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Title of each class of securities to be registered
|
| | |
Amount to be
registered |
| | |
Proposed
maximum offering price per unit |
| | |
Proposed
maximum aggregate offering price |
| | |
Amount of
registration fee(1)(2)(3) |
| ||||||||||||
3.875% Fixed-to-Floating Rate Subordinated Notes due 2030
|
| | | | $ | 110,000,000 | | | | | | | 100% | | | | | | $ | 110,000,000 | | | | | | $ | 14,278.00 | | |
| | |
Per Note
|
| |
Total
|
| ||||||
Public offering price(1)
|
| | | | 100% | | | | | $ | 110,000,000 | | |
Underwriting discounts(2)
|
| | | | 1.5% | | | | | $ | 1,650,000 | | |
Proceeds to us, before expenses
|
| | | | 98.5% | | | | | $ | 108,350,000 | | |
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|
| | | | | S-ii | | | |
| | | | | S-iii | | | |
| | | | | S-iv | | | |
| | | | | S-v | | | |
| | | | | S-1 | | | |
| | | | | S-2 | | | |
| | | | | S-6 | | | |
| | | | | S-7 | | | |
| | | | | S-9 | | | |
| | | | | S-18 | | | |
| | | | | S-19 | | | |
| | | | | S-20 | | | |
| | | | | S-39 | | | |
| | | | | S-45 | | | |
| | | | | S-47 | | | |
| | | | | S-50 | | | |
| | | | | S-50 | | |
| | | | | 1 | | | |
| | | | | 1 | | | |
| | | | | 2 | | | |
| | | | | 2 | | | |
| | | | | 4 | | | |
| | | | | 4 | | | |
| | | | | 5 | | | |
| | | | | 5 | | | |
| | | | | 5 | | | |
| | | | | 9 | | | |
| | | | | 12 | | | |
| | | | | 19 | | | |
| | | | | 20 | | | |
| | | | | 22 | | | |
| | | | | 22 | | | |
| | | | | 23 | | | |
| | | | | 25 | | | |
| | | | | 28 | | | |
| | | | | 28 | | | |
| | | | | 28 | | |
| | |
Six Months Ended
June 30, |
| |
Years Ended December 31,
|
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| | |
2020
|
| |
2019
|
| |
2019
|
| |
2018
|
| |
2017
|
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| | |
(unaudited)
|
| | | | | | | |
(audited)
|
| ||||||||||||||||||
| | |
(In thousands, except per share data and ratios)
|
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Selected Balance Sheet Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 19,872,629 | | | | | $ | 11,889,336 | | | | | $ | 18,242,579 | | | | | $ | 11,443,515 | | | | | $ | 7,856,203 | | |
Earning assets
|
| | | | 17,983,712 | | | | | | 10,804,385 | | | | | | 16,321,373 | | | | | | 10,348,393 | | | | | | 7,288,285 | | |
Loans held for sale
|
| | | | 1,736,397 | | | | | | 261,073 | | | | | | 1,656,711 | | | | | | 111,298 | | | | | | 197,422 | | |
Loans, net of unearned
income |
| | | | 14,503,157 | | | | | | 9,049,870 | | | | | | 12,818,476 | | | | | | 8,511,914 | | | | | | 6,046,355 | | |
Investment securities available for sale
|
| | | | 1,238,896 | | | | | | 1,273,244 | | | | | | 1,403,403 | | | | | | 1,192,423 | | | | | | 810,873 | | |
Total deposits
|
| | | | 15,589,818 | | | | | | 9,582,370 | | | | | | 14,027,073 | | | | | | 9,649,313 | | | | | | 6,625,845 | | |
FDIC loss-share payable including clawback
|
| | | | 18,903 | | | | | | 20,596 | | | | | | 19,642 | | | | | | 19,487 | | | | | | 8,803 | | |
Shareholders’ equity
|
| | | | 2,460,130 | | | | | | 1,537,121 | | | | | | 2,469,582 | | | | | | 1,456,347 | | | | | | 804,479 | | |
Selected Income Statement Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income
|
| | | $ | 367,786 | | | | | $ | 253,957 | | | | | $ | 636,394 | | | | | $ | 413,326 | | | | | $ | 294,347 | | |
Interest expense
|
| | | | 56,027 | | | | | | 52,911 | | | | | | 131,228 | | | | | | 69,934 | | | | | | 34,222 | | |
Net interest income
|
| | | | 311,759 | | | | | | 201,046 | | | | | | 505,166 | | | | | | 343,392 | | | | | | 260,125 | | |
Provision for credit losses
|
| | | | 129,208 | | | | | | 8,076 | | | | | | 19,758 | | | | | | 16,667 | | | | | | 8,364 | | |
Noninterest income
|
| | | | 175,339 | | | | | | 66,007 | | | | | | 198,113 | | | | | | 118,412 | | | | | | 104,457 | | |
