Cadence Bancorporation PPTX Template

CADENCE BANCORPORATION INVESTOR DAY

May 2nd, 2019 | New York Disclaimers

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our results of operations, financial condition and financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would” and “outlook,” or the negative version of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Such factors include, without limitation, the “Risk Factors” referenced in our Registration Statement on Form S-3 filed with the Securities and Exchange Commission (the “SEC”) on May 21, 2018, and our Registration Statement on Form S-4 filed with the SEC on July 20, 2018, other risks and uncertainties listed from time to time in our reports and documents filed with the SEC, including our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, and the following factors: business and economic conditions generally and in the financial services industry, nationally and within our current and future geographic market areas; economic, market, operational, liquidity, credit and interest rate risks associated with our business; lack of seasoning in our loan portfolio; deteriorating asset quality and higher loan charge-offs; the laws and regulations applicable to our business; our ability to achieve organic loan and deposit growth and the composition of such growth; increased competition in the financial services industry, nationally, regionally or locally; our ability to maintain our historical earnings trends; our ability to raise additional capital to implement our business plan; material weaknesses in our internal control over financial reporting; systems failures or interruptions involving our information technology and telecommunications systems or third-party servicers; the composition of our management team and our ability to attract and retain key personnel; the fiscal position of the U.S. federal government and the soundness of other financial institutions; the composition of our loan portfolio, including the identity of our borrowers and the concentration of loans in energy-related industries and in our specialized industries; the portion of our loan portfolio that is comprised of participations and shared national credits; the amount of nonperforming and classified assets we hold; the possibility that the anticipated benefits of the merger with State Bank are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Cadence does business. Cadence can give no assurance that any goal or plan or expectation set forth in forward- looking statements can be achieved and readers are cautioned not to place undue reliance on such statements. The forward-looking statements are made as of the date of this communication, and Cadence does not intend, and assumes no obligation, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law.

Certain of the financial measures and ratios we present, including “efficiency ratio,” “adjusted efficiency ratio,” “adjusted noninterest expenses,” “adjusted operating revenue,” “tangible common equity ratio,” “tangible book value per share” and “return on average tangible common equity”, “adjusted return on average tangible common equity”. “adjusted return on average assets”, “adjusted diluted earnings per share” and “pre-tax, pre-provision net earnings,” are supplemental measures that are not required by, or are not presented in accordance with, U.S. generally accepted accounting principles (GAAP). We refer to these financial measures and ratios as “non-GAAP financial measures.” We consider the use of select non-GAAP financial measures and ratios to be useful for financial and operational decision making and useful in evaluating period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain expenditures or assets that we believe are not indicative of our primary business operating results or by presenting certain metrics on a fully taxable equivalent basis. We believe that management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, analyzing and comparing past, present and future periods. These non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP and you should not rely on non-GAAP financial measures alone as measures of our performance. The non-GAAP financial measures we present may differ from non-GAAP financial measures used by our peers or other companies. We compensate for these limitations by providing the equivalent GAAP measures whenever we present the non-GAAP financial measures and by including a reconciliation of the impact of the components adjusted for in the non-GAAP financial measure so that both measures and the individual components may be considered when analyzing our performance. A reconciliation of non- GAAP financial measures to the comparable GAAP financial measures is included in the Appendix.

2 Investor Day Agenda

Timing (Eastern) Topic Cadence Presenters Breakfast & Registration: 7:00 a.m. – 8:00 a.m. Paul Murphy - Chairman and Chief Executive Officer 8:00 a.m. – 8:15 a.m. I. Introduction & Overview Sam Tortorici, Hank Holmes, Valerie Toalson

Paul Murphy - Chairman and Chief Executive Officer 8:15 a.m. – 9:15 a.m. II. Credit & Underwriting Sam Tortorici, Hank Holmes, David Black, Steve Barnhart

III. Texas C&I, Energy, CRE and Hank Holmes - President, Cadence Bank N.A. 9:15 a.m. – 10:00 a.m. Mortgage Barry Kelly, Randy Petersen, Eric Broussard, Tim Williamson

Break - 10:00 a.m. – 10:10 a.m.

Randy Schultz – EVP, Specialized Industries 10:10 a.m. – 10:55 a.m. IV. Specialized Industries and ABL Billy Crawford, Steve Prichett, Daniel Holland, Andy McGhee

Valerie Toalson – Chief Financial Officer 10:55 a.m. – 11:40 a.m. V. Funding and Margin Katrina King, Dann Lee, Tell Alessio

VI. State Bank and Georgia market Sam Tortorici – CEO, Cadence Bank N.A. 11:40 a.m. – 12:25 p.m. opportunities BJ Green, Spencer Strickland, Sheila Ray, David Black

12:30 p.m. – 1:30 p.m. Lunch – Technology & Other Business Tom Clark – EVP, Chief Information Officer / All

3 Table of Contents

TOPIC Slide # TOPIC Slide #

Section I: Introduction & Overview 5 Section V: Funding and Margin 80 Treasury Management 82 Section II: Credit & Underwriting 14 Retail Banking 88 Funding and Interest Rates 95 Section III: Texas C&I, Energy, CRE and Mortgage 29 Texas C&I 30 Section VI. State Bank and Georgia Market Opportunities 108 Energy - Midstream 36 Energy - E&P 44 Section VII. Information Technology 123 Commercial Real Estate 49 Mortgage 56

Section IV: Specialized Industries and Asset Based Lending 59 Appendix 127 Healthcare Banking Group 60 Technology Banking Group 64 Restaurant Banking Group 68 AloStar Asset Based Lending 74

4 Session 1 | 8:00 a.m. – 8:15 a.m.

I. INTRODUCTION & OVERVIEW

Paul Murphy Sam Tortorici Hank Holmes Valerie Toalson Key Profitability Metrics

$ in millions, unless otherwise indicated Adjusted Net Income(1) Adjusted Return on Assets(1) Adjusted Return on Tangible Equity(1)

Net Income(2) Return on Assets(2) Return on Tangible Equity(2)

(1) “Adjusted” figures are considered non-GAAP financial measures. See “Non-GAAP Measures and Ratio Reconciliation” in the appendix 6 (2) As reported according to generally accepted accounting principles (“GAAP”) Historical Financial Performance

$ in millions, unless otherwise indicated Loans ($bn) Deposits ($bn) Total Revenue ($mm) $14.2 $200 $13.6

$10.7 $10.1 $9.6 $9.0 $9.4 $9.0 $9.0 $9.3 $124 $8.3 $8.6 $8.5 $114 $116 $120 $122 $7.7 $8.0 $7.9 $108 $105

2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19

Net Interest Income ($mm) Adj. Efficiency Ratio (%) (1) Adj. Noninterest Expense $169 ($mm) (1)

$91.4 55.6% 53.3% $103 52.7% $63.1 $91 $95 $98 $58.3 $59.4 $59.0 $60.9 $88 50.2% 50.7% $56.1 $56.5 $82 $81 48.4% 49.0% 45.7%

2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19

Net Interest Margin (%) 3.71% 3.52% 3.59% 3.64% 3.66% 3.58% 3.55% 4.21% 7 (1) Considered a non-GAAP financial measure. It Matters Who You Choose to be Your Banker – Experience & Relationship

Executive Officers Age Experience Previous Experience

▪ Co-Founder and former CEO of Amegy bank Paul B. Murphy, Jr. − Grew Amegy Bank from 1 location / $75mm in assets in 1990 to 85 locations / $11bn in assets by 2010 59 38 Chairman and Chief Executive Officer − Generated a 36x return and 16 year IRR of 25%+ for initial investors when sold to Zions in 2005 ▪ Spent 9 years at Allied Bank of Texas/First Interstate

▪ CEO of Regions Bank C&I business Samuel M. Tortorici 53 31 − Oversaw ~$40bn of loan commitments and deposits generating over $1bn in revenue. Led 500 bankers across 16 states President − Over 12 years In the Atlanta market, integrated one whole bank acquisition and grew business services, wealth, retail and specialized industries

Valerie C. Toalson ▪ CFO of BankAtlantic Bancorp (7 years) Executive Vice President, 53 31 ▪ 13 years at Bank of Oklahoma in various senior roles including Controller, Credit Services and Chief Auditor Chief Financial Officer ▪ Financial Services Audit Manager at Price Waterhouse

Hank Holmes ▪ President of Cadence Bank Executive Vice President, 48 26 ▪ Former Director of Special Assets, Private Banking and Commercial Real Estate divisions at Amegy Bank of Texas Business Services ▪ Spent 18 years at Amegy; 10 years on Executive Management Team

Randy Schultz ▪ Founder and managing director of Regions Bank’s Restaurant Banking Group (RRB) Executive Vice President, 60 37 ▪ Managing Director of Bank of America’s Restaurant and Beverage Finance Group (RBFG) Specialized Industries − Grew portfolio from $300mm in assets to over $7bn

David F. Black ▪ Chief Credit Officer and Executive Vice President of State Bank Executive Vice President, 43 22 ▪ Director of Corporate Strategy at First Horizon National Corporation and held various leadership roles at Wachovia, Chief Risk Officer Wells Fargo and SunTrust

Sheila E. Ray ▪ CFO, COO, Corporate Secretary and EVP at State Bank Executive Vice President, 60 38 ▪ CFO and COO at Eagle Bancshares, acquired by RBC Chief Talent Officer ▪ Director of Information Services, Operations and Administrative Services at First National, acquired by Regions 8 Board of Directors

Paul B. Murphy, Jr. William B. Harrison, Jr. Joseph W. Evans J. Richard Fredericks Virginia A. Hepner Chairman and Chief Lead Outside Director of Vice Chairman of Cadence Founding Partner and Former President and CEO of Executive Officer of Cadence Bancorporation, Bancorporation, Former Chairman Managing Director at Main the Woodruff Arts Center and Cadence Bancorporation Retired Chief Executive Officer of State Bank Financial Management, LLC retired EVP of Wachovia Bank of JPMorgan Chase & Co.

(1) Precious W. Owodunni Marc J. Shapiro Scott M. Stuart Kathy Waller J. Thomas Wiley, Jr. President of Retired Non-Executive Co-Founder and Director Nominee Former Director, Vice Chairman, Mountaintop Chairman of JPMorgan Managing Partner of Former Chief Financial Officer and and Chief Executive Officer of Consulting, LLC Chase & Co.’s Texas Sageview Capital LP President, Enabling Services of State Bank Financial operations The Coca-Cola Company Diversified…..Devoted…..Experienced

9 (1) Mr. Robert K. Steel is not standing for re-election at the May 8, 2019, Annual Meeting. Kathy Waller has been nominated for election as a Class II director. Cadence Bank History - A Franchise Evolved

FORMATION Merger History 2009 – Oct. 2010 March 2011 April 2011 July 2012 January 2019 Cadence Bancorp, LLC ◼Board of Directors and management team formed Superior Bank, N.A. Cadence Bank, N.A. Encore Bank, N.A. State Bank and Trust Company ◼Birmingham, AL-based ◼Buy/recap distressed banks in ◼Starkville, MS-based ◼Houston, TX-based ◼Atlanta, GA-based need of capital and mgt. ◼$2.6bn in assets ◼$1.5bn in assets ◼$1.6bn in assets ◼$4.9bn in assets ◼73 branches ◼$1bn committed capital raise ◼38 branches ◼12 branches ◼32 branches ◼54-yr history ◼126-yr history ◼Linscomb & Williams ◼Strong funding profile in RETURN OF CAPITAL - LLC ◼FDIC Loss Share ◼Encore Trust Atlanta, middle and coastal GA. Nov. 2017 – Sep. 2018 ◼ABL, SBA and other capabilities ◼April 2017 IPO provided access to Recruit Teams / Organic Growth public markets September 2011 December 2011 August 2012 2018 & 2019 ◼Three marketed follow-on ◼Added a 16 person ◼Added a 6 person Tampa Dallas offerings totaling $1.1b C&I team in Houston Specialized Industries ◼Commercial Banking ◼Commercial Banking ◼Two block trades totaling $688mm lending team including ◼Business Banking Atlanta and final share distribution by LLC Healthcare and ◼Treasury Management ◼C&I Market Leader Restaurant Cadence Bank Footprint Strong Organic Growth ($ in millions) 2013 2014 2015 2016 2017 2018 CAGR

  Assets $6,453 $7,945 $8,812 $9,531 $10,949 $12,730 14.6 %                   Loans $4,859 $6,193 $6,917 $7,433 $8,253 $10,054 15.7 %               Acquired $1,466 $1,073 $730 $554 $458 $550 (17.8)%    April 2017 ◼$173mm Initial  Originated $3,394 $5,120 $6,186 $6,879 $7,795 $9,504 22.9 %    Public Offering    Deposits $5,347 $6,580 $6,987 $8,017 $9,011 $10,709 14.9 %   Cadence Branch (66)    Branches 99 81 66 66 65 66 (7.8)% State Bank Branch (32) Cadence LPO / Trust Office FTEs 1,373 1,344 1,218 1,193 1,205 1,170 (3.1)% 10 Key Investment Highlights

Well Positioned in Attractive Markets in Texas and the Southeast

Proven Business Model Focused on Client Relationships, High Touch, Personal Service

Middle Market C&I focus, Texas and Atlanta franchise and Specialized Industries Drive Growth

Mid-Sized Bank with Large Bank Skill Set and Talent

Disciplined Underwriting and Well Established Risk Management Framework

Attractive Run-Rate Core Profitability and Return Profile

Respected Veteran Management Team and Board of Directors

11 Despite strong profitability, Cadence is currently trading well below peers

Outperformance in profitability ...... not reflected in valuation multiples

1.6% Peer median: 10.8x 15.6x 14.3x 14.6x

12.2x 12.3x 11.4x 11.4x 11.8x 1.3% 10.8x 10.8x 10.9x 10.1x 10.3x 10.3x 10.5x 10.6x 9.6x 9.9x 8.8x 9.1x 9.1x

7.8x

P / 2020E EPS2020E / P Consensus 2020EROAA Consensus

Peer median ABCB SNV OZK FHN TCBI SFNC HWC IBTX HOMB IBKC CSFL PNFP RNST BKU BOKF UCBI HTH BXS CFR PB TRMK

Peer median: 1.9x 16.6% 2.4x 2.4x 2.2x 2.3x 2.1x 2.1x 2.1x 2.0x 14.7% 1.9x 1.9x 1.9x 1.9x 1.6x 1.7x 1.7x 1.7x 1.7x 1.5x 1.6x 1.4x 1.3x 1.3x

1.2x

P / TBV / P Consensus2020E ROATCE Peer median HTH BKU OZK TCBI SNV IBKC HWC IBOC FHN SFNC ABCB BOKF UCBI RNST TRMK CSFL PNFP BXS IBTX CFR PB HOMB

Source: S&P Global Market Intelligence, FactSet. 12 Note: Market data as of April 29, 2019; Financial data for most recent quarter available; 2020E ROAA, ROATCE and EPS based on equity research median consensus Cadence Bank, N.A. Member FDIC Targets

Short Term & Long Term Metrics Targets Timing

Organic loan growth 9-10% 2019

Core NIM growth Flattish 2019

Adjusted non-interest expense(1) 5-6% 2019

Effective tax rate 23% 2019

Adjusted efficiency ratio 44% - 46% Long-term

Target to be the top performing regional bank by generating positive operating leverage

13 (1) Based on first quarter 2019 run-rate “Adjusted” non-interest expense, excluding core deposit intangible expense Session 2 | 8:15 a.m. – 9:15 a.m.

