8-K - FRME - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT (Date of earliest event reported): July 23, 2025

FIRST MERCHANTS CORPORATION

(Exact name of registrant as specified in its charter)

Indiana
(State or other jurisdiction of incorporation)
001-41342	35-1544218
(Commission File Number)	(IRS Employer Identification No.)

200 East Jackson Street

P.O. Box 792

Muncie, IN 47305-2814

(Address of principal executive offices, including zip code)

(765) 747-1500

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Title of Each Class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.125 stated value per share	FRME	The Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/100th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series A	FRMEP	The Nasdaq Stock Market LLC

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On July 23, 2025, First Merchants Corporation issued a press release to report its financial results for the second quarter ended June 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

On July 24, 2025, First Merchants Corporation will conduct a second quarter 2025 earnings conference call and webcast at 9:00 a.m. (ET). A copy of the slide presentation utilized on the conference call is furnished as Exhibit 99.2 to this Current Report on Form 8-K.

The information in this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2 hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability of that section. The information in this Current Report shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(a) Not applicable.

(b) Not applicable.

(d) Exhibits.

Exhibit 99.1	Press Release, dated July 23, 2025, issued by First Merchants Corporation
Exhibit 99.2	Slide Presentation, utilized on July 24, 2025 during conference call and webcast by First Merchants Corporation
Exhibit 104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	First Merchants Corporation
	(Registrant)
	By: /s/ Michele M. Kawiecki<br><br><br><br>Michele M. Kawiecki<br><br><br><br>Executive Vice President, Chief Financial Officer<br><br>(Principal Financial and Accounting Officer)
Dated: July 23, 2025

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release, dated July 23, 2025 issued by First Merchants Corporation
99.2	Slide Presentation, utilized on July 24, 2025 during conference call and webcast by First Merchants Corporation
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

Document

N / E / W / S R / E / L / E / A / S / E

July 23, 2025

FOR IMMEDIATE RELEASE

For more information, contact:

Nicole M. Weaver, First Vice President and Director of Corporate Administration

765-521-7619

http://www.firstmerchants.com

SOURCE: First Merchants Corporation, Muncie, Indiana

FIRST MERCHANTS CORPORATION ANNOUNCES SECOND QUARTER 2025 EARNINGS PER SHARE

First Merchants Corporation (NASDAQ - FRME)

Second Quarter 2025 Highlights:

• Net income available to common stockholders was $56.4 million and diluted earnings per common share totaled $0.98 in the second quarter of 2025, compared to $39.5 million and $0.68 in the second quarter of 2024, and $54.9 million and $0.94 in the first quarter of 2025.

•Robust capital position with Common Equity Tier 1 Capital Ratio of 11.35%.

•Repurchased 818,480 shares totaling $31.7 million year-to-date; Repurchased 582,486 shares totaling $22.1 million during the second quarter.

•Total loans grew $297.6 million, or 9.1% annualized, on a linked quarter basis, and $653.6 million, or 5.2%, during the last twelve months.

•Total deposits increased $335.6 million, or 9.3% annualized, on a linked quarter basis.

•Nonperforming assets to total assets were 36 basis points compared to 47 basis points on a linked quarter basis.

•The efficiency ratio totaled 53.99% for the quarter.

"Our strong balance sheet and earnings growth in the first half of the year underscore the strength and resilience of our business model," said Mark Hardwick, Chief Executive Officer of First Merchants Bank. "With continued momentum in loan and deposit growth, expanding margins, disciplined expense management, and a robust capital position, we are well-positioned to deliver long-term value for our shareholders. We remain committed to supporting our clients and communities while navigating a dynamic economic environment with confidence and clarity."

Second Quarter Financial Results:

First Merchants Corporation (the “Corporation) reported second quarter 2025 net income available to common stockholders of $56.4 million compared to $39.5 million during the same period in 2024. Diluted earnings per common share for the period totaled $0.98 per share compared to the second quarter of 2024 result of $0.68 per share.

Total assets equaled $18.6 billion as of quarter-end and loans totaled $13.3 billion. During the past twelve months, total loans grew by $653.6 million, or 5.2%. On a linked quarter basis, loans grew $297.6 million, or 9.1% with growth primarily in Commercial & Industrial loans.

Investments, totaling $3.4 billion, decreased $372.1 million, or 9.9%, during the last twelve months and decreased $46.2 million, or 5.4% annualized, on a linked quarter basis. The decline in the last twelve months reflected sales of available for sale securities in 2024 totaling $268.5 million.

Total deposits equaled $14.8 billion as of quarter-end and increased by $228.5 million, or 1.6%, over the past twelve months. Total deposits increased $335.6 million, or 9.3% annualized, on a linked quarter basis. The loan to deposit ratio of 90.1% at period end remained stable on a linked quarter basis.

The Corporation’s Allowance for Credit Losses – Loans (ACL) totaled $195.3 million as of quarter-end, or 1.47% of total loans. Net charge-offs totaled $2.3 million and provision for credit losses of $5.6 million was recorded during the quarter. Reserves for unfunded commitments totaling $18.0 million remain unchanged from the previous quarter. Non-performing assets to total assets were 0.36% for the second quarter of 2025, a decrease of 11 basis points compared to 0.47% in the linked quarter.

Net interest income, totaling $133.0 million for the quarter, increased $2.7 million, or 2.1%, compared to prior quarter and increased $4.4 million, or 3.5% compared to the second quarter of 2024. Fully taxable equivalent net interest margin was 3.25%, an increase of three basis points compared to the first quarter of 2025 and an increase of nine basis points compared to the second quarter of 2024. During the quarter, higher yields on earnings assets outpaced increased yields on interest bearing liabilities resulting in margin expansion.

Noninterest income totaled $31.3 million for the quarter, an increase of $1.3 million, compared to the first quarter of 2025 and was stable compared to the second quarter of 2024. The increase over first quarter of 2025 was driven primarily by higher gains on the sales of loans, treasury management fees, derivative hedge fees, and card payment fees offset by a decrease in other income associated with CRA investments.

Noninterest expense totaled $93.6 million for the quarter, an increase of $0.7 million from the first quarter of 2025. The increase was from higher marketing and data processing costs.

The Corporation’s total risk-based capital ratio equaled 13.06%, the common equity tier 1 capital ratio equaled 11.35%, and the tangible common equity ratio totaled 8.92%. These ratios continue to reflect the Corporation’s strong liquidity and capital positions.

CONFERENCE CALL

First Merchants Corporation will conduct a second quarter earnings conference call and web cast at 9:00 a.m. (ET) on Thursday, July 24, 2025.

To access via phone, participants will need to register using the following link where they will be provided a phone number and access code: (https://register-conf.media-server.com/register/BI605c2e360ce04cfc9c4221bda7f67a49)

To view the webcast and presentation slides, please go to (https://edge.media-server.com/mmc/p/ced58zg3) during the time of the call. A replay of the webcast will be available until July 24, 2026.

Detailed financial results are reported on the attached pages.

About First Merchants Corporation

First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. The Corporation has one full-service bank charter, First Merchants Bank. The Bank also operates as First Merchants Private Wealth Advisors (as a division of First Merchants Bank).

First Merchants Corporation’s common stock is traded on the NASDAQ Global Select Market System under the symbol FRME. Quotations are carried in daily newspapers and can be found on the company’s Internet web page (http://www.firstmerchants.com).

FIRST MERCHANTS and the Shield Logo are federally registered trademarks of First Merchants Corporation.

Forward-Looking Statements

This release 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 statements include statements about First Merchants’ goals, intentions and expectations; statements regarding the 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. 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: 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 credit worthiness 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 (including the ability to grow and maintain core deposits and retain large, uninsured deposits), credit and interest rate risks associated with the First Merchants’ business; and other risks and factors identified in each of First Merchants’ filings with the Securities and Exchange Commission. First Merchants does not undertake any obligation to update any forward-looking statements, whether written or oral, relating to the matters discussed in this press release. In addition, First Merchants’ past results of operations do not necessarily indicate its anticipated future results.

* * * *

CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands)
		2024
ASSETS
Cash and due from banks	81,567	$	105,372
Interest-bearing deposits		168,528
Investment securities available for sale		1,618,893
Investment securities held to maturity, net of allowance for credit losses		2,134,195
Loans held for sale		32,292
Loans		12,639,650
Less: Allowance for credit losses - loans		(189,537)
Net loans		12,450,113
Premises and equipment		133,245
Federal Home Loan Bank stock		41,738
Interest receivable		97,546
Goodwill		712,002
Other intangibles		23,371
Cash surrender value of life insurance		306,379
Other real estate owned		4,824
Tax asset, deferred and receivable		107,080
Other assets		367,845
TOTAL ASSETS	18,592,777	$	18,303,423
LIABILITIES
Deposits:
Noninterest-bearing	2,197,416	$	2,303,313
Interest-bearing		12,265,757
Total Deposits		14,569,070
Borrowings:
Federal funds purchased		147,229
Securities sold under repurchase agreements		100,451
Federal Home Loan Bank advances		832,703
Subordinated debentures and other borrowings		93,589
Total Borrowings		1,173,972
Interest payable		18,554
Other liabilities		329,302
Total Liabilities		16,090,898
STOCKHOLDERS' EQUITY
Preferred Stock, 1,000 par value, 1,000 liquidation value:
Authorized -- 600 cumulative shares
Issued and outstanding - 125 cumulative shares		125
Preferred Stock, Series A, no par value, 2,500 liquidation preference:
Authorized -- 10,000 non-cumulative perpetual shares
Issued and outstanding - 10,000 non-cumulative perpetual shares		25,000
Common Stock, .125 stated value:
Authorized -- 100,000,000 shares
Issued and outstanding - 57,272,433 and 58,045,653 shares		7,256
Additional paid-in capital		1,191,193
Retained earnings		1,200,930
Accumulated other comprehensive loss		(211,979)
Total Stockholders' Equity		2,212,525
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	18,592,777	$	18,303,423

All values are in US Dollars.

