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Alerus INVESTOR PRESENTATION SEPTEMBER 2019

DISCLAIMERS ForwardLooking Statements This presentation contains forward-looking statements about Alerus Financial Corporation. Forward-looking statements are neither historical facts nor assurances about future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Forward-looking statements can be identified by words such as: “intend,” “plan,” “believe,” “estimate,” “expect,” “strategy,” “future,” “may,” “will” and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding our projected growth, anticipated future financial performance, financial condition, credit quality and management’s long-term performance goals and the future plans and prospects of Alerus Financial Corporation. Forward-looking statements involve inherent risks and uncertainties that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Accordingly, you are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict, including those risks described under the heading “Risk Factors” in our registration statement on Form S-1, filed with the Securities and Exchange Commission. Although we believe that the expectations reflected in such forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the expected results expressed or implied by such forward-looking statements. Unless otherwise required by law, we also disclaim any obligation to update our view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made in this presentation. No Offer or Solicitation Alerus Financial Corporation has filed a registration statement (including a prospectus), which is preliminary and subject to completion, with the Securities and Exchange Commission for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and the other documents that Alerus Financial Corporation has filed with the Securities and Exchange Commission for more complete information about the company and the offering. You may get these documents for free by visiting EDGAR on the Securities and Exchange Commission’s web site at www.sec.gov. Alternatively, Alerus Financial Corporation, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by contacting: Raymond James & Associates, Inc., Attention: Equity Syndicate, 880 Carillon Parkway, St. Petersburg, FL, 33716, or by telephone at (800) 248-8863, or by e-mail at prospectus@raymondjames.com or D.A. Davidson & Co., Attention: Syndicate, 8 Third Street North, Great Falls, Montana 59401, or by telephone at (800) 332-5915. This presentation does not constitute an offer to sell, nor a solicitation of an offer to buy, any securities of Alerus Financial Corporation by any person in any jurisdiction in which it is unlawful for such person to make such an offering or solicitation. Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of the securities of Alerus Financial Corporation or passed upon the accuracy or adequacy of this presentation. Any representation to the contrary is a criminal offense. NonGAAP Financial Measures This presentation includes certain ratios and amounts that do not conform to U.S. Generally Accepted Accounting Principles, or GAAP. Management uses certain non-GAAP financial measures to evaluate financial performance and business trends from period to period and believes that disclosure of these non-GAAP financial measures will help investors, rating agencies and analysts evaluate the financial performance and condition of Alerus Financial Corporation. This presentation includes a reconciliation of each non-GAAP financial measure to the most comparable GAAP equivalent. Miscellaneous Except as otherwise indicated, this presentation speaks as of the date hereof. The delivery of this presentation shall not, under any circumstances, create any implication that there has been no change in the affairs of Alerus Financial Corporation after the date hereof. Certain of the information contained herein may be derived from information provided by industry sources. We believe that such information is accurate and that the sources from which it has been obtained are reliable. We cannot guarantee the accuracy of such information, however, and we have not independently verified such information. 1

OFFERING SUMMARY and other general corporate purposes 2 CoManager Piper Jaffray & Co. BookRunning Manager D.A. Davidson & Co. Lead BookRunning Manager Raymond James & Associates, Inc. Use of Proceeds Enhance regulatory capital ratios, support future organic or strategic growth LockUp 180 Days for directors and executive officers Overallotment Option 15% (100% Primary) Filing Range $22.00 - $24.00 per share Offering Size ~$75 million Shares Offered 3,250,000 (excluding the overallotment option) Proposed Exchange / Ticker: NASDAQ / “ALRS” Issuer Alerus Financial Corporation

