Sandler O’Neill + Partners, L.P. 
2017 East Coast Financial 
Services Conference 
November 15-17, 2017 
Michael C. Rechin 
President 
Chief Executive Officer 
Mark K. Hardwick 
Executive Vice President 
Chief Operating Officer 
Chief Financial Officer 
John J. Martin 
Executive Vice President 
Chief Credit Officer 
Michael J. Stewart 
Executive Vice President 
Chief Banking Officer
 This presentation contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform 
Act of 1995. Such forward-looking statements can often, but not always, be identified by the use of words like “believe”, “continue”, “pattern”, 
“estimate”, “project”, “intend”, “anticipate”, “expect” and similar expressions or future or conditional verbs such as “will”, would”, “should”, 
“could”, “might”, “can”, “may”, or similar expressions. These forward-looking statements include, but are not limited to, statements relating to 
First Merchants’ goals, intentions and expectations; statements regarding the First Merchants’ business plan and growth strategies; statements 
regarding the asset quality of First Merchants’ loan and investment portfolios; and estimates of First Merchants’ risks and future costs and 
benefits. These forward-looking statements are subject to significant risks, assumptions and uncertainties that may cause results to differ 
materially from those set forth in forward-looking statements, including, among other things: possible changes in economic and business 
conditions; the existence or exacerbation of general geopolitical instability and uncertainty; the ability of First Merchants to integrate recent 
acquisitions and attract new customers; possible changes in monetary and fiscal policies, and laws and regulations; the effects of easing 
restrictions on participants in the financial services industry; the cost and other effects of legal and administrative cases; possible changes in the 
credit worthiness of customers and the possible impairment of collectability of loans; fluctuations in market rates of interest; competitive 
factors in the banking industry; changes in the banking legislation or regulatory requirements of federal and state agencies applicable to bank 
holding companies and banks like First Merchants’ affiliate bank; continued availability of earnings and excess capital sufficient for the lawful 
and prudent declaration of dividends; changes in market, economic, operational, liquidity, credit and interest rate risks associated with the First 
Merchants’ business; and other risks and factors identified in each of First Merchants’ filings with the Securities and Exchange Commission. First 
Merchants undertakes no obligation to update any forward-looking statement, whether written or oral, relating to the matters discussed in this 
presentation or press release. In addition, the company’s past results of operations do not necessarily indicate its anticipated future results. 
NON-GAAP FINANCIAL MEASURES 
These slides contain non-GAAP financial measures.  For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of the 
registrant’s historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that 
have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with 
GAAP in the statement of income, balance sheet or statement of cash flows (or equivalent statements) of the issuer; or includes amounts, or is 
subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated 
and presented.  In this regard, GAAP refers to generally accepted accounting principles in the United States.  Pursuant to the requirements of 
Regulation G, First Merchants Corporation has provided reconciliations within the slides, as necessary, of the non-GAAP financial measure to the 
most directly comparable GAAP financial measure. 
 
   
2 
Forward-Looking Statements
 3 
Why Invest in First Merchants?
 4 
Financial Highlights 
Assets $9,049,403 
Loans, Net $6,410,094 
Deposits $6,911,019 
Tangible Common Equity $  804,436 
TCE/TA 9.39% 
2017 Net Income – YTD $    71,687 
2017 ROAA – YTD 1.22% 
2017 ROATCE - YTD 13.64% 
NPAs/Loans + OREO 0.69% 
Company Profile (as of 9/30/2017) 
Market Information 
Common Shares Outstanding 49,140,594 
Market Cap $2,109,606 
Dividend Yield 1.54% 
Price/Tangible Book Value 2.58x 
Price/LTM EPS 19.7x 
Price/2017 Est. EPS 18.5x 
Leadership Team – First Merchants 
Name/Title 
 Michael C. Rechin, President & CEO 
 Mark K. Hardwick, EVP, Chief Operating Officer & 
 Chief Financial Officer    
 Michael J. Stewart, EVP & Chief Banking Officer 
 John J. Martin, EVP & Chief Credit Officer 
First Merchants 
 First Merchants Bank, formed in 1893, celebrating its 
 124th anniversary. 
 First Merchants Corporation, organized in 1982, is the 
 largest financial services holding company 
 headquartered in Central Indiana 
($ in Thousands)
 5 
Key Market Profiles 
Loans Deposits 
$1,036M Columbus $   601M 
742M Fort Wayne 844M 
2,444M Indianapolis 1,699M 
583M Lafayette 1,012M 
919M Muncie 1,704M 
759M Munster 1,051M 
$6,483M Total $6,911M 
(as of September 30, 2017) 
Mission Statement 
To be the most responsive, knowledgeable and 
high-performing bank for our clients, 
teammates and shareholders. 
Our Franchise
 County                               Region/Type Market Position Market % $ Deposits 
Delaware County, IN Muncie (Established) 1 48.98%    $   1,068,364 
Jasper County, IN Lafayette (Established) 1 31.54% 205,997 
White County, IN Lafayette (Established) 1 33.69% 158,748 
Wells County, IN Fort Wayne (Growth) 1 26.35% 119,473 
Jay County, IN Muncie (Established) 1 43.22% 90,907 
Union County, IN Muncie (Established) 1 40.54% 43,439 
Tippecanoe County, IN Lafayette (Established) 2 19.47% 504,153 
Henry County, IN Muncie (Established) 2 37.32% 227,295 
Clinton County, IN Lafayette (Established) 2 14.11% 59,950 
Wabash County, IN Muncie (Established) 2 14.07% 57,158 
Madison County, IN Indianapolis (Growth) 3 23.21% 314,515 
Adams County, IN Muncie (Established) 3 16.19% 109,619 
Shelby County, IN Indianapolis (Growth) 3 16.62% 91,243 
Randolph County, IN Muncie (Established) 3 5.88% 72,162 
Hendricks County, IN Indianapolis (Growth) 4 9.88% 234,216 
Morgan County, IN Indianapolis (Growth) 4 10.69% 97,943 
Huntington County, IN Fort Wayne (Growth) 4 16.55% 95,330 
Hancock County, IN Indianapolis (Growth) 4 8.66% 87,632 
Marshall County, IN Fort Wayne (Growth) 4 8.74% 65,252 
Carroll County, IN Lafayette (Established) 4 11.30% 33,052 
Brown County, IN Indianapolis (Growth) 4 18.32% 19,620 
Hamilton County, IN Indianapolis (Growth) 5 6.51% 594,976 
Allen County, IN Fort Wayne (Growth) 5 8.68% 585,513 
Johnson County, IN Indianapolis (Growth) 5 7.88% 169,017 
Fayette County, IN Muncie (Established) 5 8.25% 27,006 
Miami County, IN Muncie (Established) 5 7.97% 31,250 
Sub Total $5,163,830 
First Merchants Total $6,913,176 
 Key FMC Deposit Market Share – FDIC Data June 30, 2017 (includes June 30, 2017, balances of iAB Financial Bank)      
6
 7 
First Merchants “Whole Bank” Strategy 
 Commercial Banking 
 Consumer Banking 
 Private Wealth Advisors 
 Growth Strategy 
• Organic 
• Merger/Acquisition
 8 
First Merchants Strategy 
 Commercial Bank 
• Located in Prime Growth Commercial Banking Markets 
• Indianapolis, Indiana 
• Columbus,  Ohio 
• Fort Wayne, Indiana 
• Lafayette, Indiana 
• Northwest Indiana 
• Hire the Best Talent Supported with the Finest: 
• Sales Management Process 
• Lending and Cash Management Services 
• Revenue-Based Incentive System
 9 
First Merchants Strategy 
 Consumer Retail Bank 
• Diversely Located in Stable Rural and Growth Metro 
Markets 
• Supported by: 
• Talented Customer Service Oriented Banking Center 
and Call Center Professionals 
• State-of-the-Art Deposit and CRM Systems 
• Highly Usable Online Banking System 
• Widely Available Mobile Banking System 
• Customer Service and Relationship Growth-Oriented 
Incentive System
 10 
First Merchants Strategy 
“Service-driven alternative to super-regional bank competitors.   
Deliver superior service with presence close to the customer for . . . ” 
“We specialize in our communities” 
 Retail Banking 
 Mortgage Banking 
 Commercial Banking 
• Business Banking 
• Commercial & Industrial 
• Agriculture 
• Specialty Finance 
• Healthcare Services 
• Real Estate 
• Treasury Management Services 
 Private Wealth Advisory (private banking, investment management, personal trust, 
 brokerage, and retirement)
 11 
WEALTH 
ADVISORY 
MORTGAGE COMMERCIAL 
BANKING 
RETAIL 
BANKING 
Supported by LOB Strategies 
Indianapolis 
 
