#1Ⓡ First Merchants Corporation NASDAQ: FRME INVESTOR UPDATE Second 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 119 Banking Centers First Merchants Corporation Helping you prosper OHIO Financial Highlights as of 6/30/2023 $18.0 Billion Total Assets $12.3 Billion Total Loans $14.6 Billion Total Deposits Forbes 2023 WORLD'S BEST BANKS POWERED BY STATISTA $7.4 Billion Assets Under Advisement* *Assets Under Management - $3.5 Billion Moody's a3 Baseline Credit Assessment¹ ★★★ AMERICA'S BEST BANKS 2023 Newsweek YTD ROAA: YTD Return on TCE CRAIN'S CLEVELAND BUSINESS BEST EMPLOYERS IN OHIO 2022 TCE/TA: Market Cap Dividend Yield: Price / Tangible Book: Price / LTM EPS: AMERICAN BANKER. N Best Banks to Work For 2022 Best Company LEADERSHIP 2022 Best Company CULTURE 1.38% 18.91% 7.99% $1.7B 4.61% 1.21x 6.5x Forbes 2023 AMERICA'S BEST BANKS 2022 Best Company WORK-LIFE BALANCE ¹Moody's Credit Opinion - First Merchants Corporation, October 25, 2022, baseline Credit Assessment (BCA) reflects a bank's standalone credit strength 4#5Highlights Second Quarter ■ ■ Balance sheet strength Improved all capital ratios Continued loan growth, while increasing new loan yields 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 $1.02 compared to $0.63 in 2Q22. Excluding PPP income and expenses related to the Level One acquisition, current EPS was $1.02 compared to $1.01 in 2Q22¹,2 Year-to-Date ■ ■ ■ I Net Income & EPS¹ $60.4 Million $1.02 Per Share ■ Net Income & EPS¹ $124.0 Million $2.09 Per Share ROA (Annualized) 1.34% ROA 1.58% PTPP ROA² First Merchants Corporation Helping you prosper ROE & ROTCE (Annualized) 11.29% ROE 18.04% ROTCE² ROA (Annualized) 1.38% ROA 1.62% PTPP ROA² ROE & ROTCE (Annualized) 11.74% ROE 18.91% ROTCE² Reported EPS of $2.09 compared to $1.54 in 2022. Excluding PPP income and expenses related to the Level One acquisition, current YTD EPS was $2.09 compared to $1.89 in 2022¹,2 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: 6 Lafayette MSA Rank: 2 Deposits: $3.3B Loans: $2.1B Michigan Monroe MSA Rank: 1 Detroit MSA Rank: 9 Deposits: $2.8B Loans: $2.4B Northeast Indiana Muncie MSA Rank: 1 Ft Wayne MSA Rank: 4 Deposits: $4.6B Loans: $2.3B Indianapolis Indianapolis MSA Rank: 7 Deposits: $3.3B Loans: $4.0B MSA and County ranking data per FDIC ¹Commercial includes Public Funds and Consumer includes Private Wealth Columbus Columbus MSA Rank: 12 Deposits: $0.6B Loans: $1.5B First Merchants Corporation Helping you prosper Commercial Consumer Mortgage Total Loan Growth QTD Total Loan Growth YTD *Adjusted Total Loan Growth QTD *Adjusted Total Loan Growth YTD ■ I Loan Growth Annualized¹ 2Q23 Balance ($B) *During the quarter, the non-relational, term loan B portfolio of $116 million was sold with a gain. The total Commercial pipeline remains stable with regional C&I showing growth and IRE and Sponsor activity slowing. The Consumer decline represents balance reductions in the Private Banking portfolios. Overall, this is a small portfolio. Commercial Consumer Total Deposit Growth QTD Total Deposit Growth YTD ■ $9.3 $0.8 $2.0 ■ Deposit Growth Annualized¹ 2Q23 Balance ($B) Growth (0.9)% (0.6)% 18.7% 1.5% 4.7% 5.4% 6.9% $7.3 $6.1 The Commercial decline was primarily attributed to reduction in client liquidity or debt reduction decisions by clients. Accounts remain stable. Consumer sector decline was primarily within the Private Wealth group with clients moving liquidity to alternative investment options. The core, granular nature of our consumer client base remains stable with increasing new account opening levels during the quarter. ■ The mix of both the Commercial and Consumer sectors moved towards higher paying money market and CD account types. Growth (2.1)% (3.7)% (3.3)% 2.8% 7#8Second Quarter Financial Results 6. 