First Merchants Corporation   NASDAQ:  FRME    Michael C. Rechin Mark K. Hardwick John J. Martin    President Executive Vice President Executive Vice President    Chief Executive Officer Chief Financial Officer Chief Credit Officer      ®   THE STRENGTH OF BIG. THE SERVICE OF SMALL.   1st QUARTER 2014   EARNINGS CALL      April 24, 2014
 Forward-Looking Statement   THE STRENGTH OF BIG. THE SERVICE OF SMALL. www.firstmerchants.com   THE STRENGTH OF BIG. THE SERVICE OF SMALL.   www.firstmerchants.com   The Corporation may make forward-looking statements about its relative business outlook. These forward-   looking statements and all other statements made during this meeting that do not concern historical facts   are subject to risks and uncertainties that may materially affect actual results.  Specific forward-looking   statements include, but are not limited to, any indications regarding the financial services industry, the   economy and future growth of the balance sheet or income statement.  Please refer to our press releases,   Form 10-Qs and 10-Ks concerning factors that could cause actual results to differ materially from any   forward-looking statements.      Non-GAAP Financial Measures    These slides contain non-GAAP financial measures.  For purposes of Regulation G, a non-GAAP financial   measure is a numerical measure of the registrant’s historical or future financial performance, financial   position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding   amounts, that are included in the most directly comparable measure calculated and presented in   accordance with GAAP in the statement of income, balance sheet or statement of cash flows (or equivalent   statements) of the issuer; or includes amounts, or is subject to adjustments that have the effect of   including amounts, that are excluded from the most directly comparable measure so calculated and   presented.  In this regard, GAAP refers to generally accepted accounting principles in the United States.    Pursuant to the requirements of Regulation G, First Merchants Corporation has provided reconciliations   within the slides, as necessary, of the non-GAAP financial measure to the most directly comparable GAAP   financial measure.         ®   2
 www.firstmerchants.com   THE STRENGTH OF BIG. THE SERVICE OF SMALL.   1st Quarter 2014 Highlights   3   • Solid quarter with Net Income Available to Shareholders of $13.6 Million,   EPS of $.38 per share, ROAA 1.01%   • Successfully Completed CFS Bancorp Integration; Expense Takeout Target   on Track   • Continued Strong Net Interest Margin at 3.97% (3.83% w/o FMV Accretion)   • Non-Interest Income Growth Offset by Mortgage Headwinds   • Asset Quality Improvement Allowed for Zero Provision Expense   • Non-Interest Expense Included CFS Integration and Significant Weather-   Related Expenses   • Quarterly Dividend Increase of 60% to $0.08 Announced April 18, 2014            ®
 Executive Vice President   and Chief Financial Officer   www.firstmerchants.com   THE STRENGTH OF BIG. THE SERVICE OF SMALL.   ®   4
