Company: FRME
Filing Date: 2025-10-10
Form Type: S-4
Source: 0001193125-25-237211
Chunk: 74

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-10
Form: S-4
Chunk 74
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 actual values may be materially different. Accordingly, Piper Sandler’s analyses do not necessarily reflect the value of First Savings common stock or First Merchants common stock or the prices at which First Savings or First Merchants common stock may be sold at any time. The analyses of Piper Sandler and its opinion were among a number of factors taken into consideration by First Savings’ board of directors in making its determination to approve the merger agreement and the analyses described below should not be viewed as determinative of the decision of First Savings’ board of directors with respect to the fairness of the Exchange Ratio. Summary of Proposed Merger Consideration and Implied Transaction Metrics. Piper Sandler reviewed the financial terms of the proposed Merger. Pursuant to the terms of the merger agreement, at the effective time of the merger each share of First Savings common stock issued and outstanding immediately prior to the effective time of the transaction, except for certain shares as set forth in the merger agreement, shall be converted into the right to receive 0.85 of a share of First Merchants common stock. Piper Sandler calculated an aggregate implied transaction value of approximately $245.4 million and an implied purchase price per share of $34.26 consisting of the implied value of 6,976,558 shares of First Savings common stock and 431,155 stock options with a weighted average exercise price of $19.48 and based on the closing price of First Merchants common stock on September 19, 2025. Based upon financial information for First Savings as of or for the last twelve months (“LTM”) ended June 30, 2025 and the closing price of First Savings’ common stock on September 19, 2025, Piper Sandler calculated the following implied transaction metrics:

| Transaction Price / LTM GAAP Earning Per Share          |     | 11.1x |
| Transaction Price / Estimated 2025E Earnings Per Share¹ |     | 10.3x |

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| Market Premium to First Savings as of September 19, 2025 |     | 24.9 | % |
|:---------------------------------------------------------|:----|-----:|:--|
| Transaction Price / Tangible Book Value Per Share        |     |  138 | % |
| Tangible Book Premium / Core Deposits (CDs > $100K)      |     |  4.6 | % |
| Tangible Book Premium / Core Deposits (CDs > $250K)      |     |