Company: FRME
Filing Date: 2025-10-10
Form Type: S-4
Source: 0001193125-25-237211
Chunk: 85

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-10
Form: S-4
Chunk 85
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 performed in connection with Piper Sandler’s opinion, as directed and approved by First Savings management:

57

| (in millions, except per share data) |     | As of and For the Year Ending December 31, 
 2025E                                      |       |     | 2026E |       |     | 2027E |       |     | 2028E |       |     | 2029E |       |
|:-------------------------------------|:----|:-------------------------------------------|------:|:----|:------|------:|:----|:------|------:|:----|:------|------:|:----|:------|------:|
| Net income                           |     | $                                          |  23.5 |     | $     |  27.1 |     | $     |  29.4 |     | $     |  30.3 |     | $     |  31.7 |
| Total assets                         |     | $                                          | 2,372 |     | $     | 2,401 |     | $     | 2,431 |     | $     | 2,466 |     | $     | 2,500 |
| Earnings per share (diluted)         |     | $                                          |  3.33 |     | $     |  3.81 |     | $     |  4.14 |     | $     |  4.26 |     | $     |  4.46 |
| Dividends per share                  |     | $                                          |  0.64 |     | $     |  0.68 |     | $     |  0.72 |     | $     |  0.76 |     | $     |  0.80 |

Certain Projections Regarding First Merchants The following table presents certain publicly available mean analyst estimates for First Merchants as of, and for the years ending, as applicable, December 31, 2025 and 2026, together with unaudited prospective financial projections regarding estimated dividends per share, for First Merchants for the years ending December 31, 2025 through December 31, 2029, and unaudited prospective financial projections regarding estimated long-term annual earnings growth rate for the years ending December 31, 2027 through December 31, 2029, as well as certain assumptions relating to transaction