Higher Growth 
 
Brown, Hamilton,  
Hancock, Hendricks,  
Johnson,  Marion,  
Morgan, Shelby 
Counties 
 
Columbus, OH 
 
Higher Growth 
 
Franklin County, OH 
 
 
Lafayette 
 
Established 
 
Carroll, Clinton,  
Jasper, Montgomery,  
Tippecanoe, White 
Counties 
Muncie 
 
Established 
 
Delaware, Fayette,  
Henry, Jay,  
Madison, Randolph,  
Union, Wabash,  
Wayne Counties, IN 
Butler, County, OH 
 
 
 
Munster 
 
Higher Growth 
 
Lake & Porter, IN 
Cook & DuPage, IL 
  
 
 
 
 
How We Deliver 
Fort Wayne 
 
Higher Growth 
 
Adams, Allen, 
 Huntington, Marshall,  
Miami, Wells 
Counties
 12 
Lafayette MSA 
Entered: 2002 
Total Population: 220,164 
Deposit Market Share: 17.18%  
Indianapolis MSA 
Entered: 1998 
Total Population: 2,031,027 
Deposit Market Share: 3.41%  
Columbus, Ohio MSA 
Entered: 2003 
Total Population: 2,075,642 
Deposit Market Share: 1.00% 
Northwest Indiana MSA* 
Entered: 2013 
Total Population: 684,795 
Deposit Market Share: 13.91% 
*Includes Jasper, Lake, and Porter counties 
LEGACY MARKET 
Muncie MSA 
Established: 1893 
Total Population: 
114,969 
Current Market 
Share: 48.98% 
Organic Growth 
Opportunities Exists in All 
Directions 
Fort Wayne MSA 
Entered: 2017 
Total Population: 435,505 
Deposit Market Share: 9.19%
 13 
Ranked Best in the Midwest  
for Business* 
 AAA Credit Rating** 
 1st in Midwest and 5th Nationally for Best State for Doing 
 Business*** 
 1st in the Nation for Small Business Growth 
 1st Nationally for Cost of Doing Business 
 1st Nationally for Highway Accessibility 
 1st in the Midwest/8th Nationally for Low Taxes  
 1st in Government**** 
 Leading the Nation in Manufacturing Job Growth 
 2nd Nationally for Availability of Skilled Labor 
 2nd Best City in the Nation for Recent Graduates 
 (Indianapolis) 
 Home to the 2nd Largest Global Fed Ex Air Hub 
 Regulatory Climate Ranks 2nd in the Nation 
 4th Nationally for Cost of Living 
 Indiana’s 3 Maritime Ports Rank 6th in Waterborne Shipping
   
Indiana 
*IEDC 
**S&P, Moody’s & Fitch 
***Chief Executive Magazine 
****US News & World Reports
 14 
Delaware County, IN* 
Rank 
 
Branches 
 
Deposits 
Mkt.  
Share 
1 First Merchants Corporation 11 $ 1,068,364 48.98% 
2 Mutual First Financial 7 537,800 24.66% 
3 J.P. Morgan Chase 4 238,666 10.94% 
4 Old National Bancorp 4 199,567 9.15% 
5 Star Financial Group 3 135,667 6.22% 
6 Woodforest Financial Group 1 957 0.04% 
Market Total 30 $ 2,181,021 
Projected HHI & Pop. Change 2017-2022 
*SNL Financial FDIC Summary of Deposits as of June 30, 2017 
Notable Major Employers 
 Located 58 miles northeast of Indianapolis in the east central portion of the 
state 
 
 Described by several national studies as a typical American community,  
 Delaware County offers the advantages of larger cities without the hassles 
 and costs associated with living in major metropolitan areas. 
 
 Easy access to the top 100 markets in the country, Muncie-Delaware 
 County has a diverse economic landscape 
 
 Ranked #27, Forbes Best Small Places for Business and Careers 
 
 Workforce experienced in life science, advanced manufacturing, 21st 
 century logistics and information technology 
 
 Home to Ball State University 
Muncie Market 
7.27% 
8.00% 8.01% 
3.77% 
2.11% 
0.15% 
U.S. Indiana Delaware Co.
 HHI Pop.
 7.27% 
8.00% 
8.97% 
3.77% 
2.11% 
7.34% 
U.S. Indiana Hamilton Co.
 HHI Pop.
 Projected HHI & Pop. Change 2017-2022 
15 
Hamilton County, IN** 
Rank 
 
Branches 
 
Deposits 
Mkt.  
Share 
1 First Internet Bancorp 1 $ 1,746,030 19.11% 
2 JPMorgan Chase & Co. 15 1,558,738 17.06% 
3 Merchants Bancorp 2 1,254,403 13.73% 
4 PNC Financial Services Group 12 614,405 6.72% 
5 First Merchants Corporation 11 594,976 6.51% 
6 Lakeland Financial Corp 3 518,183 5.67% 
7 Fifth Third Bancorp 6 492,718 5.39% 
8 Huntington Bancshares 11 432,562 4.73% 
9 Bank of Montreal 9 373,205 4.08% 
10 KeyCorp 7 273,681 3.00% 
Market Total 117 $ 9,136,439 
 Indianapolis metropolitan area includes four of the five fastest-
 growing counties in Indiana and 10 of the 11 fastest-growing cities 
and towns with populations of at least 5,000* 
 The 2015 population estimates released by the U.S. Census Bureau 
show suburban Hamilton County’s population grew 13% over the last 
five years* 
 Indiana’s population has grown 2% since 2010* 
 Indiana’s population growth outpaced those of neighboring states 
 Illinois, Kentucky, Michigan and Ohio* 
 With 862,781 residents, Indianapolis was the nation’s 14th largest city* 
 
