included in the table below for the years ended December 31, 2023, 2022 and 2021.


Derivatives Designated as Hedging Instruments under FASB ASC 815-10	Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) (Effective Portion)	Amount of Gain (Loss) Reclassified from Other Comprehensive Income (Loss) into Income (Effective Portion)
		2023		2022		2021
Interest rate contracts	Interest expense	$	(15)	$	(521)	$	(1,044)

The amount of gain (loss) recognized into income related to non-designated hedging instruments is included in the table below for the periods indicated.


Derivatives Not Designated as Hedging Instruments under FASB ASC 815-10	Location of Gain Recognized in Income on Derivative	Amount of Gain Recognized in Income on Derivative
		2023		2022		2021
Forward contracts related to mortgage loans to be delivered for sale	Net gains and fees on sales of loans	$	1,138	$	1,112	$	—
Interest rate lock commitments	Net gains and fees on sales of loans	185		71		—
Total net gain recognized in income		$	1,323	$	1,183	$	—

DERIVATIVE FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

Risk Management Objective of Using Derivatives

The Corporation is exposed to certain risks arising from both its business operations and economic conditions. The Corporation principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Corporation manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities and through the use of derivative financial instruments. Specifically, the Corporation enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Corporation’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Corporation’s known or expected cash payments principally related to certain variable-rate liabilities. The Corporation also has derivatives that are a result of a service the Corporation provides to certain qualifying customers, and, therefore, are not used to manage interest rate risk in the Corporation’s assets or liabilities. The Corporation manages a matched book with respect to its derivative instruments offered as a part of this service to its customers in order to minimize its net risk exposure resulting from such transactions.

Derivatives Designated as Hedges

The Corporation’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Corporation primarily uses interest rate swaps and interest rate caps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the payment of fixed amounts to a counterparty in exchange for the Corporation receiving variable payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. As of December 31, 2022, the Corporation had one interest rate swap with a notional amount of $10.0 million that was used to hedge the variable cash outflows (SOFR-based) associated with one Federal Home Loan Bank advance. This interest swap matured in the third quarter of 2023.

The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss). The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the twelve months ended December 31, 2023 and 2022, the Corporation did not recognize any ineffectiveness.

Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Corporation’s variable-rate liabilities. During the next twelve months, the Corporation doesn’t expect to reclassify income (loss) from accumulated other comprehensive loss to interest income.

The following table summarizes the Corporation’s derivatives designated as hedges:

Asset Derivatives

Liability Derivatives

December 31, 2023

December 31, 2022

December 31, 2023

December 31, 2022

Balance
Sheet
Location

Fair
Value

Balance
Sheet
Location

Fair
Value

Balance
Sheet
Location

Fair
Value

Balance
Sheet
Location

Fair
Value

Cash flow hedges:

Interest rate swaps on borrowings

Other Assets

—

Other Assets

164

Other Liabilities

—

Other Liabilities

—

The amount of gain (loss) recognized in other comprehensive income (loss) is included in the table below for the periods indicated.


Derivatives in Cash Flow Hedging Relationships	Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivative (Effective Portion) For the Year Ended December 31,
Derivatives in Cash Flow Hedging Relationships	2023		2022
Interest rate products	$	179	$	479


Derivatives Designated as Hedging Instruments under FASB ASC 815-10	Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) (Effective Portion)	Amount of Gain (Loss) Reclassified from Other Comprehensive Income (Loss) into Income (Effective Portion)
		2023		2022		2021
Interest rate contracts	Interest expense	$	(15)	$	(521)	$	(1,044)

Non-designated Hedges

The Corporation does not use derivatives for trading or speculative purposes. Derivatives not designated as hedges are not speculative and result from a service the Corporation provides to certain customers. The Corporation executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting interest rate swaps that the Corporation executes with a third party, such that the Corporation minimizes its net risk exposure resulting from such transactions. As the interest rate swaps associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings.

Commitments to fund certain mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of mortgage loans to third party investors are considered derivatives. It is the Corporation’s practice to enter into forward commitments for the future delivery of residential mortgage loans when interest rate lock commitments are entered into in order to economically hedge the effect of changes in interest rates resulting from its commitments to fund the loans. These mortgage banking derivatives are not designated in hedge relationships. Fair values were estimated based on changes in mortgage interest rates from the date of the commitments. Changes in the fair value of these mortgage banking derivatives are included in net gains and fees on sales of loans.

The table below presents the fair value of the Corporation’s non-designated hedges, as well as their classification on the Balance Sheet, as of December 31, 2023, and December 31, 2022.


	December 31, 2023				December 31, 2022
	Notional Amount		Fair Value		Notional Amount		Fair Value
Included in other assets:
Interest rate swaps	$	1,355,947	$	78,743	$	1,184,866	$	92,652
Forward contracts related to mortgage loans to be delivered for sale	15,160		469		14,406		188
Interest rate lock commitments	22,706		167		5,049		32
Included in other assets	$	1,393,813	$	79,379	$	1,204,321	$	92,872
Included in other liabilities:
Interest rate swaps	$	1,355,947	$	78,811	$	1,184,866	$	92,652
Forward contracts related to mortgage loans to be delivered for sale	25,290		191		4,483		63
Interest rate lock commitments	1,025		6		7,549		55
Included in other liabilities	$	1,382,262	$	79,008	$	1,196,898	$	92,770

In the normal course of business, the Corporation may decide to settle a forward contract rather than fulfill the contract. Cash received or paid in this settlement manner is included in “Net gains and fees on sales of loans” in the Consolidated Statements of Income and is considered a cost of executing a forward contract. The amount of gain (loss) recognized into income related to non-designated hedging instruments is included in the table below for the periods indicated.


Derivatives Not Designated as Hedging Instruments under FASB ASC 815-10	Location of Gain Recognized in Income on Derivative	Amount of Gain Recognized in Income on Derivative
		2023		2022		2021
Forward contracts related to mortgage loans to be delivered for sale	Net gains and fees on sales of loans	$	1,138	$	1,112	$	—
Interest rate lock commitments	Net gains and fees on sales of loans	185		71		—
Total net gain recognized in income		$	1,323	$	1,183	$	—

The Corporation’s exposure to credit risk occurs because of nonperformance by its counterparties. The counterparties approved by the Corporation are usually financial institutions, which are well capitalized and have credit ratings through Moody’s and/or Standard & Poor’s at or above investment grade. The Corporation’s control of such risk is through quarterly financial reviews, comparing mark-to-market values with policy limitations, credit ratings and collateral pledging.

Credit-risk-related Contingent Features

The Corporation has agreements with certain of its derivative counterparties that contain a provision where if the Corporation fails to maintain its status as a well or adequately capitalized institution, then the Corporation could be required to terminate or fully collateralize all outstanding derivative contracts. Additionally, the Corporation has agreements with certain of its derivative counterparties that contain a provision where if the Corporation defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Corporation could also be declared in default on its derivative obligations. As of December 31, 2023, the termination value of derivatives in a net liability position related to these agreements was $7.7 million, which resulted in no collateral pledged to counterparties as of December 31, 2023. While the Corporation did not breach any of these provisions as of December 31, 2023, if it had, the Corporation could have been required to settle its obligations under the agreements at their termination value.

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Accounting Standards Update [Extensible List]				Accounting Standards Update 2016-13 [Member]
Cash dividends on preferred stock (in dollars per share)	$ 187.52	$ 140.64
Cash dividends on common stock (in dollars per share)	$ 1.34	$ 1.25	$ 1.13

- Definition

Indicates amendment to accounting standards.

+ References

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-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 67: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 68: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 69: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 70: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

Reference 71: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

Reference 72: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

+ Details

NET INCOME PER COMMON SHARE (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Reconciliation of Basic and Diluted Net Income Per Common Share

The following table reconciles basic and diluted net income per common share for the years indicated:


	2023					2022					2021
	Net Income Available to Common Stockholders		Weighted-Average Common Shares	Per Share Amount		Net Income Available to Common Stockholders		Weighted-Average Common Shares	Per Share Amount		Net Income Available to Common Stockholders		Weighted-Average Common Shares	Per Share Amount

Net income available to common stockholders	$	221,911	59,304,879	$	3.74	$	220,683	57,692,018	$	3.83	$	205,531	53,783,632	$	3.82
Effect of potentially dilutive stock options and restricted stock awards			183,641					258,239					200,597
Diluted net income per common share	$	221,911	59,488,520	$	3.73	$	220,683	57,950,257	$	3.81	$	205,531	53,984,229	$	3.81

INCOME TAX - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets:
Differences in Accounting for Credit Losses	$ 54,734	$ 61,484
Differences in Accounting for Loan Fees	2,398	2,094
Deferred Compensation	4,021	3,922
Federal & State Income Tax Loss Carryforward and Credits	600	600
Net Unrealized Loss on Securities Available for Sale	46,161	62,323
Other	6,716	2,883
Total Assets	114,630	133,306
Liabilities:
Differences in Depreciation Methods	7,439	7,039
Differences in Accounting for Loans and Securities	1,284	1,058
Differences in Accounting for Mortgage Servicing Rights	1,987	616
Difference in Accounting for Pensions and Other Employee Benefits	6,072	3,687
State Income Tax	1,428	1,859
REIT Dividend Deferral	2,979	3,088
Other	8,692	6,502
Total Liabilities	29,881	23,849
Net Deferred Tax Asset	$ 84,749	$ 109,457

ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Preliminary Valuations of the Fair Value of Assets Acquired and Liabilities Assumed

Under the acquisition method of accounting, the total purchase price is allocated to net tangible and intangible assets based on their current estimated fair values on the date of the acquisition. Based on valuations of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on assumptions that are subject to change based on the timing of the transaction, the purchase price for the Level One acquisition is detailed in the following table.


	Fair Value
Cash and due from banks	$	217,104

Investment securities available for sale	370,071
Investment securities held to maturity	587
Loans held for sale	7,951
Loans	1,627,423
Allowance for credit losses - loans	(16,599)
Premises and equipment	11,848
Federal Home Loan Bank stock	11,688
Interest receivable	7,188
Cash surrender value of life insurance	30,143
Tax asset, deferred and receivable	16,223
Other assets	41,690
Deposits	(1,930,790)
Securities sold under repurchase agreements	(1,521)
Federal Home Loan Bank advances	(160,043)
Subordinated debentures	(32,631)
Interest payable	(1,065)
Other liabilities	(42,813)
Net tangible assets acquired	156,454
Other intangibles	18,642
Goodwill	166,617
Purchase price	$	341,713

Schedule of Pro Forma Financial Information

The results of operations of Level One have been included in the Corporation’s consolidated financial statements since the acquisition date. The following schedule includes pro forma results for the year ended December 31, 2022 as if the Level One acquisition occurred as of the beginning of the periods presented.


	Year Ended December 31, 2022
Total revenue (net interest income plus other income)	$	654,313
Net Income	$	221,631
Net income available to common shareholders	$	219,756
Earnings per share:
Basic	$	3.72
Diluted	$	3.70

LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Non-Accrual Loans by Loan Class (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual Loans	$ 53,580	$ 42,324
Nonaccrual Loans with no Allowance for Credit Losses	14,367	4,247
Commercial and industrial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual Loans	9,050	3,292
Nonaccrual Loans with no Allowance for Credit Losses	1,015	481
Agricultural land, production and other loans to farmers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual Loans	58	54
Nonaccrual Loans with no Allowance for Credit Losses	0	0
Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual Loans	520	12
Nonaccrual Loans with no Allowance for Credit Losses	0	0
Commercial real estate, non-owner occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual Loans	11,932	19,374
Nonaccrual Loans with no Allowance for Credit Losses	11,095	280
Commercial real estate, owner occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual Loans	3,041	3,550
Nonaccrual Loans with no Allowance for Credit Losses	2,257	2,784
Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual Loans	25,140	13,685
Nonaccrual Loans with no Allowance for Credit Losses	0	702
Home equity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual Loans	3,820	2,247
Nonaccrual Loans with no Allowance for Credit Losses	0	0
Individuals' loans for household and other personal expenditures
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual Loans	19	110
Nonaccrual Loans with no Allowance for Credit Losses	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Flow From Operating Activities:
Net income	$ 223,786	$ 222,089	$ 205,531
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	3,500	16,755	0
Depreciation and amortization	11,711	11,815	10,701
Change in deferred taxes	6,599	9,065	6,983
Share-based compensation	5,158	4,652	4,762
Loans originated for sale	(793,125)	(251,306)	(548,742)
Proceeds from sales of loans held for sale	791,764	265,723	557,744
Gains on sales of loans held for sale	(8,479)	(4,373)	(16,223)
Net (gains) losses on sales of securities available for sale	6,930	(1,194)	(5,674)
Increase in cash surrender of life insurance	(5,320)	(5,210)	(4,873)
Gains on life insurance benefits	(3,027)	(5,964)	(2,187)
Change in interest receivable	(12,594)	(20,695)	(3,239)
Change in interest payable	11,382	3,703	(525)
Operating lease right-of-use abandonment	2,083	0	0
Other adjustments	18,465	39,229	11,083
Net cash provided by operating activities	258,833	284,289	215,341
Cash Flows from Investing Activities:
Net change in interest-bearing deposits	(310,019)	348,093	(81,849)
Purchases of:
Securities available for sale	(32,852)	(451,203)	(931,368)
Securities held to maturity	(5,653)	(292,493)	(1,156,621)
Proceeds from sales of securities available for sale	388,254	606,873	181,333
Proceeds from maturities of:
Securities available for sale	56,182	201,846	279,367
Securities held to maturity	104,865	154,689	227,255
Change in Federal Home Loan Bank stock	(3,244)	1,899	0
Payment of capital calls to qualified affordable housing investments	(11,685)	(11,589)	(2,235)
Net change in loans	(621,786)	(1,165,548)	(60,581)
Net cash and cash equivalents received (paid) in acquisition	0	137,780	(2,933)
Proceeds from the sale of other real estate owned	1,748	496	706
Proceeds from life insurance benefits	10,357	24,047	8,764
Other adjustments	(33,905)	(17,575)	(17,402)
Net cash used in investing activities	(344,425)	(462,685)	(1,477,405)
Net change in :
Demand and savings deposits	(623,642)	(513,496)	1,556,127
Certificates of deposit and other time deposits	1,062,350	232,874	(185,160)
Borrowings	834,031	1,818,389	45,542
Repayment of borrowings	(1,119,200)	(1,332,889)	(96,204)
Cash dividends on preferred stock	(1,875)	(1,406)	0
Cash dividends on common stock	(80,061)	(72,748)	(61,230)
Stock issued under employee benefit plans	754	706	605
Stock issued under dividend reinvestment and stock purchase plans	2,180	2,056	1,880
Stock options exercised	1,110	358	198
Repurchase of common stock	0	0	(25,444)
Net cash provided by financing activities	75,647	133,844	1,236,314
Net Change in Cash and Cash Equivalents	(9,945)	(44,552)	(25,750)
Cash and Cash Equivalents, January 1	122,594	167,146	192,896
Cash and Cash Equivalents, December 31	112,649	122,594	167,146
Additional cash flow information:
Interest paid	337,104	80,035	36,477
Income tax paid	34,838	13,819	31,168
Loans transferred to other real estate owned	1,224	6,469	292
Fixed assets transferred to other real estate owned	5,020	1,490	6,384
Non-cash investing activities using trade date accounting	3,273	46,106	39,923
ROU assets obtained in exchange for new operating lease liabilities	2,253	10,516	2,700
Qualified affordable housing investments obtained in exchange for funding commitments	44,200	36,500	21,000
Fair value of assets acquired	0	2,510,576	4,041
Cash paid in acquisition	0	(79,324)	(3,225)
Liabilities assumed	0	2,168,863	816
Commercial
Proceeds from maturities of:
Proceeds from portfolio loan sale	113,313	0	0
Mortgage Portfolio Segment
Proceeds from maturities of:
Proceeds from portfolio loan sale	0	0	78,159
Common Stock
Additional cash flow information:
Less: common stock and preferred stock issued	0	237,389	0
Preferred Stock
Additional cash flow information:
Less: common stock and preferred stock issued	$ 0	$ 25,000	$ 0

BORROWINGS - Narrative (Details)			12 Months Ended
BORROWINGS - Narrative (Details)	Dec. 18, 2024	Nov. 01, 2013 USD ($) investor	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 18, 2019 USD ($)
Debt Instrument [Line Items]
Required value of assets pledged as collateral as a percentage to outstanding advances (at least)			145.00%
Total available remaining borrowing capacity from FHLB			$ 664,900,000
Putable advances with the FHLB			712,852,000	$ 823,674,000
Debt face amount		$ 70,000,000
Private debt issuance, number of institutional investors \| investor		4
Senior Notes
Debt Instrument [Line Items]
Fixed interest rate term		10 years
5.00% Senior Notes Due 2028
Debt Instrument [Line Items]
Redemption price (percent)		100.00%
Putable Advances
Debt Instrument [Line Items]
Putable advances with the FHLB			$ 210,000,000
Minimum
Debt Instrument [Line Items]
Interest rate, minimum (as a percent)			0.35%
Maximum
Debt Instrument [Line Items]
Interest rate, minimum (as a percent)			4.94%
Securities Sold Under Repurchase Agreements
Debt Instrument [Line Items]
Maximum amount of outstanding agreements			$ 242,200,000	218,900,000
Total of average agreements			171,300,000	185,100,000
Debt outstanding			157,280,000
Subordinated Debentures and Term Loans
Debt Instrument [Line Items]
Debt outstanding			158,644,000	151,300,000
Subordinated Debenture \| 6.75% Subordinated Notes Due 2028
Debt Instrument [Line Items]
Debt face amount		$ 65,000,000
Interest rate on notes (as a percent)		6.75%
Redemption price (percent)		100.00%
Subordinated Debenture \| 6.75% Subordinated Notes Due 2028 \| Notice of intent to redeem
Debt Instrument [Line Items]
Principal redemption			$ 40,000,000
Subordinated Debenture \| Acquired Subordinated Notes
Debt Instrument [Line Items]
Debt face amount					$ 30,000,000
Interest rate on notes (as a percent)					4.75%
Subordinated Debenture \| Three-Month SOFR \| 6.75% Subordinated Notes Due 2028
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0.26161%
Subordinated Debenture \| SOFR \| 6.75% Subordinated Notes Due 2028
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			4.095%
Interest rate during the period			9.73%
Subordinated Debenture \| SOFR \| Acquired Subordinated Notes \| Forecast
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	3.11%
Subordinated Debenture \| First Merchant Capital Trust II
Debt Instrument [Line Items]
Debt face amount			$ 41,700,000	$ 41,700,000
Interest rate during the period			7.21%	6.33%
Subordinated Debenture \| First Merchant Capital Trust II \| Three-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)				1.56%
Subordinated Debenture \| First Merchant Capital Trust II \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			26.161%
Subordinated Debenture \| Ameriana Capital Trust I
Debt Instrument [Line Items]
Debt face amount			$ 10,300,000	$ 10,300,000
Interest rate during the period			7.15%	6.27%
Subordinated Debenture \| Ameriana Capital Trust I \| Three-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			1.50%	1.50%
Subordinated Debenture \| Ameriana Capital Trust I \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0.26161%
Senior Notes
Debt Instrument [Line Items]
Debt face amount		$ 70,000,000
Private debt issuance, number of institutional investors \| investor		4
Senior Notes \| 5.00% Senior Notes Due 2028
Debt Instrument [Line Items]
Debt face amount		$ 5,000,000
Interest rate on notes (as a percent)		5.00%
Senior Notes \| Three-Month SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0.26161%
Senior Notes \| Three-Month SOFR \| 5.00% Senior Notes Due 2028
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0.26161%
Senior Notes \| SOFR \| 5.00% Senior Notes Due 2028
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			2.345%
Interest rate during the period			7.98%
Secured Debt
Debt Instrument [Line Items]
Debt outstanding			$ 7,300,000
Interest rate on notes (as a percent)			3.41%
Secured Debt \| Level One
Debt Instrument [Line Items]
Debt outstanding				$ 1,200,000
Interest rate on notes (as a percent)			1.00%

ACQUISITIONS

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

ACQUISITIONS

Level One Bancorp, Inc.

On April 1, 2022, the Corporation acquired 100 percent of Level One Bancorp, Inc. (“Level One”). Level One, a Michigan corporation, merged with and into the Corporation (the “Merger”), whereupon the separate corporate existence of Level One ceased and the Corporation survived. Immediately following the Merger, Level One’s wholly owned subsidiary, Level One Bank, merged with and into the Bank, with the Bank as the surviving bank.

Level One was headquartered in Farmington Hills, Michigan and had 17 banking centers serving the Michigan market. Pursuant to the merger agreement, each common shareholder of Level One received, for each outstanding share of Level One common stock held, (a) a 0.7167 share of the Corporation’s common stock, and (b) a cash payment of $10.17. The Corporation issued 5.6 million shares of the Corporation’s common stock and paid $79.3 million in cash, in exchange for all outstanding shares of Level One common stock.

Additionally, the Corporation issued 10,000 shares of newly created 7.5 percent non-cumulative perpetual preferred stock, with a liquidation preference of $2,500 per share, in exchange for the outstanding Level One Series B preferred stock. Likewise, each outstanding Level One depositary share representing a 1/100th interest in a share of the Level One Series B preferred stock was converted into a depositary share of the Corporation representing a 1/100th interest in a share of its newly issued preferred stock (Nasdaq: FRMEP).

The Corporation engaged in this transaction with the expectation that it would be accretive to income and add to the existing market area in Michigan that has a demographic profile consistent with many of the current Midwest markets served by the Bank. Goodwill resulted from this transaction due to the expected synergies and economies of scale.


	Fair Value
Cash and due from banks	$	217,104

Investment securities available for sale	370,071
Investment securities held to maturity	587
Loans held for sale	7,951
Loans	1,627,423
Allowance for credit losses - loans	(16,599)
Premises and equipment	11,848
Federal Home Loan Bank stock	11,688
Interest receivable	7,188
Cash surrender value of life insurance	30,143
Tax asset, deferred and receivable	16,223
Other assets	41,690
Deposits	(1,930,790)
Securities sold under repurchase agreements	(1,521)
Federal Home Loan Bank advances	(160,043)
Subordinated debentures	(32,631)
Interest payable	(1,065)
Other liabilities	(42,813)
Net tangible assets acquired	156,454
Other intangibles	18,642
Goodwill	166,617
Purchase price	$	341,713

The Corporation performed an evaluation of the loan portfolio in which there were loans that, at acquisition, had more than an insignificant amount of credit quality deterioration and were classified as purchased credit deteriorated (“PCD”). Details of the PCD loans are included in NOTE 5. LOANS AND ALLOWANCE FOR CREDIT LOSSES of these Notes to Consolidated Financial Statements.

Of the total purchase price, $18.6 million has been allocated to other intangible assets. Approximately $17.2 million was allocated to a core deposit intangible, which will be amortized over its estimated life of 10 years. Approximately $1.4 million was allocated to a non-compete intangible, which will be amortized over its estimated life of 2 years. The remaining purchase price has been allocated to goodwill, which is not deductible for tax purposes.

Pro Forma Financial Information


	Year Ended December 31, 2022
Total revenue (net interest income plus other income)	$	654,313
Net Income	$	221,631
Net income available to common shareholders	$	219,756
Earnings per share:
Basic	$	3.72
Diluted	$	3.70

The pro forma information includes adjustments for interest income on loans and investment securities, interest expense on deposits and borrowings, premises expense for the banking centers acquired and amortization of intangibles arising from the transaction and the related income tax effects. The pro forma information includes operating revenue of $56.9 million from Level One since the date of acquisition, $16.8 million of provision expense related to CECL Day 1 adjustments for PCD loans, and $16.5 million, net of tax, of acquisition-related expenses. The pro forma information is presented for information purposes only and is not indicative of the results of operations that actually would have been achieved had the acquisition been consummated as of January 1, 2022, nor is it intended to be a projection of future results.

DERIVATIVE FINANCIAL INSTRUMENTS - Gain (Loss) Recognized Into Income Related to Non-designated Hedging Instruments (Details) - Not Designated as Hedging Instruments - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain Recognized in Income on Derivative	$ 1,323	$ 1,183	$ 0
Forward Contracts \| Gain (Loss) on Sales of Loans, Net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain Recognized in Income on Derivative	1,138	1,112	0
Interest Rate Lock Commitments \| Gain (Loss) on Sales of Loans, Net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain Recognized in Income on Derivative	$ 185	$ 71	$ 0

DERIVATIVE FINANCIAL INSTRUMENTS - Fair Value of Derivative Financial Instruments and Their Classification on Balance Sheet (Details) - Interest rate contracts - Derivatives Designated as Hedging Instruments - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 0	$ 164
Other Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 0	$ 0

LOAN SERVICING

12 Months Ended

Dec. 31, 2023

Banking and Thrift, Other Disclosure [Abstract]

LOAN SERVICING

Mortgage loans serviced for others are not included in the accompanying Consolidated Balance Sheets. The unpaid balances are as follows for December 31, 2023 and 2022. The amount of capitalized servicing assets is considered immaterial.


	2023		2022
Mortgage loan portfolios serviced for:
Federal Home Loan Mortgage Corporation	$	809,198	$	794,222
Fannie Mae	780,926		54,934
Equity Bank	42,429		49,558
Federal Home Loan Bank	159,590		27,127