 www.firstmerchants.com   Total Assets   THE STRENGTH OF BIG. THE SERVICE OF SMALL.     2012 2013 Q1-’13 Q1-’14      1. Investments $    874 $1,096    $    870 $1,150      2. Loans Held for Sale 22 5 27 7      3. Loans 2,902 3,633 2,880 3,617      4. Allowance (69) (68) (69) (70)      5. CD&I & Goodwill 150 203 149 202      6. BOLI 125 165 126 165      7. Other 301 403 270 382      8. Total Assets $4,305 $5,437 $4,253 $5,453   ($ in Millions)   5   ®
 www.firstmerchants.com   Commercial & Industrial   21.7%   Commercial Real Estate   Owner-Occupied   13.9%   Commercial Real Estate   Non-Owner Occupied   26.4%Construction, Land & Land   Development   4.3%   Agricultural Land   4.1%   Agricultural Production   2.7%   Other Non-Consumer   0.6%   Residential Mortgage   17.5%   Home Equity   7.1%   Other Consumer   1.7%   Loan and Yield Detail       (as of 3/31/2014)   YTD Yield = 4.67%   Total = $3.6B    THE STRENGTH OF BIG. THE SERVICE OF SMALL.   6   ®
 www.firstmerchants.com   • $1.2 billion balance   • Average duration of 4.4 years   • Tax equivalent yield of 3.87%   • Net unrealized gain of $20.8 million    Investment Portfolio       (as of 3/31/2014)   THE STRENGTH OF BIG. THE SERVICE OF SMALL.   7   Mortgage-   Backed   Securities   32%   Collateralized   Mortgage   Obligations    30%   U. S.   Treasuries   1%   Corporate   Obligations   4%   Tax-Exempt   Municipals   33%   ®
 www.firstmerchants.com     2012 2013 Q1-’13 Q1-’14   1. Customer Non-Maturity Deposits  $2,479   $3,276 $2,482 $3,249   2. Customer Time Deposits 739 868 706 834   3. Brokered Deposits 128 87 123 200   4. Borrowings 260 401 260 362   5. Other Liabilities 39 48 37 34   6. Hybrid Capital 107 122 107 122   7. Preferred Stock (SBLF) 91  68    8. Common Equity 462 635 470 652   9. Total Liabilities and Capital $4,305 $5,437 $4,253 $5,453   10. Tangible Book Value Per Share $10.95 $12.17 $11.24 $12.63       Total Liabilities and Capital   ($ in Millions)   THE STRENGTH OF BIG. THE SERVICE OF SMALL.   8   ®
 www.firstmerchants.com   Deposits and Cost of Funds Detail       (as of 03/31/2014)   THE STRENGTH OF BIG. THE SERVICE OF SMALL.   9   ®   Demand Deposits   46%   Savings Deposits   30%   Certificates & Time   Deposits of >$100,000   6%   Certificates & Time   Deposits of <$100,000   13%   Brokered Deposits          5%   YTD Cost =  .31%   Total = $4.3B
 THE STRENGTH OF BIG. THE SERVICE OF SMALL.   www.firstmerchants.com   Capital Ratios   9.20%   9.54% 9.71% 9.62%   10.20%   10.13%   10.42% 10.37%   10.86%   7.07%   7.27%   7.51% 7.55%   7.88%   7.74%   7.97%   8.34%   8.65%   16.39%   16.75% 16.62%   16.34%   15.91%   15.69%   14.96%   14.54%   15.04%   6.00%   7.00%   8.00%   9.00%   10.00%   11.00%   12.00%   13.00%   14.00%   15.00%   16.00%   17.00%   18.00%   1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14   Total Risk-Based Capital Ratio  (Target = 14.50%)                      Tier 1 Common Risk-Based Capital Ratio  (Target = 10.00%)   Tangible Common Equity/Tangible Assets  (TCE) (Target = 8.00%)   (Target)   (Target)   (Target)   10   ®