*IBJ.com 
**SNL Financial FDIC Summary of Deposits as of June 30, 2017 
Notable Major Employers 
Indianapolis Market
 7.27% 
8.00% 
3.77% 3.77% 
2.11% 
5.19% 
U.S. Indiana Tippecanoe Co.
 HHI Pop.
 16 
Tippecanoe County, IN** 
Rank 
 
Branches 
 
Deposits 
Mkt.  
Share 
1 JPMorgan Chase & Co. 6 $    824,748 31.85% 
2 First Merchants Corporation 9 504,153 19.47% 
3 Regions Financial Corp 6 311,047 12.01% 
4 Old National Bancorp 5 259,975 10.04% 
5 Horizon Bancorp 4 147,379 5.69% 
6 Huntington Bancshares, Inc. 4 129,307 4.99% 
7 First Bancshares, Inc. 6 119,618 4.62% 
8 Fifth Third Bancorp 3 90,997 3.51% 
9 1st Source Corp 3 70,529 2.72% 
10 Salin Bancshares 3 52,512 2.03% 
Market Total 58 $ 2,589,317 
 Ranked #1 in Indiana and #8 nationally, Fortune, Best Place for Small 
Business, based on cost of business, jobs growth, educational achievements 
 Ranked #2, Forbes Best Small Places for Business and Careers 
 Ranked #2 in Indiana for STEM job density, with 13.6% of the workforce, 
topping the state’s 10.9% & national average of 11.9% (Lafayette up 70.6% 
since 2001, with 4,850 new jobs)** 
 
 Ranked #17 of 200, New Geography, Best Cities for Manufacturing 
 
 Home to Purdue University 
Projected HHI & Pop. Change 2017-2022 
Notable Major Employers 
*SNL Financial FDIC Summary of Deposits as of June 30, 2017 
**Indianapolis Business Journal 
Lafayette Market
 17 
Lake County, IN* 
Rank 
 
Branches 
 
Deposits 
Mkt.  
Share 
1 JPMorgan Chase & Co. 23 $  1,947,270 21.89% 
2 First Bancshares, Inc. 29 1,853,302 20.83% 
3 First Midwest Bancorp 17 1,011,308 11.37% 
4 First Financial Bancorp 9 776,948 8.76% 
5 Northwest Indiana Bancorp 15 762,955 8.58% 
6 First Merchants Corporation 10 703,991 7.91% 
7 Fifth Third Bancorp 13 477,393 5.37% 
8 BMO Financial Corp 15 476,600 5.36% 
9 AMB Financial Corp 5 178,837 2.01% 
10 PNC Financial Services Group  4 171,860 1.93% 
Market Total 158 $ 8,895,310 
 Indiana’s second-most populous market 
 
 Benefit from its Chicago proximity 
 
 Continue to produce finest steels, refine the cleanest fuels and deliver 
the best products to the Midwest** 
 
 New investments by world-class companies like BP, Pratt Industries, 
Alcoa Howmet, Urschel Labs and Monosol** 
 Lakefront being revitalized through the Marquette Plan and 
assistance of the Regional Development Authority** 
 
7.27% 
8.00% 8.16% 
3.77% 
2.11% 
-0.54% 
U.S. Indiana Lake County
 HHI Pop.
 Notable Major Employers 
*SNL Financial FDIC Summary of Deposits as of June 30, 2017 
**www.nwiforum.org/nwi-becoming-an-economic powerhouse 
Northwest Indiana Market 
Projected HHI & Pop. Change 2017-2022
 18 
Allen County, IN* 
Rank 
 
Branches 
 
Deposits 
Mkt.  
Share 
1 Wells Fargo 13 $ 1,860,166 27.59% 
2 JP Morgan Chase & Co. 12 1,144,376 16.97% 
3 Lakeland Financial Corp. 5 707,704 10.50% 
4 PNC Financial Services Group 11 654,070 9.70% 
5 First Merchants Corporation 8 585,513 8.68% 
6 Old National Bancorp 5 489,317 7.26% 
7 STAR Financial Group, Inc. 9 357,447 5.30% 
8 1st Source Corp. 8 294,082 4.36% 
9 Fifth Third Bancorp 8 236,108 3.50% 
10 G.S.B. Financial Corp. 1 69,199 1.03% 
Market Total 102 $ 6,741,959 
 2nd Largest MSA in the State of Indiana 
 
 Diversified economy (manufacturing, health care, retail trade, food 
services) 
 
 Attractive location for businesses to locate and expand – located between 
the Chicago, Detroit, Dayton, Toledo and Indianapolis metro areas 
 
 Fort Wayne-Allen County economic engine of the Northeast Indiana 
region 
 
 #1 place to raise a family (2017, SmartAsset.com) 
 
7.27% 
8.00% 7.86% 
3.77% 
2.11% 
4.78% 
U.S. Indiana Allen County
 HHI Pop.
 Notable Major Employers 
*SNL Financial FDIC Summary of Deposits as of June 30, 2017 
Fort Wayne Market 
Projected HHI & Pop. Change 2017-2022
 19 
 Second-most populous county in Ohio 
 
 Within 600 miles of 60% of All U.S. and Canadian Population 
 
 Ranked 2nd in CNBC’s 2010 study of state transportation systems for 
its infrastructure, vitality, quality roads, and ability to cost-effectively 
ship goods by land, air, and water** 
 
 Home to Ohio State University 
 
 
7.27% 
8.07% 7.59% 
3.77% 
0.89% 
5.04% 
U.S. Ohio Franklin County
 HHI Pop.
 Projected HHI & Pop. Change 2017-2022 
Notable Major Employers 
*SNL Financial FDIC Summary of Deposits as of June 30, 2017 
**http://jobs-ohio.com/manufacturing/ 
Franklin County, OH* 
Rank 
 
Branches 
 
Deposits 
Mkt.  
Share 
1 Huntington Bancshares 63 $ 21,024,114 41.96% 
2 JP Morgan Chares & Co 48 12,503,686 24.95% 
3 PNC Financial Services Group 42 5,001,589 9.98% 
4 Fifth Third Bancorp 41 4,365,885 8.71% 
5 Key Corp 21 1,411,859 2.82% 
6 U.S. Bancorp 33 1,149,694 2.29% 
7 Wells Fargo & Co 1 796,395 1.59% 
8 First Merchants Corporation 10 609,366 1.22% 
9 Heartland Bancorp 12 570,458 1.14% 
10 First Financial Bancorp 6 527,051 1.05% 
Market Total 321 $ 50,106,324 
Columbus, Ohio Market
 20 
Growth Through Acquisition 
 Experienced Acquirer 
 Expand in Current High-Growth Markets 
 Extend into Additional High-Growth Markets 
 Add to Franchise with Stable Deposit Gathering Markets
 THE STRENGTH OF BIG. THE SERVICE OF SMALL. 
21 
21
 22 
 
 
 