Total	$	1,792,143	$	925,841

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
FINANCIAL STATEMENT PREPARATION	FINANCIAL STATEMENT PREPARATION The accounting and reporting policies of the Corporation and the Bank, conform to accounting principles generally accepted in the United States of America and reporting practices followed by the banking industry. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses and fair value of financial instruments.
Reclassifications	Reclassifications have been made to prior financial statements to conform to the current financial statement presentation.
CONSOLIDATION	CONSOLIDATION The consolidation of the Corporation’s financial statements include the accounts of the Corporation and all its subsidiaries, after elimination of all material intercompany transactions.
BUSINESS COMBINATIONS	BUSINESS COMBINATIONS Business combinations are accounted for under the acquisition method of accounting. Under the acquisition method, assets and liabilities of the business acquired are recorded at their estimated fair values as of the date of acquisition with any excess of the cost of the acquisition over the fair value of the net tangible and intangible assets acquired recorded as goodwill. Results of operations of the acquired business are included in the income statement from the date of acquisition. Details of the Corporation’s acquisitions are included in NOTE 2. ACQUISITIONS of these Notes to Consolidated Financial Statements.
CASH AND CASH EQUIVALENTS	CASH AND CASH EQUIVALENTS Cash on hand, cash items in process of collection and noninterest bearing cash held at various banks are included in cash and cash equivalents and have a maturity of less than three months. The Corporation maintains deposits with other financial institutions in amounts that exceed federal deposit insurance coverage. Management regularly evaluates the credit risk associated with the counterparties to these transactions and believes there is not significant credit risk on cash and cash equivalents.
INTEREST-BEARING DEPOSITS	INTEREST-BEARING DEPOSITS Interest-bearing cash held at various banks and the Federal Reserve Bank and federal funds sold are included in interest-bearing deposits and have a maturity of less than three months. The Corporation maintains deposits with other financial institutions in amounts that exceed federal deposit insurance coverage. Management regularly evaluates the credit risk associated with the counterparties to these transactions and believes there is not significant credit risk on interest-bearing deposits.
INVESTMENT SECURITIES	INVESTMENT SECURITIES Held to maturity securities are carried at amortized cost when the Corporation has the positive intent and ability to hold them until maturity. Available for sale securities are recorded at fair value on a recurring basis with the unrealized gains and losses, net of applicable income taxes, recorded in other comprehensive income (loss). Realized gains and losses are recorded in earnings and the prior fair value adjustments are reclassified within stockholders’ equity. Gains and losses on sales of securities are determined on the specific-identification method. Amortization of premiums and accretion of discounts are amortized to their earliest call date and are recorded as interest income from securities. Details of the Corporation’s investment securities portfolio are included in NOTE 4. INVESTMENT SECURITIES of these Notes to Consolidated Financial Statements.
ALLOWANCES	ALLOWANCE FOR CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE FOR SALE For investment securities available for sale in an unrealized loss position, the Corporation first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For investment securities available for sale that do not meet the aforementioned criteria, the Corporation evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Corporation considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded, limited by the amount that the fair value is less than the amortized cost basis. Unrealized losses that have not been recorded through an allowance for credit losses are recognized in other comprehensive income (loss). Adjustments to the allowance for credit losses are reported in the income statement as a component of the provision for credit loss. The Corporation has made the accounting policy election to exclude accrued interest receivable on investment securities available for sale from the estimate of credit losses. Investment securities available for sale are charged off against the allowance or, in the absence of any allowance, written down through the income statement when deemed uncollectible or when either of the aforementioned criteria regarding intent or requirement to sell is met. The Corporation did not record an allowance for credit losses on its investment securities available for sale as the unrealized losses were attributable to changes in interest rates, not credit quality. Details of the Corporation’s allowance for credit losses on investment securities available for sale are included in NOTE 4. INVESTMENT SECURITIES of these Notes to Consolidated Financial Statements. ALLOWANCE FOR CREDIT LOSSES ON INVESTMENT SECURITIES HELD TO MATURITY (“ACL - INVESTMENTS”) The ACL - Investments is a contra asset-valuation account that is deducted from the amortized cost basis of investment securities held to maturity to present the net amount expected to be collected. Investment securities held to maturity are charged off against the ACL - Investments when deemed uncollectible. Adjustments to the ACL - Investments are reported in the income statement as a component of the provision for credit loss. The Corporation measures expected credit losses on held to maturity debt securities on a collective basis by major security type with each type sharing similar risk characteristics, and considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. The Corporation has made the accounting policy election to exclude accrued interest receivable on investment securities held to maturity from the estimate of credit losses. With regard to U.S. Government-sponsored agency and mortgage-backed securities, all these securities are issued by a U.S. government-sponsored entity and have an implicit or explicit government guarantee. With regard to securities issued by states and municipalities and other investment securities held to maturity, management considers (1) issuer bond ratings, (2) the financial condition of the issuer, (3) historical loss rates for given bond ratings, and (4) whether issuers continue to make timely principal and interest payments under the contractual terms of the securities. Historical loss rates associated with securities having similar grades as those in the Corporation’s portfolio have generally not been significant. ALLOWANCE FOR CREDIT LOSSES - LOANS (“ACL - Loans”) The ACL - Loans is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on loans over the contractual term. Loans are charged off against the allowance when the uncollectibility of the loan is confirmed. Expected recoveries do not exceed the aggregate of amounts previously charged off and expected to be charged off. Adjustments to the ACL - Loans are reported in the income statement as a component of provision for credit loss. The Corporation has made the accounting policy election to exclude accrued interest receivable on loans from the estimate of credit losses. Further information regarding the policies and methodology used to estimate the ACL - Loans is detailed in NOTE 5. LOANS AND ALLOWANCE FOR CREDIT LOSSES of these Notes to Consolidated Financial Statements.
LOANS HELD FOR SALE	LOANS HELD FOR SALE Loans held for sale are carried at the lower of aggregate cost or market value. Loan fees (net of certain direct loan origination costs) on loans held for sale are deferred until the related loans are sold or repaid. Gains or losses on loan sales are recognized at the time of sale and determined using the specific identification method.
LOANS	LOANS The Corporation’s loan portfolio is carried at the principal amount outstanding, net of unearned income and principal charge-offs. Loan origination fees, net of direct loan origination costs, and commitment fees are deferred and amortized as an adjustment to yield over the life of the loan, or over the commitment period, as applicable. Interest income is accrued on the principal balances of loans. The accrual of interest is discontinued on a loan when, in management’s opinion, the borrower may be unable to meet payments as they become due. When the interest accrual is discontinued, all unpaid accrued interest is reversed against earnings when considered uncollectible. Interest income accrued in the prior year, if any, is charged to the allowance for credit losses. Interest income is subsequently recognized only to the extent cash payments are received and the loan is returned to accruing status. Details of the Corporation’s loan portfolio are included in NOTE 5. LOANS AND ALLOWANCE FOR CREDIT LOSSES of these Notes to Consolidated Financial Statements.
PURCHASED CREDIT DETERIORATED (“PCD”) LOANS	PURCHASED CREDIT DETERIORATED (“PCD”) LOANS The Corporation accounts for its acquisitions under ASC Topic 805, Business Combinations, which requires the use of the acquisition method of accounting. All identifiable assets acquired, including loans, are recorded at fair value. The fair value of acquired loans at the time of acquisition is based on a variety of factors including discounted expected cash flows, adjusted for estimated prepayments and credit losses. In accordance with ASC 326, Financial Instruments – Credit Losses, the fair value adjustment is recorded as a premium or discount to the unpaid principal balance of each acquired loan. Acquired loans are classified into two categories: loans with more than insignificant credit deterioration (“PCD”) since origination, and loans with insignificant credit deterioration (“non-PCD”) since origination. Factors considered when determining whether a loan has a more-than-insignificant deterioration since origination include, but are not limited to, the materiality of the credit, risk grade, delinquency, nonperforming status, bankruptcies, and other qualitative factors. The net premium or discount on PCD loans is recorded in the Corporation’s allowance for credit losses on loans at the time of acquisition. The remaining net premium or discount is accreted or amortized into interest income over the remaining life of the loan using an effective yield method. The net premium or discount on non-PCD loans, that includes credit and non-credit components, is accreted or amortized into interest income over the remaining life of the loan using an effective yield method. Additionally, non-PCD loans have an allowance for credit loss established on acquisition date, which is recognized in the current period provision for credit loss expense. In the event of prepayment, unamortized discounts or premiums on PCD and non-PCD loans are recognized in interest income.
PENSION	PENSION The Corporation has defined-benefit pension plans, including non-qualified plans for certain employees, former employees and former non-employee directors. In 2005, the Board of Directors of the Corporation approved the curtailment of the accumulation of defined benefits for future services provided by certain participants in the First Merchants Corporation Retirement Plan. No additional pension benefits have been earned by any employees who had not met certain requirements as of March 1, 2005. The benefits are based primarily on years of service and employees’ pay near retirement. The Corporation’s accounting policies related to pensions and other post retirement benefits reflect the guidance in ASC 715, Compensation – Retirement Benefits. The Corporation does not consolidate the assets and liabilities associated with the pension plan. Instead, the Corporation recognizes the funded status of the plan in the Consolidated Balance Sheets. The measurement of the funded status and the annual pension expense involves actuarial and economic assumptions. Various statistical and other factors, which attempt to anticipate future events, are used in calculating the expense and liabilities related to the plans. Key factors include assumptions on the expected rates of return on plan assets, discount rates and health care costs and trends. The Corporation considers market conditions, including changes in investment returns and interest rates in making these assumptions. The primary assumptions used in determining the Corporation’s pension and post retirement benefit obligations and related expenses are presented in NOTE 19. PENSION AND OTHER POST RETIREMENT BENEFIT PLANS of these Notes to Consolidated Financial Statements.
PREMISES AND EQUIPMENT	PREMISES AND EQUIPMENT Premises and equipment is carried at cost net of accumulated depreciation. Depreciation is computed using the straight-line and declining balance methods based on the estimated useful lives of the assets ranging from three to forty years. Maintenance and repairs are expensed as incurred, while major additions and improvements, which extend the useful life, are capitalized. Gains and losses on dispositions are included in current operations. Details of the Corporation’s premises and equipment are included in NOTE 6. PREMISES AND EQUIPMENT of these Notes to Consolidated Financial Statements.
LEASES	LEASES The Corporation leases certain land and premises from third parties and all are classified as operating leases. Operating leases are included in Other Assets and Other Liabilities on the Corporation’s Consolidated Balance Sheets and lease expense for lease payments is recognized on a straight-line basis over the lease term. Right of Use (“ROU”) assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the term. An ROU asset represents the right to use the underlying asset for the lease term and also includes any direct costs and payments made prior to lease commencement and excludes lease incentives. When an implicit rate is not available, an incremental borrowing rate based on the information available at commencement date is used in determining the present value of the lease payments. A lease term may include an option to extend or terminate the lease when it is reasonably certain the option will be exercised. Short-term leases of twelve months or less are excluded from accounting guidance; as a result, the lease payments are recognized on a straight-line basis over the lease term and the leases are not reflected on the Corporation’s Consolidated Balance Sheets. Renewal and termination options are considered when determining short-term leases. Leases are accounted for at the individual level. Details of the Corporation’s leases are included in NOTE 9. LEASES of these Notes to Consolidated Financial Statements.
QUALIFIED AFFORDABLE HOUSING INVESTMENTS	QUALIFIED AFFORDABLE HOUSING INVESTMENTS Qualified affordable housing investments are investments related to low income housing tax credits (“LIHTC”). The purpose of the Corporation’s investment in LIHTC partnerships is to assist in achieving the goals of the Community Reinvestment Act and to earn an adequate return on capital via the federal income tax credit. LIHTC partnerships are managed by unrelated general partners that have the power to direct the activities which most significantly affect the performance of the partnerships and, therefore, the Corporation is not the primary beneficiary of these partnerships. Accordingly, the Corporation does not consolidate these variable interest entities into its consolidated financial statements. Investments in LIHTCs are included in other assets on the Consolidated Balance Sheets and the unfunded commitments to provide additional capital for LIHTC investments are included in other liabilities on the Consolidated Balance Sheets. Additionally, the Corporation amortizes the cost of the qualifying investments over the 10-year credit life cycle. The amortization and income tax credits are included as a component of income tax expense in the Consolidated Statements of Income. Details of the Corporation’s LIHTC investments are included in NOTE 10. QUALIFIED AFFORDABLE HOUSING INVESTMENTS of these Notes to Consolidated Financial Statements.
FEDERAL HOME LOAN BANK STOCK (“FHLB”)	FEDERAL HOME LOAN BANK STOCK (“FHLB”) FHLB stock is a required investment for institutions that are members of the FHLB. The Bank is a member of the FHLB of Indianapolis. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost and is classified as a restricted security. Both cash and stock dividends are reported as income.
INTANGIBLE ASSETS	INTANGIBLE ASSETS Intangible assets are acquired assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold or exchanged either on its own or in combination with a related contract, asset or liability. Intangible assets with definite useful lives are subject to amortization and relate to core deposits, customer relationships and non-compete agreements. These intangible assets are being amortized on both the straight-line and accelerated basis over two to ten years. Intangible assets are periodically evaluated as to the recoverability of their carrying value.
GOODWILL	GOODWILL Goodwill is maintained by applying the provisions of ASC 350, Intangibles – Goodwill and Other. For acquisitions, assets acquired, including identified intangible assets, and the liabilities assumed are required to be recorded at their fair value. These often involve estimates based on third party valuations, such as appraisals, or internal valuations based on discounted cash flow analysis or other valuation techniques that may include estimates of attrition, inflation, asset growth rates, or other relevant factors. In addition, the determination of the useful lives over which the intangible asset will be amortized is subjective. Under ASC 350, the Corporation is required to evaluate goodwill for impairment on an annual basis, as well as on an interim basis, if events or changes indicate that the asset may be impaired, indicating that the carrying value may not be recoverable. The Corporation completed its most recent annual goodwill impairment test during the fourth quarter of 2023 and concluded, based on current events and circumstances goodwill is not impaired. Details of the Corporation’s goodwill are included in NOTE 7. GOODWILL of these Notes to Consolidated Financial Statements.
BANK OWNED LIFE INSURANCE (“BOLI”)	BANK OWNED LIFE INSURANCE (“BOLI”) BOLI policies have been purchased, as well as obtained through acquisitions, on certain current and former employees and directors of the Corporation to offset a portion of the employee benefit costs. The Corporation records the life insurance at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or amounts due that are probable at settlement. Changes in cash surrender values and death benefits received in excess of cash surrender values are reported in noninterest income. A corporate policy is in place with defined thresholds that limit the amount of credit, interest rate and liquidity risk inherent in a BOLI portfolio. The Corporation actively monitors the overall portfolio performance along with the credit quality of the insurance carriers and the credit quality and yield of the underlying investments.
OTHER REAL ESTATE OWNED (“OREO”)	OTHER REAL ESTATE OWNED (“OREO”) OREO consists of assets acquired through, or in lieu of, loan foreclosure and are held for sale. They are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation are included in other real estate owned and foreclosure expenses.
DERIVATIVE INSTRUMENTS	DERIVATIVE INSTRUMENTS Derivative instruments, which are recorded as assets or liabilities in the Consolidated Balance Sheets, are carried at fair value of the derivatives and reflects the estimated amounts that would have been received to terminate these contracts at the reporting date based upon pricing or valuation models applied to current market information. As part of the asset/liability management program, the Corporation will utilize, from time to time, interest rate floors, caps or swaps to reduce its sensitivity to interest rate fluctuations. Changes in the fair values of derivatives are reported in the consolidated statements of operations or AOCI depending on the use of the derivative and whether the instrument qualifies for hedge accounting. The key criterion for hedge accounting is that the hedged relationship must be highly effective in achieving offsetting changes in those cash flows that are attributable to the hedged risk, both at inception of the hedge and on an ongoing basis. Derivatives that qualify for the hedge accounting treatment are designated as either: (1) a hedge of the fair value of the recognized asset or liability, or of an unrecognized firm commitment (a fair value hedge); or (2) a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (a cash flow hedge). To date, the Corporation has only entered into a cash flow hedge. For cash flow hedges, changes in the fair values of the derivative instruments are reported in AOCI to the extent the hedge is effective. The gains and losses on derivative instruments that are reported in AOCI are reflected in the Consolidated Statements of Income in the periods in which the results of operations are impacted by the variability of the cash flows of the hedged item. Generally, net interest income is increased or decreased by amounts receivable or payable with respect to the derivatives, which qualify for hedge accounting. At inception of the hedge, the Corporation establishes the method it uses for assessing the effectiveness of the hedging derivative and the measurement approach for determining the ineffective aspect of the hedge. The ineffective portion of the hedge, if any, is recognized in the Consolidated Statements of Income. The Corporation excludes the time value expiration of the hedge when measuring ineffectiveness. The Corporation offers interest rate derivative products (e.g. interest rate swaps) to certain of its high-quality commercial borrowers. This product allows customers to enter into an agreement with the Corporation to swap their variable rate loan to a fixed rate. These derivative products are designed to reduce, eliminate or modify the risk of changes in the borrower’s interest rate or market price risk. The extension of credit incurred through the execution of these derivative products is subject to the same approvals and rigorous underwriting standards as the related traditional credit product. The Corporation limits its risk exposure to these products by entering into a mirror-image, offsetting swap agreement with a separate, well-capitalized and rated counterparty previously approved by the Credit and Asset Liability Committee. By using these interest rate swap arrangements, the Corporation is also better insulated from the interest rate risk associated with underwriting fixed-rate loans. These derivative contracts are not designated against specific assets or liabilities under ASC 815, Derivatives and Hedging, and, therefore, do not qualify for hedge accounting. The derivatives are recorded on the balance sheet at fair value and changes in fair value of both the customer and the offsetting swap agreements are recorded (and essentially offset) in noninterest income. The fair value of the derivative instruments incorporates a consideration of credit risk (in accordance with ASC 820, Fair Value Measurements and Disclosures), resulting in some volatility in earnings each period. Commitments to fund certain mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of mortgage loans to third party investors are considered derivatives. It is the Corporation’s practice to enter into forward commitments for the future delivery of residential mortgage loans when interest rate lock commitments are entered into in order to economically hedge the effect of changes in interest rates resulting from its commitments to fund the loans. These mortgage banking derivatives are not designated in hedge relationships. Fair values were estimated based on changes in mortgage interest rates from the date of the commitments. Changes in the fair value of these mortgage banking derivatives are included in net gains and fees on sales of loans. In the normal course of business, the Corporation may decide to settle a forward contract rather than fulfill the contract. Cash received or paid in this settlement manner is included in “Net gains and fees on sales of loans” in the Consolidated Statements of Income and is considered a cost of executing a forward contract. Details of the Corporation’s derivative instruments are included in NOTE 13. DERIVATIVE FINANCIAL INSTRUMENTS of these Notes to Consolidated Financial Statements.
SECURITIES SOLD UNDER REPURCHASE AGREEMENTS	SECURITIES SOLD UNDER REPURCHASE AGREEMENTS Securities sold under repurchase agreements represent securities the Corporation routinely sells to certain treasury management customers and then repurchases these securities the next day. Securities sold under repurchase agreements are reflected as secured borrowings in the Corporation’s Consolidated Balance Sheets at the amount of cash received in connection with each transaction. Details of the Corporation’s repurchase agreements are included in NOTE 12. BORROWINGS of these Notes to Consolidated Financial Statements.
ALLOWANCE FOR CREDIT LOSSES - OFF-BALANCE SHEET CREDIT EXPOSURES	ALLOWANCE FOR CREDIT LOSSES - OFF-BALANCE SHEET CREDIT EXPOSURES The allowance for credit losses on off-balance sheet credit exposures is a liability account representing expected credit losses over the contractual period for which the Corporation is exposed to credit risk resulting from a contractual obligation to extend credit. No allowance is recognized if the Corporation has the unconditional right to cancel the obligation. Off-balance sheet credit exposures primarily consist of amounts available under outstanding lines of credit and letters of credit. For the period of exposure, the estimate of expected credit losses considers both the likelihood that funding will occur and the amount expected to be funded over the estimated remaining life of the commitment or other off-balance sheet exposure. The likelihood and expected amount of funding are based on historical utilization rates. The amount of the allowance represents management’s best estimate of expected credit losses on commitments expected to be funded over the contractual life of the commitment. The allowance for off-balance sheet credit exposures is adjusted through the income statement as a component of provision for credit loss. Further information regarding the policies and methodology used to estimate the allowance for credit losses on off-balance sheet credit exposures is detailed in NOTE 5. LOANS AND ALLOWANCE FOR CREDIT LOSSES of these Notes to Consolidated Financial Statements.
REVENUE RECOGNITION	REVENUE RECOGNITION Revenue recognition guidance establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. The majority of the Corporation’s revenue-generating transactions are not subject to ASU 2014-09, including revenue generated from financial instruments, such as loans, letters of credit, derivatives and investment securities, as well as revenue related to mortgage servicing activities, as these activities are subject to other GAAP discussed elsewhere within the disclosures. The Corporation has evaluated the nature of its contracts with customers and determined that further disaggregation of revenue from contracts with customers into more granular categories beyond what is presented in the Consolidated Statements of Income was not necessary. Descriptions of revenue-generating activities that are within the scope of ASU 2014-09, which are presented in our income statements are as follows: Service charges on deposit accounts: The Corporation earns fees from its deposit customers for transaction-based, account maintenance and overdraft services. Transaction-based fees, which include services such as ATM use fees, stop payment charges, statement rendering and ACH fees, are recognized at the time the transaction is executed, which is the point in time the Corporation fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned monthly, representing the period which the Corporation satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance. Fiduciary activities: This represents monthly fees due from wealth management customers as consideration for managing the customers’ assets. Wealth management and trust services include custody of assets, investment management, fees for trust services and similar fiduciary activities. These fees are primarily earned over time as the Corporation provides the contracted monthly or quarterly services and are generally assessed based on the market value of assets under management at month-end. Fees that are transaction-based are recognized at the point in time that the transaction is executed. Investment Brokerage Fees: The Corporation earns fees from investment brokerage services provided to its customers by a third-party service provider. The Corporation receives commissions from the third-party provider on a monthly basis based upon customer activity for the month. The fees are paid to us by the third party on a monthly basis and are recognized when received. Interchange income: The Corporation earns interchange fees from debit and credit cardholder transactions conducted through the Visa and MasterCard payment networks. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized concurrent with the transaction processing services provided to the cardholder. Gains (Losses) on Sales of OREO: The Corporation records a gain or loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Corporation finances the sale of OREO to the buyer, the Corporation assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the OREO asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on the sale, the Corporation adjusts the transaction price and related gain (loss) on sale if a significant financing component is present.
TRANSFERS OF FINANCIAL ASSETS	TRANSFERS OF FINANCIAL ASSETS Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered, or in the case of a loan participation, a portion of the asset has been surrendered and meets the definition of a “participating interest.” Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Corporation and put presumptively beyond the reach of the transferor and its creditors, even in bankruptcy or other receivership, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets and (3) the Corporation does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets.
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION Stock option and restricted stock award plans are maintained by the Corporation. The compensation costs are recognized for stock options and restricted stock awards issued to employees and directors based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options. The market price of the Corporation’s common stock at the date of grant is used for restricted stock awards. Compensation expense is recognized over the appropriate service period, which is generally two to five years. Details of the Corporation’s share-based compensation are included in NOTE 18. SHARE-BASED COMPENSATION of these Notes to Consolidated Financial Statements.
INCOME TAX	INCOME TAX Income tax expense in the Consolidated Statements of Income is the total of the current year income tax due or refundable and changes in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts from the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. The Corporation files consolidated income tax returns with its subsidiaries. The Corporation is generally no longer subject to U.S. federal, state and local income tax examinations by tax authorities for tax years before 2020. The Corporation accounts for income taxes under the provisions of ASC 740, Income Taxes, which prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. Per the guidance in ASC 740, the Corporation has not identified any uncertain tax positions that it believes should be recognized in the financial statements. The Corporation reviews income tax expense and the carrying value of deferred tax assets and liabilities quarterly; as new information becomes available, the balances are adjusted, if applicable. The Corporation’s policy is to recognize interest and penalties related to unrecognized tax benefits, if any, as a component of income tax expense. Details of the Corporation’s income taxes are included in NOTE 20. INCOME TAX of these Notes to Consolidated Financial Statements.
NET INCOME PER COMMON SHARE	NET INCOME PER COMMON SHARE Basic net income per share is computed by dividing net income available to common shareholders by the weighted-average number of shares of common stock outstanding. Diluted net income per share is computed by dividing net income available to common shareholders by the weighted-average number of shares of common stock outstanding, plus the dilutive effect of outstanding stock options and non-vested restricted stock awards. Potentially dilutive common shares are excluded from the computation of diluted earnings per share in the periods where the effect would be antidilutive. Details of the Corporation’s net income per share are included in NOTE 21. NET INCOME PER COMMON SHARE of these Notes to Consolidated Financial Statements.
RECENT ACCOUNTING CHANGES ADOPTED and NEW ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED	RECENT ACCOUNTING CHANGES ADOPTED IN 2023 FASB Accounting Standards Updates - No. 2020-04 - Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Summary - The FASB issued ASU No. 2020-04 to provide temporary optional guidance to ease the potential burden in accounting for reference rate reform. London Interbank Offered Rate (“LIBOR”) and other interbank offered rates are widely used benchmarks or reference rates in the United States and globally. Trillions of dollars in loans, derivatives, and other financial contracts reference LIBOR, the benchmark interest rate banks use to make short-term loans to each other. With global capital markets expected to move away from LIBOR and other interbank offered rates and move toward rates that are more observable or transaction based and less susceptible to manipulation, the FASB launched a broad project in late 2018 to address potential accounting challenges expected to arise from the transition. The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The ASU is intended to help stakeholders during the global market-wide reference rate transition period. With the issuance of ASU 2022-06 - Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, the sunset date for adoption of ASU 2020-04 was extended from December 31, 2022 to December 31, 2024. The Corporation adopted the expedients included in this ASU in the second quarter of 2023 as it transitioned its loans and other financial instruments to another reference rate. FASB Accounting Standards Updates - No. 2021-01 - Reference Rate Reform (Topic 848): Scope Summary - The FASB has published ASU 2021-01, Reference Rate Reform, which clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The ASU also amends the expedients and exceptions in Topic 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. If an entity elects to apply any of the amendments in this Update for an eligible hedging relationship, any adjustments as a result of those elections must be reflected as of the date the entity applies the election. With the issuance of ASU 2022-06 - Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, the sunset date for adoption of ASU 2021-01 was extended from December 31, 2022 to December 31, 2024. The Corporation adopted the expedients included in this ASU in the second quarter of 2023 as it transitioned its loans and other financial instruments to another reference rate. FASB Accounting Standards Updates - No. 2021-08 - Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers Summary - The FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, that addressed diversity in practice related to the accounting for revenue contracts with customers acquired in a business combination. Under existing GAAP, an acquirer generally recognized assets acquired and liabilities assumed in a business combination, including contract assets and contract liabilities arising from revenue contracts with customers and other similar contracts that are accounted for in accordance with Topic 606, Revenue from Contracts with Customers, at fair value on the acquisition date. The FASB indicated that some stakeholders indicated that it is unclear how an acquirer should evaluate whether to recognize a contract liability from a revenue contract with a customer acquired in a business combination after Topic 606 was adopted. Furthermore, it was identified that under current practice, the timing of payment (payment terms) of a revenue contract may subsequently affect the post-acquisition revenue recognized by the acquirer. To address this, the ASU required entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination. Finally, the amendments in the ASU improve comparability after the business combination by providing consistent recognition and measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts with customers not acquired in a business combination. For public business entities, the amendments were effective for fiscal years beginning after December 31, 2022, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 31, 2023, including interim periods within those fiscal years. The amendments in this Update are applied prospectively to business combinations occurring on or after the effective date of the amendments. Early adoption of the amendments was permitted, including adoption in an interim period. An entity that early adopted in an interim period applied the amendments (1) retrospectively to all business combinations for which the acquisition date occurred on or after the beginning of the fiscal year that included the interim period or early application, and (2) prospectively to all business combinations that occurred on or after the date of initial application. The Corporation adopted this guidance on January 1, 2023, but adoption of the standard did not have any impact on the Corporation’s financial statements or disclosures. FASB Accounting Standards Updates - No. 2022-02 - Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures Summary - The FASB issued ASU No. 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, to improve the usefulness of information provided to investors about certain loan refinancings, restructurings, and writeoffs. Troubled Debt Restructurings (“TDR”) by Creditors That Have Adopted CECL During the FASB’s post-implementation review of the credit losses standard, including a May 2021 roundtable, investors and other stakeholders questioned the relevance of the TDR designation and the usefulness of disclosures about those modifications. Some noted that measurement of expected losses under the CECL model already incorporated losses realized from restructurings that are TDRs and that relevant information for investors would be better conveyed through enhanced disclosures about certain modifications. The amendments in the new ASU eliminate the accounting guidance for TDRs by creditors that have adopted CECL while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors made to borrowers experiencing financial difficulty. Vintage Disclosures - Gross Writeoffs The disclosure of gross writeoff information by year of origination was cited by numerous investors as an essential input to their analysis. To address this feedback, the amendments in the new ASU require that a public business entity disclose current-period gross writeoffs by year of origination for financing receivables and net investment in leases. For entities that have adopted the amendments in ASU 2016-13, the amendments in this Update were effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Corporation adopted this Update on January 1, 2023 and the new disclosures required in this Update are included in NOTE 5. LOANS AND ALLOWANCE of these Notes to Consolidated Condensed Financial Statements. NEW ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED The Corporation continually monitors potential accounting pronouncement and SEC release changes. The following pronouncements and releases have been deemed to have the most applicability to the Corporation’s financial statements and will be adopted after December 31, 2023: FASB Accounting Standards Updates - No. 2023-02 - Investments - Equity Method and Joint Ventures (Topic 323) - Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method Summary - The FASB issued ASU No. 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method, that is intended to improve the accounting and disclosures for investments in tax credit structures. The ASU is a consensus of the FASB’s Emerging Issues Task Force (“EITF”). The ASU allows reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. The ASU responds to stakeholder feedback that the proportional amortization method provides investors and other allocators of capital with a better understanding of the returns from investments that are made primarily for the purpose of receiving income tax credits and other income tax benefits. Reporting entities were previously permitted to apply the proportional amortization method only to qualifying tax equity investments in low-income housing tax credit (LIHTC) structures. In recent years, stakeholders asked the FASB to extend the application of the proportional amortization method to qualifying tax equity investments that generate tax credits through other programs, which resulted in the EITF addressing this issue. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. Early adoption is permitted for all entities in any interim period. The Corporation is assessing the terms of this guidance, but adoption of the standard is not expected to have a significant impact on the Corporation’s financial statements or disclosures. FASB Accounting Standards Updates - No. 2023-07 - Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosure Summary - The FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosure, that is intended to improve disclosures about a public entity’s reportable segments and addresses requests from investors and other allocators of capital for additional, more detailed information about a reportable segment’s expenses. The amendments in the ASU are intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The key amendments: •Require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss. •Require that a public entity disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition. The other segment items category is the difference between segment revenue less the significant expenses disclosed and each reported measure of segment profit or loss. •Require that a public entity provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by FASB Accounting Standards Codification® Topic 280, Segment Reporting, in interim periods. •Clarify that if the CODM uses more than one measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures of segment profit or loss. However, at least one of the reported segment profit or loss measures (or the single reported measure, if only one is disclosed) should be the measure that is most consistent with the measurement principles used in measuring the corresponding amounts in the public entity’s consolidated financial statements. •Require that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. •Require that a public entity that has a single reportable segment provide all the disclosures required by the amendments in the ASU and all existing segment disclosures in Topic 280. ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, applies to all public entities that are required to report segment information in accordance with Topic 280. All public entities will be required to report segment information in accordance with the new guidance starting in annual periods beginning after December 15, 2023. This ASU is not expected to have a material impact on the Corporation’s financial statements and disclosures as the Corporation has one operating segment. FASB Accounting Standards Update - No. 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures Summary - The FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures in the fourth quarter of 2023. This ASU is intended to enhance income tax disclosures to address investor requests for more information about the tax risks and opportunities present in an entity’s worldwide operations. The two primary enhancements disaggregate existing income tax disclosures related to the effective tax rate reconciliation and income taxes paid. These amendments require that public business entities on an annual basis disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. The amendments also require that all entities disclose on an annual basis the amount of income taxes paid (net of refunds received) disaggregated by federal, state and foreign taxes and the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than five percent of total income taxes paid (net of refunds received). For public business entities, the amendments are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issue. The amendments should be applied on a prospective basis. The Corporation is assessing the terms of this guidance, but adoption of the standard is not expected to have a significant impact on the Corporation’s financial statements or disclosures.

PENSION AND OTHER POST RETIREMENT BENEFIT PLANS - Schedule of Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Interest cost	$ 2,876	$ 1,905	$ 1,760
Expected return on plan assets	(3,887)	(4,544)	(4,246)
Amortization of prior service cost	87	87	87
Amortization of net loss	80	13	305
Net periodic pension benefit cost	$ (844)	$ (2,539)	$ (2,094)
Defined Benefit Plan Net Periodic Benefit Cost Credit Interest Cost Statement Of Income Or Comprehensive Income Extensible List Not Disclosed Flag	Interest cost	Interest cost	Interest cost
Defined Benefit Plan Net Periodic Benefit Cost Credit Expected Return Loss Statement Of Income Or Comprehensive Income Extensible List Not Disclosed Flag	Expected return on plan assets	Expected return on plan assets	Expected return on plan assets
Defined Benefit Plan Net Periodic Benefit Cost Credit Amortization Of Prior Service Cost Credit Statement Of Income Or Comprehensive Income Extensible List Not Disclosed Flag	Amortization of prior service cost	Amortization of prior service cost	Amortization of prior service cost
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Amortization of net loss	Amortization of net loss	Amortization of net loss

DERIVATIVE FINANCIAL INSTRUMENTS - Amount of Loss Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives (Effective Portion)	$ (179)	$ 479	$ 138
Interest rate contracts \| Cash Flow Hedging \| Derivatives Designated as Hedging Instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives (Effective Portion)	$ 179	$ 479

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Reclassifications (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reclassification Adjustments out of Accumulated Other Comprehensive Income [Line Items]
Net realized gains (losses) on sales of available for sale securities	$ (6,930)	$ 1,194	$ 5,674
Income tax expense	(35,446)	(33,585)	(35,259)
Subordinated debentures and other borrowings	10,316	8,009	6,642
Salaries and employee benefits	228,745	206,893	166,995
Net income	223,786	222,089	205,531
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
Reclassification Adjustments out of Accumulated Other Comprehensive Income [Line Items]
Net income	(5,552)	466	3,591
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) \| Unrealized gains (losses) on available for sale securities
Reclassification Adjustments out of Accumulated Other Comprehensive Income [Line Items]
Net realized gains (losses) on sales of available for sale securities	(6,930)	1,194	5,674
Income tax expense	1,455	(251)	(1,192)
Net income	(5,475)	943	4,482
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) \| Unrealized gains (losses) on cash flow hedges
Reclassification Adjustments out of Accumulated Other Comprehensive Income [Line Items]
Income tax expense	3	109	219
Net income	(12)	(412)	(825)
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) \| Unrealized gains (losses) on cash flow hedges \| Interest rate contracts
Reclassification Adjustments out of Accumulated Other Comprehensive Income [Line Items]
Subordinated debentures and other borrowings	(15)	(521)	(1,044)
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) \| Unrealized gains (losses) on defined benefit plans
Reclassification Adjustments out of Accumulated Other Comprehensive Income [Line Items]
Income tax expense	17	17	18
Salaries and employee benefits	(82)	(82)	(84)
Net income	$ (65)	$ (65)	$ (66)

LOANS AND ALLOWANCE FOR CREDIT LOSSES - Changes in Allowance for Loan Losses by Loan Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Allowance for loan losses:
Beginning balance	$ 223,277		$ 130,648
Provision for credit losses	7,300	$ 0	0
CECL Day 1 non-PCD provision for credit losses		13,955
CECL Day 1 PCD ACL		16,599
Recoveries on loans	2,396	3,927	2,578
Loans charged off	(28,039)	(6,601)	(11,884)
Ending balance	204,934	223,277
Impact of adopting ASC 326
Allowance for loan losses:
Beginning balance			74,055
Balance, January 1, 2021
Allowance for loan losses:
Beginning balance			204,703
Previously Reported
Allowance for loan losses:
Beginning balance	223,277	195,397	130,648
Ending balance		223,277	195,397
Credit risk reclassifications
Allowance for loan losses:
Beginning balance			0
Commercial
Allowance for loan losses:
Beginning balance			47,115
Provision for credit losses	17,401	16,697	7,921
CECL Day 1 non-PCD provision for credit losses		2,957
CECL Day 1 PCD ACL		12,970
Recoveries on loans	995	872	724
Loans charged off	(23,264)	(1,215)	(5,849)
Ending balance	97,348
Commercial \| Impact of adopting ASC 326
Allowance for loan losses:
Beginning balance			20,024
Commercial \| Balance, January 1, 2021
Allowance for loan losses:
Beginning balance			67,139
Commercial \| Previously Reported
Allowance for loan losses:
Beginning balance	102,216	69,935	47,115
Ending balance		102,216	69,935
Commercial \| Credit risk reclassifications
Allowance for loan losses:
Beginning balance
Commercial Real Estate
Allowance for loan losses:
Beginning balance			40,786
Provision for credit losses	(2,735)	(20,425)	(11,093)
CECL Day 1 non-PCD provision for credit losses		5,539
CECL Day 1 PCD ACL		2,981
Recoveries on loans	60	1,096	580
Loans charged off	(116)	(3,017)	(4,533)
Ending balance	44,048
Commercial Real Estate \| Impact of adopting ASC 326
Allowance for loan losses:
Beginning balance			34,925
Commercial Real Estate \| Balance, January 1, 2021
Allowance for loan losses:
Beginning balance			75,711
Commercial Real Estate \| Previously Reported
Allowance for loan losses:
Beginning balance	46,839	60,665	51,070
Ending balance		46,839	60,665
Commercial Real Estate \| Credit risk reclassifications
Allowance for loan losses:
Beginning balance			(10,284)
Construction
Allowance for loan losses:
Beginning balance			10,284
Provision for credit losses	(4,132)	6,367	1,122
CECL Day 1 non-PCD provision for credit losses		871
CECL Day 1 PCD ACL		648
Recoveries on loans	0	863	1
Loans charged off	0	0	(6)
Ending balance	24,823
Construction \| Impact of adopting ASC 326
Allowance for loan losses:
Beginning balance			8,805
Construction \| Balance, January 1, 2021
Allowance for loan losses:
Beginning balance			19,089
Construction \| Previously Reported
Allowance for loan losses:
Beginning balance	28,955	20,206	0
Ending balance		28,955	20,206
Construction \| Credit risk reclassifications
Allowance for loan losses:
Beginning balance			10,284
Consumer
Allowance for loan losses:
Beginning balance			0
Provision for credit losses			0
Recoveries on loans			0
Loans charged off			0
Consumer \| Impact of adopting ASC 326
Allowance for loan losses:
Beginning balance			0
Consumer \| Balance, January 1, 2021
Allowance for loan losses:
Beginning balance			0
Consumer \| Previously Reported
Allowance for loan losses:
Beginning balance		0	9,648
Ending balance			0
Consumer \| Credit risk reclassifications
Allowance for loan losses:
Beginning balance			(9,648)
Residential
Allowance for loan losses:
Beginning balance			0
Provision for credit losses			0
Recoveries on loans			0
Loans charged off			0
Residential \| Impact of adopting ASC 326
Allowance for loan losses:
Beginning balance			0
Residential \| Balance, January 1, 2021
Allowance for loan losses:
Beginning balance			0
Residential \| Previously Reported
Allowance for loan losses:
Beginning balance		0	22,815
Ending balance			0
Residential \| Credit risk reclassifications
Allowance for loan losses:
Beginning balance			(22,815)
Consumer & Residential
Allowance for loan losses:
Beginning balance			32,463
Provision for credit losses	(3,234)	(2,639)	2,050
CECL Day 1 non-PCD provision for credit losses		4,588
CECL Day 1 PCD ACL		0
Recoveries on loans	1,341	1,096	1,273
Loans charged off	(4,659)	(2,369)	(1,496)
Ending balance	38,715
Consumer & Residential \| Impact of adopting ASC 326
Allowance for loan losses:
Beginning balance			10,301
Consumer & Residential \| Balance, January 1, 2021
Allowance for loan losses:
Beginning balance			42,764
Consumer & Residential \| Previously Reported
Allowance for loan losses:
Beginning balance	$ 45,267	44,591	0
Ending balance		$ 45,267	44,591
Consumer & Residential \| Credit risk reclassifications
Allowance for loan losses:
Beginning balance			$ 32,463

DEPOSITS - Schedule of Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statistical Disclosure for Banks [Abstract]
Demand deposits	$ 7,965,862	$ 8,448,797
Savings deposits	4,516,433	4,657,140
Certificates and other time deposits of $100,000 or more	1,408,985	742,539
Other certificates and time deposits	849,906	468,712
Brokered certificates of deposits	80,267	65,557
Total deposits	$ 14,821,453	$ 14,382,745

BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

The following table summarizes the Corporation’s borrowings as of December 31, 2023 and 2022:


	December 31, 2023		December 31, 2022
Federal funds purchased	$	—	$	171,560
Securities sold under repurchase agreements	157,280		167,413
Federal Home Loan Bank advances	712,852		823,674
Subordinated debentures and other borrowings	158,644		151,298
Total Borrowings	$	1,028,776	$	1,313,945

Schedule of Collateral Pledged for all Repurchase Agreements Accounted for as Secured Borrowings

The collateral pledged for all repurchase agreements that are accounted for as secured borrowings as of December 31, 2023 and 2022 were:


	December 31, 2023
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater Than 90 Days		Total
U.S. Government-sponsored mortgage-backed securities	$	157,280	$	—	$	—	$	—	$	157,280


	December 31, 2022
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater Than 90 Days		Total
U.S. Government-sponsored mortgage-backed securities	$	167,413	$	—	$	—	$	—	$	167,413

Schedule of Maturities of Long-term Debt

Contractual maturities of borrowings as of December 31, 2023, are as follows:


Maturities in Years Ending December 31:	Securities Sold Under Repurchase Agreements		Federal Home Loan Bank Advances		Subordinated Debentures and Term Loans
2024	$	157,280	$	60,000	$	1,175
2025	—		95,000		—
2026	—		75,000		—
2027	—		250,000		—
2028	—		215,000		70,000
2029 and after	—		17,852		91,120
ASC 805 fair value adjustments at acquisition	—		—		(3,651)
	$	157,280	$	712,852	$	158,644

SHARE-BASED COMPENSATION - Stock Option Activity (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Number of Shares
Beginning balance (in shares) \| shares	155,100
Exercised (in shares) \| shares	(65,025)
Ending balance (in shares) \| shares	90,075
Vested and expected to vest, number of shares (in shares) \| shares	90,075
Exercisable, number of shares (in shares) \| shares	90,075
Weighted-Average Exercise Price
Beginning balance (in dollars per share) \| $ / shares	$ 18.89
Exercised (in dollars per share) \| $ / shares	17.07
Ending balance (in dollars per share) \| $ / shares	20.21
Vested and expected to vest, weighted-average exercise price (in dollars per share) \| $ / shares	20.21
Exercisable, weighted-average exercise price (in dollars per share) \| $ / shares	$ 20.21
Weighted Average Remaining Contractual Term (in Years)
Outstanding	1 year 11 months 1 day
Vested and expected to vest	1 year 11 months 1 day
Exercisable	1 year 11 months 1 day
Aggregate Intrinsic Value
Outstanding \| $	$ 1,519,912
Vested and expected to vest \| $	1,519,912
Exercisable \| $	$ 1,519,912

OTHER INTANGIBLES

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

OTHER INTANGIBLES

Core deposit intangibles and other intangibles are recorded on the acquisition date of an entity. The Corporation has one year after the acquisition date, the measurement period, to record subsequent adjustments to these intangibles for provisional amounts recorded at the acquisition date. The Level One acquisition on April 1, 2022 resulted in a core deposit intangible of $17.2 million and other intangibles, consisting of non-compete intangibles, of $1.4 million. Details regarding the Level One acquisition are discussed in NOTE 2. ACQUISITIONS of these Notes to Consolidated Financial Statements.

The carrying basis and accumulated amortization of recognized core deposit and other intangibles are noted below.


	2023		2022
Gross carrying amount	$	123,285	$	104,643

Other intangibles acquired	—		18,642

Accumulated amortization	(96,186)		(87,443)

Total core deposit and other intangibles	$	27,099	$	35,842

The core deposit intangibles and other intangibles are being amortized primarily on an accelerated basis over their estimated useful lives, generally over a period of two to ten years. Amortization expense for the years ended December 31, 2023, 2022 and 2021, was $8.7 million, $8.3 million and $5.7 million, respectively.