II. CREDIT & UNDERWRITING

Paul Murphy Sam Tortorici Hank Holmes David Black Steve Barnhart Risk Management Framework

Quarterly Analysis of Risk Profile Robust Lines of Defense Committee Structure Providing by Risk Category Effective Challenge from Management and Board

Credit Risk Risk Governance & Audit Management Governing Board Compensation Committee Committee Committee Reputation Risk

Enterprise Risk Management Strategic Risk Allowance for Credit Loss Committee Committee [meets multiple times per quarter] [meets twice monthly] Interest Rate Risk

Senior Credit Risk Management Credit Transition Committee Liquidity Risk Committee [meets monthly] [meets at least quarterly]

Compliance Risk Asset Liability Management Committee Senior Loan Committee [meets monthly] [meets twice weekly] Operational Risk

15 Credit Risk Management

Tone at the Top Credit Risk Appetite Understanding Risk ■ A risk culture of responsibility and ■ Credit trends monitored monthly on an ■ Dual risk ratings with Probability of accountability enterprise basis Default (PD) & Loss Given Default (LGD) ■ Bad news must travel fast ■ Key risk indicators reported monthly with ■ Enhanced data & analytics by portfolio ■ Twice weekly Senior Loan Committee required remediation plans if thresholds ■ Periodic comparison to peers through the meetings where Executive Management are exceeded credit life cycle sets clear tone from the top regarding ■ Risk appetite and direction of risk analysis ■ Standards for measuring interest rate risk credit quality by portfolio on a individual loan basis ■ Effective challenge ■ Quarterly wholistic comparison of credit ■ Compliance customer conduct and anti- ■ Open and frequent communication risk profile to credit risk appetite money laundering risk management in between multiple lines of defense high risk relationships

Oversight Continuous Credit Challenge/Monitoring ■ Credit metrics presented to full Board at every meeting ■ Consistently managed and monitored process with ■ Detailed credit risk portfolio reporting reviewed monthly by monthly analysis of exceptions Chairman, CEO, President, CRO and other executives ■ Financial Statement reporting including borrowing ■ Extensive concentration limits by asset class and credit base certificates and loan compliance certification structure (including leveraged loans and enterprise value) ■ Pre-loan field audits and post-loan field audits ■ Dynamic concentration limits with weighted average risk ■ Semiannual reviews > $10mm ratings by asset class ■ Annual reviews > $2.5mm ■ Criticized asset reviews quarterly >$1mm ■ Rigorous loan review, with significant coverage of the portfolio, reporting directly to the Board

16 Historical Financial Highlights – Bank Only

$ in millions, unless otherwise indicated

2014 2015 2016 2017 2018 2014 2015 2016 2017 2018

Total Assets $7,925 $8,790 $9,516 $10,933 $12,715 $2,880 $3,456 $4,206 $4,946 $4,853 Total Loans & Leases 6,202 6,942 7,451 8,315 10,113 $1,638 $2,215 $2,867 $3,568 $3,519

Total Deposits 6,601 7,037 8,071 9,166 10,837 $2,477 $2,913 $3,510 $4,298 $4,148

Loans/ Deposits (%) 94% 99% 92% 91% 93% 66% 76% 82% 83% 85% Balance Balance sheet Full-time Employees 1,302 1,174 1,146 1,164 1,170 566 628 728 825 638

Net Income $50 $50 $77 $113 $184 $33 $34 $49 $48 $81

ROAA (%) 0.71% 0.60% 0.83% 1.13% 1.60% 1.24% 1.11% 1.39% 1.10% 1.65%

ROAE (%) 4.47% 3.90% 5.80% 8.02% 12.10% 8.48% 8.15% 9.88% 8.55% 13.85%

metrics Net Interest Margin (%) 4.25% 3.52% 3.47% 3.68% 3.75% 5.95% 5.22% 4.58% 4.66% 4.83% Performance Performance Efficiency Ratio (FTE) (%)(1) 69% 64% 54% 50% 50% 64% 67% 60% 58% 57%

Equity/ Assets (%) 15.5% 14.7% 13.8% 13.6% 12.5% 13.1% 13.6% 13.1% 11.6% 13.0%

Tang. Equity/ Tang. Assets (%) 11.8% 11.4% 10.8% 11.0% 10.3% 12.7% 12.4% 11.2% 9.9% 11.2% Capital

Source: S&P Global Market Intelligence. Financial information for Cadence Bank, N.A. and State Bank and Trust Company. Based on bank and thrift regulatory filings (Y-9Cs, Call Reports, or TFRs). 17 (1) For the fourth quarter of 2018, Cadence Bancorporation and State Bank Financial reported Adjusted efficiency ratio of 49.0% and 48.9%, respectively. Cadence Bank, N.A. Member FDIC Historical Asset Quality – Bank Only

$ in millions, unless otherwise indicated

2014 2015 2016 2017 2018 2014 2015 2016 2017 2018

Total Loans & Leases $6,202 $6,942 $7,451 $8,315 $10,113 $1,638 $2,215 $2,867 $3,568 $3,519 C&I % 60% 60% 58% 56% 53% 4% 7% 11% 16% 18% CRE (Nfarm/NRes) % 13% 12% 11% 12% 12% 53% 43% 44% 42% 37% Construction % 5% 7% 7% 6% 6% 21% 23% 20% 13% 15%

Multifamily % 1% 1% 1% 2% 1% 4% 4% 4% 4% 3% composition

Loans&leases Tot 1-4 Fam % 19% 18% 20% 20% 21% 13% 15% 13% 10% 9% Other % 1% 2% 2% 3% 6% 2% 2% 2% 11% 14%

Non-accrual Loans $23.1 $68.6 $128.8 $47.7 $74.2 $5.7 $6.4 $9.6 $12.5 $57.0 Non-performing Loans 26.7 92.1 163.6 79.6 83.5 5.7 7.0 9.6 13.0 57.0

NPAs Non-performing Assets 84.4 128.6 201.9 103.0 91.7 14.2 17.5 20.5 13.9 60.8 &NCOs Net Charge-offs 4.9 9.7 46.9 4.4 5.9 5.4 4.1 2.7 4.0 5.1

Nonaccrual Loans/ Loans 0.37% 0.99% 1.73% 0.57% 0.73% 0.35% 0.29% 0.34% 0.35% 1.62% NPLs/ Loans 0.43% 1.33% 2.20% 0.96% 0.83% 0.35% 0.31% 0.34% 0.37% 1.62% NPAs/ Assets 1.06% 1.46% 2.12% 0.94% 0.72% 0.49% 0.51% 0.49% 0.28% 1.25%

Reserves/ NPAs 63.4% 62.0% 40.8% 85.0% 102.9% 201.4% 166.3% 129.7% 206.3% 52.0% metrics

Key credit credit Key LLR/ Gross Loans 0.86% 1.15% 1.10% 1.05% 0.93% 1.75% 1.31% 0.93% 0.81% 0.90% NCOs/ Avg Loans 0.09% 0.15% 0.65% 0.06% 0.06% 0.37% 0.21% 0.11% 0.13% 0.14%

Source: S&P Global Market Intelligence. Financial information for Cadence Bank, N.A. and State Bank and Trust Company. Based on bank and thrift regulatory filings (Y-9Cs, Call Reports, or TFRs). 18 (1) Historic State Bank and Trust Company credit metrics including purchased credit impaired loans Cadence Bank, N.A. Member FDIC Historical Asset Quality by Industry(1) – Cadence Bank only

$ in millions, unless otherwise indicated

12/31/2016 12/31/2017 12/31/2018

# of PD & # of PD & # of PD & Cust. Total Nonaccr Criticized NCOs Cust. Total Nonaccr Criticized NCOs Cust. Total Nonaccr Criticized NCOs

General C&I* 658 $2,199 $15 $70 $1 614 $2,335 $2 $129 $0 610 $2,816 $24 $132 ($0) CRE 802 1,073 11 21 (1) 676 1,158 4 8 (0) 509 1,331 2 4 (0) Restaurant 71 864 0 16 0 86 1,036 0 17 0 88 1,096 22 50 0 Healthcare 84 445 0 9 12 89 416 6 6 (0) 90 540 4 4 0 Technology 25 218 0 0 0 34 411 0 0 0 36 460 0 24 0 Midstream 32 472 11 21 (1) 45 558 0 7 0 60 739 6 6 0 E&P 31 372 95 182 32 37 278 37 69 5 33 367 14 26 7 Energy Services 23 95 7 67 0 27 99 6 31 (0) 37 180 0 0 (1) Residential RE 10,349 1,457 25 37 0 1,245 1,691 20 46 0 12,237 2,228 12 8 0 Other Consumer 2,073 69 1 1 2 3,142 75 1 2 0 2,914 67 0 0 0 Small Business 1,092 194 3 4 1 1,443 222 2 5 (0) 1,975 266 1 3 1

Total: 15,240 $7,457 $167 $428 $47 16,436 $8,280 $78 $319 $4 18,589 $10,089 $86 $258 $6 % of Total Loans (period end) 2.2% 5.7% 0.63% 0.9% 3.9% 0.05% 0.9% 2.6% 0.06%

Of the $86 million in past due and non accrual loans at December 2018, 84% are current

Note: Based on NAICs codes and publicly reported loan segment breakdown in SEC reporting. Figures represent Originated & Acquired Loans. 19 (1) Tech numbers removed from general C&I Cadence Bank, N.A. Member FDIC (2) Criticized Residential Real Estate loans includes Acquired Credit Impaired (ACI) loans of $30 million in 2016, $26 million in 2017, and $4 million in 2018 Combined Loan Portfolio – as of March 31, 2019

$ in millions, unless otherwise indicated

Total loans outstanding of $13.7 billion as of March 31, 2019, excluding held-for-sale and deferred fees

PD & 1Q19 Total Loans Total # of Cust. Avg Nonaccr Criticized NCOs(2) by Type

General C&I* $3,937 958 $4.2 $58 $178 $0.0 CRE 2,830 1,057 2.7 11 27 0.0 Restaurant Industry 1,138 109 10.4 22 63 0.0 Healthcare 540 102 5.3 4 8 0.0 Technology 486 38 12.8 0 6 0.5 Midstream 829 62 13.4 6 6 0.0 E&P 353 34 10.4 8 20 0.0 Energy Services 198 40 5.0 0 4 0.0 Residential Real Estate 2,518 14,873 0.2 16 9 0.0 All Small Business 759 4,900 0.2 14 24 0.0 Total Loans by Location(1) Other Consumer 121 4,285 0.0 2 0 0.0

Total: $13,710 26,458 $0.5 $141 $346 $0.5 % of Total Loans (period end) 1.0% 2.5% 0.00%

Note: Based on NAICs codes and publicly reported loan segment breakdown in SEC reporting. Tech numbers removed from general C&I. Figures represent Originated & Acquired unless otherwise noted 20 (1) Based on collateral location for real estate-secured loans and where the customer headquarters are for other loans (2) Percentage (%) based on period end loans Shared National Credits (SNC)

Banking Strategy (not a passive SNC Portfolio): Typical Credit: ▪ Middle Market Banking Focus ▪ Larger companies with stronger credit ▪ Active relationship lending ▪ More access to capital ▪ Experienced, larger bank lending history ▪ Stronger control environment ▪ Handled relationships in prior life ▪ Credit done right, whether it’s real estate, consumer, ▪ “Playing down” – strong skill set C&I or SNC, needs to be conservative. ▪ Leading more deals with CADE’s growing balance ▪ Over time, SNCs have performed well. We are sheet comfortable with the risk profile of our portfolio. ▪ Ancillary Business ▪ SNCs diverse by industry and geography ▪ Significant contributor of profitability: Cadence ▪ SNCs more liquidity – bid/trade Bancorporation reported 19.7% Adjusted ROE, 1.72% ▪ Credits & Lead Agents – we underwrite both the Adjusted ROA, and 45.7% Adjusted Efficiency Ratio direct credit as well as the syndicate/agents. We for first quarter 2019. don’t do business with some.

21 (1) To adjust for inflation and changes in average loan size, the federal banking agencies announced effective January 1, 2018, the aggregate loan commitment threshold for inclusion in the Shared National Credit (SNC) program will increase from $20 million to $100 million, the first increase in the dollar threshold for inclusion as a SNC since the program's inception in 1977. Shared National Credits (SNC) Overview

$ in millions, unless otherwise indicated

Shared National Credit loans outstanding of $2.8 billion or 20% of total loans as of March 31, 2019 Total Loans # of PD & 1Q19 by Type Total Cust. Avg Nonaccr Criticized NCOs

General C&I $726 66 $11.0 $12 $12 $0.0 Midstream 576 35 16.5 6 6 0.0 Restaurant Industry 546 36 15.2 10 38 0.0 E&P 327 30 10.9 8 20 0.0 CRE 268 20 13.4 0 0 0.0 Technology 240 13 18.5 0 0 0.5 Healthcare 66 7 9.4 0 0 0.0 Energy Services 15 2 7.6 0 0 0.0 Total Loans Total: $2,764 209 $13.2 $36 $76 $0.5 by Location % of Total Loans (period end) 1.3% 2.7% 0.02%

22 Shared National Credits – Historical Credit Losses

$ in millions, unless otherwise indicated Total Shared National Credit Loans Total SNC Loans - Excluding Energy

▪ Management team and relationship managers ▪ SNC exam conducted by OCC twice a year have significant experience underwriting and ▪ Auditors (EY) independently review the managing Shared National Credit exposures regulatory SNC exams as well internal audit ▪ Shared National Credits are evaluated using the ▪ Only $0.9 million in total life-to-date losses in same rigorous credit standards we apply to each Shared National Credit loans excluding and every loan Energy, both related to strategic exits ▪ Strong control and risk environment 23 Note: Paul Murphy’s prior experience as CEO of Amegy Bank from 1990 – 2009 was highlighted by a solid credit track record in C&I (including SNCs), with average net charge-offs of 28 bps – see appendix Leveraged Lending w/o Moderating Characteristics

General Guidance for “Leveraged Lending” “CADE Leveraged Lending” Regulatory guidance of leveraged loans are loans with senior ▪ Cadence is disciplined in our approach to leveraged lending leverage >3.0x EBITDA or total leverage >4.0x EBITDA on a and our focus is on building relationships, generally where a committed basis.(1) Regulatory allows some industries to have strong borrower or sponsor relationship exists and ancillary higher leverage and not be considered leveraged. business is customary. ▪ “CADE leveraged loans” are defined as leveraged on a Paul Murphy’s View of Risk Spectrum Today(2) committed basis and without moderating characteristics that we believe mitigate risk.

legacy RE portfolio RE legacy − Select Moderating Characteristics include: State Bank's State • Rising Angels • Restrictive Covenants • Conditional Commitments/Lines • Substantive Guarantees ▪ CADE leveraged loans represent $776 million, 64 credits and 5.7% of the total loan portfolio ▪ Zero lifetime to date charge offs from leveraged loans Residential Restaurant Lower Higher ▪ Focused on industries with stable and predictable cash flows ▪ ~45% of leveraged loans are SNCs SNCs as a Leveraged Lending as Category a Category

(1) “Comptroller’s Handbook - Leveraged Lending.” Comptroller of the Currency, February 2008 24 Cadence Bank, N.A. Member FDIC (2) Based on Paul Murphy’s philosophical view of Cadence Bank’s loan portfolio based on his view today, which may differ from other Cadence bankers and subject to change over time CADE Leveraged Lending(1)

$ in millions, unless otherwise indicated

Total CADE Leveraged Loans outstanding of $776 million or 5.7% of total loans as of March 31, 2019. Total Loans # of PD & 1Q19 by Type Total Cust. Avg Nonaccr Criticized NCOs

General C&I $444 41 $11.0 $44 $61 $0.0 Technology 168 8 21.0 0 0 0.0 Restaurant Industry 80 9 8.8 12 43 0.0 Healthcare 73 5 14.7 0 0 0.0 CRE 11 1 11.0 0 0 0.0

Total: $776 64 $11.9 $56 $104 $0.0

• Leveraged lending remains well diversified across all industries. Total Loans • General C&I, is further diversified with no one industry making by Location up more than 15% of the General C&I category • Only one (1) borrower was delinquent at March 31, 2019. Delinquency was due to an administrative (non-credit related) issue that was resolved subsequent to quarter end.

