First Merchants Results Presentation Deck

Loan Portfolio Highlights Commercial Real Estate Non-Owner Occupied Commercial Real Estate Owner-Occupied 9.6% 4.09% $11.4 19.4% 2Q22 2Q23 Loan Composition 4.76% $11.7 Construction Land & Land Development 7.7% Agricultural Land & Production 1.9% 3Q22 $12.3B Total Commercial & Industrial 28.7% Yield on Loans (%) / Total Loans ($B) 5.58% $12.0 4Q22 Public Finance/Other Commercial 7.8% Total Loans ($B) Home Equity 5.0% Other Consumer 1.4% 6.00% $12.3 Residential Mortgage 18.5% 1Q23 Yield on Loans (%) First Merchants Corporation Helping you prosper 6.34% $12.3 2Q23 ■ Portfolio composition is ~75% Commercial oriented ▪ Loan yields remained strong at 6.34% ▪ New/renewed loan yields averaged 7.30% for the quarter compared to 7.08% in 1Q23 Prime-Based 13% LIBOR-Based 12% Highlights 2Q23 Portfolio by Yield Type Other Variable Rates 14% Fixed Rate 33% Total loan rate mix as of 2Q23 $8.2 billion variable rate $4.1 billion fixed rate SOFR-Based 28% ● ● 11

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