Company: FRME
Filing Date: 2025-10-10
Form Type: S-4
Source: 0001193125-25-237211
Chunk: 86

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-10
Form: S-4
Chunk 86
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 expenses, cost savings and purchase accounting adjustments, as well as certain adjustments for current expected credited losses (CECL) accounting standards, provided to Piper Sandler by First Merchants management and used by Piper Sandler in the financial analyses performed in connection with Piper Sandler’s opinion, as directed and approved by First Merchants management:

| (in millions, except per share data) |     | As of and For the Year Ending December 31, 
 2025E                                      |        |     | 2026E |        |     | 2027E |        |     | 2028E |        |     | 2029E |        |
|:-------------------------------------|:----|:-------------------------------------------|-------:|:----|:------|-------:|:----|:------|-------:|:----|:------|-------:|:----|:------|-------:|
| Net income                           |     | $                                          |  220.7 |     | $     |  223.2 |     | $     |  239.4 |     | $     |  259.2 |     | $     |  280.4 |
| Total assets                         |     | $                                          | 18,924 |     | $     | 19,675 |     | $     | 20,855 |     | $     | 22,107 |     | $     | 23,433 |
| Earnings per share (diluted)         |     | $                                          |   3.83 |     | $     |   3.90 |     | $     |   4.18 |     | $     |   4.52 |     | $     |   4.89 |
| Dividends per share                  |     | $                                          |   1.43 |     | $     |   1.46 |     | $     |   1.50 |     | $     |   1.54 |     | $     |   1.58 |

Long-term Annual Growth Rate Assumptions provided by First Merchants For purposes of extrapolating First Merchants’ financial results beginning in 2027, First Merchants management directed Piper Sandler to use and rely on the estimated annual long-term annual growth rate of approximately 8% for First Merchants’ net income available to shareholders and 6% for First Merchants’ total assets. Certain Estimated Sy