First Merchants Results Presentation Deck

Highlights Fourth Quarter Net Income & EPS¹ ROA (Annualized) $42.0 Million 0.92% ROA $0.71 Per Share 1.33% PTPP ROA² Annualized loan growth of 6.6% on a linked quarter basis, with new/renewed loan yields averaging 8.01% for the quarter Annualized deposit growth of 4.8% on a linked quarter basis Reported EPS of $0.71 compared to $1.19 in 4Q22. Excluding one-time charges, current EPS of $0.87 compared to $1.19 in 4Q22¹,2 Year-to-Date I ■ ■ ■ ■ ■ ■ ■ Net Income & EPS¹ $221.9 Million $3.73 Per Share ROA (Annualized) 1.23% ROA First Merchants Corporation Helping you prosper ROE & ROTCE (Annualized) 7.89% ROE 12.75% ROTCE² ROE & ROTCE (Annualized) 10.43% ROE 16.76% ROTCE² 1.51% PTPP ROA² Loan growth of 5.1% when adjusted for non-relationship, term loan B portfolio loan sale of $116 million in second quarter Deposit growth of 3.1% Improved liquidity position by $585 million; increased cash $300 million and lowered borrowings $285 million Increased tangible common equity by $222 million and tangible common equity ratio from 7.34% to 8.44% Maintained strong credit quality and a robust allowance for credit losses Reported EPS of $3.73 compared to $3.81 in 2022. Excluding PPP income, expenses related to the Level One acquisition, and one-time charges, current EPS of $3.89 compared to $4.20 in 2022¹,2 ¹Net Income and EPS reported on a diluted basis and for common stockholders 2See "Non-GAAP Financial Information" for reconciliation

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