CONSOLIDATED STATEMENTS OF INCOME	Three Months Ended				Six Months Ended
(Dollars In Thousands, Except Per Share Amounts)	June 30,				June 30,
	2025		2024		2025		2024
INTEREST INCOME
Loans:
Taxable	$	195,173	$	201,413	$	382,901	$	399,436
Tax-exempt	10,805		8,430		21,337		16,620
Investment securities:
Taxable	8,266		9,051		16,638		17,799
Tax-exempt	12,516		13,613		25,033		27,224
Deposits with financial institutions	1,892		2,995		4,264		9,488
Federal Home Loan Bank stock	1,083		879		2,080		1,714
Total Interest Income	229,735		236,381		452,253		472,281
INTEREST EXPENSE
Deposits	84,241		99,151		164,788		197,436
Federal funds purchased	965		126		1,777		126
Securities sold under repurchase agreements	663		645		1,405		1,677
Federal Home Loan Bank advances	9,714		6,398		19,078		13,171
Subordinated debentures and other borrowings	1,138		1,490		1,921		4,237
Total Interest Expense	96,721		107,810		188,969		216,647
NET INTEREST INCOME	133,014		128,571		263,284		255,634
Provision for credit losses	5,600		24,500		9,800		26,500
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES	127,414		104,071		253,484		229,134
NONINTEREST INCOME
Service charges on deposit accounts	8,566		8,214		16,638		16,121
Fiduciary and wealth management fees	8,831		8,825		17,475		17,025
Card payment fees	4,932		4,739		9,458		9,239
Net gains and fees on sales of loans	5,849		5,141		10,871		8,395
Derivative hedge fees	831		489		1,235		752
Other customer fees	401		460		816		887
Earnings on cash surrender value of life insurance	1,913		1,929		4,092		3,521
Net realized losses on sales of available for sale securities	(1)		(49)		(8)		(51)
Other income (loss)	(19)		1,586		774		2,083
Total Noninterest Income	31,303		31,334		61,351		57,972
NONINTEREST EXPENSES
Salaries and employee benefits	54,527		52,214		109,509		110,507
Net occupancy	6,845		6,746		14,061		14,058
Equipment	6,927		6,599		13,935		12,825
Marketing	1,997		1,773		3,350		2,971
Outside data processing fees	7,107		7,072		13,036		13,961
Printing and office supplies	272		354		619		707
Intangible asset amortization	1,505		1,771		3,031		3,728
FDIC assessments	3,552		3,278		7,200		7,565
Other real estate owned and foreclosure expenses	29		373		629		907
Professional and other outside services	3,741		3,822		7,002		7,774
Other expenses	7,096		7,411		14,128		13,345
Total Noninterest Expenses	93,598		91,413		186,500		188,348
INCOME BEFORE INCOME TAX	65,119		43,992		128,335		98,758
Income tax expense	8,287		4,067		16,164		10,892
NET INCOME	56,832		39,925		112,171		87,866
Preferred stock dividends	469		469		938		938
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	56,363	$	39,456	$	111,233	$	86,928
PER SHARE DATA:
Basic Net Income Available to Common Stockholders	$	0.98	$	0.68	$	1.93	$	1.48
Diluted Net Income Available to Common Stockholders	$	0.98	$	0.68	$	1.92	$	1.48
Cash Dividends Paid to Common Stockholders	$	0.36	$	0.35	$	0.71	$	0.69
Tangible Common Book Value Per Share	$	27.90	$	25.10	$	27.90	$	25.10
Average Diluted Common Shares Outstanding (in thousands)	57,773		58,328		58,005		58,800
FINANCIAL HIGHLIGHTS
---	---	---	---	---	---	---	---	---	---	---	---	---
(Dollars In Thousands)	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2025			2024			2025			2024
NET CHARGE-OFFS	$	2,315		$	39,644		$	7,241		$	41,897
AVERAGE BALANCES:
Total Assets	$	18,508,785		$	18,332,159		$	18,425,723		$	18,381,340
Total Loans	13,211,729			12,620,530			13,077,288			12,548,798
Total Earning Assets	17,158,984			17,013,984			17,060,278			17,068,917
Total Deposits	14,632,113			14,895,867			14,526,314			14,888,536
Total Stockholders' Equity	2,340,010			2,203,361			2,340,440			2,222,750
FINANCIAL RATIOS:
Return on Average Assets	1.23		%	0.87		%	1.22		%	0.96		%
Return on Average Stockholders' Equity	9.63			7.16			9.51			7.82
Return on Tangible Common Stockholders' Equity	14.49			11.29			14.30			12.26
Average Earning Assets to Average Assets	92.71			92.81			92.59			92.86
Allowance for Credit Losses - Loans as % of Total Loans	1.47			1.50			1.47			1.50
Net Charge-offs as % of Average Loans (Annualized)	0.07			1.26			0.11			0.67
Average Stockholders' Equity to Average Assets	12.64			12.02			12.70			12.09
Tax Equivalent Yield on Average Earning Assets	5.50			5.69			5.45			5.67
Interest Expense/Average Earning Assets	2.25			2.53			2.22			2.54
Net Interest Margin (FTE) on Average Earning Assets	3.25			3.16			3.23			3.13
Efficiency Ratio	53.99			53.84			54.26			56.47
ASSET QUALITY
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
(Dollars In Thousands)	June 30,			March 31,			December 31,			September 30,			June 30,
	2025			2025			2024			2024			2024
Nonaccrual Loans	$	67,358		$	81,922		$	73,773		$	59,088		$	61,906
Other Real Estate Owned and Repossessions	177			4,966			4,948			5,247			4,824
Nonperforming Assets (NPA)	67,535			86,888			78,721			64,335			66,730
90+ Days Delinquent	4,443			4,280			5,902			14,105			1,686
NPAs & 90 Day Delinquent	$	71,978		$	91,168		$	84,623		$	78,440		$	68,416
Allowance for Credit Losses - Loans	$	195,316		$	192,031		$	192,757		$	187,828		$	189,537
Quarterly Net Charge-offs	2,315			4,926			771			6,709			39,644
NPAs / Actual Assets %	0.36		%	0.47		%	0.43		%	0.35		%	0.36		%
NPAs & 90 Day / Actual Assets %	0.39		%	0.49		%	0.46		%	0.43		%	0.37		%
NPAs / Actual Loans and OREO %	0.51		%	0.67		%	0.61		%	0.51		%	0.53		%
Allowance for Credit Losses - Loans / Actual Loans (%)	1.47		%	1.47		%	1.50		%	1.48		%	1.50		%
Quarterly Net Charge-offs as % of Average Loans (Annualized)	0.07		%	0.15		%	0.02		%	0.21		%	1.26		%
CONSOLIDATED BALANCE SHEETS
---	---	---	---	---	---	---	---	---	---
(Dollars In Thousands)		March 31,		December 31,		September 30,		June 30,
		2025		2024		2024		2024
ASSETS
Cash and due from banks	81,567	$	86,113	$	87,616	$	84,719	$	105,372
Interest-bearing deposits		331,534		298,891		359,126		168,528
Investment securities available for sale		1,378,489		1,386,475		1,553,496		1,618,893
Investment securities held to maturity, net of allowance for credit losses		2,048,632		2,074,220		2,108,649		2,134,195
Loans held for sale		23,004		18,663		40,652		32,292
Loans		13,004,905		12,854,359		12,646,808		12,639,650
Less: Allowance for credit losses - loans		(192,031)		(192,757)		(187,828)		(189,537)
Net loans		12,812,874		12,661,602		12,458,980		12,450,113
Premises and equipment		128,749		129,743		129,582		133,245
Federal Home Loan Bank stock		45,006		41,690		41,716		41,738
Interest receivable		88,352		91,829		92,055		97,546
Goodwill		712,002		712,002		712,002		712,002
Other intangibles		18,302		19,828		21,599		23,371
Cash surrender value of life insurance		304,918		304,906		304,613		306,379
Other real estate owned		4,966		4,948		5,247		4,824
Tax asset, deferred and receivable		87,665		92,387		86,732		107,080
Other assets		369,181		387,169		348,384		367,845
TOTAL ASSETS	18,592,777	$	18,439,787	$	18,311,969	$	18,347,552	$	18,303,423
LIABILITIES
Deposits:
Noninterest-bearing	2,197,416	$	2,185,057	$	2,325,579	$	2,334,197	$	2,303,313
Interest-bearing		12,276,921		12,196,047		12,030,903		12,265,757
Total Deposits		14,461,978		14,521,626		14,365,100		14,569,070
Borrowings:
Federal funds purchased		185,000		99,226		30,000		147,229
Securities sold under repurchase agreements		122,947		142,876		124,894		100,451
Federal Home Loan Bank advances		972,478		822,554		832,629		832,703
Subordinated debentures and other borrowings		62,619		93,529		93,562		93,589
Total Borrowings		1,343,044		1,158,185		1,081,085		1,173,972
Deposits and other liabilities held for sale		—		—		288,476		—
Interest payable		13,304		16,102		18,089		18,554
Other liabilities		289,247		311,073		292,429		329,302
Total Liabilities		16,107,573		16,006,986		16,045,179		16,090,898
STOCKHOLDERS' EQUITY
Preferred Stock, 1,000 par value, 1,000 liquidation value:
Authorized -- 600 cumulative shares
Issued and outstanding - 125 cumulative shares		125		125		125		125
Preferred Stock, Series A, no par value, 2,500 liquidation preference:
Authorized -- 10,000 non-cumulative perpetual shares
Issued and outstanding - 10,000 non-cumulative perpetual shares		25,000		25,000		25,000		25,000
Common Stock, .125 stated value:
Authorized -- 100,000,000 shares
Issued and outstanding		7,226		7,247		7,265		7,256
Additional paid-in capital		1,183,263		1,188,768		1,192,683		1,191,193
Retained earnings		1,306,911		1,272,528		1,229,125		1,200,930
Accumulated other comprehensive loss		(190,311)		(188,685)		(151,825)		(211,979)
Total Stockholders' Equity		2,332,214		2,304,983		2,302,373		2,212,525
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	18,592,777	$	18,439,787	$	18,311,969	$	18,347,552	$	18,303,423

All values are in US Dollars.

CONSOLIDATED STATEMENTS OF INCOME
(Dollars In Thousands, Except Per Share Amounts)	June 30,			March 31,			December 31,			September 30,			June 30,
	2025			2025			2024			2024			2024
INTEREST INCOME
Loans:
Taxable	$	195,173		$	187,728		$	197,536		$	206,680		$	201,413
Tax-exempt	10,805			10,532			9,020			8,622			8,430
Investment securities:
Taxable	8,266			8,372			9,024			9,263			9,051
Tax-exempt	12,516			12,517			12,754			13,509			13,613
Deposits with financial institutions	1,892			2,372			5,350			2,154			2,995
Federal Home Loan Bank stock	1,083			997			958			855			879
Total Interest Income	229,735			222,518			234,642			241,083			236,381
INTEREST EXPENSE
Deposits	84,241			80,547			89,835			98,856			99,151
Federal funds purchased	965			812			26			329			126
Securities sold under repurchase agreements	663			742			680			700			645
Federal Home Loan Bank advances	9,714			9,364			8,171			8,544			6,398
Subordinated debentures and other borrowings	1,138			783			1,560			1,544			1,490
Total Interest Expense	96,721			92,248			100,272			109,973			107,810
NET INTEREST INCOME	133,014			130,270			134,370			131,110			128,571
Provision for credit losses	5,600			4,200			4,200			5,000			24,500
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES	127,414			126,070			130,170			126,110			104,071
NONINTEREST INCOME
Service charges on deposit accounts	8,566			8,072			8,124			8,361			8,214
Fiduciary and wealth management fees	8,831			8,644			8,665			8,525			8,825
Card payment fees	4,932			4,526			4,957			5,121			4,739
Net gains and fees on sales of loans	5,849			5,022			5,681			6,764			5,141
Derivative hedge fees	831			404			1,594			736			489
Other customer fees	401			415			316			344			460
Earnings on cash surrender value of life insurance	1,913			2,179			2,188			2,755			1,929
Net realized losses on sales of available for sale securities	(1)			(7)			(11,592)			(9,114)			(49)
Gain on branch sale	—			—			19,983			—			—
Other income (loss)	(19)			793			2,826			1,374			1,586
Total Noninterest Income	31,303			30,048			42,742			24,866			31,334
NONINTEREST EXPENSES
Salaries and employee benefits	54,527			54,982			55,437			55,223			52,214
Net occupancy	6,845			7,216			7,335			6,994			6,746
Equipment	6,927			7,008			7,028			6,949			6,599
Marketing	1,997			1,353			2,582			1,836			1,773
Outside data processing fees	7,107			5,929			6,029			7,150			7,072
Printing and office supplies	272			347			377			378			354
Intangible asset amortization	1,505			1,526			1,771			1,772			1,771
FDIC assessments	3,552			3,648			3,744			3,720			3,278
Other real estate owned and foreclosure expenses	29			600			227			942			373
Professional and other outside services	3,741			3,261			3,777			3,035			3,822
Other expenses	7,096			7,032			7,982			6,630			7,411
Total Noninterest Expenses	93,598			92,902			96,289			94,629			91,413
INCOME BEFORE INCOME TAX	65,119			63,216			76,623			56,347			43,992
Income tax expense	8,287			7,877			12,274			7,160			4,067
NET INCOME	56,832			55,339			64,349			49,187			39,925
Preferred stock dividends	469			469			469			468			469
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	56,363		$	54,870		$	63,880		$	48,719		$	39,456
PER SHARE DATA:
Basic Net Income Available to Common Stockholders	$	0.98		$	0.95		$	1.10		$	0.84		$	0.68
Diluted Net Income Available to Common Stockholders	$	0.98		$	0.94		$	1.10		$	0.84		$	0.68
Cash Dividends Paid to Common Stockholders	$	0.36		$	0.35		$	0.35		$	0.35		$	0.35
Tangible Common Book Value Per Share	$	27.90		$	27.34		$	26.78		$	26.64		$	25.10
Average Diluted Common Shares Outstanding (in thousands)	57,773			58,242			58,247			58,289			58,328
FINANCIAL RATIOS:
Return on Average Assets	1.23		%	1.21		%	1.39		%	1.07		%	0.87		%
Return on Average Stockholders' Equity	9.63			9.38			11.05			8.66			7.16
Return on Tangible Common Stockholders' Equity	14.49			14.12			16.75			13.39			11.29
Average Earning Assets to Average Assets	92.71			92.47			92.48			92.54			92.81
Allowance for Credit Losses - Loans as % of Total Loans	1.47			1.47			1.50			1.48			1.50
Net Charge-offs as % of Average Loans (Annualized)	0.07			0.15			0.02			0.21			1.26
Average Stockholders' Equity to Average Assets	12.64			12.76			12.51			12.26			12.02
Tax Equivalent Yield on Average Earning Assets	5.50			5.39			5.63			5.82			5.69
Interest Expense/Average Earning Assets	2.25			2.17			2.35			2.59			2.53
Net Interest Margin (FTE) on Average Earning Assets	3.25			3.22			3.28			3.23			3.16
Efficiency Ratio	53.99			54.54			48.48			53.76			53.84
LOANS
---	---	---	---	---	---	---	---	---	---	---
(Dollars In Thousands)	June 30,		March 31,		December 31,		September 30,		June 30,
	2025		2025		2024		2024		2024
Commercial and industrial loans	$	4,440,924	$	4,306,597	$	4,114,292	$	4,041,217	$	3,949,817
Agricultural land, production and other loans to farmers	265,172		243,864		256,312		238,743		239,926
Real estate loans:
Construction	836,033		793,175		792,144		814,704		823,267
Commercial real estate, non-owner occupied	2,171,092		2,177,869		2,274,016		2,251,351		2,323,533
Commercial real estate, owner occupied	1,226,797		1,214,739		1,157,944		1,152,751		1,174,195
Residential	2,397,094		2,389,852		2,374,729		2,366,943		2,370,905
Home equity	673,961		650,499		659,811		641,188		631,104
Individuals' loans for household and other personal expenditures	141,045		140,954		166,028		158,480		162,089
Public finance and other commercial loans	1,144,641		1,087,356		1,059,083		981,431		964,814
Loans	13,296,759		13,004,905		12,854,359		12,646,808		12,639,650
Allowance for credit losses - loans	(195,316)		(192,031)		(192,757)		(187,828)		(189,537)
NET LOANS	$	13,101,443	$	12,812,874	$	12,661,602	$	12,458,980	$	12,450,113
DEPOSITS
---	---	---	---	---	---	---	---	---	---	---
(Dollars In Thousands)	June 30,		March 31,		December 31,		September 30,		June 30,
	2025		2025		2024		2024		2024
Demand deposits	$	7,798,695	$	7,786,554	$	7,980,061	$	7,678,510	$	7,757,679
Savings deposits	4,984,659		4,791,874		4,522,758		4,302,236		4,339,161
Certificates and other time deposits of $100,000 or less	617,857		625,203		692,068		802,949		889,949
Certificates and other time deposits of $100,000 or more	891,139		896,143		1,043,068		1,277,833		1,415,131
Brokered certificates of deposits1	505,228		362,204		283,671		303,572		167,150
TOTAL DEPOSITS	$	14,797,578	$	14,461,978	$	14,521,626	$	14,365,100	$	14,569,070

