Title of Each Class of Securities to be Registered
|
| |
Maximum Aggregate
Offering Price |
| |
Amount of
Registration Fee(1) |
| ||||||
Common Stock, par value $1.33 per share
|
| | | $ | 301,413,188.00 | | | | | $ | 37,525.94 | | |
| | |
Per Share
|
| |
Total
|
| ||||||
Price to public
|
| | | $ | 38.00 | | | | | $ | 301,413,188 | | |
Underwriting discount(1)
|
| | | $ | 1.14 | | | | | $ | 9,042,396 | | |
Proceeds, before expenses, to Selling Shareholders(2)
|
| | | $ | 36.86 | | | | | $ | 292,370,792 | | |
|
![]() |
| |
Sandler O’Neill + Partners, L.P.
|
| |
RAYMOND JAMES
|
| |
Barclays
|
|
|
Prospectus Supplement
|
| ||||||
| | | | | S-ii | | | |
| | | | | S-iii | | | |
| | | | | S-iii | | | |
| | | | | S-iv | | | |
| | | | | S-1 | | | |
| | | | | S-5 | | | |
| | | | | S-6 | | | |
| | | | | S-8 | | | |
| | | | | S-11 | | | |
| | | | | S-15 | | | |
| | | | | S-19 | | | |
| | | | | S-20 | | | |
| | | | | S-20 | | | |
| | | | | S-22 | | | |
| | | | | S-26 | | | |
| | | | | S-31 | | | |
| | | | | S-31 | | | |
|
Prospectus
|
| ||||||
| | | | | 1 | | | |
| | | | | 2 | | | |
| | | | | 2 | | | |
| | | | | 3 | | | |
| | | | | 5 | | | |
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| | | | | 28 | | | |
| | | | | 29 | | | |
| | | | | 31 | | | |
| | | | | 31 | | |
| | |
At December 31,
2017 |
| |
At September 30,
2017 |
| |
At December 31,
2016 |
| |||||||||
Common equity Tier 1 capital ratio
|
| | | | 9.04% | | | | | | 9.40% | | | | | | 9.72% | | |
Tier 1 capital ratio
|
| | | | 10.14% | | | | | | 10.56% | | | | | | 10.97% | | |
Total capital ratio
|
| | | | 12.43% | | | | | | 12.94% | | | | | | 13.56% | | |
Leverage ratio
|
| | | | 9.42% | | | | | | 9.52% | | | | | | 9.87% | | |
Common equity to total assets
|
| | | | 11.23% | | | | | | 11.53% | | | | | | 11.88% | | |
Tangible common equity to tangible assets
|
| | | | 8.14% | | | | | | 8.34% | | | | | | 8.41% | | |
| | |
Nine Months Ended
September 30, |
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2017
|
| |
2016
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2013
|
| |
2012
|
| |||||||||||||||||||||
| | |
(Dollars in thousands, expect per share information)
|
| |||||||||||||||||||||||||||||||||||||||
Results of Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest and dividend income
|
| | | $ | 242,712 | | | | | $ | 217,964 | | | | | $ | 294,920 | | | | | $ | 276,771 | | | | | $ | 274,945 | | | | | $ | 172,127 | | | | | $ | 181,863 | | |
Interest expense
|
| | | | 35,947 | | | | | | 21,429 | | | | | | 29,770 | | | | | | 24,937 | | | | | | 19,927 | | | | | | 20,501 | | | | | | 27,508 | | |
Net interest income
|
| | | | 206,765 | | | | | | 196,535 | | | | | | 265,150 | | | | | | 251,834 | | | | | | 255,018 | | | | | | 151,626 | | | | | | 154,355 | | |
Provision for credit losses
|
| | | | 7,345 | | | | | | 7,376 | | | | | | 9,100 | | | | | | 9,571 | | | | | | 7,800 | | | | | | 6,056 | | | | | | 12,200 | | |
Net interest income after provision for credit losses
|
| | | | 199,420 | | | | | | 189,159 | | | | | | 256,050 | | | | | | 242,263 | | | | | | 247,218 | | | | | | 145,570 | | | | | | 142,155 | | |
Noninterest income
|
| | | | 54,430 | | | | | | 52,857 | | | | | | 70,907 | | | | | | 65,007 | | | | | | 61,287 | | | | | | 38,728 | | | | | | 41,068 | | |
Noninterest expenses
|
| | | | 174,821 | | | | | | 166,436 | | | | | | 222,703 | | | | | | 216,882 | | | | | | 238,216 | | | | | | 137,047 | | | | | | 133,390 | | |