25 (1) “CADE leveraged loans” are defined as leveraged on a committed basis and defined without a moderating characteristic Underwriting of CADE Leveraged Lending(1) A well underwritten/managed portfolio can withstand recessionary periods and perform well. Cadence has managed through a major downturn in energy prices and our bankers have experience through numerous credit cycles. We have confidence in our team, our policies, our monitoring practices, our selection and management of risk overall. We are not relaxed and are forever diligent on the changes in the risk environment. WHAT WE GENERALLY DO: WHAT WE GENERALLY DON’T DO: ▪ We have chosen to manage portfolio risk through our ▪ Make exceptions for the sole reason of generating loan seasoned bankers who specialize in the industries in growth or “buying” paper. which we lend ▪ Expand rapidly in new areas that we don’t have the ▪ Deep relationships with borrowers and sponsors expertise backing such deals ▪ Structures we don’t have an appetite for: ▪ Ability to influence structure ▪ Term Loan B ▪ Disciplined selection of risk ▪ Light amortization ▪ Have a team of bankers who have successfully managed ▪ Covenant light deals through various credit cycles ▪ Underwriting standards have withstood the test of time through expansions and recessions ▪ Active ongoing maintenance of credit As part of our underwriting, each deal is analyzed for repayment capacity and must have cash flows that should repay the loan within timelines that adhere and are generally more conservative than regulatory guidance parameters. 26 (1) “CADE leveraged loans” are defined as leveraged on a committed basis and defined without a moderating characteristic CADE Leveraged Lending(1) $ in millions ▪ Cadence is selective in partnering with experienced sponsors and quality private equity firms who do not push the limit on leverage. Our experience has been that sponsor backed deals Loans by Purpose(2) are overall a plus. ▪ When a sponsor-backed company has a problem, sponsors are quick to engage. ▪ Sponsors are willing to challenge management’s thinking and hold management accountable. ▪ Sponsors are an important source of cash, advice and discipline. ▪ Sponsor backed deals are more likely to perform when challenges are met. ▪ More than half of the loan customers also have meaningful deposit or ancillary relationship. ▪ Approaching bank policy limit in leveraged lending and no intention on increasing this limit

Zero lifetime to date charge offs from leveraged loans

27 (1) “CADE leveraged loans” are defined as leveraged on a committed basis and defined without a moderating characteristic. (2) As of December 31, 2018. Data gathered internally from Cadence relationship managers. Concluding Thoughts on Credit & Underwriting

We have a solid credit foundation to Conservative Risk effectively manage and underwrite all of Management Framework our lines of business

Shared National Credits • Relationship centric approach Active Engaged Board • Larger companies with access to capital Portfolio & Management • Highly efficient, and meaningful Management Attentive to contributor to our return metrics Credit Risk

Leveraged Lending • Higher end of the risk spectrum, but Credit & Underwriting extensively monitored of ALL loans • Fundamentally conservative approach to underwriting • Focused on areas of expertise • Strong aversion to covenant light, light Diversified Experienced amortization, and term loan B structures Exposure Team • Significant diversity (geography, industry, purpose)

SNCs and leveraged loans are purposeful C&I is a Core strategic components to the Cadence Loan Competency portfolio

28 Session 3 | 9:15 a.m. – 10:00 a.m.

III. TEXAS C&I, ENERGY AND COMMERCIAL REAL ESTATE Hank Holmes Barry Kelly Randy Petersen Eric Broussard Tim Williamson TEXAS C&I Barry Kelly C&I Texas Team Overview

C&I Texas Team Overview Loans Outstanding per C&I Team ▪ Banking teams serving the Houston, $42 San Antonio and Dallas metropolitan 2% $275 $503 markets. 12% 22% Total Commitments: $3,458MM ▪ Teams are managed by experienced $209 leaders with highly capable 9% Total Outstandings: $2,303MM relationship managers and support teams. $509 ▪ The client base consists of a wide 22% $765 variety of industries in manufacturing, 33% distribution and service. ▪ The target market consists of businesses with revenues between Houston 1 Houston 2 Houston 3 San Antonio Dallas Specialty $25 -$500MM. Commitment levels generally range from $5-$30MM. Commitment Breakdown Outstanding Breakdown

Barry Kelly – C&I Texas Team Lead $225 10% ▪ 36 years of banking experience in $1,155 commercial banking, all in the 33% Houston market. ▪ Built and led commercial banking $2,303 $2,078 67% teams at Bank One, Wachovia Bank, 90% and Regions, prior to joining Cadence 8 years ago.

Ancillary Relationship Overiew SNC Related Deposits

43 17%

12 46% 14 54% 210 83%

SNC Relationships TEXAS C&I AGENTED RELATIONSHIPS (NEW) 26 25 10% 22 20

10 7 227 5 90% 2

0 2016 2017 2018 ▪ As of 3/31/19 there are 29 active C&I Agented Relationships

PE Fund Total Deals Current Deals Years/Relationship* Hastings Equity Partners 4 3 7 OakTree Capital 8 7 10+ Caltius Capital Management 3 3 3 Trive Capital 6 6 6 Dos Rios Partners 5 2 8 McCombs Group 8 3 20+ Platform Partners 9 7 30+ Global Energy Capital 4 2 20+ OFS Energy Fund 10 6 20+ Pelican Energy Partners 4 3 30+ Turnbridge Capital 3 2 20+ White Deer Energy 5 4 10+ CapStreet Group 3 1 30+ Blue Sage Capital 2 2 6 Trinity Hunt Partners 3 0 15+ Spanos, Barber, Jesse 3 2 4 Orix Corporation 6 4 20+ Acacia Partners 4 2 5 Main Street Capital 4 0 20+ *with firm or senior principals

(1) Figures are for C&I Texas Banking Group only. General C&I loans for Cadence Bancorporation, as reported in our publicly filed financial statements, are based on Commercial & Industrial NAICS figures and include certain 33 Cadence Bank, N.A. Member FDIC loans originated outside of C&I Texas Banking Group. Underwriting Parameters for C&I Leveraged Lending & SNCs Leveraged Lending – General Underwriting Parameters • Long term sponsor relationships • Typically 50% equity/mezz and 50% senior debt on transactions • Deleveraging requirements (amortization, ECF and covenants) • Excess fund liquidity • Extensive 3rd party due diligence • Management team experience and reputation • Full wallet relationships SNC – General Underwriting Parameters • Direct relationship with the company and its management team • Committed meaningful ancillary business • Reputable and sophisticated Agent • Cadence is a party to the loan agreement and documentation • The return meets our target hurdle rate • Relationships acquired through direct calling efforts; no bought paper

2015 2016 2017 2018 Credit Quality Charge-Offs $4,695M 0 0 0 ▪ Charge-off history reflects no write-offs over the past three years and recoveries in 2017 and 2018 from the Recoveries 0 0 -$217M -$1,212M 2015 losses. Net Charge-Offs $4,695M 0 -$217M -$1,212M

$ # of Credits % Credit Quality as of 3/31/19 Total Loan Outstandings $2,401MM

OAEM Outstanding Balance $62.8MM 5 2.61% ▪ Credit Quality at 3/31/19 reflects continued strong portfolio performance with low percentages of Substandard Outstanding Balance $64.5MM 5 2.68% classified Credits and non-accruals. Non-Accrual Outstanding Balance $24.3MM 1 1.01%

Cadence E&P Group Cadence Midstream Focus Energy Group Focus

37 (1) Figures are for Midstream Banking Group only. Midstream Banking Group loans for Cadence Bancorporation are reported in our publicly filed financial statements in both the Midstream and General C&I categories. Midstream Energy Group – Overview & Portfolio Metrics

$ in millions, unless otherwise indicated Portfolio Overview & Credit Metrics (as of 12/31/18) Total Borrowers 51 (PE Backed: 43, Public MLP: 8) % SNC Borrowers 69% Total Loans Outstanding $739 million Average Loans Outstanding $14.5 million Yield % - Earning Assets 6.02% Weighted Avg. Risk Rating 5.09 % Criticized (a) 0.77% ($6.1MM) Charge Offs Since Group Inception $0 Average Senior Leverage Ratio ~2.8x Average Debt / Total Capitalization ~40% (a) 1 Borrower (~$6.1MM loan) is NPA • 7 Member team focused on Midstream Energy Lending • The two senior members each have ~30+ years of energy and banking experience with the rest of the team experience ranging from ~3-14 years. • Loans outstanding average 50-60% of commitments

38 (1) Figures are for Midstream Banking Group only. Midstream Banking Group loans for Cadence Bancorporation are reported in our publicly filed financial statements in both the Midstream and General C&I categories. Midstream Energy Group – Agented & Ancillary Business

$ in millions, unless otherwise indicated

Midstream Borrowers - Agented & Ancillary Business 60 100%

51 90% 50 80% 42 70% 40 60% 29 49% 30 28 50% 24 36% 40% 20 18 25% 30% 28% 21% 21% 22% 20% 10 17% 14% 10% 4% 4% 0% 0 0% 2013 2014 2015 2016 2017 2018 # Midstream Borrowers at YE % of Agented Facilities in Portfolio % of Borrowers w/ Ancillary Business

• Led a number of notable transactions since 2015 while partnering with a diverse group of participant banks. • Deals over $100 million: Medallion Midstream, EagleClaw, Solaris, and EVX. • Participant Banks Include: ABN Amro, Amegy Bank, BOK Financial, Citibank, JP Morgan, Wells Fargo. • In addition, provide structuring / syndication role in 5 deals with Cadence being awarded a Joint Lead Arranger title. • Declined Loans - Cadence sees and underwrites a significant amount of opportunities annually and is very selective in declining deals that do not fit target underwriting parameters. 39 (1) Figures are for Midstream Banking Group only. Midstream Banking Group loans for Cadence Bancorporation are reported in our publicly filed financial statements in both the Midstream and General C&I categories. Midstream Energy Group – Select Private Equity Backed Lead Financings

40 (1) Figures are for Midstream Banking Group only. Midstream Banking Group loans for Cadence Bancorporation are reported in our publicly filed financial statements in both the Midstream and General C&I categories. Midstream Energy Group- Key Midstream P.E. Relationships

# Cadence Years of PE Fund Borrowers Relationship Energy & Minerals Group 8 12+ EnCap Flatrock 5 25+ Yorktown Capital 4 20+ Energy Spectrum 4 20+ Tailwater Capital 3 15+ Energy Capital Partners 2 15+ Five Point Capital 2 7+ EIV Capital 1 20+ OakTree 1 20+ *with firm or senior principals

• The Cadence Midstream team has strategically targeted well known energy focused PE sponsors to develop relationships with. We have provided financings for 25 different energy focused PE sponsors to date. • The result of this has been an excellent track record with repeat lending opportunities and expanded relationships with some of the most well regarded and active PE funds in the energy and midstream specific space.

41 (1) Figures are for Midstream Banking Group only. Midstream Banking Group loans for Cadence Bancorporation are reported in our publicly filed financial statements in both the Midstream and General C&I categories. Midstream Energy Group – Underwriting Parameters

• Significant Equity Capitalization of ~50-65%.

• Experienced management teams and private equity firms with a long history in both the energy space and midstream space.

• Fee based revenue is underpinned by long term contracts that provide either a) acreage dedications or b) minimum volume payments.

• Customers located in oil and gas basins with high levels of activity and low break-even economics that are likely to support continued oil and gas development.

• Industry leverage covenant is 4.5x with Cadence Midstream portfolio currently averaging 2.8x funded.

• Minimal direct commodity exposure as the majority of contracts are fees based on volumes.

42 (1) Figures are for Midstream Banking Group only. Midstream Banking Group loans for Cadence Bancorporation are reported in our publicly filed financial statements in both the Midstream and General C&I categories. Midstream Energy Group – Current Market Conditions

• Cadence’s Pipeline – • Since 12/31/18, Cadence has closed 3 new Lead deals. Awarded 3 Lead mandates on new financings and we are seeing multiple new opportunities and we can afford to be selective.

• Bank Competition – • Banks have increased their focus on the Midstream space as a result of minimal losses in this sector through the most recent commodity downturn. • Cadence’s focus, track record and experience has positioned itself as a leader in this space.

• Macro Conditions – • The need for capital across the Midstream Infrastructure in the United States continues to be driven by a) oil and gas production growth and b) growing storage, terminalling, and export opportunities.

43 (1) Figures are for Midstream Banking Group only. Midstream Banking Group loans for Cadence Bancorporation are reported in our publicly filed financial statements in both the Midstream and General C&I categories. ENERGY – E&P Eric Broussard E&P - Portfolio Exposure (as of 3/31/19) $ in millions, unless otherwise indicated Portfolio Exposure by Collateral/Producing Basin Portfolio Exposure by Client Cash Flow Leverage

3/31/2019 • Total deposits: $269MM • Total loans: $355MM • Total commitments: $485MM • 24 loan clients • Avg loan: ~$14.8MM • Avg commitment: ~$20MM

Strategic Focus: • Lightly levered • Oil weighted assets Portfolio Exposure by Client Revenue • Better well economics Portfolio Exposure by Ownership Type • Best basins • Experienced management • Access to outside capital

(1) Exploration and Production portfolio exposures are weighted by funded balances. 45 Cadence Bank, N.A. Member FDIC Exploration and Production

Overview: ▪ E&P operating companies, royalty owners, & private equity firms. ▪ Outside of losses in the legacy book, the portfolio has performed very well in a difficult environment. ▪ Team operates like a boutique investment firm. ▪ Selectively pursue only the best opportunities, with strong, active portfolio management. ▪ Relationship managers: ~20 years avg. Engineering team: ~25 years avg. ▪ 24 clients with avg. loan balance ~$14.8MM and avg. commitment of ~$20MM.(1) ▪ 75% of the loan balances are funded with portfolio deposits(1). ▪ 55% of our loan clients have deposits or other ancillary business.