Estimated future amortization expense is summarized as follows:


	Amortization Expense
2024	$	7,271
2025	6,028
2026	4,910
2027	3,603
2028	2,852
After 2028	2,435
	$	27,099

FAIR VALUES OF FINANCIAL INSTRUMENTS - Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements Other Than Goodwill (Details) - Significant Unobservable Inputs (Level 3) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Discounted cash flow \| State and municipal securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 3,275	$ 3,404
Discounted cash flow \| State and municipal securities \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Maturity Call Date	1 month	1 month
US Muni BQ curve		A-
Discounted cash flow \| State and municipal securities \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Maturity Call Date	15 years	15 years
US Muni BQ curve	BBB	BBB-
Discounted cash flow \| State and municipal securities \| Discount rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	0.036	0.004
Discounted cash flow \| State and municipal securities \| Discount rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	0.047	0.04
Discounted cash flow \| State and municipal securities \| Weighted-average coupon \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	0.033	0.034
Discounted cash flow \| Corporate obligations and U.S. Government-sponsored mortgage backed securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 35	$ 35
Discounted cash flow \| Corporate obligations and U.S. Government-sponsored mortgage backed securities \| Risk free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	0.0026
Discounted cash flow \| Corporate obligations and U.S. Government-sponsored mortgage backed securities \| Premium for illiquidity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	0.02	0.02
Discounted cash flow \| Corporate obligations and U.S. Government-sponsored mortgage backed securities \| Weighted-average coupon \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	0	0
Collateral based measurements \| Collateral dependent loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 55,020	$ 55,290
Collateral based measurements \| Collateral dependent loans \| Collateral based measurements \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount to reflect current market conditions and ultimate collectability	0	0
Collateral based measurements \| Collateral dependent loans \| Collateral based measurements \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount to reflect current market conditions and ultimate collectability	0.10	0.10
Collateral based measurements \| Collateral dependent loans \| Collateral based measurements \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount to reflect current market conditions and ultimate collectability	0.041	0.011

OTHER INTANGIBLES - Schedule of Estimated Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Amortization Expense
2024	$ 7,271
2025	6,028
2026	4,910
2027	3,603
2028	2,852
After 2028	2,435
Total other intangibles	$ 27,099	$ 35,842

DEPOSITS (Tables)

12 Months Ended

Dec. 31, 2023

Statistical Disclosure for Banks [Abstract]

Schedule of Deposits

The composition of the deposit portfolio is included in the table below as of the dates indicated:


	December 31, 2023		December 31, 2022
Demand deposits	$	7,965,862	$	8,448,797
Savings deposits	4,516,433		4,657,140
Certificates and other time deposits of $100,000 or more	1,408,985		742,539
Other certificates and time deposits	849,906		468,712
Brokered certificates of deposits	80,267		65,557
Total deposits	$	14,821,453	$	14,382,745

Schedule of Contractual Maturities of Time Deposits

At December 31, 2023, the contractual maturities of time deposits are summarized as follows:


	Certificates and Other Time Deposits
2024	$	2,185,566
2025	98,377
2026	47,924
2027	5,056
2028	2,015
After 2028	220
	$	2,339,158

ACQUISITIONS - Pro Forma Information (Details) - Level One $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares
Business Acquisition [Line Items]
Total revenue (net interest income plus other income)	$ 654,313
Net Income	221,631
Net income available to common shareholders	$ 219,756
Earnings per share:
Basic (in dollars per share) \| $ / shares	$ 3.72
Diluted (in dollars per share) \| $ / shares	$ 3.70

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Auditor Information [Abstract]
Auditor Name	FORVIS, LLP
Auditor Location	Indianapolis, IN
Auditor Firm ID	686

LEASES

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

LEASES

The Corporation enters into leases for certain retail branches, office space, land and equipment. Operating leases are included in other assets and the lease liability is included in other liabilities in the Consolidated Balance Sheets. The Corporation does not have any finance leases.

Right-of-use (“ROU”) assets represent the Corporation’s right to use an underlying asset for the lease term and lease liabilities represent the Corporation’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The Corporation uses its incremental borrowing rate at commencement date in determining the present value of lease payments when the rate implicit in a lease is not known. The Corporation’s incremental borrowing rate is based on the FHLB amortizing advance rate, adjusted for the lease term and other factors. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.

The Corporation’s leases are generally for periods of five to twenty years with various renewal options. The exercise of such lease renewal options is not included in the present value of lease obligations unless it is reasonably certain that the option will be exercised. The Corporation has lease agreements which contain both lease and non-lease components such as common area maintenance charges, real estate taxes, and insurance. Non-lease components are not included in the measurement of the lease liability and are recognized in expense when incurred. The Corporation has elected not to recognize short-term leases, with original lease terms of twelve months or less, on the Corporation’s balance sheet. Certain of the Corporation’s lease agreements include rental payments adjusted periodically for inflation. The Corporation’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Supplemental balance sheet information related to leases is presented in the table below as of December 31, 2023 and 2022:


	2023			2022
Operating lease assets	$	18,912		$	23,619
Total lease assets	$	18,912		$	23,619

Operating lease liabilities	$	22,335		$	25,316
Total lease liabilities	$	22,335		$	25,316

Weighted average remaining lease term (years)
Operating leases	6.3			6.5
Weighted average discount rate
Operating leases	3.2		%	3.1		%

The table below presents the components of lease expense for the years ended December 31, 2023, 2022, and 2021:


	2023		2022		2021
Lease Cost:
Operating lease cost	$	7,696	$	5,233	$	3,710
Short-term lease cost	478		470		345
Variable lease cost	1,534		1,073		980
Sublease income	$	(16)	$	(23)	$	(33)
Total lease cost	$	9,692	$	6,753	$	5,002

The Corporation performs impairment assessments for ROU assets when events or changes in circumstances indicate their carrying values may not be recoverable. Operating lease cost in the table above includes $2.1 million related to the 2023 abandonment of a leased office building.The recognized loss was recorded in net occupancy expense in the Consolidated Statements of Income.

Supplemental cash flow information related to leases is presented in the tables below.


Maturity of lease liabilities	Operating Leases
2024	$	5,581
2025	5,141
2026	3,648
2027	2,842
2028	2,381
2029 and after	5,288
Total lease payments	$	24,881
Less: Present value discount	2,546
Present value of lease liabilities	$	22,335


Other Information	Twelve Months Ended December 31, 2023		Twelve Months Ended December 31, 2022		Twelve Months Ended December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	5,742	$	5,329	$	3,773
ROU assets obtained in exchange for new operating lease liabilities	$	2,253	$	10,516	$	2,700

PENSION AND OTHER POST RETIREMENT BENEFIT PLANS - Schedule of Expected Future Benefit Payments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Retirement Benefits [Abstract]
2024	$ 5,495
2025	5,448
2026	5,265
2027	4,968
2028	4,789
After 2028	20,577
Total	$ 46,542

LOANS AND ALLOWANCE FOR CREDIT LOSSES - Allowance for Credit Losses, Off-balance Sheet (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Balance, January 1	$ 23,300	$ 20,500
Provision for credit losses - unfunded commitments	(3,800)	0
Balance, December 31	19,500	23,300
Level One
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Provision for credit losses - unfunded commitments	$ 0	$ 2,800

INVESTMENT SECURITIES - Investments in Debt and Equity Securities Reported Less than Historical Cost (Details) - Investments reported at less than historical cost - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Historical cost	$ 1,781,108	$ 2,207,633
Fair value	1,560,554	1,910,508
Gross unrealized losses	$ 220,554	$ 297,125
Percent of the Corporation's investments available for sale	95.90%	96.70%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 60: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 5)(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 61: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 62: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 8))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 63: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 64: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 19
-Subparagraph (1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-19

Reference 65: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 19
-Subparagraph (3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-19

+ Details

BORROWINGS - Schedule of Collateral Pledged for all Repurchase Agreements Accounted for as Secured Borrowings (Details) - U.S. Government-sponsored mortgage-backed securities - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets Sold under Agreements to Repurchase [Line Items]
Collateral pledged for all repurchase agreements accounted for as secured borrowings	$ 157,280	$ 167,413
Overnight and Continuous
Assets Sold under Agreements to Repurchase [Line Items]
Collateral pledged for all repurchase agreements accounted for as secured borrowings	157,280	167,413
Up to 30 Days
Assets Sold under Agreements to Repurchase [Line Items]
Collateral pledged for all repurchase agreements accounted for as secured borrowings	0	0
30-90 Days
Assets Sold under Agreements to Repurchase [Line Items]
Collateral pledged for all repurchase agreements accounted for as secured borrowings	0	0
Greater Than 90 Days
Assets Sold under Agreements to Repurchase [Line Items]
Collateral pledged for all repurchase agreements accounted for as secured borrowings	$ 0	$ 0

LEASES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
LEASES - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities
Operating lease cost	$ 7,696	$ 5,233	$ 3,710
Abandonment of lease cost	$ 2,100
Minimum
Lessee, Lease, Description [Line Items]
Renewal term	5 years
Maximum
Lessee, Lease, Description [Line Items]
Renewal term	20 years

REGULATORY CAPITAL AND DIVIDENDS

12 Months Ended

Dec. 31, 2023

Banking and Thrift, Interest [Abstract]

REGULATORY CAPITAL AND DIVIDENDS

Regulatory Capital

Capital adequacy is an important indicator of financial stability and performance. The Corporation and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies and are assigned to a capital category. The assigned capital category is largely determined by four ratios that are calculated according to the regulations: total risk-based capital, tier 1 risk-based capital, CET1, and tier 1 leverage ratios. The ratios are intended to measure capital relative to assets and credit risk associated with those assets and off-balance sheet exposures of the entity. The capital category assigned to an entity can also be affected by qualitative judgments made by regulatory agencies about the risk inherent in the entity’s activities that are not part of the calculated ratios.

There are five capital categories defined in the regulations, ranging from well capitalized to critically undercapitalized. Classification of a bank in any of the undercapitalized categories can result in actions by regulators that could have a material effect on a bank’s operations. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios of total risk-based capital, tier 1 capital and common equity tier 1 capital, in each case, to risk-weighted assets, and of tier 1 capital to average assets, or leverage ratio, all of which are calculated as defined in the regulations. Banks with lower capital levels are deemed to be undercapitalized, significantly undercapitalized or critically undercapitalized, depending on their actual levels. The appropriate federal regulatory agency may also downgrade a bank to the next lower capital category upon a determination that the bank is in an unsafe or unsound practice. Banks are required to monitor closely their capital levels and to notify their appropriate regulatory agency of any basis for a change in capital category.

Basel III requires the Corporation and the Bank to maintain the minimum capital and leverage ratios as defined in the regulation and as illustrated in the following table, which capital to risk-weighted asset ratios include a 2.5 percent capital conservation buffer. Under Basel III, in order to avoid limitations on capital distributions, including dividends, the Corporation must hold a 2.5 percent capital conservation buffer above the adequately capitalized CET1 to risk-weighted assets ratio (which buffer is reflected in the required ratios below). Under Basel III, the Corporation and Bank elected to opt-out of including accumulated other comprehensive income in regulatory capital. As of December 31, 2023, the Bank met all capital adequacy requirements to be considered well capitalized under the fully phased-in Basel III capital rules. There is no threshold for well capitalized status for bank holding companies.

As part of a March 27, 2020 joint statement of federal banking regulators, an interim final rule that allowed banking organizations to mitigate the effects of the CECL accounting standard on their regulatory capital was announced. Banking organizations could elect to mitigate the estimated cumulative regulatory capital effects of CECL for up to two years. This two-year delay was to be in addition to the three-year transition period that federal banking regulators had already made available. While the 2021 CAA provided for a further extension of the mandatory adoption of CECL until January 1, 2022, the federal banking regulators elected to not provide a similar extension to the two year mitigation period applicable to regulatory capital effects. Instead, the federal banking regulators require that, in order to utilize the additional two-year delay, banking organizations must have adopted the CECL standard no later than December 31, 2020, as required by the CARES Act. As a result, because implementation of the CECL standard was delayed by the Corporation until January 1, 2021, it began phasing in the cumulative effect of the adoption on its regulatory capital, at a rate of 25 percent per year, over a three-year transition period that began on January 1, 2021. Under that phase-in schedule, the cumulative effect of the adoption will be fully reflected in regulatory capital on January 1, 2024.

Basel III permits banks with less than $15 billion in assets to continue to treat trust preferred securities as tier 1 capital. This treatment is permanently grandfathered as tier 1 capital even if the Corporation should ever exceed $15 billion in assets due to organic growth but not following certain mergers or acquisitions. As a result, while the Corporation’s total assets exceeded $15 billion as of December 31, 2021, the Corporation has continued to treat its trust preferred securities as tier 1 capital as of such date. However, under certain amendments to the “transition rules” of Basel III, if a bank holding company that held less than $15 billion of assets as of December 31, 2009 (which would include the Corporation) acquires a bank holding company with under $15 billion in assets at the time of acquisition (which would include Level One), and the resulting organization has total consolidated assets of $15 billion or more as reported on the resulting organization’s call report for the period in which the transaction occurred, the resulting organization must begin reflecting its trust preferred securities as tier 2 capital at such time.

As a result, effective with the April 1, 2022 consummation of the Level One merger, the Corporation began reflecting all of its trust preferred securities as tier 2 capital.

On November 1, 2013, the Corporation completed the private issuance and sale to four institutional investors of an aggregate of $70 million of debt comprised of (a) 5.00 percent Fixed-to-Floating Rate Senior Notes due 2028 in the aggregate principal amount of $5 million and (b) 6.75 percent Fixed-to-Floating Rate Subordinated Notes due October 30, 2028 in the aggregate principal amount of $65 million. As of December 31, 2023 the Corporation began the five years phase out (at a rate of 20 percent per year) as defined in the Basil III capital rules, which resulted in a reduction of $13 million in tier 2 capital.

The Corporation’s and Bank’s actual and required capital ratios as of December 31, 2023 and December 31, 2022 were as follows:


					Prompt Corrective Action Thresholds
	Actual				Basel III Minimum Capital Required				Well Capitalized
December 31, 2023	Amount		Ratio		Amount		Ratio		Amount		Ratio
Total risk-based capital to risk-weighted assets
First Merchants Corporation	$	2,021,124	13.67	%	$	1,552,685	10.50	%	N/A		N/A
First Merchants Bank	1,931,810		13.06		1,553,600		10.50		$	1,479,619	10.00	%
Tier 1 capital to risk-weighted assets
First Merchants Corporation	$	1,703,626	11.52	%	$	1,256,935	8.50	%	N/A		N/A
First Merchants Bank	1,746,299		11.80		1,257,676		8.50		$	1,183,695	8.00	%
Common equity tier 1 capital to risk-weighted assets
First Merchants Corporation	$	1,678,626	11.35	%	$	1,035,123	7.00	%	N/A		N/A
First Merchants Bank	1,746,299		11.80		1,035,733		7.00		$	961,752	6.50	%
Tier 1 capital to average assets
First Merchants Corporation	$	1,703,626	9.64	%	$	707,091	4.00	%	N/A		N/A
First Merchants Bank	1,746,299		9.89		706,331		4.00		$	882,913	5.00	%


					Prompt Corrective Action Thresholds
	Actual				Basel III Minimum Capital Required				Well Capitalized
December 31, 2022	Amount		Ratio		Amount		Ratio		Amount		Ratio
Total risk-based capital to risk-weighted assets
First Merchants Corporation	$	1,882,254	13.08	%	$	1,511,230	10.50	%	N/A		N/A
First Merchants Bank	1,822,296		12.65		1,513,064		10.50		$	1,441,014	10.00	%
Tier 1 capital to risk-weighted assets
First Merchants Corporation	$	1,558,281	10.83	%	$	1,223,377	8.50	%	N/A		N/A
First Merchants Bank	1,641,210		11.39		1,224,862		8.50		$	1,152,811	8.00	%
Common equity tier 1 capital to risk-weighted assets
First Merchants Corporation	$	1,533,281	10.65	%	$	1,007,487	7.00	%	N/A		N/A
First Merchants Bank	1,641,210		11.39		1,008,710		7.00		$	936,659	6.50	%
Tier 1 capital to average assets
First Merchants Corporation	$	1,558,281	9.10	%	$	684,758	4.00	%	N/A		N/A
First Merchants Bank	1,641,210		9.60		683,680		4.00		$	854,600	5.00	%

A reconciliation of certain non-GAAP amounts used in the determination of the above regulatory measures is detailed within the “Capital” section of Management’s Discussion and Analysis of Financial Condition and Results of Operations included as Item 7 of this Annual Report on Form 10-K.

Management believes the disclosed capital ratios are meaningful measurements for evaluating the safety and soundness of the Corporation. Traditionally, the banking regulators have assessed bank and bank holding company capital adequacy based on both the amount and the composition of capital, the calculation of which is prescribed in federal banking regulations. The Federal Reserve focuses its assessment of capital adequacy on a component of tier 1 capital known as CET1. Because the Federal Reserve has long indicated that voting common shareholders’ equity (essentially tier 1 risk-based capital less preferred stock and non-controlling interest in subsidiaries) generally should be the dominant element in tier 1 risk-based capital, this focus on CET1 is consistent with existing capital adequacy categories. Tier I regulatory capital consists primarily of total stockholders’ equity and subordinated debentures issued to business trusts categorized as qualifying borrowings, less non-qualifying intangible assets and unrealized net securities gains or losses.

Dividends

The Corporation’s principal source of funds for dividend payments to shareholders is dividends received from the Bank. Banking regulations limit the maximum amount of dividends that a bank may pay without requesting prior approval of regulatory agencies. Under these regulations, the amount of dividends that may be paid in any calendar year is limited to the bank’s retained income (as defined under the regulations) for the current year plus those for the previous two years, subject to the capital requirements described above. As of December 31, 2023, the amount available for dividends from the Corporation’s subsidiaries (both banking and non-banking), without prior regulatory approval or notice, was $305.9 million.

Additionally, the Corporation has a Dividend Reinvestment and Stock Purchase Plan, enabling stockholders to elect to have their cash dividends on all shares automatically reinvested in additional shares of the Corporation’s common stock. In addition, stockholders may elect to make optional cash payments up to an aggregate of $5,000 per quarter for the purchase of additional shares of common stock. The stock is credited to participant accounts at fair market value. Dividends are reinvested on a quarterly basis.

Preferred Stock

As part of the Level One acquisition, the Corporation issued 10,000 shares of a newly created 7.5 percent non-cumulative perpetual preferred stock with a liquidation preference of $2,500 per share, in exchange for the outstanding Level One Series B preferred stock, and as part of that exchange, each outstanding Level One depositary share representing a 1/100th interest in a share of the Level One preferred stock was converted into a depositary share of the Corporation representing a 1/100th interest in a share of its newly issued preferred stock. The Corporation had $25.0 million of outstanding preferred stock at December 31, 2023 and 2022. During the twelve months ended December 31, 2023, the Corporation declared and paid dividends of $187.52 per share (equivalent to $1.88 per depositary share), equal to $1.9 million. During the twelve months ended December 31, 2022, the Corporation declared and paid dividends of $140.64 per share (equivalent to $1.41 per depositary share), equal to $1.4 million. The Series A preferred stock qualifies as tier 1 capital for purposes of the regulatory capital calculations.

Stock Repurchase Program

On January 27, 2021, the Board of Directors of the Corporation approved a stock repurchase program of up to 3,333,000 shares of the Corporation’s outstanding common stock; provided, however, that the total aggregate investment in shares repurchased under the program may not exceed $100,000,000. On a share basis, the amount of common stock subject to the repurchase program represents approximately 6 percent of the Corporation’s outstanding shares at the time the program became effective. As of December 31, 2023 and 2022, the Corporation had approximately 2.7 million shares at a maximum aggregate value of $74.5 million available to repurchase under the program. The Corporation did not repurchase any shares of its common stock pursuant to the repurchase program during 2022 or 2023.

In August 2022, the Inflation Reduction Act of 2022 (the “IRA”) was enacted. Among other things, the IRA imposes a new 1 percent excise tax on the fair market value of stock repurchased after December 31, 2022 by publicly traded U.S. corporations (like the Corporation). With certain exceptions, the value of stock repurchased is determined net of stock issued in the year, including shares issued pursuant to compensatory arrangements.

- Definition

The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

+ References + Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 223,786	$ 222,089	$ 205,531
Unrealized gain (loss) on securities available-for-sale:
Unrealized holding gain (loss) arising during the period	70,084	(371,299)	(30,042)
Reclassification adjustment for (gain) loss included in net income	6,930	(1,194)	(5,674)
Tax effect	(16,173)	78,224	7,502
Net of tax	60,841	(294,269)	(28,214)
Unrealized gain (loss) on cash flow hedges:
Unrealized holding gain (loss) arising during the period	(179)	479	138
Reclassification adjustment for (gain) loss included in net income	15	521	1,044
Tax effect	34	(210)	(248)
Net of tax	(130)	790	934
Net gain (loss) arising during the period
Net gain (loss) arising during the period	3,045	(1,076)	9,482
Reclassification adjustment for amortization of prior service cost	82	82	84
Tax effect	(657)	209	(2,009)
Net of tax	2,470	(785)	7,557
Total other comprehensive income (loss), net of tax	63,181	(294,264)	(19,723)
Comprehensive income (loss)	$ 286,967	$ (72,175)	$ 185,808

INVESTMENT SECURITIES - Amortized Cost and Fair Value of Available for Sale Securities and Held to Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Amortized Cost
Due in one year or less	$ 1,390	$ 2,822
Due after one through five years	24,899	11,694
Due after five through ten years	127,948	169,729
Due after ten years	1,151,260	1,480,472
Total debt securities with a single maturity date	1,305,497	1,664,717
Amortized Cost	1,846,840	2,273,347
Fair Value
Due in one year or less	1,382	2,809
Due after one through five years	23,372	11,265
Due after five through ten years	120,385	161,211
Due after ten years	1,027,158	1,293,103
Total debt securities with a single maturity date	1,172,297	1,468,388
Total Investment Securities	1,627,112	1,976,661
Amortized Cost
Due in one year or less	3,041	13,697
Due after one through five years	118,592	80,697
Due after five through ten years	135,805	147,078
Due after ten years	1,217,265	1,269,826
Total debt securities with a single maturity date	1,474,703	1,511,298
Amortized Cost	2,184,497	2,287,372
Fair Value
Due in one year or less	3,043	13,749
Due after one through five years	111,723	76,453
Due after five through ten years	126,461	135,027
Due after ten years	1,018,801	1,020,477
Total debt securities with a single maturity date	1,260,028	1,245,706
Total Investment Securities	1,870,374	1,907,865
U.S. Government-sponsored mortgage-backed securities
Amortized Cost
Without single maturity date	541,343	608,630
Amortized Cost	541,343	608,630
Fair Value
Without single maturity date	454,815	508,273
Total Investment Securities	454,815	508,273
Amortized Cost
Without single maturity date	709,794	776,074
Amortized Cost	709,794	776,074
Fair Value
Without single maturity date	610,346	662,159
Total Investment Securities	$ 610,346	$ 662,159

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Allowance for credit losses	$ 245	$ 245
Investment securities held to maturity - fair value	$ 1,870,374	$ 1,907,865
Common Stock, stated value (in dollars per share)	$ 0.125	$ 0.125
Common Stock, authorized (in shares)	100,000,000	100,000,000
Common Stock, issued (in shares)	59,424,122	59,170,583
Common Stock, outstanding (in shares)	59,424,122	59,170,583
Cumulative Preferred Stock
Preferred Stock, par value (in dollars per share)	$ 1,000	$ 1,000
Preferred Stock, liquidation value per share (in dollars per share)	$ 1,000	$ 1,000
Preferred Stock, authorized (in shares)	600	600
Preferred Stock, issued (in shares)	125	125
Preferred Stock, outstanding (in shares)	125	125
Series A Preferred Stock
Preferred Stock, par value (in dollars per share)	$ 0	$ 0
Preferred Stock, liquidation value per share (in dollars per share)	$ 2,500	$ 2,500
Preferred Stock, authorized (in shares)	10,000	10,000
Preferred Stock, issued (in shares)	10,000	10,000
Preferred Stock, outstanding (in shares)	10,000	10,000

NET INCOME PER COMMON SHARE - Narrative (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Stock options not included in the earnings per share calculation (in shares)	0	0	0

LOAN SERVICING (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items]
Unpaid balance of loans serviced for others	$ 1,792,143	$ 925,841
Federal Home Loan Mortgage Corporation
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items]
Unpaid balance of loans serviced for others	809,198	794,222
Fannie Mae
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items]
Unpaid balance of loans serviced for others	780,926	54,934
Equity Bank
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items]
Unpaid balance of loans serviced for others	42,429	49,558
Federal Home Loan Bank
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items]
Unpaid balance of loans serviced for others	$ 159,590	$ 27,127

INVESTMENT SECURITIES (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses and Approximate Fair Value of Investment Securities

The following table summarizes the amortized cost, gross unrealized gains and losses and approximate fair value of investment securities available for sale as of December 31, 2023 and December 31, 2022.


	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


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale at December 31, 2022
U.S. Treasury	$	2,501	$	—	$	42	$	2,459
U.S. Government-sponsored agency securities	119,154		—		17,192		101,962
State and municipal	1,530,048		438		178,726		1,351,760
U.S. Government-sponsored mortgage-backed securities	608,630		1		100,358		508,273
Corporate obligations	13,014		—		807		12,207

Total available for sale	$	2,273,347	$	439	$	297,125	$	1,976,661

The following table summarizes the amortized cost, gross unrealized gains and losses, approximate fair value and allowance for credit losses on investment securities held to maturity as of December 31, 2023 and December 31, 2022.


	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


	Amortized Cost		Allowance for Credit Losses		Net Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Held to maturity at December 31, 2022
U.S. Government-sponsored agency securities	$	392,246	$	—	$	392,246	$	—	$	69,147	$	323,099
State and municipal	1,117,552		245		1,117,307		647		197,064		921,135
U.S. Government-sponsored mortgage-backed securities	776,074		—		776,074		—		113,915		662,159
Foreign investment	1,500		—		1,500		—		28		1,472
Total held to maturity	$	2,287,372	$	245	$	2,287,127	$	647	$	380,154	$	1,907,865

Schedule 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 December 31, 2023, aggregated by credit quality indicator.


	Held to Maturity
	State and municipal		Other		Total
Credit Rating:
Aaa	$	114,557	$	70,586	$	185,143
Aa1	150,821		—		150,821
Aa2	178,461		—		178,461
Aa3	133,439		—		133,439
A1	131,314		—		131,314
A2	16,834		—		16,834
A3	3,467		—		3,467

Non-rated	370,308		1,014,710		1,385,018
Total	$	1,099,201	$	1,085,296	$	2,184,497

Schedule of Investment Securities in a Continuous Unrealized Loss Position

The following tables summarize, as of December 31, 2023 and December 31, 2022, 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 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


	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, 2022
U.S. Treasury	$	2,459	$	42	$	—	$	—	$	2,459	$	42
U.S. Government-sponsored agency securities	48,940		4,973		53,022		12,219		101,962		17,192
State and municipal	1,177,104		150,096		108,652		28,630		1,285,756		178,726
U.S. Government-sponsored mortgage-backed securities	182,700		16,910		325,455		83,448		508,155		100,358
Corporate obligations	12,176		807		—		—		12,176		807
Total investment securities available for sale	$	1,423,379	$	172,828	$	487,129	$	124,297	$	1,910,508	$	297,125

The following table summarizes 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 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


	Gross Unrealized Losses		Number of Securities
Investment securities available for sale at December 31, 2022
U.S. Treasury	$	42	5
U.S. Government-sponsored agency securities	17,192		16
State and municipal	178,726		946
U.S. Government-sponsored mortgage-backed securities	100,358		177
Corporate obligations	807		10
Total investment securities available for sale	$	297,125	1,154

Schedule 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.


	December 31, 2023			December 31, 2022
Investments available for sale reported at less than historical cost:
Historical cost	$	1,781,108		$	2,207,633
Fair value	1,560,554			1,910,508
Gross unrealized losses	$	220,554		$	297,125
Percent of the Corporation's investments available for sale	95.9		%	96.7		%

Schedule 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 December 31, 2023 and December 31, 2022, 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 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


	Available for Sale				Held to Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Maturity Distribution at December 31, 2022
Due in one year or less	$	2,822	$	2,809	$	13,697	$	13,749
Due after one through five years	11,694		11,265		80,697		76,453
Due after five through ten years	169,729		161,211		147,078		135,027
Due after ten years	1,480,472		1,293,103		1,269,826		1,020,477
	1,664,717		1,468,388		1,511,298		1,245,706
U.S. Government-sponsored mortgage-backed securities	608,630		508,273		776,074		662,159

Total Investment Securities	$	2,273,347	$	1,976,661	$	2,287,372	$	1,907,865

Schedule of Gross Gains on Sales and Redemptions of Available for Sale Securities

Gross gains and losses on the sales and redemptions of available for sale securities for the years indicated are shown below.


	2023		2022		2021
Sales and redemptions of investment securities available for sale:
Gross gains	$	759	$	1,264	$	6,502
Gross losses	7,689		70		828
Net gains (losses) of sales and redemptions of investment securities available for sale	$	(6,930)	$	1,194	$	5,674

BORROWINGS

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

BORROWINGS

The following table summarizes the Corporation’s borrowings as of December 31, 2023 and 2022:


	December 31, 2023		December 31, 2022
Federal funds purchased	$	—	$	171,560
Securities sold under repurchase agreements	157,280		167,413
Federal Home Loan Bank advances	712,852		823,674
Subordinated debentures and other borrowings	158,644		151,298
Total Borrowings	$	1,028,776	$	1,313,945

Securities sold under repurchase agreements consist of obligations of the Bank to other parties and are secured by U.S. Government-Sponsored Enterprise obligations. The maximum amount of outstanding agreements at any month-end during 2023 and 2022 totaled $242.2 million and $218.9 million, respectively, and the average of such agreements totaled $171.3 million and $185.1 million during 2023 and 2022, respectively.

Transfers Accounted For As Secured Borrowings

The collateral pledged for all repurchase agreements that are accounted for as secured borrowings as of December 31, 2023 and 2022 were:


	December 31, 2023
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater Than 90 Days		Total
U.S. Government-sponsored mortgage-backed securities	$	157,280	$	—	$	—	$	—	$	157,280


	December 31, 2022
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater Than 90 Days		Total
U.S. Government-sponsored mortgage-backed securities	$	167,413	$	—	$	—	$	—	$	167,413

Contractual maturities of borrowings as of December 31, 2023, are as follows:


Maturities in Years Ending December 31:	Securities Sold Under Repurchase Agreements		Federal Home Loan Bank Advances		Subordinated Debentures and Term Loans
2024	$	157,280	$	60,000	$	1,175
2025	—		95,000		—
2026	—		75,000		—
2027	—		250,000		—
2028	—		215,000		70,000
2029 and after	—		17,852		91,120
ASC 805 fair value adjustments at acquisition	—		—		(3,651)
	$	157,280	$	712,852	$	158,644

The terms of a security agreement with the FHLB require the Corporation to pledge, as collateral for advances, qualifying first mortgage loans, investment securities and multi-family loans in an amount equal to at least 145 percent of these advances depending on the type of collateral pledged. At December 31, 2023, the outstanding FHLB advances had interest rates from 0.35 to 4.94 percent and are subject to restrictions or penalties in the event of prepayment. The total available remaining borrowing capacity from the FHLB at December 31, 2023, was $664.9 million. As of December 31, 2023, the Corporation had $210.0 million of putable advances with the FHLB.

Subordinated Debentures and Term Loans. As of December 31, 2023 and 2022, subordinated debentures and term loans totaled $158.6 million and $151.3 million, respectively.

•First Merchants Capital Trust II (“FMC Trust II”). At December 31, 2023 and 2022, the Corporation had $41.7 million of subordinated debentures issued to FMC Trust II, a wholly-owned statutory business trust. FMC Trust II was formed in July 2007 for purposes of issuing trust preferred securities to investors. At that time, it simultaneously issued and sold its common securities to the Corporation, which constituted all of the issued and outstanding common securities of FMC Trust II. The subordinated debentures, which were purchased with the proceeds of the sale of the trust’s capital securities, are the sole assets of FMC Trust II and are fully and unconditionally guaranteed by the Corporation. As of December 31, 2023, the subordinated debentures and trust preferred securities bear interest at a variable rate equal to the CME Term SOFR, plus the 0.26161 percent spread adjustment. The interest rate at December 31, 2023 was 7.21 percent. As of December 31, 2022, the subordinated debentures and the trust preferred securities bear interest at a variable rate equal to three-month LIBOR plus 1.56 percent, with interest and dividend payments being made on a quarterly basis. The interest rate at December 31, 2022 was 6.33 percent. The trust preferred securities are currently redeemable at par and without penalty, subject to the Corporation having first redeemed the related subordinated debentures, with the prior approval of the Federal Reserve if then required under applicable capital guidelines or policies. The trust preferred securities and the subordinated debentures of FMC Trust II will mature on September 15, 2037. The Corporation continues to hold all outstanding common securities of FMC Trust II. See “Replacement of LIBOR Benchmark” below for information relating to changes impacting the interest and dividends payable upon the trust preferred securities and subordinated debentures after June 30, 2023.

•Ameriana Capital Trust I. At December 31, 2023 and 2022, the Corporation had $10.3 million of subordinated debentures issued to Ameriana Capital Trust I. On December 31, 2015, the Corporation acquired Ameriana Capital Trust I in conjunction with its acquisition of Ameriana Bancorp, Inc. With a trust preferred structure substantially similar to that described above for FMC Trust II, the subordinated debentures held by Ameriana Capital Trust I were purchased with the proceeds of the sale of the trust’s capital securities. As of December 31, 2023, the subordinated debentures and trust preferred securities bear interest at a variable rate equal to the three-month CME Term SOFR, plus the 0.26161 percent spread adjustment. The interest rate at December 31, 2023 was 7.15 percent. As of December 31, 2022, the subordinated debentures and the trust preferred securities bear interest at a variable rate equal to three-month LIBOR plus 1.50 percent, with interest and dividend payments being made on a quarterly basis. The interest rate at December 31, 2022 was 6.27 percent. The trust preferred securities of Ameriana Capital Trust I are currently redeemable at par and without penalty, subject to the Corporation having first redeemed the related subordinated debentures, with the prior approval of the Federal Reserve if then required under applicable capital guidelines or policies. The trust preferred securities and the subordinated debentures of Ameriana Capital Trust I will mature in March 2036. The Corporation continues to hold all of the outstanding common securities of Ameriana Capital Trust I. See “Replacement of LIBOR Benchmark” below for information relating to changes impacting the interest and dividends payable upon the trust preferred securities and subordinated debentures after June 30, 2023.

•First Merchants Senior Notes and Subordinated Notes. On November 1, 2013, the Corporation completed the private issuance and sale to four institutional investors of an aggregate of $70 million of debt comprised of (a) 5.00 percent Fixed-to-Floating Rate Senior Notes due 2028 in the aggregate principal amount of $5 million (the “Senior Debt”) and (b) 6.75 percent Fixed-to-Floating Rate Subordinated Notes due 2028 in the aggregate principal amount of $65 million (the “Subordinated Debt”). The interest rate on the Senior Debt and Subordinated Debt remained fixed for the first ten (10) years and became floating thereafter. The rates converted to floating on October 30, 2023. As of December 31, 2023, the Senior Debt had an annual floating rate equal to the three-month CME Term SOFR, adjusted by the relevant spread adjustment (which is 0.26161 percent for a three-month tenor), plus 2.345 percent, or 7.98 percent, and the Subordinated Debt had an annual floating rate equal to the three-month CME Term SOFR, plus the 0.26161 percent spread adjustment, plus 4.095 percent, or 9.73 percent. See “Replacement of LIBOR Benchmark” below for additional information relating to the transition from LIBOR to the Secured Overnight Financing Rate. The Corporation has an option to redeem the Subordinated Debt in whole or in part at a redemption price equal to 100 percent of the principal amount of the redeemed Subordinated Notes, plus accrued and unpaid interest to the date of the redemption. The option of redemption is subject to the approval of the Federal Reserve Board. The Corporation has an option to redeem the Senior Debt in whole or in part at a redemption price equal to 100 percent of the principal amount of the redeemed Senior Notes, plus accrued and unpaid interest to the date of the redemption; provided, however, that no Subordinated Notes (as defined in the Issuing and Paying Agency Agreement) may remain outstanding subsequent to any early redemption of Senior Notes. The Subordinated Debt and the Senior Debt options to redeem began with the interest payment date on October 30, 2023, or on any scheduled interest payment date thereafter. During the fourth quarter of 2023, the Corporation issued notice to the holders of the Subordinated Debt that it intends to exercise its rights to redeem $40.0 million in principal. The redemption was permitted under the optional redemptions provisions of the Subordinated Note Certificate representing the Subordinated Debt and occurred in the first quarter of 2024 on the scheduled interest payment date. The Senior Debt agreement contains certain customary representations and warranties and financial and negative covenants. As of December 31, 2023 and 2022 the Corporation was in compliance with these covenants.