COMPANY PROFILE DIVERSIFIED REVENUE STREAM FOR THE TWELVE MONTHS ENDED JUNE 30, 2019 COMPANY PORTFOLIO OUR MISSION To always act in the best interest of our clients by providing innovative and comprehensive financial solutions that are delivered through a relationship-oriented single point of contact and supported by client-friendly technology. Retirement a nd Benefit Revenue 34.3% Net Interest Income 41.3% Noninterest income: $107.5 million Net interest income: $75.6 million Ba nking Fees 4.7% Wea lth Ma na gement Revenue 9.8% Mortga ge Revenue 10.0% DIVERSIFIED FINANCIAL SERVICES COMPANY $2.2 billion banking assets $27.9 billion assets under administration $5.3 billion assets under management ASSET GROWTH (IN BILLIONS) Banking Assets $1.5 $1.7 $2.1 $2.1 $2.2 $2.2 2014 2015 2016 2017 2018 Q2 19 ALERUS BUSINESS LINES Assets Under Administration Banking Retirement and Benefits Wealth Management Mortgage $15.5 $17.5 $25.0 $28.2 $25.9 $27.9 2014 2015 2016 2017 2018 Q2 19 Assets Under Management $2.5 $2.6 $3.4 $3.8 $4.6 $5.3 2014 2015 2016 2017 2018 Q2 19 Data as of 6/30/2019. 3

FRANCHISE FULLSERVICE BANKING OFFICES Alerus offers banking, retirement and benefits, mortgage and wealth management services at all fullservice banking offices FOOTPRINT Grand Forks, ND 3 full-service banking offices Fargo, ND 3 full-service banking offices Twin Cities, MN 6 full-service banking offices 1 mortgage office 1 deposit and loan production office Phoenix, AZ DIVERSIFIED CLIENT BASE 2 full-service banking offices 45,500 consumers 10,500 businesses 6,800 employer-sponsored retirement plans 359,600 employer-sponsored retirement plan participants 46,400 health savings account participants 22,500 flexible spending account/health reimbursement arrangement participants Nationwide clients serviced by newly formed National Market RETIREMENT AND BENEFITS SERVICES OFFICES 2 retirement and benefits offices in Minnesota 2 retirement and benefits offices in Michigan 1 retirement and benefits office in New Hampshire Serve clients in all 50 states through retirement plan services Data as of 6/30/2019. 4

OFFICERS AND DIRECTORS OUR MOTIVATED, DEDICATED, AND ENERGETIC LEADERS KEEP US ON THE RIGHT PATH SENIOR EXECUTIVE TEAM BOARD OF DIRECTORS 5 GALEN VETTER Since 2013 Retired, CFO Franklin Templeton Investments Minneapolis, MN MICHAEL MATHEWS Since 2019 CIO, Deluxe Corporation Former SVP – Technology and Enterprise Programs, UnitedHealth Group Minneapolis, MN DAN COUGHLIN Since 2016 Former MD & CoHead – Fin’l Services Inv. Banking, Raymond James; Former Chairman & CEO, Howe Barnes Hoefer & Arnett Chicago, IL LLOYD CASE Since 2005 Former President and CEO Forum Communications Co. Director, Forum Communications Fargo, ND SALLY SMITH Since 2007 Retired, President and CEO Buffalo Wild Wings, Inc. Minneapolis, MN Virtual Systems Former Chief Administrative Officer Edina, MN RANDY NEWMAN Chairman, President, and Chief Executive Officer 38 years with Alerus KEVIN LEMKEKAREN BOHN Since 1994Since 1999 President President, Galeo Group, LLC Grand Forks, ND Piper Jaffray Co. KARIN TAYLOR Executive Vice President and Chief Risk Officer Joined Alerus in 2018 ANN MCCONN Executive Vice President and Chief Business Officer 17 years with Alerus KRIS COMPTON Executive Vice President and Chief Strategy Officer 44 years with Alerus (Retirement expected end of 2019) KATIE LORENSON Executive Vice President and Chief Financial Officer 2 years with Alerus

KEY STRATEGIC INITIATIVES GROWING THE ALERUS FRANCHISE Diversified client base consists of 45,500 consumers, 10,500 businesses and over 359,600 employer-sponsored LEVERAGE OUR EXISTING CLIENT BASE EXECUTE STRATEGIC ACQUISITIONS PURSUE TALENT ACQUISITION ENHANCE BRAND AWARENESS STRENGTHEN AND BUILD Provide secure and reliable technology that meets evolving client expectations INFRASTRUCTURE ORGANIC GROWTH “ONE ALERUS” 6 Collaborative leadership team focused on growing organically by deepening relationships with existing clients through our expansive services Maintain relationshipdriven business model while diversifying our composition of revenue Integrate our full product and service offerings through our fastfollower strategy Proactively position ourselves as an acquirer and employer of choice Invested in one of the leading marketing automation technologies Recruit top talent to accelerate growth in our existing markets or jumpstart our entrance into new markets Market disruption caused by M&A activity provides liftout opportunities Capitalize on strategic opportunities to grow in our existing markets or new markets Acquisition targets include banks and fee income companies with complementary business models, cultural similarities, and growth opportunities retirement plan participants Harness product synergies unavailable to traditional banking organizations