 Continuous Relationship Building 
 Complete and Thorough Due Diligence Process 
Demonstrated Pricing Discipline 
Detailed Project Management  
 Integration Process 
 Single Charter Operating Environment 
 Scalable Technology and Operations Center 
First Merchants Acquisition Process
 Operational Delivery Highlights 
23 
Daleville Operations Facility 
 Strategic differentiator in support of growth and scalability 
 Operational services execution “hub” focusing on value creation 
 Functional focus: 
• Operations • Credit Administration 
• Risk Management • Technology 
• Project Management • Vendor Management 
 Located off interstate, less than an hour north of Indianapolis, IN 
 60,000+ square feet of flexible space Strategic Vendor Partners
  Retail Households:  175K 
 Online  Banking/Digital Channel 
• Consumer: 66K Users 
• 970K logins monthly 
• 12K bill pay users 
• 80K payments monthly   
 Cash Management Annual Volume 
• Automated Clearing House (ACH) 
• # Originated: 2M Items ($7B)   
• # Received: 13M Items ($20B) 
• Mobile: 30K Users 
• 23 average logins per month 
• 8K mobile deposits per month  
• Domestic Wires 
• # Originated: 37K Items ($11.2B) 
• # Received:  37K Items ($18.2B) 
• Business: 9.9K Users 
• 13% use ACH/Wire/Positive Pay 
• International Wires 
• # Originated: 1K Items ($43.67M) 
• # Received:  243 Items ($4.4M) 
• Total ATMS: 124 + 25,000 MoneyPass ATMs  
 Total Debit Cards 
• 146K active cards 
• 2.5M monthly card swipes 
• $100M in monthly volume 
 Commercial Remote Deposit Capture 
• 498 businesses using solution 
• 135K deposits annually 
• 1.6M items deposited annually 
• $3.1B in total deposits 
 
24 
Operational Delivery Highlights 
Customer, Digital Channel & Transaction Activity
 25 
3rd Quarter 2017 Financial Highlights 
 
 
  Earnings Per Share of $.50 
 $24.4 Million of Net Income, a 15.7% Increase over 3Q2016 
 Includes $7.9 Million in Acquisition Expenses, or $.11 Per Share 
 Total Assets of $9.0 Billion, Grew by 28.9% over 3Q2016 
 $16.62 Tangible Book Value Per Share, a 6.5% Annualized Increase 
from December 31, 2016
 26 
3rd Quarter 2017 Performance Highlights 
 
 
 
 Winning Market Strategy Delivering Consistent Organic Growth: 
 Organic Loan Growth of $145 Million, a 9.2% Annualized Growth Rate 
 Organic Non-Brokered Deposit Growth of $75 Million, a 4.6% 
Annualized Growth Rate 
 Grew Net-Interest Income to $74.4 Million, a 29% Increase over 3Q2016 
 Completed Acquisition of Independent Alliance Banks, Inc. on July 14, 2017 
 Completed Integration of The Arlington Bank on August 18, 2017
 Total Assets 
  2015 2016 Q1-’17 Q2-’17 Q3-’17 
 
1. Investments  $1,277  $1,305 $1,327 $1,343 $1,469 
 
2. Loans Held for Sale 10 3 1 4 5 
 
3. Loans   4,694  5,140 5,275 5,613 6,483 
 
4. Allowance   (62)  (66) (68) (70) (73) 
 
5. Goodwill & Intangibles  260  259 258 310 479 
 
6. BOLI   201  202 203 200 222 
 
7. Other  381  369 330 405 464 
 
8. Total Assets  $6,761  $7,212 $7,326 $7,805 $9,049 
 
 Annualized Asset Growth  6.7%   34.0%* 
  
*Annualized from 12.31.2016 
27
 Commercial & 
Industrial 
22.1% 
Commercial  
Real Estate Owner-
 Occupied 
10.4% 
Commercial  
Real Estate  
Non-Owner 
Occupied 
25.4% 
Construction Land 
& Land 
Development 
7.7% 
Agricultural  
Land 
3.8% 
Agricultural 
Production 
1.8% 
Public 
Finance/Other  
Commercial 
5.1% 
Residential 
Mortgage 
14.5% 
Home  
Equity 
7.8% 
Other  
Consumer 
1.4% 
QTD Yield =  4.81% 
YTD Yield = 4.70% 
Total Loans =   $6.5 Billion 
Loan and Yield Detail  
   (as of 9/30/2017) 
28
 CRE Loan Concentration 
First Merchants Results in Relation to FDIC Guidelines 
0.0% 20.0% 40.0% 60.0% 80.0% 100.0%
 4Q2015
 1Q2016
 2Q2016
 3Q2016
 4Q2016
 1Q017
 2Q2017
 3Q2017
 Quar
 te
 r-
 En
 d
  
GUIDELINE #1 
0.0% 100.0% 200.0% 300.0%
 4Q2015
 1Q2016
 2Q2016
 3Q2016
 4Q2016
 1Q2017
 2Q2017
 3Q2017
 Quar
 te
 r-
 En
 d
  
GUIDELINE #2 
FDIC GUIDELINES TO IDENTIFY INSTITUTIONS POTENTIALLY EXPOSED TO CRE RISK: 
Guideline 1:  Total loans for construction, land development, and other land representing 100% or 
more of total capital 
 
Guideline 2:  Total CRE loans representing 300% or more of total capital AND a CRE portfolio that has 
increased 50% or more during the prior 36 months 
29
 Mortgage-Backed 
Securities 
29% 
Collateralized 
Mortgage 
Obligations 
22% 
U. S. Agencies 
1% 
Corporate  
Obligations 
2% 
Tax-Exempt 
Municipals 
46% 
Investment Portfolio 
   (as of 9/30/2017) 
 $1.5 Billion Portfolio 
 Modified duration of 4.9 years 
 Tax equivalent yield of 3.88% 
 Net unrealized gain of $23.4 Million  
30
 2015 2016 Q1-’17 Q2-’17 Q3-’17  
1. Customer Non-Maturity Deposits    $4,096  $4,428 $4,426 $4,724 $5,448 
2. Customer Time Deposits   880  747 789 875 1,088 
3. Brokered Deposits   314  381 420 418 375 
4. Borrowings   446 572 587 581 656 
5. Other Liabilities 51 60 53 49 66 
6. Hybrid Capital  123 122 122 123 133 
7. Common Equity  851 902 929 1,035 1,283 
8. Total Liabilities and Capital $6,761 $7,212 $7,326 $7,805 $9,049 
31 
Total Liabilities and Capital 
($ in Millions)
 Deposit Detail  
   (as of 9/30/2017) QTD Cost = .52% 
YTD Cost =  .46% 
Total =  $6.9 Billion 
32 
Demand Deposits 
52% 
Savings Deposits 
27% 
Certificates & 
Time Deposits of 
>$100,000  
7% 
Certificates & 
Time Deposits of 
<$100,000 
9% 
Brokered 
Deposits 
5%
 11.31%
 11.49% 11.42% 11.39%
 11.05% 11.10% 11.16% 11.11% 11.03%
 9.17% 9.08% 9.26%
 9.43% 9.48% 9.24%
 9.50%
 9.68%
 9.39%
 14.85%
 14.94%
 14.79% 14.67%
 14.18% 14.21% 14.24%
 14.01%
 13.76%
 6.00%
 7.00%
 8.00%
 9.00%
 10.00%
 11.00%
 12.00%
 13.00%
 14.00%
 15.00%
 16.00%
 17.00%
 18.00%
 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17
 Total Risk-Based Capital Ratio  (Target = 13.50%)                    
Common Equity Tier 1 Capital Ratio  (Target = 10.00%) 
Tangible Common Equity Ratio  (TCE) (Target = 8.50%) 
33 
Capital Ratios 
(Target) 
(Target) 
(Target)
 3.85% 
3.75% 
3.83% 
3.86% 
3.94% 3.90% 
3.98% 3.95% 
4.03% 
2.80%
 3.00%
 3.20%
 3.40%
 3.60%
 3.80%
 4.00%
 4.20%
 $44
 $48
 $52
 $56
 $60
 $64
 $68
 $72
 $76
 $80
 Q3 - '15 Q4 - '15 Q1 - '16 Q2 - '16 Q3 - '16 Q4 - '16 Q1 - '17 Q2 - '17 Q3 - '17
 Net Interest Income - FTE ($millions) Net Interest Margin
 34 
Net Interest Margin 
` NET INTEREST MARGIN 
Q3 - '15 Q4 - '15 Q1 - '16 Q2 - '16 Q3 - '16 Q4 - '16 Q1 - '17 Q2 - '17 Q3 - '17 
Net Interest Income - FTE 
($millions)  $      53.3   $      53.2   $      57.6   $      59.2   $      61.1   $      62.1   $      64.9   $      67.2   $      78.9  
Fair Value Accretion  $        2.0   $        1.9   $        2.5   $        3.2   $        3.8   $        2.9   $        4.3   $        2.3   $        3.2  
Tax Equivalent Yield on Earning 
Assets 4.30% 4.20% 4.28% 4.30% 4.37% 4.32% 4.42% 4.44% 4.56% 
Cost of Supporting Liabilities 0.45% 0.45% 0.45% 0.44% 0.43% 0.42% 0.44% 0.49% 0.53% 
Net Interest Margin 3.85% 3.75% 3.83% 3.86% 3.94% 3.90% 3.98% 3.95% 4.03% 
Fair Value Accretion Effect 0.14% 0.13% 0.17% 0.21% 0.24% 0.18% 0.26% 0.14% 0.17%
 35 
Non-Interest Income 
 –  
 –  
 –  
 –  
 –  
 –  
 –  
 –  
   