Income before income taxes
|
| | | | 79,029 | | | | | | 75,580 | | | | | | 104,254 | | | | | | 90,388 | | | | | | 70,289 | | | | | | 47,251 | | | | | | 49,833 | | |
Income tax expense
|
| | | | 21,292 | | | | | | 18,881 | | | | | | 26,778 | | | | | | 23,309 | | | | | | 18,125 | | | | | | 12,885 | | | | | | 14,571 | | |
Net income
|
| | | $ | 57,737 | | | | | $ | 56,699 | | | | | $ | 77,476 | | | | | $ | 67,079 | | | | | $ | 52,164 | | | | | $ | 34,366 | | | | | $ | 35,262 | | |
Financial Condition | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Assets
|
| | | $ | 9,029,436 | | | | | $ | 8,258,230 | | | | | $ | 8,426,793 | | | | | $ | 7,693,291 | | | | | $ | 7,358,643 | | | | | $ | 4,176,353 | | | | | $ | 4,095,692 | | |
Securities available for sale, at fair value
|
| | | | 968,361 | | | | | | 954,984 | | | | | | 946,764 | | | | | | 903,292 | | | | | | 1,102,114 | | | | | | 677,348 | | | | | | 585,382 | | |
Securities held to maturity, at carrying value
|
| | | | 204,801 | | | | | | 200,839 | | | | | | 201,526 | | | | | | 205,374 | | | | | | — | | | | | | — | | | | | | — | | |
Loans held for sale, at fair
value |
| | | | 30,896 | | | | | | 46,814 | | | | | | 36,487 | | | | | | 36,030 | | | | | | 42,519 | | | | | | 53,185 | | | | | | 167,698 | | |
Loans held for investment, net of deferred
fees and costs |
| | | | 6,898,729 | | | | | | 6,148,918 | | | | | | 6,307,060 | | | | | | 5,671,462 | | | | | | 5,345,996 | | | | | | 3,039,368 | | | | | | 2,966,847 | | |
Allowance for loan losses
|
| | | | 37,162 | | | | | | 36,542 | | | | | | 37,192 | | | | | | 34,047 | | | | | | 32,384 | | | | | | 30,135 | | | | | | 34,916 | | |
Intangible assets, net
|
| | | | 314,208 | | | | | | 320,534 | | | | | | 318,793 | | | | | | 316,832 | | | | | | 325,277 | | | | | | 71,380 | | | | | | 75,211 | | |
Tangible assets, net(1)
|
| | | | 8,715,228 | | | | | | 7,937,696 | | | | | | 8,108,000 | | | | | | 7,376,459 | | | | | | 7,033,366 | | | | | | 4,104,973 | | | | | | 4,020,481 | | |
Deposits
|
| | | | 6,881,826 | | | | | | 6,258,506 | | | | | | 6,379,489 | | | | | | 5,963,936 | | | | | | 5,638,770 | | | | | | 3,236,842 | | | | | | 3,297,767 | | |
Total borrowings
|
| | | | 1,052,087 | | | | | | 925,627 | | | | | | 990,089 | | | | | | 680,175 | | | | | | 686,935 | | | | | | 463,314 | | | | | | 329,395 | | |
Total liabilities
|
| | | | 7,988,065 | | | | | | 7,257,266 | | | | | | 7,425,761 | | | | | | 6,697,924 | | | | | | 6,381,474 | | | | | | 3,783,543 | | | | | | 3,660,128 | | |
Common stockholders’ equity
|
| | | | 1,041,371 | | | | | | 1,000,964 | | | | | | 1,001,032 | | | | | | 995,367 | | | | | | 977,169 | | | | | | 437,810 | | | | | | 435,564 | | |
Tangible common stockholders’ equity(1)
|
| | | | 727,163 | | | | | | 680,430 | | | | | | 682,239 | | | | | | 678,535 | | | | | | 651,892 | | | | | | 366,430 | | | | | | 360,353 | | |
| | |
Nine Months Ended
September 30, |
| |
Year Ended December 31,
|
|||||||||||||||||||||||||||||||||||
| | |
2017
|
| |
2016
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2013
|
| |
2012
|
||||||||||||||||||||
| | |
(Dollars in thousands, expect per share information)
|
||||||||||||||||||||||||||||||||||||||
Ratios | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net interest margin
|
| | | | 3.49% | | | | | | 3.67% | | | | | | 3.66% | | | | | | 3.75% | | | | | | 3.96% | | | | | | 4.08% | | | | | | 4.23% |
