First Merchants Results Presentation Deck

Allowance for Credit Losses - Loans 2Q23 Allowance for Credit Losses - Loans 1.98% $226.3 2Q22 1.94% $226.7 3Q22 Allowance 1.86% $223.3 4Q22 $195,397 1.82% ACL - Loans 12/31/2021 $223.1 Allowance to Loans 1Q23 $16,599 1.80% $221.1 2Q23 $2,674 First Merchants Corporation Helping you prosper Change in ACL - Loans $13,955 ▪ No Q2 provision expense ▪ The reserve for unfunded commitments totals $23.3 million and is recorded in Other Liabilities ▪ The remaining fair value accretion on acquired loans is $26.9 million inclusive of credit and interest rate marks Level One - Net Charge-offs Provision Exp. PCD Credit 2022 2022¹ Mark Increase Decrease Highlights $223,277 $2,130 $221,147 ACL - Loans Net Charge-offs ACL - Loans 12/31/2022 YTD 6/30/2023 12022 provision expense of $16.8 million reflects $14 million for CECL Day 1 non-PCD loans and $2.8 million for Level One's unfunded commitments 12

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