INVESTOR UPDATE First Quarter 2025

Forward Looking Statement This presentation contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can often, but not always, be identified by the use of words like “believe”, “continue”, “pattern”, “estimate”, “project”, “intend”, “anticipate”, “expect” and similar expressions or future or conditional verbs such as “will”, “would”, “should”, “could”, “might”, “can”, “may”, or similar expressions. These forward-looking statements include, but are not limited to, statements relating to First Merchants’ goals, intentions and expectations; statements regarding the First Merchants’ business plan and growth strategies; statements regarding the asset quality of First Merchants’ loan and investment portfolios; and estimates of First Merchants’ risks and future costs and benefits. These forward-looking statements are subject to significant risks, assumptions and uncertainties that may cause results to differ materially from those set forth in forward-looking statements, including, among other things: possible changes in economic and business conditions; the existence or exacerbation of general geopolitical instability and uncertainty; the effects of a pandemic or other unforeseeable event; the ability of First Merchants to integrate recent acquisitions and attract new customers; possible changes in monetary and fiscal policies, and laws and regulations; the effects of easing restrictions on participants in the financial services industry; the cost and other effects of legal and administrative cases; possible changes in the credit worthiness of customers and the possible impairment of collectability of loans; fluctuations in market rates of interest; competitive factors in the banking industry; changes in the banking legislation or regulatory requirements of federal and state agencies applicable to bank holding companies and banks like First Merchants’ affiliate bank; continued availability of earnings and excess capital sufficient for the lawful and prudent declaration of dividends; changes in market, economic, operational, liquidity (including the ability to grow and maintain core deposits and retain large, uninsured deposits), credit and interest rate risks associated with the First Merchants’ business; and other risks and factors identified in each of First Merchants’ filings with the Securities and Exchange Commission. First Merchants undertakes no obligation to update any forward-looking statement, whether written or oral, relating to the matters discussed in this presentation or press release. In addition, the company’s past results of operations do not necessarily indicate its anticipated future results. NON-GAAP FINANCIAL MEASURES These slides contain non-GAAP financial measures. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of the registrant’s historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows (or equivalent statements) of the issuer; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. In this regard, GAAP refers to generally accepted accounting principles in the United States. Pursuant to the requirements of Regulation G, First Merchants Corporation has provided reconciliations within the slides, as necessary, of the non-GAAP financial measure to the most directly comparable GAAP financial measure.

Executive Management Team 3 Mark Hardwick Chief Executive Officer Mark K. Hardwick currently serves as the Chief Executive Officer of First Merchants Corporation and First Merchants Bank. Mark joined First Merchants in November of 1997 as Corporate Controller and was promoted to Chief Financial Officer in April of 2002. In 2016, Mark’s title expanded to include Chief Operating Officer, overseeing the leadership responsibilities for finance, operations, technology, risk, legal, and facilities for the corporation. Prior to joining First Merchants Corporation, Mark served as a senior accountant with BKD, LLP in Indianapolis. Mark is a graduate of Ball State University with a Master of Business Administration and Bachelor’s degree in Accounting. He is also a certified public accountant and a graduate of the Stonier School of Banking. FMB: 27 Yrs Banking: 27 Yrs FMB: 10 Yrs Banking: 22 Yrs Michele Kawiecki Chief Financial Officer Michele Kawiecki currently serves as Executive Vice President and Chief Financial Officer for First Merchants Corporation and First Merchants Bank. Michele joined First Merchants in 2015 as Director of Finance. Prior to joining First Merchants, Michele spent 12 years with UMB Financial Corporation in Kansas City, Missouri having served as Senior Vice President of Capital Management and Assistant Treasurer; Director of Corporate Development and the Enterprise Project Management Office; and Chief Risk Officer. Prior to UMB, she worked for PriceWaterhouseCoopers LLP as an Audit Manager. Michele earned both a Master of Science in Accounting and an Executive Master of Business Administration from the University of Missouri-Kansas City and a Bachelor’s degree in Accounting from Dakota Wesleyan University. FMB: 17 Yrs Banking: 37 Yrs Mike Stewart President Mike Stewart currently serves as President for First Merchants Corporation and First Merchants Bank overseeing the Commercial, Private Wealth, and Consumer Lines of Business for the Bank. Mike joined the bank in 2008 as Chief Banking Officer. Prior to joining First Merchants, Mike spent 18 years with National City Bank in various commercial sales and credit roles. Mike has a Master of Business Administration from Butler University and a Bachelor’s degree in Finance from Millikin University. FMB: 17 Yrs Banking: 36 Yrs John Martin Chief Credit Officer John Martin currently serves as Executive Vice President and Chief Credit Officer of First Merchants Corporation overseeing the Commercial, Small Business and Consumer Credit functions, as well as Bank Operations and the Mortgage Line of Business. Prior to joining First Merchants, John spent 18 years with National City Bank in various sales and senior credit roles. John is a graduate of Indiana University where he earned a Bachelor of Arts in Economics. He also holds a Master of Business Administration in Finance from Case Western Reserve University.

