First Merchants   Corporation   2nd QUARTER 2015   Earnings Highlights      July 23, 2015   ®   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   NASDAQ:  FRME   Filed by First Merchants Corporation pursuant to   Rule 425 under the Securities Act of 1933   Subject Company: Ameriana Bancorp Commission   Securities Exchange Act File No: 000-18392
 THE STRENGTH OF BIG. THE SERVICE OF SMALL. www.firstmerchants.com   Forward-Looking Statement   2   ®   This presentation contains forward-looking statements made pursuant to the safe-harbor provisions of the Private   Securities Litigation Reform Act of 1995. Such forward-looking statements can often, but not always, be identified by the use   of words like “believe”, “continue”, “pattern”, “estimate”, “project”, “intend”, “anticipate”, “expect” and similar expressions or   future or conditional verbs such as “will”, would”, “should”, “could”, “might”, “can”, “may”, or similar expressions. These   forward-looking statements include, but are not limited to, statements relating to the expected timing and benefits of the   proposed merger (the “Merger”) between First Merchants Corporation (“First Merchants”) and Ameriana Bancorp (“Ameriana   Bancorp”), including future financial and operating results, cost savings, enhanced revenues, and accretion/dilution to   reported earnings that may be realized from the Merger, as well as other statements of expectations regarding the Merger,   and other statements of First Merchants’ goals, intentions and expectations; statements regarding First Merchants’ business   plan and growth strategies; statements regarding the asset quality of First Merchants’ loan and investment portfolios; and   estimates of First Merchants’ risks and future costs and benefits, whether with respect to the Merger or otherwise.       These forward-looking statements are subject to significant risks, assumptions and uncertainties that may cause results   to differ materially from those set forth in forward-looking statements, including, among other things: the risk that the   businesses of First Merchants and Ameriana Bancorp will not be integrated successfully or such integration may be more   difficult, time-consuming or costly than expected; expected revenue synergies and cost savings from the Merger may not be   fully realized or realized within the expected time frame; revenues following the Merger may be lower than expected;   customer and employee relationships and business operations may be disrupted by the Merger; the ability to obtain required   regulatory and shareholder approvals, and the ability to complete the Merger on the expected timeframe; possible changes in   economic and business conditions; the existence or exacerbation of general geopolitical instability and uncertainty; the ability   of First Merchants to integrate recent acquisitions and attract new customers; possible changes in monetary and fiscal   policies, and laws and regulations; the effects of easing restrictions on participants in the financial services industry; the cost   and other effects of legal and administrative cases; possible changes in the creditworthiness of customers and the possible   impairment of collectability of loans; fluctuations in market rates of interest; competitive factors in the banking industry;   changes in the banking legislation or regulatory requirements of federal and state agencies applicable to bank holding   companies and banks like First Merchants’ affiliate bank; continued availability of earnings and excess capital sufficient for   the lawful and prudent declaration of dividends; changes in market, economic, operational, liquidity, credit and interest rate   risks associated with First Merchants’ business; and other risks and factors identified in First Merchants’ filings with the   Securities and Exchange Commission.
