First Merchants Results Presentation Deck

Loan Portfolio Highlights Commercial Real Estate Non-Owner Occupied Commercial Real Estate Owner-Occupied 9.3% 5.58% $12.0 19.2% 4Q22 4Q23 Loan Composition 6.00% $12.3 1Q23 Construction Land & Land Development 7.7% $12.5B Total Commercial & Industrial 29.4% Home Equity 4.9% Other Consumer 1.4% Yield on Loans (%) / Total Loans ($B) 6.34% $12.3 2Q23 Total Loans ($B) Agricultural Land & Production 2.1% Public Finance/Other Commercial 7.6% 6.58% $12.3 3Q23 Residential Mortgage 18.4% Yield on Loans (%) First Merchants Corporation Helping you prosper 6.71% $12.5 4Q23 ■ Portfolio composition is ~75% Commercial oriented ▪ Total loan yield increased to 6.71% ▪ New/renewed loan yields averaged 8.01% for the quarter compared to 7.88% in 3Q23 Highlights Other Variable Rates 10% Prime-Based 12% 4Q23 Portfolio by Yield Type Fixed Rate 34% Total loan rate mix as of 4Q23 $8.3 billion variable rate $4.2 billion fixed rate SOFR-Based 44% ● · 11

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