($ in Millions)    2015 2016  Q1-’17 Q2-’17 Q3-’17 
1. Service Charges on Deposit Accounts  $16.2  $17.8 $  4.2 $  4.4 $  5.0 
2. Wealth Management Fees 11.3 12.6 3.4 3.4 3.8 
3. Insurance Commission Income 4.1     
4. Card Payment Fees 13.4 15.0 3.7 4.2 4.1 
5. Cash Surrender Value of Life Ins 2.9 4.3 0.9 3.0 1.6 
6. Gains on Sales Mortgage Loans 6.5 7.1 1.3 1.6 2.3 
7.  Securities Gains/Losses 2.7 3.4 0.6 0.6 0.3 
8.  Gain on Sale of Insurance Subsidiary 8.3     
9. Gain on Cancellation of Trust Preferred Debt 1.3     
10. Other 3.1 5.0 0.8 1.2 1.6 
11.  Total $69.8  $65.2 $14.9 $18.4 $18.7
    
 
– – – 
– – – 
– – – 
-I t r st In  
– 
– 
– 
35
 26.2% 
20.4% 
23.1% 
10.6% 
10.0% 
2.8% 6.9% 
Service Charges on Deposit Accounts - $13.6 Wealth Management Fees - $10.6
 Card Payment Fees - $12.0 Cash Surrender Value of Life Ins - $5.5
 Gains on Sales Mortage Loans - $5.2 Securities Gains/Losses - $1.5
 Other - $3.6 Total - $52.0
 36 
Non-Interest Income YTD 9/30/2017 
($ in Millions)
 37 
Private Wealth Advisors 
Delivers broad advisory capabilities and expertise through 
local, engaged and empowered leaders 
Business lines include: 
 Investment Management – Personal and Institutional 
 Retirement Plan Services 
 Trust Administration 
 Private Banking 
 Retail Brokerage (not reflected below) 
Record quarterly revenue and assets under management 
 Key contributor to pre-tax income 
 Double-digit growth in Investment Management/Agency 
and IRAs in 2017 
 Average Individual/Family relationship over $1.3mm 
 Average Retirement Plan over $2.4mm 
 Personal Trust/Fiduciary represents over 36% of total 
assets under management 
2014 2015 2016 2017
 (Projected)
 Total Revenue  
(excludes brokerage revenue) 
Total Revenue
 $1.68B $1.72B 
$1.94B 
$2.83B 
$8.65M 
$9.23M 
$9.79M 
$11M 
2012 2013 2014 2015 2016 2017
 Total Assets under Management 
Total Assets
 $1.44B $1.57B 
$3.0B 
$2.5B 
$2.0B 
$1.5B 
$1.0B 
$0.5B 
        0 
$12M 
$10M 
$  8M 
$  6M 
$  4M 
$  2M 
        0
 Key component of Fee 
Income 
0
 1
 2
 3
 4
 5
 6
 7
 8
 9
 2014 2015 2016 9 mos Annualized
 Mortgage Banking Revenue 
Servicing fees Gain on Sale
 $4.9M 
 Mortgage Production for sale and 
portfolio via commissioned and 
salaried loan originators 
 Strong loan origination teams in 
high-growth areas of Indianapolis 
and Columbus, OH 
 Centralized underwriting and 
processing 
 Strong connectivity with retail 
branches 
 Majority of the pipeline is driven 
by purchase business 
 9/30/2017 YTD 1,555 mortgages 
for $278M in volume 
 
$6.5M $7.0M $7.2M 
$640 $620 $760 $780 
Mortgage Banking 
$5.54M 
$7.12M 
$7.76M $7.98M 
38
 39 
Non-Interest Expense 
   2015 2016  Q1-’17 Q2-’17 Q3-’17 
1. Salary & Benefits  $101.9  $102.6 $ 25.7 $ 27.1 $ 33.2 
2. Premises & Equipment  25.5  29.5 7.0 6.9 7.9 
3. Intangible Asset Amortization 2.8 3.9 0.9 1.0 1.7 
4. Professional & Other Outside Services 9.9 6.5 1.7 3.3 5.8 
5. OREO/Credit-Related Expense 3.9 2.9 0.5 0.7 0.3 
6. FDIC Expense 3.7 3.0 0.6 0.6 0.7 
7. Outside Data Processing 7.1 9.2 2.6 3.1 3.2 
8. Marketing 3.5 3.0 0.6 0.8 1.0 
9. Other  16.5  16.7 3.5 3.8 4.9 
10. Non-Interest Expense  $174.8  $177.3 $43.1 $47.3 $58.7 
($ in Millions) 
* * * 
*Includes acquisition-related expenses of $0.4 in Q1-’17; $2.5 in Q2-’17; and $7.9 in Q3-’17
 40 
   2015 2016 Q1-’17 Q2-’17 Q3-’17 
1. Net Interest Income $196.4 $226.5 $ 61.0 $ 63.1 $ 74.4  
2. Provision for Loan Losses (0.4)      (5.7) (2.4) (2.9) (2.1)  
3. Net Interest Income after Provision 196.0 220.8 58.6 60.2 72.3 
4. Non-Interest Income 69.8 65.2 14.9 18.4 18.7 
5. Non-Interest Expense (174.8) (177.3) (43.1) (47.3) (58.7) 
6. Income before Income Taxes  91.0  108.7 30.4 31.3 32.3 
7. Income Tax Expense (25.6)  (27.6) (7.2) (7.2) (7.9) 
8. Net Income Avail. for Distribution  $  65.4 $  81.1 $ 23.2 $ 24.1 $ 24.4 
9. EPS $  1.72  $  1.98 $ 0.56 $ 0.57 $ 0.50 
10. Efficiency Ratio 61.19% 56.51% 52.61% 53.61% 58.30% 
 