 THE STRENGTH OF BIG. THE SERVICE OF SMALL. www.firstmerchants.com   Forward-Looking Statement   3   ®   First Merchants does not undertake any obligation to update any forward-looking statement, whether written or oral,   relating to the matters discussed in this filing. In addition, First Merchants’ and Ameriana Bancorp’s past results of   operations do not necessarily indicate either of their anticipated future results, whether the Merger is effectuated or not.      ADDITIONAL INFORMATION      Communications in this presentation do not constitute an offer to sell or the solicitation of an offer to buy any securities   or a solicitation of any proxy vote or approval. The proposed Merger will be submitted to Ameriana Bancorp’s shareholders   for their consideration. In connection with the proposed Merger, First Merchants will file with the SEC a Registration   Statement on Form S-4 that will include a Proxy Statement for Ameriana Bancorp and a Prospectus of First Merchants, as   well as other relevant documents concerning the proposed transaction. SHAREHOLDERS ARE URGED TO READ THE   REGISTRATION STATEMENT AND THE CORRESPONDING PROXY STATEMENT-PROSPECTUS REGARDING THE   MERGER WHEN THEY BECOME AVAILABLE, AS WELL AS ANY OTHER RELEVANT DOCUMENTS FILED WITH THE   SEC, TOGETHER WITH ALL AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, AS THEY WILL CONTAIN   IMPORTANT INFORMATION. Once filed, you may obtain a free copy of the Proxy Statement- Prospectus, when it   becomes available, as well as other filings containing information about First Merchants and Ameriana Bancorp, at the   SEC’s website (http://www.sec.gov). You may also obtain these documents, free of charge, by accessing First Merchants’   website (http://www.firstmerchants.com) under the tab “Investors,” then under the  heading “Financial Information,” and   finally under the link “SEC Filings,” or by accessing Ameriana Bancorp’s website (http://www.ameriana.com) under the   “Investor Relations” tab, then under the link “Documents”.      Ameriana Bancorp and its directors and executive officers may be deemed to be participants in the solicitation of   proxies from the shareholders of Ameriana Bancorp in connection with the proposed Merger. Information about the   directors and executive officers of First Merchants is set forth in the proxy statement for First Merchants’ 2015 annual   meeting of stockholders, as filed with the SEC on a Schedule 14A on March 25, 2015. Information about the directors and   executive officers of Ameriana Bancorp is set forth in the proxy statement for Ameriana Bancorp’s 2015 annual meeting of   stockholders, as filed with the SEC on a Schedule 14A on April 17, 2015. Additional information regarding the interests of   those participants and other persons who may be deemed participants in the transaction may be obtained by reading the   Proxy Statement-Prospectus regarding the proposed Merger when it becomes available. Free copies of this document may   be obtained as described in the preceding paragraph.
 THE STRENGTH OF BIG. THE SERVICE OF SMALL. www.firstmerchants.com   4   ®   2nd Quarter 2015 Highlights            2nd Quarter Highlights   • Earnings Per Share of $ .47, a 15% Increase over 2Q2014   • $18 Million of Net Income, a 19% Increase over 2Q2014   • 1.19% Return on Average Assets   •    9.63% Return on Average Stockholders Equity      Additional Items of Note   • Completed the Acquisition of Cooper State Bank   •    Sale of First Merchants Insurance Group Generated a Gain of $8.3 Million    • Signed Definitive Agreement to Acquire Ameriana Bancorp   •    Maintained a Strong Net Interest Margin of 3.81%   •    15.4% Decrease in Non-Performing Loans During the Quarter
 THE STRENGTH OF BIG. THE SERVICE OF SMALL. www.firstmerchants.com   5   ®   Mark K. Hardwick   Executive Vice President   and Chief Financial Officer
