First Merchants Results Presentation Deck

Deposit Portfolio Highlights 4Q23 Deposit Composition Certificates & Time Deposits < $100k 6% Certificates & Time Deposits > $100k 9% Savings Deposits 30% Brokered Certificates of 1 Deposits 1% $14.8B Total 0.92% $14.4 Demand Deposits 54% 4Q22 1.41% $14.7 1Q23 Total Deposits ($B) Cost of Total Deposits (%) / Total Deposits ($B) First Merchants Corporation Helping you prosper 1.99% $14.6 ■ 2Q23 ■ ■ ■ ■ Strong core deposit base 90% core deposits² 17% noninterest bearing 39% yield 5 bps or less Total deposit costs increased to 2.58% 56% cumulative interest-bearing deposit beta, 51% prior quarter Insured 72.1% / Uninsured 27.9% Average deposit account balance of $34,000 ● 2.32% Highlights $14.6 3Q23 Cost of Total Deposits (%) 2.58% $14.8 4Q23 ¹Total brokered deposits of $629 million, which includes brokered CDs of $80 million ²Defined as total deposits less time deposits > $100k 13

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