Brief History: ▪ Cadence began lending to the industry in 2011. ▪ Began to see areas of increasing risk in the sector prior to the commodity downturn. ▪ Evolved our strategy and slowed the growth starting in 2014. ▪ Upgraded our technical/financial expertise, and improved our due diligence over the next few years. ▪ The suddenness and duration of the commodity downturn that began in late 2014 caught a number of our clients ill prepared. ▪ New regulatory guidance in 2015 changed how E&P loans are structured and managed. ▪ Experienced losses in 2015-2018 on four pre-2014 origination credits. ▪ Successfully managed the balance of the ~$700MM portfolio commitments to a soft landing. ▪ Sharpened due diligence, as well as our active portfolio management, have served us well. ▪ Managed out of a number of credit relationships since 2014. Only 3 “exit” relationships remain in the portfolio. ▪ Capital has been recycled into better credit opportunities that are more appropriate for our balance sheet. ▪ Last 5 years of credit originations have been positive. ▪ No non-performing or non-pass rated clients nor any loss experience for loans originated since the beginning of 2014.

(1) As of March 31st, 2019 46 Cadence Bank, N.A. Member FDIC Exploration and Production Strategy: ▪ Remain diligent, selective and strategic on origination and exit opportunities. ▪ Biased towards lightly levered, oil weighted assets with better economics, in the best basins with the right teams. ▪ Deposit/TM opportunities: leading focus on new client acquisitions. ▪ Asset quality/marketability and our clients’ access to supplemental capital are critically important gating items to loan origination. ▪ Active portfolio management. This includes not only thorough diligence at origination, but also on an ongoing basis. ▪ Most credits are SNCs due to the size of the successful players in the industry and the amount of capital deployed. ▪ Only target credits where we can: be meaningful, have influence over the credit, and be close to the management team. ▪ As a result, the majority of our relationships are “club” size rather than “broadly syndicated”.

Technical Analysis: ▪ Lending on oil & gas reserves is complex and requires a skilled technical team. ▪ Petroleum Engineer and Engineering Technician on staff. ▪ Reserves are analyzed on our base and sensitivity price decks. Decks are updated monthly. ▪ We perform a deep dive on historical and forecast well economics, drilling activity/success, and operating expenses, etc. ▪ Non-producing reserves are a limited portion of the collateral base and must be highly economic to be considered. ▪ Technical capability of the borrower’s team is evaluated. ▪ Asset valuations go through a final, informal, market value sanity check. ▪ Can the assets be monetized w/o loss to the bank if the worst happens?

Legacy Portfolio Status: ▪ Other than the two credits detailed below, the remaining legacy portfolio relationships are performing well. ▪ October 2013 origination ($7.9MM): Substandard, non-accrual, in orderly liquidation. Provision of $920M. ▪ January 2013 origination ($11.7MM): Substandard, currently in negotiations with all debt providers. Potential provision.

47 Cadence Bank, N.A. Member FDIC Exploration and Production

Legacy Portfolio Loss Experience: ▪ Losses that were experienced in 2015-2018 came from 4 credits that were originated from 2011-2013. ▪ One borrower accounted for 75% of the net losses (loss realized in 2016). ▪ One institutional equity fund company (two borrowers) accounted for 23% of the net losses (losses realized in 2017 and 2018). ▪ Fourth borrower (losses realized in 2015 & 2016), recovered all but $1.2MM to date. Still have the potential for modest additional recovery.

Key Takeaways: • Portfolio is well positioned for the future. • Industry risk is currently elevated, but our portfolio risk is lower. • Our standards are high while our technical and financial diligence is rigorous. • We identified areas of increasing risk in late 2013. We made strategic changes & improved our diligence. Results are positive. • Outside of losses in the pre-2014 legacy book, this portfolio has performed well in a difficult commodity & regulatory environment. • We are focused on only the best investment and deposit opportunities, which has delivered better outcomes. • Exposure to “exit” names in the legacy portfolio is winding down. Potential for loss on two “exit” names remains, but we are adequately reserved.

48 Cadence Bank, N.A. Member FDIC COMMERCIAL REAL ESTATE Tim Williamson Cadence Commercial Real Estate Group ($1.5B Commitments/$734MM Outstandings) • Conservative approach to CRE lending • Strong collateral profiles and attractive cash flow characteristics • CRE lending provides financing for: ▪ Multifamily ▪ Industrial ▪ Office ▪ Retail • Upon inception in 2012, the CRE team committed to building a portfolio based on the following: ▪ Strong and Experienced Sponsorship ▪ Managed through multiple cycles ▪ Multiple sources and access to capital, primarily institutional ▪ Reputationally respected within development and lender community ▪ Significant Upfront Equity ▪ Amount of Equity varies based on product type, recourse, and other transaction-specific details, but generally Cadence is requiring between 35-40% upfront equity

Commercial Real Estate Credit Metrics Total Portfolio of $1.5Bn in commitments across 85 Transactions ($734MM outstanding as of 12.31.2018) ▪ Weighted Average Loan-to-Value of 49.7% CRE Group Metrics and Trends ▪ Weighted Average Loan-to-Cost of 58.7% Full Year Actuals ▪ Average Transaction Size is $17.3MM (Average outstandings ($ in million) 2015 2016 2017 2018 $8.6MM) Loans Net of Unearned Interest $610 $674 $692 $734 ▪ Largest Single Transaction is $33MM (outstanding $33MM) Criticized 0 0 0 0 ▪ No loans have been determined as "Criticized" for Legacy CRE group since inception in 2012 Net Charge-offs 0 0 0 0 ▪ Shared National Credits: Make-up 12.7% of outstandings and New Clients 7 7 6 9 9.5% of commitments Total New Clients since Inception 37 44 50 59 Legacy State Bank ▪ As of 12/31/18, CRE portfolio consists of $998MM in commitments, with $680MM in outstandings ▪ Just one $2MM write-down in nine (9) years on production of $3.5B during that time span

(1) Figures are for Cadence Commercial Real Estate Banking Group (CRE) only. Commercial Real Estate loans for Cadence Bancorporation, as reported in our publicly filed financial statements, are based on Commercial Real 51 Cadence Bank, N.A. Member FDIC Estate NAICS figures and include certain loans originated outside of CRE Banking Group. Cadence CRE Deals with Sponsors Relationship with Cadence Bankers Sponsor # of Cadence CRE Loans (# of Years) USAA 16 15 Hines 7 30 Alliance Residential 6 7 Trammell Crow Company 5 30 The Morgan Group 4 25 Dinerstein 4 16 Capstone 4 7 Hanover 4 25 Transwestern 4 30 Hillwood 3 10 Greystar 3 7 Wood Partners 3 6 Terwilliger Pappas 3 3 Midway 2 25 Embrey 2 25 MetroNational 2 16 Howard Hughes 2 15 Core Spaces 1 3 Mill Creek Residential 1 3 Endeavor 1 10 *new originations with clients listed above total $1.6B

Outstandings by Property Type (Legacy Cadence) Oustandings by Property Type (Legacy State Bank) Hospitality Other Medical Office $17 $108 $28 2% Multifamily 15% Multifamily 4% $260 $123 Senior Housing 37% 17% $32 Senior Housing 5% $38 5% Corporate Line $41 6% Office Retail $165 Hospitality $39 23% Industrial $102 6% Office $95 14% Student Housing $143 14% $42 20% Retail 6% $147 21% Industrial $31 5%

$ in millions, unless otherwise indicated

Outstandings by Geographic Diversification (Legacy Cadence) Outstandings by Geographic Diversification (Legacy State Bank) Alabama $15 2% Other Arizona Other Florida $75 $13 $110 $46 10% 2% 16% 7%

Alabama Texas South Carolina $46 $307 $48 7% 44% 7% Georgia Georgia $46 Tennessee $471 6% $58 66% 8% North Carolina California $25 Florida $72 4% $78 10% 11%

$ in millions, unless otherwise indicated Outstandings by Property Type (Combined) Outstandings by Geopraphic Diversification (Combined) Tennessee $58 Other Senior Housing Multifamily 4% Other $176 $70 $384 South Carolina $177 13% 5% 27% $48 Student Housing 13% 3% Georgia $42 $517 Alabama 37% 3% $61 Hospitality 4% $119 8% Florida $124 9% Retail Texas $186 Office $353 Industrial California $308 25% 13% $72 $126 22% 9% 5%

• Multifamily will remain largest product type given our existing • Georgia and Texas expected to remain largest customer base and loan demand geographic concentrations • Industrial demand expected to stay strong, expect exposure to increase • Continue to follow our Southeastern based • Expect continued softening in retail loan demand, with office loan clients to select markets outside bank’s footprint demand remaining steady. (1) Figures are for Cadence Commercial Real Estate Banking Group (CRE) only. Commercial Real Estate loans for Cadence Bancorporation, as reported in our publicly filed financial statements, are based on Commercial Real 55 Cadence Bank, N.A. Member FDIC Estate NAICS figures and include certain loans originated outside of CRE Banking Group. MORTGAGE Hank Holmes Mortgage – Pristine Credit Results – Well Managed & Tight Compliance

$ in millions, unless otherwise indicated

Loan Portfolio Balance Over Time(1) Geographic Location (3/31/19)

Since 2012, $3.6 billion of total mortgage originations. ▪ As of 1Q19, our mortgage portfolio had original FICO scores averaging 720 1st Lien and 761 2nd Lien. − 1st Lien: 2 charge-offs totaling $151 thousand st nd − 2nd Lien: 5 charge-offs totaling $226 thousand ▪ Loan to value averaged 91% for 1 Lien as of 1Q19, and 83% for 2 Lien. − Indemnification losses of $139 thousand ▪ Community and relationship-based approach, offered through our network of 98 branches. ▪ Mortgage loans serviced of $2.5 billion as of 1Q19, average loan size of $161 thousand and delinquency rate (>90 days) of 0.31%. 57 (1) Prior to 1Q19, historical Cadence Bancorporation-only data and reported on a line of business basis. Mortgage

2019 Mortgage 1st Lien Loans 2013 2014 2015 2016 2017 2018 YTD-Mar !st Lien $ (000's) $298,998 $355,263 $448,804 $499,302 $463,385 $573,066 $115,387 1st Lien # 1,210 1,236 1,323 1,309 1,101 1,576 435 Average Loan Size 247,106 287,430 339,232 381,438 420,876 363,621 265,258 FICO 739 735 733 747 746 740 720 Loan to Value 80% 81% 79% 79% 82% 86% 91%

2019 Mortgage 2nd Lien Loans 2013 2014 2015 2016 2017 2018 YTD-Mar 2nd Lien $ (000's) $79,261 $75,879 $91,842 $92,340 $68,287 $57,843 $7,940 2nd Lien # 1,016 1,036 1,099 1,022 776 610 73 Average Loan Size 78,013 73,242 83,569 90,352 87,998 94,825 108,765 FICO 765 764 766 764 759 758 761 Loan to Value 85% 85% 85% 83% 83% 83% 83%

2019 Bank HELOC Loans Underwritten by Mortgage 2013 2014 2015 2016 2017 2018 YTD-Mar Bank HELOC loans underwritten $ (000's) $39,721 $49,758 $12,077 Bank HELOC loans underwritten # 258 283 64 Average Loan Size 153,956 175,822 188,707 FICO 754 759 751 Loan to Value 65% 63% 63%

58 (1) 2013 – 2018 data represents historical Cadence Bancorporation-only Session 4 | 10:10 a.m. – 10:55 a.m.

IV. SPECIALIZED INDUSTRIES & ASSET BASED LENDING

Randy Schultz Billy Crawford Steve Prichett Daniel Holland Andy McGhee HEALTHCARE BANKING GROUP Billy Crawford Specialized Industries: Healthcare Banking $ in millions, unless otherwise indicated 2012 2013 2014 2015 2016 2017 2018 Cadence Healthcare Banking Team Dynamic New Loan $186 $239 $293 $165 $180 $191 $352 Billy Crawford- Division Head of Healthcare Banking Commitments ▪ 3 officers averaging 25 years of experience New Clients 12 15 12 13 11 10 18 ▪ 16 clients per officer Bankers 1 1.5 2 2 2 2 3 ▪ $215 million in funded loans per officer • Approximately 85% of clients are based in or have significant operations in Texas and the Southeastern United States ▪ $275 million in commitments per officer • Approximately $644 million in Healthcare Banking Group (CBHBG) funded loans, $826 million in total commitments, and 48 clients as of 2019 strategies 3/31/19 • Granular portfolio with average funded loans of approximately $13 • Middle Market Focus million by client • Full Wallet Relationships • Client type mix – 2018 • Solid loan production and new client acquisition since inception • 42% Cadence only • 42% Club deals (2-5 banks) PD & • 16% SNC Total Nonaccr Criticized NCOs • Continue Lead Agent momentum 2016 $425 $0 $9 $12.3 • Broaden deposit prospecting 2017 416 0 0 (0.1) • Stay in our credit box 2018 641 4 4 0.0 1Q19 $644 $4 $4 $0.0

(1) Figures are for Cadence Bank Healthcare Group (CBHBG) only and include certain healthcare related loans categorized as non-owner occupied CRE in our financial statements. Healthcare Industry 61 Loans for Cadence Bancorporation, as reported in our publicly filed financial statements, are based on Healthcare Industry NAICS figures and include certain loans originated outside of CBHBG. Specialized Industries: Healthcare Banking $ in millions, unless otherwise indicated CBHBG Portfolio Overview1 CBHBG Sector Concentration1 ▪ Highly selective client acquisition strategy focused on: Diversified HC REIT 12% ▪ Strong and experienced management teams 22% Staffing ▪ Appropriate healthcare sector selection Medical Device ▪ Demonstrated and Proven Clinical Models Outsourced Clinical 13% ▪ Demonstrated value from a cost perspective Behavioral Health to the healthcare system 5% Medical Office Building ▪ Client partners (management and private equity) Post Acute looking to use moderate leverage 5% 2% Psych Services ▪ Optimize capital structure for growth not 2% 2% Urgent Care financial engineering 15% Pharmacy Services ▪ Significant equity and junior capital in client 8% capital stack Other Services 8% ▪ Typical capital structure has equity as a 6% Physician Management minimum of 40-60% of total capital ▪ Since 2017, evaluated 120 new opportunities Well-diversified by sector: totaling $2.1 billion. Closed on 28 totaling $368 Additional diversification within the sectors - the Diversified HC REIT million in funded loans category includes multiple REITs with significant geographic and subsector ▪ Strategy has led to Cadence avoiding recent high- healthcare diversification. Physician Management includes multiple sub- profile bankruptcies or adverse credit issues specialties including Ophthalmology, Cardiovascular, and others.

