First Merchants Investor Presentation Deck

Loan Portfolio Highlights Commercial Real Estate Non-Owner Occupied 19.2% Commercial Real Estate Owner-Occupied 9.4% 4.76% 3Q23 Loan Composition $11.7 3Q22 5.58% $12.0 Construction Land & Land Development 8.3% Home Equity 5.0% Other Consumer 1.4% Yield on Loans (%) / Total Loans ($B) 4Q22 $12.3B Total Commercial & Industrial 28.4% 6.00% $12.3 1Q23 Agricultural Land & Production 1.9% Total Loans ($B) Public Finance/Other Commercial 7.8% 6.34% $12.3 Residential Mortgage 18.6% 2Q23 Yield on Loans (%) First Merchants Corporation Helping you prosper 6.58% $12.3 3Q23 ■ Portfolio composition is ~75% Commercial oriented ▪ Loan yields remained strong at 6.58% ▪ New/renewed loan yields averaged 7.88% for the quarter compared to 7.30% in 2Q23 3Q23 Portfolio by Yield Type Other Variable Rates 15% Highlights Prime-Based 12% Fixed Rate 34% Total loan rate mix as of 3Q23 $8.1 billion variable rate $4.2 billion fixed rate SOFR-Based 39% · ● 11

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