|
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 |
| ||||||||||||
|
5.00% Fixed-to-Floating Rate Subordinated Notes due 2028
|
| | | $ | 330,000,000 | | | | | | 100.00 % | | | | | $ | 330,000,000 | | | | | $ | 41,085.00 (1) | | |
|
| | |
Per Note
|
| |
Total
|
| ||||||
Price to public
(1)
|
| | | | 100.00 % | | | | | $ | 330,000,000 | | |
Underwriting discounts
(2)
|
| | | | 0.95 % | | | | | $ | 3,135,000 | | |
Proceeds to us, before expenses
|
| | | | 99.05 % | | | | | $ | 326,865,000 | | |
Lead Book Running Manager
|
| |
Joint Book Running Managers
|
| |||
S
andler
O’N
eill
+ P
artners
, L.P.
|
| |
Keefe, Bruyette & Woods
A Stifel Company |
| |
Stephens Inc.
|
|
| | |
Page
|
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| | | | S-1 | | | |
| | | | S-11 | | | |
| | | | S-16 | | | |
| | | | S-17 | | | |
| | | | S-18 | | | |
| | | | S-19 | | | |
| | | | S-34 | | | |
| | | | S-38 | | | |
| | | | S-40 | | | |
| | | | S-43 | | | |
| | | | S-44 | | | |
| | | | S-44 | | |
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For the Years Ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2017
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2013
|
| |||||||||||||||
Income statement data: | | | | | | | |||||||||||||||||||||||||
Net interest income
|
| | | $ | 354,930 | | | | | $ | 279,206 | | | | | $ | 278,595 | | | | | $ | 171,064 | | | | | $ | 130,850 | | |
Provision for loan losses
|
| | | | 26,393 | | | | | | 20,065 | | | | | | 9,022 | | | | | | 7,245 | | | | | | 4,118 | | |
Net interest income after provision for loan losses
|
| | | | 328,537 | | | | | | 259,141 | | | | | | 269,573 | | | | | | 163,819 | | | | | | 126,732 | | |
Non-interest income
|
| | | | 138,765 | | | | | | 139,382 | | | | | | 94,661 | | | | | | 62,192 | | | | | | 40,616 | | |
Non-interest expense
|
| | | | 312,379 | | | | | | 255,085 | | | | | | 256,970 | | | | | | 175,721 | | | | | | 134,812 | | |
Income before taxes
|
| | | | 154,923 | | | | | | 143,438 | | | | | | 107,264 | | | | | | 50,290 | | | | | | 32,536 | | |
Provision for income taxes
|
| | | | 61,983 | | | | | | 46,624 | | | | | | 32,900 | | | | | | 14,602 | | | | | | 9,305 | | |
Net income
|
| | | $ | 92,940 | | | | | | 96,814 | | | | | | 74,364 | | | | | | 35,688 | | | | | | 23,231 | | |
Preferred stock dividends
|
| | | | — | | | | | | 24 | | | | | | 257 | | | | | | — | | | | | | — | | |
Net income available to common stockholders
|
| | | $ | 92,940 | | | | | $ | 96,790 | | | | | $ | 74,107 | | | | | $ | 35,688 | | | | | $ | 23,231 | | |
Per share data (9) : | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic earnings
|
| | | | 1.34 | | | | | | 1.58 | | | | | | 1.32 | | | | | | 1.06 | | | | | | 0.71 | | |
Diluted earnings
|
| | | | 1.33 | | | | | | 1.56 | | | | | | 1.31 | | | | | | 1.05 | | | | | | 0.71 | | |
Diluted core earnings (non-GAAP)
(1)
|
| | | | 1.70 | | | | | | 1.64 | | | | | | 1.59 | | | | | | 1.14 | | | | | | 0.84 | | |
Book value
|
| | | | 22.65 | | | | | | 18.40 | | | | | | 17.27 | | | | | | 13.69 | | | | | | 12.44 | | |
Tangible book value (non-GAAP)
(2)
|
| | | | 12.34 | | | | | | 11.98 | | | | | | 10.98 | | | | | | 10.07 | | | | | | 9.56 | | |
