First Merchants Results Presentation Deck

Capital Ratios 7.34% 4Q22 10.65% 4Q22 Tangible Common Equity Ratio 7.75% 1Q23 10.82% TCE Ratio 1Q23 7.99% ICET 1 Ratio 2Q23 Common Equity Tier 1 Ratio 11.07% 7.69% 2Q23 3Q23 Target TCE (8.00%) 11.26% 3Q23 Target CET1 Ratio (10.00%) 8.44% 4Q23 11.35% First Merchants Corporation Helping you prosper 4Q23 ▪ TCE Ratio including marks on held-to-maturity securities portfolio is 7.13% CET1 including net unrealized loss in AOCI on available-for-sale securities is 10.30% 13.08% 4Q22 Highlights Total Risk-Based Capital Ratio 13.23% 1Q23 TRBC Ratio 13.48% 2Q23 13.66% 3Q23 Target TRBC Ratio (12.50%) 13.67% 4Q23 17

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