 THE STRENGTH OF BIG. THE SERVICE OF SMALL.   ®   www.firstmerchants.com   6   Total Assets     2013 2014 Q1-’15 Q2-’15      1. Investments $1,096  $1,181    $1,189 $1,213      2. Loans Held for Sale 5 7 6 8      3. Loans 3,633  3,925  3,966 4,238      4. Allowance (68)  (64)  (63) (63)      5. CD&I & Goodwill 203  219  218 220      6. BOLI 165  169  170 171      7. Other 403  387  392 353      8. Total Assets $5,437  $5,824  $5,878 $6,140   ($ in Millions)
 Commercial &   Industrial   23.2%   Commercial Real   Estate Owner-   Occupied   12.8%   Commercial Real   Estate Non-Owner   Occupied   23.9%   Construction, Land &   Land Development   6.0%   Agricultural Land   3.5%   Agricultural   Production   2.2%   Other Commercial   3.4%   Residential   Mortgage   16.4%   Home Equity   7.1%   Other Consumer   1.5%   THE STRENGTH OF BIG. THE SERVICE OF SMALL. www.firstmerchants.com   7   Loan and Yield Detail       (as of 6/30/2015)   ®   QTD Yield      =           4.46%   YTD Yield       =           4.47%   Total Loans    =   $4.2 Billion
 THE STRENGTH OF BIG. THE SERVICE OF SMALL. www.firstmerchants.com   8   ®   Investment Portfolio       (as of 6/30/2015)   • $1.2 Billion   • Modified duration of 4.6 years   • Tax equivalent yield of 3.93%   • Net unrealized gain of $28.1 Million    Mortgage-   Backed   Securities   30%   Collateralized   Mortgage   Obligations    26%   Corporate   Obligations    3%   Tax-Exempt   Municipals   41%
 ®   THE STRENGTH OF BIG. THE SERVICE OF SMALL. www.firstmerchants.com   9   Total Liabilities and Capital     2013 2014 Q1-’15 Q2-’15   1. Customer Non-Maturity Deposits  $3,276  $3,523  $3,518 $3,651   2. Customer Time Deposits 868  784  800 812   3. Brokered Deposits 87  334  330 327   4. Borrowings 401  290  305 431   5. Other Liabilities 48  44  63 47   6. Hybrid Capital 122  122  122 122   7. Common Equity 635  727  740 750   8. Total Liabilities and Capital $5,437  $5,824  $5,878 $6,140   9. Tangible Book Value Per Share $12.17  $13.65  $13.96 $14.15    Percentage Change From Year-End  12.2%  3.7%    ($ in Millions)
 Demand Deposits   46%   Savings Deposits   30%   Certificates & Time   Deposits of >$100,000   6%   Certificates & Time   Deposits of <$100,000   11%   Brokered Deposits          7%   THE STRENGTH OF BIG. THE SERVICE OF SMALL. www.firstmerchants.com   10   ®   Deposits and Cost of Funds Detail       (as of 06/30/2015)   QTD Cost        =                 .40%   YTD Cost         =                 .40%   Total                =      $4.8 Billion
 Total Risk-Based Capital Ratio  (Target = 14.50%)                      Common Equity Tier 1 Capital Ratio  (Target = 10.00%)   Tangible Common Equity/Tangible Assets  (TCE) (Target = 8.00%)   THE STRENGTH OF BIG. THE SERVICE OF SMALL. www.firstmerchants.com   11   ®   10.13%   10.42%   10.37%   10.86%   11.00% 11.16%   11.40% 11.37% 11.22%   7.74%   7.97%   8.34%   8.65% 8.74%   9.05%   9.16% 9.31%   9.03%   15.69%   14.96%   14.54%   15.04% 15.11% 15.21%   15.34%   15.12%   14.92%   6.00%   7.00%   8.00%   9.00%   10.00%   11.00%   12.00%   13.00%   14.00%   15.00%   16.00%   17.00%   18.00%   2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15   Capital Ratios   (Target)   (Target)   (Target)
 THE STRENGTH OF BIG. THE SERVICE OF SMALL. www.firstmerchants.com   Net Interest Margin   ®   Q2 - '13 Q3 - '13 Q4 - '13 Q1 - '14 Q2 - '14 Q3 - '14 Q4 - '14 Q1 - '15 Q2 - '15   Net Interest Income - FTE ($millions)  $      38.1  $      38.6  $      42.8  $      47.8  $      48.1  $      49.9  $      49.2  $      49.2  $      51.7    Fair Value Accretion  $        0.4  $        0.4  $        0.6  $        1.8  $        2.2  $        3.5  $        1.4  $        2.2  $        2.2    Tax Equivalent Yield on Earning   Assets 4.29% 4.35% 4.30% 4.40% 4.33% 4.41% 4.26% 4.24% 4.26%   Cost of Supporting Liabilities 0.41% 0.38% 0.41% 0.43% 0.44% 0.43% 0.46% 0.46% 0.45%   Net Interest Margin 3.88% 3.97% 3.89% 3.97% 3.89% 3.98% 3.80% 3.78% 3.81%   3.88%   3.97%   3.89%   3.97%   3.89%   3.98%   3.80%   3.78%   3.81%   3.84%   3.93%   3.83% 3.83%   3.71% 3.71% 3.69%   3.61%   3.65%   3.50%   3.60%   3.70%   3.80%   3.90%   4.00%   4.10%   4.20%   4.30%   $37   $39   $41   $43   $45   $47   $49   $51   Q2 - '13 Q3 - '13 Q4 - '13 Q1 - '14 Q2 - '14 Q3 - '14 Q4 - '14 Q1 - '15 Q2 - '15   Net Interest Income - FTE ($millions) Net Interest Margin Net Interest Margin - Adjusted for Fair Value Accretion   12
