Company: FRME
Filing Date: 2025-10-10
Form Type: S-4
Source: 0001193125-25-237211
Chunk: 75

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-10
Form: S-4
Chunk 75
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 4.4 | % |

| (1) | As provided by First Savings senior management/based on publicly available median analyst EPS estimates. |

Stock Trading History. Piper Sandler reviewed the publicly available historical reported trading prices of First Savings common stock and First Merchants common stock for the one-yearand three-year periods ended September 19, 2025. Piper Sandler then compared the relationship between the movements in the price of First Savings common stock and First Merchants common stock, respectively, to movements in their respective peer groups (as described below) as well as certain stock indices. First Savings’ One-YearStock Performance

|                          |     |     |    Beginning Value 
 September 19, 2024 |   |     |     |       Ending Value 
 September 19, 2025 |   |
|:-------------------------|:----|:----|-------------------:|:--|:----|:----|-------------------:|:--|
| First Savings            |     |     |                100 | % |     |     |              114.9 | % |
| First Savings Peer Group |     |     |                100 | % |     |     |              113.9 | % |
| S&P 500 Index            |     |     |                100 | % |     |     |              106.6 | % |
| NASDAQ Bank Index        |     |     |                100 | % |     |     |              116.6 | % |

First Savings’ Three-Year Stock Performance

|                          |     |     |    Beginning Value 
 September 19, 2022 |   |     |     |       Ending Value 
 September 19, 2025 |   |
|:-------------------------|:----|:----|-------------------:|:--|:----|:----|-------------------:|:--|
| First Savings            |     |     |                100 | % |     |     |              117.5 | % |
| First Savings Peer Group |     |     |                100 | % |     |     |              109.5 | % |
| S&P 500 Index            |     |     |                100 | % |     |     |              106.7 | % |
| NASDAQ Bank Index        |     |     |                100 | % |     |     |              170.9 | % |

First Merchants’ One-YearStock Performance