#1Ⓡ First Merchants Corporation NASDAQ: FRME INVESTOR UPDATE Third Quarter 2023 First Merchants Corporation | 200 E. Jackson St., P.O. Box 792, Muncie, IN 47305 | 765.747.1500#2Forward Looking Statement This presentation contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can often, but not always, be identified by the use of words like "believe", "continue", "pattern", "estimate", "project", "intend", "anticipate", "expect" and similar expressions or future or conditional verbs such as "will", "would", "should", "could", "might", "can", "may", or similar expressions. These forward-looking statements include, but are not limited to, statements relating to First Merchants' goals, intentions and expectations; statements regarding the First Merchants' business plan and growth strategies; statements regarding the asset quality of First Merchants' loan and investment portfolios; and estimates of First Merchants' risks and future costs and benefits. These forward-looking statements are subject to significant risks, assumptions and uncertainties that may cause results to differ materially from those set forth in forward-looking statements, including, among other things: possible changes in economic and business conditions; the existence or exacerbation of general geopolitical instability and uncertainty; the effects of a pandemic or other unforeseeable event; the ability of First Merchants to integrate recent acquisitions and attract new customers; possible changes in monetary and fiscal policies, and laws and regulations; the effects of easing restrictions on participants in the financial services industry; the cost and other effects of legal and administrative cases; possible changes in the credit worthiness of customers and the possible impairment of collectability of loans; fluctuations in market rates of interest; competitive factors in the banking industry; changes in the banking legislation or regulatory requirements of federal and state agencies applicable to bank holding companies and banks like First Merchants' affiliate bank; continued availability of earnings and excess capital sufficient for the lawful and prudent declaration of dividends; changes in market, economic, operational, liquidity (including the ability to grow and maintain core deposits and retain large, uninsured deposits), credit and interest rate risks associated with the First Merchants' business; and other risks and factors identified in each of First Merchants' filings with the Securities and Exchange Commission. First Merchants undertakes no obligation to update any forward-looking statement, whether written or oral, relating to the matters discussed in this presentation or press release. In addition, the company's past results of operations do not necessarily indicate its anticipated future results. NON-GAAP FINANCIAL MEASURES These slides contain non-GAAP financial measures. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of the registrant's historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows (or equivalent statements) of the issuer; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. In this regard, GAAP refers to generally accepted accounting principles in the United States. Pursuant to the requirements of Regulation G, First Merchants Corporation has provided reconciliations within the slides, as necessary, of the non-GAAP financial measure to the most directly comparable GAAP financial measure. First Merchants Corporation Helping you prosper#3Executive Management Team FMB: 25 Yrs Banking: 25 Yrs FMB: 16 Yrs Banking: 36 Yrs FMB: 15 Yrs Banking: 33 Yrs FMB: 8 Yrs Banking: 20 Yrs Mark Hardwick Chief Executive Officer Mark K. Hardwick currently serves as the Chief Executive Officer of First Merchants Corporation and First Merchants Bank. Mark joined First Merchants in November of 1997 as Corporate Controller and was promoted to Chief Financial Officer in April of 2002. In 2016, Mark's title expanded to include Chief Operating Officer, overseeing the leadership responsibilities for finance, operations, technology, risk, legal, and facilities for the corporation. Prior to joining First Merchants Corporation, Mark served as a senior accountant with BKD, LLP in Indianapolis. Mark is a graduate of Ball State University with a Master of Business Administration and Bachelor's degree in Accounting. He is also a certified public accountant and a graduate of the Stonier School of Banking. Mike Stewart President Mike Stewart currently serves as President for First Merchants Corporation and First Merchants Bank overseeing the Commercial, Private Wealth, and Consumer Lines of Business for the Bank. Mike joined the bank in 2008 as Chief Banking Officer. Prior to joining First Merchants, Mike spent 18 years with National City Bank in various commercial sales and credit roles. Mike has a Master of Business Administration from Butler University and a Bachelor's degree in Finance from Millikin University. John Martin Chief Credit Officer John Martin currently serves as Executive Vice President and Chief Credit Officer of First Merchants Corporation overseeing the Commercial, Small Business and Consumer Credit functions, as well as the Mortgage Line of Business. Prior to joining First Merchants, John spent 18 years with National City Bank in various sales and senior credit roles. John is a graduate of Indiana University where he earned a Bachelor of Arts in Economics. He also holds a Master of Business Administration in Finance from Case Western Reserve University. Michele Kawiecki Chief Financial Officer Michele Kawiecki currently serves as Executive Vice President and Chief