•Level One Subordinated Notes. On April 1, 2022, the Corporation assumed certain subordinated notes in conjunction with its acquisition of Level One. The $30.0 million of subordinated notes issued on December 18, 2019 bear a fixed interest rate of 4.75 percent per annum, payable semiannually through December 18, 2024. The notes will bear a floating interest rate equal to the of three-month CME Term SOFR plus 3.11 percent, payable quarterly, after December 18, 2024 through maturity. The notes mature on December 18, 2029, and the Corporation has the option to redeem any or all of the subordinated notes without premium or penalty any time after December 18, 2024 or upon the occurrence of a tier 2 capital event or tax event.

•Other Borrowings. During the third quarter of 2023, the Corporation acquired a secured borrowing in conjunction with the purchase of the Indianapolis regional headquarters building. The secured borrowing bears a fixed interest rate of 3.41 percent and had a balance of $7.3 million as of December 31, 2023. On April 1, 2022, the Corporation acquired a secured borrowing in conjunction with its acquisition of Level One. The secured borrowing related to a certain loan participation sold by Level One that did not qualify for sales treatment. The secured borrowing bears a fixed rate of 1.00 percent and had a balance of $1.2 million as of December 31, 2023 and 2022.

Replacement of LIBOR Benchmark

On March 15, 2022, the Adjustable Interest Rate (LIBOR) Act (the “LIBOR Act”) was signed into law in response to the U.K. Financial Conduct Authority, the authority regulating LIBOR, announcing that, among other things, the 1-month, 3-month, 6-month and 12-month U.S. dollar LIBOR settings would cease to exist after June 30, 2023. The LIBOR Act establishes a uniform national approach for replacing LIBOR in legacy contracts that do not provide for the use of a clearly defined replacement benchmark rate. As directed by the LIBOR Act, on December 16, 2022, the Federal Reserve issued a final rule setting forth regulations to implement the LIBOR Act, including establishing benchmark replacements based on the Secured Overnight Funding Rate (“SOFR”) for contracts governed by U.S. law that reference certain tenors of U.S. dollar LIBOR (the overnight and one-, three-, six-, and 12-month tenors) and that do not have terms that provide for the use of a clearly defined and practicable replacement benchmark rate (“fallback provisions”) following the first London banking day after June 30, 2023.

As the subordinated debentures, the trust preferred securities, the Senior Notes and the Subordinated Notes discussed above do not have LIBOR fallback provisions, after June 30, 2023, the interest and dividends paid on those instruments are based upon the CME Term SOFR, as the replacement benchmark, including a static spread adjustment for the appropriate tenor as provided by the LIBOR Act and related Federal Reserve regulations. The relevant spread adjustment for a three-month tenor is 0.26161 percent.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

INVESTMENT SECURITIES - Gross Gains on Sales and Redemptions of Available for Sale Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Gross gains	$ 759	$ 1,264	$ 6,502
Gross losses	7,689	70	828
Net gains (losses) of sales and redemptions of investment securities available for sale	$ (6,930)	$ 1,194	$ 5,674

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES FINANCIAL STATEMENT PREPARATION The accounting and reporting policies of the Corporation and the Bank, conform to accounting principles generally accepted in the United States of America and reporting practices followed by the banking industry. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses and fair value of financial instruments. Reclassifications have been made to prior financial statements to conform to the current financial statement presentation. The Corporation is a financial holding company whose principal activity is the ownership and management of the Bank and operates in a single significant business segment. The Bank provides full banking services under an Indiana state-charter. Additionally, the Bank operates as First Merchants Private Wealth Advisors (a division of First Merchants Bank). The Bank generates commercial, mortgage, and consumer loans and receives deposits from customers located primarily in central and northern Indiana, northeast Illinois, central Ohio and southeast Michigan counties. The Bank’s loans are generally secured by specific items of collateral, including real property, consumer assets and business assets. A brief description of current accounting practices and current valuation methodologies are presented below. CONSOLIDATION The consolidation of the Corporation’s financial statements include the accounts of the Corporation and all its subsidiaries, after elimination of all material intercompany transactions. BUSINESS COMBINATIONS Business combinations are accounted for under the acquisition method of accounting. Under the acquisition method, assets and liabilities of the business acquired are recorded at their estimated fair values as of the date of acquisition with any excess of the cost of the acquisition over the fair value of the net tangible and intangible assets acquired recorded as goodwill. Results of operations of the acquired business are included in the income statement from the date of acquisition. Details of the Corporation’s acquisitions are included in NOTE 2. ACQUISITIONS of these Notes to Consolidated Financial Statements. CASH AND CASH EQUIVALENTS Cash on hand, cash items in process of collection and noninterest bearing cash held at various banks are included in cash and cash equivalents and have a maturity of less than three months. The Corporation maintains deposits with other financial institutions in amounts that exceed federal deposit insurance coverage. Management regularly evaluates the credit risk associated with the counterparties to these transactions and believes there is not significant credit risk on cash and cash equivalents. INTEREST-BEARING DEPOSITS Interest-bearing cash held at various banks and the Federal Reserve Bank and federal funds sold are included in interest-bearing deposits and have a maturity of less than three months. The Corporation maintains deposits with other financial institutions in amounts that exceed federal deposit insurance coverage. Management regularly evaluates the credit risk associated with the counterparties to these transactions and believes there is not significant credit risk on interest-bearing deposits. INVESTMENT SECURITIES Held to maturity securities are carried at amortized cost when the Corporation has the positive intent and ability to hold them until maturity. Available for sale securities are recorded at fair value on a recurring basis with the unrealized gains and losses, net of applicable income taxes, recorded in other comprehensive income (loss). Realized gains and losses are recorded in earnings and the prior fair value adjustments are reclassified within stockholders’ equity. Gains and losses on sales of securities are determined on the specific-identification method. Amortization of premiums and accretion of discounts are amortized to their earliest call date and are recorded as interest income from securities. Details of the Corporation’s investment securities portfolio are included in NOTE 4. INVESTMENT SECURITIES of these Notes to Consolidated Financial Statements. ALLOWANCE FOR CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE FOR SALE For investment securities available for sale in an unrealized loss position, the Corporation first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For investment securities available for sale that do not meet the aforementioned criteria, the Corporation evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Corporation considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded, limited by the amount that the fair value is less than the amortized cost basis. Unrealized losses that have not been recorded through an allowance for credit losses are recognized in other comprehensive income (loss). Adjustments to the allowance for credit losses are reported in the income statement as a component of the provision for credit loss. The Corporation has made the accounting policy election to exclude accrued interest receivable on investment securities available for sale from the estimate of credit losses. Investment securities available for sale are charged off against the allowance or, in the absence of any allowance, written down through the income statement when deemed uncollectible or when either of the aforementioned criteria regarding intent or requirement to sell is met. The Corporation did not record an allowance for credit losses on its investment securities available for sale as the unrealized losses were attributable to changes in interest rates, not credit quality. Details of the Corporation’s allowance for credit losses on investment securities available for sale are included in NOTE 4. INVESTMENT SECURITIES of these Notes to Consolidated Financial Statements. ALLOWANCE FOR CREDIT LOSSES ON INVESTMENT SECURITIES HELD TO MATURITY (“ACL - INVESTMENTS”) The ACL - Investments is a contra asset-valuation account that is deducted from the amortized cost basis of investment securities held to maturity to present the net amount expected to be collected. Investment securities held to maturity are charged off against the ACL - Investments when deemed uncollectible. Adjustments to the ACL - Investments are reported in the income statement as a component of the provision for credit loss. The Corporation measures expected credit losses on held to maturity debt securities on a collective basis by major security type with each type sharing similar risk characteristics, and considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. The Corporation has made the accounting policy election to exclude accrued interest receivable on investment securities held to maturity from the estimate of credit losses. With regard to U.S. Government-sponsored agency and mortgage-backed securities, all these securities are issued by a U.S. government-sponsored entity and have an implicit or explicit government guarantee. With regard to securities issued by states and municipalities and other investment securities held to maturity, management considers (1) issuer bond ratings, (2) the financial condition of the issuer, (3) historical loss rates for given bond ratings, and (4) whether issuers continue to make timely principal and interest payments under the contractual terms of the securities. Historical loss rates associated with securities having similar grades as those in the Corporation’s portfolio have generally not been significant. An allowance for credit losses of $245,000 was recorded on state and municipal securities classified as held to maturity based on applying the long-term historical credit loss rate, as published by Moody’s, for similarly rated securities. Details of the Corporation’s ACL - Investments are included in NOTE 4. INVESTMENT SECURITIES of these Notes to Consolidated Financial Statements. LOANS HELD FOR SALE Loans held for sale are carried at the lower of aggregate cost or market value. Loan fees (net of certain direct loan origination costs) on loans held for sale are deferred until the related loans are sold or repaid. Gains or losses on loan sales are recognized at the time of sale and determined using the specific identification method. LOANS The Corporation’s loan portfolio is carried at the principal amount outstanding, net of unearned income and principal charge-offs. Loan origination fees, net of direct loan origination costs, and commitment fees are deferred and amortized as an adjustment to yield over the life of the loan, or over the commitment period, as applicable. Interest income is accrued on the principal balances of loans. The accrual of interest is discontinued on a loan when, in management’s opinion, the borrower may be unable to meet payments as they become due. When the interest accrual is discontinued, all unpaid accrued interest is reversed against earnings when considered uncollectible. Interest income accrued in the prior year, if any, is charged to the allowance for credit losses. Interest income is subsequently recognized only to the extent cash payments are received and the loan is returned to accruing status. Details of the Corporation’s loan portfolio are included in NOTE 5. LOANS AND ALLOWANCE FOR CREDIT LOSSES of these Notes to Consolidated Financial Statements. PURCHASED CREDIT DETERIORATED (“PCD”) LOANS The Corporation accounts for its acquisitions under ASC Topic 805, Business Combinations, which requires the use of the acquisition method of accounting. All identifiable assets acquired, including loans, are recorded at fair value. The fair value of acquired loans at the time of acquisition is based on a variety of factors including discounted expected cash flows, adjusted for estimated prepayments and credit losses. In accordance with ASC 326, Financial Instruments – Credit Losses, the fair value adjustment is recorded as a premium or discount to the unpaid principal balance of each acquired loan. Acquired loans are classified into two categories: loans with more than insignificant credit deterioration (“PCD”) since origination, and loans with insignificant credit deterioration (“non-PCD”) since origination. Factors considered when determining whether a loan has a more-than-insignificant deterioration since origination include, but are not limited to, the materiality of the credit, risk grade, delinquency, nonperforming status, bankruptcies, and other qualitative factors. The net premium or discount on PCD loans is recorded in the Corporation’s allowance for credit losses on loans at the time of acquisition. The remaining net premium or discount is accreted or amortized into interest income over the remaining life of the loan using an effective yield method. The net premium or discount on non-PCD loans, that includes credit and non-credit components, is accreted or amortized into interest income over the remaining life of the loan using an effective yield method. Additionally, non-PCD loans have an allowance for credit loss established on acquisition date, which is recognized in the current period provision for credit loss expense. In the event of prepayment, unamortized discounts or premiums on PCD and non-PCD loans are recognized in interest income. ALLOWANCE FOR CREDIT LOSSES - LOANS (“ACL - Loans”) The ACL - Loans is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on loans over the contractual term. Loans are charged off against the allowance when the uncollectibility of the loan is confirmed. Expected recoveries do not exceed the aggregate of amounts previously charged off and expected to be charged off. Adjustments to the ACL - Loans are reported in the income statement as a component of provision for credit loss. The Corporation has made the accounting policy election to exclude accrued interest receivable on loans from the estimate of credit losses. Further information regarding the policies and methodology used to estimate the ACL - Loans is detailed in NOTE 5. LOANS AND ALLOWANCE FOR CREDIT LOSSES of these Notes to Consolidated Financial Statements. PENSION The Corporation has defined-benefit pension plans, including non-qualified plans for certain employees, former employees and former non-employee directors. In 2005, the Board of Directors of the Corporation approved the curtailment of the accumulation of defined benefits for future services provided by certain participants in the First Merchants Corporation Retirement Plan. No additional pension benefits have been earned by any employees who had not met certain requirements as of March 1, 2005. The benefits are based primarily on years of service and employees’ pay near retirement. The Corporation’s accounting policies related to pensions and other post retirement benefits reflect the guidance in ASC 715, Compensation – Retirement Benefits. The Corporation does not consolidate the assets and liabilities associated with the pension plan. Instead, the Corporation recognizes the funded status of the plan in the Consolidated Balance Sheets. The measurement of the funded status and the annual pension expense involves actuarial and economic assumptions. Various statistical and other factors, which attempt to anticipate future events, are used in calculating the expense and liabilities related to the plans. Key factors include assumptions on the expected rates of return on plan assets, discount rates and health care costs and trends. The Corporation considers market conditions, including changes in investment returns and interest rates in making these assumptions. The primary assumptions used in determining the Corporation’s pension and post retirement benefit obligations and related expenses are presented in NOTE 19. PENSION AND OTHER POST RETIREMENT BENEFIT PLANS of these Notes to Consolidated Financial Statements. PREMISES AND EQUIPMENT Premises and equipment is carried at cost net of accumulated depreciation. Depreciation is computed using the straight-line and declining balance methods based on the estimated useful lives of the assets ranging from three to forty years. Maintenance and repairs are expensed as incurred, while major additions and improvements, which extend the useful life, are capitalized. Gains and losses on dispositions are included in current operations. Details of the Corporation’s premises and equipment are included in NOTE 6. PREMISES AND EQUIPMENT of these Notes to Consolidated Financial Statements. LEASES The Corporation leases certain land and premises from third parties and all are classified as operating leases. Operating leases are included in Other Assets and Other Liabilities on the Corporation’s Consolidated Balance Sheets and lease expense for lease payments is recognized on a straight-line basis over the lease term. Right of Use (“ROU”) assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the term. An ROU asset represents the right to use the underlying asset for the lease term and also includes any direct costs and payments made prior to lease commencement and excludes lease incentives. When an implicit rate is not available, an incremental borrowing rate based on the information available at commencement date is used in determining the present value of the lease payments. A lease term may include an option to extend or terminate the lease when it is reasonably certain the option will be exercised. Short-term leases of twelve months or less are excluded from accounting guidance; as a result, the lease payments are recognized on a straight-line basis over the lease term and the leases are not reflected on the Corporation’s Consolidated Balance Sheets. Renewal and termination options are considered when determining short-term leases. Leases are accounted for at the individual level. Details of the Corporation’s leases are included in NOTE 9. LEASES of these Notes to Consolidated Financial Statements. QUALIFIED AFFORDABLE HOUSING INVESTMENTS Qualified affordable housing investments are investments related to low income housing tax credits (“LIHTC”). The purpose of the Corporation’s investment in LIHTC partnerships is to assist in achieving the goals of the Community Reinvestment Act and to earn an adequate return on capital via the federal income tax credit. LIHTC partnerships are managed by unrelated general partners that have the power to direct the activities which most significantly affect the performance of the partnerships and, therefore, the Corporation is not the primary beneficiary of these partnerships. Accordingly, the Corporation does not consolidate these variable interest entities into its consolidated financial statements. Investments in LIHTCs are included in other assets on the Consolidated Balance Sheets and the unfunded commitments to provide additional capital for LIHTC investments are included in other liabilities on the Consolidated Balance Sheets. Additionally, the Corporation amortizes the cost of the qualifying investments over the 10-year credit life cycle. The amortization and income tax credits are included as a component of income tax expense in the Consolidated Statements of Income. Details of the Corporation’s LIHTC investments are included in NOTE 10. QUALIFIED AFFORDABLE HOUSING INVESTMENTS of these Notes to Consolidated Financial Statements. FEDERAL HOME LOAN BANK STOCK (“FHLB”) FHLB stock is a required investment for institutions that are members of the FHLB. The Bank is a member of the FHLB of Indianapolis. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost and is classified as a restricted security. Both cash and stock dividends are reported as income. INTANGIBLE ASSETS Intangible assets are acquired assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold or exchanged either on its own or in combination with a related contract, asset or liability. Intangible assets with definite useful lives are subject to amortization and relate to core deposits, customer relationships and non-compete agreements. These intangible assets are being amortized on both the straight-line and accelerated basis over two to ten years. Intangible assets are periodically evaluated as to the recoverability of their carrying value. Details of the Corporation’s other intangible assets are included in NOTE 8. OTHER INTANGIBLES of these Notes to Consolidated Financial Statements. GOODWILL Goodwill is maintained by applying the provisions of ASC 350, Intangibles – Goodwill and Other. For acquisitions, assets acquired, including identified intangible assets, and the liabilities assumed are required to be recorded at their fair value. These often involve estimates based on third party valuations, such as appraisals, or internal valuations based on discounted cash flow analysis or other valuation techniques that may include estimates of attrition, inflation, asset growth rates, or other relevant factors. In addition, the determination of the useful lives over which the intangible asset will be amortized is subjective. Under ASC 350, the Corporation is required to evaluate goodwill for impairment on an annual basis, as well as on an interim basis, if events or changes indicate that the asset may be impaired, indicating that the carrying value may not be recoverable. The Corporation completed its most recent annual goodwill impairment test during the fourth quarter of 2023 and concluded, based on current events and circumstances goodwill is not impaired. Details of the Corporation’s goodwill are included in NOTE 7. GOODWILL of these Notes to Consolidated Financial Statements. BANK OWNED LIFE INSURANCE (“BOLI”) BOLI policies have been purchased, as well as obtained through acquisitions, on certain current and former employees and directors of the Corporation to offset a portion of the employee benefit costs. The Corporation records the life insurance at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or amounts due that are probable at settlement. Changes in cash surrender values and death benefits received in excess of cash surrender values are reported in noninterest income. A corporate policy is in place with defined thresholds that limit the amount of credit, interest rate and liquidity risk inherent in a BOLI portfolio. The Corporation actively monitors the overall portfolio performance along with the credit quality of the insurance carriers and the credit quality and yield of the underlying investments. OTHER REAL ESTATE OWNED (“OREO”) OREO consists of assets acquired through, or in lieu of, loan foreclosure and are held for sale. They are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation are included in other real estate owned and foreclosure expenses. DERIVATIVE INSTRUMENTS Derivative instruments, which are recorded as assets or liabilities in the Consolidated Balance Sheets, are carried at fair value of the derivatives and reflects the estimated amounts that would have been received to terminate these contracts at the reporting date based upon pricing or valuation models applied to current market information. As part of the asset/liability management program, the Corporation will utilize, from time to time, interest rate floors, caps or swaps to reduce its sensitivity to interest rate fluctuations. Changes in the fair values of derivatives are reported in the consolidated statements of operations or AOCI depending on the use of the derivative and whether the instrument qualifies for hedge accounting. The key criterion for hedge accounting is that the hedged relationship must be highly effective in achieving offsetting changes in those cash flows that are attributable to the hedged risk, both at inception of the hedge and on an ongoing basis. Derivatives that qualify for the hedge accounting treatment are designated as either: (1) a hedge of the fair value of the recognized asset or liability, or of an unrecognized firm commitment (a fair value hedge); or (2) a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (a cash flow hedge). To date, the Corporation has only entered into a cash flow hedge. For cash flow hedges, changes in the fair values of the derivative instruments are reported in AOCI to the extent the hedge is effective. The gains and losses on derivative instruments that are reported in AOCI are reflected in the Consolidated Statements of Income in the periods in which the results of operations are impacted by the variability of the cash flows of the hedged item. Generally, net interest income is increased or decreased by amounts receivable or payable with respect to the derivatives, which qualify for hedge accounting. At inception of the hedge, the Corporation establishes the method it uses for assessing the effectiveness of the hedging derivative and the measurement approach for determining the ineffective aspect of the hedge. The ineffective portion of the hedge, if any, is recognized in the Consolidated Statements of Income. The Corporation excludes the time value expiration of the hedge when measuring ineffectiveness. The Corporation offers interest rate derivative products (e.g. interest rate swaps) to certain of its high-quality commercial borrowers. This product allows customers to enter into an agreement with the Corporation to swap their variable rate loan to a fixed rate. These derivative products are designed to reduce, eliminate or modify the risk of changes in the borrower’s interest rate or market price risk. The extension of credit incurred through the execution of these derivative products is subject to the same approvals and rigorous underwriting standards as the related traditional credit product. The Corporation limits its risk exposure to these products by entering into a mirror-image, offsetting swap agreement with a separate, well-capitalized and rated counterparty previously approved by the Credit and Asset Liability Committee. By using these interest rate swap arrangements, the Corporation is also better insulated from the interest rate risk associated with underwriting fixed-rate loans. These derivative contracts are not designated against specific assets or liabilities under ASC 815, Derivatives and Hedging, and, therefore, do not qualify for hedge accounting. The derivatives are recorded on the balance sheet at fair value and changes in fair value of both the customer and the offsetting swap agreements are recorded (and essentially offset) in noninterest income. The fair value of the derivative instruments incorporates a consideration of credit risk (in accordance with ASC 820, Fair Value Measurements and Disclosures), resulting in some volatility in earnings each period. Commitments to fund certain mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of mortgage loans to third party investors are considered derivatives. It is the Corporation’s practice to enter into forward commitments for the future delivery of residential mortgage loans when interest rate lock commitments are entered into in order to economically hedge the effect of changes in interest rates resulting from its commitments to fund the loans. These mortgage banking derivatives are not designated in hedge relationships. Fair values were estimated based on changes in mortgage interest rates from the date of the commitments. Changes in the fair value of these mortgage banking derivatives are included in net gains and fees on sales of loans. In the normal course of business, the Corporation may decide to settle a forward contract rather than fulfill the contract. Cash received or paid in this settlement manner is included in “Net gains and fees on sales of loans” in the Consolidated Statements of Income and is considered a cost of executing a forward contract. Details of the Corporation’s derivative instruments are included in NOTE 13. DERIVATIVE FINANCIAL INSTRUMENTS of these Notes to Consolidated Financial Statements. SECURITIES SOLD UNDER REPURCHASE AGREEMENTS Securities sold under repurchase agreements represent securities the Corporation routinely sells to certain treasury management customers and then repurchases these securities the next day. Securities sold under repurchase agreements are reflected as secured borrowings in the Corporation’s Consolidated Balance Sheets at the amount of cash received in connection with each transaction. Details of the Corporation’s repurchase agreements are included in NOTE 12. BORROWINGS of these Notes to Consolidated Financial Statements. ALLOWANCE FOR CREDIT LOSSES - OFF-BALANCE SHEET CREDIT EXPOSURES The allowance for credit losses on off-balance sheet credit exposures is a liability account representing expected credit losses over the contractual period for which the Corporation is exposed to credit risk resulting from a contractual obligation to extend credit. No allowance is recognized if the Corporation has the unconditional right to cancel the obligation. Off-balance sheet credit exposures primarily consist of amounts available under outstanding lines of credit and letters of credit. For the period of exposure, the estimate of expected credit losses considers both the likelihood that funding will occur and the amount expected to be funded over the estimated remaining life of the commitment or other off-balance sheet exposure. The likelihood and expected amount of funding are based on historical utilization rates. The amount of the allowance represents management’s best estimate of expected credit losses on commitments expected to be funded over the contractual life of the commitment. The allowance for off-balance sheet credit exposures is adjusted through the income statement as a component of provision for credit loss. Further information regarding the policies and methodology used to estimate the allowance for credit losses on off-balance sheet credit exposures is detailed in NOTE 5. LOANS AND ALLOWANCE FOR CREDIT LOSSES of these Notes to Consolidated Financial Statements. REVENUE RECOGNITION Revenue recognition guidance establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. The majority of the Corporation’s revenue-generating transactions are not subject to ASU 2014-09, including revenue generated from financial instruments, such as loans, letters of credit, derivatives and investment securities, as well as revenue related to mortgage servicing activities, as these activities are subject to other GAAP discussed elsewhere within the disclosures. The Corporation has evaluated the nature of its contracts with customers and determined that further disaggregation of revenue from contracts with customers into more granular categories beyond what is presented in the Consolidated Statements of Income was not necessary. Descriptions of revenue-generating activities that are within the scope of ASU 2014-09, which are presented in our income statements are as follows: Service charges on deposit accounts: The Corporation earns fees from its deposit customers for transaction-based, account maintenance and overdraft services. Transaction-based fees, which include services such as ATM use fees, stop payment charges, statement rendering and ACH fees, are recognized at the time the transaction is executed, which is the point in time the Corporation fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned monthly, representing the period which the Corporation satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance. Fiduciary activities: This represents monthly fees due from wealth management customers as consideration for managing the customers’ assets. Wealth management and trust services include custody of assets, investment management, fees for trust services and similar fiduciary activities. These fees are primarily earned over time as the Corporation provides the contracted monthly or quarterly services and are generally assessed based on the market value of assets under management at month-end. Fees that are transaction-based are recognized at the point in time that the transaction is executed. Investment Brokerage Fees: The Corporation earns fees from investment brokerage services provided to its customers by a third-party service provider. The Corporation receives commissions from the third-party provider on a monthly basis based upon customer activity for the month. The fees are paid to us by the third party on a monthly basis and are recognized when received. Interchange income: The Corporation earns interchange fees from debit and credit cardholder transactions conducted through the Visa and MasterCard payment networks. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized concurrent with the transaction processing services provided to the cardholder. Gains (Losses) on Sales of OREO: The Corporation records a gain or loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Corporation finances the sale of OREO to the buyer, the Corporation assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the OREO asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on the sale, the Corporation adjusts the transaction price and related gain (loss) on sale if a significant financing component is present. TRANSFERS OF FINANCIAL ASSETS Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered, or in the case of a loan participation, a portion of the asset has been surrendered and meets the definition of a “participating interest.” Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Corporation and put presumptively beyond the reach of the transferor and its creditors, even in bankruptcy or other receivership, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets and (3) the Corporation does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. SHARE-BASED COMPENSATION Stock option and restricted stock award plans are maintained by the Corporation. The compensation costs are recognized for stock options and restricted stock awards issued to employees and directors based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options. The market price of the Corporation’s common stock at the date of grant is used for restricted stock awards. Compensation expense is recognized over the appropriate service period, which is generally two to five years. Details of the Corporation’s share-based compensation are included in NOTE 18. SHARE-BASED COMPENSATION of these Notes to Consolidated Financial Statements. INCOME TAX Income tax expense in the Consolidated Statements of Income is the total of the current year income tax due or refundable and changes in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts from the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. The Corporation files consolidated income tax returns with its subsidiaries. The Corporation is generally no longer subject to U.S. federal, state and local income tax examinations by tax authorities for tax years before 2020. The Corporation accounts for income taxes under the provisions of ASC 740, Income Taxes, which prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. Per the guidance in ASC 740, the Corporation has not identified any uncertain tax positions that it believes should be recognized in the financial statements. The Corporation reviews income tax expense and the carrying value of deferred tax assets and liabilities quarterly; as new information becomes available, the balances are adjusted, if applicable. The Corporation’s policy is to recognize interest and penalties related to unrecognized tax benefits, if any, as a component of income tax expense. Details of the Corporation’s income taxes are included in NOTE 20. INCOME TAX of these Notes to Consolidated Financial Statements. NET INCOME PER COMMON SHARE Basic net income per share is computed by dividing net income available to common shareholders by the weighted-average number of shares of common stock outstanding. Diluted net income per share is computed by dividing net income available to common shareholders by the weighted-average number of shares of common stock outstanding, plus the dilutive effect of outstanding stock options and non-vested restricted stock awards. Potentially dilutive common shares are excluded from the computation of diluted earnings per share in the periods where the effect would be antidilutive. Details of the Corporation’s net income per share are included in NOTE 21. NET INCOME PER COMMON SHARE of these Notes to Consolidated Financial Statements. RECENT ACCOUNTING CHANGES ADOPTED IN 2023 FASB Accounting Standards Updates - No. 2020-04 - Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Summary - The FASB issued ASU No. 2020-04 to provide temporary optional guidance to ease the potential burden in accounting for reference rate reform. London Interbank Offered Rate (“LIBOR”) and other interbank offered rates are widely used benchmarks or reference rates in the United States and globally. Trillions of dollars in loans, derivatives, and other financial contracts reference LIBOR, the benchmark interest rate banks use to make short-term loans to each other. With global capital markets expected to move away from LIBOR and other interbank offered rates and move toward rates that are more observable or transaction based and less susceptible to manipulation, the FASB launched a broad project in late 2018 to address potential accounting challenges expected to arise from the transition. The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The ASU is intended to help stakeholders during the global market-wide reference rate transition period. With the issuance of ASU 2022-06 - Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, the sunset date for adoption of ASU 2020-04 was extended from December 31, 2022 to December 31, 2024. The Corporation adopted the expedients included in this ASU in the second quarter of 2023 as it transitioned its loans and other financial instruments to another reference rate. FASB Accounting Standards Updates - No. 2021-01 - Reference Rate Reform (Topic 848): Scope Summary - The FASB has published ASU 2021-01, Reference Rate Reform, which clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The ASU also amends the expedients and exceptions in Topic 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. If an entity elects to apply any of the amendments in this Update for an eligible hedging relationship, any adjustments as a result of those elections must be reflected as of the date the entity applies the election. With the issuance of ASU 2022-06 - Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, the sunset date for adoption of ASU 2021-01 was extended from December 31, 2022 to December 31, 2024. The Corporation adopted the expedients included in this ASU in the second quarter of 2023 as it transitioned its loans and other financial instruments to another reference rate. FASB Accounting Standards Updates - No. 2021-08 - Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers Summary - The FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, that addressed diversity in practice related to the accounting for revenue contracts with customers acquired in a business combination. Under existing GAAP, an acquirer generally recognized assets acquired and liabilities assumed in a business combination, including contract assets and contract liabilities arising from revenue contracts with customers and other similar contracts that are accounted for in accordance with Topic 606, Revenue from Contracts with Customers, at fair value on the acquisition date. The FASB indicated that some stakeholders indicated that it is unclear how an acquirer should evaluate whether to recognize a contract liability from a revenue contract with a customer acquired in a business combination after Topic 606 was adopted. Furthermore, it was identified that under current practice, the timing of payment (payment terms) of a revenue contract may subsequently affect the post-acquisition revenue recognized by the acquirer. To address this, the ASU required entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination. Finally, the amendments in the ASU improve comparability after the business combination by providing consistent recognition and measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts with customers not acquired in a business combination. For public business entities, the amendments were effective for fiscal years beginning after December 31, 2022, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 31, 2023, including interim periods within those fiscal years. The amendments in this Update are applied prospectively to business combinations occurring on or after the effective date of the amendments. Early adoption of the amendments was permitted, including adoption in an interim period. An entity that early adopted in an interim period applied the amendments (1) retrospectively to all business combinations for which the acquisition date occurred on or after the beginning of the fiscal year that included the interim period or early application, and (2) prospectively to all business combinations that occurred on or after the date of initial application. The Corporation adopted this guidance on January 1, 2023, but adoption of the standard did not have any impact on the Corporation’s financial statements or disclosures. FASB Accounting Standards Updates - No. 2022-02 - Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures Summary - The FASB issued ASU No. 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, to improve the usefulness of information provided to investors about certain loan refinancings, restructurings, and writeoffs. Troubled Debt Restructurings (“TDR”) by Creditors That Have Adopted CECL During the FASB’s post-implementation review of the credit losses standard, including a May 2021 roundtable, investors and other stakeholders questioned the relevance of the TDR designation and the usefulness of disclosures about those modifications. Some noted that measurement of expected losses under the CECL model already incorporated losses realized from restructurings that are TDRs and that relevant information for investors would be better conveyed through enhanced disclosures about certain modifications. The amendments in the new ASU eliminate the accounting guidance for TDRs by creditors that have adopted CECL while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors made to borrowers experiencing financial difficulty. Vintage Disclosures - Gross Writeoffs The disclosure of gross writeoff information by year of origination was cited by numerous investors as an essential input to their analysis. To address this feedback, the amendments in the new ASU require that a public business entity disclose current-period gross writeoffs by year of origination for financing receivables and net investment in leases. For entities that have adopted the amendments in ASU 2016-13, the amendments in this Update were effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Corporation adopted this Update on January 1, 2023 and the new disclosures required in this Update are included in NOTE 5. LOANS AND ALLOWANCE of these Notes to Consolidated Condensed Financial Statements. NEW ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED The Corporation continually monitors potential accounting pronouncement and SEC release changes. The following pronouncements and releases have been deemed to have the most applicability to the Corporation’s financial statements and will be adopted after December 31, 2023: FASB Accounting Standards Updates - No. 2023-02 - Investments - Equity Method and Joint Ventures (Topic 323) - Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method Summary - The FASB issued ASU No. 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method, that is intended to improve the accounting and disclosures for investments in tax credit structures. The ASU is a consensus of the FASB’s Emerging Issues Task Force (“EITF”). The ASU allows reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. The ASU responds to stakeholder feedback that the proportional amortization method provides investors and other allocators of capital with a better understanding of the returns from investments that are made primarily for the purpose of receiving income tax credits and other income tax benefits. Reporting entities were previously permitted to apply the proportional amortization method only to qualifying tax equity investments in low-income housing tax credit (LIHTC) structures. In recent years, stakeholders asked the FASB to extend the application of the proportional amortization method to qualifying tax equity investments that generate tax credits through other programs, which resulted in the EITF addressing this issue. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. Early adoption is permitted for all entities in any interim period. The Corporation is assessing the terms of this guidance, but adoption of the standard is not expected to have a significant impact on the Corporation’s financial statements or disclosures. FASB Accounting Standards Updates - No. 2023-07 - Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosure Summary - The FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosure, that is intended to improve disclosures about a public entity’s reportable segments and addresses requests from investors and other allocators of capital for additional, more detailed information about a reportable segment’s expenses. The amendments in the ASU are intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The key amendments: •Require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss. •Require that a public entity disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition. The other segment items category is the difference between segment revenue less the significant expenses disclosed and each reported measure of segment profit or loss. •Require that a public entity provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by FASB Accounting Standards Codification® Topic 280, Segment Reporting, in interim periods. •Clarify that if the CODM uses more than one measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures of segment profit or loss. However, at least one of the reported segment profit or loss measures (or the single reported measure, if only one is disclosed) should be the measure that is most consistent with the measurement principles used in measuring the corresponding amounts in the public entity’s consolidated financial statements. •Require that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. •Require that a public entity that has a single reportable segment provide all the disclosures required by the amendments in the ASU and all existing segment disclosures in Topic 280. ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, applies to all public entities that are required to report segment information in accordance with Topic 280. All public entities will be required to report segment information in accordance with the new guidance starting in annual periods beginning after December 15, 2023. This ASU is not expected to have a material impact on the Corporation’s financial statements and disclosures as the Corporation has one operating segment. FASB Accounting Standards Update - No. 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures Summary - The FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures in the fourth quarter of 2023. This ASU is intended to enhance income tax disclosures to address investor requests for more information about the tax risks and opportunities present in an entity’s worldwide operations. The two primary enhancements disaggregate existing income tax disclosures related to the effective tax rate reconciliation and income taxes paid. These amendments require that public business entities on an annual basis disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. The amendments also require that all entities disclose on an annual basis the amount of income taxes paid (net of refunds received) disaggregated by federal, state and foreign taxes and the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than five percent of total income taxes paid (net of refunds received). For public business entities, the amendments are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issue. The amendments should be applied on a prospective basis. The Corporation is assessing the terms of this guidance, but adoption of the standard is not expected to have a significant impact on the Corporation’s financial statements or disclosures.

