Company: FRME
Filing Date: 2025-10-17
Form Type: S-4/A
Source: 0001193125-25-242318
Chunk: 214

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-17
Form: S-4/A
Chunk 214
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 independent evaluation of the adequacy of the allowance for credit losses of First Savings or First Merchants, any of their respective subsidiaries or the combined entity after the Merger,
and we have not reviewed any individual credit files relating to First Savings or First Merchants or any of their respective subsidiaries. We have assumed, with your consent, that the respective allowances for credit losses for First Savings and
First Merchants and their respective subsidiaries are adequate to cover such losses and will be adequate on a pro forma basis for the combined entity.

In preparing its analyses, Piper Sandler used internal financial projections 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. In addition, Piper Sandler
used 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 December 31, 2029, as provided by the senior management of First Merchants. Piper Sandler also received and used in its pro forma analyses 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. With respect to the foregoing information, the respective senior managements of First Savings and First Merchants
confirmed to us that such information reflected (or in the case of the publicly available analyst estimates referred to above, was consistent with) the best currently available projections, estimates and judgements of those respective senior
managements as to the future financial performance of First Savings and First Merchants, respectively, and we assumed that the financial results reflected in such information would be achieved. We express no opinion as to such projections, estimates
or judgements, or the assumptions on which they are based. We have also assumed that there has been no material change in First Savings’ or First Merchants’ assets, financial condition,