 
 
 
Earnings 
($ in Millions)
 2016  Q1 Q2 Q3 Q4 Total 
 
1. Earnings Per Share $    .43  $    .49   $    .51     $     .55 $   1.98 
 
2. Dividends $    .11 $    .14  $    .14  $     .15     $     .54 
 
3. Tangible Book Value $15.02 $15.53   $15.86  $15.85  
 
 
2017  Q1 Q2 Q3 Q4 Total 
 
1. Earnings Per Share $    .56  $    .57   $    .50    –  $   1.63 
 
2. Dividends $    .15 .18  .18   –      $     .51 
 
3. Tangible Book Value $16.49 $16.97   $16.62    –   
 
 
41 
Per Share Results
 $9.21 $9.64 
$10.95 
$12.17 
$13.65 
$14.68 
$15.85 
$16.62 
 
   
Dividends and Tangible Book Value 
0.00
 0.02
 0.04
 0.06
 0.08
 0.10
 0.12
 0.14
 0.16
 0.18
 .11 
.01 
.03 
.05 
.14 
.15 1.68% 
Forward 
Dividend 
Yield 
 
31.3%  
YTD Dividend 
Payout Ratio 
= 
Quarterly Dividends Tangible Book Value 
.08 
42 
.18
 43 
Asset Quality Summary 
($ in Millions)   FMB
 2015 2016 Q1-'17 Q2-'17 Q3-'17
 1
 iAB Q3-'17 $ 
1
    $     %  186.1    
 1. Non-Accrual Loans 31.4$    30.0$    27.9$    27.4$    26.8$    5.5$      32.3$    (0.6)$       4.9$        17.9%
 2. Other Real Estate 17.3      9.0        8.3        11.9      11.9      -  11.9      -    -          0.0%
 3. Renegotiated Loans 1.9        4.7        0.9        0.4        0.6        -  0.6        0.2 0.2          50.0%
 4. 90+ Days Delinquent Loans 0.9        0.1        0.1        0.6        0.3        0.1        0.4        (0.3) (0.2)         (33.3%)
 5. Total NPAs & 90+ Days Delinquent 51.5$    43.8$    37.2$    40.3$    39.6$    5.6$      45.2$    (0.7)$       4.9$        12.2%
 6. Total NPAs & 90+ Days/Loans & ORE 1.1% 0.9% 0.7% 0.7% 0.7% 0.8% 0.7%
 7. Classified Assets 171.8$  174.1$  173.9$  148.8$  127.2$  42.4$    169.6$  (21.6)$    20.8$      14.0%
 8. Specific Reserves 1.8$      0.9$      1.2$      1.2$      1.8$      1.8$      0.6$        0.6$        50.0%
 1 Excludes acquired iAB loans
 Change 
Linked Quarter
 44 
ALLL and Fair Value Summary  
($ in Millions) Q4-'16 Q1-'17 Q2-'17 Q3-'17
   1. Beginning Allowance for Loan Losses (ALLL) 63.5$    66.0$    68.2$    70.5$       
  2. Net Charge-offs (Recoveries) (0.1)        0.2 0.6 (0.8)
   3. Provision Expense 2.4 2.4 2.9 2.1
   4. Ending Allowance for Loan Losses (ALLL) 66.0       68.2       70.5       73.4         
  5. ALLL/Non-Accrual Loans 220.1% 244.4% 257.7% 227.4%
   6. ALLL/Non-Purchased Loans 1.47% 1.46% 1.45% 1.44%
   7. ALLL/Loans 1.28% 1.29% 1.25% 1.13%
  
  8. Fair Value Adjustment (FVA) 34.9$    30.6$    29.7$    50.4$       
  9. Total ALLL plus FVA 100.9    98.8       100.2    123.8       
10. Purchased Loans plus FVA 700.4    639.3    792.6    1,445.8    
11. FVA/Purchased Loans plus FVA 4.99% 4.79% 3.74% 3.49%
 45
 46 
Looking Forward . . . 
 Complete Independent Alliance Bank integration and gain synergies and market expansion opportunities 
that Arlington Bank and Independent Alliance Bank acquisitions offer; continue to evaluate M&A 
opportunities for strategic fit 
 
 Win in all our markets, in all lines of business; Commercial and Consumer Lending, Deposit Gathering, 
Payments, Mortgage, and Private Wealth Management; be the service-driven alternative to super-
 regional bank competitors 
 
 Expand specialty finance businesses in asset-based lending, sponsor finance, and public finance 
 
 Leverage asset-sensitive balance sheet as interest rates rise 
 
 Complete checking account migration to new product set and streamline front and back-office processes; 
continue implementation of workflow technologies and automation agents for back-office efficiency and 
operating leverage 
 
 Persistently focus on banking center optimization in alignment with digital channels migration 
 
 Prepare to successfully cross $10 Billion asset level 
 
“Responsive, Knowledgeable, High-Performing”
 47 
Recent Acquisition Announcements
 48 
The Arlington Bank Summary 
 Acquisition Completed on May 19, 2017 
 Headquartered in Columbus, Ohio 
 Founded in 1998 
 As of Sept. 30, 2017, 
• $229 Million in Loans 
• $249 Million in Deposits 
 3rd Quarter 2017 Integration
 49 
The Arlington Bank Transaction Rationale 
 Columbus Ohio Market Expansion 
• Adds Three, Full-Service Banking Centers to our Seven; Creating a Columbus 
Banking Presence with Nearly $1 Billion in Loans 
• Banking Centers Average More than $80 Million in Deposits Per Location of 
which 92% are Core 
• Improves First Merchants’ Deposit Market Position from #12 to #8 
• Columbus is One of the Fastest Growing Cities in the Midwest 
• Arlington Bank is the 9th Largest Originator of Residential Mortgages in the 
Columbus, Ohio Area 
Strategic 
Opportunity 
Financially 
Attractive 
 Accretive to EPS During 2017 
 Tangible Book Value Earn-Back in Three Years 
 Significant Operating Efficiencies – Approximately 35% in Cost Savings 
  
Attractive 
Risk Profile 
 Cultural Fit, Retention of Key Management Members 
 Due Diligence Process Completed 
 Experienced Acquirer, Core Competency in Integration Processes
 50 
 Acquisition Completed on July 14, 2017 
 Headquartered in Fort Wayne, Indiana 
 Founded in 2005 in a combination of two 
70-year old companies; Grabill Bank and 
MarkleBank 
 As of Sept. 30, 2017, 
• $719 Million in Loans 
• $844 Million in Deposits 
 4th Quarter 2017 Integration 
 