1 - Total brokered deposits of $1.2 billion, which includes brokered CD's of $505.2 million at June 30, 2025.

CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS
(Dollars In Thousands)

						June 30, 2024
		Interest<br> Income /<br>Expense		Average<br>Rate		Average Balance		Interest<br> Income /<br>Expense		Average<br>Rate
ASSETS
Interest-bearing deposits	252,613	$	1,892	3.00	%	$	322,647	$	2,995	3.71	%
Federal Home Loan Bank stock		1,083		9.30		41,749		879		8.42
Investment Securities: (1)
Taxable		8,266		2.06		1,788,749		9,051		2.02
Tax-exempt (2)		15,843		3.10		2,240,309		17,232		3.08
Total Investment Securities		24,109		2.64		4,029,058		26,283		2.61
Loans held for sale		389		6.12		28,585		431		6.03
Loans: (3)
Commercial		154,108		6.84		8,691,746		160,848		7.40
Real estate mortgage		25,062		4.56		2,150,591		23,799		4.43
HELOC and installment		15,614		7.48		823,417		16,335		7.94
Tax-exempt (2)		13,677		4.78		926,191		10,670		4.61
Total Loans		208,850		6.32		12,620,530		212,083		6.72
Total Earning Assets		235,934		5.50	%	17,013,984		242,240		5.69	%
Total Non-Earning Assets						1,318,175
TOTAL ASSETS	18,508,785					$	18,332,159
LIABILITIES
Interest-Bearing Deposits:
Interest-bearing deposits	5,545,158	$	35,303	2.55	%	$	5,586,549	$	40,994	2.94	%
Money market deposits		28,714		3.18		3,036,398		27,230		3.59
Savings deposits		2,513		0.78		1,508,734		3,476		0.92
Certificates and other time deposits		17,711		3.54		2,414,967		27,451		4.55
Total Interest-Bearing Deposits		84,241		2.71		12,546,648		99,151		3.16
Borrowings		12,480		3.99		885,919		8,659		3.91
Total Interest-Bearing Liabilities		96,721		2.82		13,432,567		107,810		3.21
Noninterest-bearing deposits						2,349,219
Other liabilities						347,012
Total Liabilities						16,128,798
STOCKHOLDERS' EQUITY						2,203,361
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	18,508,785					$	18,332,159
Net Interest Income (FTE)		$	139,213					$	134,430
Net Interest Spread (FTE) (4)				2.68	%					2.48	%
Net Interest Margin (FTE):
Interest Income (FTE) / Average Earning Assets				5.50	%					5.69	%
Interest Expense / Average Earning Assets				2.25	%					2.53	%
Net Interest Margin (FTE) (5)				3.25	%					3.16	%
(1) Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments. Annualized amounts are computed using a 30/360 day basis.
(2) Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2025 and 2024. These totals equal 6,199 and 5,859 for the three months ended June 30, 2025 and 2024, respectively.
(3) Non accruing loans have been included in the average balances.
(4) Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities.
(5) Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets.

All values are in US Dollars.

CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS
(Dollars In Thousands)

						June 30, 2024
		Interest<br> Income /<br>Expense		Average<br>Rate		Average Balance		Interest<br> Income /<br>Expense		Average<br>Rate
ASSETS
Interest-bearing deposits	273,200	$	4,264	3.12	%	$	449,173	$	9,488	4.22	%
Federal Home Loan Bank stock		2,080		9.18		41,757		1,714		8.21
Investment Securities: (1)
Taxable		16,638		2.05		1,785,903		17,799		1.99
Tax-exempt (2)		31,687		3.10		2,243,286		34,461		3.07
Total Investment Securities		48,325		2.64		4,029,189		52,260		2.59
Loans held for sale		708		6.11		25,184		759		6.03
Loans: (3)
Commercial		301,880		6.79		8,644,927		320,057		7.40
Real estate mortgage		49,508		4.51		2,140,769		46,156		4.31
HELOC and installment		30,805		7.41		822,616		32,464		7.89
Tax-exempt (2)		27,009		4.75		915,302		21,038		4.60
Total Loans		409,910		6.27		12,548,798		420,474		6.70
Total Earning Assets		464,579		5.45	%	17,068,917		483,936		5.67	%
Total Non-Earning Assets						1,312,423
TOTAL ASSETS	18,425,723					$	18,381,340
LIABILITIES
Interest-Bearing deposits:
Interest-bearing deposits	5,533,858	$	69,909	2.53	%	$	5,503,185	$	80,484	2.92	%
Money market deposits		54,666		3.10		3,040,938		54,613		3.59
Savings deposits		4,958		0.77		1,534,305		7,277		0.95
Certificates and other time deposits		35,255		3.57		2,421,413		55,062		4.55
Total Interest-Bearing Deposits		164,788		2.67		12,499,841		197,436		3.16
Borrowings		24,181		3.85		948,866		19,211		4.05
Total Interest-Bearing Liabilities		188,969		2.78		13,448,707		216,647		3.22
Noninterest-bearing deposits						2,388,695
Other liabilities						321,188
Total Liabilities						16,158,590
STOCKHOLDERS' EQUITY						2,222,750
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	18,425,723					$	18,381,340
Net Interest Income (FTE)		$	275,610					$	267,289
Net Interest Spread (FTE) (4)				2.67	%					2.45	%
Net Interest Margin (FTE):
Interest Income (FTE) / Average Earning Assets				5.45	%					5.67	%
Interest Expense / Average Earning Assets				2.22	%					2.54	%
Net Interest Margin (FTE) (5)				3.23	%					3.13	%
(1) Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments. Annualized amounts are computed using a 30/360 day basis.
(2) Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2025 and 2024. These totals equal 12,326 and 11,655 for the six months ended June 30, 2025 and 2024, respectively.
(3) Non accruing loans have been included in the average balances.
(4) Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities.
(5) Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets.

All values are in US Dollars.

ADJUSTED NET INCOME AND DILUTED EARNINGS PER COMMON SHARE - NON-GAAP
(Dollars In Thousands, Except Per Share Amounts)	Three Months Ended										Six Months Ended
	June 30,		March 31,		December 31,		September 30,		June 30,		June 30,		June 30,
	2025		2025		2024		2024		2024		2025		2024
Net Income Available to Common Stockholders - GAAP	$	56,363	$	54,870	$	63,880	$	48,719	$	39,456	$	111,233	$	86,928
Adjustments:
Net realized losses on sales of available for sale securities	1		7		11,592		9,114		49		8		51
Gain on branch sale	—		—		(19,983)		—		—		—		—
Non-core expenses1,2	—		—		762		—		—		—		3,481
Tax on adjustments	—		(2)		1,851		(2,220)		(12)		(2)		(860)
Adjusted Net Income Available to Common Stockholders - Non-GAAP	$	56,364	$	54,875	$	58,102	$	55,613	$	39,493	$	111,239	$	89,600
Average Diluted Common Shares Outstanding (in thousands)	57,773		58,242		58,247		58,289		58,328		58,005		58,800
Diluted Earnings Per Common Share - GAAP	$	0.98	$	0.94	$	1.10	$	0.84	$	0.68	$	1.92	$	1.48
Adjustments:
Net realized losses on sales of available for sale securities	—		—		0.20		0.15		—		—		—
Gain on branch sale	—		—		(0.34)		—		—		—		—
Non-core expenses1,2	—		—		0.01		—		—		—		0.06
Tax on adjustments	—		—		0.03		(0.04)		—		—		(0.01)
Adjusted Diluted Earnings Per Common Share - Non-GAAP	$	0.98	$	0.94	$	1.00	$	0.95	$	0.68	$	1.92	$	1.53

1 - Non-core expenses in the Three Months Ended December 31, 2024 included $0.8 million of costs directly related to the branch sale.

2 - Non-core expenses in the Six Months Ended June 30, 2024 included $2.4 million from duplicative online banking conversion costs and $1.1 million from the FDIC special assessment.