PREMISES AND EQUIPMENT - Schedule of Premises and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Premises and Equipment [Line Items]
Total Cost	$ 360,357	$ 344,718
Accumulated Depreciation and Amortization	(226,461)	(227,600)
Net	133,896	117,118
Land
Premises and Equipment [Line Items]
Total Cost	25,655	25,299
Buildings and Leasehold Improvements
Premises and Equipment [Line Items]
Total Cost	186,444	174,895
Equipment
Premises and Equipment [Line Items]
Total Cost	$ 148,258	$ 144,524

CONDENSED FINANCIAL INFORMATION (parent company only) - Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets
Cash and due from banks	$ 112,649	$ 122,594
Premises and equipment	133,896	117,118
Interest receivable	97,664	85,070
Goodwill	712,002	712,002	$ 545,385
Cash surrender value of life insurance	306,301	308,311
Other assets	322,322	285,524
TOTAL ASSETS	18,405,887	18,002,199
Liabilities [Abstract]
Subordinated debentures and other borrowings	1,028,776	1,313,945
Interest payable	18,912	7,530
Other liabilities	289,033	263,209
Total Liabilities	16,158,174	15,967,429
Stockholders' equity	2,247,713	2,034,770	$ 1,912,571	$ 1,875,645
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	18,405,887	18,002,199
Parent
Assets
Cash and due from banks	100,858	56,739
Investment in subsidiaries	2,291,788	2,124,104
Premises and equipment	85	119
Interest receivable	7	6
Goodwill	448	448
Cash surrender value of life insurance	756	736
Other assets	8,954	6,851
TOTAL ASSETS	2,402,896	2,189,003
Liabilities [Abstract]
Subordinated debentures and other borrowings	150,174	150,115
Interest payable	1,383	979
Other liabilities	3,626	3,139
Total Liabilities	155,183	154,233
Stockholders' equity	2,247,713	2,034,770
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 2,402,896	$ 2,189,003

INVESTMENT SECURITIES - Amortized Cost of Investment Securities Held to Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 2,184,497	$ 2,287,372
Aaa
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	185,143
Aa1
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	150,821
Aa2
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	178,461
Aa3
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	133,439
A1
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	131,314
A2
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	16,834
A3
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	3,467
Non-rated
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	1,385,018
State and municipal
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	1,099,201	$ 1,117,552
State and municipal \| Aaa
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	114,557
State and municipal \| Aa1
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	150,821
State and municipal \| Aa2
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	178,461
State and municipal \| Aa3
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	133,439
State and municipal \| A1
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	131,314
State and municipal \| A2
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	16,834
State and municipal \| A3
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	3,467
State and municipal \| Non-rated
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	370,308
Other
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	1,085,296
Other \| Aaa
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	70,586
Other \| Aa1
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	0
Other \| Aa2
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	0
Other \| Aa3
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	0
Other \| A1
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	0
Other \| A2
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	0
Other \| A3
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	0
Other \| Non-rated
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 1,014,710

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Schedule of Changes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	$ 2,034,770	$ 1,912,571	$ 1,875,645
Other comprehensive income (loss) before reclassifications	57,629	(293,798)
Amounts reclassified from accumulated other comprehensive income (loss)	5,552	(466)
Period change	63,181	(294,264)	(19,723)
Ending balance	2,247,713	2,034,770	1,912,571
Total
Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	(239,151)	55,113	74,836
Period change	63,181	(294,264)	(19,723)
Ending balance	(175,970)	(239,151)	55,113
Unrealized Gains (Losses) on Securities Available for Sale
Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	(234,495)	59,774
Other comprehensive income (loss) before reclassifications	55,366	(293,326)
Amounts reclassified from accumulated other comprehensive income (loss)	5,475	(943)
Period change	60,841	(294,269)
Ending balance	(173,654)	(234,495)	59,774
Unrealized Gains (Losses) on Cash Flow Hedges
Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	130	(660)
Other comprehensive income (loss) before reclassifications	(142)	378
Amounts reclassified from accumulated other comprehensive income (loss)	12	412
Period change	(130)	790
Ending balance	0	130	(660)
Unrealized Gains (Losses) on Defined Benefit Plans
Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	(4,786)	(4,001)
Other comprehensive income (loss) before reclassifications	2,405	(850)
Amounts reclassified from accumulated other comprehensive income (loss)	65	65
Period change	2,470	(785)
Ending balance	$ (2,316)	$ (4,786)	$ (4,001)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-12

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
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-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
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-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//1943274/2147480418/310-10-S99-2

+ Details

PENSION AND OTHER POST RETIREMENT BENEFIT PLANS - Narrative (Details) - USD ($)		12 Months Ended
	Mar. 01, 2005	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Percentage of employees covered by plan		9.00%
Minimum participant attained age	55 years
Requisite service period (at least)	10 years
Decrease in funded status		$ 4,700,000
Accumulated other comprehensive loss, net of tax		2,500,000
Actual return on plan assets		9,395,000	$ (11,799,000)
More than expected return			5,500,000
Accumulated benefit obligation		55,800,000	55,800,000
Net periodic pension benefit cost		(844,000)	(2,539,000)	$ (2,094,000)
Minimum required contribution in next fiscal year		$ 0
Requisite service period		1000 hours
Employer percentage contribution		2.00%
Vesting period		5 years
Expense recognized in the period		$ 7,200,000	6,500,000	5,200,000
Fair value of plan assets		82,258,000	77,534,000	94,588,000
Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		76,849,000	74,032,000
Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		$ 5,409,000	3,502,000
MBT
Defined Benefit Plan Disclosure [Line Items]
Requisite service period (at least)		5 years
Defined benefit plan, benefit obligation		$ 2,300,000	2,400,000
Post retirement plan expense		$ 44,000	$ 53,000	62,000
Contribution for first 3%
Defined Benefit Plan Disclosure [Line Items]
Amount of discretionary contributions made by employer to defined contribution plan, percent		100.00%
Maximum annual contribution percentage per employee		3.00%
Contribution after first 3%
Defined Benefit Plan Disclosure [Line Items]
Amount of discretionary contributions made by employer to defined contribution plan, percent		50.00%
Maximum annual contribution percentage per employee		3.00%
Minimum \| MBT
Defined Benefit Plan Disclosure [Line Items]
Age of plan participants		55 years
Minimum \| Debt securities
Defined Benefit Plan Disclosure [Line Items]
Maturities of debt securities		75 days	15 days
Maximum \| MBT
Defined Benefit Plan Disclosure [Line Items]
Age of plan participants		65 years
Maximum \| Debt securities
Defined Benefit Plan Disclosure [Line Items]
Maturities of debt securities		8 years 2 months 12 days	9 years 1 month 6 days
Weighted Average \| Debt securities
Defined Benefit Plan Disclosure [Line Items]
Maturities of debt securities		3 years 8 months 12 days	3 years 10 months 24 days
Non-qualified plans
Defined Benefit Plan Disclosure [Line Items]
Net periodic pension benefit cost		$ 174,000	$ 122,000	$ 117,000

QUALIFIED AFFORDABLE HOUSING INVESTMENTS

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

QUALIFIED AFFORDABLE HOUSING INVESTMENTS

The Corporation has investments in various limited partnerships that sponsor affordable housing projects. The purpose of these investments is to earn an adequate return of capital through the receipt of low income housing tax credits and to assist the Corporation in achieving goals associated with the CRA. These investments are included in other assets on the Consolidated Balance Sheet, with any unfunded commitments included in other liabilities. The investments are amortized as a component of income tax expense.

The following table summarizes the Corporation’s affordable housing investments as of December 31, 2023 and 2022:


	2023				2022
Investment Type	Investment		Unfunded Commitment		Investment		Unfunded Commitment
LIHTC	$	114,514	$	96,408	$	76,686	$	63,893

The following table summarizes the amortization expense and tax credits recognized for the Corporation’s affordable housing investments for the years ended December 31, 2023, 2022 and 2021:


	2023		2022		2021
Amortization expense	$	6,324	$	812	$	658
Tax credits recognized	5,327		1,055		874

Correction of a Prior Period Error on the Consolidated Balance Sheets

The Corporation identified a prior period accounting error substantially in the form of an immaterial understatement of other assets and other liabilities, solely related to the Corporation’s LIHTC partnerships. This correction impacted the Consolidated Balance Sheets as other assets and other liabilities were understated by $96.4 million and $63.9 million as of December 31, 2023 and 2022, respectively. There was a nominal impact to income tax expense in the Consolidated Statement of Operations for the years ended December 31, 2023, 2022 and 2021. In general, the unfunded commitment related to these agreements was being carried off balance sheet and should have been recorded as part of the investment asset and unfunded commitment liability. The Corporation concluded based on quantitative and qualitative analysis that this error was not material, on an individual or aggregate basis, to the Corporation’s previously reported financial statements and correction of the error would not be material to the current year financial statements, including any interim periods. However, the Corporation corrected this error as a voluntary immaterial revision to the accompanying consolidated financial statements of this Annual Report on Form 10-K, as of and for the fiscal years ended December 31, 2023, 2022 and 2021, in the periods in which the error occurred. For additional discussion related to the correction of a prior period error, see the “RECENT DEVELOPMENTS” section of Management’s Discussion and Analysis of Financial Condition and Results of Operations included as Item 7 of this Annual Report on Form 10-K.

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table summarizes the changes in the balances of each component of accumulated other comprehensive income (loss), net of tax, as of December 31, 2023 and 2022:


	Accumulated Other Comprehensive Income (Loss)
	Unrealized Gains (Losses) on Securities Available for Sale		Unrealized Gains (Losses) on Cash Flow Hedges		Unrealized Gains (Losses) on Defined Benefit Plans		Total
Balance at December 31, 2022	$	(234,495)	$	130	$	(4,786)	$	(239,151)
Other comprehensive income (loss) before reclassifications	55,366		(142)		2,405		57,629
Amounts reclassified from accumulated other comprehensive income (loss)	5,475		12		65		5,552
Period change	60,841		(130)		2,470		63,181

Balance at December 31, 2023	$	(173,654)	$	—	$	(2,316)	$	(175,970)


Balance at December 31, 2021	$	59,774	$	(660)	$	(4,001)	$	55,113
Other comprehensive income (loss) before reclassifications	(293,326)		378		(850)		(293,798)
Amounts reclassified from accumulated other comprehensive income (loss)	(943)		412		65		(466)
Period change	(294,269)		790		(785)		(294,264)

Balance at December 31, 2022	$	(234,495)	$	130	$	(4,786)	$	(239,151)

The following table presents the reclassification adjustments out of accumulated other comprehensive income (loss) that were included in net income in the Consolidated Statements of Income for the years ended December 31, 2023, 2022 and 2021:


	Amount Reclassified from Accumulated Other Comprehensive Income (Loss) For the Year Ended December 31,
Details about Accumulated Other Comprehensive Income (Loss) Components	2023		2022		2021		Affected Line Item in the Statements of Income
Unrealized gains (losses) on available for sale securities (1)
Realized securities gains (losses) reclassified into income	$	(6,930)	$	1,194	$	5,674	Other income - net realized gains on sales of available for sale securities
Related income tax benefit (expense)	1,455		(251)		(1,192)		Income tax expense
	$	(5,475)	$	943	$	4,482

Unrealized gains (losses) on cash flow hedges (2)
Interest rate contracts	$	(15)	$	(521)	$	(1,044)	Interest expense - subordinated debentures and other borrowings
Related income tax benefit (expense)	3		109		219		Income tax expense
	$	(12)	$	(412)	$	(825)

Unrealized gains (losses) on defined benefit plans
Amortization of net loss and prior service costs	$	(82)	$	(82)	$	(84)	Other expenses - salaries and employee benefits
Related income tax benefit (expense)	17		17		18		Income tax expense
	$	(65)	$	(65)	$	(66)

Total reclassifications for the period, net of tax	$	(5,552)	$	466	$	3,591

(1) For additional detail related to unrealized gains (losses) on available for sale securities and related amounts reclassified from accumulated other comprehensive income see NOTE 4. INVESTMENT SECURITIES of these Notes to Consolidated Financial Statements.

(2) For additional detail related to unrealized gains (losses) on cash flow hedges and related amounts reclassified from accumulated other comprehensive income see NOTE 13. DERIVATIVE FINANCIAL INSTRUMENTS of these Notes to Consolidated Financial Statements.

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in the balances of each component of accumulated other comprehensive income (loss), net of tax, as of December 31, 2023 and 2022:


	Accumulated Other Comprehensive Income (Loss)
	Unrealized Gains (Losses) on Securities Available for Sale		Unrealized Gains (Losses) on Cash Flow Hedges		Unrealized Gains (Losses) on Defined Benefit Plans		Total
Balance at December 31, 2022	$	(234,495)	$	130	$	(4,786)	$	(239,151)
Other comprehensive income (loss) before reclassifications	55,366		(142)		2,405		57,629
Amounts reclassified from accumulated other comprehensive income (loss)	5,475		12		65		5,552
Period change	60,841		(130)		2,470		63,181

Balance at December 31, 2023	$	(173,654)	$	—	$	(2,316)	$	(175,970)


Balance at December 31, 2021	$	59,774	$	(660)	$	(4,001)	$	55,113
Other comprehensive income (loss) before reclassifications	(293,326)		378		(850)		(293,798)
Amounts reclassified from accumulated other comprehensive income (loss)	(943)		412		65		(466)
Period change	(294,269)		790		(785)		(294,264)

Balance at December 31, 2022	$	(234,495)	$	130	$	(4,786)	$	(239,151)

Schedule of Reclassification out of Accumulated Other Comprehensive Income (Loss)


	Amount Reclassified from Accumulated Other Comprehensive Income (Loss) For the Year Ended December 31,
Details about Accumulated Other Comprehensive Income (Loss) Components	2023		2022		2021		Affected Line Item in the Statements of Income
Unrealized gains (losses) on available for sale securities (1)
Realized securities gains (losses) reclassified into income	$	(6,930)	$	1,194	$	5,674	Other income - net realized gains on sales of available for sale securities
Related income tax benefit (expense)	1,455		(251)		(1,192)		Income tax expense
	$	(5,475)	$	943	$	4,482

Unrealized gains (losses) on cash flow hedges (2)
Interest rate contracts	$	(15)	$	(521)	$	(1,044)	Interest expense - subordinated debentures and other borrowings
Related income tax benefit (expense)	3		109		219		Income tax expense
	$	(12)	$	(412)	$	(825)

Unrealized gains (losses) on defined benefit plans
Amortization of net loss and prior service costs	$	(82)	$	(82)	$	(84)	Other expenses - salaries and employee benefits
Related income tax benefit (expense)	17		17		18		Income tax expense
	$	(65)	$	(65)	$	(66)

Total reclassifications for the period, net of tax	$	(5,552)	$	466	$	3,591

INVESTMENT SECURITIES - Amortized Cost and Approximate Fair Values of Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Available for sale securities
Amortized Cost	$ 1,846,840	$ 2,273,347
Gross Unrealized Gains	826	439
Gross Unrealized Losses	220,554	297,125
Fair Value	1,627,112	1,976,661
Held to maturity securities
Amortized Cost	2,184,497	2,287,372
Allowance for Credit Losses	245	245
Net Carrying Amount	2,184,252	2,287,127
Gross Unrealized Gains	1,625	647
Gross Unrealized Losses	315,748	380,154
Fair Value	1,870,374	1,907,865
U.S. Treasury
Available for sale securities
Amortized Cost		2,501
Gross Unrealized Gains		0
Gross Unrealized Losses		42
Fair Value		2,459
U.S. Government-sponsored agency securities
Available for sale securities
Amortized Cost	111,521	119,154
Gross Unrealized Gains	0	0
Gross Unrealized Losses	16,214	17,192
Fair Value	95,307	101,962
Held to maturity securities
Amortized Cost	374,002	392,246
Allowance for Credit Losses	0	0
Net Carrying Amount	374,002	392,246
Gross Unrealized Gains	0	0
Gross Unrealized Losses	64,159	69,147
Fair Value	309,843	323,099
State and municipal
Available for sale securities
Amortized Cost	1,181,029	1,530,048
Gross Unrealized Gains	364	438
Gross Unrealized Losses	116,222	178,726
Fair Value	1,065,171	1,351,760
Held to maturity securities
Amortized Cost	1,099,201	1,117,552
Allowance for Credit Losses	245	245
Net Carrying Amount	1,098,956	1,117,307
Gross Unrealized Gains	1,625	647
Gross Unrealized Losses	152,113	197,064
Fair Value	948,713	921,135
U.S. Government-sponsored mortgage-backed securities
Available for sale securities
Amortized Cost	541,343	608,630
Gross Unrealized Gains	462	1
Gross Unrealized Losses	86,990	100,358
Fair Value	454,815	508,273
Held to maturity securities
Amortized Cost	709,794	776,074
Allowance for Credit Losses	0	0
Net Carrying Amount	709,794	776,074
Gross Unrealized Gains	0	0
Gross Unrealized Losses	99,448	113,915
Fair Value	610,346	662,159
Corporate obligations
Available for sale securities
Amortized Cost	12,947	13,014
Gross Unrealized Gains	0	0
Gross Unrealized Losses	1,128	807
Fair Value	11,819	12,207
Foreign investment
Held to maturity securities
Amortized Cost	1,500	1,500
Allowance for Credit Losses	0	0
Net Carrying Amount	1,500	1,500
Gross Unrealized Gains	0	0
Gross Unrealized Losses	28	28
Fair Value	$ 1,472	$ 1,472

FAIR VALUES OF FINANCIAL INSTRUMENTS - Fair Value Measurements of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	$ 0	$ 2,459
Derivative assets	0	0
Derivative liabilities	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	1,623,802	1,970,763
Derivative assets	79,379	93,036
Derivative liabilities	79,008	92,770
Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	3,310	3,439
Derivative assets	0	0
Derivative liabilities	0	0
Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	79,379	93,036
Derivative liabilities	79,008	92,770
Recurring \| U.S. Government-sponsored agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	95,307	101,962
Recurring \| U.S. Treasury
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale		2,459
Recurring \| State and municipal
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	1,065,171	1,351,760
Recurring \| U.S. Government-sponsored mortgage-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	454,815	508,273
Recurring \| Corporate obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	11,819	12,207
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. Government-sponsored agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. Treasury
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale		2,459
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| State and municipal
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. Government-sponsored mortgage-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	0	0
Recurring \| Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	79,379	93,036
Derivative liabilities	79,008	92,770
Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. Government-sponsored agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	95,307	101,962
Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. Treasury
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale		0
Recurring \| Significant Other Observable Inputs (Level 2) \| State and municipal
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	1,061,896	1,348,356
Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. Government-sponsored mortgage-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	454,811	508,269
Recurring \| Significant Other Observable Inputs (Level 2) \| Corporate obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	11,788	12,176
Recurring \| Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. Government-sponsored agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. Treasury
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale		0
Recurring \| Significant Unobservable Inputs (Level 3) \| State and municipal
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	3,275	3,404
Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. Government-sponsored mortgage-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	4	4
Recurring \| Significant Unobservable Inputs (Level 3) \| Corporate obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	$ 31	$ 31

GOODWILL

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL

Goodwill is recorded on the acquisition date of an entity. The Corporation has one year after the acquisition date, the measurement period, to record subsequent adjustments to goodwill for provisional amounts recorded at the acquisition date. The Level One acquisition on April 1, 2022 resulted in $166.6 million of goodwill. Details regarding the Level One acquisition are discussed in NOTE 2. ACQUISITIONS of these Notes to Consolidated Financial Statements.

During the fourth quarter of 2023 and 2022, the Corporation performed its annual goodwill impairment testing and in each valuation, the fair value exceeded the Corporation’s carrying value; therefore, it was concluded goodwill was not impaired as of either date.

For additional details related to impairment testing, see the “GOODWILL” section of Management’s Discussion and Analysis of Financial Condition and Results of Operations included as Item 7 of this Annual Report on Form 10-K.


	2023		2022
Balance, January 1	$	712,002	$	545,385
Goodwill acquired	—		166,617


Balance, December 31	$	712,002	$	712,002

LOANS AND ALLOWANCE FOR CREDIT LOSSES - Purchased With Credit Deterioration (Details) $ in Thousands	Apr. 01, 2022 USD ($)
Receivables [Abstract]
Purchase price of loans at acquisition	$ 41,347
CECL Day 1 PCD ACL	16,599
Par value of acquired loans at acquisition	$ 57,946

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Share Based Compensation (Details)	12 Months Ended
	Dec. 31, 2023
Minimum
Schedule of Stock Options and Restricted Stock Award Plans [Line Items]
Requisite service period	2 years
Maximum
Schedule of Stock Options and Restricted Stock Award Plans [Line Items]
Requisite service period	5 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

LOANS AND ALLOWANCE FOR CREDIT LOSSES - Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($) loan loan_segment	Dec. 31, 2023 USD ($) loan_segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jan. 01, 2021 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale	$ 18,934	$ 18,934	$ 9,094
Loans	12,486,027	12,486,027	12,003,894
Year 2	2,546,512	2,546,512	2,680,834
Year 3	$ 2,063,941	$ 2,063,941	1,843,080
Number of portfolio loan segments \| loan_segment	10	10
Increase in allowance for credit losses		$ 18,300
Net charge-offs		25,600
Loans charged off		28,039	6,601	$ 11,884
Provision for credit losses		7,300	0	0
CECL Day 1 non-PCD provision for credit losses			13,955
Accrual for off-balance sheet commitments	$ 19,500	19,500	23,300	$ 20,500
Provision for credit losses - unfunded commitments		$ (3,800)	0
Standby letters of credit
Accounts, Notes, Loans and Financing Receivable [Line Items]
Term		2 years
Impact of adopting ASC 326
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrual for off-balance sheet commitments					$ 20,500
Allowance on Collateral Dependent Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase (decrease) in collateral dependent loans		$ 17,600
Level One
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for credit losses - unfunded commitments		0	2,800
Commercial and industrial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	3,670,948	3,670,948	3,437,126
Year 2	498,757	498,757	576,080
Year 3	272,427	272,427	159,416
Commercial and industrial loans \| Allowance on Collateral Dependent Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase (decrease) in collateral dependent loans		10,100
Commercial real estate, non-owner occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	2,400,839	2,400,839	2,407,475
Year 2	535,962	535,962	615,408
Year 3	542,551	542,551	596,899
Commercial real estate, non-owner occupied \| Allowance on Collateral Dependent Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase (decrease) in collateral dependent loans		9,000
Residential Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	2,288,921	2,288,921	2,096,655
Year 2	704,355	704,355	494,049
Year 3	448,226	448,226	405,136
Commercial And Industrial Loan One
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans charged off	$ 13,700
Commercial And Industrial Loan Two
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans charged off \| loan	2
Loans charged off	$ 5,400
Commercial real estate, owner occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,162,083	1,162,083	1,246,528
Year 2	208,567	208,567	324,004
Year 3	269,848	269,848	335,062
Commercial real estate, owner occupied \| Commercial Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase (decrease) in collateral dependent loans		2,500
Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	79,200	79,200	51,000
Increase in past due loans		28,200
30-59 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	34,075	34,075	29,051
Increase in past due loans		5,000
30-59 Days Past Due \| Commercial and industrial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	5,021	5,021	4,904
30-59 Days Past Due \| Commercial real estate, non-owner occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	12,995	12,995	5,946
30-59 Days Past Due \| Residential Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	11,810	11,810	8,607
30-59 Days Past Due \| Commercial real estate, owner occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	0	0	4,495
60-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	11,189	11,189	5,935
Increase in past due loans		5,300
60-89 Days Past Due \| Commercial and industrial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,622	1,622	434
60-89 Days Past Due \| Commercial real estate, non-owner occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	195	195	881
60-89 Days Past Due \| Residential Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	5,472	5,472	2,278
60-89 Days Past Due \| Commercial real estate, owner occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	104	104	0
90 Days or More Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	33,980	33,980	16,021
Increase in past due loans		18,000
90 Days or More Past Due \| Commercial and industrial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	6,858	6,858	2,474
90 Days or More Past Due \| Commercial real estate, non-owner occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	11,465	11,465	5,153
90 Days or More Past Due \| Residential Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	12,143	12,143	5,811
90 Days or More Past Due \| Commercial real estate, owner occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 110	$ 110	$ 319

LOANS AND ALLOWANCE FOR CREDIT LOSSES - Amounts of Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Loan commitments to extend credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Amounts of commitments	$ 5,025,790	$ 4,950,724
Standby letters of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Amounts of commitments	$ 65,580	$ 40,784

LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Schedule of Composition of Loan Portfolio by Loan Class

The following table illustrates the composition of the Corporation’s loan portfolio by loan class as of the dates indicated:


	December 31, 2023		December 31, 2022

Commercial and industrial loans	$	3,670,948	$	3,437,126
Agricultural land, production and other loans to farmers	263,414		241,793
Real estate loans:
Construction	957,545		835,582
Commercial real estate, non-owner occupied	2,400,839		2,407,475
Commercial real estate, owner occupied	1,162,083		1,246,528
Residential	2,288,921		2,096,655
Home equity	617,571		630,632
Individuals' loans for household and other personal expenditures	168,388		175,211
Public finance and other commercial loans	956,318		932,892
Loans	$	12,486,027	$	12,003,894

Schedule of Credit Quality of Loan Portfolio by Loan Class


December 31, 2023
	Term Loans (amortized cost basis by origination year)
	2023		2022		2021		2020		2019		Prior		Revolving loans amortized cost basis		Revolving loans converted to term		Total
Commercial and industrial loans
Pass	$	1,175,967	$	474,601	$	253,148	$	86,226	$	47,910	$	45,020	$	1,393,756	$	60	$	3,476,688
Special Mention	34,356		3,911		1,546		5,149		2,986		241		45,994		—		94,183
Substandard	12,311		20,245		17,733		2,479		1,507		1,512		40,449		144		96,380
Doubtful	857		—		—		—		—		—		2,840		—		3,697

Total Commercial and industrial loans	1,223,491		498,757		272,427		93,854		52,403		46,773		1,483,039		204		3,670,948
Current period gross write-offs	13,973		2,711		576		5,665		78		261		—		—		23,264
Agricultural land, production and other loans to farmers
Pass	35,633		38,145		31,511		31,048		12,995		25,462		87,534		—		262,328
Special Mention	—		266		—		—		—		122		—		—		388
Substandard	58		150		—		454		—		36		—		—		698


Total Agricultural land, production and other loans to farmers	35,691		38,561		31,511		31,502		12,995		25,620		87,534		—		263,414
Current period gross write-offs	—		—		—		—		—		—		—		—		—
Real estate loans:
Construction
Pass	403,578		267,587		198,350		8,372		7,723		2,357		11,735		—		899,702
Special Mention	25,894		—		—		20,846		—		—		—		—		46,740
Substandard	1,451		4,330		5,322		—		—		—		—		—		11,103


Total Construction	430,923		271,917		203,672		29,218		7,723		2,357		11,735		—		957,545
Current period gross write-offs	—		—		—		—		—		—		—		—		—
Commercial real estate, non-owner occupied
Pass	373,378		504,280		535,327		418,553		141,320		200,821		16,744		—		2,190,423
Special Mention	76,382		21,145		7,005		4,531		19,479		27,941		37		—		156,520
Substandard	20,358		10,537		219		20,236		—		2,299		247		—		53,896


Total Commercial real estate, non-owner occupied	470,118		535,962		542,551		443,320		160,799		231,061		17,028		—		2,400,839
Current period gross write-offs	—		66		—		—		—		—		—		—		66
Commercial real estate, owner occupied
Pass	176,750		199,821		256,346		263,522		99,180		77,485		27,369		—		1,100,473
Special Mention	6,712		5,034		9,319		2,460		919		2,902		514		—		27,860
Substandard	18,092		3,712		4,183		4,545		289		2,929		—		—		33,750


Total Commercial real estate, owner occupied	201,554		208,567		269,848		270,527		100,388		83,316		27,883		—		1,162,083
Current period gross write-offs	48		—		—		—		2		—		—		—		50
Residential
Pass	395,363		695,056		442,495		365,297		98,654		254,718		4,988		83		2,256,654
Special Mention	2,167		5,591		3,202		1,924		1,065		4,837		200		81		19,067
Substandard	804		3,708		2,529		1,199		866		4,063		31		—		13,200


Total Residential	398,334		704,355		448,226		368,420		100,585		263,618		5,219		164		2,288,921
Current period gross write-offs	101		252		208		3		3		94		—		—		661
Home equity
Pass	9,375		29,784		61,591		11,084		1,092		3,875		484,330		5,837		606,968
Special Mention	—		715		—		1,092		15		2		5,031		149		7,004
Substandard	63		—		727		—		—		123		2,589		97		3,599


Total Home Equity	9,438		30,499		62,318		12,176		1,107		4,000		491,950		6,083		617,571
Current period gross write-offs	69		213		224		149		193		1,596		—		—		2,444
Individuals' loans for household and other personal expenditures
Pass	35,781		49,295		28,387		6,726		2,070		5,904		38,619		772		167,554
Special Mention	184		246		138		69		—		14		176		—		827
Substandard	—		6		—		—		1		—		—		—		7


Total Individuals' loans for household and other personal expenditures	35,965		49,547		28,525		6,795		2,071		5,918		38,795		772		168,388
Current period gross write-offs	147		770		342		77		62		156		—		—		1,554
Public finance and other commercial loans
Pass	65,357		208,347		204,863		155,132		91,619		229,355		1,645		—		956,318




Total Public finance and other commercial loans	65,357		208,347		204,863		155,132		91,619		229,355		1,645		—		956,318
Loans	$	2,870,871	$	2,546,512	$	2,063,941	$	1,410,944	$	529,690	$	892,018	$	2,164,828	$	7,223	$	12,486,027
Total current period gross charge-offs	$	14,338	$	4,012	$	1,350	$	5,894	$	338	$	2,107	$	—	$	—	$	28,039


December 31, 2022
	Term Loans (amortized cost basis by origination year)
	2022		2021		2020		2019		2018		Prior		Revolving loans amortized cost basis		Revolving loans converted to term		Total
Commercial and industrial loans
Pass	$	1,064,687	$	531,504	$	141,985	$	114,999	$	43,136	$	45,310	$	1,302,562	$	5,048	$	3,249,231
Special Mention	2,164		18,005		11,900		5,727		1,012		2,181		27,702		150		68,841
Substandard	27,512		26,571		5,531		10,606		4,674		567		43,450		143		119,054


Total Commercial and industrial loans	1,094,363		576,080		159,416		131,332		48,822		48,058		1,373,714		5,341		3,437,126
Agricultural land, production and other loans to farmers
Pass	44,446		36,299		35,791		15,296		3,752		28,910		73,402		—		237,896
Special Mention	286		784		—		—		281		632		—		—		1,983
Substandard	178		—		490		—		94		1,152		—		—		1,914


Total Agricultural land, production and other loans to farmers	44,910		37,083		36,281		15,296		4,127		30,694		73,402		—		241,793
Real estate loans:
Construction
Pass	366,414		301,986		117,541		11,428		857		3,224		17,167		—		818,617
Special Mention	16,922		—		—		—		—		—		—		—		16,922
Substandard	31		—		—		—		—		12		—		—		43


Total Construction	383,367		301,986		117,541		11,428		857		3,236		17,167		—		835,582
Commercial real estate, non-owner occupied
Pass	560,146		603,254		550,605		168,701		116,859		190,264		31,196		3,803		2,224,828
Special Mention	49,439		4,026		38,268		18,785		11,546		17,992		—		—		140,056
Substandard	21,123		8,128		8,026		—		4,442		872		—		—		42,591


Total Commercial real estate, non-owner occupied	630,708		615,408		596,899		187,486		132,847		209,128		31,196		3,803		2,407,475
Commercial real estate, owner occupied
Pass	260,725		316,665		330,441		114,015		63,816		81,286		33,123		3,378		1,203,449
Special Mention	7,744		6,125		2,245		3,481		1,210		2,984		1,328		—		25,117
Substandard	3,124		1,214		2,376		1,608		2,920		6,720		—		—		17,962


Total Commercial real estate, owner occupied	271,593		324,004		335,062		119,104		67,946		90,990		34,451		3,378		1,246,528
Residential
Pass	758,161		489,301		401,353		114,420		77,768		229,812		5,365		46		2,076,226
Special Mention	2,839		2,924		1,972		513		396		2,588		34		—		11,266
Substandard	1,399		1,824		1,811		805		1,468		1,741		60		55		9,163


Total Residential	762,399		494,049		405,136		115,738		79,632		234,141		5,459		101		2,096,655
Home equity
Pass	40,768		75,670		14,621		1,572		1,348		3,325		486,924		281		624,509
Special Mention	—		—		—		—		115		8		3,698		—		3,821
Substandard	—		79		—		—		65		60		2,098		—		2,302


Total Home Equity	40,768		75,749		14,621		1,572		1,528		3,393		492,720		281		630,632
Individuals' loans for household and other personal expenditures
Pass	67,883		43,639		13,025		5,389		5,830		3,775		35,091		—		174,632
Special Mention	178		134		77		33		28		17		16		—		483
Substandard	1		—		3		—		84		8		—		—		96


Total Individuals' loans for household and other personal expenditures	68,062		43,773		13,105		5,422		5,942		3,800		35,107		—		175,211
Public finance and other commercial loans
Pass	187,125		212,702		165,019		98,687		43,760		204,719		20,880		—		932,892




Total Public finance and other commercial loans	187,125		212,702		165,019		98,687		43,760		204,719		20,880		—		932,892
Loans	$	3,483,295	$	2,680,834	$	1,843,080	$	686,065	$	385,461	$	828,159	$	2,084,096	$	12,904	$	12,003,894


	December 31, 2023
	Commercial Real Estate		Residential Real Estate		Other		Total		Allowance on Collateral Dependent Loans
Commercial and industrial loans	$	—	$	—	$	32,029	$	32,029	$	11,474

Real estate loans:
Construction	—		7		—		7		—
Commercial real estate, non-owner occupied	17,516		—		—		17,516		35
Commercial real estate, owner occupied	9,452		—		—		9,452		—
Residential	—		1,439		—		1,439		230
Home equity	—		223		—		223		30


Loans	$	26,968	$	1,669	$	32,029	$	60,666	$	11,769


	December 31, 2022
	Commercial Real Estate		Residential Real Estate		Other		Total		Allowance on Collateral Dependent Loans
Commercial and industrial loans	$	—	$	—	$	42,101	$	42,101	$	8,367

Real estate loans:
Construction	—		10		—		10		1
Commercial real estate, non-owner occupied	26,534		—		—		26,534		2,064
Commercial real estate, owner occupied	6,986		—		—		6,986		776
Residential	—		2,382		—		2,382		260
Home equity	—		289		—		289		44


Loans	$	33,520	$	2,681	$	42,101	$	78,302	$	11,512

Schedule of Past Due Aging of Loan Portfolio by Loan Class

The tables below show a past due aging of the Corporation’s loan portfolio, by loan class, as of the dates indicated:


	December 31, 2023
	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total		Loans > 90 Days or More Past Due And Accruing
Commercial and industrial loans	$	3,657,447	$	5,021	$	1,622	$	6,858	$	3,670,948	$	86
Agricultural land, production and other loans to farmers	263,414		—		—		—		263,414		—
Real estate loans:
Construction	955,588		—		1,957		—		957,545		—
Commercial real estate, non-owner occupied	2,376,184		12,995		195		11,465		2,400,839		—
Commercial real estate, owner occupied	1,161,869		—		104		110		1,162,083		—
Residential	2,259,496		11,810		5,472		12,143		2,288,921		—
Home equity	608,948		3,614		1,647		3,362		617,571		52
Individuals' loans for household and other personal expenditures	167,553		635		192		8		168,388		—

Public finance and other commercial loans	956,284		—		—		34		956,318		34
Loans	$	12,406,783	$	34,075	$	11,189	$	33,980	$	12,486,027	$	172


	December 31, 2022
	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total		Loans > 90 Days or More Past Due And Accruing
Commercial and industrial loans	$	3,429,314	$	4,904	$	434	$	2,474	$	3,437,126	$	1,147
Agricultural land, production and other loans to farmers	241,739		—		—		54		241,793		—
Real estate loans:
Construction	832,716		2,436		418		12		835,582		—
Commercial real estate, non-owner occupied	2,395,495		5,946		881		5,153		2,407,475		264
Commercial real estate, owner occupied	1,241,714		4,495		—		319		1,246,528		—
Residential	2,079,959		8,607		2,278		5,811		2,096,655		—
Home equity	624,543		2,206		1,782		2,101		630,632		326
Individuals' loans for household and other personal expenditures	174,629		343		142		97		175,211		—

Public finance and other commercial loans	932,778		114		—		—		932,892		—
Loans	$	11,952,887	$	29,051	$	5,935	$	16,021	$	12,003,894	$	1,737

Schedule of Non-Accrual Loans by Loan class

The following table summarizes the Corporation’s non-accrual loans by loan class as of the dates indicated:


	December 31, 2023				December 31, 2022
	Nonaccrual Loans		Nonaccrual Loans with no Allowance for Credit Losses		Nonaccrual Loans		Nonaccrual Loans with no Allowance for Credit Losses
Commercial and industrial loans	$	9,050	$	1,015	$	3,292	$	481
Agricultural land, production and other loans to farmers	58		—		54		—
Real estate loans:
Construction	520		—		12		—
Commercial real estate, non-owner occupied	11,932		11,095		19,374		280
Commercial real estate, owner occupied	3,041		2,257		3,550		2,784
Residential	25,140		—		13,685		702
Home equity	3,820		—		2,247		—
Individuals' loans for household and other personal expenditures	19		—		110		—

Loans	$	53,580	$	14,367	$	42,324	$	4,247

Schedule of Troubled Debt Restructuring

The following table presents the amortized cost basis of loans at December 31, 2023 that were both experiencing financial difficulty and modified during the year ended December 31, 2023, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below.