Dividends
|
| | | | 0.50 | | | | | | 0.48 | | | | | | 0.46 | | | | | | 0.44 | | | | | | 0.42 | | |
Basic average common shares outstanding
|
| | | | 69,384,500 | | | | | | 61,291,296 | | | | | | 56,167,592 | | | | | | 33,757,532 | | | | | | 32,678,670 | | |
Diluted average common shares outstanding
|
| | | | 69,852,920 | | | | | | 61,927,092 | | | | | | 56,419,322 | | | | | | 33,844,052 | | | | | | 32,704,334 | | |
Balance sheet data at period end: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Assets
|
| | | $ | 15,055,806 | | | | | $ | 8,400,056 | | | | | $ | 7,559,658 | | | | | $ | 4,643,354 | | | | | $ | 4,383,100 | | |
Investment securities
|
| | | | 1,957,575 | | | | | | 1,619,450 | | | | | | 1,526,780 | | | | | | 1,082,870 | | | | | | 957,965 | | |
Total loans
|
| | | | 10,779,685 | | | | | | 5,632,890 | | | | | | 4,919,355 | | | | | | 2,736,634 | | | | | | 2,404,935 | | |
Allowance for loan losses (excluding acquired loans)
(3)
|
| | | | 41,668 | | | | | | 36,286 | | | | | | 31,351 | | | | | | 29,028 | | | | | | 27,442 | | |
Goodwill and other intangible assets
|
| | | | 948,722 | | | | | | 401,464 | | | | | | 380,923 | | | | | | 130,621 | | | | | | 93,501 | | |
Non-interest bearing deposits
|
| | | | 2,665,249 | | | | | | 1,491,676 | | | | | | 1,280,234 | | | | | | 889,260 | | | | | | 718,438 | | |
Deposits
|
| | | | 11,092,875 | | | | | | 6,735,219 | | | | | | 6,086,096 | | | | | | 3,860,718 | | | | | | 3,697,567 | | |
Other borrowings
|
| | | | 1,380,024 | | | | | | 273,159 | | | | | | 162,289 | | | | | | 114,682 | | | | | | 117,090 | | |
Subordinated debt and trust preferred
|
| | | | 140,565 | | | | | | 60,397 | | | | | | 60,570 | | | | | | 20,620 | | | | | | 20,620 | | |
Stockholders’ equity
|
| | | | 2,084,564 | | | | | | 1,151,111 | | | | | | 1,076,855 | | | | | | 494,319 | | | | | | 403,832 | | |
Tangible stockholders’ equity (non-GAAP)
(2)
|
| | | | 1,135,842 | | | | | | 749,647 | | | | | | 665,080 | | | | | | 363,698 | | | | | | 310,331 | | |
Capital ratios at period end: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stockholders’ equity to total assets
|
| | | | 13.85 % | | | | | | 13.70 % | | | | | | 13.84 % | | | | | | 10.65 % | | | | | | 9.21 % | | |
Tangible common equity to tangible assets (non-GAAP)
(4)
|
| | | | 8.05 % | | | | | | 9.37 % | | | | | | 9.26 % | | | | | | 8.06 % | | | | | | 7.23 % | | |
Tier 1 leverage ratio
|
| | | | 9.21 % | | | | | | 10.95 % | | | | | | 11.20 % | | | | | | 8.77 % | | | | | | 9.22 % | | |
Common equity Tier 1 risk-based ratio
|
| | | | 9.80 % | | | | | | 13.45 % | | | | | | 14.21 % | | | | | | N/A | | | | | | N/A | | |
Tier 1 risk-based ratio
|
| | | | 9.80 % | | | | | | 14.45 % | | | | | | 16.02 % | | | | | | 13.43 % | | | | | | 13.02 % | | |
Total risk-based capital ratio
|
| | | | 11.35 % | | | | | | 15.12 % | | | | | | 16.72 % | | | | | | 14.50 % | | | | | | 14.10 % | | |
Dividend payout to common stockholders
|
| | | | 37.59 % | | | | | | 30.67 % | | | | | | 34.98 % | | | | | | 41.71 % | | | | | | 59.15 % | | |
| | |
Years Ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2017
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2013