 THE STRENGTH OF BIG. THE SERVICE OF SMALL. www.firstmerchants.com   13   ®   Non-Interest Income   1Adjusted for Bond Gains & Losses and Gain on Sale of Insurance Subsidiary      2013 2014  Q1-’15 Q2-’15   1. Service Charges on Deposit Accounts  $12.4 $15.7 $  3.5 $ 4.1   2. Trust Fees  8.6 9.0 2.5 2.3   3. Insurance Commission Income 7.1 7.4 2.3 1.8   4. Electronic Card Fees 7.5 9.7 2.5 3.0   5. Cash Surrender Value of Life Ins 2.6 3.7 0.7 0.6   6. Gains on Sales Mortgage Loans 7.5 4.9 1.5 1.8   7. Securities Gains/Losses 0.5 3.6 1.0 (0.1)   8. Gain on Sale of Insurance Subsidiary    8.3   9. OREO Gains/Rental Income 4.1 4.6 0.8 0.5   10. Other 5.7 7.8 1.4 2.3   11. Total $56.0 $66.4 $16.2 $24.6      12. Adjusted Non-Interest Income1 $55.5 $62.8 $15.2 $16.4                              ($ in Millions)
 THE STRENGTH OF BIG. THE SERVICE OF SMALL. www.firstmerchants.com   14   ®   Non-Interest Expense      2013 2014  Q1-’15 Q2-’15   1. Salary & Benefits $   85.4 $   96.5   $  24.5 $26.4   2. Premises & Equipment 18.0 23.2 6.4 6.3   3. Core Deposit Intangible 1.6 2.4 0.7 0.7   4. Professional & Other Outside Services 8.3 8.1 1.5 3.1   5. OREO/Credit-Related Expense 6.7 8.0 1.2 1.4   6. FDIC Expense 2.9 3.7 0.9 0.9   7. Outside Data Processing 5.6 7.3 1.7 1.8   8. Marketing 2.2 3.5 0.8 1.0   9. Other 12.5 15.8 3.5 4.8   10. Non-Interest Expense $143.2 $168.5 $ 41.2 $46.4   ($ in Millions)
 Core + FMIG + Community + Cooper + Non-Recurring* Q2 Total   Core FMIG Community Bank Cooper State Bank Other Non-Recurring   $42.0   + $2.3   + $0.8   + $1.1   + $0.2   $46.4   THE STRENGTH OF BIG. THE SERVICE OF SMALL. www.firstmerchants.com   15   ®   Non-Interest Expense – Core vs. Non-Recurring   *Other Non-Recurring expenses include:   •On-line Banking Fixed Asset Write-Off   •Acquisition Expense   •Branch Write-downs   ($ In   Millions)
 THE STRENGTH OF BIG. THE SERVICE OF SMALL. www.firstmerchants.com   16   ®       2013 2014 Q1-’15 Q2-’15   1. Net Interest Income  $154.3 $187.0 $ 47.0 $ 49.0   2. Provision for Loan Losses  (6.6) (2.6)  (0.4)   3. Net Interest Income after Provision  147.7 184.4 47.0 48.6   4. Non-Interest Income    56.0 66.4 16.2 24.6   5. Non-Interest Expense  (143.2) (168.5) (41.2) (46.4)   6. Income before Income Taxes  60.5 82.3 22.0 26.8   7. Income Tax Expense  (15.9) (22.1) (5.8) (8.8)   8. Preferred Stock Dividend  (2.4)      9. Net Income Avail. for Distribution  $ 42.2 $ 60.2 $16.2 $18.0    10. EPS  $ 1.41 $ 1.65 $0.43 $0.47               Earnings   –   – – –   ($ in Millions)
 THE STRENGTH OF BIG. THE SERVICE OF SMALL. www.firstmerchants.com   17   ®      2014  Q1 Q2 Q3 Q4 Total      1. Reported $ .38  $ .41   $ .45  $ .41   $  1.65      2. FV Accretion EPS Impact  $ .03  $ .04   $ .06  $ .03   $    .16         2015  Q1 Q2 Q3 Q4 Total      1. Reported $ .43   $ .47   –   –  $  .90      2. FV Accretion EPS Impact  $ .04 $ .04    –   –  $  .08      Earnings Per Share
 THE STRENGTH OF BIG. THE SERVICE OF SMALL. www.firstmerchants.com   18   ®   John J. Martin   Executive Vice President   and Chief Credit Officer