 
Independent Alliance Banks, Inc. Summary 
*as of February 16, 2017
 51 
 Contiguous Market Expansion 
• Significant Entry into Fort Wayne MSA, Indiana’s 2nd Largest MSA, 
with $646 Million in Deposits and #5 Market Share Position 
• #1 Market Share in Wells County with Two County Seat Locations  
 Strong and Growing Core Earnings, Acquisition Accretive to EPS by 2% in 
2017 and 5% annually thereafter 
 Tangible Book Value Earn Back of 3.75 Years 
 Significant and Stable Core Deposits, 91% of Deposits 
 Maintains a Healthy Capital Position 
 Comprehensive Due Diligence Process Completed 
 Cultural Fit and Retention of Key Management Members including Mike 
Marhenke and Will Thatcher in Leadership Roles 
 Experienced Acquirer, Core Competency in Integration Processes 
 Market Opportunity 
• Leverage Successful First Merchants Model into Northeast Indiana Markets 
• Diverse Loan Portfolio with Significant Opportunities to Expand  
• Bridge to Significant Markets in North Western Ohio and Southern Michigan 
Strategic 
Opportunity 
Financially 
Attractive 
Attractive 
Risk Profile 
Independent Alliance Banks, Inc. Transaction Rationale
 52 
Why Invest in First Merchants? 
 Performance Ranked Best among Indiana Banks by Bank Director 
Magazine  
 Attractive and Growing Earnings Stream 
 2nd Largest Indiana Bank with an Energized and Experienced 
Management Team 
 Attractive Long-Term Deposit Market Shares 
 Commercial Presence that Creates a Client Preference 
 State-of-the-Art Technology and Operations Center  
 Successful Acquisition and Integration Track Record 
 Focused on Providing Sustainable Shareholder Value
 53 
Research Coverage
 54 
Contact Information 
First Merchants Corporation common stock is 
traded on the NASDAQ Global Select Market 
under the symbol FRME. 
Additional information can be found at 
www.FIRSTMERCHANTS.com 
Investor inquiries: 
David L. Ortega 
Investor Relations 
Telephone: 765.378.8937 
dortega@firstmerchants.com
 Appendix
 56 
Appendix – Non-GAAP Reconciliation 
CAPITAL RATIOS (dollars in thousands):
 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17
 Total Risk-Based Capital Ratio
 Total Stockholders' Equity (GAAP) 766,984           850,509         867,263         887,550         900,865         901,657         929,470         1,035,116     1,283,120     
Adjust for Accumulated Other Comprehensive (Income) Loss* 3,614                 1,362               (2,066)              (7,035)              (3,924)              13,581            3,722               (1,384)              6,358               
Less:  Preferred Stock (125)                    (125)                  (125)                  (125)                  (125)                  (125)                  (125)                  (125)                  (125)                  
Add: Qualifying Capital Securities 51,827              55,776            55,236            55,296            55,355            55,415            55,474            55,534            65,864            
Less: Tier 1 Capital Deductions (3,418)                (2,516)              (1,999)              (1,828)              (1,440)              (376)                  (80)                     (166)                  -                     
Less: Disallowed Goodwill and Intangible Assets (208,749)          (247,006)        (250,367)        (249,932)        (249,541)        (249,104)        (250,493)        (300,307)        (462,080)        
Less: Disallowed Deferred Tax Assets (1,144)                (1,677)              (2,998)              (2,743)              (2,161)              (564)                  (320)                  (665)                  -                     
Total Tier 1 Capital (Regulatory) 608,989$        656,323$      664,944$      681,183$      699,029$      720,484$      737,648$      788,003$      893,137$      
Qualifying Subordinated Debentures 65,000              65,000            65,000            65,000            65,000            65,000            65,000            65,000            65,000            
Allowance for Loan Losses includible in Tier 2 Capital 62,012              62,453            62,086            62,186            63,456            66,037            68,225            70,471            73,354            
Total Risk-Based Capital (Regulatory) 736,001$        783,776$      792,030$      808,369$      827,485$      851,521$      870,873$      923,474$      1,031,491$  
Net Risk-Weighted Assets (Regulatory) 4,956,737$    5,247,617$  5,355,827$  5,511,557$  5,836,806$  5,993,381$  6,114,112$  6,592,710$  7,497,321$  
Total Risk-Based Capital Ratio (Regulatory) 14.85% 14.94% 14.79% 14.67% 14.18% 14.21% 14.24% 14.01% 13.76%
 Common Equity Tier 1 Capital Ratio
 Total Tier 1 Capital (Regulatory) 608,989$        656,323$      664,944$      681,183$      699,029$      720,484$      737,648$      788,003$      893,137$      
Less: Qualified Capital Securities (51,827)             (55,776)           (55,236)           (55,296)           (55,355)           (55,415)           (55,474)           (55,534)           (65,864)           
Add:  Additional Tier 1 Capital Deductions 3,418                 2,516               1,999               1,828               1,440               376                    80                       166                    -                     
Common Equity Tier 1 Capital (Regulatory) 560,580$        603,063$      611,707$      627,715$      645,114$      665,445$      682,254$      732,635$      827,273$      
Net Risk-Weighted Assets (Regulatory) 4,956,737$    5,247,617$  5,355,827$  5,511,557$  5,836,806$  5,993,381$  6,114,112$  6,592,710$  7,497,321$  
Common Equity Tier 1 Capital Ratio (Regulatory) 11.31% 11.49% 11.42% 11.39% 11.05% 11.10% 11.16% 11.11% 11.03%
 *  Includes net unrealized gains or losses on securities available for sale, net gains or losses on cash flow hedges, and amounts resulting from the application of the applicable accounting
   guidance for defined benefit and other postretirement plans.
 57 
Appendix – Non-GAAP Reconciliation 
TANGIBLE COMMON EQUITY RATIO  (dollars in thousands):
 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17
 Total Stockholders' Equity (GAAP) 766,984$        850,509$      867,263$      887,550$      900,865$      901,657$      929,470$      1,035,116$  1,283,120$  
Less: Preferred Stock (125)                    (125)                  (125)                  (125)                  (125)                  (125)                  (125)                  (125)                  (125)                  
Less: Intangible Assets (219,503)          (259,764)        (261,799)        (260,822)        (259,844)        (258,866)        (257,963)        (309,686)        (478,558)        
Tangible Common Equity (non-GAAP) 547,356$        590,620$      605,339$      626,603$      640,896$      642,666$      671,382$      725,305$      804,437$      
Total Assets (GAAP) 6,189,797$    6,761,003$  6,798,539$  6,906,418$  7,022,352$  7,211,611$  7,326,193$  7,805,029$  9,049,403$  
Less:  Intangible Assets (219,503)          (259,764)        (261,799)        (260,822)        (259,844)        (258,866)        (257,963)        (309,686)        (478,558)        
Tangible Assets (non-GAAP) 5,970,294$    6,501,239$  6,536,740$  6,645,596$  6,762,508$  6,952,745$  7,068,230$  7,495,343$  8,570,845$  
Tangible Common Equity Ratio (non-GAAP) 9.17% 9.08% 9.26% 9.43% 9.48% 9.24% 9.50% 9.68% 9.39%
 ANGIBLE COMMON EQUITY PER SHARE (dollars in thousands):
 4Q10 4Q11 4Q12 4Q1 4Q14 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17
 Total Stockholders' Equity (GAAP) 454,408$        514,467$        552,236$        634,923$        726,827$        850,509$      867,263$      887,550$      900,865$      901,657$      929,470$      1,035,116$  1,283,120$  
Less: Preferred Stock (67,880)             (90,783)             (90,908)             (125)                    (125)                    (125)                  (125)                  (125)                  (125)                  (125)                  (125)                  (125)                  (125)                  