|
| |||||||||||||||
Annualized performance ratios: | | | | | | | |||||||||||||||||||||||||
Return on average assets
|
| | | | 0.92 % | | | | | | 1.25 % | | | | | | 1.03 % | | | | | | 0.80 % | | | | | | 0.64 % | | |
Return on average common equity
|
| | | | 6.68 % | | | | | | 8.75 % | | | | | | 7.90 % | | | | | | 8.11 % | | | | | | 5.33 % | | |
Return on average tangible equity (non-GAAP)
(2)(5)
|
| | | | 11.26 % | | | | | | 13.92 % | | | | | | 12.53 % | | | | | | 10.99 % | | | | | | 6.36 % | | |
Net interest margin
(6)
|
| | | | 4.07 % | | | | | | 4.19 % | | | | | | 4.55 % | | | | | | 4.47 % | | | | | | 4.21 % | | |
Efficiency ratio
(7)
|
| | | | 55.27 % | | | | | | 56.32 % | | | | | | 59.01 % | | | | | | 67.22 % | | | | | | 71.20 % | | |
Balance sheet ratios (8) : | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Nonperforming assets as a percentage of period-end assets
|
| | | | 0.52 % | | | | | | 0.79 % | | | | | | 0.85 % | | | | | | 1.25 % | | | | | | 1.69 % | | |
Nonperforming loans as a percentage of period-end loans
|
| | | | 0.81 % | | | | | | 0.91 % | | | | | | 0.58 % | | | | | | 0.63 % | | | | | | 0.53 % | | |
Nonperforming assets as a percentage of period-end loans and
OREO |
| | | | 1.38 % | | | | | | 1.53 % | | | | | | 1.94 % | | | | | | 2.76 % | | | | | | 4.10 % | | |
Allowance to nonperforming loans
|
| | | | 90.26 % | | | | | | 92.09 % | | | | | | 165.83 % | | | | | | 223.31 % | | | | | | 297.89 % | | |
Allowance for loan losses as a percentage of period-end
loans |
| | | | 0.73 % | | | | | | 0.84 % | | | | | | 0.97 % | | | | | | 1.41 % | | | | | | 1.57 % | | |
Net charge-offs (recoveries) as a percentage of average loans
|
| | | | 0.35 % | | | | | | 0.40 % | | | | | | 0.17 % | | | | | | 0.30 % | | | | | | 0.27 % | | |
Other data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Number of financial centers
|
| | | | 200 | | | | | | 150 | | | | | | 149 | | | | | | 109 | | | | | | 131 | | |
Number of full time equivalent employees
|
| | | | 2,640 | | | | | | 1,875 | | | | | | 1,946 | | | | | | 1,338 | | | | | | 1,343 | | |
| | |
As of and For the Years Ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2017
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2013
|
| |||||||||||||||
| | |
(In thousands, except share data)
|
| |||||||||||||||||||||||||||
Reconciliation of Core Earnings (non-GAAP) | | | | | | | |||||||||||||||||||||||||
Net income
|
| | | $ | 92,940 | | | | | $ | 96,790 | | | | | $ | 74,107 | | | | | $ | 35,688 | | | | | $ | 23,231 | | |
Non-core items
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accelerated vesting on retirement agreements
|
| | | | — | | | | | | — | | | | | | 2,209 | | | | | | — | | | | | | — | | |
Gain on sale of merchant services
|
| | | | — | | | | | | — | | | | | | — | | | | | | (1,000 ) | | | | | | — | | |
Gain on sale of banking operations
|
| | | | — | | | | | | — | | | | | | (2,110 ) | | | | | | — | | | | | | — | | |
Gain from early retirement of trust preferred securities
|
| | | | — | | | | | | (594 ) | | | | | | — | | | | | | — | | | | | | — | | |
Gain on sale of insurance lines of business
|
