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Preliminary Proxy Statement
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Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
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Definitive Proxy Statement
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Definitive Additional Materials
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Soliciting Material under §240.14a-12
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No fee required.
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Fee paid previously with preliminary materials:
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Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.
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(1)
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Title of each class of securities to which transaction applies:
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(2)
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Aggregate number of securities to which transaction applies:
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(3)
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Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):
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(4)
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Proposed maximum aggregate value of transaction:
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(5)
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Total fee paid:
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Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its filing.
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(1)
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Amount Previously Paid:
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(2)
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Form, Schedule or Registration Statement No.:
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(3)
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Filing Party:
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(4)
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Date Filed:
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•
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Nine consecutive years of record core diluted earnings per common share with an increase of 94% and 23% from 2020, including and excluding merger-related provision and other costs, respectively;
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•
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Strong growth in core loans excluding PPP loans of 2.6% for the full year and 8.7% for the fourth quarter annualized;
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High return on average assets of 1.68% on a net income basis and 2.00% on a pre-tax, pre-provision basis; and
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Strong asset quality with non-performing assets at 0.64% and classified loans at 1.21% for year-end.
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As of and for year ended December 31,
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(In thousands, except per share and ratio data)
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2018
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2019
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2020
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2021
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Acquisition related charges (pre-tax)
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$
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-
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$
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1,422
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$
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19,485
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$
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-
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Less: Tax benefit of acquisition related charges
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-
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299
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3,714
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-
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Acquisition related charges (after-tax)
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$
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-
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$
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1,123
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$
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15,771
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$
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-
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Acquisition related provision (pre-tax)
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$
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-
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$
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-
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$
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25,949
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$
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-
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Less: Tax benefit of acquisition related provision
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-
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-
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5,449
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-
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Acquisition related provision (after-tax)
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$
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-
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$
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-
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$
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20,500
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$
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-
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Income before income taxes
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$
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56,875
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$
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60,637
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$
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79,269
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$
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156,423
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Add: Credit loss expense (benefit)
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1,258
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2,884
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44,250
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(7,052
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)
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Pre-tax pre-provision income
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$
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58,133
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$
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63,521
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$
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123,519
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$
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149,371
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Average total assets
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$
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3,048,525
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$
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3,283,780
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$
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6,592,633
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$
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7,482,578
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Pre-tax pre-provision return on average assets
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1.91
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%
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1.93
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%
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1.87
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%
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2.00
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%
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Net income
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$
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46,249
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$
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49,370
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$
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63,077
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$
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126,051
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Add: Acquisition related provision (after-tax)
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-
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-
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20,500
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-
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Add: Acquisition related charges (after-tax)
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-
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1,123
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15,771
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-
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Core net income
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$
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46,249
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$
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50,493
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$
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99,348
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$
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126,051
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Return on average assets
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1.52
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%
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1.50
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%
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0.96
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%
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1.68
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%
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3 year average return on average assets
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1.38
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%
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Core return on average assets
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1.52
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%
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1.54
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%
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1.51
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%
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1.68
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%
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3 year average core return on average assets
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1.58
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%
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Average diluted shares
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20,468
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19,931
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35,949
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37,200
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Diluted EPS
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$
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2.26
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$
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2.48
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$
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1.75
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$
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3.39
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1 year increase (2021 vs 2020)
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94
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%
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3 year increase (2021 vs 2018)
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50
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%
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Core diluted EPS
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$
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2.26
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$
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2.53
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$
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2.76
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$
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3.39
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1 year core increase (2021 vs 2020)
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23
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%
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3 year core increase (2021 vs 2018)
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50
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%
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