 www.firstmerchants.com   Net Interest Margin   THE STRENGTH OF BIG. THE SERVICE OF SMALL.   11   Q1 - '12 Q2 - '12 Q3 - '12 Q4 - '12 Q1 - '13 Q2 - '13 Q3 - '13 Q4 - '13 Q1 - '14   Net Interest Income - FTE   ($millions)  $       37.6   $       39.5   $       41.3   $       39.7   $       40.8   $       38.1   $       38.6   $       42.8   $       47.8    Fair Value Accretion  $         0.7   $         2.6   $         1.3   $         0.8   $         0.4   $         0.4   $         0.6   $         1.8    Tax Equivalent Yield on Earning   Assets 4.74% 4.75% 4.89% 4.58% 4.70% 4.29% 4.35% 4.30% 4.40%   Cost of Supporting Liabilities 0.78% 0.64% 0.57% 0.48% 0.45% 0.41% 0.38% 0.41% 0.43%   Net Interest Margin 3.96% 4.11% 4.32% 4.10% 4.25% 3.88% 3.97% 3.89% 3.97%   3.96%   4.04%   4.04%   3.97%   3.90%   3.84%   3.93%   3.83%   3.83%   3.70%   3.80%   3.90%   4.00%   4.10%   4.20%   4.30%   4.40%   $36   $38   $40   $42   $44   $46   $48   Q1 - '12 Q2 - '12 Q3 - '12 Q4 - '12 Q1 - '13 Q2 - '13 Q3 - '13 Q4 - '13 Q1 - '14   Net Interest Income - FTE ($millions) Net Interest Margin Net Interest Margin - Adjusted   ®
 www.firstmerchants.com      2012 2013  Q1-’13 Q1-’14   1. Service Charges on Deposit Accounts  $11.6 $12.4 $  2.7 $  3.6   2. Trust Fees  7.9 8.6 2.1 2.2   3. Insurance Commission Income 6.2 7.1 2.2 2.3   4. Electronic Card Fees 7.3 7.5 1.8 2.3   5. Cash Surrender Value of Life Ins 3.4 2.6 0.7 0.7   6. Gains on Sales Mortgage Loans 10.6 7.5 2.4 0.7   7. Securities Gains/Losses 2.4 0.5 0.2 0.6   8. Gain on FDIC Transaction    9.1  –   –  –   9. Other 5.8 8.6 1.8 2.8   10. Total $64.3 $54.8 $13.9 $15.2   11. Adjusted Non-Interest Income1 $52.8 $54.3 $13.7 $14.6                              ($ in Millions)   Non-Interest Income   THE STRENGTH OF BIG. THE SERVICE OF SMALL.   1Adjusted for Bond Gains & Losses and Gain on FDIC-Modified Whole-Bank Transaction   12   ®
 www.firstmerchants.com   Non-Interest Expense      2012 2013  Q1-’13 Q1-’14   1. Salary & Benefits $  79.4 $  85.4 $ 20.8 $ 25.3   2. Premises & Equipment 17.4 18.0 4.4 6.6   3. Core Deposit Intangible 1.9 1.6 0.4 0.6   4. Professional & Other Outside Services 6.2 8.3 1.7 1.4   5. OREO/Credit-Related Expense 8.2 6.7 1.9 1.8   6. FDIC Expense 3.5 2.9 0.7 1.1   7. Outside Data Processing 5.7 5.6 1.5 1.8   8. Marketing 2.2 2.2 0.5 0.8   9. Other 12.6 12.5 2.8 3.7   10. Non-Interest Expense $137.1 $143.2 $ 34.7 $ 43.1   ($ in Millions)   THE STRENGTH OF BIG. THE SERVICE OF SMALL.   13   ®
 2012 2013 Q1-’13 Q1-’14   1. Net Interest Income  $152.3 $154.3 $ 39.4 $ 45.9   2. Provision for Loan Losses  (18.5) (6.6) (2.1)           –     3. Net Interest Income after Provision  133.8 147.7 37.3 45.9   4. Non-Interest Income    64.3 54.8 13.9 15.2   5. Non-Interest Expense  (137.1) (143.2) (34.7) (43.1)   6. Income before Income Taxes  61.0 59.3 16.5 18.0   7. Income Tax Expense  (15.9) (14.7) (4.6) (4.4)   8. Preferred Stock Dividend  (4.5) (2.4) (0.9)  –   9. Net Income Avail. for Distribution  $ 40.6 $ 42.2 $11.0 $13.6   10. EPS  $ 1.41 $ 1.41 $0.38 $0.38               www.firstmerchants.com   Earnings   ($ in Millions)   ®   THE STRENGTH OF BIG. THE SERVICE OF SMALL.   14
 www.firstmerchants.com   Earnings Per Share      2013  Q1 Q2 Q3 Q4 Total      1. Reported $ .38 $ .34  $  .35    $ .34     $ 1.41      2. FV Accretion EPS Impact  $ .02 $ .01   $  .01      $ .01  $   .05         2014  Q1 Q2 Q3 Q4 Total      1. Reported $ .38  –   –   –  $  .38      2. FV Accretion EPS Impact  $ .03  –   –   –  $  .03      ®   THE STRENGTH OF BIG. THE SERVICE OF SMALL.   15
 Executive Vice President   and Chief Credit Officer   www.firstmerchants.com   THE STRENGTH OF BIG. THE SERVICE OF SMALL.   ®   16