| | | | (3,708 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Loss on FDIC loss-share termination
|
| | | | — | | | | | | — | | | | | | 7,476 | | | | | | — | | | | | | — | | |
Donation to Simmons Foundation
|
| | | | 5,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Merger related costs
|
| | | | 21,923 | | | | | | 4,835 | | | | | | 13,760 | | | | | | 7,470 | | | | | | 6,376 | | |
Change-in-control payments
|
| | | | — | | | | | | — | | | | | | — | | | | | | 885 | | | | | | — | | |
Loss from sale of securities
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 193 | | |
Branch right sizing
|
| | | | 169 | | | | | | 3,359 | | | | | | 3,144 | | | | | | (3,059 ) | | | | | | 641 | | |
Charter consolidation costs
|
| | | | — | | | | | | — | | | | | | — | | | | | | 652 | | | | | | — | | |
Tax effect (39.225%)
(1)
|
| | | | (8,746 ) | | | | | | (2,981 ) | | | | | | (8,964 ) | | | | | | (1,929 ) | | | | | | (2,829 ) | | |
Net non-core items (before SAB 118 adjustment)
|
| | | | 14,638 | | | | | | 4,619 | | | | | | 15,515 | | | | | | 3,019 | | | | | | 4,381 | | |
SAB 118 adjustment
(2)
|
| | | | 11,471 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Diluted core earnings (non-GAAP)
|
| | | $ | 119,049 | | | | | $ | 101,409 | | | | | $ | 89,622 | | | | | $ | 38,707 | | | | | $ | 27,612 | | |
Diluted earnings per share
|
| | | $ | 1.33 | | | | | $ | 1.56 | | | | | $ | 1.31 | | | | | $ | 1.05 | | | | | $ | 0.71 | | |
Non-core items:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accelerated vesting on retirement agreements
|
| | | | — | | | | | | — | | | | | | 0.04 | | | | | | — | | | | | | — | | |
Gain on sale of merchant services
|
| | | | — | | | | | | — | | | | | | — | | | | | | (0.03 ) | | | | | | — | | |
Gain on sale of banking operations
|
| | | | — | | | | | | — | | | | | | (0.04 ) | | | | | | — | | | | | | — | | |
Gain from early retirement of trust preferred securities
|
| | | | — | | | | | | (0.01 ) | | | | | | — | | | | | | — | | | | | | — | | |
Gain on sale of insurance lines of business
|
| | | | (0.04 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Loss on FDIC loss-share termination
|
| | | | — | | | | | | — | | | | | | 0.14 | | | | | | — | | | | | | — | | |
Donation to Simmons Foundation
|
| | | | 0.07 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Merger related costs
|
| | | | 0.31 | | | | | | 0.08 | | | | | | 0.25 | | | | | | 0.22 | | | | | | 0.19 | | |
Change-in-control payments
|
| | | | — | | | | | | — | | | | | | — | | | | | | 0.03 | | | | | | — | | |
Loss from sale of securities
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 0.01 | | |
Branch right sizing
|
| | | | — | | | | | | 0.06 | | | | | | 0.06 | | | | | | (0.08 ) | | | | | | 0.02 | | |
Charter consolidation costs
|
| | | | — | | | | | | — | | | | | | — | | | | | | 0.02 | | | | | | — | | |
Tax effect (39.225%)
(1)
|
| | | | (0.13 ) | | | | | | (0.05 ) | | | | | | (0.17 ) | | | | | | (0.07 ) | | | | | | (0.09 ) | | |
Net non-core items (before SAB 118 adjustment)
|
| | | | 0.21 | | | | | | 0.08 | | | | | | 0.28 | | | | | | 0.09 | | | | | | 0.13 | | |
SAB 118 adjustment
(2)
|
| | | | 0.16 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Diluted core earnings per share (non-GAAP)
