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Item 5. Market for Registrant’s Common Equity

2022-03-01 compared with 2021-03-01 · 13 added, 86 removed, 25 unchanged (80% of the section changed)

3 unchanged sentences

On January 28, 2022, the Board of Directors declared a quarterly cash dividend of $0.24 per common share which was paid on February 25, 2022, to common stockholders of record as of the close of business on February 11, 2022.

The Company’s Board of Directors intends to review the payment of dividends quarterly and plans to continue to maintain a regular quarterly cash dividend in the future, subject to financial condition, results of operations, tax considerations, industry standards, economic conditions, regulatory restrictions that affect the payment of dividends by the Bank to the Company, and other relevant factors.

tax considerations;

industry standards;

economic conditions;

regulatory restrictions;

including those that affect the payment of dividends by the Bank to the Company;

and other relevant factors.

Stock Performance Graph

Set forth below is a stock performance graph comparing (a) the cumulative total return on the Company’s common stock for the period December 31, 2015 through December 31, 2020, (b) the cumulative total return on stocks included in the Russell 2000 Index over such period, and (c) the cumulative total return of the SNL Thrift Index over such period.

The SNL Thrift Index, produced by SNL Financial LC, contains all thrift institutions traded on the NYSE and NASDAQ stock exchange.

Set forth below is a stock performance graph comparing (a) the cumulative total return on the Company’s common stock for the period December 31, 2016 through December 31, 2021, (b) the cumulative total return on stocks included in the Russell 2000 Index over such period, and (c) the cumulative total return of the S&P Composite Thrift Index over such period.

This Index, produced by S&P Global, contains all thrift institutions traded on the NYSE and NASDAQ stock exchange.

Cumulative return assumes the reinvestment of dividends and is expressed in dollars based on an assumed investment of $100 on December 31, 2016.

3 unchanged sentences

100.00 98.79 91.27 97.40 75.46 105.99

Russell 2000 100.00 121.31 139.08 123.76 155.35 186.36

SNL Thrift 100.00 122.49 121.60 102.42 126.10 116.21

Russell 2000 Index 100.00 114.65 102.02 128.06 153.62 176.39

S&P Composite 1500 Thrifts & Mortgage Finance Index 100.00 107.60 87.31 118.66 112.03 138.18

The following table reports information regarding purchases of the Company’s common stock during the fourth quarter of 2021 under the stock repurchase plan approved by the Company’s Board of Directors:

11 unchanged sentences

The Company repurchased 289,843 shares of its common stock at a cost of $6.8 million during the fourth quarter of 2021 under the stock repurchase program approved by the Company’s Board of Directors.

The Company repurchased 1.3 million shares of its common stock at a cost of $22.1 million in 2020.

At December 31, 2020, 262,927 shares were eligible for repurchase under the board approved stock repurchase program.

(1) On December 20, 2012, the Company’s Board of Directors approved the purchase of up to 3,017,770 shares of its common stock under an eighth general repurchase program which commenced upon completion of the seventh repurchase program.

The repurchase program has no expiration date.

The Company repurchased 965,223 shares of its common stock at a cost of $21.7 million in 2021.

At December 31, 2021, 3.2 million shares were eligible for repurchase under the board approved stock repurchase program.

(1) On December 28, 2020, the Company’s Board of Directors approved the purchase of up to 3,900,000 shares of its common stock under a ninth general repurchase program to commence upon completion of the eighth repurchase program.

The repurchase program has no expiration date.

Selected Financial Data

The summary information presented below at or for each of the periods presented is derived in part from and should be read in conjunction with the consolidated financial statements of the Company presented in Item 8.

At December 31,

2020 2019 2018 2017 2016

(In thousands)

Selected Financial Condition Data:

Total assets $ 12,919,741 $ 9,808,578 $ 9,725,769 $ 9,845,274 $ 9,500,465

Loans, net (1)

9,721,424 7,277,360 7,195,026 7,265,523 6,941,603

Held to maturity debt securities 450,965 453,629 479,425 477,652 488,183

Available for sale debt securities 1,105,489 976,919 1,063,079 1,037,154 1,039,837

Deposits 9,837,829 7,102,609 6,830,122 6,714,166 6,553,629

Borrowed funds 1,175,972 1,125,146 1,442,282 1,742,514 1,612,745

Stockholders’ equity 1,619,797 1,413,840 1,358,980 1,298,661 1,251,781

(1) Loans are shown net of allowance for credit losses, deferred fees and unearned discount.