Per Third Party Industry Data, healthcare services leverage points for 2014 to 2018:

Disciplined Portfolio Management DIVERSIFICATION (by Vertical, Sectors, & Sponsors) Hardware ❑ Actively Manage Portfolio ($000,000 outstanding) $25 $437 6% $405 $401 $398 $398

Comprised of Software 10+ subsectors $257 IT Services 65% $83 21%

1Q18 2Q18 3Q18 4Q18 1Q19 Network Services ❑ Leveraged Loan Profile $33 ✓ 33% of Loan Portfolio 8% ✓ 75% of Leveraged Loans are to Software companies (> 90% Recurring Revenue/>90% Client Retention/>30% EBITDA margin) ✓ Avg Revenue: $131 million ✓ Avg EBITDA: $46 million

❑ SNC Profile Public Private $98 ✓ 54% of Loan Portfolio Comprised of: $274 24% ❑ 11 discrete Sponsors ✓ Nearly 50% of SNCs are to Public Companies of which half 69% are Investment Grade ❑ Avg Fund Size > $1 billion ✓ Average Market Capitalization of Public Company borrower is $1.3 billion ✓ Majority of Private Company SNC transactions are “clubby” Founders in execution (small bank group) with C-Suite relationships $26 7%

65 Cadence Bank, N.A. Member FDIC Specialized Industries: Technology Banking

EXPERIENCED Through the Cycles

❑ Steve Prichett – Division Head of Technology Banking Software & ✓ Former Managing Director and Division Manager of Software Services JPMorgan Technology Banking ✓ Experienced 2000 “Bubble” Internet & IT Services Digital Media ❑ Relationship Team – 3 senior relationship officers CADENCE ✓ Average 20 years of experience TECHNOLOGY ✓ $133 million in current funded loans per officer Network & BANKING ✓ $140 million in current commitments per officer Mobile Communications Applications & Infrastructure Hardware Services We DON’T Do:

❑ NO Start-Up or Venture Financing

❑ NO 2nd Lien or Mezzanine Financing Technology is a large and growing share of the U.S. and ❑ NO Bridge Financing to prospective Capital Markets executions global economy, and a key source of new company formations and private equity investment. WHAT WE DO: Per the U.S. Bureau of Labor Statistics (May’16) Provide Debt Financing to technology companies (EBITDA typically > “High-tech industries are an essential part of the U.S. economy, providing $10 million) whose products are: about 12 percent of all jobs but producing almost 23 percent of output…they ✓ Already adopted by the markets were largely insulated from the effects of the 2007‒09 recession.” ✓ Defensible and sustainable ✓ Scalable for revenue growth

66 Cadence Bank, N.A. Member FDIC Specialized Industries: Technology Banking

Our Technology Banking Business Our Typical Underwriting Profile

❑ Approximately $1 billion in commitments since inception ❑ Top Tier Management Teams ✓ Direct Return on Equity > 20% ✓ Integrity ✓ Direct Efficiency Ratio < 10% ✓ Experience ✓ Expertise ❑ Vigilant in client selection, portfolio management, and real-time ❑ Well-Capitalized or Strong Equity Support understanding of technology markets ✓ Technology investment focus ✓ Solid banking relationship history ❑ Current private company financing snapshot: ✓ Access to investor capital ✓ Average revenue under $200 million ✓ Typical EBITDA > $10 million and < $50 million ❑ Developed Business Model ✓ Average global transaction size approximates $115 million ✓ Products/Services that create recognizable value the markets (Cadence TBG: $16mm average outstanding per loan) have adopted ✓ Sustainable organic growth and/or new opportunities ❑ Selective new client acquisition strategy ✓ Scalability of model for prospective revenue growth Column1 2014 2015* 2016 2017 2018 ✓ Defensible market leadership New Client Commitments $220 $22 $171 $256 $212 (excludes existing client upsizes/payoffs) ❑ Prospective Capital Markets Execution # of New Clients 13 2 9 15 10 Average Commitment $17 $11 $19 $17 $21 ✓ Investor Network *Managed determination to ease growth acceleration ✓ Market validation of sector valuations (average loan-to-enterprise value approximates 34%)

67 Cadence Bank, N.A. Member FDIC RESTAURANT BANKING GROUP Daniel Holland Specialized Industries: Restaurant Banking Experienced Restaurant Banking team Team is comprised of 6 members specifically focused on the restaurant industry and supported by a dedicated underwriting team. Cumulative restaurant lending experience in Specialized Industries >100 years

What we DO: Core Customer Base What we DON’T DO Restaurant Operating Companies: ▪ Starts ups ▪ Franchisors or independent brand owners ▪ Unproven brands ▪ Experienced management teams ▪ Discretionary / non center-of-the-plate ▪ Diverse geographic footprint ▪ Heavy alcohol mix ▪ Strong unit-level economics ▪ Fine dining Franchise Restaurant Companies: ▪ Pay royalties to a franchisor ▪ National and/or super regional brands ▪ Veteran management teams ▪ Store base > 20 stores

This model has proven recession resistant, weathering cyclicality in macro-economic conditions over the last 25 years

Total underwritten commitments of >$2.3 billion since 2012 ▪ Current portfolio >$1.3 billion committed; $1.1 billion outstanding ▪ Consistent growth in total client base of >100 relationships since 2012 ▪ Current portfolio of approximately 80 clients Cumulative Loan Originations ($000)

▪ As of 3/31/19, approximately 70% of the portfolio is comprised of restaurant franchisees with the remaining 30% restaurant operating companies ▪ Currently bank 9 of the top 20 franchisees as ranked by topline revenue(2) which accounts for $7.6 billion in combined sales across 4,700 units

(1) Figures are for Cadence Bank Restaurant Group (CBRG) only. Restaurant Industry Loans for Cadence Bancorporation, as reported in our publicly filed financial statements, are based on Restaurant Industry NAICS figures and include certain loans originated outside of CBRG. 70 (2) As reported by The Restaurant Finance Monitor- July 2018 Cadence Bank, N.A. Member FDIC Specialized Industries: Restaurant Banking Concept Exposure Mix Cadence’s restaurant loan portfolio has mitigated industry risk through prudent client selectivity and active portfolio management, as evidenced in: ▪ Diversified exposure across 42 concepts and multiple geographies nationwide ▪ The largest brand concentrations are well established national QSR brands ▪ Concerted focus on limited service sector which comprises 75% of the portfolio with the remaining 25% primarily full service restaurants ▪ Over two-thirds of the portfolio exposure is in the QSR sector given stability and resiliency through economic troughs Sector Concentration

Industry opportunity, cyclicality and headwinds: ▪ Labor pressure, minimum wage increases. Continue to see this as a challenge for operators ▪ Softness in guest counts over past 24+ months ▪ 2nd half of 2018 and YTD 2019 have seen positive trends in same store sales, partially driven by price increases to offset labor ▪ Third party delivery – impacting business model & market share ▪ Technology – investment opportunity to offset challenges

Cadence led and participant deals

Cadence currently leads 29 deals accounting for approx. $357MM, or 30%, of portfolio outstandings ▪ Of these, 10 relationships are multi-bank deals ▪ The remaining 19 relationships are sole bank deals

Established relationships in participant deals Cadence had existing relationships with the company and/or sponsor in over 2/3 of the current Cadence non-agented transactions. ▪ Maintain high visibility and relational capital with clients through: ▪ Significant relationships at the CEO/CFO level with both public and private restaurant companies ▪ Active relationships with restaurant focused sponsors ▪ Deep network of restaurant focused lending institutions (1) Figures are for Cadence Bank Restaurant Group (CBRG) only. Restaurant Industry Loans for Cadence Bancorporation, as reported in our publicly filed financial statements, are based on Restaurant Industry NAICS figures and include certain loans originated outside of CBRG. 72 Cadence Bank, N.A. Member FDIC Specialized Industries: Restaurant Banking

Underwriting Parameters ▪ Brand Strength ▪ Experience of operator/Private Equity partners ▪ Initial screening metric is considering the experience of management teams and private equity firms – focusing on a proven track record in the restaurant industry ▪ Average operator experience in current portfolio is >20 years ▪ Demonstrated ability to manage through industry and economic cyclicality ▪ Financial Performance ▪ Conservative Rent Adjusted Leverage profile. Company size, industry segment, concept, and management experience are key factors in determining leverage appetite ▪ Tri-party Agreements ▪ Agreement between Cadence, Franchisor and Franchisee – establishes ground rules in challenging situations

($ in thousands) Special Mention Substandard NPL's Doubtful Balance $ % # $ % # $ % # $ # FYE 2016 $ 877,024 $ 16,123 1.87% 2 - - 0 - - 0 - 0 FYE 2017 $ 1,067,216 $ 4,527 0.44% 1 $ 10,969 1.21% 1 - - 0 - 0 FYE 2018 $ 1,119,267 $ 24,322 2.23% 3 $ 26,161 2.39% 3 $ 22,042 2.01% 2 - 0 1Q19 $ 1,113,543 $ 36,044 3.24% 4 $ 25,875 2.32% 3 $ 21,869 1.96% 2 - 0 Since inception, only ~$400k charge-offs (strategic exit)

While Cadence is not insulated from the industry headwinds, client selectivity with experienced operators, concept diversification, and concerted concentration in both the QSR and franchisee space help mitigate overall portfolio risk

AloStar, a division of Cadence Bank, provides capital to middle market clients with target capital needs between $5 million and $75 million. National platform designed to drive geographic and industry diversification.

• AloStar’s team brings experience from some of the largest bank and non- Current Portfolio bank capital providers: • Deep bench drives specific industry experience to each opportunity 3/31/2019 • Team of 43 professionals • Senior team has a total combined experience in the finance business of • Total loans: $762MM over 240 years • Experience includes; Citi, Wells Fargo/Foothill, GE Capital, Heller, Textron, • Total commitments: $1,201MM Transamerica, SunTrust • 79 Clients • Management team has managed through multiple credit cycles • Avg loan: ~$9.6MM • AloStar has provided over $2.7 billion in commitments to over 200 clients • Avg commitment: ~$15.2MM • Disciplined origination and credit process results in a conversion ratio of 5% of total opportunities sourced to transactions funded

75 Cadence Bank, N.A. Member FDIC AloStar Asset Based Lending ▪ AloStar Asset Based Lending ▪ Traditional Asset Based Lending platform ▪ Intensive Diligence process ABL Concentration ▪ Field Exams, ▪ Appraisals of collateral ▪ Background checks on management and equity owners

▪ Control and Dominion of cash on most relationships Services, 9.4% ▪ Monthly financial and covenant packages Distribution, 9.8%

Equipment ▪ Structures include Retail, 3.5% Rental, 1.0% ▪ Revolving lines of credits and Term Loans ▪ Typical transaction tenor is three years with a few five year commitments Manufacturing, ▪ Pricing: Floating rate spread for both the revolver and term loan 15.9% ▪ Fee Income: Commitment Fee, Unused Line Fee, Collateral Monitoring Fee, Float days

▪ Current market conditions ▪ Highly competitive -many new entrants over the last five years including both bank and non-bank players ▪ Non-bank competitors provide additional leverage on assets versus a traditional bank lender but at higher pricing ▪ Ares, Midcap, Encina ▪ Bank competitors are seeing a blurring of the lines inside of their organizations ▪ Many banks are providing ABL light structures inside of their C&I lines of business which leads to less rigorous up front diligence, less ongoing monitoring and lower pricing

76 Cadence Bank, N.A. Member FDIC AloStar Lender Finance

▪ AloStar Lender Finance Lender Finance Concentration ▪ Provide capital to a segment of the market that has 1.1% 1.6% 1.8% less competition and is not served by larger 0.5%

institutions 2.3% 2.5% ▪ Diversified origination, risk management and portfolio 2.6% construction ▪ Focus on risk management through asset class diversification 8.5% ▪ Portfolio consists 15 distinct buckets – with specific concentration limits

▪ Typical Client profile 17.4% ▪ New company with proven management team 5.8% ▪ These opportunities have a management team that has a track record in the specific asset class that can be attached to their management of that line of business within a larger organization 4.1% ▪ Equity and subordinated debt is raised from private equity firms and/or well known debt funds 6.1% 4.2% 1.2% ▪ Existing company with proven track record 0.4% ▪ Companies historically financed with friends and family high coupon 0.5% debt ▪ AloStar would typically represented the first true structured senior ABL Finance Company Consumer Installment Lender Distressed Debt Consumer debt for the company Equipment Finance Factoring-Invoice Factoring-Transportation Health Care Lenders Insurance Premium/Warranty Medical / Plaintiff Settlement Merchant Cash Advance Middle Market Lender SBA/Commercial RE Subprime Auto Supply Chain Finance Real Estate Tax Lien Venture Debt Lender

77 Cadence Bank, N.A. Member FDIC AloStar Capital Finance – A Diversified Platform Industry Concentration Total $ % of Total Average Per # of Clients 1.6% 1.1% Outstanding Outstanding Client 1.8% ABL Concentration: 36 $287,386,622 39.6% $7,982,961.72 0.5% Distribution Distribution 7 $71,071,693 9.8% $10,153,098.99 2.3% Equipment Rental 1 $7,361,335 1.0% $7,361,335 Equipment Rental 9.8% Manufacturing 15 $115,512,007 15.9% $7,700,800 1.0% Manufacturing Retail 4 $25,395,200 3.5% $6,348,800 Retail Services 9 $68,046,388 9.4% $7,560,710 Services Lender Finance Concentration: 44 $438,691,327 60.4% $9,970,257 ABL Finance Company ABL Finance Company 1 $17,892,694 2.5% $17,892,694 17.4% Consumer Installment Lender Consumer Installment Lender 2 $18,719,724 2.6% $9,359,862 15.9% Distressed Debt Consumer Distressed Debt Consumer 5 $61,565,375 8.5% $12,313,075 Equipment Finance Equipment Finance 3 $42,363,151 5.8% $14,121,050 Factoring-Invoice Factoring-Invoice 3 $29,444,088 4.1% $9,814,696 Factoring-Transportation 1 $8,509,980 1.2% $8,509,980 Factoring-Transportation Health Care Lenders 3 $2,843,298 0.4% $947,766 Health Care Lenders 6.1% Insurance Premium/Warranty 2 $30,353,725 4.2% $15,176,862 3.5% Insurance Premium/Warranty Medical / Plaintiff Settlement Medical / Plaintiff Settlement 1 $3,765,328 0.5% $3,765,328 0.5% Merchant Cash Advance Merchant Cash Advance 3 $44,298,561 6.1% $14,766,187 4.2% 9.4% Middle Market Lender Middle Market Lender 15 $126,355,231 17.4% $8,423,682 SBA/Commercial RE 1 $16,755,063 2.3% $16,755,063 SBA/Commercial RE 0.4% 4.1% Subprime Auto 1 $11,301,775 1.6% $11,301,775 Subprime Auto Supply Chain Finance 1 $3,384,241 0.5% $3,384,241 1.2% Real Estate Tax Lien 1 $7,779,092 1.1% $7,779,092 5.8% Supply Chain Finance 2.5% Venture Debt Lender 1 $13,360,000 1.8% $13,360,000 8.5% Real Estate Tax Lien 2.6% 80 $726,077,949 100.0% $9,075,974.36 Venture Debt Lender *Data as of February 28, 2019