|
| | | $ | 1.70 | | | | | $ | 1.64 | | | | | $ | 1.59 | | | | | $ | 1.14 | | | | | $ | 0.84 | | |
|
| | |
As of and For the Years Ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2017
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2013
|
| |||||||||||||||
| | |
(In thousands, except share data)
|
| |||||||||||||||||||||||||||
Reconciliation of Tangible Book Value per Share (non-GAAP)
|
| | | | | | |||||||||||||||||||||||||
Total common stockholders’ equity
|
| | | $ | 2,084,564 | | | | | $ | 1,151,111 | | | | | $ | 1,046,003 | | | | | $ | 494,319 | | | | | $ | 403,832 | | |
Intangible assets:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Goodwill
|
| | | | (842,651 ) | | | | | | (348,505 ) | | | | | | (327,686 ) | | | | | | (108,095 ) | | | | | | (78,529 ) | | |
Other intangible assets
|
| | | | (106,071 ) | | | | | | (52,959 ) | | | | | | (53,237 ) | | | | | | (22,526 ) | | | | | | (14,972 ) | | |
Total intangibles
|
| | | | (948,722 ) | | | | | | (401,464 ) | | | | | | (380,923 ) | | | | | | (130,621 ) | | | | | | (93,501 ) | | |
Tangible common stockholders’ equity
|
| | | $ | 1,135,842 | | | | | $ | 749,647 | | | | | $ | 665,080 | | | | | $ | 363,698 | | | | | $ | 310,331 | | |
Shares of common stock outstanding
|
| | | | 92,029,118 | | | | | | 62,555,446 | | | | | | 60,556,864 | | | | | | 36,104,976 | | | | | | 32,452,512 | | |
Book value per common share
|
| | | $ | 22.65 | | | | | $ | 18.40 | | | | | $ | 17.27 | | | | | $ | 13.69 | | | | | $ | 12.44 | | |
Tangible book value per common
share (non-GAAP) |
| | | $ | 12.34 | | | | | $ | 11.98 | | | | | $ | 10.98 | | | | | $ | 10.07 | | | | | $ | 9.56 | | |
|
| | |
As of and For the Years Ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2017
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2013
|
| |||||||||||||||
| | |
(In thousands, except share data)
|
| |||||||||||||||||||||||||||
Reconciliation of Tangible Common Equity and the Ratio of Tangible Common Equity to Tangible Assets (non-GAAP):
|
| | | | | | |||||||||||||||||||||||||
Total common stockholders’ equity
|
| | | $ | 2,084,564 | | | | | $ | 1,151,111 | | | | | $ | 1,046,003 | | | | | $ | 494,319 | | | | | $ | 403,832 | | |
Intangible assets:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Goodwill
|
| | | | (842,651 ) | | | | | | (348,505 ) | | | | | | (327,686 ) | | | | | | (108,095 ) | | | | | | (78,529 ) | | |
Other intangible assets
|
| | | | (106,071 ) | | | | | | (52,959 ) | | | | | | (53,237 ) | | | | | | (22,526 ) | | | | | | (14,972 ) | | |
Total intangibles
|
| | | | (948,722 ) | | | | | | (401,464 ) | | | | | | (380,923 ) | | | | | | (130,621 ) | | | | | | (93,501 ) | | |
Tangible common stockholders’ equity
|
| | | $ | 1,135,842 | | | | | $ | 749,647 | | | | | $ | 665,080 | | | | | $ | 363,698 | | | | | $ | 310,331 | | |
Total assets
|
| | | $ | 15,055,806 | | | | | $ | 8,400,056 | | | | | $ | 7,559,658 | | | | | $ | 4,643,354 | | | | | $ | 4,383,100 | | |
Intangible assets:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Goodwill
|
| | | | (842,651 ) | | | | | | (348,505 ) | | | | | | (327,686 ) | | | | | | (108,095 ) | | | | | | (78,529 ) | | |
