First Merchants Results Presentation Deck

Allowance for Credit Losses - Loans 4Q23 Allowance for Credit Losses - Loans 1.86% $223.3 4Q22 1.82% $223.1 1Q23 I Allowance 1.80% $221.1 2Q23 $195,397 ACL - Loans 12/31/2021 1.67% $205.8 3Q23 Allowance to Loans $16,599 Level One - PCD Credit Mark 1.64% $204.9 First Merchants Corporation Helping you prosper $2,674 4Q23 ■ Highlights $1.5 million Q4 provision expense ■ Increase ■ ■ $3.5 million YTD provision expense ▪ $7.3 million provision exp. recorded for ACL - Loans I $3.8 million reserve reduction for unfunded commitments ▪ The reserve for unfunded commitments totals $19.5 million and is recorded in Other Liabilities ▪ The remaining fair value accretion on acquired loans is $23.2 million inclusive of credit and interest rate marks Change in ACL - Loans $13,955 $223,277 Net Charge- Provision Exp. ACL - Loans offs 2022 2022¹ 12/31/2022 Decrease $2.3 million provision exp. recorded for ACL - Loans $0.8 million reserve reduction for unfunded commitments $25,643 $7,300 $204,934 Net Charge- Provision Exp. ACL - Loans offs YTD 2023 12/31/2023 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

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