First Merchants Results Presentation Deck

Deposit Portfolio Highlights 2Q23 Deposit Composition Certificates & Time Deposits < $100k 5% Certificates & Time Deposits > $100k 8% Savings Deposits 31% Brokered Certificates of Deposits ¹ 1% $14.6B Total 0.23% $14.6 Demand Deposits 55% 2Q22 0.46% $14.4 3Q22 Cost of Total Deposits (%) / Total Deposits ($B) Total Deposits ($B) First Merchants Corporation Helping you prosper 0.92% $14.4 4Q22 ■ Strong core deposit base 91% core deposits² 18% non-interest bearing 43% yield 5 bps or less Total deposit costs increased to 1.99% 47% cumulative interest-bearing deposit beta, 37% prior quarter Insured 74.5% / Uninsured 25.5% Average deposit account balance of $34,000 ■ ■ I ■ ● 1.41% Highlights $14.7 1Q23 Cost of Total Deposits (%) 1.99% $14.6 2Q23 ¹Total brokered deposits of $867 million, which includes brokered CDs of $164 million ²Defined as total deposits less time deposits > $100k 13

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