 ($ in Millions)   2013 2014 Q1-'15 Q2-'15186.1       186.1         1. Commercial & Industrial 761.7$    896.7$    938.9$    984.2$     45.3$       4.8%   2. Construction, Land and   Land Development 177.1    207.3    237.0    256.1    19.1      8.1%   3. CRE Non-Owner Occupied 963.4    975.7    960.2    1,014.0 53.8      5.6%   4. CRE Owner Occupied 501.1    534.7    537.2    541.7    4.5        0.8%   5. Agricultural Production 114.3    104.9    95.7      93.7       (2.0)       (2.1%)   6. Agricultural Land 147.3    162.3    149.0    149.9    0.9        0.6%   7. Residential Mortgage 616.4    647.3    640.5    689.6    49.1      7.7%   8. Home Equity 255.2    286.5    286.9    302.4    15.5      5.4%   9. Other Commercial 26.1      36.1      49.9      143.8    93.9      188.2%   10. Other Consumer 69.8 73.4 70.2 62.8 (7.4) (10.5%)   11. Loans 3,632.4$ 3,924.9$ 3,965.5$ 4,238.2$  272.7$    6.9%   Linked Quarter   Change   THE STRENGTH OF BIG. THE SERVICE OF SMALL. www.firstmerchants.com   19   Loan Portfolio Trends   ®
 ($ in Millions)   2013 2014 Q1-'15 Q2-'15    1. Non-Accrual Loans 56.4$     48.8$     44.3$     37.7$     (6.6)$      (14.9%)   2. Other Real Estate 22.2       19.3       19.1       19.3       0.2         1.0%   3. Renegotiated Loans 3.0         2.0         1.3         0.9         (0.4)        (30.8%)   4. 90+ Days Delinquent Loans 1.4         4.6         1.7         0.6         (1.1)        (64.7%)   5. Total NPA's & 90+ Days Delinquent 83.0$     74.7$     66.4$     58.5$     (7.9)$      (11.9%)   6.   Total NPA's & 90+ Days/Total   Loans & ORE 2.3% 1.9% 1.7% 1.4%   7. Classified Assets 191.9$   191.8$   166.4$   166.0$   (0.4)$      (0.2%)   8. Criticized Assets (includes   Classified) 263.5$   253.6$   249.1$   238.4$   (10.7)$    (4.3%)   Change   Linked Quarter   THE STRENGTH OF BIG. THE SERVICE OF SMALL. www.firstmerchants.com   20   Asset Quality Summary   ®
 THE STRENGTH OF BIG. THE SERVICE OF SMALL. www.firstmerchants.com   21   ®   Non-Performing Asset Reconciliation   ($ in Millions) Q2-'14 Q3-'14 Q4-'14 Q1-'15 Q2-'15   1. Beginning Balance NPA's & 90+ Days Delinquent 78.9$   72.4$   65.6$   74.7$   66.4$        Non-Accrual   2.    Add:  New Non-Accruals 8.3 18.3 11.1 7.8 4.4   3.    Less: To Accrual/Payoff/Renegotiated (8.5) (11.3) (5.7) (8.0) (6.9)   4.    Less: To OREO (1.8) (1.1) (0.7) (2.1) (2.0)   5.    Less: Charge-offs (2.4) (8.1) (5.0) (2.2) (2.1)   6. Increase / (Decrease):  Non-Accrual Loans (4.4) (2.2) (0.3) (4.5) (6.6)      Other Real Estate Owned (ORE)   7.    Add:  New ORE Properties 1.8 1.1 7.4 2.1 2.0   8.    Less: ORE Sold (2.7) (3.7) (2.3) (2.1) (1.1)     9.    Less: ORE Losses (write-downs) (1.6) (1.5) (0.3) (0.2) (0.7)   10. Increase / (Decrease):  ORE (2.5) (4.1) 4.8 (0.2) 0.2   11. Increase / (Decrease):  90+ Days Delinquent (0.6) (0.3) 3.8 (2.9) (1.1)   12. Increase / (Decrease):  Restructured Loans 1.0 (0.2) 0.8 (0.7) (0.4)   13. Total NPA's & 90+ Days Delinquent Change (6.5) (6.8) 9.1 (8.3) (7.9)   14. Ending Balance NPA's & 90+ Days Delinquent 72.4$   65.6$   74.7$   66.4$   58.5$
 THE STRENGTH OF BIG. THE SERVICE OF SMALL. www.firstmerchants.com   22   ®   ALLL and Fair Value Summary    29.8%   14.6%   55.6%   ($ in Millions) Q2-'14 Q3-'14 Q4-'14 Q1-'15 Q2-'15   1. Allowance for Loan Losses (ALLL) 68.4$        65.6$        64.0$        62.8$        62.6$          2. Fair Value Adjustment (FVA) 43.9 35.5 43.2 40.6 40.7   3. Total ALLL plus FVA 112.3        101.1        107.2        103.4        103.3          4. Specific Reserves 1.7            3.4            2.8            4.6            3.1              5. Purchased Loans plus FVA 638.0        596.3        701.7        655.4        727.8          6. ALLL/Non-Accrual Loans 133.3% 133.6% 131.1% 141.7% 165.9%   7. ALLL/Non-purchased Loans 2.18% 2.04% 1.95% 1.87% 1.76%   8. ALLL/Loans 1.83% 1.74% 1.63% 1.58% 1.47%   9. ALLL & FVA/Total Loan Balances plus FVA   1   2.98% 2.65% 2.70% 2.58% 2.41%          1  Management uses this Non-GAAP measure to  demonstrate coverage and credit risk
