First Merchants Results Presentation Deck

Investment Portfolio Highlights 2Q23 Investment Portfolio Composition Corporate Obligations 1% ■ Collateralized Mortgage Obligations 6% U.S. Agencies 12% Mortgage- Backed Securities 25% $3.9B Total Municipal Bonds 56% Highlights Quarterly bond sales of $101 million ■ Effective duration of 6.5 years ▪ Remaining 2023 cash flow $150 million /~2.35% yield ▪ AA rated municipal bond portfolio ▪ Allowance for Credit Losses for Investments of $245,000 ▪ ~53% of portfolio classified as Held-to-Maturity First Merchants Corporation Helping you prosper Yield on Investments (%) / Total Investments ($B) 2.63% $4.6 2Q22 2.66% ▪ 2Q 2022 ▪ 3Q 2022 ▪ 4Q 2022 ▪ 1Q 2023 ▪ 2Q 2023 $4.3 3Q22 I Investments ($B) 2.66% $4.3 4Q22 2.63% $4.1 $0.1 million gain $0.4 million gain $0.1 million gain $1.6 million loss $1.4 million loss 1Q23 Yield on Investments (%) Realized Gains/Losses 2.56% Investment Portfolio Gains / Losses Unrealized Losses ▪ Net unrealized AFS Loss of $269.8 million ($245.7M prior Q) ▪ Net unrealized HTM Loss of $359.7 million ($328.8M prior Q) $3.9 2Q23 10

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