Net interest margin (FTE)(1)
|
| | | | 3.62% | | | | | | 3.80% | | | | | | 3.80% | | | | | | 3.89% | | | | | | 4.09% | | | | | | 4.22% | | | | | | 4.34% |
Return on average assets
|
| | | | 0.88% | | | | | | 0.95% | | | | | | 0.96% | | | | | | 0.90% | | | | | | 0.72% | | | | | | 0.85% | | | | | | 0.89% |
Return on average common stockholders’
equity |
| | | | 7.53% | | | | | | 7.64% | | | | | | 7.79% | | | | | | 6.76% | | | | | | 5.30% | | | | | | 7.89% | | | | | | 8.10% |
Return on average tangible common stockholders’ equity(1)
|
| | | | 10.90% | | | | | | 11.25% | | | | | | 11.45% | | | | | | 10.00% | | | | | | 8.02% | | | | | | 9.48% | | | | | | 9.86% |
Efficiency ratio
|
| | | | 66.93% | | | | | | 66.74% | | | | | | 66.27% | | | | | | 68.45% | | | | | | 75.31% | | | | | | 72.00% | | | | | | 68.26% |
Efficiency ratio (FTE)(1)
|
| | | | 64.98% | | | | | | 64.82% | | | | | | 64.31% | | | | | | 66.54% | | | | | | 73.43% | | | | | | 70.06% | | | | | | 66.81% |
CET1 capital (to risk weighted assets)
|
| | | | 9.40% | | | | | | 9.78% | | | | | | 9.72% | | | | | | 10.55% | | | | | | 11.20% | | | | | | 11.26% | | | | | | 11.27% |
Tier 1 capital (to risk weighted assets)
|
| | | | 10.56% | | | | | | 11.07% | | | | | | 10.97% | | | | | | 11.93% | | | | | | 12.76% | | | | | | 13.03% | | | | | | 13.14% |
Total capital (to risk weighted assets)
|
| | | | 12.94% | | | | | | 11.60% | | | | | | 13.56% | | | | | | 12.46% | | | | | | 13.38% | | | | | | 14.16% | | | | | | 14.57% |
Leverage Ratio
|
| | | | 9.52% | | | | | | 9.89% | | | | | | 9.87% | | | | | | 10.68% | | | | | | 10.62% | | | | | | 10.69% | | | | | | 10.52% |
Common equity to total assets
|
| | | | 11.53% | | | | | | 12.12% | | | | | | 11.88% | | | | | | 12.94% | | | | | | 13.28% | | | | | | 10.48% | | | | | | 10.63% |
Tangible common equity/tangible assets(1)
|
| | | | 8.34% | | | | | | 8.57% | | | | | | 8.41% | | | | | | 9.20% | | | | | | 9.27% | | | | | | 8.93% | | | | | | 8.96% |
Asset Quality | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses
|
| | | $ | 37,162 | | | | | $ | 36,542 | | | | | $ | 37,192 | | | | | $ | 34,047 | | | | | $ | 32,384 | | | | | $ | 30,135 | | | | | $ | 34,916 |
Nonaccrual loans
|
| | | $ | 20,122 | | | | | $ | 12,677 | | | | | $ | 9,973 | | | | | $ | 11,936 | | | | | $ | 19,255 | | | | | $ | 15,035 | | | | | $ | 26,206 |
OREO
|
| | | $ | 8,764 | | | | | $ | 10,581 | | | | | $ | 10,084 | | | | | $ | 15,299 | | | | | $ | 28,118 | | | | | $ | 34,116 | | | | | $ | 32,834 |
ALL/total outstanding loans
|
| | | | 0.54% | | | | | | 0.59% | | | | | | 0.59% | | | | | | 0.60% | | | | | | 0.61% | | | | | | 0.99% | | | | | | 1.18% |
Nonaccrual loans/total loans
|
| | | | 0.29% | | | | | | 0.21% | | | | | | 0.16% | | | | | | 0.21% | | | | | | 0.36% | | | | | | 0.49% | | | | | | 0.88% |
ALL/nonaccrual loans
|
| | | | 184.68% | | | | | | 288.25% | | | | | | 372.93% | | | | | | 285.25% | | | | | | 168.18% | | | | | | 200.43% | | | | | | 133.24% |
NPAs/total outstanding loans
|
| | | | 0.42% | | | | | | 0.38% | | | | | | 0.32% | | | | | | 0.48% | | | | | | 0.89% | | | | | | 1.62% | | | | | | 1.99% |
Net charge-offs/total average loans
|
| | | | 0.15% | | | | | | 0.11% | | | | | | 0.09% | | | | | | 0.14% | | | | | | 0.11% | | | | | | 0.36% | | | | | | 0.58% |
Provision/total average loans
|
| | | | 0.15% | | | | | | 0.16% | | | | | | 0.15% | | | | | | 0.17% | | | | | | 0.15% | | | | | | 0.20% | | | | | | 0.42% |
Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share, basic
|
| | | $ | 1.32 | | | | | $ | 1.29 | | | | | $ | 1.77 | | | | | $ | 1.49 | | | | | $ | 1.13 | | | | | $ | 1.38 | | | | | $ | 1.36 |
Earnings per share, diluted
|
| | | | 1.32 | | | | | | 1.29 | | | | | | 1.77 | | | | | | 1.49 | | | | | | 1.13 | | | | | | 1.37 | | | | | | 1.36 |
Cash dividends paid per share
|
| | | | 0.60 | | | | | | 0.57 | | | | | | 0.77 | | | | | | 0.68 | | | | | | 0.58 | | | | | | 0.54 | | | | | | 0.37 |
Market value per share
|
| | | | 35.30 | | | | | | 26.77 | | | | | | 35.74 | | | | | | 25.24 | | | | | | 24.08 | | | | | | 24.81 | | | | | | 15.77 |
Book value per share
|
| | | | 24.00 | | | | | | 23.18 | | | | | | 23.15 | | | | | | 22.38 | | | | | | 21.73 | | | | | | 17.63 | | | | | | 17.29 |
Tangible book value per
share(1) |
| | | | 16.76 | | | | | | 15.75 | | | | | | 15.78 | | | | | | 15.25 | | | | | | 14.50 | | | | | | 14.76 | | | | | | 14.30 |
Price to earnings ratio, diluted
|
| | | | 20.00 | | | | | | 15.54 | | | | | | 20.19 | | | | | | 16.94 | | | | | | 21.31 | | | | | | 18.11 | | | | | | 11.60 |
Price to book value ratio
|
| | | | 1.47 | | | | | | 1.15 | | | | | | 1.54 | | | | | | 1.13 | | | | | | 1.11 | | | | | | 1.41 | | | | | | 0.91 |
Dividend payout ratio
|
| | | | 45.45% | | | | | | 44.19% | | | | | | 43.50% | | | | | | 45.64% | | | | | | 51.33% | | | | | | 39.42% | | | | | | 27.21% |
Weighted average shares outstanding, basic
|
| | | | 43,685,045 | | | | | | 43,853,548 | | | | | | 43,784,193 | | | | | | 45,054,938 | | | | | | 46,036,023 | | | | | | 24,975,077 | | | | | | 25,872,316 |
Weighted average shares outstanding, diluted
|
| | | | 43,767,502 | | | | | | 43,967,725 | | | | | | 43,890,271 | | | | | | 45,138,891 | | | | | | 46,130,895 | | | | | | 25,030,711 | | | | | | 25,900,863 |
| | |
As of
December 31, 2017 |
| |||
Tangible common equity to tangible assets
|
| | | | 8.9% | | |
| | |
As of
September 30, 2017 |
| |||
Common equity Tier 1 capital ratio
|
| | | | 9.6% | | |
Tier 1 capital ratio
|
| | | | 10.7% | | |
Total capital ratio
|
| | | | 12.5% | | |
Leverage ratio
|
| | | | 9.4% | | |
Commercial real estate/Total risk-based capital
|
| | | | 313% | | |
|
Net loans held for investment(1)
|
| | | $ | 9,565,458 | | |
| Composition by type(2): | | | | | | | |
|
Non-owner occupied commercial real estate (“CRE”)
|
| | | | 28% | | |
|
Residential 1 – 4 family
|
| | | | 14% | | |
|
Owner occupied CRE
|
| | | | 13% | | |
|
Construction and land development
|
| | | | 13% | | |
|
Commercial and industrial
|
| | | | 11% | | |
|
Personal
|
| | | | 11% | | |
|
Equity lines of credit
|
| | | | 7% | | |
|
Other
|
| | | | 3% | | |
|
Second mortgages
|
| | | | <1% | | |
|
Total deposits(1)
|
| | | $ | 9,541,552 | | |
| Composition by type(2): | | | | | | | |
|
Money market
|
| | | | 27% | | |
|
NOW
|
| | | | 24% | | |
|
Non-interest bearing
|
| | | | 21% | | |
|
Retail time
|
| | | | 11% | | |
|
Jumbo time
|
| | | | 10% | | |
|
Savings
|
| | | | 7% | | |
| | |
Union
|
| |
Xenith
|
| |
Merger Pro Forma
Adjustments |
| |
Pro Forma
Combined |
| ||||||||||||
Actual common stockholders’ equity (GAAP)
|
| | | $ | 1,046,329 | | | | | $ | 429,741 | | | | | $ | 356,970 | | | | | $ | 1,833,040 | | |
Intangible assets
|
| | | | 313,331 | | | | | | 30,192 | | | | | | 407,822 | | | | | | 751,345 | | |
Actual tangible stockholders’ equity (non-GAAP)
