24 unchanged sentences
The stock performance graph below and associated table compare the cumulative total shareholder return of the Company’s common stock from December 31, 2016 to December 31, 2021 to the cumulative total return of the NASDAQ Composite Index (U.S.
−Removed: Companies) and the SNL Bank NASDAQ Index.
+Added: Companies) and the KBW NASDAQ Bank Index.
The lines in the graph and the numbers in the table below represent yearly index levels derived from compounded daily returns that include reinvestment or retention of all dividends.
−Removed: If the yearly interval, based on the last day of a fiscal year, was not a trading day, the preceding trading day was used.
+Added: If the yearly interval, based on the last day of a fiscal year, was not a trading day, the preceding trading day was
+Added: Table o f Contents
The index value for all of the series was set to 100.00 on December 31, 2016 (which assumes that $100.00 was invested in each of the series on December 31, 2016).
3 unchanged sentences
The following chart depicts the total return performance of the Company:
−Removed: S&P Global Market Intelligence
(b.) Not applicable
+Added: Table o f Contents
(c.) The following table sets forth information regarding the Company’s repurchases of its common stock during the three months ended December 31, 2021:
14 unchanged sentences
(1) Shares purchased relate to the surrendering of mature shares for the exercise and/or vesting of stock compensation grants and related tax withholding.
−Removed: (2) On October 17, 2019 the Company announced that its Board of Directors authorized a share repurchase program up to 1.5 million shares of the Company's common stock.
−Removed: All 1.5 million shares were repurchased under the program between January and April of 2020.
−Removed: Accordingly, the October 2019 share repurchase program is no longer in effect.
−Removed: SELECTED FINANCIAL DATA
−Removed: The selected consolidated financial and other data of the Company set forth below does not purport to be complete and should be read in conjunction with, and is qualified in its entirety by, the more detailed information, including the Consolidated Financial Statements and related notes, appearing elsewhere herein.
−Removed: As of or for the Years Ended December 31
−Removed: 2020 2019 2018 2017 2016
−Removed: (Dollars in thousands, except per share data)
−Removed: Financial condition data
−Removed: Securities $ 1,162,317 $ 1,190,670 $ 1,075,223 $ 946,510 $ 851,524
−Removed: Loans 9,392,866 8,873,639 6,906,194 6,355,553 5,999,605
−Removed: Allowance for credit losses (113,392) (67,740) (64,293) (60,643) (61,566)
−Removed: Goodwill and other intangibles 529,313 535,492 271,355 241,147 231,374
−Removed: Total assets 13,204,301 11,395,165 8,851,592 8,082,029 7,709,375
−Removed: Deposits 10,993,170 9,147,367 7,427,120 6,729,253 6,412,253
−Removed: Borrowings 181,060 303,103 258,707 323,698 335,474
−Removed: Stockholders’ equity 1,702,685 1,708,143 1,073,490 943,809 864,690
−Removed: Nonperforming loans 66,861 48,049 45,418 49,638 57,407
−Removed: Nonperforming assets 66,861 48,049 45,418 50,250 61,580
−Removed: Operating data
−Removed: Interest income $ 402,069 $ 447,014 $ 323,701 $ 277,194 $ 246,637
−Removed: Interest expense 34,341 53,879 25,536 18,334 18,793
−Removed: Net interest income 367,728 393,135 298,165 258,860 227,844
−Removed: Provision for credit losses 52,500 6,000 4,775 2,950 6,075
−Removed: Noninterest income 111,440 115,294 88,505 82,994 82,428
−Removed: Noninterest expenses 273,832 284,321 225,969 204,359 192,122
−Removed: Net income 121,167 165,175 121,622 87,204 76,648
−Removed: Per share data
−Removed: Net income — basic $ 3.64 $ 5.03 $ 4.41 $ 3.19 $ 2.90
−Removed: Net income — diluted 3.64 5.03 4.40 3.19 2.90
−Removed: Cash dividends declared 1.84 1.76 1.52 1.28 1.16
−Removed: Book value 51.65 49.69 38.23 34.38 32.02
−Removed: Tangible book value (1) 35.59 34.11 28.57 25.60 23.45
−Removed: Performance ratios
−Removed: Return on average assets 0.96 % 1.52 % 1.46 % 1.11 % 1.04 %
−Removed: Return on average common equity 7.13 % 10.85 % 12.31 % 9.55 % 9.43 %
−Removed: Net interest margin (on a fully tax equivalent basis) 3.29 % 4.04 % 3.91 % 3.60 % 3.40 %
−Removed: Dividend payout ratio 50.21 % 32.25 % 33.03 % 39.04 % 38.76 %
−Removed: Asset quality ratios
−Removed: Nonperforming loans as a percent of gross loans 0.71 % 0.54 % 0.66 % 0.78 % 0.96 %
−Removed: Nonperforming assets as a percent of total assets 0.51 % 0.42 % 0.51 % 0.62 % 0.80 %
−Removed: Allowance for credit losses as a percent of total loans 1.21 % 0.76 % 0.93 % 0.95 % 1.03 %
−Removed: Allowance for credit losses as a percent of nonperforming loans 169.59 % 140.98 % 141.56 % 122.17 % 107.24 %
−Removed: Capital ratios
−Removed: Equity to assets 12.89 % 14.99 % 12.13 % 11.68 % 11.22 %
−Removed: Tangible equity to tangible assets (1) 9.26 % 10.80 % 9.35 % 8.96 % 8.47 %
−Removed: Tier 1 leverage capital ratio 9.56 % 11.28 % 10.69 % 10.04 % 9.77 %
−Removed: Common equity tier 1 capital ratio 12.67 % 12.86 % 11.92 % 11.20 % 10.82 %
−Removed: Tier 1 risk-based capital ratio 13.34 % 13.53 % 12.99 % 12.31 % 11.99 %
−Removed: Total risk-based capital ratio 15.13 % 14.83 % 14.45 % 13.82 % 13.60 %
−Removed: (1) Represents a non-GAAP measurement.
−Removed: For reconciliation to GAAP measurement, see Item 7 " Management's Discussion and Analysis of Financial Condition and Results of Operations - Executive Level Overview - Non-GAAP Measures ".
+Added: On January 20, 2022, the Company announced a stock buyback plan which authorizes repurchases by the Company of up to $140 million in common stock.
+Added: The stock buyback plan was approved by the Company's Board of Directors, pending the receipt of non-objection from the Federal Reserve, which was received on January 19, 2022.
+Added: Repurchases under the plan may be made from time to time on the open market and in privately negotiated transactions, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act.
+Added: The extent to which the Company repurchases shares and the size and timing of these repurchases will depend on a variety of factors, including pricing, market and economic conditions, the Company’s capital position and amount of retained earnings and legal and contractual requirements.
+Added: The repurchase plan is scheduled to expire January 18, 2023 and may be modified, suspended or discontinued without prior notice at any time.
+Added: Table o f Contents
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.