Other intangible assets
|
| | | | (106,071 ) | | | | | | (52,959 ) | | | | | | (53,237 ) | | | | | | (22,526 ) | | | | | | (14,972 ) | | |
Total intangibles
|
| | | | (948,722 ) | | | | | | (401,464 ) | | | | | | (380,923 ) | | | | | | (130,621 ) | | | | | | (93,501 ) | | |
Tangible assets
|
| | | $ | 14,107,084 | | | | | $ | 7,998,592 | | | | | $ | 7,178,735 | | | | | $ | 4,512,733 | | | | | $ | 4,289,599 | | |
Ratio of common equity to assets
|
| | | | 13.85 % | | | | | | 13.70 % | | | | | | 13.84 % | | | | | | 10.65 % | | | | | | 9.21 % | | |
Ratio of tangible common equity to tangible assets (non-GAAP)
|
| | | | 8.05 % | | | | | | 9.37 % | | | | | | 9.26 % | | | | | | 8.06 % | | | | | | 7.24 % | | |
| | |
For the Years Ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2017
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2013
|
| |||||||||||||||
| | |
(In thousands, except share data)
|
| |||||||||||||||||||||||||||
Return on Average Tangible Common Equity
(non-GAAP) |
| | | | | | |||||||||||||||||||||||||
Net income available to common stockholders
|
| | | $ | 92,940 | | | | | $ | 96,790 | | | | | $ | 74,107 | | | | | $ | 35,688 | | | | | $ | 23,231 | | |
Amortization of intangibles, net of
taxes |
| | | | 4,659 | | | | | | 3,611 | | | | | | 2,972 | | | | | | 1,203 | | | | | | 365 | | |
Total income available to common stockholders
|
| | | $ | 97,599 | | | | | $ | 100,401 | | | | | $ | 77,079 | | | | | $ | 36,891 | | | | | $ | 23,596 | | |
Average common stockholders’ equity
|
| | | $ | 1,390,815 | | | | | $ | 1,105,775 | | | | | $ | 938,521 | | | | | $ | 440,168 | | | | | $ | 435,918 | | |
Average intangible assets
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Goodwill
|
| | | | (455,453 ) | | | | | | (332,974 ) | | | | | | (281,133 ) | | | | | | (88,965 ) | | | | | | (60,655 ) | | |
Other intangible assets
|
| | | | (68,896 ) | | | | | | (51,710 ) | | | | | | (42,104 ) | | | | | | (15,533 ) | | | | | | (4,054 ) | | |
Total average intangibles
|
| | | | (524,349 ) | | | | | | (384,684 ) | | | | | | (323,237 ) | | | | | | (104,498 ) | | | | | | (64,709 ) | | |
Average tangible common stockholders’ equity
|
| | | $ | 866,466 | | | | | $ | 721,091 | | | | | $ | 615,284 | | | | | $ | 335,670 | | | | | $ | 371,209 | | |
Return on average common equity
|
| | | | 6.68 % | | | | | | 8.75 % | | | | | | 7.90 % | | | | | | 8.11 % | | | | | | 5.33 % | | |
Return on average tangible common equity
(non-GAAP) |
| | | | 11.26 % | | | | | | 13.92 % | | | | | | 12.53 % | | | | | | 10.99 % | | | | | | 6.36 % | | |
| | |
For the Years Ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2017
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2013
|
| |||||||||||||||
| | |
(In thousands, except share data)
|
| |||||||||||||||||||||||||||
Calculation of Efficiency Ratio | | | | | | | |||||||||||||||||||||||||
Non-interest expense
|
| | | $ | 312,379 | | | | | $ | 255,085 | | | | | $ | 256,970 | | | | | $ | 175,721 | | | | | $ | 134,812 | | |
Non-core non-interest expense adjustment
|
| | | | (27,357 ) | | | | | | (8,435 ) | | | | | | (18,747 ) | | | | | | (13,747 ) | | | | | | (7,017 ) | | |