For the Years Ended December 31,

2020 2019 2018 2017 2016

(In thousands, except per share data)

Selected Operations Data:

Interest income $ 363,309 $ 371,470 $ 359,829 $ 323,846 $ 302,315

Interest expense 50,739 73,497 59,153 45,644 43,748

Net interest income 312,570 297,973 300,676 278,202 258,567

Provision for loan losses 29,719 13,100 23,700 5,600 5,400

Net interest income after provision for loan losses 282,851 284,873 276,976 272,602 253,167

Non-interest income 72,431 63,794 58,676 55,697 55,393

Non-interest expense 227,728 201,579 191,735 187,822 183,778

Income before income tax expense 127,554 147,088 143,917 140,477 124,782

Income tax expense 30,603 34,455 25,530 46,528 36,980

Net income $ 96,951 $ 112,633 $ 118,387 $ 93,949 $ 87,802

Earnings per share:

Basic earnings per share $ 1.39 $ 1.74 $ 1.82 $ 1.46 $ 1.38

Diluted earnings per share $ 1.39 $ 1.74 $ 1.82 $ 1.45 $ 1.38

At or For the Years Ended December 31,

2020 2019 2018 2017 2016

Selected Financial and Other Data (1)

Performance Ratios:

Return on average assets

0.86 % 1.15 % 1.22 % 0.99 % 0.95 %

Return on average equity

6.49 8.07 8.93 7.28 7.12

Average net interest rate spread 2.92 3.10 3.20 3.07 2.98

Net interest margin (2)

3.09 3.35 3.39 3.21 3.11

Average interest-earning assets to average interest-bearing liabilities 1.33 1.31 1.29 1.27 1.25

Non-interest income to average total assets 0.64 0.65 0.60 0.58 0.60

Non-interest expenses to average total assets

2.01 2.05 1.97 1.97 1.99

Efficiency ratio (3)

59.15 55.72 53.36 56.25 58.54

Asset Quality Ratios:

Non-performing loans to total loans 0.89 % 0.55 % 0.35 % 0.48 % 0.61 %

Non-performing assets to total assets 0.71 0.44 0.28 0.42 0.53

Allowance for credit losses to non-performing loans 116.51 138.14 216.28 172.34 145.95

Allowance for credit losses to total loans 1.03 0.76 0.77 0.82 0.88

Capital Ratios:

Leverage capital (4)

9.30 % 10.34 % 10.24 % 9.65 % 9.25 %

Total risk based capital (4)

11.94 13.47 13.27 12.67 12.50

Average equity to average assets 13.18 14.20 13.61 13.53 13.38

Number of full-service offices 99 83 84 84 87

Full time equivalent employees 1,178 992 1,002 1,006 1,001

(1) Averages presented are daily averages.

(2) Net interest income divided by average interest earning assets.

(3) Represents the ratio of non-interest expense divided by the sum of net interest income and non-interest income.

(4) Leverage capital ratios are presented as a percentage of quarterly average tangible assets.

Risk-based capital ratios are presented as a percentage of risk-weighted assets.

At December 31,

Efficiency Ratio Calculation:

2020 2019 2018 2017 2016

(In thousands)

Net interest income $ 312,570 $ 297,973 $ 300,676 $ 278,202 $ 258,567

Non-interest income 72,431 63,794 58,676 55,697 55,393

Total income $ 385,001 $ 361,767 $ 359,352 $ 333,899 $ 313,960

Non-interest expense

$ 227,728 $ 201,579 $ 191,735 $ 187,822 $ 183,778

Expense/income 59.15 % 55.72 % 53.36 % 56.25 % 58.54 %

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.

What changed 10-K

Item 5. Market for Registrant’s Common Equity