First Merchants Investor Presentation Deck

Capital 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

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