Other real estate and foreclosure expense adjustment
|
| | | | (3,042 ) | | | | | | (4,389 ) | | | | | | (4,861 ) | | | | | | (4,507 ) | | | | | | (1,337 ) | | |
Amortization of intangibles adjustment
|
| | | | (7,666 ) | | | | | | (5,942 ) | | | | | | (4,889 ) | | | | | | (1,979 ) | | | | | | (601 ) | | |
Efficiency ratio numerator
|
| | | $ | 274,314 | | | | | $ | 236,319 | | | | | $ | 228,473 | | | | | $ | 155,488 | | | | | $ | 125,857 | | |
Net-interest income
|
| | | $ | 354,930 | | | | | $ | 279,206 | | | | | $ | 278,595 | | | | | $ | 171,064 | | | | | $ | 130,850 | | |
Non-interest income
|
| | | | 138,765 | | | | | | 139,382 | | | | | | 94,661 | | | | | | 62,192 | | | | | | 40,616 | | |
Non-core non-interest income adjustment
|
| | | | (3,972 ) | | | | | | (835 ) | | | | | | 5,731 | | | | | | (8,780 ) | | | | | | 193 | | |
Fully tax-equivalent adjustment
|
| | | | 7,723 | | | | | | 7,722 | | | | | | 8,517 | | | | | | 6,840 | | | | | | 4,951 | | |
(Gain) loss on sale of securities
|
| | | | (1,059 ) | | | | | | (5,848 ) | | | | | | (307 ) | | | | | | (8 ) | | | | | | 151 | | |
Efficiency ratio denominator
|
| | | $ | 496,387 | | | | | $ | 419,627 | | | | | $ | 387,197 | | | | | $ | 231,308 | | | | | $ | 176,761 | | |
Efficiency ratio
|
| | | | 55.27 % | | | | | | 56.32 % | | | | | | 59.01 % | | | | | | 67.22 % | | | | | | 71.20 % | | |
Trust preferred securities to be redeemed
|
| |
Aggregate
principal amount as of December 31, 2017 |
| |
Current annual
interest rate (1) |
| |||
Trust preferred securities due June 26, 2033
(2)
|
| |
$20.6 million
|
| | | | 5.25 % | | |
Trust preferred securities due October 7, 2033
(2)
|
| |
$25.8 million
|
| | | | 5.00 % | | |
Trust preferred securities due December 5, 2033
|
| |
$5.2 million
|
| | | | 5.03 % | | |
Trust preferred securities due December 30, 2033
|
| |
$20.6 million
|
| | | | 4.95 % | | |
Trust preferred securities due October 18, 2034
|
| |
$5.1 million
|
| | | | 4.15 % | | |
Trust preferred securities due September 15, 2037
(3)
|
| |
$8.2 million
|
| | | | 4.15 % | | |
| | |
As of December 31, 2017
|
| |||||||||
| | |
Actual
|
| |
As Adjusted
|
| ||||||
(In thousands, except number of shares and capital ratios)
|
| | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 598,042 | | | | | | 701,978 | | |
Liabilities | | | | | | | | | | | | | |
Non-interest bearing transaction accounts
|
| | | $ | 2,665,249 | | | | | $ | 2,665,249 | | |
Interest-bearing transaction accounts and savings deposits
|
| | | | 6,494,896 | | | | | | 6,494,896 | | |
Time deposits
|
| | | | 1,932,730 | | | | | | 1,932,730 | | |
Total deposits
|
| | | | 11,092,875 | | | | | | 11,092,875 | | |
Federal funds purchased and securities sold under agreements to repurchase
|
| | | | 122,444 | | | | | | 122,444 | | |
Other borrowings
|
| | | | 1,380,024 | | | | | | 1,261,642 | | |
Subordinated debentures
|
| | | | 140,565 | | | | | | 36,666 | | |
Other liabilities held for sale
|
| | | | 157,366 | | | | | | 157,366 | | |
Notes offered hereby
|
| | | | — | | | | | | 326,218 (1) | | |
Accrued interest and other liabilities
|
| | | | 77,968 | | | | | | 77,968 | | |
Total Liabilities
|
