Company: FRME
Filing Date: 2025-10-17
Form Type: S-4/A
Source: 0001193125-25-242318
Chunk: 75

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-17
Form: S-4/A
Chunk 75
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 for First Savings for the years ending December 31, 2025 through December 31, 2029 as well as estimated dividends per share for First Savings for the years ending December 31, 2025 through December 31, 2029, as provided by the senior management of First Savings, (b) publicly available mean analyst estimates for First Merchants for the quarters ending September 30, 2025 and December 31, 2025 and the year ending December 31, 2026, as well as an estimated long-term annual earnings growth rate for the years ending December 31, 2027 through December 31, 2029 and estimated dividends per share for First Merchants for the quarters ending September 30, 2025 and December 31, 2025 and the years ending December 31, 2026 through 55

December 31, 2029, as provided by the senior management of First Merchants, and (c) certain assumptions relating to transaction expenses, cost savings and purchase accounting
adjustments, as well as certain adjustments for CECL accounting standards, as provided by the senior management of First Merchants. The analysis indicated that the transaction could be accretive to First Merchants’ estimated earnings per share
(excluding one-time transaction costs and expenses) in the years ending December 31, 2026 through December 31, 2028 and dilutive to First Merchants’ estimated tangible book value per share at
close and in the years ending December 31, 2026 through December 31, 2027.

In connection with this analysis, Piper Sandler
considered and discussed with the First Savings’ board of directors how the analysis would be affected by changes in the underlying assumptions, including the impact of final purchase accounting adjustments determined at the closing of the
transaction, and noted that the actual results achieved by the combined company may vary from projected results and the variations may be material.

Piper Sandler’s Relationship.

Piper Sandler is acting as First Savings’ financial advisor in connection with the transaction and will receive a fee for such services
in an amount equal to 1.625% of the aggregate purchase price, which fee is contingent upon the closing of the merger. At the time of announcement of the transaction, Piper Sandler’s fee was approximately $4.0 million. Piper Sandler also
received a $400,000 fee from First Savings upon rendering its opinion, which opinion fee will be credited in full towards