 THE STRENGTH OF BIG. THE SERVICE OF SMALL. www.firstmerchants.com   23   ®   Portfolio Perspective                        • Deep Ameriana Bank due diligence which covered 80% of the   commercial portfolio resulting in an estimated $11.3 million   credit mark.       • Granular Ameriana Bank loan portfolio that should be easy to   assimilate.      • Early credit process and administration training for Cooper State   Bank staff underway.        • Quarterly portfolio organic growth and continuing improvement   in overall asset quality.
 THE STRENGTH OF BIG. THE SERVICE OF SMALL. www.firstmerchants.com   24   ®   Michael C. Rechin   President   and Chief Executive Officer
 THE STRENGTH OF BIG. THE SERVICE OF SMALL. www.firstmerchants.com   25   ®   Ameriana Bank Acquisition Overview                        Deal Value $68.8 Million   Consideration 100% Stock, .9037 Fixed Exchange Ratio   Required Approvals Regulatory and Ameriana Bancorp Shareholders   Key Assumptions   Cost Savings Estimated to be 57%, or $9.8 Million   Pre-Closing After Tax Charges of $7.0 Million   Estimated One-Time Transaction Costs of $1.0 Million   Credit and OREO Mark of Approximately $11.3 Million   Additive TruPS Interest Rate Mark of Approximately $2.6 Million   Capital Impact:   Accretive to EPS Beginning in 1st Full Year   Tangible Book Value Earn Back Within Four Years   Minimal Impact to Capital Ratios   Anticipated Closing: 4th Quarter 2015
 THE STRENGTH OF BIG. THE SERVICE OF SMALL. www.firstmerchants.com   26   ®   Ameriana Bank Summary                         Headquartered in New Castle,   Indiana    Founded in 1890    Operates 13 Banking Centers    Balance Sheet as of March 31, 2015    $483 Million in Assets    $325 Million in Loans    $391 Million in Deposits    Income Statement for Quarter End     March 31, 2015    Net Income of $502,000    Net Interest Margin of 3.40%         ASBI FRME
 THE STRENGTH OF BIG. THE SERVICE OF SMALL. www.firstmerchants.com   27   ®   Ameriana Bank Transaction Rationale   Strategic   Opportunity   Attractive   Risk Profile    Full Due Diligence Process Completed    Midwestern Cultural Fit     FMC Experienced Acquirer, Core Competency in Integration Processes   Proforma   First   Merchants    Assets $6.6 Billion, Loans $4.6 Billion, Deposits $5.2 Billion    41 Indianapolis MSA Banking Centers    Entrance into new Communities; Greenfield, New Palestine, New Castle,    Knightstown, Morristown        Attractive Core Deposit Funding    Market Expansion    Adds 6 Full-Service Deposit Gathering Banking Centers that expand or    contiguously extend our market presence   •  Henry, Hamilton, Shelby, Madison, Hendricks Counties Expansion   • Hancock County Extension    Market Opportunity    Nice addition to the our Hamilton County Market presence     One of the fastest growing markets in America
 THE STRENGTH OF BIG. THE SERVICE OF SMALL. www.firstmerchants.com   28   ®   FMC Strategy and Tactics Overview   Focus on our Customer and Performance   • Completed mobile and online banking upgrade in 3rd Quarter 2015   • Achieve organic growth throughout the franchise   • Develop and retain outstanding talent for market share growth         Realize Acquisition Synergies and Improve Efficiency   • Fully integrate the Community Bank of Noblesville and Cooper State Bank    acquisitions   • Leverage our expanded platform and sell more deeply into acquired clients   • Continue branch rationalization
 THE STRENGTH OF BIG. THE SERVICE OF SMALL. www.firstmerchants.com   29   Contact Information   ®   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
 THE STRENGTH OF BIG. THE SERVICE OF SMALL. www.firstmerchants.com   30   ®   Appendix
