First Merchants Investor Presentation Deck

■ Investment Portfolio Highlights ■ 3Q23 Investment Portfolio Composition U.S. Agencies Corporate Obligations 12% Collateralized Mortgage Obligations 6% Mortgage Backed Securities 25% $3.7B Total 1% Highlights ▪ Quarterly bond sales of $33 million / $347 million YTD Effective duration of 6.6 years Cash flow of $335 million through the end of 2024 /~2.12% yield ▪ AA rated municipal bond portfolio ▪ ~53% of portfolio classified as Held-to-Maturity ■ Allowance for Credit Losses for Investments of $245,000 Municipal Bonds 56% First Merchants Corporation Helping you prosper Yield on Investments (%) / Total Investments ($B) 2.66% $4.3 3Q22 2.66% ▪ 3Q 2022 ▪ 4Q 2022 ▪ 1Q 2023 ▪ 2Q 2023 ▪ 3Q 2023 $4.3 4Q22 Investments ($B) 2.63% $4.1 1Q23 2.56% $3.9 $0.4 million gain $0.1 million gain $1.6 million loss $1.4 million loss $1.7 million loss 2Q23 Yield on Investments (%) Realized Gains/Losses 2.55% Investment Portfolio Gains / Losses Unrealized Losses ▪ Net unrealized AFS Loss of $382.8 million ($269.8 M prior Q) ▪ Net unrealized HTM Loss of $472.6 million ($ 359.7 M prior Q) $3.7 3Q23 10

View entire presentation