|
| | | $ | 732,998 | | | | | $ | 399,549 | | | | | | | | | | | $ | 1,081,695 | | |
Actual total assets (GAAP)
|
| | | $ | 9,315,179 | | | | | $ | 3,270,726 | | | | | $ | 382,031 | | | | | $ | 12,967,936 | | |
Intangible assets
|
| | | | 313,331 | | | | | | 30,192 | | | | | | 407,822 | | | | | | 751,345 | | |
Actual tangible assets (non-GAAP)
|
| | | $ | 9,001,848 | | | | | $ | 3,240,534 | | | | | | | | | | | $ | 12,216,591 | | |
Tangible Common Stockholders’ Equity Ratio | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stockholders’ equity to (actual) assets (GAAP)
|
| | | | 11.23% | | | | | | 13.14% | | | | | | | | | | | | 14.14% | | |
Effect of adjustment for intangible assets
|
| | | | 3.09% | | | | | | 0.81% | | | | | | | | | | | | 5.29% | | |
Tangible common stockholders’ equity ratio (non-GAAP)
|
| | | | 8.14% | | | | | | 12.33% | | | | | | | | | | | | 8.85% | | |
| | |
Union
|
| |
Union
(pro forma) |
| ||||||
Actual common stockholders’ equity (GAAP)
|
| | | $ | 1,046,329 | | | | | $ | 1,833,040 | | |
Intangible assets
|
| | | | 313,331 | | | | | | 751,345 | | |
Actual tangible stockholders’ equity (non-GAAP)
|
| | | $ | 732,998 | | | | | $ | 1,081,695 | | |
Shares of common stock outstanding
|
| | | | 43,416,541 | | | | | | 65,418,045 | | |
Book value per share (GAAP)
|
| | | $ | 24.10 | | | | | $ | 28.02 | | |
Tangible book value per share (non-GAAP)
|
| | | $ | 16.88 | | | | | $ | 16.54 | | |
| | |
Nine Months Ended
September 30, |
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2017
|
| |
2016
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2013
|
| |
2012
|
| |||||||||||||||||||||
| | |
(Dollars in thousands, expect per share information)
|
| |||||||||||||||||||||||||||||||||||||||
Net Interest Income (FTE) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net interest income (GAAP)
|
| | | $ | 206,765 | | | | | $ | 196,535 | | | | | $ | 265,150 | | | | | $ | 251,834 | | | | | $ | 255,018 | | | | | $ | 151,626 | | | | | $ | 154,355 | | |
FTE adjustment
|
| | | | 7,836 | | | | | | 7,367 | | | | | | 10,244 | | | | | | 9,079 | | | | | | 8,127 | | | | | | 5,256 | | | | | | 4,222 | | |
Net interest income (FTE) (non-GAAP)
|
| | | $ | 214,601 | | | | | $ | 203,902 | | | | | $ | 275,394 | | | | | $ | 260,913 | | | | | $ | 263,145 | | | | | $ | 156,882 | | | | | $ | 158,577 | | |
Average earning assets
|
| | | $ | 7,922,944 | | | | | $ | 7,159,813 | | | | | $ | 7,249,090 | | | | | $ | 6,713,239 | | | | | $ | 6,437,681 | | | | | $ | 3,716,849 | | | | | $ | 3,649,865 | | |
Net interest margin (GAAP)
|
| | | | 3.49% | | | | | | 3.67% | | | | | | 3.66% | | | | | | 3.75% | | | | | | 3.96% | | | | | | 4.08% | | | | | | 4.23% | | |
Net interest margin (FTE) (non-GAAP)
|
| | | | 3.62% | | | | | | 3.80% | | | | | | 3.80% | | | | | | 3.89% | | | | | | 4.09% | | | | | | 4.22% | | | | | | 4.34% | | |
Efficiency ratio (GAAP)
|
| | | | 66.93% | | | | | | 66.74% | | | | | | 66.27% | | | | | | 68.45% | | | | | | 75.31% | | | | | | 72.00% | | | | | | 68.26% | | |
Efficiency ratio (FTE) (non-GAAP)
|
| | | | 64.98% | | | | | | 64.82% | | | | | | 64.31% | | | | | | 66.54% | | | | | | 73.43% | | | | | | 70.06% | | | | | | 66.81% | | |
Tangible Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ending assets (GAAP)
|
| | | $ | 9,029,436 | | | | | $ | 8,258,230 | | | | | $ | 8,426,793 | | | | | $ | 7,693,291 | | | | | $ | 7,358,643 | | | | | $ | 4,176,353 | | | | | $ | 4,095,692 | | |