78 Cadence Bank, N.A. Member FDIC AloStar Capital Finance

State # of Clients Committed Facility % Total Outstanding % Arizona 1 $8,680,551 0.70% $6,372,896 0.90% California 7 $98,186,735 8.20% $71,792,672 9.90% Building a Successful National Lending Franchise Connecticut 1 $20,000,000 1.70% $13,360,000 1.80% Florida 3 $49,802,154 4.10% $38,404,000 5.30% Funded ACF Loans Georgia 10 $122,485,000 10.20% $55,063,286 7.60% Illinois 9 $148,266,763 12.30% $106,915,862 14.70% 800000 Maryland 2 $24,589,841 2.00% $8,654,075 1.20% Funding Levels… Maine 1 $15,000,000 1.20% $3,384,241 0.50% 700000 Michigan 2 $21,966,667 1.80% $10,920,817 1.50% 600000 Minnesota 1 $20,000,000 1.70% $14,876,856 2.00% Missouri 1 $20,000,000 1.70% $18,956,044 2.60% 500000 North Carolina 1 $7,002,790 0.60% $3,028,042 0.40% 400000 New Jersey 1 $20,000,000 1.70% $10,334,157 1.40% 300000 New York 16 $276,015,584 22.90% $173,703,845 23.90% 200000 Ohio 5 $66,841,523 5.60% $31,972,248 4.40% Pennsylvania 6 $83,158,446 6.90% $53,624,110 7.40% 100000 South Carolina 2 $21,592,971 1.80% $12,390,717 1.70% 0 Tennessee 2 $36,138,394 3.00% $24,645,458 3.40% Texas 3 $49,014,994 4.10% $22,970,289 3.20% Utah 1 $20,000,000 1.70% $17,034,771 2.30% Virginia 3 $45,000,000 3.70% $8,661,053 1.20% Washington 2 $30,000,000 2.50% $19,012,511 2.60%

Transaction Concentration TOTAL 80 $1,203,742,413 $726,077,949 Total # of Current # of % % Clients Clients Lead/Club 184 82.1% 65 81.3% Participation 40 17.9% 15 18.8% Total 224 100% 80 100.0%

• 29 out of 40 total Participation clients were sourced to support launch of Lender Finance • 11 out of 15 current Participation clients are Lender Finance

79 Cadence Bank, N.A. Member FDIC Session 5 | 10:55 a.m. – 11:40 a.m.

V. FUNDING & MARGIN

Valerie Toalson Katrina King Tell Alessio Dann Lee

Cadence Bank, N.A. Member FDIC Cadence Deposit Highlights – Growth and Diversification $ in millions, unless otherwise indicated Total Deposit Growth 1Q19 Deposit Breakdown and Cost of Funds

Highlights Cost of 1Q19 % Total ▪ Core Deposit(1)growth remains a top Funds Noninterest Bearing $ 3,210 23% 0.00% strategic focus Interest-bearing 7,166 50% 1.40% ▪ Savings 249 2% 0.37% Quality Core Deposits have grown Retail CD 2,066 15% 2.27% significantly over the years to fund Jumbo CD 652 5% 2.51% above-peer loan growth Core Deposits $ 13,343 94% 1.22% Interest-bearing 506 4% 2.62% − Brokered deposits declined to 6% of total Retail CD 350 2% 2.39% deposits Brokered Deposits $ 856 6% 2.54% − Cumulative deposit beta at 41% in spite of Total Deposits $ 14,199 100% 1.30% pace of growth Geographic Breakout (3/31/2019, Core) Line of Business Breakout (3/31/2019, Core) ▪ Deposits are further diversified with merger of State Bank − Geography − Business mix − Account granularity − Lower cost of funds ▪ Significant opportunity to continue growth in existing and new markets

(1) Core deposits are defined as total deposits excluding brokered deposits 81 Cadence Bank, N.A. Member FDIC (2) Figures may not total due to rounding TREASURY MANAGEMENT Katrina King

Cadence Bank, N.A. Member FDIC Treasury Management Cadence Bank’s Treasury Management experts help assess business needs and determine the unique set of solutions best suited to meet a company’s goals. Our solutions positively impact bottom lines, streamline operations, eliminate time- consuming tasks, integrate efficiently with existing systems and help resolve cash management challenges.

Our collaborative approach: • Fresh-thinking Commercial Relationships 12,373 Small Business Relationships 23,400 methodology that supports a strategic partnership and Commercial Accounts 35,773 Increase in Relationships* +115% delivers more automation Increase in Relationships* +134% and efficiencies to day to day activities Noninterest Bearing Deposits $793MM • Solutions-driven Noninterest Bearing Deposits $2.2B Clients 22,294 development. Your needs Clients 10,978 Increase in Relationships* +35% guide the development of our Treasury Management Increase in Balances* +28% solutions Interest-Bearing Deposits $365MM • Excellence in risk Interest-Bearing Deposits $2.7B Clients 1,106 management Clients 1,395 Average Interest Rate 0.50% • A team of highly experienced professionals Average Interest Rate 0.86% who know their business Earnings Credit Rate on NIB 1.25% Off-Balance Sheet Deposits $1.4B and can help make your business more profitable * Including State Bank and efficient

(1) Data as of March 31, 2019 83 Cadence Bank, N.A. Member FDIC Treasury Management Services

•Lockbox – Retail & Wholesale • Account Reconciliation ➢Remote Lockbox • ACH ➢eLockbox • Cards – Payroll, PCard, Corp ➢Corrective Workstation Card ➢Match File Process • Controlled Disbursement ➢Data Transmission • Electronic Bill Presentment • Fraud Prevention: •ACH ➢Positive Pay •Wires ➢ACH Positive Pay •EDI Payable & Receivable Manag➢emeMultifactorn Authentication •Remote Capture ReceivableRisk Management • Outsourcedt Payables •Return Items ManagementManagemen • Payables Lockbox •Merchant Services t • Wires •Vault • Zero Balance Services

Liquidity Information •Loan Sweeps Management Management • Information Reporting •Investment Sweeps: • Integrated Reporting ➢ICS Demand • MultiBank Reporting ➢Fidelity • Online Reports ➢Dreyfus • BAI Files •Combination Sweeps • Electronic Bank Statements •Self Directed Investments • Alert Notification •CDARS • Administration Rights • Data Archive

Efficient tools designed to create effective workflow processes, tighter security and audit controls with overall value to the company’s bottom line

84 Cadence Bank, N.A. Member FDIC Treasury Management Product Penetration

85 Cadence Bank, N.A. Member FDIC Treasury Management/Commercial Deposits

Technology focus: • Salesforce Pipeline/Implementation/Back End Integration • ACH & Wire back end system replacement for automation improvement • Allegro Enhancements – Client facing front end • Integrated Receivables/Payables/Reporting solution enhancements

TM Talent investments: • Sales, Support & Product Development Talent additions to support growth and new markets

Treasury Wins: • Nationwide legal services firm in 50 State – saved $133k/yr with our consolidated lockbox solution, reducing 6 large bank lockbox processing sites into 1 using technology to differentiate multiple entity receivables vs locations • Nationwide waste disposal services company – customized lockbox solution to improve thousands of manual payments • National Arms Mfg. – onboarded entire TM relationship in 30 days fully integrated into clients platforms, while national competitor spent 90 days discussing options. • Working with a Georgia educational program entity to update Regulatory governance to utilize ACH for payments facilitating the movement of $22MM NIB to Cadence

86 Cadence Bank, N.A. Member FDIC Treasury Management Opportunities

• Significant Treasury Management Pipeline of core operating companies, for both non-interest bearing balances and TM revenue across our 6 state footprint • Strong Business Development call program and client cross selling initiative • Seasoned TM sales staff with dedicated tactical implementation & client support units • Consultative trusted advisor sales approach focused on layering in efficiency and automation for the middle market targeted client base • Operations capacity to handle additional transaction volumes • Faster onboarding process for new clients with post implementation meetings to transition new volume quickly to Cadence • Customized approach for large client integration projects

87 Cadence Bank, N.A. Member FDIC RETAIL BANKING Dann Lee

Cadence Bank, N.A. Member FDIC Retail Banking- Branch Overview

• $5.5 Billion in Branch and Internet deposits • Creative product set • Diverse Southeast Footprint • Deposit products are aligned to savings purpose or • Serve multiple growing financial centers (Houston, intent Birmingham, Huntsville, Tampa, Atlanta) • Experienced and tenured Retail team leaders and • National online deposit generation capabilities Branch Managers through SBT acquisition • Incentive programs are heavily weighted toward deposit growth and related activities

Cadence Bank Footprint Branch Deposit Growth by State 2015-2018 $9,903,932                                  $188,671,641   $352,015,743  

 $137,299,808           Cadence Branch (66)  State Bank Branch (32) $68,240,852 Cadence LPO / Trust Office

89 Cadence Bank, N.A. Member FDIC Retail Banking- Branch Overview

• Proven history of deposit generation and retention from the Retail franchise • Maintained deposit growth while rationalizing branch network reducing CADE branch count from a high of 125 to 66 pre-SBT merger • High average branch deposit levels reflects efficient nature of the franchise • Cost of Deposits, while increasing, Retail rates changed at 80% of Total Deposits in 2018

Total Branch Deposits Average Branch Deposits Branch Deposit Cost of Funds (in $ millions) $60,000 1.40% $6,000 $5,516 $50,000 1.20% $5,000 1.00% $40,000 $56,283 $4,000 $3,249 0.80% 1.32% $30,000 1.24% $3,000 $2,653 $2,702 $49,227 0.60% 0.80% $20,000 $40,942 $2,000 0.40% 0.63% 0.56% $26,796 0.52% $1,000 $10,000 0.20%

$- $- 0.00% 2013 2016 2018 2019 2013 2016 2018 2019 2014 2015 2016 2017 2018 2019

90 Cadence Bank, N.A. Member FDIC CADE Major Market Deposit Performance

• Branch network has been highly efficient and effective at growing the deposit base • Market Share typically exceeds Branch share by significant margins • CADE median 5-year deposit CAGR of 9.37 is 2.5 times market growth over the same period

CADE 5-Year Market 5-Year CADE Market CADE Branch CAGR B/W Major Cade Markets CADE Branches CADE Market Share Deposit CAGR 2018 Deposit CAGR Deposits Share versus Market (%) 2018 (%)

Houston-The Woodlands-Sugar Land, TX 12 4,080,689 1.66% 0.84% 20.67 3.40 17.27 Birmingham-Hoover, AL 11 1,945,829 5.27% 3.58% 9.37 4.81 4.56 Atlanta-Sandy Springs-Alpharetta, GA 8 1,933,539 1.12% 0.68% 9.92 6.96 2.96 Macon-Bibb County, GA 8 1,209,341 32.04% 16.00% 6.81 4.65 2.16 Tampa-St. Petersburg-Clearwater, FL 8 836,319 0.98% 1.18% 23.72 5.92 17.80 Augusta-Richmond County, GA-SC 7 471,019 5.53% 5.74% 2.06 2.20 (0.14) Huntsville, AL 4 373,902 4.70% 3.39% 12.09 3.56 8.53 North Port-Sarasota-Bradenton, FL 3 357,555 1.71% 1.12% 10.20 4.64 5.56 Warner Robins, GA 3 287,045 14.91% 8.57% 3.90 4.33 (0.43) Tuscaloosa, AL 2 264,429 6.41% 2.99% 13.89 3.63 10.26 Starkville, MS 3 235,233 19.42% 13.64% (0.70) 6.37 (7.07) Columbus, MS 2 201,497 20.32% 10.00% (5.17) 1.37 (6.54) Savannah, GA 2 37,755 0.54% 2.11% - 5.58 Median 4.70% 2.99% 9.37 3.63 5.74

Source: SNL U.S. Deposit Market Share Summary Report 4/8/2019

91 Cadence Bank, N.A. Member FDIC Retail Deposit Relationship Strength

Retail Households 70,000 • 130,568 consumer and business 60,352 60,000 households as of 3/31/19 50,012 50,000 • Clients carry balances high average 40,878 40,000 34,007 balances ($53,800 HH balance and CADE 30,000 SBT

$10,533 DDA) 20,000 10,340 • While relationships are deep, they are 10,000 6,871

not broad with a HH deposit cross-sell - Business HH Consumer HH Total HH rate of 2.06 deposit accounts per HH, Retail Household Tenure < 1YR leaving room for continued growth from 5% existing customers > 20YR 1YR - 5YR 27% 16% • Client tenure is long and loyal with a median tenure of 11.24 years, 60% of clients have banked with CADE greater

than 10 years and 80% greater than 5 5YR - 10YR years 20%

10YR - 20YR 32%

92 Cadence Bank, N.A. Member FDIC Retail Relationship Strength

• Our clients love banking with us as 65.3% NAR reflects the percentage of clients that will buy again or recommend CADE to their friends. • Overall branch customer satisfaction is 89.5%; customers are Highly Satisfied • CADE registers better than national averages on every satisfaction category measured

93 Cadence Bank, N.A. Member FDIC Digital Snapshot

• 45,000 active retail internet banking users • 106,508 mobile deposits totaling over $69mm in 2018 • Robust internet and mobile banking • Bill pay, mobile deposit, P2P payments, external transfers • Budgeting, spending, and account aggregation tool(s) • Agile development relationship with development firm • Leverages the same platform as Treasury Management • Able to drive development based on customer and market requests • Speed to market for enhancements and regulatory requirements • 11 video enabled Interactive Teller Machines • Robust online account opening expanded with the State Bank merger

94 Cadence Bank, N.A. Member FDIC FUNDING AND INTEREST RATES Tell Alessio

Cadence Bank, N.A. Member FDIC Net Interest Margin and Liquidity

▪ Organic asset sensitive profile that is actively managed, both synthetically and holistically, for earnings growth and stability

▪ Improving liquidity profile through rapid core deposit growth, both offsetting wholesale usage and increasing availability

▪ Asset sensitive loan growth with corresponding deposit growth resulting in increased returns with decreasing liquidity risks

▪ Sophisticated liquidity and interest sensitivity management with centralized pricing designed for the success of our customers and bankers

96 Cadence Bank, N.A. Member FDIC Improved Deposit Foundation since becoming Public

Mar-19 Deposit Mix Dec-16 Deposit Mix

NIB Deposits NIB Deposits 15% 19% 23% 23% IB Transaction WAL 13M IB Transaction WAL 10M Deposits 3% Deposits

2% Floating IB Floating IB 4% Deposits 10% Deposits Brokered IB Brokered IB Deposits 9% Deposits Brokered Time 10% Brokered Time Deposits Deposits Time Deposits Time Deposits 43% 39%

▪ Asset sensitive balance sheet with strong core deposit growth resulting in margin expansion. ▪ Core deposit growth has significantly reduced our dependence on wholesale sources of funding; from 13% in 4Q2016 to 6% in 1Q2019. ▪ Overall liquidity framework strengthened and increased wholesale sources availability. ▪ Reduced liquidity risks plus increased margins equals a strong foundation for the future.

97 Cadence Bank, N.A. Member FDIC Proforma Combined Deposit Outlook (1)

Total Deposits Pre & Post Merger • Proforma Combined company has widening slope to

$14,740 Fed Fund rate increases

• Proforma combined 1.28% 1.18% annual core deposit

1.02% growth of 12.5% 0.89% since 1Q2017

0.68% 0.63% 0.52% 0.56% • Proforma combined 0.45% deposit betas are slowing over the $10,038 $8,025 $7,940 $8,140 $8,635 $9,012 $9,135 $9,489 past 4 to 6 quarters

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 State Bank Deposits CADE Deposits CADE Rate Combined Rate STBZ Rate Fed Funds

98 Cadence Bank, N.A. Member FDIC (1) Proforma historical information represents the historical reported Cadence Bancorporation and State Bank and Trust information. Organic Interest Rate Sensitivity ▪ The originated loan beta (including acquired non- credit impaired loans) was 85% cycle-to-date(2) Cumulative Betas (Cycle-to-date) through 1Q19 demonstrating the interest-sensitivity of the loan portfolio. ▪ The cycle-to-date(2) total deposit beta is 41%. Quarter over quarter deposit beta was -16% in 1Q19, primarily related to the lower cost deposits added from the State Bank acquisition. ▪ The consecutive increases in the Fed Funds rate continues to impact the quarterly deposit beta on a lag basis but with the State Bank addition and based on 1Q19 behavior, we believe most of the upward bias is deposit rates have abated. ▪ Deposit betas are higher than peers related to our rapid deposit acquisition strategy to support above- peer C&I loan growth.