7. 1. Total Assets 2. Total Loans 3. Investments 4. Deposits 5. 8. 9. 10. ($M except per share data) Balance Sheet & Asset Quality Total Equity 25. 26. 27. 28. TCE Ratio Total RBC Ratio ACL / Loans NCOS / Avg Loans NPAS + 90PD / Assets Summary Income Statement Net Interest Income Provision for Loan Losses 11. 12. 13. Non-interest Income Non-interest Expense 14. 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. 23. 24. ROTCE Net Interest Margin Efficiency Ratio Per Share Earnings per Diluted Share Tangible Book Value per Share Dividend per Share Dividend Payout Ratio 6/30/22 9/30/22 12/31/22 3/31/23 7.04% $17,780.5 $17,719.0 $17,938.3 $18,178.9 $17,968.4 11,406.5 11,675.4 12,013.0 12,250.9 12,297.5 4,630.0 4,294.8 4,263.8 4,057.4 3,891.5 14,570.9 14,434.8 14,382.7 14,703.3 14,581.2 1,977.6 1,906.7 2,034.8 2,122.4 2,145.6 12.73 1.98 0.01 0.30 $128.7 16.8 28.3 97.3 42.9 3.9 39.0 0.5 38.5 For the Three Months Ended, 0.88% 7.62 12.91 3.28 58.45 $0.63 20.45 0.32 50.8% 6.66% 12.84 1.94 -0.01 0.29 1.43% 12.54 20.85 3.55 53.34 $140.3 $149.0 0.0 0.0 29.6 24.1 96.4 89.7 73.5 83.4 9.8 63.7 0.5 63.3 $1.08 19.26 0.32 29.6% 7.34% 13.08 First Merchants Corporation Helping you prosper 1.86 0.12 0.28 12.6 70.8 0.5 70.3 1.59% 14.36 24.21 3.72 48.60 $1.19 21.45 0.32 26.9% 7.75% 13.23 1.82 0.01 0.34 1.42% 6/30/23 12.21 19.82 3.58 51.72 $144.1 $137.9 0.0 0.0 25.0 26.3 93.7 92.6 75.4 71.6 11.3 10.7 64.1 60.9 0.5 0.5 63.6 60.4 $1.07 22.93 0.32 29.9% 7.99% 13.48% 1.80 0.06 0.34 1.34% 11.29 18.04 3.39 52.21 $1.02 23.34 0.34 33.3% Variance % Variance Linked Linked QTR- Quarter Annualized ($210.5) 46.7 (165.9) (122.1) 23.1 0.24% 0.25 -0.02 0.05 0.00 ($6.2) 0.0 1.3 (1.1) (3.8) (0.6) (3.2) 0.0 (3.2) -0.08% -0.92 -1.78 -0.19 0.49 ($0.05) 0.41 0.02 3.4% -4.6% 1.5% -16.4% -3.3% 4.4% -4.3% 5.2% -1.2% -5.0% -5.3% -5.0% -5.0% ■ ■ ■ 2Q23 Highlights 52.21% Efficiency Ratio Net interest income, decreased $6.2 million due to higher funding cost and mix change which offset higher earning asset income Pre-Tax, Pre-Provision (PTPP) Earnings totaled $71.6 million PTPP ROA was 1.58% and PTPP ROE was 13.38%¹ TCE Ratio increased 0.24% to 7.99% Tangible Book Value per share totaled $23.34, an increase of $0.41 over prior quarter ¹See "Non-GAAP Financial Information" for reconciliation 8#9Year-to-Date Financial Results ($M except per share data) Balance Sheet & Asset Quality 1. Total Assets 2. Total Loans 3. Investments 4. Deposits 5. 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. Non-interest Income 14. Non-interest 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 Six Months Ended June 30, 2021 $14,923.1 9,139.8 4,148.3 12,203.4 1,871.8 9.04% 14.23 2.19 0.11 0.40 $204.7 0.0 55.0 135.4 124.3 19.3 105.0 0.0 105.0 1.45% 11.40 16.82 3.23 49.54 $1.94 24.15 0.55 28.4% 2022 First Merchants Corporation Helping you prosper $17,780.5 11,406.5 4,630.0 14,570.9 1,977.6 7.04% 12.73 1.98 -0.01 0.30 $230.9 16.8 54.2 169.6 98.7 11.1 87.6 0.5 87.1 1.05% 8.90 13.98 3.16 55.90 $1.54 20.45 0.61 39.6% 2023 $17,968.4 12,297.5 3,891.5 14,581.2 2,145.6 7.99% 13.48% 1.80 0.03 0.34 $282.0 0.0 51.3 186.3 147.0 22.0 125.0 1.0 124.0 1.38% 11.74 18.91 3.48 51.96 $2.09 23.34 0.66 31.6% Variance % Variance YOY YOY $187.9 891.0 (738.5) 10.3 168.0 0.95% 0.75 -0.18 0.04 0.04 $51.1 (16.8) (2.9) 16.7 48.3 10.9 37.4 0.5 36.9 0.33% 2.84 4.93 0.32 -3.94 $0.55 2.89 0.05 -8.0% 1.1% 7.8% -16.0% 0.1% 8.5% 22.1% -5.4% 9.8% 48.9% 98.2% 42.7% 42.4% ■ ■ ■ ■ Year-to-Date Highlights 51.96% Efficiency