Company: FRME
Filing Date: 2025-11-06
Form Type: 424B3
Source: 0001193125-25-268801
Chunk: 74

Company: FIRST MERCHANTS CORP
Filing Date: 2025-11-06
Form: 424B3
Chunk 74
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 | % |
| NASDAQ Bank Index        |     |     |                100 | % |     |     |              170.9 | % |

First Merchants’ One-YearStock Performance

|                            |     |     |    Beginning Value 
 September 19, 2024 |   |     |     |       Ending Value 
 September 19, 2025 |   |
|:---------------------------|:----|:----|-------------------:|:--|:----|:----|-------------------:|:--|
| First Merchants            |     |     |                100 | % |     |     |              104.1 | % |
| First Merchants Peer Group |     |     |                100 | % |     |     |              105.6 | % |
| S&P 500 Index              |     |     |                100 | % |     |     |              106.6 | % |
| NASDAQ Bank Index          |     |     |                100 | % |     |     |              116.6 | % |

First Merchants’ Three-Year Stock Performance

|                            |     |     |    Beginning Value 
 September 19, 2022 |   |     |     |       Ending Value 
 September 19, 2025 |   |
|:---------------------------|:----|:----|-------------------:|:--|:----|:----|-------------------:|:--|
| First Merchants            |     |     |                100 | % |     |     |               95.5 | % |
| First Merchants Peer Group |     |     |                100 | % |     |     |              113.9 | % |
| S&P 500 Index              |     |     |                100 | % |     |     |              106.7 | % |
| NASDAQ Bank Index          |     |     |                100 | % |     |     |              170.9 | % |

50

Comparable Company Analyses. Piper Sandler used publicly available information to compare selected financial information for First Savings with a group of financial institutions selected by Piper Sandler. The First Savings peer group included major exchange-traded (NASDAQ, NYSE, and NYSEAM) banks headquartered in the Midwest region, as defined by S&P Capital IQ Pro, with total assets between $1.5 and $3.5 billion (the “First Savings