First Merchants Corporation (NASDAQ: FRME) Financial Highlights as of 3/31/2025 $18.4 Billion $13.0 Billion $14.5 Billion $5.8 Billion Assets Under Advisement* Total Assets Total Loans Total Deposits TCE/TA: YTD Return on TCE YTD ROAA: Dividend Yield: Price / Tangible Book: Price / LTM EPS: 1.21% 8.90% 14.12% 3.46% 1.48x 11.4x Market Cap $2.3B Largest financial services holding company headquartered in Central Indiana 111 Banking Centers 4 *Excludes custody of $3.4 Billion, includes Assets Under Management of $3.9 Billion

Highlights 5 ▪ EPS of $0.941 compared to core EPS of $0.851,2 in 1Q24 an increase of 10.6% ▪ Core PTPP income growth of 12% and positive operating leverage over 1Q24 ▪ Efficiency ratio of 54.54% ▪ Strong loan growth of $154.9 million or 4.8% annualized ▪ Robust capital position with tangible common equity ratio of 8.90% ▪ Repurchased 246,751 shares totaling $10 million year to date through April • 194,311 shares totaling $7.9 million repurchased through March 31, 2025 ▪ $30 million of sub debt redeemed in March 9.38% ROE 14.12% ROTCE2 ROE & ROTCE (Annualized) $54.9 Million $0.94 Per Share Net Income & EPS1 1.21% ROA 1.47% PTPP ROA2 ROA (Annualized) 1Net Income and EPS reported on a diluted basis and for common stockholders 2See “Non-GAAP Financial Information” for reconciliation First Quarter

Business Strategy 6 Full Spectrum of Debt Capital and Treasury Service Offerings Located in Prime Growth Markets Small Business & SBA Middle Market C&I Investment Real Estate Public Finance Sponsor Finance Full Spectrum of Consumer Deposit and Lending Offerings Supported by: Talented, Customer Service Oriented Banking Center and Call Center Professionals Competitive Digital Solutions ▪ Deposit and CRM ▪ Online Banking ▪ Mobile Banking Diverse Locations in Stable Rural and Growth Metro Markets Comprehensive and coordinated approach to personal wealth management Expertise in: Investment Management Private Banking Fiduciary Estate Financial Planning Strengthen commercial relationships with personal services for executives/owners and retirement plan services for companies Partner with consumer to offer personal investment advice through First Merchants Investment Services Offering a full suite of mortgage solutions to assist with purchase, construction, renovation, and home finance Strengthen existing Commercial, Consumer and Private Wealth relationships Create new household relationships Support underserved borrowers and neighborhoods Deliver solutions through a personalized, efficient, and scalable model Commercial Banking Private Wealth Advisors Consumer Banking Mortgage Banking Asset Based Lending Syndications Treasury Management Services Merchant Processing Services

Loan Growth Summary1,2 Business Highlights - Loans 7 MSA and County ranking data per FDIC ▪ Strong Commercial growth during the quarter of ~$169 million, or 7.0% ▪ C&I annualized growth of ~$248 million, or 18.8% annualized ▪ IRE loan balances declined by ~$96 million, or 16.9% annualized ▪ Commercial pipelines remained strong at quarter end for both C&I and IRE Commercial Consumer ▪ Consumer balances declined during the quarter ~$14 million ▪ Residential Mortgage balances grew ~$24 million ▪ Other Consumer balances declined by ~$38 million ▪ Mortgage pipeline remained strong on a year over year basis1Commercial includes Public Finance, Consumer includes Private Wealth and Mortgage 2Annualized Indianapolis Indianapolis MSA Rank: 8 Deposits: $3.5B Loans: $4.5B Columbus Columbus MSA Rank: 14 Deposits: $0.6B Loans: $1.4B Northwest Indiana Lake County Rank: 4 Lafayette MSA Rank: 2 Deposits: $3.0B Loans: $2.2B Northeast Indiana Muncie MSA Rank: 1 Ft Wayne MSA Rank: 4 Deposits: $4.8B Loans: $2.0B Michigan Monroe MSA Rank: 1 Detroit MSA Rank: 9 Deposits: $2.6B Loans: $2.9B 1Q25 Balance ($B) Growth Commercial 9.8 7.0% Consumer 3.2 -1.8% Total Loan Growth QTD 4.8%