ONE ALERUS ONE ALERUS STRATEGY One Alerus enables us to bring all of our product and service offerings to clients in a cohesive and seamless manner. We believe the One Alerus initiative will enable us to achieve future organic growth by leveraging our existing client base and help us continue to provide strong returns to our stockholders TECHNOLOGY INVESTMENT We have proactively invested in technology which will allow us to effectively integrate our various departments and business lines We believe these initiatives will reduce the amount of technology expenditures needed in the future TAILORED ADVICE We strive to provide each client with a primary point of contact —a trusted advisor— who deals with individual needs and integrates other department’s expertise when necessary DIVERSIFIED SERVICES Through our four divisions, we are able to offer a comprehensive service package to our clients ONE ALERUS SYNERGISTIC GROWTH We have formalized our National Market which has grown deposits to $326 million as of June 30, 2019 REINVENTION OF PROCESSES We have aligned processes, policies, and procedures throughout all departments to enhance client experience and improve our Company's efficiency Acquired new product lines including HSA and payroll accounts We expect the 401(k) money market accounts to continue to grow and reduce funding costs Our expectation is this initiative will continue to improve our scalability and operating costs 7

STRATEGIC GROWTH To supplement our strong organic growth, we have executed 23 acquisitions throughout the histor y of our company across all business lines: Acquired selected loans and deposits from BNC National Bank (MN & AZ) Acquired branch of BNC National Bank (Scottsdale, AZ) 2000 2002 2011 REBRANDED TO ALERUS Acquired a branch from BNC National Bank (Fargo, ND) Acquired Pension Solutions, Inc. (St. Paul, MN) The catalyst to the Retirement Division EXPANDED TO MICHIGAN Acquired PensionTrend, Inc. and PensionTrend Investment Advisers, LLC (Okemos, MI) 2003 2012 OPENED A TRUST AND INVESTMENT OFFICE (TWIN CITIES) Acquired Stanton Trust Company (Minneapolis, MN) 2006 2013 Acquired Tegrit Administrators, LLC EXPANDED TO NEW HAMPSHIRE Acquired Private Bank Minnesota (Minneapolis, MN) Acquired Retirement Alliance, Inc. (Manchester, NH) 2014 EXPANDED TO MINNESOTA MARKET OPENED A BUSINESS BANKING OFFICE (MINNETONKA, MN) Acquired Acclaim Benefits, Inc. (Minneapolis, MN) Acquired Stanton Investment Advisors (Minneapolis, MN) 2007 Acquired Interactive Retirement Systems, Ltd. (Bloomington, MN) 2015 Acquired Beacon Bank (Shorewood, Excelsior, Eden Prairie and Duluth, MN) Acquired Alliance Benefit Group North Central States, Inc. (Albert Lea and Eden Prairie, MN) 2016 EXPANDED TO ARIZONA MARKET OPENED A BUSINESS BANKING OFFICE (SCOTTSDALE, AZ) Acquired retirement plan practice of Eide Bailly, LLP (Minneapolis, MN) Acquired Prosperan Bank (Twin Cities, MN) Acquired deposits from BankFirst (Minneapolis, MN) Acquired Residential Mortgage Group (Minnetonka, MN) 2009 LAUNCHED ONE ALERUS STRATEGIC GROWTH PLAN 2017 LAUNCHED FINANCIAL WELLNESS TECHNOLOGY 2019 8

