Company: FRME
Filing Date: 2025-11-06
Form Type: 424B3
Source: 0001193125-25-268801
Chunk: 85

Company: FIRST MERCHANTS CORP
Filing Date: 2025-11-06
Form: 424B3
Chunk 85
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9, and unaudited prospective financial projections regarding estimated long-term annual earnings growth rate for the years ending December 31, 2027 through December 31, 2029, as well as certain assumptions relating to transaction 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