First Merchants Results Presentation Deck

Capital Ratios 7.04% 2Q22 10.27% 2Q22 Tangible Common Equity Ratio 6.66% 3Q22 10.40% TCE Ratio 3Q22 7.34% CET 1 Ratio 4Q22 Common Equity Tier 1 Ratio 10.65% 7.75% 4Q22 1Q23 Target TCE (8.00%) 10.82% 1Q23 Target CET1 Ratio (10.00%) 7.99% First Merchants Corporation Helping you prosper 2Q23 11.07% 2023 ▪ TCE Ratio including marks on held-to-maturity securities portfolio is 6.45% ▪ CET1 including net unrealized loss in AOCI on available-for-sale securities is 9.75% 12.73% 2Q22 Highlights Total Risk-Based Capital Ratio 12.84% 3Q22 TRBC Ratio 13.08% 4Q22 13.23% 1Q23 Target TRBC Ratio (12.50%) 13.48% 2Q23 17

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