Financial Officer for First Merchants Corporation and First Merchants Bank. Michele joined First Merchants in 2015 as Director of Finance. Prior to joining First Merchants, Michele spent 12 years with UMB Financial Corporation in Kansas City, Missouri having served as Senior Vice President of Capital Management and Assistant Treasurer; Director of Corporate Development and the Enterprise Project Management Office; and Chief Risk Officer. Prior to UMB, she worked for PriceWaterhouseCoopers LLP as an Audit Manager. Michele earned both a Master of Science in Accounting and an Executive Master of Business Administration from the University of Missouri-Kansas City and a Bachelor's degree in Accounting from Dakota Wesleyan University. First Merchants Corporation Helping you prosper#4First Merchants Corporation (NASDAQ: FRME) Largest financial services holding company headquartered in Central Indiana ILLINOIS MICHIGAN INDIANA 118 Banking Centers First Merchants Corporation Helping you prosper OHIO Financial Highlights as of 9/30/2023 $18.0 Billion Total Assets $12.3 Billion Total Loans $14.6 Billion Total Deposits Forbes 2023 WORLD'S BEST BANKS POWERED BY STATISTA $8.0 Billion Assets Under Advisement* *Assets Under Management - $3.4 Billion Moody's a3 Baseline Credit Assessment¹ BEST EMPLOYERS IN OHIO 2023 CRAIN'S CLEVELAND BUSINESS ★★★ AMERICA'S BEST BANKS 2023 Newsweek Best Company LEADERSHIP YTD ROAA: YTD Return on TCE 2023 TCE/TA: Market Cap Dividend Yield: Price / Tangible Book: Price / LTM EPS: AMERICAN BANKER. N Best Banks to Work For Best Company WORK-LIFE BALANCE 2023 Best CEOS for WOMEN 2023 1.33% 18.10% 7.69% $1.7B 4.74% 1.24x 6.6x Forbes 2023 AMERICA'S BEST BANKS ¹Moody's Credit Opinion - First Merchants Corporation, October 25, 2022, baseline Credit Assessment (BCA) reflects a bank's standalone credit strength Best Company CAREER GROWTH 2023 4#5Highlights Third Quarter ■ ■ ■ Total deposits increased $65.4 million or 1.8% annualized on a linked quarter basis Commercial & Consumer deposits increased $327.8 million Brokered deposits declined $133.6 million Municipal deposits declined $128.8 million due to seasonality Loan yields remain strong at 6.58% with new/renewed loan yields averaging 7.88% for the quarter Maintained a low 50's Efficiency Ratio, while managing increasing deposit betas Maintained strong credit quality and a robust allowance for credit losses Reported EPS of $0.94 compared to $1.08 in 3Q22. Excluding PPP income and expenses related to the Level One acquisition, current EPS was $0.94 compared to $1.12 in 3Q221,2 Year-to-Date ■ Net Income & EPS¹ ■ $55.9 Million $0.94 Per Share ■ ■ I ROA (Annualized) 1.24% ROA 1.48% PTPP ROA² Net Income & EPS¹ $179.9 Million $3.03 Per Share ROE & ROTCE (Annualized) 10.38% ROE 16.54% ROTCE² ROA (Annualized) 1.33% ROA 1.58% PTPP ROA² Reported EPS of $3.03 compared to $2.62 in 2022. Excluding PPP income and expenses related to the Level One acquisition, current YTD EPS was $3.03 compared to $3.01 in 2022¹,2 First Merchants Corporation Helping you prosper ROE & ROTCE (Annualized) 11.28% ROE 18.10% ROTCE² ¹Net Income and EPS reported on a diluted basis and for common stockholders 2See "Non-GAAP Financial Information" for reconciliation#6Business Strategy Commercial Banking Full Spectrum of Debt Capital and Treasury Service Offerings Located in Prime Growth Markets > Small Business & SBA > Middle Market C&I > Investment Real Estate > Public Finance > Sponsor Finance > Asset Based Lending > Syndications > Treasury Management Services > Merchant Processing Services Mortgage Banking Offering a full suite of mortgage solutions to assist with purchase, construction, renovation, and home finance > Strengthen existing Commercial, Consumer and Private Wealth relationships > Create new household relationships > Support underserved borrowers and neighborhoods > Deliver solutions through a personalized, efficient, and scalable model First Merchants Corporation Helping you prosper Consumer Banking Full Spectrum of Consumer Deposit and Lending Offerings Supported by: > Talented, Customer Service Oriented Banking Center and Call Center Professionals > Competitive Digital Solutions ▪ Deposit and CRM ▪ Online Banking ▪ Mobile Banking > Diverse Locations in Stable Rural and Growth Metro Markets Private Wealth Advisors Comprehensive and coordinated approach to personal wealth management Expertise in: > Investment Management > Private Banking > Fiduciary Estate > Financial Planning Strengthen commercial relationships with personal services for executives/owners and retirement plan services for companies Partner with consumer to offer personal investment advice through First Merchants Investment Services 6#7Business Highlights Northwest Indiana Lake County Rank: 4 Lafayette MSA Rank: 2 Deposits: $3.4B Loans: $2.1B Michigan Monroe MSA Rank: 1. Detroit MSA Rank: 9 Deposits: $2.8B Loans: $2.6B Northeast Indiana Muncie MSA Rank: 1 Ft Wayne MSA Rank: 3 Deposits: $4.4B Loans: $1.9B Indianapolis Indianapolis MSA Rank: 8 Deposits: $3.4B Loans: $4.2B Columbus Columbus MSA Rank: 14 Deposits: $0.6B Loans: $1.5B MSA and County ranking data per FDIC ¹Commercial includes Municipal deposits and Consumer includes Private Wealth and Mortgage First Merchants Corporation Helping you prosper Commercial Consumer Total Loan Growth QTD Total Loan Growth YTD *Adjusted Total Loan Growth YTD ■ Loan Growth Annualized¹ 3Q23 Balance ($B) Commercial Consumer $9.3 $2.9 Commercial loans declined in large part to continued client focus on working capital management and continued evaluation of new capital projects given the current interest rate environment. ■ The total Commercial pipeline improved at quarter end with regional C&I, IRE, Sponsor and Syndications all increasing to prior year levels. The Consumer increase was attributed to increases in Installment, Private Banking and Residential Mortgage. *During the second quarter, the non-relational, term loan B portfolio of $116 million was sold with a gain. Total Deposit Growth QTD Total Deposit Growth YTD Growth (1.7)% 7.3% 0.2% 3.2% 4.6% Deposit Growth Annualized¹ 3Q23 Balance ($B) $7.3 $6.3 Growth (1.9)% 9.5% 1.8% 2.4% ▪ Strong deposit growth continued for the quarter and year to date. ■ As noted on slide 5, the Municipal deposits decline was the driver for the Commercial deposit decline of 1.9% noted above. Adjusting for the seasonal decline in Municipal deposits, Commercial deposits grew at a 5.1% annualized rate. Consumer line of business showed strong growth in both the branch network and private client relationships. 7#8Third Quarter Financial Results 1. 2. 3. 4. Deposits 5. 8. 9. 10. ($M except per share data) 11. 12. 13. Balance Sheet & Asset Quality Total Assets Total Loans Investments 6. TCE Ratio 7. Total RBC Ratio 14. 15. 16. 17. 18. 19. Total Equity ACL/Loans NCOS / Avg Loans NPAS + 90PD / Assets Summary Income Statement Net Interest Income Provision for Loan Losses Noninterest Income Noninterest Expense Pre-tax Income Provision for Taxes Net Income Preferred Stock Dividends Net Income Available to Common Stockholders 20. ROAA 21. ROAE 22. ROTCE 23. 24. Net Interest Margin Efficiency Ratio Per Share 25. Earnings per Diluted Share 26. Tangible Book Value per Share 27. Dividend per Share 28. Dividend Payout Ratio 9/30/22 12/31/22 3/31/23 6/30/23 9/30/23 $17,719.0 $17,938.3 $18,178.9 $17,968.4 $17,996.6 11,675.4 12,013.0 12,250.9 12,297.5 12,302.4 4,294.8 4,263.8 4,057.4 3,891.5 3,713.7 14,434.8 14,382.7 14,703.3 14,581.2 14,646.6 1,906.7 2,034.8 2,122.4 2,145.6 2,092.6 6.66% 12.84 1.94 -0.01 0.29 $140.3 0.0 29.6 96.4 73.5 9.8 63.7 0.5 63.3 1.43% For the Three Months Ended, 12.54 20.85 3.55 53.34 $1.08 19.26 0.32 29.6% 7.34% 13.08 1.86 0.12 0.28 1.59% 14.36 24.21 3.72 48.60 $149.0 $144.1 0.0 0.0 24.1 25.0 89.7 93.7 83.4 75.4 12.6 11.3 70.8 64.1 0.5 0.5 70.3 63.6 $1.19 21.45 0.32 26.9% 7.75% First Merchants Corporation Helping you prosper 13.23 1.82 0.01 0.34 1.42% 12.21 19.82 3.58 51.72 $1.07 22.93 0.32 29.9% 7.99% 13.48 1.80 0.06 0.43 $137.9 0.0 26.3 92.6 71.6 10.7 60.9 0.5 60.4 1.34% 11.29 18.04 3.39 52.21 $1.02 23.34 0.34 33.3% 7.69% 13.66% 1.67 0.66 0.33 $133.4 2.0 27.8 93.8 65.4 9.0 56.4 0.5 55.9 1.24% 10.38 16.54 3.29 53.91 $0.94 22.43 0.34 36.2% Variance Linked Quarter $28.2 4.9 (177.8) 65.4 (52.9) -0.30% 0.18 -0.13 0.60 -0.10 -0.10% -0.91 -1.50 -0.10 1.70 % Variance Linked QTR- Annualized ($4.5) 2.0 1.5 5.7% 1.2 1.3% (6.2) -8.7% (1.7) -15.9% (4.5) -7.4% 0.0 (4.5) ($0.08) (0.91) 0.00 2.8% 0.6% 0.2% ■ -18.3% 1.8% -9.9% -3.3% -7.4% ■ ■ ■ ■ 3Q23 Highlights 53.91% Efficiency Ratio reflecting strong operating leverage Net interest income, decreased $4.5 million due to higher funding cost and mix change which offset higher earning asset income Pre-Tax, Pre-Provision (PTPP) Earnings totaled $67.4 million PTPP ROA was 1.48% and PTPP ROE was 12.51%¹ TCE Ratio decreased 0.30% to 7.69% due to the impact of AOCI Tangible Book Value per share totaled $22.43, a decrease of $0.91 from prior quarter ¹See "Non-GAAP Financial Information" for reconciliation 8#9Year-to-Date Financial Results ($M except per share data) Balance Sheet & Asset Quality 1. Total Assets 2. Total Loans 3. Investments 4. Deposits Total Equity 6. TCE Ratio 7. Total RBC Ratio 8. ALLL/Loans 9. NCOS / Avg Loans 10. NPAS +90PD / Assets Summary Income Statement 11. Net Interest Income 12. Provision for Loan Losses 13. Noninterest Income 14. Noninterest Expense 15. Pre-tax Income 16. Provision for Taxes 17. Net Income 18. Preferred Stock Dividends 19. Net Income Available to Common Stockholders 20. ROAA 21. ROAE 22. ROTCE 23. Net Interest Margin 24. Efficiency Ratio Per Share 25. Earnings per Diluted Share 26. Tangible Book Value per Share 27. Dividend per Share 28. Dividend Payout Ratio For the Nine Months Ended September 30, 2021 $15,060.7 9,047.6 4,445.5 12,348.7 1,868.1 8.94% 14.02 2.21 0.07 0.35 $309.4 0.0 83.5 206.8 186.1 28.3 157.8 0.0 157.8 1.43% 11.32 16.65 3.22 50.10 $2.92 24.31 0.84 28.8% 2022 First Merchants Corporation Helping you prosper $17,719.0 11,675.4 4,294.8 14,434.8 906. 6.66% 12.84 1.94 -0.01 0.29 $371.2 16.8 83.8 266.0 172.3 20.9 151.3 0.9 150.4 1.19% 10.14 16.22 3.30 54.95 $2.62 19.26 0.93 35.5% 2023 $17,996.6 12,302.4 3,713.7 14,646.6 2,092.6 7.69% 13.66% 1.67 0.24 0.33 $415.3 2.0 79.2 280.2 212.3 31.0 181.3 1.4 179.9 1.33% 11.28 18.10 3.42 52.60 $3.03 22.43 1.00 33.0% Variance % Variance YOY YOY $277.7 627.0 (581.0) 211.8 186.0 1.03% 0.82 -0.27 0.25 0.04 $44.1 (14.8) (4.6) 14.2 40.1 10.1 30.0 0.5 29.5 0.14% 1.14 1.88 0.12 -2.35 $0.41 3.17 0.07 -2.5% 1.6% 5.4% -13.5% 1.5% 9.8% 11.9% -5.5% 5.3% 23.3% 48.2% 19.8% 19.6% ■ ■ ■ ■ ■ Year-to-Date Highlights 52.60% Efficiency Ratio reflecting strong operating leverage Net interest income, increased $44.1 million primarily due to the addition of Level One in 2Q22 Pre-Tax, Pre-Provision (PTPP) Earnings totaled $214.3 million PTPP ROA was 1.58% and PTPP ROE was 13.44%¹ TCE Ratio increased 1.03% to 7.69% over prior year Tangible Book Value per share totaled $22.43, an increase of $3.17 over prior year ¹See "Non-GAAP Financial Information" for reconciliation 9#10■ Investment Portfolio Highlights ■ 3Q23 Investment Portfolio Composition U.S. Agencies Corporate Obligations 12% Collateralized Mortgage Obligations 6% Mortgage Backed