Less: Ending intangible assets
|
| | | | 314,208 | | | | | | 320,534 | | | | | | 318,793 | | | | | | 316,832 | | | | | | 325,277 | | | | | | 71,380 | | | | | | 75,211 | | |
Ending tangible assets (non-GAAP)
|
| | | $ | 8,715,228 | | | | | $ | 7,937,696 | | | | | $ | 8,108,000 | | | | | $ | 7,376,459 | | | | | $ | 7,033,366 | | | | | $ | 4,104,973 | | | | | $ | 4,020,481 | | |
Tangible Common Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ending common stockholders’ equity (GAAP)
|
| | | $ | 1,041,371 | | | | | $ | 1,000,964 | | | | | $ | 1,001,032 | | | | | $ | 995,367 | | | | | $ | 977,169 | | | | | $ | 437,810 | | | | | $ | 435,564 | | |
Less: Ending intangible assets
|
| | | | 314,208 | | | | | | 320,534 | | | | | | 318,793 | | | | | | 316,832 | | | | | | 325,277 | | | | | | 71,380 | | | | | | 75,211 | | |
Ending tangible common stockholders’ equity (non-GAAP)
|
| | | $ | 727,163 | | | | | $ | 680,430 | | | | | $ | 682,239 | | | | | $ | 678,535 | | | | | $ | 651,892 | | | | | $ | 366,430 | | | | | $ | 360,353 | | |
Average common stockholders’ equity (GAAP)
|
| | | $ | 1,024,853 | | | | | $ | 991,097 | | | | | $ | 994,785 | | | | | $ | 991,977 | | | | | $ | 983,727 | | | | | $ | 435,635 | | | | | $ | 435,475 | | |
Less: Average intangible assets
|
| | | | 316,375 | | | | | | 317,629 | | | | | | 318,131 | | | | | | 320,906 | | | | | | 333,495 | | | | | | 73,205 | | | | | | 77,790 | | |
Average tangible common stockholders’ equity (non-GAAP)
|
| | | $ | 708,478 | | | | | $ | 673,468 | | | | | $ | 676,654 | | | | | $ | 671,071 | | | | | $ | 650,232 | | | | | $ | 362,430 | | | | | $ | 357,685 | | |
Return on average common stockholders’ equity (GAAP)
|
| | | | 7.53% | | | | | | 7.64% | | | | | | 7.79% | | | | | | 6.76% | | | | | | 5.30% | | | | | | 7.89% | | | | | | 8.10% | | |
Return on average tangible common stockholders’ equity (non-GAAP)
|
| | | | 10.90% | | | | | | 11.25% | | | | | | 11.45% | | | | | | 10.00% | | | | | | 8.02% | | | | | | 9.48% | | | | | | 9.86% | | |
Common equity to total assets (GAAP)
|
| | | | 11.53% | | | | | | 12.12% | | | | | | 11.88% | | | | | | 12.94% | | | | | | 13.28% | | | | | | 10.48% | | | | | | 10.63% | | |
Tangible common equity/tangible assets (non-GAAP)
|
| | | | 8.34% | | | | | | 8.57% | | | | | | 8.41% | | | | | | 9.20% | | | | | | 9.27% | | | | | | 8.93% | | | | | | 8.96% | | |
Book value per share (GAAP)
|
| | | $ | 24.00 | | | | | $ | 23.18 | | | | | $ | 23.15 | | | | | $ | 22.38 | | | | | $ | 21.73 | | | | | $ | 17.63 | | | | | $ | 17.29 | | |
Tangible book value per share (non-GAAP)
|
| | | $ | 16.76 | | | | | $ | 15.75 | | | | | $ | 15.78 | | | | | $ | 15.25 | | | | | $ | 14.50 | | | | | $ | 14.76 | | | | | $ | 14.30 | | |
| | |
Three Months Ended
|
| |
Year Ended
|
| | ||||||||||||||||||||
| | |
12/31/17
|
| |
9/30/17
|
| |
12/31/17
|
| |
12/31/16
|
| | ||||||||||||||
Net Operating Earnings | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (GAAP)
|
| | | $ | 15,185 | | | | | $ | 20,658 | | | | | $ | 72,923 | | | | | $ | 77,476 | | | | ||
Plus: Merger-related costs, net of tax
|
| | | | 1,386 | | | | | | 661 | | | | | | 4,405 | | | | | | — | | | | ||
Plus: Nonrecurring tax expenses
|
| | | | 6,250 | | | | | | — | | | | | | 6,250 | | | | | | — | | | | ||
Net operating earnings (non-GAAP)
|
| | | $ | 22,821 | | | | | $ | 21,319 | | | | | $ | 83,578 | | | | | $ | 77,476 | | | | ||