OUR DIVERSE BUSINESS LINES A BIG COMPANY MODEL WITH SMALL COMPANY EXECUTION BUSINESS BANKING CONSUMER BANKING • • Commercial and commercial real estate lending Agriculture lending Treasury management Deposit services Deposit products and services Consumer lending Private banking • • • • • 46% of Revenue TRUSTED ADVISOR 34% of Revenue 10% of Revenue • • • • Residential mortgage lending Purchasing or refinancing Residential construction lending Home equity/second mortgages • Retirement plan administration Retirement plan investment advisory ESOP fiduciary services Payroll administration services HSA/FSA/HRA administration COBRA • 10% of Revenue • • • • • • • • Advisory services Trust and fiduciary services Investment management Insurance planning Financial planning Education planning • • Revenue data LTM as of 6/30/19 9 WEALTH MANAGEMENT RETIREMENT AND BENEFITS MORTGAGE BANKING

STRONG CORE FUNDING MIX Recently developed an HSA deposit program through retirement plan sponsors to attract low cost deposits, which as of June 30, 2019, totaled $113.8 million in deposits, with a cost of 0.16% We believe our North Dakota market is rich in low-cost, core deposits, which can be used to fund loans in our higher growth metropolitan areas We believe our National Market enables us to attract market rate deposits with minimal acquisition costs As of June 30, 2019, core deposits totaled $1.7 billion or 94.7% of our total deposits 1.40% 1.20% 0.97% 1.00% 0.80% 0.60% 0.40% 0.20% 0.00% Cost of Total Deposits Cost of Interest Bearing Deposits Total C ost of F unds 2016 2017 2018 Q2 2019 YTD Indicates SNL U.S. Bank $1 billion $5 billion medians Data as of 6/30/2019. 10 0.98% 0.71% LOW COST OF FUNDS JUNE 30, 2019 DEPOSIT FUNDING ($1,753MM) OVERVIEW

DIVERSIFIED LOAN $1,713MM1 PORTFOLIO PORTFOLIO BY TYPE2 PORTFOLIO BY INDUSTRY 1 2 Excludes loans held for sale. Data as of 6/30/2019. Based on call report data as of 6/30/2019. Rounded to nearest percent. 11

ASSET QUALITY 0.80% Solid asset quality and reserve levels 0.60% Strengthened credit department to support growth 0.40% 0.20% Proactive approach to classification of assets 0.00% 2015 2016 2017 2018 Q1 2019 Q2 2019 1.60% 500.00% 400.00% 1.20% 300.00% 0.80% 200.00% 0.40% 100.00% 0.00% 0.00% 2015 2016 2017 2018 Q1 2019 Q2 2019 2015 2016 2017 2018 Q1 2019 Q2 2019 12 1.30% 1.30% 1.32% 1.24% 1.14% 1.05% 460% 318% 282% 274% 205% 154% RESERVES / NPLS (%) RESERVES / LOANS (%) 0.60% 0.47% 0.38% 0.33% 0.30% 0.23% NPAS / ASSETS (%) OVERVIEW

STABLE NET INTEREST MARGIN 6.00% 1 5.01% 4.81% 5.00% 4.65% 4.63% Loan Yield 3.86% 1 3.76% 3.74% 4.00% 3.63% Net Interest Margin (fullytaxable equivalent “FTE”) 3.00% 1 2.40% 1.83% 2.00% Average Effective Fed Funds Rate 1.00% 1.00% 1 0.97% 0.65% 0.39% Cost of Funds 0.40% 0.44% 0.00% 2016 2017 2018 Q2 2019 YTD 1 Rates have been annualized for interim periods. Source: Alerus Financial Corporation; Federal Reserve Note: Net interest margin (FTE) is a non-GAAP financial measure; See “Non-GAAP Disclosure Reconciliation” in the Appendix to this presentation 13