NET INTEREST MARGIN ("NIM"), ADJUSTED
(Dollars in Thousands)
	Three Months Ended															Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
	2025			2025			2024			2024			2024			2025			2024
Net Interest Income (GAAP)	$	133,014		$	130,270		$	134,370		$	131,110		$	128,571		$	263,284		$	255,634
Fully Taxable Equivalent ("FTE") Adjustment	6,199			6,127			5,788			5,883			5,859			12,326			11,655
Net Interest Income (FTE) (non-GAAP)	$	139,213		$	136,397		$	140,158		$	136,993		$	134,430		$	275,610		$	267,289
Average Earning Assets (GAAP)	$	17,158,984		$	16,960,475		$	17,089,198		$	16,990,358		$	17,013,984		$	17,060,278		$	17,068,917
Net Interest Margin (GAAP)	3.10		%	3.07		%	3.15		%	3.09		%	3.02		%	3.09		%	3.00		%
FTE Adjustment	0.15		%	0.15		%	0.13		%	0.14		%	0.14		%	0.14		%	0.13		%
Net Interest Margin (FTE) (non-GAAP)	3.25		%	3.22		%	3.28		%	3.23		%	3.16		%	3.23		%	3.13		%
RETURN ON TANGIBLE COMMON EQUITY - NON-GAAP
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
(Dollars In Thousands)	Three Months Ended															Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
	2025			2025			2024			2024			2024			2025			2024
Total Average Stockholders' Equity (GAAP)	$	2,340,010		$	2,340,874		$	2,312,270		$	2,251,547		$	2,203,361		$	2,340,440		$	2,222,750
Less: Average Preferred Stock	(25,125)			(25,125)			(25,125)			(25,125)			(25,125)			(25,125)			(25,125)
Less: Average Intangible Assets, Net of Tax	(725,813)			(726,917)			(728,218)			(729,581)			(730,980)			(726,362)			(731,706)
Average Tangible Common Equity, Net of Tax (Non-GAAP)	$	1,589,072		$	1,588,832		$	1,558,927		$	1,496,841		$	1,447,256		$	1,588,953		$	1,465,919
Net Income Available to Common Stockholders (GAAP)	$	56,363		$	54,870		$	63,880		$	48,719		$	39,456		$	111,233		$	86,928
Plus: Intangible Asset Amortization, Net of Tax	1,188			1,206			1,399			1,399			1,399			2,394			2,945
Tangible Net Income (Non-GAAP)	$	57,551		$	56,076		$	65,279		$	50,118		$	40,855		$	113,627		$	89,873
Return on Tangible Common Equity (Non-GAAP)	14.49		%	14.12		%	16.75		%	13.39		%	11.29		%	14.30		%	12.26		%
EFFICIENCY RATIO - NON-GAAP
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
(Dollars In Thousands)	Three Months Ended															Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
	2025			2025			2024			2024			2024			2025			2024
Noninterest Expense (GAAP)	$	93,598		$	92,902		$	96,289		$	94,629		$	91,413		$	186,500		$	188,348
Less: Intangible Asset Amortization	(1,505)			(1,526)			(1,771)			(1,772)			(1,771)			(3,031)			(3,728)
Less: OREO and Foreclosure Expenses	(29)			(600)			(227)			(942)			(373)			(629)			(907)
Adjusted Noninterest Expense (Non-GAAP)	$	92,064		$	90,776		$	94,291		$	91,915		$	89,269		$	182,840		$	183,713
Net Interest Income (GAAP)	$	133,014		$	130,270		$	134,370		$	131,110		$	128,571		$	263,284		$	255,634
Plus: Fully Taxable Equivalent Adjustment	6,199			6,127			5,788			5,883			5,859			12,326			11,655
Net Interest Income on a Fully Taxable Equivalent Basis (Non-GAAP)	$	139,213		$	136,397		$	140,158		$	136,993		$	134,430		$	275,610		$	267,289
Noninterest Income (GAAP)	$	31,303		$	30,048		$	42,742		$	24,866		$	31,334		$	61,351		$	57,972
Less: Investment Securities (Gains) Losses	1			7			11,592			9,114			49			8			51
Adjusted Noninterest Income (Non-GAAP)	$	31,304		$	30,055		$	54,334		$	33,980		$	31,383		$	61,359		$	58,023
Adjusted Revenue (Non-GAAP)	$	170,517		$	166,452		$	194,492		$	170,973		$	165,813		$	336,969		$	325,312
Efficiency Ratio (Non-GAAP)	53.99		%	54.54		%	48.48		%	53.76		%	53.84		%	54.26		%	56.47		%
Adjusted Noninterest Expense (Non-GAAP)	$	92,064		$	90,776		$	94,291		$	91,915		$	89,269		$	182,840		$	183,713
Less: Non-core Expenses1,2	—			—			(762)			—			—			—			(3,481)
Adjusted Noninterest Expense Excluding Non-core Expenses (Non-GAAP)	$	92,064		$	90,776		$	93,529		$	91,915		$	89,269		$	182,840		$	180,232
Adjusted Revenue (Non-GAAP)	$	170,517		$	166,452		$	194,492		$	170,973		$	165,813		$	336,969		$	325,312
Less: Gain on Branch Sale	—			—			(19,983)			—			—			—			—
Adjusted Revenue Excluding Gain on Branch Sale (Non-GAAP)	$	170,517		$	166,452		$	174,509		$	170,973		$	165,813		$	336,969		$	325,312
Adjusted Efficiency Ratio (Non-GAAP)	53.99		%	54.54		%	53.60		%	53.76		%	53.84		%	54.26		%	55.40		%

1 - Non-core expenses in the Three Months Ended December 31, 2024 included $0.8 million of costs directly related to the branch sale.

2 - Non-core expenses in the Six Months Ended June 30, 2024 included $2.4 million from duplicative online banking conversion costs and $1.1 million from the FDIC special assessment.

frme2q2025earningsreleas

INVESTOR UPDATE Second Quarter 2025

Forward Looking Statements 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” and “expect” or future or conditional verbs such as “will”, “would”, “should”, “could”, “might”, “can” and “may”. These forward-looking statements include, but are not limited to, statements relating to First Merchants’ goals, intentions and expectations; statements regarding the First Merchants’ business plan, growth strategies, and the asset quality of loan and investment portfolios; and estimates of First Merchants’ risks and future costs and benefits. 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: possible changes in economic and business conditions; the existence or exacerbation of general geopolitical instability and uncertainty; the effects of a pandemic or other unforeseeable event; 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 credit worthiness 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 (including the ability to grow and maintain core deposits and retain large, uninsured deposits), credit and interest rate risks associated with the First Merchants’ business; and other risks and factors identified in each of First Merchants’ filings with the Securities and Exchange Commission. First Merchants undertakes no obligation to update any forward-looking statements, whether written or oral, relating to the matters discussed in this presentation or press release. In addition, the company’s past results of operations do not necessarily indicate its anticipated future results. 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.

Executive Management Team 3 Mark Hardwick Chief Executive Officer Mark K. Hardwick currently serves as the Chief Executive Officer of First Merchants Corporation and First Merchants Bank. Mark joined First Merchants in November of 1997 as Corporate Controller and was promoted to Chief Financial Officer in April of 2002. In 2016, Mark’s title expanded to include Chief Operating Officer, overseeing the leadership responsibilities for finance, operations, technology, risk, legal, and facilities for the corporation. Prior to joining First Merchants Corporation, Mark served as a senior accountant with BKD, LLP in Indianapolis. Mark is a graduate of Ball State University with a Master of Business Administration and Bachelor’s degree in Accounting. He is also a certified public accountant and a graduate of the Stonier School of Banking. FMB: 27 Yrs Banking: 27 Yrs FMB: 10 Yrs Banking: 22 Yrs Michele Kawiecki Chief Financial Officer Michele Kawiecki currently serves as Executive Vice President and Chief Financial Officer for First Merchants Corporation and First Merchants Bank. Michele joined First Merchants in 2015 as Director of Finance. Prior to joining First Merchants, Michele spent 12 years with UMB Financial Corporation in Kansas City, Missouri having served as Senior Vice President of Capital Management and Assistant Treasurer; Director of Corporate Development and the Enterprise Project Management Office; and Chief Risk Officer. Prior to UMB, she worked for PriceWaterhouseCoopers LLP as an Audit Manager. Michele earned both a Master of Science in Accounting and an Executive Master of Business Administration from the University of Missouri-Kansas City and a Bachelor’s degree in Accounting from Dakota Wesleyan University. FMB: 17 Yrs Banking: 37 Yrs Mike Stewart President Mike Stewart currently serves as President for First Merchants Corporation and First Merchants Bank overseeing the Commercial, Private Wealth, and Consumer Lines of Business for the Bank. Mike joined the bank in 2008 as Chief Banking Officer. Prior to joining First Merchants, Mike spent 18 years with National City Bank in various commercial sales and credit roles. Mike has a Master of Business Administration from Butler University and a Bachelor’s degree in Finance from Millikin University. FMB: 17 Yrs Banking: 36 Yrs John Martin Chief Credit Officer John Martin currently serves as Executive Vice President and Chief Credit Officer of First Merchants Corporation overseeing the Commercial, Small Business and Consumer Credit functions, as well as Bank Operations and the Mortgage Line of Business. Prior to joining First Merchants, John spent 18 years with National City Bank in various sales and senior credit roles. John is a graduate of Indiana University where he earned a Bachelor of Arts in Economics. He also holds a Master of Business Administration in Finance from Case Western Reserve University. Mark Hardwick – 11/03/1997 Mike Stewart - 02/01/2008 1988 Banking Start John Martin – 12/31/2007 Michele Kawiecki – 03/02/2015

First Merchants Corporation (NASDAQ: FRME) Financial Highlights as of 6/30/2025 $18.6 Billion $13.3 Billion $14.8 Billion $5.8 Billion Assets Under Advisement* Total Assets Total Loans Total Deposits TCE/TA: YTD Return on TCE YTD ROAA: Dividend Yield: Price / Tangible Book: Price / LTM EPS: 1.22% 8.92% 14.30% 3.68% 1.37x 9.9x Market Cap $2.2B Largest financial services holding company headquartered in Central Indiana 111 Banking Centers 4 *Includes $3.9 billion in assets under management; excludes $3.1 billion in custody assets

Highlights 5 ▪ EPS of $0.981 compared to EPS of $0.681 in 2Q24; an increase of 44.1% ▪ Strong PTPP income growth and positive operating leverage over 2Q24 ▪ Efficiency ratio of 53.99% ▪ Strong loan growth of $297.6 million, or 9.1% annualized ▪ Robust capital position with tangible common equity ratio of 8.92% ▪ Repurchased 582,486 shares totaling $22.1 million 9.63% ROE 14.49% ROTCE2 ROE & ROTCE (Annualized) $56.4 Million $0.98 Per Share Net Income & EPS1 1.23% ROA 1.53% PTPP ROA2 ROA (Annualized) 1Net Income and EPS reported on a diluted basis and for common stockholders 2See “Non-GAAP Financial Information” for reconciliation Second Quarter 9.51% ROE 14.30% ROTCE2 ROE & ROTCE (Annualized) $111.2 Million $1.92 Per Share Net Income & EPS1 1.22% ROA 1.50% PTPP ROA2 ROA (Annualized) Year to Date ▪ EPS of $1.921 compared to adjusted EPS of $1.531,2 in prior year; an increase of 25.5% ▪ Strong core PTPP income growth and positive operating leverage over prior year ▪ Efficiency ratio of 54.26% ▪ Strong loan growth of $452.5 million, or 7.0% annualized ▪ $30 million of sub debt redeemed in March ▪ Repurchased 818,480 shares totaling $31.7 million year to date ▪ 776,797 shares totaling $30.0 million purchased through June 30, 2025

Business Strategy 6 Full Spectrum of Debt Capital and Treasury Service Offerings Located in Prime Growth Markets Small Business & SBA Middle Market C&I Investment Real Estate Public Finance Sponsor Finance Full Spectrum of Consumer Deposit and Lending Offerings Supported by: Talented, Customer Service Oriented Banking Center and Call Center Professionals Competitive Digital Solutions ▪ Deposit and CRM ▪ Online Banking ▪ Mobile Banking Diverse Locations in Stable Rural and Growth Metro Markets Comprehensive and coordinated approach to personal wealth management Expertise in: Investment Management Private Banking Fiduciary Estate Financial Planning Strengthen commercial relationships with personal services for executives/owners and retirement plan services for companies Partner with consumer to offer personal investment advice through First Merchants Investment Services Offering a full suite of mortgage solutions to assist with purchase, construction, renovation, and home finance Strengthen existing Commercial, Consumer and Private Wealth relationships Create new household relationships Support underserved borrowers and neighborhoods Deliver solutions through a personalized, efficient, and scalable model Commercial Banking Private Wealth Advisors Consumer Banking Mortgage Banking Asset Based Lending Syndications Treasury Management Services Merchant Processing Services