| | | $ | 12,971,242 | | | | | | 13,075,178 | | |
Stockholders’ Equity
|
| | | | | | | | | | | | |
Common stock, Class A, $0.01 par value; 120,000,000 shares authorized, 92,029,118 outstanding at December 31, 2017
|
| | | | 920 | | | | | | 920 | | |
Surplus
|
| | | | 1,586,034 | | | | | | 1,586,034 | | |
Undivided profits
|
| | | | 514,874 | | | | | | 514,874 | | |
Accumulated other comprehensive loss
|
| | | | (17,264 ) | | | | | | (17,264 ) | | |
Total Stockholders’ Equity
|
| | | | 2,084,564 | | | | | | 2,084,564 | | |
Total Liabilities and Stockholders’ Equity
|
| | | $ | 15,055,806 | | | | | | 15,159,742 | | |
Capital ratios (2) | | | | | | | | | | | | | |
Common equity Tier 1 risk-based ratio
|
| | | | 9.80 % | | | | | | 9.79 % | | |
Tier 1 risk-based capital ratio
|
| | | | 9.80 | | | | | | 9.79 | | |
Total risk-based capital ratio
|
| | | | 11.35 | | | | | | 13.18 | | |
Tier 1 leverage ratio
|
| | | | 9.21 | | | | | | 9.14 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2017
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2013
|
| |||||||||||||||
Ratio of earnings to fixed charges | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Excluding interest on deposits
|
| | | | 11.41x | | | | | | 17.14x | | | | | | 12.54x | | | | | | 8.67x | | | | | | 7.35x | | |
Including interest on deposits
|
| | | | 4.63x | | | | | | 6.95x | | | | | | 5.36x | | | | | | 4.22x | | | | | | 3.41x | | |
Ratio of earnings to fixed charges and preferred stock dividends
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Excluding interest on deposits
|
| | | | 11.41x | | | | | | 17.07x | | | | | | 11.99x | | | | | | 8.67x | | | | | | 7.35x | | |
Including interest on deposits
|
| | | | 4.63x | | | | | | 6.94x | | | | | | 5.27x | | | | | | 4.22x | | | | | | 3.41x | | |
Underwriters
|
| |
Amount of
Securities |
| |||
Sandler O’Neill & Partners, L.P.
|
| | | $ | 198,000,000 | | |
Keefe, Bruyette & Woods, Inc.
|
| | | $ | 66,000,000 | | |
Stephens Inc.
|
| | | $ | 66,000,000 | | |
Total
|
| | | $ | 330,000,000 | | |
|
|
Per Note
|
| | | | 0.95 % | | |
|
Total
|
| | | $ | 3,135,000 | | |
| | |
Page
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Year Ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2017
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2013
|
| |||||||||||||||
Ratio of earnings to fixed charges | | | | | | | |||||||||||||||||||||||||
Excluding interest on deposits
|
| | | | 11.41x | | | | | | 17.14x | | | | | | 12.54x | | | | | | 8.67x | | | | | | 7.35x | | |
Including interest on deposits
|
| | | | 4.63x | | | | | | 6.95x | | | | | | 5.36x | | | | | | 4.22x | | | | | | 3.41x | | |
Ratio of earnings to fixed charges and preferred stock dividends
|
| | | | | | |||||||||||||||||||||||||
Excluding interest on deposits
|
| | | | 11.41x | | | | | | 17.07x | | | | | | 11.99x | | | | | | 8.67x | | | | | | 7.35x | | |
Including interest on deposits
|
| | | | 4.63x | | | | | | 6.94x | | | | | | 5.27x | | | | | | 4.22x | | | | | | 3.41x | | |
Lead Book Running Manager
|
| |
Joint Book Running Managers
|
| |||
S
andler
O’N
eill
+ P
artners
, L.P.
|
| |
Keefe, Bruyette & Woods
A Stifel Company |
| |
Stephens Inc.
|
|