Noninterest expense
|
| | | | 293,821 | | | | | | 156,676 | | | | | | 471,937 | | | | | | 293,647 | | | | | | 231,936 | | |
Income before income taxes
|
| | | | 64,069 | | | | | | 102,301 | | | | | | 211,584 | | | | | | 151,490 | | | | | | 124,282 | | |
Income tax expense
|
| | | | 12,511 | | | | | | 23,492 | | | | | | 50,143 | | | | | | 30,463 | | | | | | 50,734 | | |
Net income
|
| | | $ | 51,558 | | | | | $ | 78,809 | | | | | $ | 161,441 | | | | | $ | 121,027 | | | | | $ | 73,548 | | |
| | |
Six Months Ended
June 30, |
| |
Years Ended December 31,
|
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| | |
2020
|
| |
2019
|
| |
2019
|
| |
2018
|
| |
2017
|
| |||||||||||||||
| | |
(unaudited)
|
| | | | | | | |
(audited)
|
| ||||||||||||||||||
| | |
(In thousands, except per share data and ratios)
|
| |||||||||||||||||||||||||||
Per Share Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share available to common shareholders:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | $ | 0.74 | | | | | $ | 1.66 | | | | | $ | 2.76 | | | | | $ | 2.81 | | | | | $ | 2.00 | | |
Diluted
|
| | | | 0.74 | | | | | | 1.66 | | | | | | 2.75 | | | | | | 2.80 | | | | | | 1.98 | | |
Common book value
|
| | | | 35.42 | | | | | | 32.52 | | | | | | 35.53 | | | | | | 30.66 | | | | | | 21.59 | | |
Tangible book value*
|
| | | | 20.90 | | | | | | 20.81 | | | | | | 20.81 | | | | | | 18.83 | | | | | | 17.86 | | |
Cash dividends declared
|
| | | | 0.30 | | | | | | 0.20 | | | | | | 0.50 | | | | | | 0.40 | | | | | | 0.40 | | |
Profitability Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income to average total assets
|
| | | | 0.56% | | | | | | 1.38% | | | | | | 1.10% | | | | | | 1.24% | | | | | | 1.00% | | |
Net income to average shareholders’ equity
|
| | | | 4.17% | | | | | | 10.60% | | | | | | 8.19% | | | | | | 10.27% | | | | | | 9.55% | | |
Net interest margin (fully taxable equivalent basis)
|
| | | | 3.77% | | | | | | 3.93% | | | | | | 3.88% | | | | | | 3.92% | | | | | | 3.95% | | |
Efficiency ratio
|
| | | | 60.32% | | | | | | 58.67% | | | | | | 67.11% | | | | | | 63.59% | | | | | | 63.62% | | |
Loan Quality Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net charge-offs to average
loans |
| | | | 0.20% | | | | | | 0.12% | | | | | | 0.10% | | | | | | 0.18% | | | | | | 0.12% | | |
Allowance for credit losses on loans to total loans
|
| | | | 1.44% | | | | | | 0.35% | | | | | | 0.30% | | | | | | 0.34% | | | | | | 0.43% | | |
Non-performing assets to total loans and OREO**
|
| | | | 0.79% | | | | | | 0.67% | | | | | | 0.77% | | | | | | 0.72% | | | | | | 0.85% | | |
Loans to total deposits
|
| | | | 93.03% | | | | | | 94.44% | | | | | | 91.38% | | | | | | 88.21% | | | | | | 91.25% | | |
Average loans to average earning
assets |
| | | | 79.39% | | | | | | 82.55% | | | | | | 81.25% | | | | | | 83.81% | | | | | | 83.50% | | |
Noninterest-bearing deposits to
total deposits |
| | | | 35.89% | | | | | | 28.92% | | | | | | 29.94% | | | | | | 26.12% | | | | | | 26.82% | | |
Capital Adequacy Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholders’ equity to total assets
|
| | | | 12.38% | | | | | | 12.93% | | | | | | 13.54% | | | | | | 12.73% | | | | | | 10.24% | | |
Common stock dividend payout
ratio |
| | | | 40.54% | | | | | | 12.05% | | | | | | 18.12% | | | | | | 14.23% | | | | | | 20.00% | | |
| | |
Six Months Ended
June 30, |
| |
Years Ended December 31,
|
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| | |
2020
|
| |
2019
|
| |
2019
|
| |
2018
|
| |
2017
|
| |||||||||||||||
| | |
(unaudited)
|
| |
(audited)
|
| ||||||||||||||||||||||||
| | |
(In thousands, except per share data and ratios)
|