RETIREMENT AND BENEFITS RETIREMENT - Provide recordkeeping and administration services to qualified retirement plans ESOP - Provide trustee, recordkeeping and administration to employee stock ownership plans ADVISORY SERVICES - Provide investment fiduciary services to retirement plans HEALTH AND WELFARE - Provide HSA, FSA, COBRA recordkeeping and administration services to employers PAYROLL - Provide payroll and HRIS services for employers ONE ALERUS SYNERGIES AUA AUM ($ in Millions) $35, 000 $28, 000 $21, 000 $14, 000 $7,000 • • IRA rollovers Deposits - HSA deposits, 401(k) Money Market Funds, Emergency Savings, Terminated Participants Managed accounts $0 2016 2017 2018 Q2 2019 • Net Income1 Revenue ($000s) $80, 000 Other 10% Pa yroll Servicing 2% Hea lth & Welfa re 7% ESOP 6% $60, 000 MARKET SENSITIVE REVENUE: 47% Asset Ba sed Retirement 38% $40, 000 02 Asset Adminis tration 11% Record Keeping 17% $20, 000 $13,32 $13,244 $0 Trus t, Cus tody & Advis ory 9% 2016 2017 2018 Q2 2019 YTD 1 Net Income before Tax and Indirect Allocations. 14 Profit Margin:23.1%32.7%42.5%43.0% $57,804 $62,390 $63,316 3 5 $20,41 $30,835 $26,9 REVENUE MIX (Q2 2019 YTD) PROFIT MARGIN $2,598 $28,128 $27,771 $25,777 $24,953 ASSETS UNDER MANAGEMENT & ADMINISTRATION OVERVIEW OF SERVICES

WEALTH MANAGEMENT SERVICES ADVISORY AND PLANNING SERVICES • Retirement Planning, Tax Planning, Insurance Planning, Wealth Transfer Planning and Business Transition Planning INVESTMENT MANAGEMENT • Personalized SMA strategies, Tax Management and Global Perspective FIDUCIARY SERVICES • IRA, Agency and Personal Trust ONE ALERUS SYNERGIES • IRA rollovers • 401(k) managed accounts AUM AUA ($ in Millions) $3,000 $2,000 $2,550 $1,000 $0 2016 2017 2018 Q2 2019 Net Income1 Revenue ($000s) Ins ura nce & Advis ory 1% $18, 000 $12,694 $12, 000 Broker ge 15% $6,000 Asset Ma na gement 84% $0 2016 2017 2018 Q2 2019 YTD 1 Net Income before Tax and Indirect Allocations. 15 Profit Margin:33.1%45.5%54.4%45.2% $14,010 $14,962 $6,370 $7,489 $8,138 $4,196 $3,388 REVENUE MIX (Q2 2019 YTD) PROFIT MARGIN $2,662 $2,610 $2,221 ASSETS UNDER MANAGEMENT & ADMINISTRATION OVERVIEW OF SERVICES

MORTGAGE BANKING 1st and 2nd mortgage product offerings through centralized mortgage operations in Minnesota Our Twin Cities originators averaged $30 million in volume in 2018 YTD, approximately 80% purchase originations, with approximately 90% sourced from the Twin Cities MSA ONE ALERUS SYNERGIES Purcha se Refi ($ in Millions) $1,250.0 $1,000.0 $750.0 • Through enhanced technology, offer mortgage products nationwide to our retirement plan participants Expand mortgage pipeline to other markets where we have a physical presence As of June 30, 2019, originations retained on the banking division’s balance sheet totaled $452 million $500.0 • $250.0 • $0.0 2016 2017 2018 Q2 2019 YTD Net Income1 Revenue ($000s) $32, 000 $24, 000 $18,464 $16, 000 $5,555 $8,000 $0 2016 2017 2018 Q2 2019 YTD 1 Net Income before Tax and Indirect Allocations. 16 Profit Margin:20.0%14.8%6.8%17.5% $27,830 $20,488 $12,038 $3,040 $1,254 $2,110 PROFIT MARGIN 14 FAMILY PRODUCT MIX $342.3 $175.5 $129.3 $722.9 $691.7 $650.4 $303.2 MORTGAGE ORIGINATIONS OVERVIEW OF SERVICES

MARKET DISTRIBUTION STRONG GROWTH MARKETS AND STABLE CORE FUNDING ($ IN MILLIONS) LOANS1 ($1,713) DEPOSITS ($1,753) LEGEND MORTGAGE ORIGINATIONS2 ($371.7) ASSETS UNDER MGMT. ($5,260) ASSETS UNDER ADMIN. ($27,854) 1 2 Excludes loans held for sale. Q2 2019 YTD Data as of 6/30/2019. 17

