First Merchants Corporation · NASDAQ:FRME
First Merchants — Merger or Acquisition (September 2025)
17 slides from First Merchants's merger presentation, Sep 25, 2025
Slide 1: Merger With First Savings Financial Group, Inc.
Merger With First Savings Financial Group, Inc. September 25, 2025
Slide 2: Forward Looking Statements
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
Slide 3: A Leading Midwest Banking Franchise
A Leading Midwest Banking Franchise Partnership Enhances Scale, Expands Indiana Footprint & Delivers Key Business Lines 1 Michigan Pro Forma Financial Highlights Monroe MSA Rank: 1 Detroit MSA Rank: 11 Deposits: $2.5B 1.2%+ Ticker: FRME Loans: $2.9B 2026E ROAA Northwest Indiana Lake County Rank: 5 H
Slide 4: FRME's History of Growth
FRME’s History of Growth Total Assets ($B) Growing Organically and Through Acquisition ✓ Organic growth CAGR of 8.2% since 2014 ✓ Experienced Acquirer ✓ Expanded in Current High-Growth Markets ✓ Added to Franchise with Stable Deposit Gathering $21.0 Markets $17.9 $18.3 $18.3 $18.6 $15.5 $14.1 $12.5
Slide 5: Overview of First Savings Financial Group, Inc.
Overview of First Savings Financial Group, Inc. Company Highlights Geographic Footprint Second largest1 independent franchise headquartered in Southern Indiana2 with leading market share in counties of operation I n d i a n a FRME 65 Seasoned executive team with deep-rooted market experience; FSFG C
Slide 6: Transaction Summary
Transaction Summary First Merchants Corporation (“FRME”) $18.6 billion in total assets as of June 30, 2025 Buyer Muncie, Indiana Established 1893 First Savings Financial Group, Inc. (“FSFG”) $2.4 billion in total assets as of June 30, 2025 Seller Jeffersonville, Indiana Established 1937 0.85 shares
Slide 7: Transaction Highlights
Transaction Highlights Combination creates a $20B+ asset bank ranked 4th in deposit market share in Indiana and with a statewide footprint Strategically Expands FRME into Southern Indiana (four of FSFG’s counties of operation are part of the Compelling Louisville MSA which is comprised of markets in
Slide 8: Expansion into Southern Indiana Bolsters Indiana State Presence
Expansion into Southern Indiana Bolsters Indiana State Presence Pro Forma Indiana Deposit Market Share FSFG Southern Indiana Deposit Market Share Deposits Mkt. Share Deposits Mkt. Share Rank Institution (ST) Branches ($000) (%) Rank Institution (ST) Branches ($000) (%) 1 JPMorgan Chase & Co. (NY) 11
Slide 9: FSFG Market Dynamics: Southern Indiana
FSFG Market Dynamics: Southern Indiana Attractive markets that FRME intends to invest in and grow post-closing. Market strategy will include the continuation of the First Savings Charitable Foundation FSFG’s Footprint By the Numbers Key Economic Drivers River Ridge 6,000-acre industrial park in Jeff
Slide 10: Opportunity to Expand FSFG's Specialty Lines
Opportunity to Expand FSFG’s Specialty Lines FSFG offers three specialty, nationwide lines that can be invested in to expand and grow Growth from these lines could either be on balance sheet or through an originate-to-sell model to enhance fee income Tony Schoen – CFO and Director of FSFG – will ove
Slide 11: Pro Forma Loans and Deposits
Pro Forma Loans and Deposits FRME FSFG Pro Forma C&D 3.6% C&D C&D Consumer 6.3% 5.9% 1-4 Family1 Consumer & Other 1-4 Family1 13.4% & Other 1-4 Family1 11.6% Consumer 13.2% Strong and 18.3% 17.7% & Other HELOC 23.8% HELOC Diversified HELOC 4.9% 7.1% 21.9% C&I OOCRE C&I Loan 5.5% C&I OOCRE 33.3% 9.2%
Slide 12: Summary Financial Impact & Assumptions
Summary Financial Impact & Assumptions 11% EPS accretion for last 9 months of 2026 (with fully-phased cost savings) 4.8% TBV dilution at closing, inclusive of all transaction expenses, with an earnback of 3 years using the crossover method1 Tangible common equity / tangible assets of ~8.7% estimated
Slide 13: Summary
Summary Leading Midwest franchise headquartered in Indiana of over $20 billion in assets and higher growth potential Compelling both strategically and financially Expands FRME into Southern Indiana, increasing statewide deposit market share Strong operational fit with FSFG’s legacy community markets
Slide 14: FRME's Track Record of Shareholder Value Creation
FRME’s Track Record of Shareholder Value Creation 10-Year Total Return (2014-2024) Earnings per Share CAGR 2014-2024: 7.5% $3.81 $3.81 $3.73 230.1% $3.41 $3.22 $3.19 $2.74 $2.12 $1.98 $1.92 $1.65 $1.72 200.3% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD’25 Dividends per Share FRME KBW
Slide 15: Appendix
APPENDIX o First Merchants, 2
Slide 16: FSFG Summary Financial Highlights
FSFG Summary Financial Highlights (Dollars in Thousands) CY 2020 CY 2021 CY 2022 CY 2023 CY 2024 6/30/25 LTM Balance Sheet Total Assets $ 1,873,665 $ 1,764,589 $ 2,196,919 $ 2,308,092 $ 2,388,735 $ 2,416,675 Gross Loans (Excl. HFS) 1,131,832 1,157,435 1,599,020 1,860,742 1,905,199 1,916,343 Deposits
Slide 17: TBV Dilution and Pro Forma Earnings Accretion Reconciliation
TBV Dilution and Pro Forma Earnings Accretion Reconciliation Tangible Book Valuation Dilution Detail Illustrative Fully Phased-in 2026E EPS Accretion1 Common Shares $ Per $ Millions (Millions) Share Dollars in millions, excluding per share data 2026E FRME Tangible Book Value at Close (3/31/2026) $1,
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