Branch acquisitions

Transcription

Branch acquisitions

Capital
Requirements,
Planning,
Alternatives
& Sources
Arthur L. Loomis, II
President
Northeast Capital & Advisory, Inc.
November 2, 2015
Market Update – Equities
Bimodal Bank Equities Market
• High/Above Average Performers – Earnings & Clean Loans
• Walking Wounded – Little or No Core Earnings, Modest Loan Problems
• Zombies – Credit Losses, Loan Problems
High Perf ormers
Walking Wounded
Zombies
180
Price/ Tangible Book (%)
160
Clear distinction (31%
discount) between
good and mediocre or
bad banks
140
120
100
80
60
40
20
0
High performers (244 total): LTM ROAA > 0.75%, NPAs/ Assets < 2%; Walking Wounded (15 total): LTM ROAA 0 – 0.6%, NPAs/ Assets 2.5 – 5%;
Zombies (13 total): NPAs/ Assets > 5%. Index is the median of each bank sector. Only institutions trading on the NYSE, NYSE MKT, and NASDAQ were
included.
Source: SNL Financial
2
Market Update – Equities
Segmented Performance
• Persistent pricing gap between regional banks and community banks, yet large banks
priced in between regional and community banks due to litigation and regulatory
compliance costs.
SNL Large Cap U.S. Bank
SNL Mid Cap Bank & Thrift
SNL Micro Cap U.S. Bank & Thrift
220
Price/ Tangible Book (%)
200
180
37% Discount
160
140
120
100
80
SNL Large Cap U.S. Bank & Thrift includes all publicly traded Banks and Thrifts in SNL’s coverage universe with greater than $5 billion total common
market capitalization; SNL Mid Cap U.S. Bank & Thrift includes all publicly traded Banks and Thrifts in SNL’s coverage universe with between $1 billion
and $5 billion total common market capitalization; SNL Micro Cap U.S. Bank & Thrift includes all publicly traded Banks and Thrifts in SNL’s coverage
universe with less than $250 million total common market capitalization.
3
Market Update – Fixed Income
Robert Prince, co-chief investment officer at Bridgewater, and his managers at the world's biggest hedge fund firm
are preparing for at least a decade of slow growth and high unemployment for the big developed economies. Mr.
Prince describes those economies—the U.S. and Europe, in particular—as "zombies" and says they will remain that
way until they work through their mountains of debt.
"What you have is a picture of broken economic systems that are operating on life support," Mr. Prince says. "We're
in a secular deleveraging that will probably take 15 to 20 years to work through and we're just four years in.“
In Europe, "the debt crisis is [a] long ways from over," he says. The economic and financial morass will mean interest
rates in the U.S. and Europe will essentially be locked at zero for years.
Source: Bridgewater Associates, October 2008
4
Federal Funds Forward Curve
Fed Fund projections annually. Each colored line represents the consensus opinion projections given each Fed meeting.
Source: DoubleLine, State Street
5
Source: J.P. Morgan Asset Management, NBER, CBO
6
Develop a Checklist of Considerations
Forecast Checklist

Organic asset growth
- Mix of off & on balance sheet items
4.6% CAGR since 2000

Core ROAA

Cash dividend payout expectations

Desired capital levels (internal, more than regulatory?)