POTENTIAL DRIVERS OF EARNINGS GROWTH YTD Capitalize on formalized National Market Net Interest Income $ 52,870 $ 62,940 $ 67,670 $ 75,224 $ 37,411 Total Noninterest Income 93,105 105,089 103,045 102,749 55,058 Execute future fee income acquisitions Total Noninterest Expense 118,134 143,792 134,920 136,325 68,775 Net Income before Taxes 23,641 21,177 32,515 33,038 19,677 Grow low-cost National Market deposits Net Income 17,010 14,036 15,001 25,866 14,784 ROATCE 13.86% 15.81% 18.04% 21.02% 20.53% Capitalize on organic loan growth opportunities Non-Int. Income / Op. Rev. 63.8% 62.5% 60.4% 57.7% 59.5% OneTime Ch arges Leverage talent and technology investments DTA Impairment (2014 Acquisition) 1,392 Branch Closures 1,515 520 Normalize provision expense M& A Expenses 3,436 Duluth Branch Gain on Sale (1,544) OneTime Charges, net of tax1 3,218 7,576 (1,220) Amortization of Intangibles, net of tax1 2,840 4,553 3,655 3,664 1,660 1 Adjusted utilizing a marginal income tax rate of 21.0 percent for 2019 and 2018, and 35.0 percent for years prior to 2018. 18 Core Cash Earnings 19,850 21,807 26,232 29,530 15,224 Core Earnings 17,010 17,254 22,577 25,866 13,564 Litigation Fees 1,582 New Tax Law DTA Revaluation $4,818 ROAA 1.11% 0.72% 0.75% 1.21% 1.36% Tax Provision 6,631 7,141 17,514 7,172 4,893 Provision for Loan Losses 4,200 3,060 3,280 8,610 4,017 ($000s) 2015 2016 2017 2018 Q2 2019 DRIVERS OF FUTURE EARNINGS GROWTH HISTORICAL FINANCIAL PERFORMANCE1

INVESTMENT HIGHLIGHTS DRIVEN BY STOCKHOLDER RETURNS Strong track record through various economic cycles with deep roots dating back to 1879 High performing Midwestern-based financial services franchise with a culture focused on client advocacy Executive management team and independent board of directors with extensive industry and public company experience Substantial ownership by employees, officers, and directors (~19%) Highly-skilled and engaged financial service employee base Proven acquirer through disciplined acquisitions and successful integration experience Commitment to technology and innovation Organic growth through advisors and referrals – national client base provides growth opportunities Opportunity to leverage scale and diversification to drive future earnings growth 19

20 APPENDIX

FINANCIAL HIGHLIGHTS Total Assets Total Loans Total Deposits Tangible Common Equity1 $ 1,744,324 1,126,921 1,458,021 140,993 $ 2,050,045 1,366,952 1,785,209 108,193 $ 2,136,081 1,574,474 1,834,962 125,154 $ 2,179,070 1,701,850 1,775,096 147,152 7.7% 14.7% 6.8% 1.4% $ 2,175,885 1,705,780 1,788,534 133,139 $ 2,207,129 1,713,452 1,753,365 166,064 Net Income ROAA (%) ROATCE (%) Net Interest Margin (FTE) (%)1 Efficiency Ratio (FTE) (%)1 Non-Int. Income / Op. Rev. (%) $ 17,010 1.11 13.86 3.81 77.70 63.78 $ 14,036 0.72 15.81 3.63 81.12 62.54 $ 15,001 0.75 18.04 3.76 75.36 60.36 $ 25,866 1.21 21.02 3.86 73.80 57.73 $ 12,463 1.20 21.50 3.88 72.68 57.61 $ 14,784 1.36 20.53 3.74 71.97 59.54 Total Equity / Total Assets (%) Tang. Cmn. Equity / Tang. Assets (%)1 Loans / Deposits (%) 10.45 8.18 77.29 8.21 5.44 76.57 8.41 6.01 85.80 9.04 6.91 95.87 8.52 6.28 95.37 9.69 7.69 97.72 NPLs / Loans (%) NPAs / Assets (%) Allowance / NPLs (%) Allowance / Loans (%) NCOs / Average Loans (%) 0.85 0.60 153.87 1.30 0.58 0.56 0.47 205.03 1.14 0.16 0.37 0.30 282.04 1.05 0.16 0.41 0.33 318.45 1.30 0.18 0.27 0.22 430.53 1.16 0.28 0.27 0.23 459.57 1.24 0.58 1 Represents a non-GAAP financial measure. See “Non-GAAP Disclosure Reconciliation” in the Appendix to this presentation. 21 ($000s, except where otherwise noted ) Annual '15'18 Yeartodate 2015201620172018CAGRQ2 2018Q2 2019