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Tangible Book Value Per Share Reconciliation:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common shareholders’ equity
|
| | | $ | 2,460,130 | | | | | $ | 1,537,121 | | | | | $ | 2,469,582 | | | | | $ | 1,456,347 | | | | | $ | 804,479 | | |
Less: Goodwill
|
| | | | 928,005 | | | | | | 501,140 | | | | | | 931,637 | | | | | | 503,434 | | | | | | 125,532 | | |
Less: Other intangibles, net
|
| | | | 80,354 | | | | | | 52,437 | | | | | | 91,586 | | | | | | 58,689 | | | | | | 13,496 | | |
Total tangible book value
|
| | | $ | 1,451,771 | | | | | $ | 983,544 | | | | | $ | 1,446,359 | | | | | $ | 894,224 | | | | | $ | 665,451 | | |
Period end number of shares
|
| | | | 69,462,782 | | | | | | 47,261,584 | | | | | | 69,503,833 | | | | | | 47,499,941 | | | | | | 37,260,012 | | |
Book value per common share
|
| | | $ | 35.42 | | | | | $ | 32.52 | | | | | $ | 35.53 | | | | | $ | 30.66 | | | | | $ | 21.59 | | |
Tangible book value per common share
|
| | | | 20.90 | | | | | | 20.81 | | | | | | 20.81 | | | | | | 18.83 | | | | | | 17.86 | | |
| | |
As of June 30, 2020
|
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| | |
Actual
|
| |
As Adjusted for
this Offering |
| ||||||
| | |
(amounts in thousands, except share data)
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Liabilities | | | | | | | | | | | | | |
Deposits: | | | | | | | | | | | | | |
Noninterest-bearing
|
| | | $ | 5,595,868 | | | | | $ | 5,595,868 | | |
Interest-bearing
|
| | | | 9,993,950 | | | | | | 9,993,950 | | |
Total deposits
|
| | | | 15,589,818 | | | | | | 15,589,818 | | |
Federal funds purchased and securities sold under agreements to repurchase
|
| | | | 12,879 | | | | | | 12,879 | | |
Other borrowings
|
| | | | 1,418,336 | | | | | | 1,418,336 | | |
Subordinated Notes offered hereby
|
| | | | | | | | | | 107,850(1) | | |
Subordinated deferrable interest debentures
|
| | | | 123,375 | | | | | | 123,375 | | |
FDIC loss share payable, net
|
| | | | 18,903 | | | | | | 18,903 | | |
Other liabilities
|
| | | | 249,188 | | | | | | 249,188 | | |
Total liabilities
|
| | | | 17,412,499 | | | | | | 17,520,349 | | |
Stockholders’ equity | | | | | | | | | | | | | |
Preferred stock, stated value $1,000; 5,000,000 shares authorized; there are no shares issued and outstanding
|
| | | $ | — | | | | | $ | — | | |
Common stock, par value $1; 200,000,000 shares authorized; 69,462,782
shares issued and outstanding |
| | | | 71,674 | | | | | | 71,674 | | |
Capital surplus
|
| | | | 1,909,839 | | | | | | 1,909,839 | | |
Retained earnings
|
| | | | 481,948 | | | | | | 481,948 | | |
Accumulated other comprehensive income/(loss)
|
| | | | 39,613 | | | | | | 39,613 | | |
Less treasury stock
|
| | | | (42,944) | | | | | | (42,944) | | |
Total stockholders’ equity
|
| | | | 2,460,130 | | | | | | 2,460,130 | | |
Total liabilities and stockholders’ equity
|
| | | $ | 19,872,629 | | | | | $ | 19,980,479 | | |
Capital Ratios | | | | | | | | | | | | | |
Common equity tier 1 capital to risk-weighted assets
|
| | | | 9.84% | | | | | | 9.84% | | |
Tier 1 capital to risk-weighted assets
|
| | | | 9.84% | | | | | | 9.84% | | |
Total capital to risk-weighted assets
|
| | | | 13.25% | | | | | | 13.97% | | |
Tier 1 capital to average assets
|
| | | | 8.20% | | | | | | 8.16% | | |
Underwriters
|
| |
Principal Amount of
Notes |
| |||
Keefe, Bruyette & Woods, Inc.
|
| | | $ | 71,500,000 | | |
Piper Sandler & Co.
|
| | | $ | 38,500,000 | | |
Total
|
| | | $ | 110,000,000 | | |
| | |
Per Note
|
| |
Total
|
| ||||||
Public offering price(1)
|
| | | | 100% | | | | | $ | 110,000,000 | | |
Underwriting discounts and commissions paid by us
|
| | | | 1.5% | | | | | $ | 1,650,000 | | |
Proceeds to us, before expenses
|
| | | | 98.5% | | | | | $ | 108,350,000 | | |
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