Securities 25% $3.7B Total 1% Highlights ▪ Quarterly bond sales of $33 million / $347 million YTD Effective duration of 6.6 years Cash flow of $335 million through the end of 2024 /~2.12% yield ▪ AA rated municipal bond portfolio ▪ ~53% of portfolio classified as Held-to-Maturity ■ Allowance for Credit Losses for Investments of $245,000 Municipal Bonds 56% First Merchants Corporation Helping you prosper Yield on Investments (%) / Total Investments ($B) 2.66% $4.3 3Q22 2.66% ▪ 3Q 2022 ▪ 4Q 2022 ▪ 1Q 2023 ▪ 2Q 2023 ▪ 3Q 2023 $4.3 4Q22 Investments ($B) 2.63% $4.1 1Q23 2.56% $3.9 $0.4 million gain $0.1 million gain $1.6 million loss $1.4 million loss $1.7 million loss 2Q23 Yield on Investments (%) Realized Gains/Losses 2.55% Investment Portfolio Gains / Losses Unrealized Losses ▪ Net unrealized AFS Loss of $382.8 million ($269.8 M prior Q) ▪ Net unrealized HTM Loss of $472.6 million ($ 359.7 M prior Q) $3.7 3Q23 10#11Loan Portfolio Highlights Commercial Real Estate Non-Owner Occupied 19.2% Commercial Real Estate Owner-Occupied 9.4% 4.76% 3Q23 Loan Composition $11.7 3Q22 5.58% $12.0 Construction Land & Land Development 8.3% Home Equity 5.0% Other Consumer 1.4% Yield on Loans (%) / Total Loans ($B) 4Q22 $12.3B Total Commercial & Industrial 28.4% 6.00% $12.3 1Q23 Agricultural Land & Production 1.9% Total Loans ($B) Public Finance/Other Commercial 7.8% 6.34% $12.3 Residential Mortgage 18.6% 2Q23 Yield on Loans (%) First Merchants Corporation Helping you prosper 6.58% $12.3 3Q23 ■ Portfolio composition is ~75% Commercial oriented ▪ Loan yields remained strong at 6.58% ▪ New/renewed loan yields averaged 7.88% for the quarter compared to 7.30% in 2Q23 3Q23 Portfolio by Yield Type Other Variable Rates 15% Highlights Prime-Based 12% Fixed Rate 34% Total loan rate mix as of 3Q23 $8.1 billion variable rate $4.2 billion fixed rate SOFR-Based 39% · ● 11#12Allowance for Credit Losses - Loans 3Q23 Allowance for Credit Losses - Loans 1.94% $226.7 3Q22 1.86% $223.3 4Q22 Allowance 1.82% $223.1 1Q23 $195,397 1.80% $221.1 2Q23 Allowance to Loans $16,599 ACL - Loans Level One - 12/31/2021 PCD Credit Mark $2,674 1.67% First Merchants Corporation Helping you prosper $205.8 3Q23 Highlights ▪ $2.0 million Q3 provision expense $5.0 million provision exp. recorded for ACL - Loans ■ $3.0 million reserve reduction for unfunded commitments Increase ■ ■ The reserve for unfunded commitments totals $20.3 million, a reduction of $3.0 million in Q3, and is recorded in Other Liabilities Change in ACL - Loans $13,955 $223,277 ▪ The remaining fair value accretion on acquired loans is $24.9 million inclusive of credit and interest rate marks Net Charge- Provision Exp. ACL - Loans offs 2022 2022¹ 12/31/2022 Decrease $22,495 $5,000 $205,782 Net Charge- Provision Exp. ACL - Loans offs YTD 2023 YTD 9/30/2023 ¹Reflects $14 million for CECL Day 1 non-PCD loans. Total provision expense for 2022 of $16.8 million also includes $2.8 million for Level One's unfunded commitments. 12#13Deposit Portfolio Highlights 3Q23 Deposit Composition Certificates & Time, Deposits < $100k 5% Certificates & Time Deposits > $100k 9% Savings Deposits 31% Brokered Certificates of Deposits 1 1% $14.6B Total 0.46% $14.4 Demand Deposits 54% 3Q22 0.92% $14.4 4Q22 Total Deposits ($B) Cost of Total Deposits (%) / Total Deposits ($B) First Merchants Corporation Helping you prosper 1.41% $14.7 ■ 1Q23 ■ ■ I ■ Strong core deposit base 91% core deposits² 17% noninterest bearing 41% yield 5 bps or less Total deposit costs increased to 2.32% 51% cumulative interest-bearing deposit beta, 47% prior quarter Insured 71.5% / Uninsured 28.5% Average deposit account balance of $34,000 ● 1.99% Highlights $14.6 2Q23 Cost of Total Deposits (%) 2.32% $14.6 3Q23 ¹Total brokered deposits of $734 million, which includes brokered CDs of $81 million ²Defined as total deposits less time deposits > $100k 13#14Net Interest Margin Net Interest Income - FTE ($millions) 1. 2. Fair Value Accretion PPP Loan Income 3. 4. Adjusted Net Interest Income - FTE¹ 5. Tax Equivalent Yield on Earning Assets 6. Interest Expense/Average Earning Assets 7. Net Interest Margin 8. Fair Value Accretion Effect 9. Impact of PPP Loans 10. Adjusted Net Interest Margin¹ ¹Adjusted for Fair Value Accretion and PPP Loan Income 3.55% $146.6 3Q22 3.72% $155.3 4Q22 $ $ 3Q22 First Merchants Corporation Helping you prosper 146.6 $ 3.2 $ 0.3 $ 143.1 $ 4.11% 0.56% 3.55% 0.08% 0.00% 3.47% 3.58% $150.4 1Q23 Net Interest Income - FTE ($millions) 4Q22 155.3 $ 2.7 $ 0.1 $ 152.5 $ 4.73% 1.01% 3.72% 0.07% 0.00% 3.65% 1Q23 150.4 $ 2.4 $ $ 148.0 $ 5.06% 1.48% 3.58% 0.06% 0.00% 3.52% 3.39% $143.7 2Q23 Net Interest Margin es s 2Q23 143.7 $ 2.0 $ $ 141.7 $ 5.36% 1.97% 3.39% 0.05% 0.00% 3.34% 3.29% $139.3 3Q23 1 1 1 L 3Q23 139.3 2.0 137.3 5.55% 2.26% 3.29% 0.05% 0.00% 3.24% 1 14#15Noninterest Income Highlights 3Q23 Noninterest Income Detail ($M) Gain on Sale of Loans $5.5 18% Service Charges $8.0 26% $27.8M Total Wealth Management $7.4 24% Card Payment Fees $4.7 15% Other $1.2 4% Gain (Loss) on Sale of Securities ($1.7) -5% Derivative Hedge Fees $0.5 BOLI 1% $1.8 6% Other Customer Fees $0.4 1% Highlights ▪ Customer-related fees totaling $26.5 million for 3Q23, increased $1.7 million from 2Q23 driven primarily by higher gains on the sales of mortgage loans First Merchants Corporation Helping you prosper ▪ Losses of $1.7 million recognized on the sale of $33 million of available-for-sale securities Fee Income / Revenue 16.8% $29.6M $7.9 $4.8 $7.2 $2.5 $7.2 Noninterest Income Trends ($M) 3Q22 13.4% $24.1M Wealth Management $2.9 $4.5 $7.1 $2.1 $7.5 4Q22 Gain on Sale of Loans 14.2% $25.0M $2.1 $5.2 $7.4 $2.4 $7.9 1Q23 Service Charges 15.5% $26.3M $3.0 $4.5 $7.8 $3.6 $7.4 2Q23 ■ Card Payment Fees 16.6% $27.8M $2.2 $4.7 $8.0 $5.5 $7.4 3Q23 ■Other 15#16Noninterest Expense Highlights 3Q23 Noninterest Expense Detail Premises & Equipment $12.5 13% $93.9M Total Salary & Benefits $55.6 59% Other $7.8 8% Outside Data Processing $6.6 7% Professional & Other Outside Services $3.8 4% Intangible Asset Amortization $2.2 3% Marketing $2.4 3% FDIC Expense $3.0 3% Highlights ▪ Increase in Other expenses reflects $1.3 million in increased marketing costs somewhat offset by a decline in professional fees. First Merchants Corporation Helping you prosper Efficiency Ratio 53.34% 51.39%¹ $96.4M $20.9 $6.8 $12.7 Noninterest Expense Trends ($M) $56.0 3Q22 Salary & Benefits 48.60% 48.37%¹ $89.7M $19.0 $5.6 $12.8 $52.3 4Q22 ■ Premises & Equipment 51.72% $93.7M $16.7 $6.1 $13.4 $57.5 1Q23 ■Outside 52.21% $92.6M $18.3 $6.6 $12.9 $54.8 2Q23 Data Processing ¹3Q22, and 4Q22 Efficiency Ratio excluding acquisition costs, see "Non-GAAP Financial Information" for reconciliation 53.91% $93.9M $19.2 $6.6 $12.5 $55.6 3Q23 Other 16#17Capital Ratios 6.66% 3Q22 10.40% 3Q22 Tangible Common Equity Ratio 7.34% 4Q22 10.65% TCE Ratio 4Q22 7.75% CET 1 Ratio 1Q23 Common Equity Tier 1 Ratio 10.82% 7.99% 1Q23 2Q23 Target TCE (8.00%) 11.07% 2Q23 Target CET1 Ratio (10.00%) 7.69% 3Q23 11.26% 3Q23 First Merchants Corporation Helping you prosper ▪ TCE Ratio including marks on held-to-maturity securities portfolio is 5.64% CET1 including net unrealized loss in AOCI on available-for-sale securities is 9.39% 12.84% 3Q22 Highlights Total Risk-Based Capital Ratio 13.08% 4Q22 TRBC Ratio 13.23% 1Q23 13.48% 2Q23 Target TRBC Ratio (12.50%) 13.66% 3Q23 17#18Loan Portfolio 1. C&I - Regional Banking 2. C&I - Sponsor Finance 3. CRE Owner Occupied Loan Portfolio Trends ($M) 4. Construction/Land/Land Dev. 5. CRE Non-Owner Occupied 6. Agricultural 7. Public Finance/Other Commercial 8. Total Commercial Loans 9. Residential Mortgage 10. Home Equity 11. Other Consumer 12. Total Resi Mortgage & Consumer 13. Total Loans 3Q22 1Q23 2Q23 3Q23 $ 2,703 $2,827 $ 2,831 $ 2,733 $ 2,662 630 674 798 829 1,266 1,244 1,242 1,180 1,154 829 836 961 950 1,022 2,299 2,407 2,375 2,380 2,360 222 242 220 230 234 915 933 959 964 967 8,864 9,101 9,262 9,235 9,228 2,014 2,103 2,195 2,276 2,286 622 631 621 614 609 175 178 173 173 179 2,811 2,912 2,989 3,063 3,074 $11,675 $12,013 $12,251 $12,298 $12,302 4Q22 612 ¹Adjusted for the sale of non-relational, term loan B loans of $116 million during the 2nd quarter. First Merchants Corporation Helping you prosper 3Q23 Highlights ▪ C&I - Sponsor Finance up $31 million Construction/Land/Land Dev. up $72 million ■ Loan growth of $744 million or 6.4%¹ ▪ Balanced commercial loan growth - $481 million¹ C&I - Regional Banking - $76 million ¹ • C&I - Sponsor Finance - $199 million CRE/Constr/Land/Land Dev. - $193 million • CRE NOO - $61 million ● ● ▪ Total Resi Mtg & Cons. - $263 million ● IL 6.3% Year Over Year Highlights OH 13.6% Mortgage growth of $272 million, primarily from portfolio ARM strategy Other 15.4% MI 20.8% IN 43.9% Geography 84.6% of borrowers within four state Midwest geography 18#19Loan Portfolio Insights Manufacturing Other Admin Services Finance & Insurance 1 Wholesale Trade Retail Trade Professional Service Construction Transp./Warehouse Specialty Trade Food Serv/Restaurant 3.0% ■ 5.4% 6.9% 4.9% 4.5% C&I 10.3% 10.2% 9.8% 8.0% 20.1% Top Industries % of C&I loans C&I Includes commercial and industrial, sponsor and owner- occupied real estate loans ▪ Line utilization Q3'23 40.9% from 41.7% Q2'23 $644 million in Shared National Credits $60.7 million of SBA guaranteed loans ¹Reclassed $200 million from RE leasing to F&I in 3Q Home Equity / Other Consumer ▪ > 95% of $679 million in consumer loans had a credit score exceeding 669 at origination² Commercial First Merchants Corporation Helping you prosper ■ $829 million to 86 companies ▪ Senior Debt/Adj. EBITDA <3.0X ~ 68% ▪ Total Debt/Adj. EBITDA < 4.0X ~ 80% ■ FCCR > 1.50X ~ 60% ■ ~2.7% Classified Mortgage & Consumer ■ C&I - Sponsor Finance Construction Finance $185 million Resi Real Estate Construction $837 million CRE Construction & Land ● ($M) Multi-Family Industrial Self Storage Office - Medical Office General % CRE Balance Commit. Constr/Land $508 $820 90 113 72 78 23 27 10 29 60.7% 10.8% 8.6% 2.7% 1.2% Residential Mortgage $263 million residential mortgage secured, related to commercial loan relationships $2.0 billion residential mortgage loans > 90% of $1.8 billion in residential portfolio loans had a credit score at origination exceeding 669³ ²Excludes ~14% of loans where origination data is unavailable ³Excludes ~13% of residential loans where origination data is unavailable 19#20Loan Portfolio Insights (continued) Balance: Commitment: # of loans: % of Total Loans: Average Loan Balance: Top 10 Avg. Loan Com: Total Loans $12.3 Billion Commercial Real Estate (Non-Owner Occupied) ($M) Multi- Family Office % Total Loans $678.6 $717.6 468 5.6% $1.5 $18.2 Industrial $388.0 $374.5 $259.8 $400.4 $380.8 $265.8 492 324 219 3.1% 3.0% 2.1% $0.8 $1.2 $1.2 $8.6 $9.9 $11.2 Office (Non-Owner Occupied) ($M) Office Type Non-Office CRE (NOO), 17.1% Office CRE 2.1% First Merchants Corporation Helping you prosper Retail Office General Office Medical Mixed Government Other Office Tenant Classification Multi Tenant Single Tenant Michigan Indiana Ohio $124.9 71.6 26.7 21.1 15.5 Oklahoma Illinois Other Office Geographic 157.9 101.9 Warehouse / Storage $240.8 $255.9 101 2.0% $2.4 $14.8 90.5 66.6 36.6 25.0 24.0 17.1 Hotel $153.6 $154.1 32 1.2% $4.8 $12.2 Other Over 5 yrs. 53.8% $265.3 $298.0 132 2.2% $2.0 $16.3 Office - Maturities <= 1 6.4% Total CRE (NOO) $2,360.6 $2,472.6 Office Maturities $259.8 Million 1,768 19.2% $1.3 $23.4 1-3 yrs. 21.5% 3-5 yrs. 18.3% ▪ Top 10 loans are 41% of total office with WALTV of ~60% at origination Largest NOO Office $25 million, medical office, 39% LTV ▪ 2nd largest $19 million, 40% owner occupied 20#21Asset Quality 1. Non-Accrual Loans Asset Quality Trends ($M) 2. Other Real Estate 3. 