NON-GAAP DISCLOSURE RECONCILIATION 22 ($000s, except where otherwise noted ) Annual 2015 2016 2017 2018 Yeartodate Q2 2018 Q2 2019 Tangible common equity to tangible assets Total common stockholders' equity Less: Goodwill Less: Other intangible assets Tangible common equity (a) Total assets Less: Goodwill Less: Other intangible assets Tangible assets (b) Tangble common equity to tangible assets (a)/(b) Tangible common equity per common share Total stockholders' equity Less: Goodwill Less: Other intangible assets Tangible common equity (c) Common shares outstanding (d) Tangible common equity per common share (c)/(d) Return on average tangible common equity Net income Less: Preferred stock dividends Add: Intangible amortization expense (net of tax) Remeasurement due to tax reform Net income, excluding intangible amortization (e) Average total equity Less: Average preferred stock Less: Average goodwill Less: Average other intangible assets (net of tax) Average tangible common equity (f) Return on average tangible common equity (e)/(f) Net interest margin (tax equivalent) Net interest income Tax equivalent adjustment Tax equivalent net interest income (g) Average earning assets (h) Net interest margin (tax equivalent) (g)/(h) Efficiency Ratio Noninterest expense Less: Intangible amortization expense Adjusted noninterest expense (i) Net interest income Noninterest income Tax equivalent adjustment Total tax equivalent revenue (j) Efficiency ratio (i)/(j) $ 162,282 $ 168,251 $ 179,594 $ 196,954 3,683 27,329 27,329 27,329 17,606 32,729 27,111 22,473 $ 185,367 $ 213,765 27,329 27,329 24,719 20,372 140,993 108,193 125,154 147,152 1,744,324 2,050,045 2,136,081 2,179,070 3,683 27,329 27,329 27,329 17,606 32,729 27,111 22,473 133,319 166,064 2,175,885 2,207,129 27,329 27,329 24,719 20,372 1,723,035 1,989,987 2,081,641 2,129,268 2,123,837 2,159,428 8.18% 5.44% 6.01% 6.91% 6.28% 7.69% $ 162,282 $ 168,251 $ 179,594 $ 196,954 3,683 27,329 27,329 27,329 17,606 32,729 27,111 22,473 $ 185,367 $ 213,765 27,329 27,329 24,719 20,372 140,993 108,193 125,154 147,152 13,434 13,534 13,699 13,775 133,319 166,064 13,778 13,816 $ 10.50 $ 7.99 $ 9.14 $ 10.68 $ 9.68 $ 12.02 $ 17,010 $ 14,036 $ 15,001 $ 25,866 200 25 - - 2,840 4,553 3,655 3,664 - - 4,818 - $ 12,463 $ 14,784 - - 1,890 1,660 - - 19,650 18,564 23,474 29,530 178,087 168,039 176,779 187,341 20,000 2,514 - - 2,365 25,698 27,329 27,329 13,978 22,372 19,358 19,522 14,353 16,444 182,407 205,785 - - 27,329 27,329 20,459 16,912 141,744 117,455 130,092 140,490 13.86% 15.81% 18.04% 21.02% $ 52,870 $ 62,940 $ 67,670 $ 75,224 456 599 865 462 134,619 161,544 21.50% 20.53% $ 37,042 $ 37,411 235 176 53,326 63,539 68,535 75,686 1,399,587 1,750,104 1,824,287 1,960,723 37,277 37,587 1,938,980 2,028,685 3.81% 3.63% 3.76% 3.86% 3.88% 3.74% $ 118,134 $ 143,792 $ 134,920 $ 136,325 4,361 7,005 5,623 4,638 $ 66,078 $ 68,775 2,392 2,101 113,773 136,787 129,297 131,687 52,870 62,940 67,670 75,224 93,105 105,089 103,045 102,749 456 599 865 462 63,686 66,674 37,042 37,411 50,350 55,058 235 176 146,431 168,628 171,580 178,435 87,627 92,645 77.70% 81.12% 75.36% 73.80% 72.68% 71.97%