Company: FRME
Filing Date: 2025-11-06
Form Type: 424B3
Source: 0001193125-25-268801
Chunk: 84

Company: FIRST MERCHANTS CORP
Filing Date: 2025-11-06
Form: 424B3
Chunk 84
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, 2025 through December 31, 2029, provided at the direction of First Savings’ board of directors, by First Savings management to Piper Sandler and used by Piper Sandler in the financial
analyses performed in connection with Piper Sandler’s opinion, as directed and approved by First Savings management:

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| (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, 202