90PD Loans 4. Renegotiated Loans 5. NPAS + 90PD 6. NPAS + 90PD/Loans and ORE 7. Classified Loans 8. Classified Loans/Loans 9. Net Charge-offs (QTD) 10. QTD NCO/Avg. Loans (Annualized) 3Q22 6.5 0.7 4Q22 1Q23 $ 43.5 $ 42.3 $ 46.6 $ 69.2 $ 53.1 0.2 6.5 1.7 0.2 7.8 7.0 2Q23 7.7 0.4 3Q23 First Merchants Corporation Helping you prosper 1.77% 1.79% 2.04% 2.09% 6.5 $ 50.9 $ 50.7 $ 61.4 $ 77.3 $ 59.7 0.44% 0.42% 0.50% 0.63% 0.1 $207.1 $215.2 $250.5 $257.0 $232.2 0.49% 1.89% $ (0.4) $ 3.4 $ 0.2 $ 1.9 $ 20.4 -0.01% 0.12% 0.01% 0.06% 0.66% = ■ M ■ Top three nonaccruals declined from $34.6 million to $17.1 million • Senior Living Rental and sale of machinery equipment Material Handling ● Highlights ● NPAS + 90PD declined $17.6 million or 14 bps to 0.49% of loans and ORE Classified Loans declined $24.8 million. A decline of 20 bps as a % of loans Q3 Net Charge-offs of $20.4 million $19.1 million related to charge-off of two non-accruals from Q2 2023 ● 21#22Nonperforming Assets Nonperforming Assets Roll Forward ($M) 1. Beginning Balance NPAs + 90PD Nonaccrual 2. Add: New Nonaccruals 3. 4. 5. Less: Charge-offs 6. Nonaccrual Loans Change Less: To Accrual or Payoff Less: To OREO Other Real Estate Owned (ORE) 7. Add: New ORE Properties 8. Less: ORE Sold 9. Less: ORE Losses (write-downs) 10. ORE Change 11. 90PD Change 12. Renegotiated Loans Change 13. NPAS +90PD Change 14. Ending Balance NPAS + 90PD 3Q22 4Q22 1Q23 2Q23 3Q23 $53.3 $50.9 $50.7 $61.4 $77.3 9.0 (10.7) 0.1 (0.9) (3.8) (2.5) (1.2) 7.3 15.4 33.2 7.5 (8.6) (8.3) (2.5) (4.8) 0.1 (1.4) (0.2) (1.1) (2.3) (20.9) 4.3 22.6 (16.1) 0.1 0.1 1.4 (0.1) (0.1) (0.1) (0.1) 1. 0.1 | 1.3 (0.1) (1.2) 5.3 (6.6) (0.3) (0.2) (2.4) (0.2) 10.7 15.9 (17.6) $50.9 $50.7 $61.4 $77.3 $59.7 1.0 0.2 (1.4) First Merchants Corporation Helping you prosper Nonaccrual Migration: $17.6 million reduction in NPAs and 90 day past due $7.5 million in new nonaccruals. Largest loan was a $1.2 million automotive parts manufacturer $1.1 million OREO property sold this quarter ■ ● ● Highlights ● 90 days PD reduced $0.3 million 22#23Track Record of Shareholder Value 10-Year Total Return (2012-2022) $10.44 242.2% $12.12 FRME CAGR 2012-2022: 7.0% Adjusted CAGR¹ 9.3% Tangible Book Value per Share $13.27 $14.38 $15.83 $16.78 $19.24 165.4% S&P BMI US Bank $21.24 $22.64 $24.09 $25.42 $27.53 $10.95 $12.17 $13.65 $14.68 $15.85 $16.96 $19.12 $21.94 $24.27 $25.21 $21.45 $22.43 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 YTD'23 ITBVPS TBVPS Without AFS OCI¹ ¹Tangible book value per share excluding unrealized gain/loss in available for sale securities. First Merchants Corporation Helping you prosper CAGR 2012-2022: 10.5% $1.41 $1.41 $0.10 Earnings per Share $1.65 $1.72 CAGR 2012-2022: 28.7% $0.18 14.04% $0.29 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 YTD'23 $2.12 $1.98 $0.41 12.69% 12.94% Dividends per Share $0.54 $3.22 $3.19 $0.69 12.47% $2.74 $0.84 13.26% 13.29% $1.04 $1.00 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 YTD'23 Return on Tangible Common Equity 18.77% $3.81 $3.81 $1.13 15.81% $1.25 12.21% $3.03 16.17% $1.00 18.12% 18.10% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 YTD'23 23#24History of Organic and Whole Bank Acquisition Growth Total Assets ($B) Growth Through Acquisition Experienced Acquirer ✓ Expanded in Current High-Growth Markets Extended into Additional High-Growth Markets Added to Franchise with Stable Deposit Gathering Markets 2000 > Decatur Bank & Trust $4.3 2012 $5.4 $5.8 2013 2014 2015 2002 > Lafayette Bank & Trust $6.8 2001 2003 > Frances > Commerce Slocum Bank National Bank & Trust $7.2 2016 Asset CAGR: 14.2% First Merchants Corporation Helping you prosper $9.4 2008 ) Lincoln Bank $9.9 $12.5 $14.1 2017 2018 2019 2020 $15.5 2021 2013 > Citizens Financial Bank 2012 > Shelby County Bank $17.9 $18.0 2022 3Q23 2015 > Cooper State Bank ) Ameriana Bank 2014 > Community Bank 2019 > Monroe Bank & Trust 2017 > Arlington Bank > IAB Financial Bank 2022 Level One (Closed April 1, 2022) 24#25Vision for the Future Our Vision: Our Mission: Our Team: Strategic Imperatives: To enhance the financial wellness of the diverse communities we serve. To be the most attentive, knowledgeable, and high-performing bank for our clients, teammates, and shareholders. We are a collection of dynamic colleagues with diverse experiences and perspectives who share a passion for positively impacting lives. We are genuinely committed to attracting and engaging teammates of diverse backgrounds. We believe in the power of inclusion and belonging. ■ ■ ■ ■ Lead a brand-focused cultural transformation through inclusivity, teamwork, performance management, career development, rewards, and work-life balance Produce organic growth across all lines of business and markets through focused, data- driven, industry-leading client acquisition, expansion, and retention activities Invest in the digital transformation of our delivery channels to simplify the client experience Maintain top-quartile financial results supported by industry-leading governance, risk, and compliance practices to ensure long-term sustainability Continue to leverage our core competency in acquisitions to enhance growth, efficiency, and high