Company: FRME
Filing Date: 2025-09-25
Form Type: 425
Source: 0001193125-25-216443
Chunk: 122

Company: FIRST MERCHANTS CORP
Filing Date: 2025-09-25
Form: 425
Chunk 122
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 billion in assets and higher growth potential Compelling both strategically and financially Expands FRME into Southern Indiana, increasing statewide deposit market share Strong operational fit with FSFG’s legacy community markets; Louisville MSA expected to provide commercial banking opportunities going forward Scalability of FSFG’s nationwide lending and fee income platforms Strong Market Share Across Top 5 Pro Forma MSAs Attractive Financial Results Deposits % of PF PF Rank MSA ($M) Franchise Rank 11% 4.8% 3 Yrs. 1 Indianapolis, IN $4,975 30.0% 7 9 Mos. 2026E TBV TBV EPS Accretion3 Dilution Earnback 2 Muncie, IN $1,802 10.9% 1 1.25% 14.5% 53.6% 3 Chicago, IL-IN1$1,509 9.1% 3 9 Mos. 2026E 9 Mos. 2026E 9 Mos. 2026E ROAA3 ROATCE3 Efficiency Ratio3 4 Louisville/Jefferson County, KY-IN2$1,381 8.3% 2 8.7% 10.9% 12.6% 5 Detroit, MI $1,162 7.0% 11 TCE / TA CET1 Ratio Total RBC Ratio 1Includes only Indiana counties classified as part of the Chicago-Naperville-Elgin, IL-INMSA (Jasper, Lake, Newton and Porter counties). 2Includes only Indiana counties classified as part of the Louisville/Jefferson County, KY-INMSA (Clark, Floyd, Harrison and Washington counties). 3Assumes fully phased-incost savings; results for the last 9 months of 2026. 13 Source: FDIC Summary of Deposits as of June 30, 2025.

FRME’s Track Record of Shareholder Value Creation 10-YearTotal Return (2014-2024) Earnings per Share CAGR 2014-2024: 7.5% $3.81 $3.81 $3.73 230.1% $3.41 $3.22 $3.19 $2.74 $2.12 $1.98 $1.92 $1.65 $1.72 200.3% 2014 2015 2016 2017 2018 201