	Year Ended December 31, 2023
	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
	Payment Delay		Term Extension		Combination Interest Rate Reduction & Term Extension		Combination Payment Delay & Term Extension		% of Total Class of Financing Receivable
Commercial and industrial loans	$	857	$	16,572	$	231	$	—	0.48	%
Agricultural land, production and other loans to farmers	—		58		—		—		0.02	%
Real estate loans:
Construction	—		11		—		—		—	%
Commercial real estate, non-owner occupied	—		11,823		7,657		—		0.81	%
Commercial real estate, owner occupied	5,540		10,123		71		—		1.35	%
Residential	—		129		—		469		0.03	%
Home equity	—		63		29		—		0.01	%


Total	$	6,397	$	38,779	$	7,988	$	469

The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the year ended December 31, 2023.

Year Ended December 31, 2023

Financial Effect of Loan Modifications

Payment Delay

Term Extension

Combination Interest Rate Reduction & Term Extension

Combination Payment Delay & Term Extension

Commercial and industrial loans

Provided payment deferrals with weighted average delayed amounts of $24,000.

Extended loans by a weighted average of 10 months.

Reduced the weighted average contractual interest rate from 9.67% to 7.39%. Extended loans by a weighted average of 13 months.

Agricultural land, production and other loans to farmers

Extended loans by a weighted average of 144 months.

Real estate loans:

Construction

Extended loans by a weighted average of 24 months.

Commercial real estate, non-owner occupied

Extended loans by a weighted average of 11 months.

Reduced the weighted average contractual interest rate from 8.57% to 7.89%. Extended loans by a weighted average of 34 months.

Commercial real estate, owner occupied

Provided payment deferrals with weighted average delayed amounts of $4.5 million.

Extended loans by a weighted average of 6 months.

Reduced the weighted average contractual interest rate from 10.25% to 6.61%. Extended loans by a weighted average of 114 months.

Residential

Extended loans by a weighted average of 6 months.

Provided payment deferrals with weighted average delayed amounts of $3,400. Extended loans by a weighted average of 3 months.

Home equity

Extended loans by a weighted average of 7 months.

Reduced the weighted average contractual interest rate from 9.25% to 7.25%. Extended loans by a weighted average of 240 months.

Provided payment deferrals with weighted average delayed amounts of $300. Extended loans by a weighted average of 3 months.

The following table presents the amortized cost basis and payment status of loans that were modified during the year ended December 31, 2023 due to the borrowers experiencing financial difficulty.


	Year Ended December 31, 2023
	Payment Status
	Current		30-89 Days Past Due
Commercial and industrial loans	$	17,660	$	—
Agricultural land, production and other loans to farmers	58		—
Real estate loans:
Construction	11		—
Commercial real estate, non-owner occupied	19,480		—
Commercial real estate, owner occupied	15,734		—
Residential	473		125
Home equity	92		—
Individuals' loans for household and other personal expenditures	—		—

Total	$	53,508	$	125

The following table summarizes troubled debt restructures in the Corporation’s loan portfolio that occurred during the twelve months ended December 31, 2022.


	Twelve Months Ended December 31, 2022
	Pre- Modification Recorded Balance		Term Modification				Rate Modification				Post - Modification Recorded Balance				Number of Loans
Commercial and industrial loans	$	61	$	62			$	—			$	62			1
Real estate loans:
Residential	53		—				56				56				1
Total	$	114	$	62	$	—	$	56	$	—	$	118	$	—	2

Schedule of Purchased Credit Deteriorated Loans


	Level One
Purchase price of loans at acquisition	$	41,347
CECL Day 1 PCD ACL	16,599
Par value of acquired loans at acquisition	$	57,946

Schedule of Changes in Allowance for Loan Losses

The following tables summarize changes in the allowance for credit losses by loan segment for the twelve months ended December 31, 2023, 2022 and 2021:


	Twelve Months Ended December 31, 2023
	Commercial		Commercial Real Estate		Construction		Consumer & Residential		Total
Allowance for credit losses
Balances, December 31, 2022	$	102,216	$	46,839	$	28,955	$	45,267	$	223,277




Provision for credit losses - loans	17,401		(2,735)		(4,132)		(3,234)		7,300


Recoveries on loans	995		60		—		1,341		2,396
Loans charged off	(23,264)		(116)		—		(4,659)		(28,039)
Balances. December 31, 2023	$	97,348	$	44,048	$	24,823	$	38,715	$	204,934


	Twelve Months Ended December 31, 2022
	Commercial		Commercial Real Estate		Construction		Consumer & Residential		Total
Allowance for credit losses
Balances, December 31, 2021	$	69,935	$	60,665	$	20,206	$	44,591	$	195,397




Provision for credit losses - loans	16,697		(20,425)		6,367		(2,639)		—
CECL Day 1 non-PCD provision for credit losses	2,957		5,539		871		4,588		13,955
CECL Day 1 PCD ACL	12,970		2,981		648		—		16,599
Recoveries on loans	872		1,096		863		1,096		3,927
Loans charged off	(1,215)		(3,017)		—		(2,369)		(6,601)
Balances. December 31, 2022	$	102,216	$	46,839	$	28,955	$	45,267	$	223,277


	Twelve Months Ended December 31, 2021
	Commercial		Commercial Real Estate		Construction		Consumer		Residential		Consumer & Residential		Total
Allowance for credit losses
Balances, December 31, 2020	$	47,115	$	51,070	$	—	$	9,648	$	22,815	$	—	$	130,648
Credit risk reclassifications			(10,284)		10,284		(9,648)		(22,815)		32,463		—
Balances, December 31, 2020 after reclassifications	47,115		40,786		10,284		—		—		32,463		130,648
Impact of adopting ASC 326	20,024		34,925		8,805		—		—		10,301		74,055
Balances, January 1, 2021 Post-ASC 326 adoption	67,139		75,711		19,089		—		—		42,764		204,703
Provision for credit losses - loans	7,921		(11,093)		1,122		—		—		2,050		—


Recoveries on loans	724		580		1		—		—		1,273		2,578
Loans charged off	(5,849)		(4,533)		(6)		—		—		(1,496)		(11,884)
Balances. December 31, 2021	$	69,935	$	60,665	$	20,206	$	—	$	—	$	44,591	$	195,397

Schedule of Financial Instruments with Off-balance Sheet Risk

Financial instruments with off-balance sheet risk were as follows:


	December 31, 2023		December 31, 2022
Amounts of commitments:
Loan commitments to extend credit	$	5,025,790	$	4,950,724
Standby letters of credit	$	65,580	$	40,784

Schedule of Allowance for Credit Losses, Off-balance Sheet

The following table details activity in the allowance for credit losses on off-balance sheet commitments:


	December 31, 2023		December 31, 2022
Balance, January 1	$	23,300	$	20,500
Provision for credit losses - unfunded commitments related to Level One	—		2,800
Provision for credit losses - unfunded commitments	(3,800)		—
Balance, December 31	$	19,500	$	23,300

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Premises and Equipment (Details)	Dec. 31, 2023
Minimum
Premises and Equipment [Line Items]
Estimated useful lives of assets	3 years
Maximum
Premises and Equipment [Line Items]
Estimated useful lives of assets	40 years

FAIR VALUES OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

FAIR VALUES OF FINANCIAL INSTRUMENTS

The Corporation used fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The accounting guidance defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 applies only when other guidance requires or permits assets or liabilities to be measured at fair value; it does not expand the use of fair value in any new circumstances.

As defined in ASC 820, fair value is the price to sell an asset or transfer a liability in an orderly transaction between market participants. It represents an exit price at the measurement date. Market participants are buyers and sellers, who are independent, knowledgeable, and willing and able to transact in the principal (or most advantageous) market for the asset or liability being measured. Current market conditions, including imbalances between supply and demand, are considered in determining fair value. The Corporation values its assets and liabilities in the principal market where it sells the particular asset or transfers the liability with the greatest volume and level of activity. In the absence of a principal market, the valuation is based on the most advantageous market for the asset or liability (i.e., the market where the asset could be sold or the liability transferred at a price that maximizes the amount to be received for the asset or minimizes the amount to be paid to transfer the liability).

Valuation inputs refer to the assumptions market participants would use in pricing a given asset or liability. Inputs can be observable or unobservable. Observable inputs are those assumptions which market participants would use in pricing the particular asset or liability. These inputs are based on market data and are obtained from a source independent of the Corporation. Unobservable inputs are assumptions based on the Corporation’s own information or estimate of assumptions used by market participants in pricing the asset or liability. Unobservable inputs are based on the best and most current information available on the measurement date. All inputs, whether observable or unobservable, are ranked in accordance with a prescribed fair value hierarchy which gives the highest ranking to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest ranking to unobservable inputs for which there is little or no market activity (Level 3). Fair values for assets or liabilities classified as Level 2 are based on one or a combination of the following factors: (i) quoted prices for similar assets; (ii) observable inputs for the asset or liability, such as interest rates or yield curves; or (iii) inputs derived principally from or corroborated by observable market data. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Corporation considers an input to be significant if it drives 10 percent or more of the total fair value of a particular asset or liability.

RECURRING MEASUREMENTS

Assets and liabilities are considered to be measured at fair value on a recurring basis if fair value is measured regularly (i.e., daily, weekly, monthly or quarterly). Recurring valuation occurs at a minimum on the measurement date. Assets and liabilities are considered to be measured at fair value on a nonrecurring basis if the fair value measurement of the instrument does not necessarily result in a change in the amount recorded on the balance sheet. Generally, nonrecurring valuation is the result of the application of other accounting pronouncements which require assets or liabilities to be assessed for impairment and recorded at the lower of cost or fair value. The fair value of assets or liabilities transferred in or out of Level 3 is measured on the transfer date, with any additional changes in fair value subsequent to the transfer considered to be realized or unrealized gains or losses.

Following is a description of the valuation methodologies used for instruments measured at fair value on a recurring basis and recognized in the

accompanying balance sheets, as well as the general classification of such instruments pursuant to the valuation hierarchy.

Investment Securities

Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. The Corporation did not have any Level 1 securities as of December 31, 2023. Where significant observable inputs, other than Level 1 quoted prices, are available, securities are classified within Level 2 of the valuation hierarchy. Level 2 securities include U.S. Government-sponsored agency and mortgage-backed securities, state and municipal securities and corporate obligations securities. In certain cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy and include state and municipal securities, U.S. Government-sponsored mortgage-backed securities and corporate obligations securities. Level 3 fair value for securities was determined using a discounted cash flow model that incorporated market estimates of interest rates and volatility in markets that have not been active.

Third party vendors compile prices from various sources and may apply such techniques as matrix pricing to determine the value of identical or similar investment securities (Level 2). Matrix pricing is a mathematical technique widely used in the banking industry to value investment securities without relying exclusively on quoted prices for specific investment securities but rather relying on the investment securities’ relationship to other benchmark quoted investment securities. Any investment security not valued based upon the methods above are considered Level 3.

Derivative Financial Agreements

See information regarding the Corporation’s derivative financial agreements in NOTE 13. DERIVATIVE FINANCIAL INSTRUMENTS of these Notes to Consolidated Financial Statements.


			Fair Value Measurements Using:
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
December 31, 2023	Fair Value		(Level 1)		(Level 2)		(Level 3)
Available for sale securities:
U.S. Government-sponsored agency securities	$	95,307	$	—	$	95,307	$	—

State and municipal	1,065,171		—		1,061,896		3,275
U.S. Government-sponsored mortgage-backed securities	454,815		—		454,811		4

Corporate obligations	11,819		—		11,788		31

Derivative assets	79,379		—		79,379		—

Derivative liabilities	79,008		—		79,008		—


			Fair Value Measurements Using:
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
December 31, 2022	Fair Value		(Level 1)		(Level 2)		(Level 3)
Available for sale securities:
U.S. Government-sponsored agency securities	$	101,962	$	—	$	101,962	$	—
U.S. Treasury	2,459		2,459		—		—
State and municipal	1,351,760		—		1,348,356		3,404
U.S. Government-sponsored mortgage-backed securities	508,273		—		508,269		4

Corporate obligations	12,207		—		12,176		31

Derivative assets	93,036		—		93,036		—

Derivative liabilities	92,770		—		92,770		—

LEVEL 3 RECONCILIATION


	Available for Sale Securities
	For The Year Ended
	December 31, 2023		December 31, 2022
Beginning Balance	$	3,439	$	5,491


Included in other comprehensive income (loss)	(186)		(612)
Purchases, issuances, and settlements	—		5,111

Principal payments	57		(6,551)
Ending balance	$	3,310	$	3,439

There were no gains or losses included in earnings that were attributable to the changes in unrealized gains or losses related to assets or liabilities held at December 31, 2023 or 2022.

TRANSFERS BETWEEN LEVELS

There were no transfers in or out of Level 3 during 2023 or 2022.

NONRECURRING MEASUREMENTS

The following tables disclose the fair value measurement of assets with a recorded change during the period resulting from re-measuring the assets at fair value on a non-recurring basis:

Fair Value Measurements Using

Quoted Prices in Active
Markets for Identical Assets

Significant Other Observable Inputs

Significant
Unobservable Inputs

December 31, 2023

Fair Value

(Level 1)

(Level 2)

(Level 3)

Collateral dependent loans

55,020

—

55,020

Fair Value Measurements Using

Quoted Prices in Active
Markets for Identical Assets

Significant Other Observable Inputs

Significant
Unobservable Inputs

December 31, 2022

Fair Value

(Level 1)

(Level 2)

(Level 3)

Collateral dependent loans

55,290

—

55,290

Collateral Dependent Loans and Other Real Estate Owned

Determining fair value for collateral dependent loans and other real estate requires obtaining a current independent appraisal of the collateral and applying a discount factor, which includes selling costs if applicable, to the value. The fair value of real estate is generally based on appraisals by qualified licensed appraisers. The appraisers typically determine the value of the real estate by utilizing an income or market valuation approach. If an appraisal is not available, the fair value may be determined by using a cash flow analysis. Fair value on other collateral such as business assets is typically ascertained by assessing, either singularly or some combination of, asset appraisals, accounts receivable aging reports, inventory listings and or customer financial statements. Both appraised values and values based on borrower’s financial information are discounted as considered appropriate based on age and quality of the information and current market conditions.

UNOBSERVABLE (LEVEL 3) INPUTS

The following tables present quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements, other than goodwill, at December 31, 2023 and 2022.

December 31, 2023

Fair Value

Valuation Technique

Unobservable Inputs

Range (Weighted-Average)

State and municipal securities

3,275

Discounted cash flow

Maturity Call Date
US Muni BQ curve
Discount rate
Weighted-average coupon

1 month to 15 years

BBB

3.6% - 4.7%

3.3%

Corporate obligations and U.S. Government-sponsored mortgage backed securities

Discounted cash flow

Risk free rate
plus Premium for illiquidity
Weighted-average coupon

3 month CME Term Sofr plus 26bps

plus 200bps

Collateral dependent loans

55,020

Collateral based measurements

Discount to reflect current market conditions and ultimate collectability
Weighted-average discount by loan balance

0% - 10% 4.1%

December 31, 2022

Fair Value

Valuation Technique

Unobservable Inputs

Range (Weighted-Average)

State and municipal securities

3,404

Discounted cash flow

Maturity Call Date
US Muni BQ curve
Discount rate
Weighted-average coupon

1 month to 15 years

A- to BBB-

0.4% - 4%

3.4%

Corporate obligations and U.S. Government-sponsored mortgage backed securities

Discounted cash flow

Risk free rate
plus Premium for illiquidity
Weighted-average coupon

3 month LIBOR

plus 200bps

Collateral dependent loans

55,290

Collateral based measurements

Discount to reflect current market conditions and ultimate collectability
Weighted-average discount by loan balance

0% - 10% 1.1%

The following is a discussion of the sensitivity of significant unobservable inputs, the interrelationships between those inputs and other unobservable inputs used in recurring fair value measurement and how those inputs might magnify or mitigate the effect of changes in the unobservable inputs on the fair value measurement.

State and Municipal Securities, Corporate Obligations, and U.S. Government-sponsored Mortgage Backed Securities

The significant unobservable inputs used in the fair value measurement of the Corporation’s state and municipal securities, corporate obligations

and U.S. Government-sponsored mortgage backed securities are premiums for unrated securities and marketability discounts. Significant

increases or decreases in either of those inputs in isolation would result in a significantly lower or higher fair value measurement. Generally,

changes in either of those inputs will not affect the other input.

FAIR VALUE OF FINANCIAL INSTRUMENTS


	2023
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
Assets at December 31:
Cash and due from banks	$	112,649	$	112,649	$	—	$	—	$	112,649
Interest-bearing deposits	436,080		436,080		—		—		436,080
Investment securities available for sale	1,627,112		—		1,623,802		3,310		1,627,112
Investment securities held to maturity	2,184,252		—		1,859,974		10,400		1,870,374
Loans held for sale	18,934		—		18,934		—		18,934
Loans	12,281,093		—		—		11,958,301		11,958,301
Federal Home Loan Bank stock	41,769		—		41,769		—		41,769
Derivative assets	79,379		—		79,379		—		79,379
Interest receivable	97,664		—		97,664		—		97,664
Liabilities at December 31:
Deposits	14,821,453		$	12,482,295	$	2,329,662	$	—	14,811,957
Borrowings:

Securities sold under repurchase agreements	157,280		—		157,265		—		157,265
Federal Home Loan Bank advances	712,852		—		707,377		—		707,377
Subordinated debentures and other borrowings	158,644		—		149,995		—		149,995
Derivative liabilities	79,008		—		79,008		—		79,008
Interest payable	18,912		—		18,912		—		18,912


	2022
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
Assets at December 31:
Cash and due from banks	$	122,594	$	122,594	$	—	$	—	$	122,594
Interest-bearing deposits	126,061		126,061		—		—		126,061
Investment securities available for sale	1,976,661		2,459		1,970,763		3,439		1,976,661
Investment securities held to maturity	2,287,127		—		1,893,271		14,594		1,907,865
Loans held for sale	9,094		—		9,094		—		9,094
Loans	11,780,617		—		—		11,156,217		11,156,217
Federal Home Loan Bank stock	38,525		—		38,525		—		38,525
Interest rate swap asset	93,036		—		93,036		—		93,036
Interest receivable	85,070		—		85,070		—		85,070
Liabilities at December 31:
Deposits	$	14,382,745	$	13,105,936	$	1,251,017	$	—	14,356,953
Borrowings:
Federal funds purchased	171,560		—		171,560		—		171,560
Securities sold under repurchase agreements	167,413		—		167,396		—		167,396
Federal Home Loan Bank advances	823,674		—		615,211		—		615,211
Subordinated debentures and other borrowings	151,298		—		122,102		—		122,102
Derivative liabilities	92,770		—		92,770		—		92,770
Interest payable	7,530		—		7,530		—		7,530

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

LEASES - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lease Cost:
Operating lease cost	$ 7,696	$ 5,233	$ 3,710
Short-term lease cost	478	470	345
Variable lease cost	1,534	1,073	980
Sublease income	(16)	(23)	(33)
Total lease cost	$ 9,692	$ 6,753	$ 5,002

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Cash and due from banks	$ 112,649	$ 122,594
Interest-bearing deposits	436,080	126,061
Investment securities available for sale	1,627,112	1,976,661
Investment securities held to maturity, net of allowance for credit losses of $245 and $245 (fair value of $1,870,374 and $1,907,865)	2,184,252	2,287,127
Loans held for sale	18,934	9,094
Loans	12,486,027	12,003,894
Less: Allowance for credit losses - loans	(204,934)	(223,277)
Net loans	12,281,093	11,780,617
Premises and equipment	133,896	117,118
Federal Home Loan Bank stock	41,769	38,525
Interest receivable	97,664	85,070
Other intangibles	27,099	35,842
Goodwill	712,002	712,002
Cash surrender value of life insurance	306,301	308,311
Other real estate owned	4,831	6,431
Tax asset, deferred and receivable	99,883	111,222
Other assets	322,322	285,524
TOTAL ASSETS	18,405,887	18,002,199
Deposits:
Noninterest-bearing	2,500,062	3,173,417
Interest-bearing	12,321,391	11,209,328
Total deposits	14,821,453	14,382,745
Borrowings:
Federal funds purchased	0	171,560
Securities sold under repurchase agreements	157,280	167,413
Federal Home Loan Bank advances	712,852	823,674
Subordinated debentures and other borrowings	158,644	151,298
Total Borrowings	1,028,776	1,313,945
Interest payable	18,912	7,530
Other liabilities	289,033	263,209
Total Liabilities	16,158,174	15,967,429
COMMITMENTS AND CONTINGENT LIABILITIES
STOCKHOLDERS' EQUITY
Common Stock, $0.125 stated value: Authorized - 100,000,000 shares Issued and outstanding - 59,424,122 and 59,170,583 shares	7,428	7,396
Additional paid-in capital	1,236,506	1,228,626
Retained earnings	1,154,624	1,012,774
Accumulated other comprehensive loss	(175,970)	(239,151)
Total Stockholders' Equity	2,247,713	2,034,770
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	18,405,887	18,002,199
Cumulative Preferred Stock
STOCKHOLDERS' EQUITY
Preferred stock value	125	125
Series A Preferred Stock
STOCKHOLDERS' EQUITY
Preferred stock value	$ 25,000	$ 25,000

PENSION AND OTHER POST RETIREMENT BENEFIT PLANS - Schedule of Plan Assets by Category (Details)	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Actual	100.00%	100.00%
Target	100.00%	100.00%
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Actual	3.00%	5.90%
Target	3.00%	3.00%
Equity securities
Defined Benefit Plan Disclosure [Line Items]
Actual	53.40%	51.50%
Target	53.00%	50.00%
Debt securities
Defined Benefit Plan Disclosure [Line Items]
Actual	41.90%	40.40%
Target	42.00%	45.00%
Alternative investments
Defined Benefit Plan Disclosure [Line Items]
Actual	1.70%	2.20%
Target	2.00%	2.00%

Cover Page - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Feb. 23, 2024

Jun. 30, 2023

Entity Information [Line Items]

Document Type

10-K

Document Annual Report

true

Document Period End Date

Dec. 31, 2023

Current Fiscal Year End Date

--12-31

Document Transition Report

false

Entity File Number

0-17071

Entity Registrant Name

FIRST MERCHANTS CORPORATION

Entity Incorporation, State or Country Code

Entity Tax Identification Number

35-1544218

Entity Address, Address Line One

200 East Jackson Street,

Entity Address, City or Town

Muncie

Entity Address, State or Province

Entity Address, Postal Zip Code

47305-2814

City Area Code

765

Local Phone Number

747-1500

Entity Well-known Seasoned Issuer

Yes

Entity Voluntary Filers

Entity Current Reporting Status

Yes

Entity Interactive Data Current

Yes

Entity Filer Category

Large Accelerated Filer

Entity Small Business

false

Entity Emerging Growth Company

false

ICFR Auditor Attestation Flag

true

Document Financial Statement Error Correction

true

Document Financial Statement Restatement Recovery Analysis

false

Entity Shell Company

false

Entity Public Float

$ 1,673,958

Entity Common Stock, Shares Outstanding

59,339,426

Documents Incorporated by Reference


Documents			Part of Form 10-K into which incorporated
Portions of the Registrant’s Definitive			Part III (Items 10 through 14)
Proxy Statement for Annual Meeting of
Shareholders to be held May 7, 2024

Entity Central Index Key

0000712534

Amendment Flag

false

Document Fiscal Year Focus

2023

Document Fiscal Period Focus

Common Stock

Entity Information [Line Items]

Title of 12(b) Security

Common Stock, $0.125 stated value per share

Trading Symbol

FRME

Security Exchange Name

NASDAQ

Depositary Shares, each representing a 1/100th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series A

Entity Information [Line Items]

Title of 12(b) Security

Depositary Shares, each representing a 1/100th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series A

Trading Symbol

FRMEP

Security Exchange Name

NASDAQ

GOODWILL (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill


	2023		2022
Balance, January 1	$	712,002	$	545,385
Goodwill acquired	—		166,617


Balance, December 31	$	712,002	$	712,002

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

GOODWILL - Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
GOODWILL - Rollforward (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Beginning balance	$ 712,002	$ 545,385
Goodwill acquired	0	166,617
Ending balance	$ 712,002	$ 712,002

- Definition

+ References + Details

DERIVATIVE FINANCIAL INSTRUMENTS - Fair Value of Derivative Financial Instruments and Their Classification on Balance Sheet (Details) - Not Designated as Hedging Instruments - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Assets
Notional Amount
Included in other assets	$ 1,393,813	$ 1,204,321
Fair Value
Asset Derivatives	79,379	92,872
Other Assets \| Interest Rate Swap
Notional Amount
Included in other assets	1,355,947	1,184,866
Fair Value
Asset Derivatives	78,743	92,652
Other Assets \| Forward Contracts
Notional Amount
Included in other assets	15,160	14,406
Fair Value
Asset Derivatives	469	188
Other Assets \| Interest Rate Lock Commitments
Notional Amount
Included in other assets	22,706	5,049
Fair Value
Asset Derivatives	167	32
Other Liabilities
Notional Amount
Included in other liabilities	1,382,262	1,196,898
Fair Value
Liability Derivatives	79,008	92,770
Other Liabilities \| Interest Rate Swap
Notional Amount
Included in other liabilities	1,355,947	1,184,866
Fair Value
Liability Derivatives	78,811	92,652
Other Liabilities \| Forward Contracts
Notional Amount
Included in other liabilities	25,290	4,483
Fair Value
Liability Derivatives	191	63
Other Liabilities \| Interest Rate Lock Commitments
Notional Amount
Included in other liabilities	1,025	7,549
Fair Value
Liability Derivatives	$ 6	$ 55

INVESTMENT SECURITIES

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

INVESTMENT SECURITIES


	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


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale at December 31, 2022
U.S. Treasury	$	2,501	$	—	$	42	$	2,459
U.S. Government-sponsored agency securities	119,154		—		17,192		101,962
State and municipal	1,530,048		438		178,726		1,351,760
U.S. Government-sponsored mortgage-backed securities	608,630		1		100,358		508,273
Corporate obligations	13,014		—		807		12,207

Total available for sale	$	2,273,347	$	439	$	297,125	$	1,976,661


	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


	Amortized Cost		Allowance for Credit Losses		Net Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Held to maturity at December 31, 2022
U.S. Government-sponsored agency securities	$	392,246	$	—	$	392,246	$	—	$	69,147	$	323,099
State and municipal	1,117,552		245		1,117,307		647		197,064		921,135
U.S. Government-sponsored mortgage-backed securities	776,074		—		776,074		—		113,915		662,159
Foreign investment	1,500		—		1,500		—		28		1,472
Total held to maturity	$	2,287,372	$	245	$	2,287,127	$	647	$	380,154	$	1,907,865

Accrued interest on investment securities available for sale and held to maturity of $25.2 million and $29.5 million is included in the Interest Receivable line on the Corporation’s Consolidated Balance Sheets as of December 31, 2023 and December 31, 2022, respectively. The total amount of accrued interest is excluded from the amortized cost of available for sale and held to maturity securities presented above.

In determining the allowance for credit losses on investment securities available for sale that are in an unrealized loss position, the Corporation first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through the income statement. For investment securities available for sale that do not meet the aforementioned criteria, the Corporation evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Corporation considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Unrealized losses that have not been recorded through an allowance for credit losses are recognized in other comprehensive income (loss). Adjustments to the allowance are reported in the income statement as a component of the provision for credit loss. The Corporation has made the accounting policy election to exclude accrued interest receivable on investment securities available for sale from the estimate of credit losses. Investment securities available for sale are charged off against the allowance or, in the absence of any allowance, written down through the income statement when deemed uncollectible or when either of the aforementioned criteria regarding intent or requirement to sell is met. The Corporation did not record an allowance for credit losses on its investment securities available for sale as the unrealized losses were attributable to changes in interest rates, not credit quality.

The allowance for credit losses on investment securities held to maturity is a contra asset-valuation account that is deducted from the amortized cost basis of investment securities held to maturity to present the net amount expected to be collected. Investment securities held to maturity are charged off against the allowance when deemed uncollectible. Adjustments to the allowance are reported in the income statement as a component of the provision for credit loss. The Corporation measures expected credit losses on investment securities held to maturity on a collective basis by major security type with each type sharing similar risk characteristics, and considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. The Corporation has made the accounting policy election to exclude accrued interest receivable on investment securities held to maturity from the estimate of credit losses. With regard to U.S. Government-sponsored agency and mortgage-backed securities, all these securities are issued by a U.S. government-sponsored entity and have an implicit or explicit government guarantee; therefore, no allowance for credit losses has been recorded for these securities. With regard to securities issued by states and municipalities and other investment securities held to maturity, management considers (1) issuer bond ratings, (2) historical loss rates for given bond ratings, (3) the financial condition of the issuer, and (4) whether issuers continue to make timely principal and interest payments under the contractual terms of the securities. Historical loss rates associated with securities having similar grades as those in the Corporation’s portfolio have been insignificant. Furthermore, as of December 31, 2023, there were no past due principal and interest payments associated with these securities. At CECL adoption, an allowance for credit losses of $245,000 was recorded on the state and municipal securities classified as held to maturity based on applying the long-term historical credit loss rate, as published by Moody’s, for similarly rated securities. The balance of the allowance for credit losses on investment securities remained unchanged at $245,000 as of December 31, 2023.


	Held to Maturity
	State and municipal		Other		Total
Credit Rating:
Aaa	$	114,557	$	70,586	$	185,143
Aa1	150,821		—		150,821
Aa2	178,461		—		178,461
Aa3	133,439		—		133,439
A1	131,314		—		131,314
A2	16,834		—		16,834
A3	3,467		—		3,467

Non-rated	370,308		1,014,710		1,385,018
Total	$	1,099,201	$	1,085,296	$	2,184,497


	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


	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, 2022
U.S. Treasury	$	2,459	$	42	$	—	$	—	$	2,459	$	42
U.S. Government-sponsored agency securities	48,940		4,973		53,022		12,219		101,962		17,192
State and municipal	1,177,104		150,096		108,652		28,630		1,285,756		178,726
U.S. Government-sponsored mortgage-backed securities	182,700		16,910		325,455		83,448		508,155		100,358
Corporate obligations	12,176		807		—		—		12,176		807
Total investment securities available for sale	$	1,423,379	$	172,828	$	487,129	$	124,297	$	1,910,508	$	297,125


	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


	Gross Unrealized Losses		Number of Securities
Investment securities available for sale at December 31, 2022
U.S. Treasury	$	42	5
U.S. Government-sponsored agency securities	17,192		16
State and municipal	178,726		946
U.S. Government-sponsored mortgage-backed securities	100,358		177
Corporate obligations	807		10
Total investment securities available for sale	$	297,125	1,154

The unrealized losses in the Corporation’s investment portfolio were the result of changes in interest rates and not credit quality. As a result, the Corporation expects to recover the amortized cost basis over the term of the securities. The Corporation does not intend to sell the investments and it is not more likely than not that the Corporation will be required to sell the investments before recovery of their amortized cost basis, which may be maturity.

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.


	December 31, 2023			December 31, 2022
Investments available for sale reported at less than historical cost:
Historical cost	$	1,781,108		$	2,207,633
Fair value	1,560,554			1,910,508
Gross unrealized losses	$	220,554		$	297,125
Percent of the Corporation's investments available for sale	95.9		%	96.7		%

In determining the fair value of the investment securities portfolio, the Corporation utilizes a third party for portfolio accounting services, including market value input, for those securities classified as Level 1 and Level 2 in the fair value hierarchy. The Corporation has obtained an understanding of what inputs are being used by the vendor in pricing the portfolio and how the vendor classified these securities based upon these inputs. From these discussions, the Corporation’s management is comfortable that the classifications are proper. The Corporation has gained trust in the data for two reasons: (a) independent spot testing of the data is conducted by the Corporation through obtaining market quotes from various brokers on a periodic basis; and (b) actual gains or loss resulting from the sale of certain securities has proven the data to be accurate over time. Fair value of securities classified as Level 3 in the valuation hierarchy was determined using a discounted cash flow model that incorporated market estimates of interest rates and volatility in markets that have not been active.


	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


	Available for Sale				Held to Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Maturity Distribution at December 31, 2022
Due in one year or less	$	2,822	$	2,809	$	13,697	$	13,749
Due after one through five years	11,694		11,265		80,697		76,453
Due after five through ten years	169,729		161,211		147,078		135,027
Due after ten years	1,480,472		1,293,103		1,269,826		1,020,477
	1,664,717		1,468,388		1,511,298		1,245,706
U.S. Government-sponsored mortgage-backed securities	608,630		508,273		776,074		662,159

Total Investment Securities	$	2,273,347	$	1,976,661	$	2,287,372	$	1,907,865

Securities with a carrying value of approximately $1.8 billion and $941.3 million were pledged at December 31, 2023 and 2022, respectively, to secure certain deposits and securities sold under repurchase agreements, and for other purposes as permitted or required by law. Pledged securities increased from December 31, 2022 as a result of the Corporation pledging additional securities to the Discount Window at the Federal Reserve Bank to be used as an alternative funding source, if needed.