Earnings per share (GAAP)
|
| | | $ | 0.35 | | | | | $ | 0.47 | | | | | $ | 1.67 | | | | | $ | 1.77 | | | | ||
Operating earnings per share (non-GAAP)
|
| | | $ | 0.52 | | | | | $ | 0.49 | | | | | $ | 1.91 | | | | | $ | 1.77 | | | | ||
Return on average assets (GAAP)
|
| | | | 0.66% | | | | | | 0.91% | | | | | | | | | | | | | | | | ||
Operating return on average assets (non-GAAP)
|
| | | | 1.00% | | | | | | 0.94% | | | | | | | | | | | | | | | | ||
Tangible Common Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Ending common stockholders’ equity (GAAP)
|
| | | $ | 1,046,329 | | | | | $ | 1,041,371 | | | | | | | | | | | | | | | | ||
Less: Ending intangible assets
|
| | | | 313,331 | | | | | | 314,208 | | | | | | | | | | | | | | | | ||
Ending tangible common stockholders’ equity (non-GAAP)
|
| | | $ | 732,998 | | | | | $ | 727,163 | | | | | | | | | | | | | | | | ||
Average equity (GAAP)
|
| | | $ | 1,048,632 | | | | | $ | 1,037,792 | | | | | | | | | | | | | | | | ||
Less: Average intangible assets
|
| | | | 313,785 | | | | | | 314,872 | | | | | | | | | | | | | | | | ||
Average tangible common equity (non-GAAP)
|
| | | $ | 734,847 | | | | | $ | 722,920 | | | | | | | | | | | | | | | | ||
Return on average common stockholders’ equity (GAAP)
|
| | | | 5.75% | | | | | | 7.90% | | | | | | | | | | | | | | | | ||
Operating return on average common stockholders’ equity (non-GAAP)
|
| | | | 8.63% | | | | | | 8.15% | | | | | | | | | | | | | | | | ||
Return on average tangible common stockholders’ equity (non-GAAP)
|
| | | | 8.20% | | | | | | 11.34% | | | | | | | | | | | | | | | | ||
Operating return on average tangible common stockholders’ equity (non-GAAP)
|
| | | | 12.32% | | | | | | 11.70% | | | | | | | | | | | | | | | | ||
Efficiency Ratio | | | | | | | ||||||||||||||||||||||
Net interest income (GAAP)
|
| | | $ | 73,392 | | | | | $ | 71,198 | | | | | | ||||||||||||
FTE adjustment
|
| | | | 2,781 | | | | | | 2,648 | | | | | | ||||||||||||
Net interest income (FTE) (non-GAAP)
|
| | | $ | 76,173 | | | | | $ | 73,846 | | | | | | ||||||||||||
Noninterest income (GAAP)
|
| | | $ | 17,243 | | | | | $ | 17,536 | | | | | | ||||||||||||
Noninterest expense (GAAP)
|
| | | $ | 59,944 | | | | | $ | 57,496 | | | | | | ||||||||||||
Less: Merger-related costs
|
| | | | 1,917 | | | | | | 732 | | | | | | ||||||||||||
Operating noninterest expense (non-GAAP)
|
| | | $ | 58,027 | | | | | $ | 56,764 | | | | | | ||||||||||||
Efficiency ratio (GAAP)
|
| | | | 66.14% | | | | | | 64.80% | | | | | | ||||||||||||
Efficiency ratio (FTE) (non-GAAP)
|
| | | | 64.17% | | | | | | 62.92% | | | | | | ||||||||||||
Operating efficiency ratio (FTE) (non-GAAP)
|
| | | | 62.12% | | | | | | 62.12% | | | | | |
| | |
Three Months Ended
|
| |
Year Ended
|
| ||||||||||||||||||
| | |
12/31/17
|
| |
9/30/17
|
| |
12/31/17
|
| |
12/31/16
|
| ||||||||||||
Net Operating Earnings | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) (GAAP)
|
| | | $ | (55,822) | | | | | $ | 7,158 | | | | | $ | (36,734) | | | | | $ | 57,042 | | |
Plus: Merger-related costs, net of tax
|
| | | | 5,511 | | | | | | 896 | | | | | | 8,275 | | | | | | 11,975 | | |
Plus: Nonrecurring tax expenses
|
| | | | 57,200 | | | | | | — | | | | | | 57,200 | | | | | | — | | |
Plus: Tax benefit
|
| | | | — | | | | | | — | | | | | | — | | | | | | (59,950) | | |
Net operating earnings (non-GAAP)
|