▪ Strong Commercial growth during the quarter of ~$262 million, or 10.7% ▪ C&I growth of ~$147 million ▪ Public Finance growth of ~$58 million ▪ IRE growth of ~$36 million ▪ Strong Commercial growth year to date of ~$431 million, or 8.9% ▪ C&I growth of ~$395 million ▪ Public Finance growth of ~$86 million ▪ IRE loan balances declined by ~$59 million ▪ Commercial pipelines remained strong at quarter end for both C&I and IRE Loan Growth Summary1,2 Business Highlights - Loans 7 MSA and County ranking data per FDIC Commercial Consumer 1Commercial includes Public Finance, Consumer includes Private Wealth and Mortgage 2Annualized Indianapolis Indianapolis MSA Rank: 8 Deposits: $3.9B Loans: $4.7B Columbus Columbus MSA Rank: 14 Deposits: $0.7B Loans: $1.4B Northwest Indiana Lake County Rank: 4 Lafayette MSA Rank: 2 Deposits: $2.9B Loans: $2.2B Northeast Indiana Muncie MSA Rank: 1 Ft Wayne MSA Rank: 4 Deposits: $4.8B Loans: $2.1B Michigan Monroe MSA Rank: 1 Detroit MSA Rank: 9 Deposits: $2.5B Loans: $2.9B ▪ Consumer growth during the quarter of ~$36 million, or 4.4% ▪ Residential Mortgage balances increased ~$13 million ▪ Other Consumer balances increased ~$23 million ▪ Consumer balances increased year to date by ~$22 million, or 1.4% ▪ Residential Mortgage balances increased ~$37 million ▪ Other Consumer balances declined ~$15 million ▪ Consumer and Mortgage pipelines remained strong at quarter end 2Q25 Balance ($B) Growth Commercial 10.1 10.7% Consumer 3.2 4.4% Total Loan Growth QTD 9.1% Total Loan Growth YTD 7.0%

Deposit Growth Summary1,2 Business Highlights - Deposits 8 MSA and County ranking data per FDIC 1Commercial includes Public Funds deposits and Consumer includes Private Wealth and Mortgage 2Annualized ▪ Commercial deposits increased during the quarter by ~$347 million ▪ Core relationship balances declined ~$126 million ▪ Public Funds balances increased ~$473 million ▪ Commercial deposits increased year to date by ~$119 million ▪ Core relationship balances declined ~$146 million ▪ Public Funds balances increased ~$265 million Commercial Consumer ▪ Consumer deposits declined during the quarter by ~$108 million ▪ Non-maturity balances declined by ~$80 million ▪ Maturity balances declined by ~$28 million ▪ Consumer deposits declined year to date ~$116 million ▪ Non-maturity balances increased ~$108 million ▪ Maturity balances declined ~$225 million Indianapolis Indianapolis MSA Rank: 8 Deposits: $3.9B Loans: $4.7B Columbus Columbus MSA Rank: 14 Deposits: $0.7B Loans: $1.4B Northwest Indiana Lake County Rank: 4 Lafayette MSA Rank: 2 Deposits: $2.9B Loans: $2.2B Northeast Indiana Muncie MSA Rank: 1 Ft Wayne MSA Rank: 4 Deposits: $4.8B Loans: $2.1B Michigan Monroe MSA Rank: 1 Detroit MSA Rank: 9 Deposits: $2.5B Loans: $2.9B 2Q25 Balance ($B) Growth Commercial 7.4 19.5% Consumer 5.7 -7.4% Total Deposit Growth QTD 9.3% Total Deposit Growth YTD 3.8%

Second Quarter Financial Results 9 ▪ 53.99% Efficiency Ratio1 ▪ Net interest income increased $2.7 million due to growth of earning asset income outpacing increased funding costs ▪ Net interest margin of 3.25% increased three basis points on a linked quarter basis ▪ Noninterest income increased $1.3 million due to higher customer related fees ▪ $27.90 Tangible Book Value per share, an increase of $0.56 from prior quarter 2Q25 Highlights 1See “Non-GAAP Financial Information” for reconciliation ($M except per share data) 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 Variance Linked Quarter % Variance Linked QTR- Annualized Balance Sheet & Asset Quality 1. Total Assets $18,303.4 $18,347.6 $18,312.0 $18,439.8 $18,592.8 $153.0 3.3% 2. Total Loans 12,671.9 12,687.5 12,873.0 13,027.9 13,325.5 297.6 9.1% 3. Investments 3,753.1 3,662.1 3,460.7 3,427.1 3,381.0 (46.2) -5.4% 4. Deposits 14,569.1 14,365.1 14,521.6 14,462.0 14,797.6 335.6 9.3% 5. Total Equity 2,212.5 2,302.4 2,305.0 2,332.2 2,348.0 15.7 2.7% 6. TCE Ratio 8.27% 8.76% 8.81% 8.90% 8.92% 0.02% 7. Total RBC Ratio 12.95 13.18 13.31 13.22 13.06 -0.16 8. ACL / Loans 1.50 1.48 1.50 1.47 1.47 0.00 9. NCOs / Avg Loans 1.26 0.21 0.02 0.15 0.07 -0.08 10. NPAs + 90PD / Assets 0.37 0.43 0.46 0.49 0.39 -0.10 Summary Income Statement 11. Net Interest Income $128.6 $131.1 $134.4 $130.3 $133.0 $2.7 2.1% 12. Provision for Credit Losses 24.5 5.0 4.2 4.2 5.6 1.4 13. Noninterest Income 31.3 24.9 42.7 30.0 31.3 1.3 4.3% 14. Noninterest Expense 91.4 94.6 96.3 92.9 93.6 0.7 0.8% 15. Pre-tax Income 44.0 56.4 76.6 63.2 65.1 1.9 3.0% 16. Provision for Taxes 4.1 7.2 12.2 7.8 8.3 0.5 6.4% 17. Net Income 39.9 49.2 64.4 55.4 56.8 1.4 2.5% 18. Preferred Stock Dividends 0.5 0.5 0.5 0.5 0.5 0.0 19. Net Income Available to Common Stockholders 39.4 48.7 63.9 54.9 56.3 1.4 2.5% 20. ROAA 0.87% 1.07% 1.39% 1.21% 1.23% 0.02% 21. ROAE 7.16 8.66 11.05 9.38 9.63 0.25 22. ROTCE1 11.29 13.39 16.75 14.12 14.49 0.37 23. Net Interest Margin 3.16 3.23 3.28 3.22 3.25 0.03 24. Efficiency Ratio 53.84 53.76 48.48 54.54 53.99 -0.55 Per Share 25. Earnings per Diluted Share $0.68 $0.84 $1.10 $0.94 $0.98 $0.04 26. Tangible Book Value per Share1 25.10 26.64 26.78 27.34 27.90 0.56 27. Dividend per Share 0.35 0.35 0.35 0.35 0.36 0.01 28. Dividend Payout Ratio 51.5% 41.7% 31.8% 37.2% 36.7% -0.5% For the Three Months Ended,

Year to Date Financial Results 10 ▪ 54.26% Efficiency Ratio1 ▪ Net interest income increased $7.7 million as reductions in funding costs outpaced asset repricing ▪ Net interest margin of 3.23% was ten basis points higher than prior YTD margin of 3.13% ▪ Noninterest income increased $3.4 million primarily due to higher gains on sales of mortgage loans and derivative hedge fees ▪ Tangible Book Value per share totaled $27.90, an increase of $2.80 over prior year Year to Date Highlights 1See “Non-GAAP Financial Information” for reconciliation ($M except per share data) 2023 2024 2025 Variance YOY % Variance YOY Balance Sheet & Asset Quality 1. Total Assets $18,032.3 $18,303.4 $18,592.8 $289.4 1.6% 2. Total Loans 12,297.5 12,671.9 13,325.5 653.6 5.2% 3. Investments 3,891.5 3,753.1 3,381.0 (372.1) -9.9% 4. Deposits 14,581.2 14,569.1 14,797.6 228.5 1.6% 5. Total Equity 2,145.6 2,212.5 2,348.0 135.4 6.1% 6. TCE Ratio 7.96% 8.27% 8.92% 0.65% 7. Total RBC Ratio 13.48 12.95 13.06 0.11 8. ALLL / Loans 1.80 1.50 1.47 -0.03 9. NCOs / Avg Loans 0.03 0.67 0.11 -0.56 10. NPAs + 90PD / Assets 0.43 0.37 0.39 0.02 Summary Income Statement 11. Net Interest Income $282.0 $255.6 $263.3 $7.7 3.0% 12. Provision for Credit Losses 0.0 26.5 9.8 (16.7) 13. Noninterest Income 51.3 58.0 61.4 3.4 5.9% 14. Noninterest Expense 186.3 188.3 186.5 (1.8) -1.0% 15. Pre-tax Income 147.0 98.8 128.4 29.6 30.0% 16. Provision for Taxes 22.0 10.9 16.2 5.3 48.6% 17. Net Income 125.0 87.9 112.2 24.3 27.6% 18. Preferred Stock Dividends 1.0 1.0 1.0 0.0 19. Net Income Available to Common Stockholders 124.0 86.9 111.2 24.3 28.0% 20. ROAA 1.38% 0.96% 1.22% 0.26% 21. ROAE 11.74 7.82 9.51 1.69 22. ROTCE 18.91 12.26 14.30 2.04 23. Net Interest Margin 3.48 3.13 3.23 0.10 24. Efficiency Ratio 51.96 56.47 54.26 -2.21 Per Share 25. Earnings per Diluted Share $2.09 $1.48 $1.92 $0.44 26. Tangible Book Value per Share 23.34 25.10 27.90 2.80 27. Dividend per Share 0.66 0.69 0.71 0.02 28. Dividend Payout Ratio 31.6% 46.6% 37.0% -9.6% For the Six Months Ended June 30,

▪ Net unrealized AFS loss of $240.1 million ($240.5 M prior Q) ▪ Net unrealized HTM loss of $335.9 million ($343.9 M prior Q) Investment Portfolio Highlights 11 2Q25 Investment Portfolio Composition Yield on Investments (%) / Total Investments ($B) $3.4B Total Investment Portfolio Gains / LossesHighlights Realized Gains/Losses ▪ 2Q 2024 none ▪ 3Q 2024 $9.1 million loss ▪ 4Q 2024 $11.6 million loss ▪ 1Q 2025 none ▪ 2Q 2025 none Unrealized Losses ▪ Effective duration of 6.1 years ▪ Cash flow of $282 million in the next 12 months / ~2.17% yield ▪ AA rated municipal bond portfolio ▪ ~55% of portfolio classified as Held-to-Maturity ▪ Allowance for Credit Losses for Investments of $245,000 Municipal Bonds 56% Mortgage- Backed Securities 25% Collateralized Mortgage Obligations 5% U.S. Agencies 12% Corporate Obligations 2% $3.8 $3.7 $3.5 $3.4 $3.4 2.61% 2.63% 2.67% 2.63% 2.64% 2Q24 3Q24 4Q24 1Q25 2Q25 Investments ($B) Yield on Investments (%)