 www.firstmerchants.com   Loan Portfolio Trends   ®   THE STRENGTH OF BIG. THE SERVICE OF SMALL.   17     Change   ($ in Millions) 2012 2013 Q1-'13 Q1-'14    $      %     $      %  149.9     1. Commercial & Industrial 622.6$    761.7$    638.0$    787.4$    25.7$      3.4% 149.4$   23.4%   2. Construction, Land and   Land Development 98.6     177.1   75.9     155.1   (22.0) (12.4%) 79.2 104.3%   3. CRE Non-Owner Occupied 706.3   963.4   722.1   954.9   (8.5) (0.9%) 232.8 32.2%   4. CRE Owner Occupied 434.2   501.1   434.5   503.0   1.9 0.4% 68.5 15.8%   5. Agricultural Production 112.5   114.3   104.3   99.2     (15.1) (13.2%) (5.1) (4.9%)   6. Agricultural Land 126.2   147.3   123.9   148.9   1.6 1.1% 25.0 20.2%   7. Residential Mortgage 473.5   616.4   467.6   626.2   9.8 1.6% 158.6 33.9%   8. Home Equity 203.5   255.2   201.8   256.8   1.6 0.6% 55.0 27.3%   9. Other Non-Consumer 46.5        26.1     38.1     23.4     (2.7) (10.3%) (14.7) (38.6%)   10. Other Consumer 78.3 69.8 73.3 61.7 (8.1) (11.6%) (11.6) (15.8%)   11. Total Loans 2,902.2$ 3,632.4$ 2,879.5$ 3,616.6$ (15.8)$    (0.4%) 737.1$   25.6%          Linked Quarter     Year over Year
 www.firstmerchants.com   Asset Quality Summary   ®   THE STRENGTH OF BIG. THE SERVICE OF SMALL.   18       Change   ($ in Millions) 2012 2013 Q1-'13 Q1-'14    $      %     $      %    1. Non-Accrual Loans 53.4$     56.4$     46.8$     55.7$     (0.7)$      (1.2%) 8.9$       19.0%   2. Other Real Estate 13.3$     22.2$     13.1$     21.1$     (1.1)$      (5.0%) 8.0$       61.1%   3. Renegotiated Loans 12.7$     3.0$       5.4$       0.4$       (2.6)$      (86.7%) (5.0)$      (92.6%)   4. 90+ Days Delinquent Loans 2.0$       1.4$       1.0$       1.7$       0.3$       21.4% 0.7$       70.0%   5. NPAs/Loans and ORE 2.7% 2.2% 2.2% 2.1%   6. Classified Assets 184.4$   191.9$   172.7$   217.0$   25.1$     13.1% 44.3$     25.7%   7. Criticized Assets (includes   Classified) 250.2$   263.5$   242.7$   281.4$   17.9$     6.8% 38.7$     15.9%   8. Specific Reserves 4.2$       1.6$       3.6$       1.8$       0.2$       12.5% (1.8)$      (50.0%)   9. Allowance for Loan and   Lease Losses 69.4$     67.9$     68.5$     69.6$     1.7$       2.5% 1.1$       1.6%   10. ALLL/Non-Accrual  Loans 129.9% 120.4% 146.6% 125.0%          Linked Quarter     Year over Year
 www.firstmerchants.com   Non-Performing Asset Reconciliation   ®   THE STRENGTH OF BIG. THE SERVICE OF SMALL.   19   ($ in Millions) Q2-'13 Q3-'13 Q4-'13 Q1-'14   1. Beginning Balance NPA's & 90+ Days Delinquent $66.3 $56.2 $51.2 $83.0      Non-Accrual   2.    Add: New Non-Accruals 4.2 7.7 4.2 9.1   3.    Add:  Citizens Non-Accruals 22.7   4.    Less:  To Accrual/Payoff/Renegotiated (5.7) (4.0) (3.6) (6.9)   5.    Less: To OREO (1.4) (2.0) (1.0) (1.0)   6.    Less:  Charge-offs (4.9) (5.7) (0.9) (1.9)   7. Increase / (Decrease):  Non-Accrual Loans (7.8) (4.0) 21.4 (0.7)      Other Real Estate Owned (ORE)   8.    Add:  New ORE Properties 1.4 2.0 1.0 1.0   9.    Add:  Citizens ORE Properties 12.9   10.    Less: ORE Sold (2.3) (0.9) (3.1) (1.5)   11.    Less: ORE Losses (write-downs) (0.5) (0.8) (0.6) (0.6)   12. Increase / (Decrease):  ORE (1.4) 0.3 10.2 (1.1)   13. Increase / (Decrease): 90+ Days Delinquent 0.1 (0.2) 0.4 0.4   14. Increase / (Decrease): Restructured Loans (1.0) (1.1) (0.2) (2.7)   15. Total NPA Change (10.1) (5.0) 31.8 (4.1)   16. Ending Balance NPA's & 90+ Days Delinquent $56.2 $51.2 $83.0 $78.9