Ratio Net interest income, increased $51.1 million due to the addition of Level One in 2Q22 Pre-Tax, Pre-Provision (PTPP) Earnings totaled $147.0 million PTPP ROA was 1.62% and PTPP ROE was 13.92%¹ TCE Ratio increased 0.95% to 7.99% over prior year Tangible Book Value per share totaled $23.34, an increase of $2.89 over prior year ¹See "Non-GAAP Financial Information" for reconciliation 9#10Investment Portfolio Highlights 2Q23 Investment Portfolio Composition Corporate Obligations 1% ■ Collateralized Mortgage Obligations 6% U.S. Agencies 12% Mortgage- Backed Securities 25% $3.9B Total Municipal Bonds 56% Highlights Quarterly bond sales of $101 million ■ Effective duration of 6.5 years ▪ Remaining 2023 cash flow $150 million /~2.35% yield ▪ AA rated municipal bond portfolio ▪ Allowance for Credit Losses for Investments of $245,000 ▪ ~53% of portfolio classified as Held-to-Maturity First Merchants Corporation Helping you prosper Yield on Investments (%) / Total Investments ($B) 2.63% $4.6 2Q22 2.66% ▪ 2Q 2022 ▪ 3Q 2022 ▪ 4Q 2022 ▪ 1Q 2023 ▪ 2Q 2023 $4.3 3Q22 I Investments ($B) 2.66% $4.3 4Q22 2.63% $4.1 $0.1 million gain $0.4 million gain $0.1 million gain $1.6 million loss $1.4 million loss 1Q23 Yield on Investments (%) Realized Gains/Losses 2.56% Investment Portfolio Gains / Losses Unrealized Losses ▪ Net unrealized AFS Loss of $269.8 million ($245.7M prior Q) ▪ Net unrealized HTM Loss of $359.7 million ($328.8M prior Q) $3.9 2Q23 10#11Loan Portfolio Highlights Commercial Real Estate Non-Owner Occupied Commercial Real Estate Owner-Occupied 9.6% 4.09% $11.4 19.4% 2Q22 2Q23 Loan Composition 4.76% $11.7 Construction Land & Land Development 7.7% Agricultural Land & Production 1.9% 3Q22 $12.3B Total Commercial & Industrial 28.7% Yield on Loans (%) / Total Loans ($B) 5.58% $12.0 4Q22 Public Finance/Other Commercial 7.8% Total Loans ($B) Home Equity 5.0% Other Consumer 1.4% 6.00% $12.3 Residential Mortgage 18.5% 1Q23 Yield on Loans (%) First Merchants Corporation Helping you prosper 6.34% $12.3 2Q23 ■ Portfolio composition is ~75% Commercial oriented ▪ Loan yields remained strong at 6.34% ▪ New/renewed loan yields averaged 7.30% for the quarter compared to 7.08% in 1Q23 Prime-Based 13% LIBOR-Based 12% Highlights 2Q23 Portfolio by Yield Type Other Variable Rates 14% Fixed Rate 33% Total loan rate mix as of 2Q23 $8.2 billion variable rate $4.1 billion fixed rate SOFR-Based 28% ● ● 11#12Allowance for Credit Losses - Loans 2Q23 Allowance for Credit Losses - Loans 1.98% $226.3 2Q22 1.94% $226.7 3Q22 Allowance 1.86% $223.3 4Q22 $195,397 1.82% ACL - Loans 12/31/2021 $223.1 Allowance to Loans 1Q23 $16,599 1.80% $221.1 2Q23 $2,674 First Merchants Corporation Helping you prosper Change in ACL - Loans $13,955 ▪ No Q2 provision expense ▪ The reserve for unfunded commitments totals $23.3 million and is recorded in Other Liabilities ▪ The remaining fair value accretion on acquired loans is $26.9 million inclusive of credit and interest rate marks Level One - Net Charge-offs Provision Exp. PCD Credit 2022 2022¹ Mark Increase Decrease Highlights $223,277 $2,130 $221,147 ACL - Loans Net Charge-offs ACL - Loans 12/31/2022 YTD 6/30/2023 12022 provision expense of $16.8 million reflects $14 million for CECL Day 1 non-PCD loans and $2.8 million for Level One's unfunded commitments 12#13Deposit Portfolio Highlights 2Q23 Deposit Composition Certificates & Time Deposits < $100k 5% Certificates & Time Deposits > $100k 8% Savings Deposits 31% Brokered Certificates of Deposits ¹ 1% $14.6B Total 0.23% $14.6 Demand Deposits 55% 2Q22 0.46% $14.4 3Q22 Cost of Total Deposits (%) / Total Deposits ($B) Total Deposits ($B) First Merchants Corporation Helping you prosper 0.92% $14.4 4Q22 ■ Strong core deposit base 91% core deposits² 18% non-interest bearing 43% yield 5 bps or less Total deposit costs increased to 1.99% 47% cumulative interest-bearing deposit beta, 37% prior quarter Insured 74.5% / Uninsured 25.5% Average deposit account balance of $34,000 ■ ■ I ■ ● 1.41% Highlights $14.7 1Q23 Cost of Total Deposits (%) 1.99% $14.6 2Q23 ¹Total brokered deposits of $867 million, which includes brokered CDs of $164 million ²Defined as total deposits less time deposits > $100k 13#14Net Interest Margin 1. Net Interest Income - FTE ($millions) 2. Fair Value Accretion 3. PPP Loan Income 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 3.28% $134.8 2Q22 3.55% $146.6 3Q22 $ $ 2Q22 First Merchants Corporation Helping you prosper 134.8 $ 3.2 $ 0.9 $ 130.7 $ 3.58% 0.30% 3.28% 0.08% 0.01% 3.19% 3.72% $155.3 4Q22 Net Interest Income - FTE ($millions) 3Q22 146.6 $ 3.2 $ 0.3 $ 143.1 $ 4.11% 0.56% 3.55% 0.08% 0.00% 3.47% 4Q22 155.3 $ 2.7 $ 0.1 $ 152.5 $ 4.73% 1.01% 3.72% 0.07% 0.00% 3.65% 3.58% $150.4 1Q23 Net Interest Margin 1Q23 150.4 $ 2.4 $ $ 148.0 $ 5.06% 1.48% 3.58% 0.06% 0.00% 3.52% 3.39% $143.7 2Q23 1 1 1 1 1 L 2Q23 143.7 2.0 141.7 5.36% 1.97% 3.39% 0.05% 0.00% 3.34% 14#15Non-Interest Income Highlights 2Q23 Non-Interest Income Detail ($M) Service Charges $7.8 27% Gain on Sale of Loans $3.6 12% $26.3M Total Wealth Management $7.4 25% Card Payment Fees $4.5 16% Gain (Loss) on Sale of Securities Other $0.8 3% ($1.4) -5% Derivative Hedge Fees $0.7 2% Other Customer Fees $0.8 3% BOLI $2.1 7% Highlights ▪ Customer-related fees totaling $24.8 million for 2Q23, increased $0.3 million from 1Q23 driven primarily by higher gains on the sales of mortgage loans First Merchants Corporation Helping you prosper ▪ Losses of $1.4 million recognized on the sale of $101 million of available-for-sale securities Fee Income / Revenue 17.3% $28.3M $4.6 $5.2 $7.7 $3.2 $7.6 Non-Interest Income Trends ($M) 2022 16.8% $29.6M Wealth Management $7.9 $4.8 $7.2 $2.5 $7.2 3Q22 Gain on Sale of Loans 13.4% $24.1M $2.9 $4.5 $7.1 $2.1 $7.5 4Q22 Service Charges 14.2% $25.0M $2.1 $5.2 $7.4 $2.4 $7.9 1Q23 Card Payment Fees 15.5% $26.3M $3.0 $4.5 $7.8 $3.6 $7.4 2Q23 ■ Other 15#16Non-Interest Expense Highlights 2Q23 Non-Interest Expense Detail Premises & Equipment $12.9 14% $92.6M Total Salary & Benefits $54.8 59% Other $7.6 8% Outside Data Processing $6.6 7% Professional & Other Outside Services $4.7 5% Intangible Asset Amortization $2.2 Marketing 3% $1.1 1% FDIC Expense $2.7 3% Highlights ▪ Decline in salaries and benefits of $2.7 million due to lower incentives and annual benefit plan expense of $1.3 million reflected in Q1 ▪ Increase of $1.3 million in FDIC assessment as $2.0 million in one-time assessment credits were recorded in Q1 First Merchants Corporation Helping you prosper Non-Interest Expense Trends ($M) Efficiency Ratio 58.45% 50.75% ¹ $97.3M $23.0 $4.9 $13.4 $56.0 2Q22 ■ Salary & Benefits 53.34% 51.39%¹ $96.4M $20.9 $6.8 $12.7 $56.0 3Q22 48.60% 48.37%¹ Premises & Equipment $89.7M $19.0 $5.6 $12.8 $52.3 4Q22 51.72% $93.7M $16.7 $6.1 $13.4 $57.5 1Q23 Outside Data Processing ¹2Q22, 3Q22, and 4Q22 Efficiency Ratio excluding acquisition costs, see "Non-GAAP Financial Information" for reconciliation 52.21% $92.6M $18.3 $6.6 $12.9 $54.8 2Q23 Other 16#17Capital Ratios 7.04% 2Q22 10.27% 2Q22 Tangible Common Equity Ratio 6.66% 3Q22 10.40% TCE Ratio 3Q22 7.34% CET 1 Ratio 4Q22 Common Equity Tier 1 Ratio 10.65% 7.75% 4Q22 1Q23 Target TCE (8.00%) 10.82% 1Q23 Target CET1 Ratio (10.00%) 7.99% First Merchants