99 Cadence Bank, N.A. Member FDIC Loan Repricing Mix

Mar-19 Loan Mix Dec-16 Loan Mix

Libor 1M Libor 1M 22% WAL 13M 27% WAL 10M Libor Other Libor Other

Prime 6% Prime 52% 56% 4% Treasury Treasury 10%

11% Fixed Fixed 6% 6%

▪ Loans have growth 86% since 2016, maintaining a primarily Libor floating rate characteristic. ▪ Just over 63% of the loans reset within the first month. ▪ Treasury indexed loans are primarily ARMs with average 51 months to next reset.

100 Cadence Bank, N.A. Member FDIC Proactive Measures to De-Risk Net Interest Income

▪ Entered a $4 billion collar in Feb 2019 to protect against lower interest rates, while maintaining an asset sensitive profile superior to peer averages ▪ Structured with 5 year term; Bought Floor at 3% and Cap at 4.7% and Sold Cap at 3.5% and Floor at 0%

No Collar With Collar

6.9%7.2% Peer Average NII Sensitivity

4% 4.0%

% ∆ Net Interest Income for +/- 100bps (1.0)% Rate Shock

(6)%

(7.2)% -100 bps +100 bps -100 bps +100 bps

Net Interest Income $(46) mm $44 mm $(6) mm $24 mm

Source: Peer Sensitivity from June 2018 public filings 101 Cadence Bank, N.A. Member FDIC Securities portfolio – Stable and Efficient

$ in millions, unless otherwise indicated

6% Balance Book WAL Eff Dur 9% Treasury/Agency 4% (MM) Yield (%) (Yr) (%)

Agency MBS Treasury/Agency 162.7 1.58 1.77 1.67 15% Agency MBS 842.2 2.94 5.36 3.41 Agency CMO Agency CMO 318.9 2.98 3.58 2.42 Municipal 261.1 3.61 12.14 8.47 Municipal SBA Backed 78.0 3.03 3.97 2.52 Agency CMBS 106.5 2.88 8.53 6.89 SBA Backed 18% 48% 1,769.6 2.92 5.84 3.99

Agency CMBS -100 bps Base +100 bps Price Sensitivity 52.4 -5.1 -84.6

▪ The investment portfolio continues to be a source of liquidity, primarily for pledging to the FHLB and municipal deposits. ▪ Price sensitivity is temporary and only impacts OCI. ▪ Yield outperforms peer average by 8 bps with a more liquid profile. ▪ Portfolio manager with 35 years of financial institutions portfolio management experience.

Portfolio data and price sensitivity as of 3/31/29 Raymond James Portfolio Analysis 102 Cadence Bank, N.A. Member FDIC Peer data from Stifel Nicholas Liquidity Risk Management

Risk Management Framework Wholesale Availability • Dynamic liquidity forecasting FHLB Atlanta

• Monthly stress scenario coverage ratios 6% Repo Lines • Track highly liquid assets to uninsured depositors 14% • Static policy ratio comparison 27% Fed Fund Lines • Quarterly liquidity stress testing Fed Discount Wholesale Sources Window Holding • Diversity, Depth, Pricing, & Term Company Line 9% • Considerable contingent availability nearing Promontory 50% of assets 33% 3% Brokered CD • Additional reciprocal deposit network 7% availability for customers with investment Markets policies that need FDIC coverage Other Brokered 1% Deposits

103 Cadence Bank, N.A. Member FDIC Net Interest Income Dynamics

Key Points to Consider Contribution to Net Interest Income / NIM ▪ Inherent loan sensitivity to rates, cumulative 85% beta ▪ Derivatives impact on margin First Quarter 2019 Average Yield / ▪ Increased accretion related to newly acquired State Bank ($ in millions) Balance Cost $ % Originated Loans - Interest Income $ 9,811.8 5.46% $ 132.1 3.27% loans ANCI Loans - Interest Income $ 3,684.9 6.04% $ 54.9 1.36% ▪ Steady securities portfolio ANCI Accretion 1.37% $ 12.5 0.31% ▪ Meaningful deposit growth, cumulative 41% beta ACI Accretion $ 301.7 8.54% $ 6.3 0.16% ▪ Holdco debt of $135 million at 4.875% maturing June 2019 Total Loans $ 13,798.4 6.05% $ 205.8 5.10% Investment Securities & Other - TE $ 2,570.5 2.67% $ 16.9 0.42% Total Earning Assets - TE $ 16,368.9 5.52% $ 222.7 5.52% NIM Rollforward to 1Q2019 Interest Bearing Demand $ 8,011.0 1.48% $ 29.3 0.72% Savings Deposits $ 248.7 0.37% $ 0.2 0.01% 4Q18 Actual 3.55% Time Deposits $ 2,985.7 2.22% $ 16.4 0.40% Orig/ANCI Loan Yield 0.19% Time Deposits - Purch Acctg Amort 0.11% $ 0.8 0.02% ANCI FV Accretion 0.32% Total Interest Bearing Deposits $ 11,245.4 1.68% $ 46.7 1.15% ACI Total Accretion -0.03% Other Borrowings $ 554.3 4.56% $ 6.2 0.15% Hedge Income 0.08% Total Interest-Bearing Liabilities $ 11,799.7 1.82% $ 52.9 1.30% Other Earning Assets 0.02% Total Free Funding (NIB/Other/Equity) $ 4,569.2 $ - 0.00% TE Adj-Muni Bonds 0.00% Total Funding $ 16,368.9 $ 52.9 1.30% Deposit Cost Impact 0.13% from State Bank Merger Net Interest Margin - TE 4.21% $ 169.8 4.21% Deposit Cost Increases -0.13% Other Borrowings 0.08% 1Q19 Actual 4.21%

Numbers may not foot due to rounding 104 Cadence Bank, N.A. Member FDIC Merger with State Bank - Net Assets Acquired(1)

Reversal of Summary of Purchase Accounting for State Bank As Recorded Legacy State Fair Value As Recorded Loans – ($ in 000s) by State Bank Bank Amounts Adjustments by Cadence • ACI Accretable Yield balance of $43 million, Assets estimated to accrete into interest income over Cash $ 414,342 $ 414,342 approximately 7 years Securities available-for-sale 668,517 (652) 667,865 • ANCI Accretable Discount of $78.6 million, estimated Loans, net 3,487,618 83,908 (99,001) 3,472,525 to accrete into interest income over approximately 7 Premises & Equipment, net 55,151 10,495 65,646 years Intangible Assets 92,918 (92,918) 117,038 117,038 Other Assets 132,864 (2,342) (18,024) 112,498 Unfunded Loan Commitments – Total Assets $ 4,851,410 $ (11,352) $ 9,856 $ 4,849,914 • $26.0 million net fair value adjustment, estimated to accrete into interest income between 29 and 48 months Liabilities Intangible Assets - Deposits $ 4,100,340 $ (3,675) $ 4,096,665 • Core Deposit Intangible - $111.9 million / 3.28% of Borrowings 23,899 - 23,899 core deposits, amortized into expense using an Other Liabilities 49,105 27,173 76,278 accelerated method over ten years Total Liabilities $ 4,173,344 $ - $ 23,498 $ 4,196,842 • Customer lists - $5.1 million, amortized into expense over 10 years Net Identifiable Assets Acquired 678,066 (11,352) (13,642) 653,072 Goodwill 173,308 173,308 Deposits – Fair Value of Net Assets Acquired $ 678,066 $ (11,352) $ 159,666 $ 826,380 • ($3.7) million net fair value adjustment, over approximately 1.25 year

(1) 105 The estimated fair values will be subject to refinement as additional information relative to the closing date fair values becomes available through the measurement period of approximately one year Cadence Bank, N.A. Member FDIC from consummation. Cadence Bank Purchase Accounting Summary

Total Purchase Accounting Impact - CADE First Quarter 2019 Fourth Qtr 2018 Qtrly Contribution to NII/NIM Contribution to NII/NIM Variance ($ in millions) $ % $ % Total Accretion $ 18.83 0.47% $ 5.31 0.18% Time Deposit Purch Acctg Amort $ (0.8) -0.02% $ - 0.00% Total Purchase Accounting Impact on Net Interest Income $ 18.01 0.45% $ 5.31 0.18% $ 12.69

1Q19 Impact to NIE 4Q18 Impact to NIE Core Deposit Intangible/Other Purch Acctg Amortization Expense $ (6.07) $ (0.60) Total Merger/Purchase Accounting Impact on Non Interest Expense $ (6.07) $ (0.60) $ (5.48)

Pretax Merger/Purchase Accounting Impact $ 11.93 $ 4.71 $ 7.22

Total Bank Purchase Accounting Change Between Qtrs

• Total loan accretion increased $12.7 million from 4Q18 to 1Q19.(1)

• Intangible amortization expense increased $5.48 million from 4Q18 to 1Q19.(1)

• Total accretable difference at March 31, 2019 of $98.2 million

(1) 106 Note that State Bank & Trust recorded $6.4 million of loan accretion and $0.7 million of intangible amortization in 4Q18, prior to acquisition by CADE. Cadence Bank, N.A. Member FDIC Net Interest Income

$ in millions, unless otherwise indicated

• Given our robust growth capabilities for loans and deposits and the interest rate dynamics of our balance sheet, we have been able to increase net interest income consistently even with flat to modest compression in net interest margins. • In the current rate environment, we are targeting “flatish” NIM for 2019 compared to first quarter 2019 levels, excluding the impacts of purchase accounting.

107 Cadence Bank, N.A. Member FDIC Session 6 | 11:40 a.m. – 12:25 a.m.

VI. STATE BANK AND GEORGIA MARKET OPPORTUNITIES Sam Tortorici Spencer Strickland BJ Green Sheila Ray David Black Creates Leading Regional Banking Franchise

▪ 75th largest bank in U.S. ▪ $17.5 billion of Assets ▪ 98 branch locations ▪ $13 billion of Loans Over 175,000 individual ~$15 billion of Deposits ▪ ▪ business and consumer clients

Cadence Branch Footprint Cadence Top 5 Deposit Markets(1) Deposits Market MSA Branches Rank ($mm) Share     Houston, TX 12 9 $ 4,081 1.7 %                   Birmingham, AL 11 5 1,946 5.3     

 Atlanta, GA 8 12 1,934 1.2       Cadence Branch  Macon, GA 8 1 1,209 32.0   State Bank Branch  Cadence LPO / Trust Office Tampa, FL 8 15 836 1.3

Source: SNL Financial and Company reports. 109 (1) Ranking based on FDIC deposit data as of June 30, 2018. Cadence Bank, N.A. Member FDIC Enhanced Complementary Product Sets ✓ Capability

Combined ▪ Complementary business mix focused on Commercial Middle Market ✓ ✓ commercial lending with specialized industry Specialized Industries ✓ ✓ expertise Energy Lending ✓ ✓ ▪ Diversifies concentrations across industry and Asset-Based Lending ✓ ✓ geography Homebuilder Finance ✓ ✓ ▪ Broadens products set and introduces new SBA Lending ✓ ✓ services to better meet customer needs across Correspondent Banking ✓ ✓ combined bank Commercial Real Estate ✓ ✓ ✓ ▪ Ability to pursue larger clients as a $18B asset Private Banking ✓ ✓ institution Retail Banking ✓ ✓ ✓ Mortgage Banking ✓ ✓ ✓ ▪ Opportunity to improve fee income by Treasury Management ✓ ✓ ✓ leveraging CADE’s investment advisory, trust, Investment Mgmt. / Trust ✓ ✓ treasury management expertise, and derivatives capabilities together with STBZ’s Insurance Services ✓ ✓ ✓ payroll and small business lending operations Payroll Services ✓ ✓

110 Cadence Bank, N.A. Member FDIC Immediate Scale & Increased Access to Businesses $ in billions State Bank’s Footprint Increases Cadence’s Georgia Market Share Atlanta Market Share Access to Businesses by >50%¹ (000’s)

Non-CCAR Non-CCAR Company Deposits Company Deposits Rank Rank

– BB&T / SunTrust $ 66.9 – BB&T / SunTrust $ 55.8 ✓ Immediate scale 949 949 in sought after – Wells Fargo 37.0 – Bank of America 32.3 116 growth markets 833 – Bank of America 36.6 – Wells Fargo 30.6

1 Synovus 15.9 – JPMorgan Chase 5.0 ✓ Attractive 221 2 Ameris 8.6 1 Synovus 5.0 funding profile 612 – Regions 6.8 2 Ameris 4.7 United 3 6.4 – Regions 3.9 ✓ Larger customer Community base to – PNC 3.5 – JPMorgan Chase 5.0 833 distribute 3 Bank OZK 2.9 products 4 Bank OZK 4.4 United 612 5 4.4 4 2.7 Community ✓ Expands middle – PNC 3.7 5 Renasant 2.7 market C&I 6 Renasant 3.6 6 1.9 lending 7 South State 2.9 – Fifth Third 1.6 franchise 8 CenterState 1.7 7 Atlantic Capital 1.5 CADE Atlanta Georgia Pro Forma Pre-Deal ex. ATL – Fifth Third 1.7 8 CenterState 1.5 State Bank Contribution

Source: SNL Financial and FDIC deposit data pro forma as of 30-Jun-18 111 Cadence Bank, N.A. Member FDIC 1 Shown as the sum of all businesses in MSAs and counties not in MSAs where Cadence and State Bank maintain a branch presence. Complementary Combined Business Mix

(31-Dec-18) (31-Dec-18) (31-Mar-19) Deposits

39% TX

17%

GA Loans

Note: Deposit and categorizations as of 3/31/19 in accordance with Cadence Bancorporation classifications. 12/31/18 deposit and loan categorizations for State Bank in accordance with originally reported and have not been adjusted. 112 Cadence Bank, N.A. Member FDIC Deal Execution

▪ Meeting & Exceeding Expectations:

▪ Accretive to earnings in 2019

▪ Will achieve 30% cost save target

▪ Credit performing as expected

▪ Retention of key client-facing talent

▪ Leveraging core strengths of both institutions

▪ Hired new leader to build Commercial Middle Market in Atlanta

▪ Solid cultural alignment

▪ Evaluating bolt-on M&A opportunities in Georgia markets

113 Cadence Bank, N.A. Member FDIC State Bank Integration Efforts Were Significant

▪ Legal closing Transitioned over 500 employees and January 1, 2019 179,450 clients to Cadence’s systems

▪ System 40 project teams responsible for outlining, planning, conversion and and executing the merger and conversion rebranding President’s Day Cadence Customer Service center answered over weekend Feb. 10,000 client calls in the first week of conversion 15-18, 2019

34 Cadence Branch Champions trained and assisted 184 branch employees across Georgia Positive Georgia Retail Deposit Retention

More than 700 computers replaced with upgraded (in millions) 2/15/19 3/31/19 % Change software and 35 circuits and routers converted

Total Georgia $1,889.6 $1,915.1 +1.35% Published 57 merger-related articles in local and national news publications