Loan Portfolio Highlights 12 2Q25 Loan Composition Yield on Loans (%) / Total Loans ($B) $13.3B Total 2Q25 Portfolio by Yield Type Highlights Total loan rate mix as of 2Q25 • $9.3 billion variable rate • $4.0 billion fixed rate ▪ Portfolio composition is ~75% Commercial oriented ▪ Total loan yield of 6.32% ▪ New/renewed loan yields averaged 7.04% for the quarter $0.9 $0.7 $0.7$0.4$0.7$0.7 Commercial & Industrial 33.3% Commercial Real Estate Owner-Occupied 9.2% Commercial Real Estate Non-Owner Occupied 16.3% Construction Land & Land Development 6.3% Agricultural Land & Production 2.0% Public Finance/Other Commercial 8.6% Residential Mortgage 18.2% Home Equity 5.1% Other Consumer 1.0% Fixed Rate 31% Prime-Based 11% Other Variable Rates 8% SOFR-Based 50% $12.7 $12.7 $12.9 $13.0 $13.3 6.72% 6.86% 6.55% 6.21% 6.32% 2Q24 3Q24 4Q24 1Q25 2Q25 Total Loans ($B) Yield on Loans (%)

$204,934 $192,757 $195,316 $37,200 $9,800 $49,377 $7,241 ACL - Loans 12/31/2023 Net Charge- offs 2024 Provision 2024 ACL - Loans 12/31/2024 Net Charge- offs 2025 YTD Provision 2025 YTD ACL - Loans 6/30/2025 Increase Decrease Allowance for Credit Losses - Loans 13 2Q25 Allowance for Credit Losses - Loans Highlights Change in ACL – Loans ▪ $5.6 million Q2 provision ▪ The reserve for unfunded commitments totals $18.0 million and is recorded in Other Liabilities ▪ The remaining fair value accretion on acquired loans is $15.4 million inclusive of credit and interest rate marks$189.5 $187.8 $192.8 $192.0 $195.3 1.50% 1.48% 1.50% 1.47% 1.47% 2Q24 3Q24 4Q24 1Q25 2Q25 Allowance Allowance to Loans

Demand Deposits 53%Savings Deposits 34% Certificates & Time Deposits > $100k 6% Certificates & Time Deposits < $100k 4% Brokered Certificates of Deposits 3% Deposit Portfolio Highlights 14 2Q25 Deposit Composition Highlights $14.8B Total 1Total brokered deposits of $1.2 billion, which includes brokered CDs of $505 million 2Defined as total deposits less time deposits > $100k Cost of Total Deposits (%) / Total Deposits ($B) ▪ Strong core deposit base • 91% core deposits2 • 15% noninterest bearing • 34% of total deposits yield 0 to 5 bps ▪ Insured 70.3% / Uninsured 29.7% ▪ Average deposit account balance of $37,000 1 $14.6 $14.4 $14.5 $14.5 $14.8 2.66% 2.69% 2.43% 2.23% 2.30% 2Q24 3Q24 4Q24 1Q25 2Q25 Total Deposits ($B) Cost of Total Deposits (%)

Net Interest Margin 15 $105.1$97.1 $97.3 $105.1 $107.0$97.8 $107.0 $97.3 $105.1 $110.0$109.2 $107.0 $105.1 $109.2 $110.0 $106.9 1Adjusted for Fair Value Accretion 2Q24 3Q24 4Q24 1Q25 2Q25 1. Net Interest Income - FTE ($millions) 134.4$ 137.0$ 140.2$ 136.4$ 139.2$ 2. Fair Value Accretion 1.5$ 1.4$ 1.4$ 1.1$ 1.0$ 3. Adjusted Net Interest Income - FTE1 132.9$ 135.6$ 138.8$ 135.3$ 138.2$ 4. Tax Equivalent Yield on Earning Assets 5.69% 5.82% 5.63% 5.39% 5.50% 5. Interest Expense/Average Earning Assets 2.53% 2.59% 2.35% 2.17% 2.25% 6. Net Interest Margin - FTE 3.16% 3.23% 3.28% 3.22% 3.25% 7. Fair Value Accretion Effect 0.03% 0.04% 0.03% 0.03% 0.03% 8. Adjusted Net Interest Margin1 3.13% 3.19% 3.25% 3.19% 3.22% $134.4 $137.0 $140.2 $136.4 $139.2 3.16% 3.23% 3.28% 3.22% 3.25% 2Q24 3Q24 4Q24 1Q25 2Q25 Net Interest Income - FTE ($millions) Net Interest Margin - FTE

Noninterest Income Highlights 16 2Q25 Noninterest Income Detail ($M) $31.3M Total Noninterest Income Trends Fee Income / Revenue Highlights ▪ Customer-related fees totaled $29.4 million for 2Q25, an increase of $2.3 million due to higher gains on sales of mortgage loans, treasury management fees, derivative hedge and card payment fees ▪ Non-customer related fees decreased $1.1 million from prior quarter primarily due to a decrease in other income associated with CRA investments Customer-Related Fees ($M) Wealth Management $8.8 28% Gain on Sale of Loans $5.9 19% Service Charges $8.6 27% Card Payment Fees $4.9 16% Derivative Hedge Fees $0.8 3%BOLI $1.9 6% Other Customer Fees $0.4 1% 18.9% 15.4% 23.4% 18.0% 18.4% $8.8 $8.5 $8.7 $8.7 $8.8 $5.1 $6.8 $5.7 $5.0 $5.9 $8.2 $8.4 $8.1 $8.1 $8.6 $4.7 $5.1 $5.0 $4.5 $4.9 $1.0 $1.0 $1.9 $0.8 $1.2 $27.8 $29.8 $29.4 $27.1 $29.4 2Q24 3Q24 4Q24 1Q25 2Q25 Wealth Management Gain on Sale of Loans Service Charges Card Payment Fees Other Customer Fees

Salary & Benefits $54.5 58% Net Occupancy & Equipment $13.8 15% Outside Data Processing $7.1 7% Professional & Other Outside Services $3.7 4% Intangible Asset Amortization $1.5 2% Marketing $2.0 2% FDIC Expense $3.6 4% Other $7.4 8% 53.84% 53.76% 48.48% 54.54% 53.99% Noninterest Expense Highlights 17 2Q25 Noninterest Expense Detail $93.6M Total Noninterest Expense Trends ($M) Efficiency Ratio Highlights ▪ Increase from 1Q25 of $0.7 million due to higher marketing and data processing costs 14Q24 Efficiency Ratio excluding non-core expenses and IL branch sale, see “Non-GAAP Financial Information” for reconciliation 53.60%1 $52.2 $55.2 $55.4 $55.0 $54.5 $13.3 $13.9 $14.4 $14.2 $13.8 $7.1 $7.2 $6.0 $5.9 $7.1 $18.8 $18.3 $20.5 $17.8 $18.2 $91.4M $94.6M $96.3M $92.9M $93.6M 2Q24 3Q24 4Q24 1Q25 2Q25 Salary & Benefits Net Occupancy & Equipment Outside Data Processing Other

Capital Ratios 18 Tangible Common Equity Ratio Common Equity Tier 1 Ratio Total Risk-Based Capital Ratio 9.31% 9.31% 9.57% 9.31% 9.65%9.57%9.31% 9.57% 9.65% 9.04% ▪ Capital ratios reflect $30 million of sub debt redemption and $30 million of shares repurchased YTD; $22.1 million of shares repurchased in 2Q25 Highlights 8.27% 8.76% 8.81% 8.90% 8.92% 2Q24 3Q24 4Q24 1Q25 2Q25 TCE Ratio Target TCE (8.00%) 11.02% 11.25% 11.43% 11.50% 11.35% 2Q24 3Q24 4Q24 1Q25 2Q25 CET 1 Ratio Target CET1 Ratio (10.00%) 12.95% 13.18% 13.31% 13.22% 13.06% 2Q24 3Q24 4Q24 1Q25 2Q25 TRBC Ratio Target TRBC Ratio (12.50%)

2Q25 Highlights Loan Portfolio 19 Geography Loan Portfolio Trends ($M) Year Over Year Highlights ▪ Total Loan growth of $654 million or 5.2% • Led by C&I lending totaling $544 million 82.7% of borrowers within four state Midwest geography 1Measures loans as a percentage of the Bank's total regulatory capital which is used by regulators to assess CRE exposure. ▪ Balanced Commercial loan growth of $262 million ▪ Strong C&I Loan growth of $147 million ▪ Conservative Real Estate approach with room for quality CRE opportunities: CRE Construction: 41.9% / 100%1 CRE Total: 150.9% / 300%1 2Q24 3Q24 4Q24 1Q25 2Q25 1. C&I - Regional Banking 3,132$ 3,201$ 3,349$ 3,482$ 3,574$ 2. C&I - Sponsor Finance 818 841 766 824 867 3. CRE Owner Occupied 1,174 1,155 1,158 1,215 1,227 4. Total C&I Loans 5,124 5,197 5,273 5,521 5,668 5. Construction/Land/Land Dev. 823 815 792 793 836 6. CRE Non-Owner Occupied 2,324 2,254 2,274 2,178 2,171 7. Total CRE NOO Loans 3,147 3,069 3,066 2,971 3,007 8. Agricultural 240 239 256 244 265 9. Public Finance/Other Commercial 965 982 1,059 1,087 1,145 10. Total Commercial Loans 9,476 9,487 9,654 9,823 10,085 11. Residential Mortgage 2,403 2,397 2,389 2,413 2,426 12. Home Equity 631 641 660 651 674 13. Other Consumer 162 163 170 141 141 14. Total Resi Mortgage & Consumer 3,196 3,201 3,219 3,205 3,241 15. Total Loans 12,672$ 12,688$ 12,873$ 13,028$ 13,326$

Top 3 ($M) Balance Commit. % CRE Const.3 Commit. QoQ $ Change Multi-Family 510$ 933$ 72.6% 66$ Industrial 45$ 117$ 6.5% 41$ Self Storage 36$ 65$ 5.1% (9)$ ▪ $867.4 million in loans to 95 companies in a diversity of industries ▪ Senior Debt/Adj. EBITDA < 3.0X ~79% ▪ Total Debt/Adj. EBITDA < 4.0X ~78% ▪ FCCR > 1.50X ~70% ▪ ~5.9% Classified (as a % of portfolio) ▪ Excellent credit history with ~$15.3 million in total losses on ~$1.9 billion of funded loans over 10-year history of groupC&I Includes commercial and industrial, sponsor and owner- occupied real estate loans C&I - Sponsor Finance ▪ Line utilization 2Q25 at 50.6% from 49.0% 1Q25 ▪ Shared National Credits: • $1.1 billion to 88 borrowers, $12.3 million average balance • Top borrowers in Wholesale Trade, Agriculture, Manufacturing, and Rental and Leasing ▪ $46.2 million of SBA guaranteed loans Loan Portfolio Insights 20 C&I ▪ $133 million Resi. Real Estate Construction ▪ $703 million CRE Construction3 Construction Finance Home Equity / Other Consumer Residential Mortgage ▪ > 95.6% of $709.7 million in consumer loans had a credit score exceeding 669 at origination1 ▪ $253 million residential mortgage secured, related to commercial loan relationships ▪ ~$2.2 billion residential mortgage loans • > 91.2% of $1.9 billion in residential portfolio loans had a credit score at origination exceeding 6692 Commercial Mortgage & Consumer 1Excludes ~13% of loans where origination data is unavailable 2Excludes ~13% of residential loans where origination data is unavailable 3Includes Construction, Land, & Land Development