Corporation Helping you prosper 2Q23 11.07% 2023 ▪ TCE Ratio including marks on held-to-maturity securities portfolio is 6.45% ▪ CET1 including net unrealized loss in AOCI on available-for-sale securities is 9.75% 12.73% 2Q22 Highlights Total Risk-Based Capital Ratio 12.84% 3Q22 TRBC Ratio 13.08% 4Q22 13.23% 1Q23 Target TRBC Ratio (12.50%) 13.48% 2Q23 17#18Loan Portfolio 1. C&I - Regional Banking 2. C&I - Sponsor Finance 3. CRE Owner Occupied Loan Portfolio Trends ($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 2Q22 3Q22 4Q22 1Q23 2Q23 $ 2,681 $ 2,703 $ 2,827 $ 2,831 $ 2,733 619 630 612 674 798 1,180 1,262 1,266 1,244 1,242 961 746 829 836 950 2,423 2,299 2,407 2,375 2,380 215 222 242 220 230 894 915 933 959 964 8,840 8,864 9,101 9,262 9,235 1,823 2,014 2,103 2,195 2,276 586 622 631 621 614 157 175 178 173 173 2,566 2,811 2,912 2,989 3,063 $11,406 $11,675 $12,013 $12,251 $12,298 First Merchants Corporation Helping you prosper 2023 Highlights ▪ Sale of $116 million term loan B portfolio C&I - Regional Banking loan growth of $18 million adjusted for the sale ▪ C&I - Sponsor Finance growth - $124 million ▪ Residential Mortgage growth - $81 million, primarily from portfolio ARM strategy ■ OH 13.7% Loan growth of $892 million or 7.8% ▪ Balanced commercial loan growth - $395 million C&I- Regional Banking - $52 million C&I - Sponsor Finance - $179 million • CRE/Constr/Land/Land Dev. - $79 million IL 6.7% ● ● ▪ Total Resi Mtg & Cons. - $497 million Mortgage growth of $453 million, primarily from portfolio ARM strategy ● Year Over Year Highlights Other 14.6% MI 21.0% IN 44.0% Geography 85.4% of borrowers within four state Midwest geography 18#19Loan Portfolio Insights Manufacturing Other Admin Services Investment CRE ■ Wholesale Trade Retail Trade Finance & Insurance Professional Service Construction Transp./Warehouse Specialty Trade 6.2% 5.8% 5.6% 4.6% 3.9% C&I 10.2% 9.8% 9.6% 6% 19.4% Top Industries % of C&I loans C&I Includes commercial and industrial, sponsor and owner- occupied real estate loans ▪ $604 million in Shared National Credits ■ $64.6 million of SBA guaranteed loans $0 dollars in operating leases Line utilization Q2'23 at 41.7% and has been in the range of 41% for three quarters. Line commitments increased $162 million this quarter. Commercial Home Equity / Other Consumer ▪ >95% of $615 million in consumer loans had a credit score exceeding 669 at origination (excludes ~22% of loans where origination data is unavailable) First Merchants Corporation Helping you prosper ■ $798 million to 80 companies ▪ Senior Debt/Adj. EBITDA <3.0X ~ 68% Total Debt/Adj. EBITDA < 4.0X ~ 80% ■ FCCR > 1.50X ~ 68% ~3.8% Classified ■ ■ Mortgage & Consumer C&I - Sponsor Finance Construction Finance ■ $158 million Residential Real Estate Construction $792 million Commercial Real Estate Construction & Land % CRE Balance Commit. Constr/Land $476 $787 84 125 69 17 9 ■ ($M) Multi-Family Industrial Self Storage Office - Medical Office General 78 23 29 60.0% 10.7% 8.7% 2.1% 1.1% Residential Mortgage $269 million residential mortgage secured, related to commercial loan relationships $2.0 billion residential mortgage loans > 93% of $1.8 billion in residential portfolio loans had a credit score at origination exceeding 669 (excludes ~10% of residential loans where origination data is unavailable) 19#20Loan Portfolio Insights (continued) Balance: Commercial Real Estate (Non-owner occupied) ($M) Commitment: # of loans: % of Total Loans: Average Loan Balance: Top 10 Avg. Loan Com: Total Loans $12.3 Billion 495 3.1% $0.8 $8.7 Multi- Family Industrial Retail Office $685.4 $381.2 $383.6 $261.1 $398.2 $389.9 $268.4 $723.5 483 333 227 100 32 138 5.6% 3.1% 2.1% 2.1% 1.2% 2.1% $1.4 $1.2 $1.2 $2.5 $4.8 $1.9 $18.7 $10.0 $11.1 $15.4 $11.7 $16.4 Non-Office CRE (NOO), 17.3% Office CRE 2.1% First Merchants Corporation Helping you prosper Ware- house/ Storage Hotel Other $253.1 $153.7 $262.0 $258.2 $154.2 $303.8 Type General Office Medical Mixed Government Other Total $ 123.5 71.8 27.1 21.2 17.5 $ 261.1 Tenant Classification Multiple Tenant Single Tenant Other Total $155.5 103.2 2.4 $ 261.1 Total CRE (NOO) $2,380.1 $2,496.2 MI IN OH OK IL Other Total 1,808 19.4% $1.3 $23.6 Geographic Diversification $ 90.4 67.5 36.8 25.0 24.1 17.3 $ 261.1 20#21Asset Quality Asset Quality Trends ($M) 2Q22 3Q22 4Q22 1. Non-Accrual Loans 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 $ 46.0 $ 43.5 6.5 0.6 0.2 6.5 0.7 0.2 $ 42.3 6.5 1.7 0.2 1Q23 2Q23 $ 46.6 $ 69.2 7.8 7.0 First Merchants Corporation Helping you prosper 7.7 0.4 $53.3 $ 50.9 $ 50.7 $ 61.4 $ 77.3 0.47% 0.44% 0.42% 0.50% 0.63% $192.1 $207.1 $215.2 $250.5 $257.0 1.68% 1.77% 1.79% 2.04% 2.09% 9. Net Charge-offs (QTD) $ 0.3 $ (0.4) $ 3.4 $ 0.2 $ 1.9 10. QTD NCO/Avg. Loans 0.01% -0.01% 0.12% 0.01% 0.06% (Annualized) Highlights NPAS + 90PD were up 13 bps to 0.63% of loans and ORE ▪ New Non-Accruals: ▪ Stable Classified Loans/Loans. Remains below pre- pandemic levels A $15.9 million loan to a syndicated specialty finance company An $8.7 million loan to a material handling company ▪ Q2 Net Charge-offs of $1.9 million ● ● 0.06% of average loans (annualized) Gross charge-offs of $2.3 million with recoveries of $0.4 million 21#22Non-Performing Assets Non-Performing Assets Roll Forward ($M) 1. Beginning Balance NPAs + 90PD Non-Accrual 2. Add: New Non-Accruals 3. Less: To Accrual or Payoff 4. Less: To OREO 5. Less: Charge-offs 6. Non-Accrual Loans Change 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 2Q22 3Q22 4Q22 1Q23 2Q23 $51.2 $53.3 $50.9 $50.7 $61.4 13.1 9.0 (8.9) (10.7) (4.8) (8.6) 0.5 0.1 (1.4) (1.4) 0.1 (0.9) (3.8) (2.5) (1.2) 4.3 (1.1) 3.3 0.5 (0.2) (0.1) 0.2 7.3 15.4 33.2 (8.3) 0.1 0.1 1.4 (0.1) (0.1) (0.1) 0.1 1. 1.0 1.3 First Merchants Corporation Helping you prosper (2.3) 22.6 (1.5) 5.3 0.1 (0.2) 2.1 (2.4) (0.2) 10.7 15.9 $53.3 $50.9 $50.7 $61.4 $77.3 (0.1) (0.1) (6.6) -- Non-Accrual Migration: ▪ Top three non-accrual commercial relationships total $34.6 million ● Specialty Finance • Senior Living Highlights ● Material Handling ■ $8.3 million paid off or returned to accrual Largest $3.6 million CRE payoff ● ▪ 90 days PD reduced $6.6 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 2012 2013 2014 2015 2016 2017 TBVPS 165.4% S&P BMI US Bank $21.24 $22.64 $24.09 $25.42 $10.95 $12.17 $13.65 $14.68 $15.85 $16.96 $19.12 $21.94 $24.27 $25.21 $21.45 $23.34 $26.93 2018 2019 2020 2021 2022 YTD'23 TBVPS Without AFS OCI¹ First Merchants Corporation Helping you prosper ¹Tangible book value per share excluding unrealized gain/loss in available for sale securities. CAGR 2012-2022: 10.5% $1.41 $1.41 $0.10 CAGR 2012-2022: 28.7% Earnings per Share $1.65 $1.72 $0.18 14.04% $0.29 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 YTD'23 Dividends per Share 12.69% 12.94% $0.41 $1.98 12.47% $2.12 $0.54 $0.69 $3.22 $3.19 13.26% 13.29% $0.84 $1.00 18.77% $2.74 15.81% $1.04 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 YTD'23 Return on Tangible Common Equity $3.81 $3.81 12.21% $1.13 $1.25 16.17% $2.09 18.12% $0.66 18.91% || 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 YTD'23. 