The book value of securities sold under agreements to repurchase amounted to $181.4 million at December 31, 2023 and $196.7 million at

December 31, 2022.

Gross gains and losses on the sales and redemptions of available for sale securities for the years indicated are shown below.


	2023		2022		2021
Sales and redemptions of investment securities available for sale:
Gross gains	$	759	$	1,264	$	6,502
Gross losses	7,689		70		828
Net gains (losses) of sales and redemptions of investment securities available for sale	$	(6,930)	$	1,194	$	5,674

CONDENSED FINANCIAL INFORMATION (parent company only) (Tables)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Schedule of Condensed Balance Sheets

Condensed Balance Sheets


	December 31, 2023		December 31, 2022
Assets
Cash and due from banks	$	100,858	$	56,739
Investment in subsidiaries	2,291,788		2,124,104

Premises and equipment	85		119
Interest receivable	7		6
Goodwill	448		448
Cash surrender value of life insurance	756		736

Other assets	8,954		6,851
Total assets	$	2,402,896	$	2,189,003
Liabilities
Subordinated debentures and other borrowings	$	150,174	$	150,115
Interest payable	1,383		979
Other liabilities	3,626		3,139
Total liabilities	155,183		154,233
Stockholders' equity	2,247,713		2,034,770
Total liabilities and stockholders' equity	$	2,402,896	$	2,189,003

Schedule of Condensed Statements of Income and Comprehensive Income (Loss)

Condensed Statements of Income and Comprehensive Income (Loss)


	December 31, 2023		December 31, 2022		December 31, 2021
Income
Dividends from subsidiaries	$	131,525	$	90,500	$	161,825


Other income	16		(1,693)		(50)
Total income	131,541		88,807		161,775
Expenses
Interest expense	10,164		8,005		6,642
Salaries and employee benefits	4,406		3,786		3,917
Net occupancy and equipment expenses	49		46		825
Professional and other outside services	851		2,187		1,264
Other expenses	2,795		1,396		1,687
Total expenses	18,265		15,420		14,335
Income before income tax benefit and equity in undistributed income of subsidiaries	113,276		73,387		147,440
Income tax benefit	4,526		3,645		2,929
Income before equity in undistributed income of subsidiaries	117,802		77,032		150,369
Equity in undistributed income of subsidiaries	105,984		145,057		55,162
Net income	223,786		222,089		205,531
Preferred stock dividends	1,875		1,406		—
Net income available to common stockholders	$	221,911	$	220,683	$	205,531

Net income	$	223,786	$	222,089	$	205,531
Other comprehensive income (loss)	63,181		(294,264)		(19,723)
Comprehensive income (loss)	$	286,967	$	(72,175)	$	185,808

Schedule of Condensed Statement of Cash Flows

Condensed Statements of Cash Flows


	December 31, 2023		December 31, 2022		December 31, 2021
Cash Flow From Operating Activities:
Net income	$	223,786	$	222,089	$	205,531
Adjustments to reconcile net income to net cash provided by operating activities
Share-based compensation	1,803		1,659		1,563
Distributions in excess of (equity in undistributed) income of subsidiaries	(105,984)		(145,057)		(55,162)



Other adjustments	(2,446)		(5,925)		(288)

Net cash provided by operating activities	117,159		72,766		151,644
Cash Flow From Investing Activities:


Net cash and cash equivalents paid in acquisition	—		(72,494)		—
Proceeds from business divestitures	4,852		—		—

Net cash provided (used) by investing activities	4,852		(72,494)		—
Cash Flow From Financing Activities:
Cash dividends on common stock	(80,061)		(72,748)		(61,230)
Cash dividends on preferred stock	(1,875)		(1,406)		—





Stock issued under employee benefit plans	754		706		605
Stock issued under dividend reinvestment and stock purchase plan	2,180		2,056		1,880
Stock options exercised	1,110		358		198
Repurchases of common stock	—		—		(25,444)
Net cash used by financing activities	(77,892)		(71,034)		(83,991)
Net change in cash and cash equivalents	44,119		(70,762)		67,653
Cash and cash equivalents, beginning of the year	56,739		127,501		59,848
Cash and cash equivalents, end of year	$	100,858	$	56,739	$	127,501

PENSION AND OTHER POST RETIREMENT BENEFIT PLANS

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

PENSION AND OTHER POST RETIREMENT BENEFIT PLANS

The Corporation’s defined-benefit pension plans, including non-qualified plans for certain employees, former employees and former non-employee directors, cover approximately 9 percent of the Corporation’s employees. In 2005, the Board of Directors of the Corporation approved the curtailment of the accumulation of defined benefits for future services provided by certain participants in the First Merchants Corporation Retirement Plan. No additional pension benefits have been earned by any employees who had not attained both the age of 55 and accrued at least 10 years of vesting service as of March 1, 2005. The benefits are based primarily on years of service and employees’ pay near retirement. Contributions are intended to provide not only for benefits attributed to service-to-date, but also for those expected to be earned in the future.

The table below sets forth the plans’ funded status and amounts recognized in the Consolidated Balance Sheets at December 31, using measurement dates of December 31, 2023 and 2022.


	2023		2022
Change in Benefit Obligation:
Benefit obligation at beginning of year	$	55,764	$	74,274

Interest cost	2,876		1,905
Actuarial (gain) loss	2,386		(14,546)
Benefits paid	(5,265)		(5,869)


Benefit obligation at end of year	$	55,761	$	55,764

Change in Plan Assets:
Fair value of plan assets at beginning of year	$	77,534	$	94,588
Actual return on plan assets	9,395		(11,799)
Employer contributions	594		614
Benefits paid	(5,265)		(5,869)

End of year	82,258		77,534
Funded status at end of year	$	26,497	$	21,770

Assets and Liabilities Recognized in the Balance Sheets:
Deferred tax asset	$	1,141	$	1,955
Assets	$	29,262	$	25,175
Liabilities	$	2,765	$	3,405

As of December 31, 2023, the funded status of the plans increased $4.7 million and the accumulated other comprehensive loss, net of tax, decreased $2.5 million from December 31, 2022. A primary contributing factor to these changes was the plans’ assets experiencing a gain of $9.4 million, which was $5.5 million more than the expected return.

The accumulated benefit obligation for all defined benefit plans was $55.8 million at December 31, 2023 and 2022.

Information for pension plans with an accumulated benefit obligation in excess of plan assets consists solely of the non-qualified plans for certain employees, former employees and former non-employee directors, and is included in the table below.


	December 31, 2023		December 31, 2022
Projected benefit obligation	$	2,765	$	3,405
Accumulated benefit obligation	$	2,765	$	3,405
Fair value of plan assets	$	—	$	—

The Corporation recognized expense under these non-qualified plans of $174,000, $122,000 and $117,000 for 2023, 2022 and 2021, respectively.

The following table shows the components of net periodic pension benefit cost:


	December 31, 2023		December 31, 2022		December 31, 2021

Interest cost	2,876		1,905		1,760
Expected return on plan assets	(3,887)		(4,544)		(4,246)
Amortization of prior service cost	87		87		87
Amortization of net loss	80		13		305

Net periodic pension benefit cost	$	(844)	$	(2,539)	$	(2,094)

Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss):


	December 31, 2023		December 31, 2022		December 31, 2021
Net periodic pension benefit cost	$	(844)	$	(2,539)	$	(2,094)
Net gain (loss)	3,121		(1,797)		9,460
Amortization of net loss	80		13		305
Amortization of prior service cost	87		87		87
Total recognized in other comprehensive income (loss)	3,288		(1,697)		9,852
Total recognized in net periodic pension benefit cost and other comprehensive income (loss)	$	4,132	$	842	$	11,946

Significant assumptions include:


	December 31, 2023		December 31, 2022		December 31, 2021
Weighted-average Assumptions Used to Determine Benefit Obligation:
Discount rate	5.10	%	5.40	%	2.70	%
Rate of compensation increase for accruing active participants	n/a		n/a		n/a
Weighted-average Assumptions Used to Determine Cost:
Discount rate	5.40	%	2.70	%	2.30	%
Expected return on plan assets	5.25	%	5.00	%	5.00	%
Rate of compensation increase for accruing active participants	n/a		n/a		n/a

At December 31, 2023 and 2022, the Corporation based its estimate of the expected long-term rate of return on analysis of the historical returns of the plans and current market information available.

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as of December 31, 2023. The minimum contribution required in 2024 will likely be zero, but the Corporation may decide to make a discretionary contribution during the year.


2024	$	5,495
2025	5,448
2026	5,265
2027	4,968
2028	4,789
After 2028	20,577
	$	46,542

The Savings Plan, a Section 401(k) qualified defined contribution plan, was amended on March 1, 2005 to provide enhanced retirement benefits, including employer and matching contributions, for eligible employees of the Corporation and its subsidiaries. The Corporation matches employees’ contributions at the rate of 100 percent for the first 3 percent of base salary contributed by participants and 50 percent of the next 3 percent of base salary contributed by participants.

Beginning in 2005, employees who have completed 1000 hours of service and are an active employee on the last day of the year receive an additional retirement contribution after year-end. Employees hired after January 1, 2010 do not participate in the additional retirement contribution. Effective January 1, 2013, the additional retirement contribution was fixed at 2 percent. Full vesting occurs after five years of service. The Corporation’s expense for the Savings Plan, including the additional retirement contribution, was $7.2 million, $6.5 million and $5.2 million for 2023, 2022 and 2021, respectively.

The Corporation also maintains a post retirement benefit plan that provides health insurance benefits for a closed group of participants that came to the Corporation through the 2019 MBT acquisition. To be eligible for the post retirement plan, the participants must (1) have been hired by MBT prior to January 1, 2007, (2) be a full-time employee of the Corporation and employed by MBT prior to the acquisition, and (3) be at least 55 years of age with 5 years of full-time service with MBT. The plan allowed retirees to be carried under the Corporation’s health insurance plan, generally from ages 55 to 65. The retirees’ premiums are determined based on their retiree class (per historical MBT guidelines) and also determined by the plan type for which the retiree is enrolled. As of December 31, 2023 and 2022, the obligation payable under the post retirement plan was $2.3 million and $2.4 million, respectively. Post retirement plan expense totaled $44,000, $53,000 and $62,000 for 2023, 2022 and 2021, respectively.

Pension Plan Assets

The plans’ investment strategies are to provide for preservation of capital with an emphasis on long-term growth without undue exposure to risk. The assets of the plans’ are invested in accordance with the plans’ Investment Policy Statement, subject to strict compliance with ERISA and any other applicable statutes. The plans’ risk management practices include semi-annual evaluations of investment managers, including reviews of compliance with investment manager guidelines and restrictions; ability to exceed performance objectives; adherence to the investment philosophy and style; and ability to exceed the performance of other investment managers. The evaluations are reviewed by management with appropriate follow-up and actions taken, as deemed necessary. The Investment Policy Statement generally allows investments in cash and cash equivalents, real estate, fixed income debt securities and equity securities, and specifically prohibits investments in derivatives, options, futures, private placements, short selling, non-marketable securities and purchases of individual non-investment grade bonds.

Plan assets are re-balanced quarterly. At December 31, 2023 and 2022, plan assets by category are as follows:


	December 31, 2023				December 31, 2022
	Actual		Target		Actual		Target
Cash and cash equivalents	3.0	%	3.0	%	5.9	%	3.0	%
Equity securities	53.4		53.0		51.5		50.0
Debt securities	41.9		42.0		40.4		45.0
Alternative investments	1.7		2.0		2.2		2.0
	100.0	%	100.0	%	100.0	%	100.0	%

At December 31, 2023, the maturities of the plans’ debt securities ranged from 75 days to 8.2 years, with a weighted average maturity of 3.7 years. At December 31, 2022, the maturities of the plans’ debt securities ranged from 15 days to 9.1 years, with a weighted average maturity of 3.9 years.

Following is a description of the valuation methodologies used for pension plan assets measured at fair value on a recurring basis, as well as the general classification of pension plan assets pursuant to the valuation hierarchy.

Where quoted market prices are available in an active market, plan assets are classified within Level 1 of the valuation hierarchy. Level 1 plan assets total $76.8 million and $74.0 million as of December 31, 2023 and 2022, respectively, and include cash and cash equivalents, common stocks, mutual funds and corporate bonds and notes. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of plan assets with similar characteristics or discounted cash flows. Level 2 plan assets total $5.4 million and $3.5 million as of December 31, 2023 and 2022, respectively, and include governmental agencies, taxable municipal bonds and notes, and certificates of deposit. In certain cases where Level 1 or Level 2 inputs are not available, plan assets are classified within Level 3 of the hierarchy. There are no assets classified within Level 3 of the hierarchy at December 31, 2023 and 2022.


			Fair Value Measurements Using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
December 31, 2023	Fair Value		(Level 1)		(Level 2)		(Level 3)
Cash & Cash Equivalents	$	2,433	$	2,433	$	—	$	—
Corporate Bonds and Notes	17,224		17,224		—		—
Government Agency and Municipal Bonds and Notes	5,164		—		5,164		—
Certificates of Deposit	245		—		245		—
Party-in-Interest Investments
Common Stock	2,243		2,243		—		—


Mutual Funds
Taxable Bond	11,834		11,834		—		—
Large Cap Equity	24,787		24,787		—		—
Mid Cap Equity	9,520		9,520		—		—
Small Cap Equity	4,900		4,900		—		—
International Equity	2,494		2,494		—		—
Specialty Alternative Equity	1,414		1,414		—		—
	$	82,258	$	76,849	$	5,409	$	—


			Fair Value Measurements Using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
December 31, 2022	Fair Value		(Level 1)		(Level 2)		(Level 3)
Cash & Cash Equivalents	$	4,559	$	4,559	$	—	$	—
Corporate Bonds and Notes	17,159		17,159		—		—
Government Agency and Municipal Bonds and Notes	3,010		—		3,010		—
Certificates of Deposit	492		—		492		—
Party-in-Interest Investments
Common Stock	2,487		2,487		—		—


Mutual Funds
Taxable Bond	10,686		10,686		—		—
Large Cap Equity	21,056		21,056		—		—
Mid Cap Equity	9,610		9,610		—		—
Small Cap Equity	4,419		4,419		—		—
International Equity	2,357		2,357		—		—
Specialty Alternative Equity	1,699		1,699		—		—
	$	77,534	$	74,032	$	3,502	$	—

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

PREMISES AND EQUIPMENT - Narrative (Details) $ in Millions	3 Months Ended
PREMISES AND EQUIPMENT - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($)
Property, Plant and Equipment [Abstract]
Purchase of new regional headquarters	$ 16.7

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Impact of adopting ASC 326	Balance, January 1, 2021	Cumulative Preferred Stock	Preferred Stock Cumulative Preferred Stock	Preferred Stock Cumulative Preferred Stock Balance, January 1, 2021	Preferred Stock Non-Cumulative Preferred Stock	Preferred Stock Non-Cumulative Preferred Stock Balance, January 1, 2021	Common Stock	Common Stock Balance, January 1, 2021	Paid in Capital	Paid in Capital Balance, January 1, 2021	Retained Earnings	Retained Earnings Impact of adopting ASC 326	Retained Earnings Balance, January 1, 2021	Comprehensive Income (Loss)	Comprehensive Income (Loss) Balance, January 1, 2021
Beginning balance (in shares) at Dec. 31, 2020					125	125	0	0
Beginning balance (in shares) at Dec. 31, 2020									53,922,359	53,922,359
Beginning balance at Dec. 31, 2020	$ 1,875,645	$ (68,040)	$ 1,807,605		$ 125	$ 125	$ 0	$ 0	$ 6,740	$ 6,740	$ 1,005,366	$ 1,005,366	$ 788,578	$ (68,040)	$ 720,538	$ 74,836	$ 74,836
Comprehensive income:
Net income	205,531												205,531
Other comprehensive loss, net of tax	(19,723)															(19,723)
Cash dividends on common stock	(61,230)												(61,230)
Repurchases of common stock (in shares)									(646,102)
Repurchases of common stock	(25,444)								$ (81)		(25,363)
Share-based compensation (in shares)									94,510
Share-based compensation	4,762								$ 12		4,750
Stock issued under employee benefit plans (in shares)									16,507
Stock issued under employee benefit plans	605								$ 2		603
Stock issued under dividend reinvestment and stock purchase plan (in shares)									43,861
Stock issued under dividend reinvestment and stock purchase plan	1,880								$ 5		1,875
Stock options exercised (in shares)									17,300
Stock options exercised	198								$ 2		196
Restricted shares withheld for taxes (in shares)									(38,024)
Restricted shares withheld for taxes	(1,613)								$ (4)		(1,609)
Ending balance (in shares) at Dec. 31, 2021					125		0
Ending balance (in shares) at Dec. 31, 2021									53,410,411
Ending balance at Dec. 31, 2021	1,912,571				$ 125		$ 0		$ 6,676		985,818		864,839			55,113
Comprehensive income:
Net income	222,089												222,089
Other comprehensive loss, net of tax	(294,264)															(294,264)
Cash dividends on preferred stock	(1,406)												(1,406)
Cash dividends on common stock	(72,748)												(72,748)
Issuance of stock related to acquisition (in shares)							10,000		5,588,962
Issuance of stock related to acquisition	262,389						$ 25,000		$ 699		236,690
Share-based compensation (in shares)									118,046
Share-based compensation	4,652								$ 15		4,637
Stock issued under employee benefit plans (in shares)									20,267
Stock issued under employee benefit plans	706								$ 3		703
Stock issued under dividend reinvestment and stock purchase plan (in shares)									50,559
Stock issued under dividend reinvestment and stock purchase plan	2,056								$ 6		2,050
Stock options exercised (in shares)									22,000
Stock options exercised	358								$ 3		355
Restricted shares withheld for taxes (in shares)									(39,662)
Restricted shares withheld for taxes	$ (1,633)								$ (6)		(1,627)
Ending balance (in shares) at Dec. 31, 2022				125	125		10,000
Ending balance (in shares) at Dec. 31, 2022	59,170,583								59,170,583
Ending balance at Dec. 31, 2022	$ 2,034,770				$ 125		$ 25,000		$ 7,396		1,228,626		1,012,774			(239,151)
Comprehensive income:
Net income	223,786												223,786
Other comprehensive loss, net of tax	63,181															63,181
Cash dividends on preferred stock	(1,875)												(1,875)
Cash dividends on common stock	(80,061)												(80,061)
Share-based compensation (in shares)									133,877
Share-based compensation	5,158								$ 17		5,141
Stock issued under employee benefit plans (in shares)									27,902
Stock issued under employee benefit plans	754								$ 3		751
Stock issued under dividend reinvestment and stock purchase plan (in shares)									67,135
Stock issued under dividend reinvestment and stock purchase plan	$ 2,180								$ 8		2,172
Stock options exercised (in shares)	65,025								65,025
Stock options exercised	$ 1,110								$ 8		1,102
Restricted shares withheld for taxes (in shares)									(40,400)
Restricted shares withheld for taxes	$ (1,290)								$ (4)		(1,286)
Ending balance (in shares) at Dec. 31, 2023				125	125		10,000
Ending balance (in shares) at Dec. 31, 2023	59,424,122								59,424,122
Ending balance at Dec. 31, 2023	$ 2,247,713				$ 125		$ 25,000		$ 7,428		$ 1,236,506		$ 1,154,624			$ (175,970)

CASH AND CASH EQUIVALENTS AND INTEREST-BEARING DEPOSITS	12 Months Ended
CASH AND CASH EQUIVALENTS AND INTEREST-BEARING DEPOSITS	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
CASH AND CASH EQUIVALENTS AND INTEREST-BEARING DEPOSITS	CASH AND CASH EQUIVALENTS AND INTEREST-BEARING DEPOSITS At December 31, 2023, the Corporation’s noninterest bearing deposits, included in cash and cash equivalents, and interest-bearing deposits held at other institutions exceeded the $250,000 federally insured limits by approximately $134.7 million. Each correspondent bank’s financial performance and market rating are reviewed on a quarterly basis to ensure the Corporation has deposits only at institutions providing minimal risk for those exceeding the federally insured limits. Additionally, the Corporation had approximately $346.4 million at the Federal Home Loan Bank and Federal Reserve Bank, which are government-sponsored entities not insured by the FDIC. The Corporation has historically been required to maintain reserve funds in cash and/or on deposit with the Federal Reserve Bank. However, the Federal Reserve announced on March 15, 2020 that in order to support the flow of credit to households and businesses during the COVID-19 pandemic, reserve requirement ratios would move to zero effective March 26, 2020. The reserve requirement ratios remained at zero as of December 31, 2023.

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

Stock options and RSAs have been issued to directors, officers and other management employees under the Corporation’s 2009 Long-term Equity Incentive Plan, the 2019 Long-term Equity Incentive Plan, the Level One Bancorp, Inc. 2007 Stock Option Plan and the Equity Compensation Plan for Non-Employee Directors. The stock options, which have a ten-year life, become 100 percent vested based on time ranging from one year to two years and are fully exercisable when vested. Option exercise prices equal the Corporation’s common stock closing price on Nasdaq on the date of grant. The RSAs issued to employees and non-employee directors provide for the issuance of shares of the Corporation’s common stock at no cost to the holder and generally vest after three years. The RSAs vest only if the employee is actively employed by the Corporation on the vesting date and, therefore, any unvested shares are forfeited. For non-employee directors, the RSAs vest only if the non-employee director remains as an active board member on the vesting date and, therefore, any unvested shares are forfeited. The RSAs for employees and non-employee directors are either immediately vested at retirement, disability or death, or, continue to vest after retirement, disability or death, depending on the plan under which the shares were granted.

The Corporation’s 2019 ESPP provides eligible employees of the Corporation and its subsidiaries an opportunity to purchase shares of common stock of the Corporation through quarterly offerings financed by payroll deductions. The price of the stock to be paid by the employees shall be equal to 85 percent of the average of the closing price of the Corporation’s common stock on each trading day during the offering period. However, in no event shall such purchase price be less than the lesser of an amount equal to 85 percent of the market price of the Corporation’s stock on the offering date or an amount equal to 85 percent of the market value on the date of purchase. Common stock purchases are made quarterly and are paid through advance payroll deductions up to a calendar year maximum of $25,000.

Compensation expense related to unvested share-based awards is recorded by recognizing the unamortized grant date fair value of these awards over the remaining service periods of those awards, with no change in historical reported fair values and earnings. Awards are valued at fair value in accordance with provisions of share-based compensation guidance and are recognized on a straight-line basis over the service periods of each award. To complete the exercise of vested stock options, RSAs and ESPP options, the Corporation generally issues new shares from its authorized but unissued share pool. Share-based compensation for the years ended December 31, 2023, 2022, and 2021 was $5.2 million, $4.7 million, and $4.8 million, respectively, and has been recognized as a component of salaries and benefits expense in the accompanying Consolidated Statements of Income.

Share-based compensation expense recognized in the Consolidated Statements of Income is based on awards ultimately expected to vest and is reduced for estimated forfeitures. Share-based compensation guidance requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods, if actual forfeitures differ from those estimates. Pre-vesting forfeitures were estimated to be approximately 0.2 percent for the year ended December 31, 2023, based on historical experience.

The following table summarizes the components of the Corporation’s share-based compensation awards recorded as an expense and the income tax benefit of such awards. For the years ended 2023 and 2022, RSAs vested at a stock price higher than the grant date stock price resulting in recognition of income tax benefit at vesting of $126,000 and $86,000, respectively. In 2021, the Corporation had RSAs vest primarily at a stock price that was lower than the grant date stock price, which resulted in the recognition of income tax expense at vesting of $112,000.


	Years Ended December 31,
	2023		2022		2021
Stock and ESPP Options
Pre-tax compensation expense	$	103	$	95	$	155
Income tax benefit	(62)		(74)		(92)
Stock and ESPP option expense, net of income taxes	$	41	$	21	$	63
Restricted Stock Awards
Pre-tax compensation expense	$	5,055	$	4,557	$	4,607
Income tax benefit	(1,188)		(1,043)		(855)
Restricted stock awards expense, net of income taxes	$	3,867	$	3,514	$	3,752
Total Share-Based Compensation:
Pre-tax compensation expense	$	5,158	$	4,652	$	4,762
Income tax benefit	(1,250)		(1,117)		(947)
Total share-based compensation expense, net of income taxes	$	3,908	$	3,535	$	3,815

The grant date fair value of ESPP options was estimated to be approximately $23,000 at the beginning of the October 1, 2023 quarterly offering period. The ESPP options vested during the three months ending December 31, 2023, leaving no unrecognized compensation expense related to unvested ESPP options at December 31, 2023.

Stock option activity under the Corporation’s stock option plans, as of December 31, 2023, and changes during the year ended December 31, 2023, were as follows:


	Number of Shares	Weighted-Average Exercise Price		Weighted Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value
Outstanding at January 1, 2023	155,100	$	18.89


Exercised	(65,025)	$	17.07

Outstanding December 31, 2023	90,075	$	20.21	1.92	$	1,519,912
Vested and Expected to Vest at December 31, 2023	90,075	$	20.21	1.92	$	1,519,912
Exercisable at December 31, 2023	90,075	$	20.21	1.92	$	1,519,912

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Corporation’s closing stock price on the last trading day of 2023 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their stock options on December 31, 2023. The amount of aggregate intrinsic value will change based on the fair market value of the Corporation’s common stock.

The aggregate intrinsic value of stock options exercised during the years ended December 31, 2023 and 2022 was $1.4 million and $533,000, respectively. Cash receipts of stock options exercised during 2023 and 2022 were $1.1 million and $358,000, respectively.

The following table summarizes information on unvested RSAs outstanding as of December 31, 2023:


	Number of Shares	Weighted-Average Grant Date Fair Value
Unvested RSAs at January 1, 2023	416,705	$	36.97
Granted	172,573	$	31.93
Forfeited	(2,975)	$	34.58
Vested	(133,877)	$	27.25
Unvested RSAs at December 31, 2023	452,426	$	37.94

As of December 31, 2023, unrecognized compensation expense related to RSAs was $9.3 million and is expected to be recognized over weighted-average period of 1.82 years. The Corporation did not have any unrecognized compensation expense related to stock options as of December 31, 2023.

LOANS AND ALLOWANCE FOR CREDIT LOSSES - Composition of Loan Portfolio by Loan Class (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	$ 12,486,027	$ 12,003,894
Commercial and industrial loans
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	3,670,948	3,437,126
Agricultural land, production and other loans to farmers
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	263,414	241,793
Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	957,545	835,582
Commercial real estate, non-owner occupied
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	2,400,839	2,407,475
Commercial real estate, owner occupied
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	1,162,083	1,246,528
Residential
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	2,288,921	2,096,655
Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	617,571	630,632
Individuals' loans for household and other personal expenditures
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	168,388	175,211
Public finance and other commercial loans
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	$ 956,318	$ 932,892

PENSION AND OTHER POST RETIREMENT BENEFIT PLANS - Schedule of Accumulated Benefit Obligation in Excess of Plan Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Projected benefit obligation	$ 2,765	$ 3,405
Accumulated benefit obligation	2,765	3,405
Fair value of plan assets	$ 0	$ 0

PENSION AND OTHER POST RETIREMENT BENEFIT PLANS - Schedule of Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Net periodic pension benefit cost	$ (844)	$ (2,539)	$ (2,094)
Net gain (loss)	3,121	(1,797)	9,460
Amortization of net loss	80	13	305
Amortization of prior service cost	87	87	87
Total recognized in other comprehensive income (loss)	3,288	(1,697)	9,852
Total recognized in net periodic pension benefit cost and other comprehensive income (loss)	$ 4,132	$ 842	$ 11,946

INVESTMENT SECURITIES - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Jan. 01, 2021
Schedule of Available for sale Securities and Held to maturity Securities [Line Items]
Accrued interest on investment securities	$ 25,200	$ 29,500
Allowance for credit losses	245	245
Carrying value of securities pledged as collateral	1,800,000	941,300
Securities sold under repurchase agreements	181,400	196,700
State and municipal
Schedule of Available for sale Securities and Held to maturity Securities [Line Items]
Allowance for credit losses	$ 245	$ 245
Cumulative effect \| State and municipal
Schedule of Available for sale Securities and Held to maturity Securities [Line Items]
Allowance for credit losses			$ 245

FAIR VALUES OF FINANCIAL INSTRUMENTS - Valuation Methodologies Used for Instruments Measured at Fair Value on Non-Recurring Basis (Details) - Non-recurring - Collateral dependent loans - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset fair value	$ 0	$ 0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset fair value	0	0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset fair value	55,020	55,290
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset fair value	$ 55,020	$ 55,290

REGULATORY CAPITAL AND DIVIDENDS (Tables)

12 Months Ended

Dec. 31, 2023

Banking and Thrift, Interest [Abstract]

Schedule of Actual and Required Capital Amounts and Ratios

The Corporation’s and Bank’s actual and required capital ratios as of December 31, 2023 and December 31, 2022 were as follows:


					Prompt Corrective Action Thresholds
	Actual				Basel III Minimum Capital Required				Well Capitalized
December 31, 2023	Amount		Ratio		Amount		Ratio		Amount		Ratio
Total risk-based capital to risk-weighted assets
First Merchants Corporation	$	2,021,124	13.67	%	$	1,552,685	10.50	%	N/A		N/A
First Merchants Bank	1,931,810		13.06		1,553,600		10.50		$	1,479,619	10.00	%
Tier 1 capital to risk-weighted assets
First Merchants Corporation	$	1,703,626	11.52	%	$	1,256,935	8.50	%	N/A		N/A
First Merchants Bank	1,746,299		11.80		1,257,676		8.50		$	1,183,695	8.00	%
Common equity tier 1 capital to risk-weighted assets
First Merchants Corporation	$	1,678,626	11.35	%	$	1,035,123	7.00	%	N/A		N/A
First Merchants Bank	1,746,299		11.80		1,035,733		7.00		$	961,752	6.50	%
Tier 1 capital to average assets
First Merchants Corporation	$	1,703,626	9.64	%	$	707,091	4.00	%	N/A		N/A
First Merchants Bank	1,746,299		9.89		706,331		4.00		$	882,913	5.00	%


					Prompt Corrective Action Thresholds
	Actual				Basel III Minimum Capital Required				Well Capitalized
December 31, 2022	Amount		Ratio		Amount		Ratio		Amount		Ratio
Total risk-based capital to risk-weighted assets
First Merchants Corporation	$	1,882,254	13.08	%	$	1,511,230	10.50	%	N/A		N/A
First Merchants Bank	1,822,296		12.65		1,513,064		10.50		$	1,441,014	10.00	%
Tier 1 capital to risk-weighted assets
First Merchants Corporation	$	1,558,281	10.83	%	$	1,223,377	8.50	%	N/A		N/A
First Merchants Bank	1,641,210		11.39		1,224,862		8.50		$	1,152,811	8.00	%
Common equity tier 1 capital to risk-weighted assets
First Merchants Corporation	$	1,533,281	10.65	%	$	1,007,487	7.00	%	N/A		N/A
First Merchants Bank	1,641,210		11.39		1,008,710		7.00		$	936,659	6.50	%
Tier 1 capital to average assets
First Merchants Corporation	$	1,558,281	9.10	%	$	684,758	4.00	%	N/A		N/A
First Merchants Bank	1,641,210		9.60		683,680		4.00		$	854,600	5.00	%

INCOME TAX

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

INCOME TAX


	2023			2022			2021
Reconciliation of Federal Statutory to Actual Tax Expense:
Federal Statutory Income Tax at 21%	$	54,439		$	53,692		$	50,566
Tax-exempt Interest Income	(18,193)			(19,349)			(16,200)

Stock Compensation	(228)			(214)			(20)
Earnings on Life Insurance	(1,753)			(2,344)			(1,468)
Tax Credits	(331)			(414)			(354)
State Tax	1,171			2,494			2,697
Other	341			(280)			38
Income Tax Expense	$	35,446		$	33,585		$	35,259

Effective Tax Rate	13.7		%	13.1		%	14.6		%

Income tax expense consists of the following components for the years ended December 31, 2023, 2022, 2021:


	2023		2022		2021
Income Tax Expense for the Year Ended December 31:
Currently Payable:
Federal	$	29,351	$	21,824	$	24,634
State	(504)		2,696		1,473
Deferred:
Federal	4,613		8,604		7,211

State	1,986		461		1,941
Income Tax Expense	$	35,446	$	33,585	$	35,259

Significant components of the net deferred tax assets and liabilities resulting from temporary differences were as follows at December 31, 2023 and 2022:


	2023		2022
Deferred Tax Asset at December 31:
Assets:
Differences in Accounting for Credit Losses	$	54,734	$	61,484
Differences in Accounting for Loan Fees	2,398		2,094

Deferred Compensation	4,021		3,922

Federal & State Income Tax Loss Carryforward and Credits	600		600
Net Unrealized Loss on Securities Available for Sale	46,161		62,323
Other	6,716		2,883
Total Assets	114,630		133,306
Liabilities:
Differences in Depreciation Methods	7,439		7,039
Differences in Accounting for Loans and Securities	1,284		1,058
Differences in Accounting for Mortgage Servicing Rights	1,987		616
Difference in Accounting for Pensions and Other Employee Benefits	6,072		3,687
State Income Tax	1,428		1,859

REIT Dividend Deferral	2,979		3,088

Other	8,692		6,502
Total Liabilities	29,881		23,849
Net Deferred Tax Asset	$	84,749	$	109,457

As of December 31, 2023, the Corporation has approximately $12.2 million of state NOL carryforwards available to offset future state taxable income, which will expire beginning in 2024. These NOL carryforwards along with normal timing differences between book and tax result in total state deferred tax assets of $6.8 million. Management believes it is more likely than not that the benefit of these state NOL carryforwards and other state deferred tax assets will be fully realized.

The Corporation has additional paid-in capital that is considered restricted resulting from the acquisitions of CFS Bancorp, Inc. (“CFS”) and Ameriana Bancorp, Inc. (“Ameriana”) of approximately $13.4 million and $11.9 million, respectively. CFS and Ameriana qualified as banks under provisions of the Internal Revenue Code which permitted them to deduct from taxable income an allowance for bad debts which differed from the provision for losses charged to income, for which no deferred federal income tax liability has been recognized. If in the future this portion of additional paid-in capital is distributed, or the Corporation no longer qualifies as a bank for income tax purposes, federal income taxes may be imposed at the then applicable tax rate. The unrecorded deferred tax liability at December 31, 2023, would have been approximately $5.3 million.

The Corporation or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. The Corporation is generally no longer subject to U.S. federal, state and local income tax examinations by tax authorities for tax years before 2020.

Additional details regarding the Corporation’s policies related to income taxes are discussed in NOTE 1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES of these Notes to Consolidated Financial Statements.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

DEPOSITS

12 Months Ended

Dec. 31, 2023

Statistical Disclosure for Banks [Abstract]

DEPOSITS

The composition of the deposit portfolio is included in the table below as of the dates indicated:


	December 31, 2023		December 31, 2022
Demand deposits	$	7,965,862	$	8,448,797
Savings deposits	4,516,433		4,657,140
Certificates and other time deposits of $100,000 or more	1,408,985		742,539
Other certificates and time deposits	849,906		468,712
Brokered certificates of deposits	80,267		65,557
Total deposits	$	14,821,453	$	14,382,745

Deposits increased $438.7 million from December 31, 2022. The majority of the organic deposit growth was due to increases in maturity deposits of $1.1 billion, which was offset by decreases in nonmaturity deposits of $623.6 million when compared to December 31, 2022. Higher interest rates have resulted in customers migrating funds from nonmaturity products into maturity time deposit products. At December 31, 2023 and 2022, deposits exceeding the FDIC’s Standard Maximum Deposit Insurance Amount of $250,000 were $8.6 billion and $8.1 billion, respectively.

