First Merchants Results Presentation Deck

Investment Portfolio Highlights 4Q23 Investment Portfolio Composition Collateralized Mortgage Obligations 6% U.S. Agencies 12% Mortgage Backed Securities 25% Corporate Obligations $3.8B Total 1% Municipal Bonds 56% Highlights ▪ 4Q23 bond sales of $43 million / $395 million YTD ▪ Effective duration of 6.3 years ▪ Cash flow of $282 million in 2024 /~2.14% yield ▪ AA rated municipal bond portfolio ▪ ~54% of portfolio classified as Held-to-Maturity ▪ Allowance for Credit Losses for Investments of $245,000 First Merchants Corporation Helping you prosper Yield on Investments (%) / Total Investments ($B) 2.66% $4.3 4Q22 2.63% ▪ 4Q 2022 ▪ 1Q 2023 ▪ 2Q 2023 ▪ 3Q 2023 ▪ 4Q 2023 $4.1 1Q23 Investments ($B) 2.56% $3.9 2Q23 2.55% $3.7 $0.1 million gain $1.6 million loss $1.4 million loss $1.7 million loss $2.3 million loss 3Q23 Yield on Investments (%) Realized Gains/Losses 2.56% Investment Portfolio Gains / Losses Unrealized Losses ▪ Net unrealized AFS Loss of $219.7 million ($382.8 M prior Q) ▪ Net unrealized HTM Loss of $314.2 million ($472.6 M prior Q) $3.8 4Q23 10

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