Deposit Growth Summary1,2 Business Highlights - Deposits 8 MSA and County ranking data per FDIC 1Commercial includes Public Funds deposits and Consumer includes Private Wealth and Mortgage 2Annualized ▪ Commercial deposits declined during the quarter ~$228 million ▪ Core relationship balances declined ~$20 million ▪ Public Funds balances declined ~$208 million Commercial Consumer ▪ Consumer deposits declined during the quarter by ~$9 million ▪ Non-maturity balances increased ~$188 million ▪ Maturity balances declined ~$197 million Indianapolis Indianapolis MSA Rank: 8 Deposits: $3.5B Loans: $4.5B Columbus Columbus MSA Rank: 14 Deposits: $0.6B Loans: $1.4B Northwest Indiana Lake County Rank: 4 Lafayette MSA Rank: 2 Deposits: $3.0B Loans: $2.2B Northeast Indiana Muncie MSA Rank: 1 Ft Wayne MSA Rank: 4 Deposits: $4.8B Loans: $2.0B Michigan Monroe MSA Rank: 1 Detroit MSA Rank: 9 Deposits: $2.6B Loans: $2.9B 1Q25 Balance ($B) Growth Commercial 7.1 -12.4% Consumer 5.8 -0.6% Total Deposit Growth QTD -1.6%

First Quarter Financial Results 9 ▪ 54.54% Efficiency Ratio1 ▪ Net interest income decreased $4.1 million due to day count ▪ Net interest margin of 3.22% was stable on a linked quarter basis when normalized for day count ▪ Noninterest income decreased $12.7 million primarily due to the 4Q24 gain on the Illinois branch sale, partially offset by realized losses on securities ▪ TCE Ratio increased 0.09% to 8.90% ▪ $27.34 Tangible Book Value per share, an increase of $0.56 from prior quarter 1Q25 Highlights 1See “Non-GAAP Financial Information” for reconciliation ($M except per share data) 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 Variance Linked Quarter % Variance Linked QTR- Annualized Balance Sheet & Asset Quality 1. Total Assets $18,317.8 $18,303.4 $18,347.6 $18,312.0 $18,439.8 $127.8 2.8% 2. Total Loans 12,480.7 12,671.9 12,687.5 12,873.0 13,027.9 154.9 4.8% 3. Investments 3,783.6 3,753.1 3,662.1 3,460.7 3,427.1 (33.6) -3.9% 4. Deposits 14,884.6 14,569.1 14,365.1 14,521.6 14,462.0 (59.6) -1.6% 5. Total Equity 2,224.8 2,212.5 2,302.4 2,305.0 2,332.2 27.2 4.7% 6. TCE Ratio 8.32% 8.27% 8.76% 8.81% 8.90% 0.09% 7. Total RBC Ratio 13.34 12.95 13.18 13.31 13.22 -0.09 8. ACL / Loans 1.64 1.50 1.48 1.50 1.47 -0.03 9. NCOs / Avg Loans 0.07 1.26 0.21 0.02 0.15 0.13 10. NPAs + 90PD / Assets 0.38 0.37 0.43 0.46 0.49 0.03 Summary Income Statement 11. Net Interest Income $127.1 $128.6 $131.1 $134.4 $130.3 ($4.1) -3.1% 12. Provision for Credit Losses 2.0 24.5 5.0 4.2 4.2 0.0 13. Noninterest Income 26.6 31.3 24.9 42.7 30.0 (12.7) -29.7% 14. Noninterest Expense 96.9 91.4 94.6 96.3 92.9 (3.4) -3.5% 15. Pre-tax Income 54.8 44.0 56.4 76.6 63.2 (13.4) -17.5% 16. Provision for Taxes 6.8 4.1 7.2 12.2 7.8 (4.4) -36.1% 17. Net Income 48.0 39.9 49.2 64.4 55.4 (9.0) -14.0% 18. Preferred Stock Dividends 0.5 0.5 0.5 0.5 0.5 0.0 19. Net Income Available to Common Stockholders 47.5 39.4 48.7 63.9 54.9 (9.0) -14.1% 20. ROAA 1.04% 0.87% 1.07% 1.39% 1.21% -0.18% 21. ROAE 8.47 7.16 8.66 11.05 9.38 -1.67 22. ROTCE1 13.21 11.29 13.39 16.75 14.12 -2.63 23. Net Interest Margin 3.10 3.16 3.23 3.28 3.22 -0.06 24. Efficiency Ratio 59.21 53.84 53.76 48.48 54.54 6.06 Per Share 25. Earnings per Diluted Share $0.80 $0.68 $0.84 $1.10 $0.94 ($0.16) 26. Tangible Book Value per Share1 25.07 25.10 26.64 26.78 27.34 0.56 27. Dividend per Share 0.34 0.35 0.35 0.35 0.35 0.00 28. Dividend Payout Ratio 42.5% 51.5% 41.7% 31.8% 37.2% 5.4% For the Three Months Ended,