At December 31, 2023, the contractual maturities of time deposits are summarized as follows:


	Certificates and Other Time Deposits
2024	$	2,185,566
2025	98,377
2026	47,924
2027	5,056
2028	2,015
After 2028	220
	$	2,339,158

FAIR VALUES OF FINANCIAL INSTRUMENTS - Reconciliation of Beginning and Ending Balances of Recurring Fair Value Measurements using Significant Unobservable Level 3 Inputs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Available for Sale Securities
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax
Recurring
Available for Sale Securities
Beginning Balance	$ 3,439	$ 5,491
Included in other comprehensive income (loss)	(186)	(612)
Purchases, issuances, and settlements	0	5,111
Principal payments	57	(6,551)
Ending balance	$ 3,310	$ 3,439

LOAN SERVICING (Tables)

12 Months Ended

Dec. 31, 2023

Banking and Thrift, Other Disclosure [Abstract]

Schedule Of Unpaid Balance Of Loan Service

The unpaid balances are as follows for December 31, 2023 and 2022. The amount of capitalized servicing assets is considered immaterial.


	2023		2022
Mortgage loan portfolios serviced for:
Federal Home Loan Mortgage Corporation	$	809,198	$	794,222
Fannie Mae	780,926		54,934
Equity Bank	42,429		49,558
Federal Home Loan Bank	159,590		27,127

Total	$	1,792,143	$	925,841

CONDENSED FINANCIAL INFORMATION (parent company only) - Condensed Statements of Income and Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income
Other income	$ 2,722	$ 1,929	$ 3,008
Expenses
Interest expense	348,486	84,803	35,952
Salaries and employee benefits	228,745	206,893	166,995
Other expenses	28,502	26,713	19,300
Income tax benefit	(35,446)	(33,585)	(35,259)
NET INCOME	223,786	222,089	205,531
Preferred stock dividends	1,875	1,406	0
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	221,911	220,683	205,531
Other comprehensive income (loss)	63,181	(294,264)	(19,723)
Comprehensive income (loss)	286,967	(72,175)	185,808
Parent
Income
Dividends from subsidiaries	131,525	90,500	161,825
Other income	16	(1,693)	(50)
Total income	131,541	88,807	161,775
Expenses
Interest expense	10,164	8,005	6,642
Salaries and employee benefits	4,406	3,786	3,917
Net occupancy and equipment expenses	49	46	825
Professional and other outside services	851	2,187	1,264
Other expenses	2,795	1,396	1,687
Total expenses	18,265	15,420	14,335
Income before income tax benefit and equity in undistributed income of subsidiaries	113,276	73,387	147,440
Income tax benefit	4,526	3,645	2,929
Income before equity in undistributed income of subsidiaries	117,802	77,032	150,369
Equity in undistributed income of subsidiaries	105,984	145,057	55,162
NET INCOME	223,786	222,089	205,531
Preferred stock dividends	1,875	1,406	0
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	221,911	220,683	205,531
Other comprehensive income (loss)	63,181	(294,264)	(19,723)
Comprehensive income (loss)	$ 286,967	$ (72,175)	$ 185,808

PENSION AND OTHER POST RETIREMENT BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Schedule of Plans' Funded Status and Amounts Recognized in the Balance Sheets

The table below sets forth the plans’ funded status and amounts recognized in the Consolidated Balance Sheets at December 31, using measurement dates of December 31, 2023 and 2022.


	2023		2022
Change in Benefit Obligation:
Benefit obligation at beginning of year	$	55,764	$	74,274

Interest cost	2,876		1,905
Actuarial (gain) loss	2,386		(14,546)
Benefits paid	(5,265)		(5,869)


Benefit obligation at end of year	$	55,761	$	55,764

Change in Plan Assets:
Fair value of plan assets at beginning of year	$	77,534	$	94,588
Actual return on plan assets	9,395		(11,799)
Employer contributions	594		614
Benefits paid	(5,265)		(5,869)

End of year	82,258		77,534
Funded status at end of year	$	26,497	$	21,770

Assets and Liabilities Recognized in the Balance Sheets:
Deferred tax asset	$	1,141	$	1,955
Assets	$	29,262	$	25,175
Liabilities	$	2,765	$	3,405

Schedule of Accumulated Benefit Obligation in Excess of Plan Assets


	December 31, 2023		December 31, 2022
Projected benefit obligation	$	2,765	$	3,405
Accumulated benefit obligation	$	2,765	$	3,405
Fair value of plan assets	$	—	$	—

Schedule of Net Periodic Pension Costs

The following table shows the components of net periodic pension benefit cost:


	December 31, 2023		December 31, 2022		December 31, 2021

Interest cost	2,876		1,905		1,760
Expected return on plan assets	(3,887)		(4,544)		(4,246)
Amortization of prior service cost	87		87		87
Amortization of net loss	80		13		305

Net periodic pension benefit cost	$	(844)	$	(2,539)	$	(2,094)

Schedule of Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss)

Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss):


	December 31, 2023		December 31, 2022		December 31, 2021
Net periodic pension benefit cost	$	(844)	$	(2,539)	$	(2,094)
Net gain (loss)	3,121		(1,797)		9,460
Amortization of net loss	80		13		305
Amortization of prior service cost	87		87		87
Total recognized in other comprehensive income (loss)	3,288		(1,697)		9,852
Total recognized in net periodic pension benefit cost and other comprehensive income (loss)	$	4,132	$	842	$	11,946

Schedule of Assumptions Used

Significant assumptions include:


	December 31, 2023		December 31, 2022		December 31, 2021
Weighted-average Assumptions Used to Determine Benefit Obligation:
Discount rate	5.10	%	5.40	%	2.70	%
Rate of compensation increase for accruing active participants	n/a		n/a		n/a
Weighted-average Assumptions Used to Determine Cost:
Discount rate	5.40	%	2.70	%	2.30	%
Expected return on plan assets	5.25	%	5.00	%	5.00	%
Rate of compensation increase for accruing active participants	n/a		n/a		n/a

At December 31, 2023 and 2022, the Corporation based its estimate of the expected long-term rate of return on analysis of the historical returns of the plans and current market information available.

Schedule of Expected Benefit Payments


2024	$	5,495
2025	5,448
2026	5,265
2027	4,968
2028	4,789
After 2028	20,577
	$	46,542

Schedule of Allocation of Plan Assets

Plan assets are re-balanced quarterly. At December 31, 2023 and 2022, plan assets by category are as follows:


	December 31, 2023				December 31, 2022
	Actual		Target		Actual		Target
Cash and cash equivalents	3.0	%	3.0	%	5.9	%	3.0	%
Equity securities	53.4		53.0		51.5		50.0
Debt securities	41.9		42.0		40.4		45.0
Alternative investments	1.7		2.0		2.2		2.0
	100.0	%	100.0	%	100.0	%	100.0	%


			Fair Value Measurements Using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
December 31, 2023	Fair Value		(Level 1)		(Level 2)		(Level 3)
Cash & Cash Equivalents	$	2,433	$	2,433	$	—	$	—
Corporate Bonds and Notes	17,224		17,224		—		—
Government Agency and Municipal Bonds and Notes	5,164		—		5,164		—
Certificates of Deposit	245		—		245		—
Party-in-Interest Investments
Common Stock	2,243		2,243		—		—


Mutual Funds
Taxable Bond	11,834		11,834		—		—
Large Cap Equity	24,787		24,787		—		—
Mid Cap Equity	9,520		9,520		—		—
Small Cap Equity	4,900		4,900		—		—
International Equity	2,494		2,494		—		—
Specialty Alternative Equity	1,414		1,414		—		—
	$	82,258	$	76,849	$	5,409	$	—


			Fair Value Measurements Using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
December 31, 2022	Fair Value		(Level 1)		(Level 2)		(Level 3)
Cash & Cash Equivalents	$	4,559	$	4,559	$	—	$	—
Corporate Bonds and Notes	17,159		17,159		—		—
Government Agency and Municipal Bonds and Notes	3,010		—		3,010		—
Certificates of Deposit	492		—		492		—
Party-in-Interest Investments
Common Stock	2,487		2,487		—		—


Mutual Funds
Taxable Bond	10,686		10,686		—		—
Large Cap Equity	21,056		21,056		—		—
Mid Cap Equity	9,610		9,610		—		—
Small Cap Equity	4,419		4,419		—		—
International Equity	2,357		2,357		—		—
Specialty Alternative Equity	1,699		1,699		—		—
	$	77,534	$	74,032	$	3,502	$	—

NET INCOME PER COMMON SHARE

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

NET INCOME PER COMMON SHARE

Basic net income per common share is computed by dividing net income available to common stockholders by the weighted-average common shares outstanding during the reporting period. Diluted net income per common share is computed by dividing net income available to common stockholders by the combination of the weighted-average common shares outstanding during the reporting period and all potentially dilutive common shares. Potentially dilutive common shares include stock options and RSAs issued under the Corporation’s share-based compensation plans. Potentially dilutive common shares are excluded from the computation of diluted earnings per common share in the periods where the effect would be antidilutive.

The following table reconciles basic and diluted net income per common share for the years indicated:


	2023					2022					2021
	Net Income Available to Common Stockholders		Weighted-Average Common Shares	Per Share Amount		Net Income Available to Common Stockholders		Weighted-Average Common Shares	Per Share Amount		Net Income Available to Common Stockholders		Weighted-Average Common Shares	Per Share Amount

Net income available to common stockholders	$	221,911	59,304,879	$	3.74	$	220,683	57,692,018	$	3.83	$	205,531	53,783,632	$	3.82
Effect of potentially dilutive stock options and restricted stock awards			183,641					258,239					200,597
Diluted net income per common share	$	221,911	59,488,520	$	3.73	$	220,683	57,950,257	$	3.81	$	205,531	53,984,229	$	3.81

As of December 31, 2023, 2022 and 2021, there were no stock options with an option price greater than the average market price of the common shares.

QUALIFIED AFFORDABLE HOUSING INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Summary of Affordable Housing Investments

The following table summarizes the Corporation’s affordable housing investments as of December 31, 2023 and 2022:


	2023				2022
Investment Type	Investment		Unfunded Commitment		Investment		Unfunded Commitment
LIHTC	$	114,514	$	96,408	$	76,686	$	63,893

The following table summarizes the amortization expense and tax credits recognized for the Corporation’s affordable housing investments for the years ended December 31, 2023, 2022 and 2021:


	2023		2022		2021
Amortization expense	$	6,324	$	812	$	658
Tax credits recognized	5,327		1,055		874

CONDENSED FINANCIAL INFORMATION (parent company only)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

CONDENSED FINANCIAL INFORMATION (parent company only)

Presented below is condensed financial information as to financial position, results of operations, and cash flows of the Corporation.

Condensed Balance Sheets


	December 31, 2023		December 31, 2022
Assets
Cash and due from banks	$	100,858	$	56,739
Investment in subsidiaries	2,291,788		2,124,104

Premises and equipment	85		119
Interest receivable	7		6
Goodwill	448		448
Cash surrender value of life insurance	756		736

Other assets	8,954		6,851
Total assets	$	2,402,896	$	2,189,003
Liabilities
Subordinated debentures and other borrowings	$	150,174	$	150,115
Interest payable	1,383		979
Other liabilities	3,626		3,139
Total liabilities	155,183		154,233
Stockholders' equity	2,247,713		2,034,770
Total liabilities and stockholders' equity	$	2,402,896	$	2,189,003

Condensed Statements of Income and Comprehensive Income (Loss)


	December 31, 2023		December 31, 2022		December 31, 2021
Income
Dividends from subsidiaries	$	131,525	$	90,500	$	161,825


Other income	16		(1,693)		(50)
Total income	131,541		88,807		161,775
Expenses
Interest expense	10,164		8,005		6,642
Salaries and employee benefits	4,406		3,786		3,917
Net occupancy and equipment expenses	49		46		825
Professional and other outside services	851		2,187		1,264
Other expenses	2,795		1,396		1,687
Total expenses	18,265		15,420		14,335
Income before income tax benefit and equity in undistributed income of subsidiaries	113,276		73,387		147,440
Income tax benefit	4,526		3,645		2,929
Income before equity in undistributed income of subsidiaries	117,802		77,032		150,369
Equity in undistributed income of subsidiaries	105,984		145,057		55,162
Net income	223,786		222,089		205,531
Preferred stock dividends	1,875		1,406		—
Net income available to common stockholders	$	221,911	$	220,683	$	205,531

Net income	$	223,786	$	222,089	$	205,531
Other comprehensive income (loss)	63,181		(294,264)		(19,723)
Comprehensive income (loss)	$	286,967	$	(72,175)	$	185,808

Condensed Statements of Cash Flows


	December 31, 2023		December 31, 2022		December 31, 2021
Cash Flow From Operating Activities:
Net income	$	223,786	$	222,089	$	205,531
Adjustments to reconcile net income to net cash provided by operating activities
Share-based compensation	1,803		1,659		1,563
Distributions in excess of (equity in undistributed) income of subsidiaries	(105,984)		(145,057)		(55,162)



Other adjustments	(2,446)		(5,925)		(288)

Net cash provided by operating activities	117,159		72,766		151,644
Cash Flow From Investing Activities:


Net cash and cash equivalents paid in acquisition	—		(72,494)		—
Proceeds from business divestitures	4,852		—		—

Net cash provided (used) by investing activities	4,852		(72,494)		—
Cash Flow From Financing Activities:
Cash dividends on common stock	(80,061)		(72,748)		(61,230)
Cash dividends on preferred stock	(1,875)		(1,406)		—





Stock issued under employee benefit plans	754		706		605
Stock issued under dividend reinvestment and stock purchase plan	2,180		2,056		1,880
Stock options exercised	1,110		358		198
Repurchases of common stock	—		—		(25,444)
Net cash used by financing activities	(77,892)		(71,034)		(83,991)
Net change in cash and cash equivalents	44,119		(70,762)		67,653
Cash and cash equivalents, beginning of the year	56,739		127,501		59,848
Cash and cash equivalents, end of year	$	100,858	$	56,739	$	127,501

INCOME TAX - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Currently Payable:
Federal	$ 29,351	$ 21,824	$ 24,634
State	(504)	2,696	1,473
Deferred:
Federal	4,613	8,604	7,211
State	1,986	461	1,941
Income Tax Expense	$ 35,446	$ 33,585	$ 35,259

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Components of Share Based Compensation Awards


	Years Ended December 31,
	2023		2022		2021
Stock and ESPP Options
Pre-tax compensation expense	$	103	$	95	$	155
Income tax benefit	(62)		(74)		(92)
Stock and ESPP option expense, net of income taxes	$	41	$	21	$	63
Restricted Stock Awards
Pre-tax compensation expense	$	5,055	$	4,557	$	4,607
Income tax benefit	(1,188)		(1,043)		(855)
Restricted stock awards expense, net of income taxes	$	3,867	$	3,514	$	3,752
Total Share-Based Compensation:
Pre-tax compensation expense	$	5,158	$	4,652	$	4,762
Income tax benefit	(1,250)		(1,117)		(947)
Total share-based compensation expense, net of income taxes	$	3,908	$	3,535	$	3,815

Schedule of Stock Option Activity Under Stock Option Plans

Stock option activity under the Corporation’s stock option plans, as of December 31, 2023, and changes during the year ended December 31, 2023, were as follows:


	Number of Shares	Weighted-Average Exercise Price		Weighted Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value
Outstanding at January 1, 2023	155,100	$	18.89


Exercised	(65,025)	$	17.07

Outstanding December 31, 2023	90,075	$	20.21	1.92	$	1,519,912
Vested and Expected to Vest at December 31, 2023	90,075	$	20.21	1.92	$	1,519,912
Exercisable at December 31, 2023	90,075	$	20.21	1.92	$	1,519,912

Schedule of Unvested RSAs Outstanding

The following table summarizes information on unvested RSAs outstanding as of December 31, 2023:


	Number of Shares	Weighted-Average Grant Date Fair Value
Unvested RSAs at January 1, 2023	416,705	$	36.97
Granted	172,573	$	31.93
Forfeited	(2,975)	$	34.58
Vested	(133,877)	$	27.25
Unvested RSAs at December 31, 2023	452,426	$	37.94

LEASES (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Supplemental Balance Sheet Information

Supplemental balance sheet information related to leases is presented in the table below as of December 31, 2023 and 2022:


	2023			2022
Operating lease assets	$	18,912		$	23,619
Total lease assets	$	18,912		$	23,619

Operating lease liabilities	$	22,335		$	25,316
Total lease liabilities	$	22,335		$	25,316

Weighted average remaining lease term (years)
Operating leases	6.3			6.5
Weighted average discount rate
Operating leases	3.2		%	3.1		%

Schedule of Components of Lease Expense

The table below presents the components of lease expense for the years ended December 31, 2023, 2022, and 2021:


	2023		2022		2021
Lease Cost:
Operating lease cost	$	7,696	$	5,233	$	3,710
Short-term lease cost	478		470		345
Variable lease cost	1,534		1,073		980
Sublease income	$	(16)	$	(23)	$	(33)
Total lease cost	$	9,692	$	6,753	$	5,002

Schedule of Supplemental Cash Flow Information

Supplemental cash flow information related to leases is presented in the tables below.


Maturity of lease liabilities	Operating Leases
2024	$	5,581
2025	5,141
2026	3,648
2027	2,842
2028	2,381
2029 and after	5,288
Total lease payments	$	24,881
Less: Present value discount	2,546
Present value of lease liabilities	$	22,335


Other Information	Twelve Months Ended December 31, 2023		Twelve Months Ended December 31, 2022		Twelve Months Ended December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	5,742	$	5,329	$	3,773
ROU assets obtained in exchange for new operating lease liabilities	$	2,253	$	10,516	$	2,700

BORROWINGS - Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Federal funds purchased	$ 0	$ 171,560
Securities sold under repurchase agreements	157,280	167,413
Federal Home Loan Bank advances	712,852	823,674
Subordinated debentures and term loans	158,644	151,298
Total Borrowings	$ 1,028,776	$ 1,313,945

- Definition

Amount, after the effects of master netting arrangements, of funds outstanding borrowed in the form of a security repurchase agreement between the entity and another party for the sale and repurchase of identical or substantially the same securities at a date certain for a specified price. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-12A(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 4)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483466/210-20-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(m)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(m)(1)(ii)(A)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483444/210-20-55-10

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.13(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1

+ Details

INVESTMENT SECURITIES - Schedule of Investment Securities in a Continuous Unrealized Loss Position (Details) $ in Thousands	Dec. 31, 2023 USD ($) security	Dec. 31, 2022 USD ($) security
Fair Value
Less than 12 Months	$ 67,007	$ 1,423,379
12 Months or Longer	1,493,547	487,129
Total	1,560,554	1,910,508
Gross Unrealized Losses
Less than 12 Months	1,101	172,828
12 Months or Longer	219,453	124,297
Total	$ 220,554	$ 297,125
Number of Securities \| security	865	1,154
U.S. Treasury
Fair Value
Less than 12 Months		$ 2,459
12 Months or Longer		0
Total		2,459
Gross Unrealized Losses
Less than 12 Months		42
12 Months or Longer		0
Total		$ 42
Number of Securities \| security		5
U.S. Government-sponsored agency securities
Fair Value
Less than 12 Months	$ 0	$ 48,940
12 Months or Longer	95,307	53,022
Total	95,307	101,962
Gross Unrealized Losses
Less than 12 Months	0	4,973
12 Months or Longer	16,214	12,219
Total	$ 16,214	$ 17,192
Number of Securities \| security	14	16
State and municipal
Fair Value
Less than 12 Months	$ 55,514	$ 1,177,104
12 Months or Longer	963,584	108,652
Total	1,019,098	1,285,756
Gross Unrealized Losses
Less than 12 Months	1,076	150,096
12 Months or Longer	115,146	28,630
Total	$ 116,222	$ 178,726
Number of Securities \| security	691	946
U.S. Government-sponsored mortgage-backed securities
Fair Value
Less than 12 Months	$ 11,493	$ 182,700
12 Months or Longer	422,868	325,455
Total	434,361	508,155
Gross Unrealized Losses
Less than 12 Months	25	16,910
12 Months or Longer	86,965	83,448
Total	$ 86,990	$ 100,358
Number of Securities \| security	150	177
Corporate obligations
Fair Value
Less than 12 Months	$ 0	$ 12,176
12 Months or Longer	11,788	0
Total	11,788	12,176
Gross Unrealized Losses
Less than 12 Months	0	807
12 Months or Longer	1,128	0
Total	$ 1,128	$ 807
Number of Securities \| security	10	10

REGULATORY CAPITAL AND DIVIDENDS - Schedule of Actual and Required Capital (Details) $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Total risk-based capital to risk-weighted assets
Actual	$ 2,021,124	$ 1,882,254
Basel III Minimum Capital Required	1,552,685	1,511,230
Tier 1 capital to risk-weighted assets
Actual	1,703,626	1,558,281
Basel III Minimum Capital Required	1,256,935	1,223,377
Common equity tier 1 capital to risk-weighted assets
Actual	1,678,626	1,533,281
Prompt Corrective Action Thresholds	1,035,123	1,007,487
Tier I Capital to Average Assets, Amount
Amount	1,703,626	1,558,281
Basel III Minimum Capital Required	$ 707,091	$ 684,758
Ratio
Total risk-based capital to risk-weighted assets, Actual	0.1367	0.1308
Total risk-based capital to risk-weighted assets, Basel III Minimum Capital Required	10.50%	10.50%
Tier 1 capital to risk-weighted assets, Actual	0.1152	0.1083
Tier 1 capital to risk-weighted assets, Basel III Minimum Capital Required	8.50%	8.50%
Common equity tier 1 capital to risk-weighted assets, Actual	0.1135	0.1065
Common equity tier 1 capital to risk-weighted assets, Basel III Minimum Capital Required	7.00%	7.00%
Leverage Ratios
Ratio	0.0964	0.0910
Basel III Minimum Capital Required	4.00%	4.00%
First Merchants Bank
Total risk-based capital to risk-weighted assets
Actual	$ 1,931,810	$ 1,822,296
Basel III Minimum Capital Required	1,553,600	1,513,064
Well Capitalized	1,479,619	1,441,014
Tier 1 capital to risk-weighted assets
Actual	1,746,299	1,641,210
Basel III Minimum Capital Required	1,257,676	1,224,862
Well Capitalized	1,183,695	1,152,811
Common equity tier 1 capital to risk-weighted assets
Actual	1,746,299	1,641,210
Prompt Corrective Action Thresholds	1,035,733	1,008,710
Well Capitalized	961,752	936,659
Tier I Capital to Average Assets, Amount
Amount	1,746,299	1,641,210
Basel III Minimum Capital Required	706,331	683,680
Well Capitalized	$ 882,913	$ 854,600
Ratio
Total risk-based capital to risk-weighted assets, Actual	0.1306	0.1265
Total risk-based capital to risk-weighted assets, Basel III Minimum Capital Required	10.50%	10.50%
Total risk-based capital to risk-weighted assets, Well Capitalized	0.1000	0.1000
Tier 1 capital to risk-weighted assets, Actual	0.1180	0.1139
Tier 1 capital to risk-weighted assets, Basel III Minimum Capital Required	8.50%	8.50%
Tier 1 capital to risk-weighted assets, Well Capitalized	0.0800	0.0800
Common equity tier 1 capital to risk-weighted assets, Actual	0.1180	0.1139
Common equity tier 1 capital to risk-weighted assets, Basel III Minimum Capital Required	7.00%	7.00%
Common equity tier 1 capital to risk-weighted assets, Well Capitalized	0.0650	0.0650
Leverage Ratios
Ratio	0.0989	0.0960
Basel III Minimum Capital Required	4.00%	4.00%
Well Capitalized	0.0500	0.0500

LOANS AND ALLOWANCE FOR CREDIT LOSSES - Amortized Cost Basis Of Collateral Dependent Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for impairment	$ 60,666	$ 78,302
Allowance on Collateral Dependent Loans	204,934	223,277	$ 130,648
Commercial and industrial loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for impairment	32,029	42,101
Construction
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for impairment	7	10
Commercial real estate, non-owner occupied
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for impairment	17,516	26,534
Commercial real estate, owner occupied
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for impairment	9,452	6,986
Residential
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for impairment	1,439	2,382
Home equity
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for impairment	223	289
Commercial Real Estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for impairment	26,968	33,520
Commercial Real Estate \| Commercial and industrial loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for impairment	0	0
Commercial Real Estate \| Construction
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for impairment	0	0
Commercial Real Estate \| Commercial real estate, non-owner occupied
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for impairment	17,516	26,534
Commercial Real Estate \| Commercial real estate, owner occupied
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for impairment	9,452	6,986
Commercial Real Estate \| Residential
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for impairment	0	0
Commercial Real Estate \| Home equity
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for impairment	0	0
Residential Real Estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for impairment	1,669	2,681
Residential Real Estate \| Commercial and industrial loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for impairment	0	0
Residential Real Estate \| Construction
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for impairment	7	10
Residential Real Estate \| Commercial real estate, non-owner occupied
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for impairment	0	0
Residential Real Estate \| Commercial real estate, owner occupied
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for impairment	0	0
Residential Real Estate \| Residential
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for impairment	1,439	2,382
Residential Real Estate \| Home equity
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for impairment	223	289
Other
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for impairment	32,029	42,101
Other \| Commercial and industrial loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for impairment	32,029	42,101
Other \| Construction
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for impairment	0	0
Other \| Commercial real estate, non-owner occupied
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for impairment	0	0
Other \| Commercial real estate, owner occupied
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for impairment	0	0
Other \| Residential
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for impairment	0	0
Other \| Home equity
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for impairment	0	0
Allowance on Collateral Dependent Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance on Collateral Dependent Loans	11,769	11,512
Allowance on Collateral Dependent Loans \| Commercial and industrial loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance on Collateral Dependent Loans	11,474	8,367
Allowance on Collateral Dependent Loans \| Construction
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance on Collateral Dependent Loans	0	1
Allowance on Collateral Dependent Loans \| Commercial real estate, non-owner occupied
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance on Collateral Dependent Loans	35	2,064
Allowance on Collateral Dependent Loans \| Commercial real estate, owner occupied
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance on Collateral Dependent Loans	0	776
Allowance on Collateral Dependent Loans \| Residential
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance on Collateral Dependent Loans	230	260
Allowance on Collateral Dependent Loans \| Home equity
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance on Collateral Dependent Loans	$ 30	$ 44

LOANS AND ALLOWANCE FOR CREDIT LOSSES - Troubled Debt Restructurings by Modification Type (Details)	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Pre- Modification Recorded Balance		$ 114,000
Combination Payment Delay & Term Extension		$ 118,000
Number of Loans \| loan		2
Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	$ 53,508,000
30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	125,000
Payment Delay
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	6,397,000
Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	38,779,000
Combination Payment Delay & Term Extension		$ 62,000
Combination Interest Rate Reduction & Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	7,988,000
Combination Payment Delay & Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	$ 469,000
Contractual Interest Rate Reduction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Combination Payment Delay & Term Extension		56,000
Agricultural land, production and other loans to farmers
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Total Class of Financing Receivable	0.02%
Agricultural land, production and other loans to farmers \| Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	$ 58,000
Agricultural land, production and other loans to farmers \| 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	0
Agricultural land, production and other loans to farmers \| Payment Delay
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	0
Agricultural land, production and other loans to farmers \| Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	$ 58,000
Term Extension	144 months
Agricultural land, production and other loans to farmers \| Combination Interest Rate Reduction & Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	$ 0
Agricultural land, production and other loans to farmers \| Combination Payment Delay & Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	$ 0
Commercial and industrial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Total Class of Financing Receivable	0.48%
Pre- Modification Recorded Balance		61,000
Combination Payment Delay & Term Extension		$ 62,000
Number of Loans \| loan		1
Commercial and industrial loans \| Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	$ 17,660,000
Commercial and industrial loans \| 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	0
Commercial and industrial loans \| Payment Delay
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	857,000
Combination Payment Delay & Term Extension	24,000
Commercial and industrial loans \| Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	$ 16,572,000
Term Extension	10 months
Combination Payment Delay & Term Extension		$ 62,000
Commercial and industrial loans \| Combination Interest Rate Reduction & Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	$ 231,000
Term Extension	13 months
Commercial and industrial loans \| Combination Interest Rate Reduction & Term Extension \| Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Combination Interest Rate Reduction & Term Extension	9.67%
Commercial and industrial loans \| Combination Interest Rate Reduction & Term Extension \| Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Combination Interest Rate Reduction & Term Extension	7.39%
Commercial and industrial loans \| Combination Payment Delay & Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	$ 0
Commercial and industrial loans \| Contractual Interest Rate Reduction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Combination Payment Delay & Term Extension		0
Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Total Class of Financing Receivable	0.00%
Construction \| Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	$ 11,000
Construction \| 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	0
Construction \| Payment Delay
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	0
Construction \| Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	$ 11,000
Term Extension	24 months
Construction \| Combination Interest Rate Reduction & Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	$ 0
Construction \| Combination Payment Delay & Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	$ 0
Commercial real estate, non-owner occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Total Class of Financing Receivable	0.81%
Commercial real estate, non-owner occupied \| Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	$ 19,480,000
Commercial real estate, non-owner occupied \| 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	0
Commercial real estate, non-owner occupied \| Payment Delay
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	0
Commercial real estate, non-owner occupied \| Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	$ 11,823,000
Term Extension	11 months
Commercial real estate, non-owner occupied \| Combination Interest Rate Reduction & Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	$ 7,657,000
Term Extension	34 months
Commercial real estate, non-owner occupied \| Combination Interest Rate Reduction & Term Extension \| Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Combination Interest Rate Reduction & Term Extension	8.57%
Commercial real estate, non-owner occupied \| Combination Interest Rate Reduction & Term Extension \| Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Combination Interest Rate Reduction & Term Extension	7.89%
Commercial real estate, non-owner occupied \| Combination Payment Delay & Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	$ 0
Commercial real estate, owner occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Total Class of Financing Receivable	1.35%
Commercial real estate, owner occupied \| Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	$ 15,734,000
Commercial real estate, owner occupied \| 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	0
Commercial real estate, owner occupied \| Payment Delay
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	5,540,000
Combination Payment Delay & Term Extension	4,500,000
Commercial real estate, owner occupied \| Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	$ 10,123,000
Term Extension	6 months
Commercial real estate, owner occupied \| Combination Interest Rate Reduction & Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	$ 71,000
Term Extension	114 months
Commercial real estate, owner occupied \| Combination Interest Rate Reduction & Term Extension \| Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Combination Interest Rate Reduction & Term Extension	10.25%
Commercial real estate, owner occupied \| Combination Interest Rate Reduction & Term Extension \| Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Combination Interest Rate Reduction & Term Extension	6.61%
Commercial real estate, owner occupied \| Combination Payment Delay & Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	$ 0
Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Total Class of Financing Receivable	0.03%
Pre- Modification Recorded Balance		53,000
Combination Payment Delay & Term Extension		$ 56,000
Number of Loans \| loan		1
Residential \| Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	$ 473,000
Residential \| 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	125,000
Residential \| Payment Delay
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	0
Residential \| Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	$ 129,000
Term Extension	6 months
Combination Payment Delay & Term Extension		$ 0
Residential \| Combination Interest Rate Reduction & Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	$ 0
Residential \| Combination Payment Delay & Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	$ 469,000
Term Extension	3 months
Combination Payment Delay & Term Extension	$ 3,400
Residential \| Contractual Interest Rate Reduction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Combination Payment Delay & Term Extension		$ 56,000
Home equity
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Total Class of Financing Receivable	0.01%
Home equity \| Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	$ 92,000
Home equity \| 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	0
Home equity \| Payment Delay
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	0
Home equity \| Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	$ 63,000
Term Extension	7 months
Home equity \| Combination Interest Rate Reduction & Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	$ 29,000
Term Extension	240 months
Home equity \| Combination Interest Rate Reduction & Term Extension \| Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Combination Interest Rate Reduction & Term Extension	9.25%
Home equity \| Combination Interest Rate Reduction & Term Extension \| Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Combination Interest Rate Reduction & Term Extension	7.25%
Home equity \| Combination Payment Delay & Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	$ 0
Term Extension	3 months
Combination Payment Delay & Term Extension	$ 300
Individuals' loans for household and other personal expenditures \| Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	0
Individuals' loans for household and other personal expenditures \| 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications made to borrowers	$ 0

PENSION AND OTHER POST RETIREMENT BENEFIT PLANS - Schedule of Plan Assets by Level (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	$ 82,258	$ 77,534	$ 94,588
Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	76,849	74,032
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Cash & Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	2,433	4,559
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate Bonds and Notes
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	17,224	17,159
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Government Agency and Municipal Bonds and Notes
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Certificates of Deposit
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Common Stock
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	2,243	2,487
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Taxable Bond
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	11,834	10,686
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Large Cap Equity
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	24,787	21,056
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Mid Cap Equity
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	9,520	9,610
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Small Cap Equity
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	4,900	4,419
Quoted Prices in Active Markets for Identical Assets (Level 1) \| International Equity
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	2,494	2,357
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Specialty Alternative Equity
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	1,414	1,699
Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	5,409	3,502
Significant Other Observable Inputs (Level 2) \| Cash & Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	0	0
Significant Other Observable Inputs (Level 2) \| Corporate Bonds and Notes
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	0	0
Significant Other Observable Inputs (Level 2) \| Government Agency and Municipal Bonds and Notes
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	5,164	3,010
Significant Other Observable Inputs (Level 2) \| Certificates of Deposit
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	245	492
Significant Other Observable Inputs (Level 2) \| Common Stock
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	0	0
Significant Other Observable Inputs (Level 2) \| Taxable Bond
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	0	0
Significant Other Observable Inputs (Level 2) \| Large Cap Equity
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	0	0
Significant Other Observable Inputs (Level 2) \| Mid Cap Equity
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	0	0
Significant Other Observable Inputs (Level 2) \| Small Cap Equity
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	0	0
Significant Other Observable Inputs (Level 2) \| International Equity
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	0	0
Significant Other Observable Inputs (Level 2) \| Specialty Alternative Equity
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	0	0
Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	0	0
Significant Unobservable Inputs (Level 3) \| Cash & Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	0	0
Significant Unobservable Inputs (Level 3) \| Corporate Bonds and Notes
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	0	0
Significant Unobservable Inputs (Level 3) \| Government Agency and Municipal Bonds and Notes
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	0	0
Significant Unobservable Inputs (Level 3) \| Certificates of Deposit
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	0	0
Significant Unobservable Inputs (Level 3) \| Common Stock
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	0	0
Significant Unobservable Inputs (Level 3) \| Taxable Bond
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	0	0
Significant Unobservable Inputs (Level 3) \| Large Cap Equity
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	0	0
Significant Unobservable Inputs (Level 3) \| Mid Cap Equity
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	0	0
Significant Unobservable Inputs (Level 3) \| Small Cap Equity
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	0	0
Significant Unobservable Inputs (Level 3) \| International Equity
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	0	0
Significant Unobservable Inputs (Level 3) \| Specialty Alternative Equity
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	0	0
Fair Value
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	82,258	77,534
Fair Value \| Cash & Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	2,433	4,559
Fair Value \| Corporate Bonds and Notes
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	17,224	17,159
Fair Value \| Government Agency and Municipal Bonds and Notes
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	5,164	3,010
Fair Value \| Certificates of Deposit
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	245	492
Fair Value \| Common Stock
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	2,243	2,487
Fair Value \| Taxable Bond
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	11,834	10,686
Fair Value \| Large Cap Equity
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	24,787	21,056
Fair Value \| Mid Cap Equity
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	9,520	9,610
Fair Value \| Small Cap Equity
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	4,900	4,419
Fair Value \| International Equity
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	2,494	2,357
Fair Value \| Specialty Alternative Equity
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	$ 1,414	$ 1,699