performance Cultivate a high-quality shareholder base that values environmental, social, and governance initiatives inspired by our stakeholder-centric business model First Merchants Corporation Helping you prosper 25#26APPENDIX First Merchants Corporation Helping you prosper 26#27Non-GAAP ADJUSTED EPS EXCLUDING PAYCHECK PROTECTION PROGRAM ("PPP") AND ACQUISITION-RELATED EXPENSES (Dollars in Thousands, Except Per Share Amounts) Net Income Available to Common Stockholders - GAAP Adjustments: PPP loan income Acquisition-related expenses Acquisition-related provision expense Tax on adjustment Adjusted Net Income Available to Common Stockholders - NON-GAAP Average Diluted Common Shares Outstanding Diluted Earnings Per Common Share -GAAP Adjustments: PPP loan income Acquisition-related expenses Acquisition-related provision expense Tax on adjustment Adjusted Diluted Earnings Per Common Share - NON-GAAP (Dollars in Thousands, Except Per Share Amounts) Net Interest Income (GAAP) Other Income (GAAP) Total Revenue Less: Other Expenses (GAAP) Add: Acquisition-Related Expenses (GAAP) Pre-Tax, Pre-Provision Earnings (non-GAAP) Average Assets (GAAP) Average Equity (GAAP) Average Diluted Common Shares PTPP/Average Assets (PTPP ROA) PTPP/Average Equity (PTPP ROE) PTPP/Average Diluted Common Shares $ $ $ $ $ $ 3Q22 (323) PRE-TAX, PRE-PROVISION ("PTPP") EARNINGS EXCLUDING ACQUISITION-RELATED EXPENSES 3,417 63,283 $ 70,292 $ 63,610 $ 60,393 $ (759) 65,618 $ First Merchants Corporation Helping you prosper 59,339 1.08 $ 0.05 (0.01) 1.12 $ 3Q22 4Q22 1.73% 15.25% (109) 413 1.30 $ (75) 70,521 $ 59,384 1.19 $ (0.01) 0.01 1.19 4Q22 $ 1Q23 1.88% 17.12% (25) 1.41 $ 6 63,591 $ 59,441 1.07 $ 1.07 $ 1Q23 2Q23 1.67% 14.48% 1.27 (9) 2 60,386 $ 140,307 $ 148,956 $ 144,119 $ 137,835 $ 29,616 24,151 24,997 26,319 173,107 169,116 164,154 169,923 (96,378) 3,417 (89,699) (93,720) (92,593) 413 $ 76,962 $ 83,821 $ 75,396 $ $ 59,448 1.02 $ 3Q23 2Q23 55,898 2 55,892 (8) 59,503 1.02 $ 0.94 $17,770,623 $17,834,468 $18,022,195 $18,170,649 $18,152,239 $ 2,018,156 $ 1,958,041 $ 2,083,125 $ 2,139,877 $ 2,154,232 59,339 59,384 59,441 59,448 59,503 1.58% 13.38% 1.20 $ 3Q23 0.94 $ $ 9/30/21 YTD $ 157,798 $ 150,391 $ $ 71,561 $ 67,371 133,383 27,842 161,225 (93,854) 1.48% 12.51% 1.13 (27,179) 6,664 137,283 54,093 9/30/22 YTD $ (0.50) $ 2.92 $ 0.12 2.54 $ 9/30/21 YTD (3,098) 16,118 9/30/23 YTD 57,468 1.69% 13.35% 3.44 $ 16,755 (7,301) 10 172,865 $ 179,869 2.62 $ 9/30/22 YTD (0.05) 0.27 0.30 (0.13) 3.01 $ 179,901 (42) 59,465 1.61% 13.83% 3.57 $ 3.03 $ 309,407 $ 371,247 $ 415,337 83,476 83,790 79,158 392,883 455,037 (206,777) (266,016) 16,118 494,495 (280,167) $ 186,106 $ 205,139 $ 214,328 3.03 9/30/23 YTD $ 14,672,596 $17,012,930 $ 18,115,504 $ 1,858,680 $ 1,977,299 $ 2,126,005 54,093 57,468 59,465 1.58% 13.44% 3.60 27#28Non-GAAP EFFICIENCY RATIO (dollars in thousands): EFFICIENCY RATIO (dollars in thousands): Non Interest Expense (GAAP) Less: Intangible Asset Amortization Less: OREO and Foreclosure Expenses Adjusted Non Interest Expense (non-GAAP) Net Interest Income (GAAP) Plus: Fully Taxable Equivalent Adjustment Net Interest Income on a Fully Taxable Equivalent Basis (non-GAAP) Non Interest Income (GAAP) Less: Investment Securities Gains (Losses) Adjusted Non Interest Income (non-GAAP) Adjusted Revenue (non-GAAP) Efficiency Ratio (non-GAAP) $ First Merchants Corporation Helping you prosper 3Q22 96,378 (2,303) (328) 93,747 140,306 6,316 146,622 29,617 (481) 29,136 175,758 53.34% $ 4Q22 148,956 6,370 155,326 24,150 (57) 89,699 $ 93,720 $ 92,593 $ (2,303) (197) (2,197) 18 91,541 87,199 (2,182) (916) 89,495 137,835 5,858 143,693 26,319 1,392 27,711 171,404 52.21% 24,093 179,419 1Q23 48.60% 2Q23 144,119 6,321 150,440 24,997 1,571 26,568 177,008 51.72% 3Q23 3Q21 YTD 3Q22 YTD 93,854 $206,777 $ 266,016 (2,182) (4,284) (677) (821) 90,995 201,672 133,383 5,911 309,407 14,991 324,398 139,294 27,842 83,476 1,650 (5,316) 29,492 78,160 168,786 402,558 53.91% 50.10% 259,418 3Q23 YTD (5,972) $ (626) $ 371,247 18,220 389,467 83,791 (1,137) 82,654 472,121 54.95% $ 280,167 (6,561) (1,575) 272,031 415,337 18,090 433,427 79,158 4,613 83,771 517,198 52.60% 28#29Non-GAAP CAPITAL RATIOS (dollars in thousands): Total Risk-Based Capital Ratio (dollars in thousands) Total Stockholders' Equity (GAAP) Adjust for Accumulated Other Comprehensive (Income) Loss 1 Less: Preferred Stock Add: Qualifying Capital Securities Less: Tier 1 Capital Deductions Less: Disallowed Goodwill and Intangible Assets Less: Disallowed Deferred Tax Assets Add: Modified CECL Transition Amount Total Tier 1 Capital (Regulatory) Qualifying Subordinated Debentures Allowance for Loan Losses includible in Tier 2 Capital Total Risk-Based Capital (Regulatory) Net Risk-Weighted Assets (Regulatory) Total Risk-Based Capital Ratio (Regulatory) Common Equity Tier 1 Capital Ratio Total Tier 1 Capital (Regulatory) Less: Qualified Capital Securities Add: Additional Tier 1 Capital Deductions Common Equity Tier 1 Capital (Regulatory) Net Risk-Weighted Assets (Regulatory) Common Equity Tier 1 Capital Ratio (Regulatory) 3Q21 1,868,090 (39,889) (125) 46,546 (565,221) (1,005) 34,542 $ 1,342,938 $ $ 65,000 139,200 1,547,138 $ 1,342,938 $ (46,546) $ 11,037,663 $ 14,196,430 $ 14.02% 12.84% 1,296,392 $ $ 11,037,663 11.75% 3Q22 1,906,666 314,089 (25,125) 25,000 First Merchants Corporation Helping you prosper 1,501,611 $ (25,000) 1,476,611 $ 4Q22 (740,780) (738,206) (1,267) (337) 23,028 23,028 1,501,611 $ 1,558,281 $ 1,595,971 $ (736,429) (351) 11,514 143,089 178,490 1,823,190 $ 143,103 180,870 1,882,254 $ 143,118 182,308 1,921,397 $ 14,196,430 $ 10.40% 2,034,770 239,151 (25,125) 25,000 14,392,671 $ 13.08% 1,558,281 $ (25,000) 1,533,281 $ 1Q23 14,392,671 $ 10.65% 2,122,448 198,914 (25,125) 25,000 14,524,959 $ 13.23% 1,595,971 $ (25,000) 1,570,971 $ 14,524,959 $ 10.82% 2Q23 2,145,565 217,964 (25,125) 25,000 (734,666) (258) 11,514 1,639,994 $ 143,132 183,106 1,966,232 $ 14,590,561 $ 13.48% 1,639,994 $ (25,000) 1,614,994 $ 14,590,561 $ 11.07% 3Q23 2,092,644 307,270 (25,125) 25,000 (732,903) (192) 11,514 1,678,208 143,147 184,046 2,005,401 14,683,329 13.66% 1,678,208 (25,000) 1,653,208 14,683,329 11.26% ¹ Includes net unrealized gains or losses on securities available for sale, net gains or losses on cash flow hedges, and amounts resulting from the application of the applicable accounting guidance for the defined benefit and other postretirement plans. 