 www.firstmerchants.com   Net Charge-Offs, Provision & Allowance   ®   THE STRENGTH OF BIG. THE SERVICE OF SMALL.   20   • Decrease in non-accrual loans      • Increased allowance coverage of     non-accrual loans      • Q1 recoveries of $3.6 million      • Q1 charge-offs of $1.9 million   ($    i   n    m   ill   io   n   s   )   ($    i   n    m   ill   io   n   s   )
 ®   www.firstmerchants.com   THE STRENGTH OF BIG. THE SERVICE OF SMALL.   21   ALLL and Fair Value Summary       (as of 03/31/2014)     FMB SCB CFS Total   1. Allowance for Loan Losses (ALLL) $     69.2 $         –  $      0.4 $      69.6   2. Fair Value Adjustment  – 8.9 38.3 47.2   3. Total ALLL Plus FV Adjustments $     69.2 $      8.9 $    38.7 $   116.8      4. Gross Loan Balances $3,003.2 $    55.5 $  605.1 $3,663.8   5. Net Loan Balances $3,003.2 $    46.6 $  566.8 $3,616.6      6. ALLL/Loans    1.92%   7. ALLL & FV Adj/Gross Loan Balances 2.30% 16.04% 6.40% 3.19%                     ($ in Millions)   1Loans originated by FMB   2Represents an impairment reserve   3Management used this Non-GAAP measure to demonstrate coverage and credit risk      1   2   3
 President and    Chief Executive Officer   www.firstmerchants.com   THE STRENGTH OF BIG. THE SERVICE OF SMALL.   ®   22
 THE STRENGTH OF BIG. THE SERVICE OF SMALL.   www.firstmerchants.com   ®   FMC Strategy   “Service-driven alternative to super-regional bank competitors.     Deliver superior service with presence close to the customer for . . . ”   • Retail Banking   • Commercial Banking   • Middle Market   • Investment Real Estate   • Business Banking   • Cash Management   • Agriculture   • Healthcare Services   • Mortgage Banking   • Trust Services (Fiduciary, Custody) - $1.6B Trust Assets under Management   • Insurance Products - $75M Insurance Premiums   “We specialize in our communities”   23
 www.firstmerchants.com   2014 Tactics Overview   ®   THE STRENGTH OF BIG. THE SERVICE OF SMALL.   24   • Intensify Revenue-Generating Activities   • Achieve organic growth throughout the franchise   • First Merchants brand investment in new “Lakeshore Region”   • Develop and retain outstanding talent   • Leverage our Centers of Influence and Regional Board relationships      • Improve Efficiency   • Attain normalized expense levels   • Actively review Mortgage Volumes and related expenses   • Optimize Branch System         • Focus on the Customer Experience   • Continue to improve our loan process for speed and accuracy   • Evaluate and enhance our technology platforms   • Invest in Mobile Banking       • Assess Acquisition Opportunities in Our Marketplace
 First Merchants Corporation common stock is traded   on the NASDAQ Global Select Market under the symbol   FRME   Additional information can be found at   www.firstmerchants.com   Investor inquiries:   David L. Ortega   Investor Relations   Telephone: 765.378.8937   dortega@firstmerchants.com   FIRST MERCHANTS and the Shield Logo are registered   trademarks of First Merchants Corporation   Contact Information   ®   THE STRENGTH OF BIG. THE SERVICE OF SMALL.   25 www.firstmerchants.com