Company: FRME
Filing Date: 2025-09-25
Form Type: 425
Source: 0001193125-25-216443
Chunk: 126

Company: FIRST MERCHANTS CORP
Filing Date: 2025-09-25
Form: 425
Chunk 126
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 3.9% 11.1% 12.2% Note: Represents financial data for the calendar year ended December 31 and last twelve months ended June 30, 2025. Data Source: S&P Global Market Intelligence. 16

TBV Dilution and Pro Forma Earnings Accretion Reconciliation Tangible Book Valuation Dilution Detail Illustrative Fully Phased-in2026E EPS Accretion1 Common Shares $ Per $ Millions (Millions) Share Dollars in millions, excluding per share data 2026E FRME Tangible Book Value at Close (3/31/2026) $1,713 57 $29.91 FRME Earnings (Consensus Estimates) $223 FSFG Earnings 27 Equity Consideration to FSFG 237 6 Combined Earnings $251 Core Deposit Intangibles (30) Fully Phased-inCost Savings $12 Goodwill Created (105) Accretion of Interest Rate Marks 15 Transaction Cost Attributable to FRME (14) Incremental Income on Securities Reinvestment 2 Pro Forma Tangible Book Value $1,800 63 $28.47 Amortization of Core Deposit Intangibles (4) Other Adjustments2 (2) Combined Earnings $273 FRME TBV Per Share Dilution ($) ($1.43) FRME TBV Per Share Dilution (%) (4.8%) Standalone Avg. Diluted Shares Outstanding (Millions) 58 Standalone EPS $3.86 TBVPS Earnback (Years) 3.0 Combined Avg. Diluted Shares Outstanding (Millions) 64 Combined EPS $4.29 EPS Accretion ($) $0.43 EPS Accretion (%) 11% 1For illustrative purposes, assumes transaction closes on December 31, 2025 and cost savings are fully phased-in.2Includes net opportunity cost of cash, elimination of existing target CDI amortization and lost interchange income related to Durbin Amendment. 17