Office - Maturities Loan Portfolio Insights (continued) 21 Total Loans $13.3 Billion Commercial Real Estate (Non-Owner Occupied) ($M) Office (Non-Owner Occupied) ($M) ▪ Top 10 loans are ~53% of total office with WALTV of ~63.6 at origination ▪ Largest NOO Office $25.0 million, single tenant office mixed use, 67.2% LTV ▪ 2nd largest $24.4 million, single tenant medical Office Maturities $237.2 Million Office % Total Loans Non-Office CRE (NOO), 14.5% Office CRE 1.8% General Office 84.0$ Medical 64.2$ Mixed 50.5$ Government 16.0$ Other 22.5$ Multi Tenant 130.6$ Single Tenant 106.6$ Michigan 69.0$ Indiana 52.5$ Ohio 28.2$ California 25.0$ Oklahoma 24.3$ Other 38.2$ Office Type Office Tenant Classification Office Geographic Multi- Family Industrial Retail Warehouse / Storage Office Other Total CRE (NOO) Balance: 641.4$ 397.7$ 311.2$ 280.3$ 237.2$ 303.3$ 2,171.1$ Commitment: 673.0$ 414.1$ 315.0$ 291.3$ 240.8$ 375.5$ 2,309.7$ # of loans: 442 459 271 98 171 128 1,569 % of Total Loans: 4.8% 3.0% 2.3% 2.1% 1.8% 2.3% 16.3% Average Loan Balance: 1.5$ 0.9$ 1.1$ 2.9$ 1.4$ 2.4$ 1.4$ Top 10 - Avg. Loan Com: 17.0$ 12.3$ 8.4$ 17.4$ 12.5$ 19.3$ 24.9$

Asset Quality 22 Asset Quality Trends ($M) 2Q25 Highlights Asset Quality: ▪ Largest Non-Accruals: • $12.9 million – Multi-family Construction • $6.8 million – Brewery • $6.0 million – Nursing Facility ▪ $2.3 million or 0.07 % Net Charge-offs as % of Average Loans (Annualized) 2Q24 3Q24 4Q24 1Q25 2Q25 1. Non-Accrual Loans 61.9$ 59.1$ 73.8$ 81.9$ 67.4$ 2. Other Real Estate 4.8 5.2 4.9 5.0 0.2 3. 90PD Loans 1.7 14.1 5.9 4.3 4.4 4. NPAs + 90PD 68.4$ 78.4$ 84.6$ 91.2$ 72.0$ 5. NPAs + 90PD/Loans and ORE 0.54% 0.62% 0.66% 0.70% 0.54% 6. Classified Loans 296.6$ 370.9$ 372.8$ 362.3$ 373.5$ 7. Classified Loans/Loans 2.34% 2.92% 2.90% 2.78% 2.80% 8. Net Charge-offs (QTD) 39.6$ 6.7$ 0.8$ 4.9$ 2.3$ 9. QTD NCO/Avg. Loans (Annualized) 1.26% 0.21% 0.02% 0.15% 0.07%

Nonperforming Assets 23 Nonperforming Assets Roll Forward ($M) Non-Accrual Migration: ▪ Payoff of $22 million non-accrual construction loan originally placed on non-accrual in 4Q24 ▪ Largest new non-accrual relationship $12.9 million Multi-family Construction ▪ Other Real Estate decreased $4.7 million 2Q25 Highlights 2Q24 3Q24 4Q24 1Q25 2Q25 1. Beginning Balance NPAs + 90PD 70.2$ 68.4$ 78.4$ 84.6$ 91.2$ Non-Accrual 2. Add: New Non-Accruals 51.6 13.2 42.9 19.6 21.9 3. Less: To Accrual or Payoff (11.2) (7.9) (25.5) (5.0) (32.0) 4. Less: To OREO (0.1) (0.5) (0.1) (0.3) (0.2) 5. Less: Charge-offs (40.9) (7.6) (2.6) (6.2) (4.2) 6. Non-Accrual Loans Change (0.6) (2.8) 14.7 8.1 (14.5) Other Real Estate Owned (ORE) 7. Add: New ORE Properties 0.1 0.5 0.1 0.3 0.2 8. Less: ORE Sold (0.2) (0.1) (0.4) (0.2) (5.0) 9. Less: ORE Losses (write-downs) - - - - - 10. ORE Change (0.1) 0.4 (0.3) 0.1 (4.8) 11. 90PD Change (1.1) 12.4 (8.2) (1.6) 0.1 12. NPAs + 90PD Change (1.8) 10.0 6.2 6.6 (19.2) 13. Ending Balance NPAs + 90PD 68.4$ 78.4$ 84.6$ 91.2$ 72.0$

$13.65 $14.68 $15.85 $16.96 $19.12 $21.94 $24.27 $25.21 $21.45 $25.06 $26.78 $27.90 $13.27 $14.38 $15.83 $16.78 $19.24 $21.24 $22.64 $24.09 $25.42 $27.98 $30.02 $31.21 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD'25 TBVPS TBVPS Without AFS OCI Track Record of Shareholder Value 24 10-Year Total Return (2014-2024) Earnings per Share Tangible Book Value per Share Dividends per Share CAGR 2014-2024: 7.5% Return on Tangible Common Equity 1Tangible book value per share excluding unrealized gain/loss in available for sale securities. CAGR 2014-2024: 17.0% 1 CAGR 2014-2024: 7.0% Adjusted CAGR1 8.5% 230.1% 200.3% FRME KBW NASDAQ Regional Banking Index $1.65 $1.72 $1.98 $2.12 $3.22 $3.19 $2.74 $3.81 $3.81 $3.73 $3.41 $1.92 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD'25 $0.29 $0.41 $0.54 $0.69 $0.84 $1.00 $1.04 $1.13 $1.25 $1.34 $1.39 $0.71 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD'25 12.94% 12.47% 13.26% 13.29% 18.77% 15.81% 12.21% 16.17% 18.12% 16.76% 13.71% 14.30% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD'25

History of Organic and Whole Bank Acquisition Growth 25 Total Assets ($B) Growth Through Acquisition ✓ Experienced Acquirer ✓ Expanded in Current High-Growth Markets ✓ Added to Franchise with Stable Deposit Gathering Markets 2014 Community Bank 2015 Cooper State Bank Ameriana Bank 2017 Arlington Bank iAB Financial Bank 2019 Monroe Bank & Trust 2022 ($309 M) ($138 M) ($2.5 B) ($1.3 B) ($269 M) ($483 M) ($1.1 B) $5.8 $6.8 $7.2 $9.4 $9.9 $12.5 $14.1 $15.5 $17.9 $18.3 $18.3 $18.6 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2Q25

Vision for the Future 26 Our Vision: To enhance the financial wellness of the diverse communities we serve. To be the most attentive, knowledgeable, and high-performing bank for our clients, teammates, and shareholders. ▪ Drive engagement through inclusivity, teamwork, performance management, career development, rewards, and work-life balance ▪ Produce organic growth across all lines of business and markets through focused, data- driven, industry-leading client acquisition, expansion, and retention activities ▪ Continued investment in the digitization of our delivery channels to simplify the client experience ▪ Maintain top-quartile financial results supported by industry-leading governance, risk, and compliance practices to ensure long-term sustainability ▪ Continue to leverage our core competency in acquisitions to enhance growth, efficiency, and high performance ▪ Cultivate a high-quality shareholder base that values our stakeholder-centric business model Strategic Imperatives: Our Mission:

27 APPENDIX

Non-GAAP 28 1Non-core expenses in 4Q24 included $0.8 million of costs directly related to the branch sale. 2Non-core expenses in 6/30/24 YTD included $1.1 million from the FDIC special assessment and $2.4 million from digital platform conversion costs. ADJUSTED NET INCOME AND DILUTED EARNINGS PER COMMON SHARE 2Q24 3Q24 4Q24 1Q25 2Q25 6/30/23 YTD 6/30/24 YTD 6/30/25 YTD (Dollars and Shares Outstanding in Thousands, Except Per Share Amounts) Net Income Available to Common Stockholders - GAAP 39,456$ 48,719$ 63,880$ 54,870$ 56,363$ 124,003$ 86,928$ 111,233$ Adjustments: PPP loan income - - - - - (34) - - Net realized losses on sales of available for sale securities 49 9,114 11,592 7 1 2,963 51 8 Gain on branch sale - - (19,983) - - - - - Non-core expenses1,2 - - 762 - - - 3,481 - Tax on adjustments (12) (2,220) 1,851 (2) - (718) (860) (2) Adjusted Net Income Available to Common Stockholders - NON-GAAP 39,493$ 55,613$ 58,102$ 54,875$ 56,364$ 126,214$ 89,600$ 111,239$ Average Diluted Common Shares Outstanding 58,328 58,289 58,247 58,242 57,773 59,446 58,800 58,005 Diluted Earnings Per Common Share - GAAP 0.68$ 0.84$ 1.10$ 0.94$ 0.98$ 2.09$ 1.48$ 1.92$ Adjustments: PPP loan income - - - - - - - - Net realized losses on sales of available for sale securities - 0.15 0.20 - - 0.04 - - Gain on branch sale - - (0.34) - - - - - Non-core expenses1,2 - - 0.01 - - - 0.06 - Tax on adjustments - (0.04) 0.03 - - (0.01) (0.01) - Adjusted Diluted Earnings Per Common Share - NON-GAAP 0.68$ 0.95$ 1.00$ 0.94$ 0.98$ 2.12$ 1.53$ 1.92$

Non-GAAP 29 PRE-TAX, PRE-PROVISION ("PTPP") EARNINGS, AS ADJUSTED 2Q24 3Q24 4Q24 1Q25 2Q25 6/30/23 YTD 6/30/24 YTD 6/30/25 YTD (Dollars in Thousands, Except Per Share Amounts) Net Interest Income (GAAP) 128,571$ 131,110$ 134,370$ 130,270$ 133,014$ 281,954$ 255,634$ 263,284$ Other Income (GAAP) 31,334 24,866 42,742 30,047 31,303 51,316 57,972 61,351 Total Revenue 159,905 155,976 177,112 160,317 164,317 333,270 313,606 324,635 Less: Other Expenses (GAAP) (91,412) (94,628) (96,289) (92,901) (93,598) (186,313) (188,347) (186,500) Add: Net Realized Losses on Sales of Available for Sale Securities 49 9,114 11,592 7 1 2,963 51 8 Add: Gain on Branch Sale - - (19,983) - - - - - Add: Non-core Expenses1,2 (non-GAAP) - - 762 - - - 3,481 - Pre-Tax, Pre-Provision Earnings (non-GAAP) 68,542$ 70,462$ 73,194$ 67,423$ 70,720$ 149,920$ 128,791$ 138,143$ Average Assets (GAAP) 18,332,159$ 18,360,580$ 18,478,303$ 18,341,738$ 18,508,785$ 18,096,832$ 18,381,340$ 18,425,723$ Average Equity (GAAP) 2,203,361$ 2,251,547$ 2,312,270$ 2,340,874$ 2,340,010$ 2,111,658$ 2,222,750$ 2,340,440$ PTPP/Average Assets (PTPP ROA) 1.50% 1.54% 1.58% 1.47% 1.53% 1.66% 1.40% 1.50% PTPP/Average Equity (PTPP ROE) 12.44% 12.52% 12.66% 11.52% 12.09% 14.20% 11.59% 11.80% 1Non-core expenses in 4Q24 included $0.8 million of costs directly related to the branch sale. 2Non-core expenses in 6/30/24 YTD included $1.1 million from the FDIC special assessment and $2.4 million from digital platform conversion costs.