114 Cadence Bank, N.A. Member FDIC Conversion Update / Rebranding – cont’d

Operational Indicators (weekly) Pre- Post- % Conversion Conversion Change

Overall Loans 25,100 42,500 69% TM File Transmissions 8,200 12,600 54% Debit Items Processed 317,000 435,000 37% Internet Sessions 60,000 110,000 83% “Core” Transactions 692,000 1,250,000 81% Fluent Log-Ins 21,400 37,100 73%

115 Cadence Bank, N.A. Member FDIC Georgia Community Banking

▪ Spencer Strickland, Georgia Community Bank President

▪ 25 year banking veteran, all in Georgia Community Markets

▪ Currently overseeing each of the Cadence Georgia Community Markets (Athens, Augusta, Macon / Warner Robins, Savannah)

▪ Served as Chief Revenue Officer for State Bank, primarily focused on developing and implementing the sales & service culture

116 Cadence Bank, N.A. Member FDIC Overview of Georgia Franchise

Gainesville CADE Branches (32)¹ ▪ Solid presence in 7 of the largest 8 MSAs Athens Atlanta 75  85 Augusta ▪ Robust Middle Georgia market share; low-cost,      core deposits 20 20  

85  Macon Savannah ▪ Average deposits per branch are $128 million,   demonstrating an extremely efficient delivery   16 system        Warner  Robins ▪ More tools in the toolbox 75 95 Hinesville ▪ Georgia Community Bankers average over 25 years of banking experience MSA Branches Rank Deposits ($mm) Market Share Atlanta 8 12 $ 1,933 1.2 % ▪ Recent wins Macon-Bibb 8 1 1,209 32.0 % Augusta 7 9 471 5.5 % Warner Robins 3 3 287 14.9 % Athens 1 7 261 5.1 % Other 5 – 207 –

Total¹ 32 – $ 4,368 –

Source: SNL Financial and FDIC deposit data pro forma as of 30-Jun-18 117 Cadence Bank, N.A. Member FDIC 1 Excludes one administrative branch in Atlanta and one de novo brick & mortar branch. Healthy & Growing Georgia Economy

▪ Georgia ranks as the #1 state in the nation in which to do business, for the sixth year in a row - Site Selection Magazine

▪ Georgia Ranks #2 in Growth Entrepreneurship up from #11 the previous year - Kauffman Index

▪ 70% of all payment card transactions are processed in Georgia and more than half of U.S. financial technology companies are setting up shop in Atlanta

▪ By 2030, Georgia will add 1.5 million people to its population – GA Chamber 2030 research study

▪ By 2027, the number of jobs in Georgia will grow by 9.6% – GA Chamber 2030 research study

118 Cadence Bank, N.A. Member FDIC Building Georgia Middle Market Banking

Recruit ▪ BJ Green – Georgia Commercial Banking Top Talent Executive ▪ 25 year veteran banker – Large Regional and National Banks ▪ Seasoned in Commercial Banking, Investment Banking and Capital Markets Keys to Success Solid Direct ▪ Georgia Middle Market opportunity Execution Calling ▪ Recruit top talent that can run the Cadence playbook ▪ Focus on advisory and strategic approach ▪ Calling at CEO / Owner level ▪ Focus on building a solid referral network ▪ Execute Strategic Partner Alignment

119 Cadence Bank, N.A. Member FDIC Georgia Middle Market Banking Opportunity

Direct Relationships Private Equity Relationships

▪ Sole leader or agent, handling all ▪ Billions in private equity capital in treasury/deposits Georgia focused on the middle market ▪ Georgia has 1,000+ companies in the ▪ 120 sponsor backed companies in $50 to $500 million revenue Middle Georgia that are core middle market Market space opportunities ▪ Relationship Managers will be ▪ Prudently structured cash flow deals responsible for maintaining a Top 25 for strategic sponsor relationships are prospect list where we can be a part of our Georgia middle market strategic and offer compelling advice strategy ▪ Areas of focus include transportation and logistics, manufacturing, consumer products, and building products ▪ Leverage Treasury Management strengths in untapped Middle Market, Institutional, and Corporate segments

120 Cadence Bank, N.A. Member FDIC Atlanta’s Attractive Growth Outlook

Diversified Economy Atlanta Population Growth (000s) Fortune 500

▪ 9th largest MSA by population in the U.S. with 6.0mm residents and more US ’13-’18 CAGR: than 220K businesses 0.8% 6,018 5,885 ▪ Atlanta is one of the fastest growing MSAs in the U.S. and has the 10th 5,796 largest economy in the U.S. as measured by Gross Metro Product (GMP) 5,702 ▪ There are more Fortune 500 companies headquartered in Atlanta than 5,605 5,517 Dallas and Nashville combined

▪ Atlanta is the 6th largest U.S. industrial real estate market

▪ Atlanta has the lowest relative cost of doing business among the nation’s 10 largest metro areas 2013 2014 2015 2016 2017 2018 Healthy Labor Market (000s) Selected 5-Year CAGRs

Annual Net Job Creation Nonagricultural Employment 22.1 % 2,786 18.0 % 2,665 2,727 2,582 2,503 2,414 9.1 % 6.6 % +89K +83K 5.3 % 4.4 % +79K +60K +63K +58K

GMP Bank Single Building Multi-Family Personal Deposits Family Permits Homes & Income 2013 2014 2015 2016 2017 2018 Homes Apartments

Atlanta Market Provides Avenue for Significant Growth and Business Development

Source: Metro Atlanta Chamber, SNL, Fortune, KPMG, Site Selection and Area Development. 121 Cadence Bank, N.A. Member FDIC Note: 5-Year CAGRs based on most recently available information from Metro Atlanta Chamber. Summary

▪ Strategic CADE/STBZ rationale affirmed

▪ Georgia credit performance in line with due diligence assessments

▪ Successfully completed the conversion, experiencing good retention

▪ Broaden the capabilities of the successful Georgia franchise, especially in Middle Market

▪ Demonstrated long-term commitment to Georgia: ▪ Relocated Bank headquarters and CEO to Atlanta ▪ Retained top client-facing talent, including several key C-Level positions

▪ Poised to capitalize on significant market disruption

122 Cadence Bank, N.A. Member FDIC Session 7 | 12:30 p.m.

VII. INFORMATION TECHNOLOGY

Tom Clark Information Technology

Online services are co-developed and supported by highly Annual Spend: $64 million (2019) engaged and experienced relationship bankers. Integrating Employees: 88 IT + 18 IS = 106 meaningful electronic capabilities with personal Applications: 286 Total, 130 Critical Great Always Always relationships provides the competitive advantage. Experiences Secure Efficient

State Bank Integration • Core System/Infrastructure completed on schedule February, 2019 with scalability as expected. Limited technical debt is Fully compliant, multi- carried forward, as most State functions are on common layered security model Cadence platforms with new standard hardware. with continuous internal and external monitoring • Legacy State Bank data centers will be fully migrated and and testing. decommissioned by Q3, 2019.

• Technology and Bank Operations teams are operating with common shared processes effective February 2019

Strategic Technology Investment Focus Areas

Treasury Employee Security and Retail Channel Business Scalable Emerging Management Experience and Privacy By Experience Automation Infrastructure Technology Solutions Engagement Design

124 Information Technology

Building on a good foundation for future growth.

Existing private cloud and SaaS capabilities Integration service layers provide flexibility to provide scalable capacity with controllable partner with third parties for new capabilities. investment in new capabilities as needed.

Commodity technology from top quadrant Business driven investment decisions keeps providers facilitates continuous upgrades and alignment with revenue and strategic objectives. reduces risk of obsolescence.

125 Q&A

Company Contacts: Paul Murphy Valerie Toalson Sam Tortorici Hank Holmes

126 APPENDIX LINSCOMB WILLIAMS (L&W)

▪ L&W is a wholly owned subsidiary of Cadence Bank ▪ Founded nearly 50-years ago, the firm has operated under the same name since its beginning in the early 1970’s. ▪ Early adopter of the fiduciary model and strictly adheres to this standard today, offering unbiased comprehensive wealth management services. ▪ L&W has grown organically and now manages ~$3 billion in assets for more than 1,600 client households across 37 states. ▪ L&W serves a wide range of clients ranging from “Affluent” to “Family Office”. Its “core” client AUM typically ranges between $1-10 million, with an average “core” client AUM of ~$3 million. ▪ L&W’s wealth management offering includes discretionary portfolio management and comprehensive wealth planning services, supported by in house research, portfolio management, trading, client service, operations and wealth planning teams. ▪ The firm has invested significantly in its infrastructure and professional staff to set the stage for a new phase of firm growth and geographic expansion.

▪ L&W’s headquarters are located in Houston with satellite offices in The Accredited Woodlands, Austin, San Antonio, Birmingham, and Huntsville. Estate Planner 128 Amegy Past Performance

Assets ($mm) NCO / Avg Loans (%) C&I

14,000 1.6%

1.4% 12,000

1.2% 10,000

1.0% 8,000

0.8%

6,000 0.6% 1991-2012 4,000 C&I avg NCO / avg loans: 0.4% 28bps 2,000 0.2%

0 0.0%

2008 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2009 2010 2011 2012

Memo: 12/3/2005: Paul Murphy’s 1990: joins 1996: named 2000: named completed sale 12/2009: left firm timeline Amegy president CEO to ZION

129 Non-GAAP Measures and Ratio Reconciliation $ in millions 1Q18 2Q18 3Q18 4Q18 1Q19 Efficiency ratio Noninterest expenses (numerator) $61.9 $62.4 $61.2 $72.7 $113.4

Net interest income $91.1 $95.4 $98.1 $103.1 $169.3 Noninterest income 25.0 24.7 24.0 21.0 30.7 Operating revenue (denominator) $116.1 $120.1 $122.1 $124.2 $200.0

Efficiency ratio 53.35% 52.00% 50.16% 58.55% 56.73%

Adjusted efficiency ratio Noninterest expense $61.9 $62.4 $61.2 $72.7 $113.4 Less: Merger related expenses - 0.8 0.2 2.0 22.0 Less: Secondary offering expenses 1.4 1.2 2.0 - - Less: Specially designated bonuses - - - 9.8 - Less: Other non-routine expenses(1) 2.3 1.1 - - - Adjusted noninterest expenses (numerator) $58.3 $59.4 $59.0 $60.9 $91.4

Net interest income $91.1 $95.4 $98.1 $103.1 $169.3 Noninterest income 25.0 24.7 24.0 21.0 30.7 Less: Gain on sale of insurance assets - 4.9 - - - Less: Securities (losses) gains, net 0.0 (1.8) 0.0 (0.1) (0.0) Adjusted operating revenue $116.1 $117.0 $122.1 $124.2 $200.0

Adjusted efficiency ratio 50.22% 50.74% 48.36% 48.99% 45.73%

Adjusted pre-tax, pre-provision net earnings Income before taxes $49.8 $56.4 $62.2 $43.0 $75.3 Plus: Non-routine items $3.6 $0.0 $2.2 $11.9 $22.0 Plus: Provision for loan losses 4.4 1.3 (1.4) 8.4 11.2 Pre-tax, pre-provision net earnings $57.8 $57.6 $63.0 $63.4 $108.5

(1) Other non-routine expenses for 2Q18 were $1.1 million and included expenses related to the sale of the assets of our insurance company. This compares to $2.3 million for 1Q18, representing 130 legal costs associated with litigation related to a pre-acquisition matter of a legacy acquired bank that has been resolved. Note: Figures may not total due to rounding. Non-GAAP Measures and Ratio Reconciliation, continued $ in millions, unless otherwise indicated

1Q18 2Q18 3Q18 4Q18 1Q19 Tangible common equity ratio Shareholders’ equity $1,357 $1,390 $1,415 $1,438 $2,303 Less: Goodwill and other intangible assets, net (327) (316) (315) (314) (599) Tangible common shareholders’ equity $1,030 $1,074 $1,100 $1,124 $1,704 Total assets $10,999 $11,306 $11,760 $12,730 $17,453 Less: Goodwill and other intangible assets, net (327) (316) (315) (314) (599) Tangible assets $10,672 $10,990 $11,445 $12,416 $16,854

Tangible common equity ratio 9.65% 9.78% 9.61% 9.05% 10.11%

Tangible book value per share Shareholders’ equity $1,357 $1,390 $1,415 $1,438 $2,303 Less: Goodwill and other intangible assets, net (327) (316) (315) (314) (599) Tangible common shareholders’ equity $1,030 $1,074 $1,100 $1,124 $1,704

Common shares issued (000s) 83,625 83,625 83,625 82,497 128,762

Tangible book value per share $12.32 $12.85 $13.15 $13.62 $13.23

Return on average tangible common equity Average common equity $1,342 $1,359 $1,395 $1,413 $2,242 Less: Average intangible assets (328) (323) (315) (315) (602) Average tangible common shareholders’ equity $1,015 $1,036 $1,080 $1,098 $1,639 Net income $39 $48 $47 $32 $58 Plus: Intangible asset amortization 1 1 0 0 5 Tangible net income $39 $49 $48 $33 $63

Return on average tangible common equity (1) 15.76% 18.79% 17.50% 11.85% 15.54%

131 Note: Figures may not total due to rounding. (1) Annualized for the three month periods. Non-GAAP Measures and Ratio Reconciliation, continued $ in millions, unless otherwise indicated 1Q18 2Q18 3Q18 4Q18 1Q19 Adjusted return on average tangible common equity Average tangible common shareholders’ equity $1,015 $1,036 $1,080 $1,098 $1,639

Tangible Net income $39 $49 $48 $33 $63

Non-routine items: Plus: Merger related expenses - 1 0 2 22 Plus: Secondary offerings expenses 1 1 2 - - Plus: Specially designated bonuses - - - 10 - Plus: Other non-routine expenses(2) 2 1 - - - Less: Gain on sale of insurance assets - 5 - - - Less: Securities gains (losses), net 0 (2) 0 (0) (0) Tax expense: Less: Benefit of legacy loan bad debt deduction for tax - 6 - - - Less: Income tax effect of tax deductible non-routine items 1 0 0 3 5 Total non-routine items, after tax 3 (6) 2 9 17 Adjusted tangible net income $43 $43 $50 $42 $80

Adjusted return on average tangible common equity (1) 17.00% 16.54% 18.30% 15.15% 19.69%

Adjusted return on average assets Average assets $10,922 $11,218 $11,586 $12,250 $17,634 Net Income $39 $48 $47 $32 $58 Total non-routine items, after tax 3 (6) 2 9 17 Adjusted net income $42 $42 $49 $41 $75

Adjusted return on average assets (1) 1.56% 1.51% 1.69% 1.34% 1.72%

Adjusted diluted earnings per share Diluted weighted average common shares outstanding 84,675 84,793 84,660 83,375 130,549

Net income allocated to common stock $39 $48 $47 $32 $58 Total non-routine items 3 (6) 2 9 17 Adjusted net income allocated to common stock $42 $42 $49 $41 $75

Adjusted diluted earnings per share $0.50 $0.50 $0.58 $0.50 $0.57

(1) Other non-routine expenses for 2Q18 were $1.1 million and included expenses related to the sale of the assets of our insurance company. This compares to $2.3 million for 1Q18, representing 132 legal costs associated with litigation related to a pre-acquisition matter of a legacy acquired bank that has been resolved. Note: Figures may not total due to rounding.