23#24History of Organic and Whole Bank Acquisition Growth Total Assets ($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 2002 > Lafayette $5.4 $5.8 Bank & Trust $6.8 2001 2003 > Frances > Commerce Slocum Bank National Bank & Trust $7.2 2013 2014 2015 2016 2017 Asset CAGR: 14.6% $9.4 First Merchants Corporation Helping you prosper 2008 ) Lincoln Bank $9.9 $12.5 $14.1 2018 2019 2020 $15.5 $17.9 $18.0 2021 2022 2Q23 2013 > Citizens Financial Bank 2012 > Shelby County Bank 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 (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 $ $ $ $ $ $ Acquisition-related expenses Acquisition-related provision expense Tax on adjustment Adjusted Diluted Earnings Per Common Share - NON-GAAP PRE-TAX, PRE-PROVISION ("PTPP") EARNINGS EXCLUDING ACQUISITION-RELATED EXPENSES 2Q22 $ (891) 38,522 $ 63,283 $ 70,292 $ 63,610 $ 59,308 2Q22 First Merchants Corporation Helping you prosper 12,549 16,755 (6,967) (759) 59,968 $ 65,618 $ 0.63 $ (0.01) 0.22 0.30 (0.13) 1.01 $ 3Q22 1.62% 14.28% (323) 3,417 1.22 $ 59,339 1.08 $ 0.05 3Q22 4Q22 (109) 413 1.73% 15.25% (75) 70,521 $ 1.30 $ 59,384 (0.01) 1.12 $ 1.19 $ 1.19 $ (0.01) 0.01 4Q22 1Q23 (25) 1.88% 17.12% 6 63,591 $ 1.41 $ 59,441 1.07 $ 1.07 $ 1Q23 2Q23 128,661 $ 28,277 140,307 $ 29,616 156,938 169,923 (96,378) (97,313) 12,549 3,417 72,174 $ 76,962 $ 83,821 $ 75,396 $ 71,561 $ 17,778,221 $17,770,623 $17,834,468 $18,022,195 $18,170,649 $ 2,021,123 $ 2,018,156 $ 1,958,041 $ 2,083,125 $ 2,139,877 59,308 59,339 59,384 59,441 59,448 60,393 1.67% 14.48% (9) 2 60,386 1.27 $ 59,448 148,956 $ 144,119 $ 137,835 24,151 24,997 26,319 173,107 169,116 164,154 (89,699) (93,720) (92,593) 413 1.02 2Q23 1.02 $ 6/30/21 YTD 6/30/22 YTD 6/30/23 YTD 1.58% 13.38% 1.20 $ 105,028 $ 87,108 $ 124,003 (2,775) 12,701 16,755 4,651 (6,542) 8 $ 90,711 $ 107,247 $ 123,977 (18,968) $ 54,159 $ 1.94 $ (0.35) 6/30/21 YTD $ 0.08 1.67 $ 56,516 1.54 1.71% 13.48% (0.05) 0.22 0.30 (0.12) 1.89 $ $ 6/30/22 YTD $ 204,692 $ 54,975 230,941 $ 54,174 259,667 285,115 (135,393) (169,638) 2.29 $ (34) 59,446 1.54% 13.10% 2.09 6/30/23 YTD 12,701 124,274 $ 128,178 $ 146,957 $ 14,503,087 $16,627,804 $18,096,832 $ 1,843,250 $ 1,956,532 $ 2,111,658 54,159 56,516 59,446 2.09 2.27 $ 281,954 51,316 333,270 (186,313) 1.62% 13.92% 2.47 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 2Q22 97,313 (2,303) 266 95,276 128,661 6,168 134,829 28,277 (90) 28,187 163,016 58.45% 3Q22 140,306 6,316 146,622 29,617 $ 96,378 $ 89,699 $ 93,720 $ (2,303) (328) (2,303) (197) 87,199 (2,197) 18 91,541 93,747 (481) 29,136 175,758 4Q22 53.34% 1Q23 148,956 144,119 6,370 155,326 24,150 (57) 24,093 179,419 48.60% 6,321 150,440 24,997 1,571 26,568 177,008 51.72% 2Q23 2Q21 YTD 2Q22 YTD 92,593 $ 135,393 $ 169,638 $ 186,313 (2,182) (2,821) (3,669) $ (4,379) (916) (912) (298) $ (898) 89,495 131,660 181,036 165,671 204,692 137,835 5,858 9,659 214,351 143,693 26,319 54,975 1,392 (3,560) 27,711 51,415 171,404 265,766 52.21% 49.54% 2Q23 YTD 230,941 11,904 242,845 54,174 (656) 53,518 296,363 55.90% 281,954 12,179 294,133 51,316 2,963 54,279 348,412 51.96% 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 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) $ $ (566,412) (1,152) 40,314 $ 1,330,832 $ 65,000 135,690 1,531,522 $ $ $ 2Q21 $ 1,871,800 (60,080) (125) 46,487 10,759,672 $ 14.23% 1,330,832 $ (46,487) 1,284,345 $ 10,759,672 $ 11.94% First Merchants Corporation Helping you prosper 2Q22 1,977,641 198,556 (25,125) 25,000 (743,285) (1,554) 23,028 1,454,261 $ 143,074 175,059 1,772,394 $ 13,918,947 $ 12.73% 1,454,261 $ (25,000) 1,429,261 $ 13,918,947 $ 10.27% 3Q22 1,906,666 314,089 (25,125) 25,000 (740,780) (1,267) 23,028 1,501,611 $ 143,089 178,490 1,823,190 $ 14,196,430 $ 12.84% 1,501,611 $ (25,000) 1,476,611 $ 14,196,430 $ 10.40% 4Q22 2,034,770 239,151 (25,125) 25,000 (738,206) (337) 23,028 1,558,281 $ 143,103 180,870 1,882,254 $ 14,392,671 $ 13.08% 1,558,281 $ (25,000) 1,533,281 $ 14,392,671 $ 10.65% 1Q23 2,122,448 198,914 (25,125) 25,000 (736,429) (351) 11,514 1,595,971 143,118 182,308 1,921,397 $ 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% 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) $ $ $ $ 2Q21 $ 4Q12 2Q22 1,871,800 $ 1,977,641 $ 1,906,666 $ 2,034,770 $ 2,122,448 $ 2,145,565 (25,125) (25,125) (125) (25,125) (25,125) (25,125) (573,786) (753,649) (750,713) (747,844) (745,647) 1,297,889 $ 1,198,867 $ 1,130,828 $ 1,261,801 $ 1,351,676 $ 1,376,975 (743,465) 4Q13 4Q12 14,923,097 $17,780,492 $17,718,985 $17,938,306 $18,178,908 $ 17,968,412 (573,786) (753,649) (750,713) (747,844) (745,647) (743,465) 14,349,311 $17,026,843 $ 16,968,272 $17,190,462 $17,433,261 $17,224,947 9.04% 6.66% 7.04% 2Q21 First Merchants Corporation Helping you prosper 3Q22 4Q14 4Q22 4Q15 4Q21 7.34% 2Q22 1Q23 4Q16 7.75% $ 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) (125) (125) (149,529) (202,767) (218,755) (259,764) (258,866) (476,503) (469,784) (578,881) 2,249 6,085 6,278 5,930 4,973 6,788 5,017 7,257 $ 314,048 $ 437,004 $ 514,032 $596,898 $ 648,596 $ 833,623 $ 943,368 $1,214,688 $ 1,308,616 3Q22 2Q23 4Q17 28,692,616 35,921,761 37,669,948 40,664,258 40,912,697 49,158,238 49,349,800 55,368,482 53,922,359 $ 10.95 $ 12.17 $ 13.65 $ 14.68 $ 15.85 $ 16.96 $ 19.12 $ 21.94 $ 24.27 7.99% 4Q22 4Q18 4Q19 1Q23 552,236 $1,871,800 $1,912,571 $1,977,641 $1,906,666 $2,034,770 $2,122,448 $2,145,565 (90,908) (125) (125) (25,125) (25,125) (25,125) (25,125) (25,125) (149,529) (573,786) (570,860) (753,649) (750,713) (747,844) (745,647) (743,465) 2,249 5,432 4,875 8,692 8,197 7,702 7,231 6,760 $ 314,048 $1,303,321 $1,346,461 $1,207,559 $1,139,025 $1,269,503 $1,358,907 $1,383,735 2Q23 4Q20 28,692,616 53,972,386 53,410,411 59,059,866 59,145,414 59,170,583 59,257,051 59,297,148 $ 10.95 $ 24.15 $ 25.21 $ 20.45 $ 19.26 $ 21.45 $ 22.93 $ 23.34 $1,875,645 (125) (572,893) 5,989 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 $ 535,506 $540,255 $ 675,295 (47,537) (125) (153,519) (199,354) (90,908) (147,889) $ 296,709 $ 339,199 $ 475,816 14.04% 2013 2021 16.17% 2014 2Q22 $ 42,150 $ 60,162 $ 65,384 $ 81,051 $ 96,070 $ 159,139 $ $ 40,583 1,081 892 1,395 1,720 2,542 3,670 5,307 $ 61,557 $ 67,104 $ 83,593 $ 99,740 $ 164,446 $ $ 41,664 $ 43,042 12.69% 12.47% 13.26% 18.77% First Merchants Corporation Helping you prosper 12.94% 12.91% 2015 2022 YTD 2016 $ 205,531 $ 38,521 $ 87,108 $ 63,283 $ 4,540 1,820 2,898 1,819 90,006 $ 65,102 $ $ 210,071 $ 40,341 $ 3Q22 13.98% 2017 $ 753,724 $ 884,664 $1,110,524 $1,343,861 $ 1,569,615 $ 1,825,135 $ 1,843,250 (125) (125) (125) (125) (125) (125) (125) (215,281) (254,332) (360,005) (467,421) (499,622) (569,377) (567,795) $ 538,318 $630,207 $ 750,394 $ 876,315 $ 1,069,868 $ 1,255,633 $ 1,275,330 164,460 $ 148,600 $ 105,028 4,736 4,730 169,196 $ 153,330 $ 2,228 107,256 20.85% 4Q22 2018 13.29% 2022 24.21% 2019 1Q23 $1,866,632 $2,021,123 $1,956,532 $2,018,156 $1,958,041 $1,972,445 $2,083,125 $2,139,877 $2,111,658 (125) (25,125) (12,625) (25,125) (25,125) (18,875) (25,125) (25,125) (25,125) (567,512) (745,614) (656,042) (744,069) (741,632) (699,803) (739,190) (737,489) (738,334) $1,298,995 $1,250,384 $1,287,865 $1,248,962 $1,191,284 $1,253,767 $1,318,810 $1,377,263 $1,348,199 18.12% 2020 15.81% 2Q23 12.21% 2021 YTD 16.82% 70,292 $ 220,683 $ 63,610 $ 60,393 $ 124,003 1,819 6,537 1,734 1,724 3,458 72,111 $ 227,220 $ 65,344 $ 62,117 $ 127,461 19.82% 18.04% 2023 YTD 18.91% 31