29#30Non-GAAP TANGIBLE COMMON EQUITY RATIO (dollars in thousands): Tangible Common Equity Ratio (dollars in thousands) Total Stockholders' Equity (GAAP) Less: Preferred Stock Less: Intangible Assets Tangible Common Equity (non-GAAP) Total Assets (GAAP) Less: Intangible Assets Tangible Assets (non-GAAP) Tangible Common Equity Ratio (non-GAAP) TANGIBLE COMMON EQUITY PER SHARE (dollars in thousands): Tangible Common Equity Per Share Total Stockholders' Equity (GAAP) Less: Preferred Stock Less: Intangible Assets Tax Benefit Tangible Common Equity, Net of Tax (non-GAAP) Common Shares Outstanding Tangible Common Equity per Share (non-GAAP) Tangible Common Equity Per Share Total Stockholders' Equity (GAAP) Less: Preferred Stock Less: Intangible Assets Tax Benefit Tangible Common Equity, Net of Tax (non-GAAP) Common Shares Outstanding Tangible Common Equity per Share (non-GAAP) $ $ $ $ $ $ 4Q12 3Q21 4Q20 4Q13 3Q22 First Merchants Corporation Helping you prosper (125) (25,125) (25,125) (25,125) (572,323) (750,713) (747,844) (745,647) 1,295,642 $ 1,130,828 $ 1,261,801 $ 1,351,676 $ 1,376,975 $ 1,326,236 1,868,090 $ 1,906,666 $ 2,034,770 $ 2,122,448 $ 2,145,565 $ 2,092,644 (25,125) (25,125) (743,465) (741,283) 15,060,725 $17,718,985 $17,938,306 $ 18,178,908 $ 17,968,412 $17,996,648 (572,323) (750,713) (747,844) (745,647) (743,465) (741,283) 14,488,402 $16,968,272 $17,190,462 $17,433,261 $17,224,947 $17,255,365 8.94% 7.69% 6.66% 3Q21 4Q14 4Q22 7.34% 4Q21 4Q15 1Q23 7.75% 3Q22 4Q16 28,692,616 35,921,761 37,669,948 40,664,258 40,912,697 49,158,238 $ 10.95 $ 12.17 $ 13.65 $ 14.68 $ 15.85 $ 16.96 2Q23 552,236 $ 634,923 $ 726,827 $ 850,509 $ 901,657 $1,303,463 $1,408,260 $1,786,437 (90,908) (125) (125) (125) (125) (125) (149,529) (202,767) (218,755) (259,764) (258,866) (476,503) (469,784) (578,881) (125) (125) 2,249 4,973 6,085 6,278 5,930 6,788 7,257 314,048 $ 437,004 $ 514,032 $ 596,898 $ 648,596 $ 833,623 $ 943,368 $1,214,688 5,017 7.99% 4Q22 4Q17 3Q23 1Q23 4Q18 4Q19 49,349,800 55,368,482 $ 19.12 $ 21.94 2Q23 3Q23 $1,875,645 $1,868,090 $1,912,571 $1,906,666 $2,034,770 $2,122,448 $2,145,565 $2,092,644 (125) (125) (572,893) (572,323) 5,989 5,153 $1,308,616 $1,300,795 53,922,359 53,510,745 53,410,411 59,145,414 59,170,583 59,257,051 59,297,148 59,398,022 $ 24.27 $ 24.31 $ 25.21 $ 19.26 $ 21.45 $ 22.93 $ 23.34 $ 22.43 (125) (25,125) (25,125) (25,125) (25,125) (25,125) (570,860) (750,713) (747,844) (745,647) (743,465) (741,283) 4,875 8,197 7,702 7,231 6,760 6,290 $1,346,461 $ 1,139,025 $1,269,503 $1,358,907 $1,383,735 $1,332,526 30#31Non-GAAP RETURN ON TANGIBLE COMMON EQUITY (dollars in thousands): Return on Tangible Common Equity Total Average Stockholders' Equity (GAAP) Less: Average Preferred Stock Less: Average Intangible Assets, Net of Tax Average Tangible Common Equity, Net of Tax (non-GAAP) Net Income Available to Common Stockholders (GAAP) Plus: Intangible Asset Amortization, Net of Tax Tangible Net Income (non-GAAP) Return on Tangible Common Equity (non-GAAP) Return on Tangible Common Equity Total Average Stockholders' Equity (GAAP) Less: Average Preferred Stock Less: Average Intangible Assets, Net of Tax Average Tangible Common Equity, Net of Tax (non-GAAP) Net Income Available to Common Stockholders (GAAP) Plus: Intangible Asset Amortization, Net of Tax Tangible Net Income (non-GAAP) Return on Tangible Common Equity (non-GAAP) 2012 14.04% 2013 2021 $ 535,506 $ 540,255 $ 675,295 $ 753,724 $ 884,664 (90,908) (47,537) (125) (147,889) (153,519) (199,354) $ 296,709 $ 339,199 $ 475,816 $ 40,583 $ 42,150 $ 60,162 $ 65,384 $ 81,051 $ 1,081 892 1,395 1,720 2,542 $ 41,664 $ 43,042 $ 61,557 $ 67,104 $ 83,593 $ 12.69% 16.17% 2014 3Q22 First Merchants Corporation Helping you prosper 2015 12.94% 20.85% 2022 YTD 2016 12.47% (125) (125) (215,281) (254,332) $ 538,318 $ 630,207 $ 750,394 $ 876,315 $1,069,868 $1,255,633 $1,290,740 $1,110,524 $1,343,861 $1,569,615 $1,825,135 $1,858,680 (125) (125) (125) (125) (125) (360,005) (467,421) (499,622) (569,377) (567,815) 4Q22 16.22% 13.26% 2017 2022 24.21% 2018 13.29% 96,070 $ 159,139 $ 164,460 $ 148,600 $ 157,798 3,670 5,307 4,736 4,730 3,384 99,740 $ 164,446 $ 169,196 $ 153,330 $ 161,182 1Q23 18.12% 2019 18.77% 2Q23 19.82% 2020 15.81% (25,125) (25,125) $1,866,632 $2,018,156 $1,977,299 $1,958,041 $1,972,445 $2,083,125 $2,139,877 $2,154,232 $2,126,005 (125) (25,125) (16,792) (25,125) (18,875) (25,125) (25,125) (567,512) (744,069) (685,707) (741,632) (699,803) (739,190) (737,489) (735,787) (737,476) $1,298,995 $1,248,962 $1,274,800 $1,191,284 $1,253,767 $1,318,810 $1,377,263 $1,393,320 $1,363,404 5,182 $ 205,531 $ 63,283 $ 150,391 $ 70,292 $ 220,683 $ 63,610 $ 60,393 $ 55,898 $ 179,901 4,540 1,819 4,718 1,819 6,537 1,734 1,724 1,724 72,111 $ 227,220 $ 65,344 $ 62,117 $ 57,622 $ 185,083 $ 210,071 $ 65,102 $ 155,109 $ 3Q23 18.04% 2021 YTD 12.21% 16.65% 16.54% 2023 YTD 18.10% 31