 THE STRENGTH OF BIG. THE SERVICE OF SMALL. www.firstmerchants.com   31   ®   Appendix – Non-GAAP Reconciliation   CAPITAL RATIOS (dollars in thousands)   2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15   Total Risk-Based Capital Ratio   Total Stockholders' Equity (GAAP) 539,293           513,469           634,923           652,111           670,596           684,553           726,827           739,658           749,955             Adjust for Accumulated Other Comprehensive (Income) Loss  a 15,179              16,198              6,410                 1,016                 (4,210)                (4,150)                1,630                 1,915                 6,490                   Less:  Preferred Stock (125)                    (125)                      Add: Qualifying Capital Securities 55,000              55,000              55,000              55,000              55,000              55,000              55,000              56,827              56,827                Less: Tier 1 Capital Deductions (4,381)                (2,371)                  Less: Disallowed Goodwill and Intangible Assets (148,759)          (148,376)          (202,767)          (202,175)          (201,583)          (200,992)          (218,755)          (205,818)          (208,980)            Less: Disallowed Servicing Assets (110)                    (105)                    (186)                    (177)                    (171)                    (166)                    (167)                    (1,786)                (1,581)                  Less: Disallowed Deferred Tax Assets (10,194)             (4,677)                (1,357)                  Total Tier 1 Capital (Regulatory) 460,603$        436,186$        483,186$        501,098$        518,275$        534,245$        564,535$        586,290$        600,215$          Qualifying Subordinated Debentures 20,000              20,000              65,000              65,000              65,000              65,000              65,000              65,000              65,000                Allowance for Loan Losses includible in Tier 2 Capital 42,007              41,936              51,780              51,556              52,809              53,803              55,972              58,688              60,865                Total Risk-Based Capital (Regulatory) 522,610$        498,122$        599,966$        617,654$        636,084$        653,048$        685,507$        709,978$        726,080$          Net Risk-Weighted Assets (Regulatory) 3,331,374$    3,330,623$    4,126,337$    4,106,423$    4,209,145$    4,292,495$    4,469,765$    4,695,073$    4,865,157$      Total Risk-Based Capital Ratio (Regulatory) 15.69% 14.96% 14.54% 15.04% 15.11% 15.21% 15.34% 15.12% 14.92%   Common Equity Tier 1 Capital Ratio   Total Tier 1 Capital (Regulatory) 460,603$        436,186$        483,186$        501,098$        518,275$        534,245$        564,535$        586,290$        600,215$          Less: Qualified Capital Securities (55,000)             (55,000)             (55,000)             (55,000)             (55,000)             (55,000)             (55,000)             (56,702)             (56,702)               Add:  Additional Tier 1 Capital Deductions 4,381                 2,371                   Less: Preferred Stock (68,212)             (34,168)             (125)                    (125)                    (125)                    (125)                    (125)                    (125)                    (125)                      Common Equity Tier 1 Capital (Regulatory) 337,391$        347,018$        428,061$        445,973$        463,150$        479,120$        509,410$        533,844$        545,759$          Net Risk-Weighted Assets (Regulatory) 3,331,374$    3,330,623$    4,126,337$    4,106,423$    4,209,145$    4,292,495$    4,469,765$    4,695,073$    4,865,157$      Common Equity Tier 1 Capital Ratio (Regulatory) 10.13% 10.42% 10.37% 10.86% 11.00% 11.16% 11.40% 11.37% 11.22%   a  Includes net unrealized gains or losses on securities available for sale, net gains or losses on cash flow hedges, and amounts resulting from the application of the applicable accounting guidance     for defined benefit and other postretirement plans.
