First Merchants Investor Presentation Deck

Deposit 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

View entire presentation