Non-GAAP 30 NET INTEREST MARGIN ("NIM"), ADJUSTED 2Q24 3Q24 4Q24 1Q25 2Q25 6/30/23 YTD 6/30/24 YTD 6/30/25 YTD (Dollars in Thousands) Net Interest Income (GAAP) 128,571$ 131,110$ 134,370$ 130,270$ 133,014$ 281,954$ 255,634$ 263,284$ Fully Taxable Equivalent ("FTE") Adjustment 5,859 5,883 5,788 6,127 6,199 12,179 11,655 12,326 Net Interest Income (FTE) (non-GAAP) 134,430 136,993 140,158 136,397 139,213 294,133 267,289 275,610 Average Earning Assets (GAAP) 17,013,984$ 16,990,358$ 17,089,198$ 16,960,475$ 17,158,984$ 16,896,834$ 17,068,917$ 17,060,278$ Net Interest Margin (GAAP) 3.02% 3.09% 3.15% 3.07% 3.10% 3.34% 3.00% 3.09% FTE Adjustment 0.14% 0.14% 0.13% 0.15% 0.15% 0.14% 0.13% 0.14% Net Interest Margin (FTE) (non-GAAP) 3.16% 3.23% 3.28% 3.22% 3.25% 3.48% 3.13% 3.23%

Non-GAAP 31 1Non-core expenses in 4Q24 included $0.8 million of costs directly related to the branch sale. 2Non-core expenses in 6/30/24 YTD included $1.1 million from the FDIC special assessment and $2.4 million from digital platform conversion costs. EFFICIENCY RATIO (dollars in thousands): 2Q24 3Q24 4Q24 1Q25 2Q25 6/30/23 YTD 6/30/24 YTD 6/30/25 YTD EFFICIENCY RATIO (dollars in thousands): Noninterest Expense (GAAP) 91,413$ 94,629$ 96,289$ 92,902$ 93,598$ 186,313$ 188,348$ 186,500 Less: Intangible Asset Amortization (1,771) (1,772) (1,771) (1,526) (1,505) (4,379) (3,728)$ (3,031) Less: OREO and Foreclosure Expenses (373) (942) (227) (600) (29) (898) (907)$ (629) Adjusted Noninterest Expense (non-GAAP) 89,269 91,915 94,291 90,776 92,064 181,036 183,713 182,840 Net Interest Income (GAAP) 128,571 131,110 134,370 130,270 133,014 281,954 255,634 263,284 Plus: Fully Taxable Equivalent Adjustment 5,859 5,883 5,788 6,127 6,199 12,179 11,655 12,326 Net Interest Income on a Fully Taxable Equivalent Basis (non-GAAP) 134,430 136,993 140,158 136,397 139,213 294,133 267,289 275,610 Noninterest Income (GAAP) 31,334 24,866 42,742 30,048 31,303 51,316 57,972 61,351 Less: Investment Securities (Gains) Losses 49 9,114 11,592 7 1 2,963 51 8 Adjusted Noninterest Income (non-GAAP) 31,383 33,980 54,334 30,055 31,304 54,279 58,023 61,359 Adjusted Revenue (non-GAAP) 165,813 170,973 194,492 166,452 170,517 348,412 325,312 336,969 Efficiency Ratio (non-GAAP) 53.84% 53.76% 48.48% 54.54% 53.99% 51.96% 56.47% 54.26% Adjusted Noninterest Expense (non-GAAP) 89,269 91,915 94,291 90,776 92,064 181,036 183,713 182,840 Non-core expenses1,2 - - (762) - - - (3,481) - Adjusted Noninterest Expense Excluding Non-Core Expenses (non-GAAP) 89,269 91,915 93,529 90,776 92,064 181,036 180,232 182,840 Adjusted Revenue (non-GAAP) 165,813 170,973 194,492 166,452 170,517 348,412 325,312 336,969 Less: Gain on Branch Sale - - (19,983) - - - - - Adjusted Revenue Excluding Gain on Branch Sale (non-GAAP) 165,813 170,973 174,509 166,452 170,517 348,412 325,312 336,969 Adjusted Efficiency Ratio (non-GAAP) 53.84% 53.76% 53.60% 54.54% 53.99% 51.96% 55.40% 54.26%

Non-GAAP 32 1 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. CAPITAL RATIOS (dollars in thousands): 2Q23 2Q24 3Q24 4Q24 1Q25 2Q25 Total Risk-Based Capital Ratio (dollars in thousands) Total Stockholders' Equity (GAAP) 2,145,565 2,212,525 2,302,373 2,304,983 2,332,214 2,347,952 Adjust for Accumulated Other Comprehensive Loss 1 217,964 211,979 151,825 188,685 190,311 189,975 Less: Preferred Stock (25,125) (25,125) (25,125) (25,125) (25,125) (25,125) Add: Qualifying Capital Securities 25,000 25,000 25,000 25,000 25,000 25,000 Less: Disallowed Goodwill and Intangible Assets (734,666) (728,321) (726,907) (725,504) (724,275) (723,067) Less: Disallowed Deferred Tax Assets (258) (282) (257) (571) (573) (473) Total Tier 1 Capital (Regulatory) 1,639,994$ 1,695,776$ 1,726,909$ 1,767,468$ 1,797,552$ 1,814,262$ Qualifying Subordinated Debentures 143,132 78,236 78,205 72,040 47,380 47,439 Allowance for Loan Losses includible in Tier 2 Capital 183,106 189,697 189,366 190,854 192,814 197,336 Total Risk-Based Capital (Regulatory) 1,966,232$ 1,963,709$ 1,994,480$ 2,030,362$ 2,037,746$ 2,059,037$ Net Risk-Weighted Assets (Regulatory) 14,590,561$ 15,161,104$ 15,132,640$ 15,249,287$ 15,408,760$ 15,771,275$ Total Risk-Based Capital Ratio (Regulatory) 13.48% 12.95% 13.18% 13.31% 13.22% 13.06% Common Equity Tier 1 Capital Ratio Total Tier 1 Capital (Regulatory) 1,639,994$ 1,695,776$ 1,726,909$ 1,767,468$ 1,797,552$ 1,814,262$ Less: Qualified Capital Securities (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) Common Equity Tier 1 Capital (Regulatory) 1,614,994$ 1,670,776$ 1,701,909$ 1,742,468$ 1,772,552$ 1,789,262$ Net Risk-Weighted Assets (Regulatory) 14,590,561$ 15,161,104$ 15,132,640$ 15,249,287$ 15,408,760$ 15,771,275$ Common Equity Tier 1 Capital Ratio (Regulatory) 11.07% 11.02% 11.25% 11.43% 11.50% 11.35%

Non-GAAP 33 TANGIBLE COMMON EQUITY RATIO (dollars in thousands): 2Q23 2Q24 3Q24 4Q24 1Q25 2Q25 Tangible Common Equity Ratio (dollars in thousands) Total Stockholders' Equity (GAAP) 2,145,565$ 2,212,525$ 2,302,373$ 2,304,983$ 2,332,214$ 2,347,952$ Less: Preferred Stock (25,125) (25,125) (25,125) (25,125) (25,125) (25,125) Less: Intangible Assets (743,465) (735,373) (733,601) (731,830) (730,304) (728,799) Tangible Common Equity (non-GAAP) 1,376,975$ 1,452,027$ 1,543,647$ 1,548,028$ 1,576,785$ 1,594,028$ Total Assets (GAAP) 18,032,256$ 18,303,423$ 18,347,552$ 18,311,969$ 18,439,787$ 18,592,777$ Less: Intangible Assets (743,465) (735,373) (733,601) (731,830) (730,304) (728,799) Tangible Assets (non-GAAP) 17,288,791$ 17,568,050$ 17,613,951$ 17,580,139$ 17,709,483$ 17,863,978$ Tangible Common Equity Ratio (non-GAAP) 7.96% 8.27% 8.76% 8.81% 8.90% 8.92% TANGIBLE COMMON EQUITY PER SHARE (dollars in thousands): 2014 2015 2016 2017 2018 2019 2020 2021 Tangible Common Equity Per Share Total Stockholders' Equity (GAAP) 726,827$ 850,509$ 901,657$ 1,303,463$ 1,408,260$ 1,786,437$ 1,875,645$ 1,912,571$ Less: Preferred Stock (125) (125) (125) (125) (125) (125) (125) (125) Less: Intangible Assets (218,755) (259,764) (258,866) (476,503) (469,784) (578,881) (572,893) (570,860) Tax Benefit 6,085 6,278 5,930 6,788 5,017 7,257 5,989 4,875 Tangible Common Equity, Net of Tax (non-GAAP) 514,032$ 596,898$ 648,596$ 833,623$ 943,368$ 1,214,688$ 1,308,616$ 1,346,461$ Common Shares Outstanding 37,669,948 40,664,258 40,912,697 49,158,238 49,349,800 55,368,482 53,922,359 53,410,411 Tangible Common Equity per Share (non-GAAP) 13.65$ 14.68$ 15.85$ 16.96$ 19.12$ 21.94$ 24.27$ 25.21$ 2022 2Q23 2023 2Q24 3Q24 4Q24 1Q25 2Q25 Tangible Common Equity Per Share Total Stockholders' Equity (GAAP) 2,034,770$ 2,145,565$ 2,247,713$ 2,212,525$ 2,302,373$ 2,304,983$ 2,332,214$ 2,347,952$ Less: Preferred Stock (25,125) (25,125) (25,125) (25,125) (25,125) (25,125) (25,125) (25,125) Less: Intangible Assets (747,844) (743,465) (739,101) (735,373) (733,601) (731,830) (730,304) (728,799) Tax Benefit 7,702 6,760 5,819 5,020 4,642 4,263 3,939 3,614 Tangible Common Equity, Net of Tax (non-GAAP) 1,269,503$ 1,383,735$ 1,489,306$ 1,457,047$ 1,548,289$ 1,552,291$ 1,580,724$ 1,597,642$ Common Shares Outstanding 59,170,583 59,297,148 59,424,122 58,045,653 58,117,115 57,974,535 57,810,232 57,272,433 Tangible Common Equity per Share (non-GAAP) 21.45$ 23.34$ 25.06$ 25.10$ 26.64$ 26.78$ 27.34$ 27.90$

Non-GAAP 34 RETURN ON TANGIBLE COMMON EQUITY (dollars in thousands): 2014 2015 2016 2017 2018 2019 2020 2021 Return on Tangible Common Equity Total Average Stockholders' Equity (GAAP) 675,295$ 753,724$ 884,664$ 1,110,524$ 1,343,861$ 1,569,615$ 1,825,135$ 1,866,632$ Less: Average Preferred Stock (125) (125) (125) (125) (125) (125) (125) (125) Less: Average Intangible Assets, Net of Tax (199,354) (215,281) (254,332) (360,005) (467,421) (499,622) (569,377) (567,512) Average Tangible Common Equity, Net of Tax (non-GAAP) 475,816$ 538,318$ 630,207$ 750,394$ 876,315$ 1,069,868$ 1,255,633$ 1,298,995$ Net Income Available to Common Stockholders (GAAP) 60,162$ 65,384$ 81,051$ 96,070$ 159,139$ 164,460$ 148,600$ 205,531$ Plus: Intangible Asset Amortization, Net of Tax 1,395 1,720 2,542 3,670 5,307 4,736 4,730 4,540 Tangible Net Income (non-GAAP) 61,557$ 67,104$ 83,593$ 99,740$ 164,446$ 169,196$ 153,330$ 210,071$ Return on Tangible Common Equity (non-GAAP) 12.94% 12.47% 13.26% 13.29% 18.77% 15.81% 12.21% 16.17% 2022 2023 2Q24 3Q24 4Q24 2024 1Q25 2Q25 Return on Tangible Common Equity Total Average Stockholders' Equity (GAAP) 1,972,445$ 2,127,262$ 2,203,361$ 2,251,547$ 2,312,270$ 2,252,491$ 2,340,874$ 2,340,010$ Less: Average Preferred Stock (18,875) (25,125) (25,125) (25,125) (25,125) (25,125) (25,125) (25,125) Less: Average Intangible Assets, Net of Tax (699,803) (736,601) (730,980) (729,581) (728,218) (730,295) (726,917) (725,813) Average Tangible Common Equity, Net of Tax (non-GAAP) 1,253,767$ 1,365,536$ 1,447,256$ 1,496,841$ 1,558,927$ 1,497,071$ 1,588,832$ 1,589,072$ Net Income Available to Common Stockholders (GAAP) 220,683$ 221,911$ 39,456$ 48,719$ 63,880$ 199,527$ 54,870$ 56,363$ Plus: Intangible Asset Amortization, Net of Tax 6,537 6,906 1,399 1,399 1,399 5,744 1,206 1,188 Tangible Net Income (non-GAAP) 227,220$ 228,817$ 40,855$ 50,118$ 65,279$ 205,271$ 56,076$ 57,551$ Return on Tangible Common Equity (non-GAAP) 18.12% 16.76% 11.29% 13.39% 16.75% 13.71% 14.12% 14.49%