Less: Intangible Assets (154,019)          (150,471)          (149,529)          (202,767)          (218,755)          (259,764)        (261,799)        (260,822)        (259,844)        (258,866)        (257,963)        (309,686)        (478,558)        
Tax Benefit 2,907                 2,224                 2,249                 4,973                 6,085                 6,278               6,753               6,453               6,204               5,930               5,659               6,941               12,510            
Tangible Common Equity, Net of Tax (non-GAAP) 235,416$        275,437$        314,048$        437,004$        514,032$        596,898$      612,092$      633,056$      647,100$      648,596$      677,041$      732,246$      816,947$      
0
 Shares Outstanding 25,574,251    28,559,707    28,692,616    35,921,761    37,669,948    40,664,258  40,749,340  40,772,896  40,799,025  40,912,697  41,047,543  43,153,509  49,140,594  
Tangible Common Equity per Share (non-GAAP) 9.21$                 9.64$                 10.95$              12.17$              13.65$              14.68$            15.02$            15.53$            15.86$            15.85$            16.49$            16.97$            16.62$
 58 
Appendix – Non-GAAP Reconciliation 
FORWARD DIVIDEND YIELD
 3Q17
 Most recent quarter's dividend per share 0.18$              
Most recent quarter's dividend per share - Annualized 0.72$              
Stock Price at 9/30/17 42.93$           
Forward Dividend Yield 1.68%
 DIVIDEND PAYOUT RATIO
 2017 YTD
 Dividends per share 0.51$              
Earnings Per Share 1.63$              
Dividend Payout Ratio - YTD 31.3%
 EFFICIENCY RATIO (dollars in thousands):
 2015 2016 1Q17 2Q17 3Q17
 Non Interest Expense (GAAP) 174,806$        177,359$        43,099$           47,316$         58,708$         
Less:  Intangible Asset Amortization (2,835)                (3,910)                (903)                    (991)                  (1,698)              
Less:  OREO and Foreclosure Expenses (3,956)                (2,877)                (531)                    (731)                  (330)                  
Adjusted Non Interest Expense (non-GAAP) 168,015           170,572           41,665              45,594            56,680            
Net Interest Income (GAAP) 196,404           226,473           60,999              63,100            74,420            
Plus:  Fully Taxable Equivalent Adjustment 10,975              13,541              3,950                 4,083               4,472               
Net Interest Income on a Fully Taxable Equivalent Basis (non-GAAP) 207,379           240,014           64,949              67,183            78,892            
Non Interest Income (GAAP) 69,868              65,203              14,846              18,434            18,668            
Less:  Investment Securities Gains (Losses) (2,670)                (3,389)                (598)                    (567)                  (332)                  
Adjusted Non Interest Income (non-GAAP) 67,198              61,814              14,248              17,867            18,336            
Adjusted Revenu  (non-GA P) 274,577           301,828           79,197              85,050            97,228            
Efficiency Ratio (non-GAAP) 61.19% 56.51% 52.61% 53.61% 58.30%
 59 
Appendix – Non-GAAP Reconciliation 
ALLOWANCE AS A PERCENTAGE OF NON-PURCHASED LOANS (dollars in thousands):
 4Q16 1Q17 2Q17 3Q17
 Loans Held for Sale (GAAP) 2,929$            1,262$            4,036$            4,514$            
Loans (GAAP) 5,139,645     5,274,909     5,613,144     6,483,448     
Total Loans 5,142,574     5,276,171     5,617,180     6,487,962     
Less: Purchased Loans (665,417)        (608,724)        (762,893)        (1,395,368)   
Non-Purchased Loans (non-GAAP) 4,477,157$  4,667,447$  4,854,287$  5,092,594$  
Allowance for Loan Losses (GAAP) 66,037$         68,225$         70,471$         73,354$         
Fair Value Adjustment (FVA) (GAAP) 34,936            30,623            29,664            50,434            
Allowance plus FVA (non-GAAP) 100,973$      98,848$         100,135$      123,788$      
Purchased Loans 665,417$      608,724$      762,893$      1,395,368$  
Fair Value Adjustment (FVA) (GAAP) 34,936            30,623            29,664            50,434            
Purchased Loans plus FVA (non-GAAP) 700,353$      639,347$      792,557$      1,445,802$  
Allowance as a Percentage of Non-Purchased Loans (non-GAAP) 1.47% 1.46% 1.45% 1.44%
 FVA as a Percentage of Purchased Loans plus FVA (non-GAAP) 4.99% 4.79% 3.74% 3.49%
 CONSTRUCTION AND INVESTMENT REAL ESTATE CONCENTRATIONS (dollars in 
thousands): 
4Q2015 1Q2016 2Q2016 3Q2016 4Q2016 1Q2017 2Q2017 3Q2017 
Total Risk-Based Capital (Subsidiary Bank Only) 
Total Stockholders' Equity (GAAP)  $        927,774   $        945,283   $        967,099   $        972,182   $        973,641   $        993,130   $     1,099,762   $     1,384,867  
Adjust for Accumulated Other Comprehensive (Income) 
Loss  1                  (579)                (4,566)                (9,699)               6,332)                 9,701                  8,226                  3,830                  3,170  
Less:  Preferred Stock                   (125)                   (125)                   (125)                   (125)                   (125)                   (125)                   (125)                   (125) 
Less: Tier 1 Capital Deductions                (1,903)                (1,805)                (1,427)                   (889)                        -                          -                          -                          -   
Less: Disallowed Goodwill and Intangible Assets           (246,558)           (249,919)           (249,484)           (249,093)           (248,656)           (250,047)           (299,859)           (461,632) 
Less: Disallowed Deferred Tax Assets                (1,269)                (2,708)                (2,141)                (1,334)                        -                          -                          -                          -   
Total Tier 1 Capital (Regulatory)             677,340              686,160              704,223              714,409              734,561              751,184              803,608              926,280  
Allowance for Loan Losses includible in Tier 2 Capital               62,453                62,086                62,186                63,456                66,037                68,225                70,471                73,354  
Total Risk-Based Capital (Regulatory)  $        739,793   $        748,246   $        766,409   $        777,865   $        800,598   $        819,409   $        874,079   $        999,634  
Construction, Land and Land Development Loans  $        366,704   $        391,621   $        352,980   $        368,241   $        418,703   $        336,931   $        442,389   $        498,862  
Concentration as a % of the Bank's Risk-Based Capital 50% 52% 46% 47% 52% 41% 51% 50% 
Construction, Land and Land Development Loans  $        366,704   $        391,621   $        352,980   $        368,241   $        418,703   $        336,931   $        442,389   $        498,862  
Investment Real Estate Loans         1,090,573          1,107,288          1,178,660          1,264,304          1,272,415          1,423,792          1,443,576          1,647,797  
Total Construction and Investment RE Loans  $     1,457,277   $     1,498,909   $     1,531,640   $     1,632,545   $     1,691,118   $     1,760,723   $     1,885,965   $     2,146,659  
Concentration as a % of the Bank's Risk-Based Capital 197% 200% 200% 210% 211% 215% 216% 215% 
1  Includes net unrealized gains or losses on securities available for sale, net gains or losses on cash flow hedges, and amounts resulting 
  from the application of the applicable accounting guidance for defined benefit and other postretirement plans.