 THE STRENGTH OF BIG. THE SERVICE OF SMALL. www.firstmerchants.com   32   ®   Appendix – Non-GAAP Reconciliation   TANGIBLE EQUITY AND TANGIBLE RATIOS (dollars in thousands)   Tangible Common Equity/Tangible Assets (non-GAAP) 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15   Total Stockholders' Equity (GAAP) 539,293$        513,469$        634,923$        652,111$        670,596$        684,553$        726,827$        739,658$        749,955$          Less: Preferred Stock (68,212)             (34,168)             (125)                    (125)                    (125)                    (125)                    (125)                    (125)                    (125)                      Less: Intangible Assets, net of tax (146,467)          (145,984)          (197,794)          (197,293)          (196,781)          (196,315)          (212,669)          (212,184)          (214,577)            Ta gible C mmon Equity (non-GAAP) 324,614$        333,317$        437,004$        454,693$        473,690$        488,113$        514,033$        527,349$        535,253$          Total Assets (GAAP) 4,338,264$    4,325,911$    5,437,262$    5,452,936$    5,615,120$    5,591,383$    5,824,127$    5,877,521$    6,140,308$      Less:  Intangibles, net of tax (146,467)          (145,984)          (197,794)          (197,293)          (196,781)          (196,315)          (212,669)          (212,184)          (214,577)            Tangible Assets (non-GAAP) 4,191,797$    4,179,927$    5,239,468$    5,255,643$    5,418,339$    5,395,068$    5,611,458$    5,665,337$    5,925,731$      Tangible Common Equity/Tangible Assets (non-GAAP) 7.74% 7.97% 8.34% 8.65% 8.74% 9.05% 9.16% 9.31% 9.03%   Shares Outstanding 28,801,848    28,825,465    35,921,761    36,014,083    36,052,209    36,074,246    37,669,948    37,781,488    37,824,649      Tangible Common Book Value per Share (non-GAAP) 11.27$              11.56$              12.17$              12.63$              13.14$              13.53$              13.65$              13.96$              14.15$                ALLOWANCE RATIOS (dollars in thousands)   2Q14 3Q14 4Q14 1Q15 2Q15   Allowance as a Percentage of Non-Purchased Loans   Loans Held for Sale (GAAP) 7,370$                    6,423$                    7,235$              6,392$              8,295$                Loans (GAAP) 3,722,733            3,772,467            3,924,865       3,965,532       4,238,205         Total Loans 3,730,103            3,778,890            3,932,100       3,971,924       4,246,500         Less: Purchased Loans (593,996)               (560,806)               (658,471)          (614,843)          (687,096)            Non-Purchased Loans (non-GAAP) 3,136,107$         3,218,084$         3,273,629$    3,357,081$    3,559,404$      Allowance for Loan Losses 68,367$                 65,596$                 63,964$           62,801$           62,550$             Allowance as a Percentage of Non-Purchased Loans 2.18% 2.04% 1.95% 1.87% 1.76%