| | | $ | 6,889 | | | | | $ | 8,054 | | | | | $ | 28,741 | | | | | $ | 9,067 | | |
|
| | |
High
|
| |
Low
|
| |
Cash
Dividends Declared |
| |||||||||
2018 | | | | | | | | | | | | | | | | | | | |
First Quarter (through January 22, 2018)
|
| | | $ | 38.99 | | | | | $ | 35.49 | | | | | $ | 0.21 | | |
2017 | | | | | | | | | | | | | | | | | | | |
Fourth Quarter
|
| | | $ | 39.02 | | | | | $ | 31.77 | | | | | $ | 0.21 | | |
Third Quarter
|
| | | | 35.41 | | | | | | 30.45 | | | | | | 0.20 | | |
Second Quarter
|
| | | | 36.49 | | | | | | 29.50 | | | | | | 0.20 | | |
First Quarter
|
| | | | 39.37 | | | | | | 33.23 | | | | | | 0.20 | | |
2016 | | | | | | | | | | | | | | | | | | | |
Fourth Quarter
|
| | | $ | 36.69 | | | | | $ | 26.13 | | | | | $ | 0.20 | | |
Third Quarter
|
| | | | 27.96 | | | | | | 23.28 | | | | | | 0.19 | | |
Second Quarter
|
| | | | 27.39 | | | | | | 23.79 | | | | | | 0.19 | | |
First Quarter
|
| | | | 25.48 | | | | | | 20.57 | | | | | | 0.19 | | |
| | |
Shares of Our
Common Stock Beneficially Owned Prior to the Offering |
| |
Shares of Our
Common Stock that may be Sold in the Offering |
| |
Shares of Our
Common Stock Beneficially Owned Following the Offering |
| |||||||||||||||||||||
Selling Shareholder
|
| |
Number
|
| |
%(1)
|
| |
Number
|
| |
Number
|
| |
%
|
| |||||||||||||||
ACMO-HR, L.L.C.(2)
|
| | | | 3,965,963 | | | | | | 6.03% | | | | | | 3,965,963 | | | | | | 0 | | | | | | 0.0% | | |
Carlyle Financial Services Harbor, L.P.(3)
|
| | | | 3,965,963 | | | | | | 6.03% | | | | | | 3,965,963 | | | | | | 0 | | | | | | 0.0% | | |
Underwriter
|
| |
Number of Shares
|
| |||
Keefe, Bruyette & Woods, Inc.
|
| | | | 3,172,772 | | |
Sandler O’Neill & Partners, L.P.
|
| | | | 2,379,577 | | |
Raymond James & Associates, Inc.
|
| | | | 1,586,385 | | |
Barclays Capital Inc.
|
| | | | 793,192 | | |
Total
|
| | |
|
7,931,926
|
| |
|
| | |
Per Share
|
| |
Total
|
| ||||||
Public offering price
|
| | | $ | 38.00 | | | | | $ | 301,413,188 | | |
Underwriting discount
|
| | | $ | 1.14 | | | | | $ | 9,042,396 | | |
Proceeds to Selling Shareholders
|
| | | $ | 36.86 | | | | | $ | 292,370,792 | | |
| | |
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For the Six Months Ended
|
| |
For the Years Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||
| | |
June 30, 2017
|
| |
June 30, 2016
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2013
|
| |
2012
|
| |||||||||||||||||||||
Ratios of earnings to fixed charges(1): | | | | | | | | | |||||||||||||||||||||||||||||||||||
Including deposit interest
|
| | | | 3.17 | | | | | | 4.22 | | | | | | 4.24 | | | | | | 4.28 | | | | | | 4.11 | | | | | | 3.11 | | | | | | 2.69 | | |
Excluding deposit interest
|
| | | | 5.14 | | | | | | 8.20 | | | | | | 8.24 | | | | | | 8.54 | | | | | | 7.06 | | | | | | 6.69 | | | | | | 5.96 | | |
Ratios of earnings to fixed charges and preferred dividends(1)(2):
|
| | | | | | | | |||||||||||||||||||||||||||||||||||
Including deposit interest
|
| | | | 3.17 | | | | | | 4.22 | | | | | | 4.24 | | | | | | 4.28 | | | | | | 4.11 | | | | | | 3.11 | | | | | | 2.69 | | |
Excluding deposit interest
|
| | | | 5.14 | | | | | | 8.20 | | | | | | 8.24 | | | | | | 8.54 | | | | | | 7.06 | | | | | | 6.69 | | | | | | 5.96 | | |
|
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| |
Sandler O’Neill + Partners, L.P.
|
| |
RAYMOND JAMES
|
| |
Barclays
|
|
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