Importance of institutional ownership to Board

Importance of daily float to Board

Confirm that acquisitions will be capital neutral or accretive

Parent only assets
7
2,300 per day, 10% of total
Contingency Plans
Stress Testing the Capital Plan
i.
Interest rate shock
ii. Sustained low interest rates
iii. Credit problems/stress tests
iv. Investment portfolio hits
8
Agree on Capital Rationing
Most Important
• Maintain 6.0% Leverage Capital Ratio
• Support Core Business Growth/ Consider Loan
Participations
• Maintain 8.0% Risk Based Capital Ratio
• Pay Back SBLF Before Rate Jumps
• Shareholder Dividend
• Non-Core Business – “Balance Sheet Fluff”
Less Important
9
Capital Rationing Example
55,000
-10,000
Uses
10
Dividend – 5 yrs
20,000
Sources
Loan Participations Sold
-5,000
Non Core Business (Fluff)
40,000
Core Business (6%)
5,000
0
Core Business (8%)
SBLF Dividend
45,000
Goodwill Addback
Core Income – 5 yrs
25,000
Givens/Assumptions
Write Downs
15,000
2 De novo Branches
35,000
Branch Purchase
30,000
Current Capital
10,000
SBLF Repayment
50,000
Determination?
Answer:
Needs External Capital
Forms of Capital
Form
Benefits
Considerations
Senior Debt
Issued by HC with proceeds down-streamed to Bank.
Maturity must be minimum of 5 years.
Counts as Tier 1 capital at Bank level, no capital treatment at
holding co. level.
Interest payments tax-deductible.
No change in ownership.
Can you raise enough?
Not permanent capital.
Must be able to dividend funds from Bank to service
debt.
Will not solve capital issue at holding co. level.
Limited market for small companies; usually obtained
as loan from another financial institution
Subordinated
Debt
May be issued by HC or Bank
Maturity must be minimum of 5 years
If issued by HC, considered Tier 2 capital at holding co., can
be contributed to Bank as Tier 1. If issued by Bank,
considered Tier 2.
No change in ownership.
If Tier 2 capital, sub debt limited to 50% of Tier 1
capital; capital qualifications reduced 20% annually
during last 5 years to maturity.
Limited market for small companies, usually private
placed with community financial institution or private
investor.
Trust
Preferred
Securities
Issued by trust subsidiary of HC.
Maturity typically 30 years.
Counts as Tier 1 capital.
Capital limit is 25% of Tier 1, net of goodwill.
Callable at par after 5 years
Capital qualification is reduced 20% annually during
last 5 years to maturity.
Reflected on balance sheet as long term debt.
Window for issuances remains closed for pooled
securities.
Preferred
Stock
Increases tangible equity without increasing common shares.
Non-cumulative perpetual preferred counts as Tier 1.
Higher current cash cost relative to common stock
issuance.
Coupon paid in after tax dollars.
Limited market for smaller institutions.
Common
Stock
Tier 1 capital in the form most favored by regulators.
Represents permanent capital.
Can be issued in a variety of structures.
Concerns about dilution to existing shareholders.
Current stock prices remain depressed.
Potential concern over ability to effectively deploy
excess capital.
12
Cost of Capital (Lowest to highest)
SBLF through 2016
Approx. 1% after tax
BHC debt downstreamed as bank equity
3.5%-4.5% after tax
←
$12 million by Delaware
TRUP’s
5%-6% after tax
←
No longer practicable, except PPM
5.5%-7% convertible;
←
$7.4 million by Kinderhook
(paid off SBLF & 30% conversion premium)
Preferred
8%-9% fixed after tax
SBLF after 2016
9% after tax
Common
12%-15% after tax
13
Selecting Form
&
Amount of Capital
Optimize Blend of Capital
Example – Berkshire Hills Bancorp, Inc.
Capital Components:
Size
Pretax Cost
Trust Preferred
$15 million
2.13%
Subordinated Debt
$75 million
6.875%
$846 million
12.5%
Common Equity
WACC = 1.6% x 2.13% x (1 – 35%) + 8.0% x 6.875% x (1 – 35%) + 90.4% x 12.5%
WACC = 11.68%
15
Compare Intrinsic Values to Trading Values
If
intrinsic value > trading value,
then
minimize common offering,
and
consider alternative capital instruments & cost of capital.
16
Customize Size of Offering
Think Nibble, Not Gulp
Means small periodic offerings as necessary
•
Overall dilution
•
Absorption of demand – never absorb it all!
•
Local participation = better price.
•
Pricing: larger size ≠ better price.
17
Customize Frequency (An Example)
Volume
$2.932 million convertible preferred
9,000
$5.00 million common
45
8,000
40
7,000
35
6,000
30
5,000
25
4,000
20
3,000
15
10
2,000
5
1,000
0
12/31/2009
2009
Total Assets ($000) 457,787
Total Equity ($000)
29,571
Avg Daily Volume
152
12/31/2010
2010
513,585
31,567
70
12/31/2011
2011
555,451
35,838
73
12/31/2012
2012
665,472
44,828
42
*As of 9/30/2014
18
12/31/2013
2013
732,830
47,354
39
0
12/31/2014
2014
803,607*
52,460*
79
Volume
Stock Price ($)
50
LYBC Stock Price
Select Strategies Our Clients Are Deploying
•
Under $750 million, BHC or Bank:
Convertible Preferred
Bank Stock Loan
Subordinated Debt
Common
•
Over $750 million, BHC or Bank:
Subordinated Debt
Preferred
•
Viable Options:
Yield Equity
Small BHC Bank Stock Loan
Rights Offering (nibbling, Reg A)
Carefully Structured Public Offerings
Accretive Capital Merger Deals
19
Productive Non-Organic Uses for Capital
• Whole bank acquisitions
Scale
• Branch acquisitions
• Non-interest income generators
20
Revenue Diversification
Prioritizing Capital Opportunities
WHOLE BANK ACQUISITIONS
Likely Purchase Price
Likely Value
Multiple
1.2 – 1.8x TBV
1.5 – 2.5x
1.2x – 1.4x
Comments
Reflects Execution Risk
and Buyer Competition
BRANCH ACQUISITIONS
0.5 – 2.0%
6.0 – 10.0%
5 – 12x
Reflects Current Rates
& Loan Demand, But a
Substantial Opportunity
NON-INTEREST INCOME TARGETS
4 – 7x EBITDA
6.5 – 10x
1.4 – 1.8x
21
Reflects Less Volatility
Capital
Requirements,
Planning,
Alternatives
& Sources
Arthur L. Loomis, II
President
Northeast Capital & Advisory, Inc.
November 2, 2015
Appendix
Loomis & Co.
and its broker dealer subsidiary
NORTH
Capital & Advisory, Inc.
EAST
Quality + Value = Long Term Relationships
* Wall Street Expertise * State Street Value *
Small BHC Policy Statement Summary
(12 CFR 225, Appendix C)
1. Eligibility Provisions
•
BHC’s less than $1.0 billion in total pro forma consolidated assets
•
Not engaged in significant non-banking activities
•
Not conducting significant off-balance sheet activities (includes securitization, asset management).
•
Do not have a material amount of debt or equity registered with the SEC.
•
Applies to acquisition of stock (repurchases or purchase of new or existing shares), acquisition involving
change of control, or acquisitions of branches or other assets.
2. Requirements
•
Reduce the leverage created by maturing the debt within 25 years.
•
Debt to equity ratio must be less than 0.30 : 1 within 12 years.
•
Must comply with all lender (creditor) debt service and other requirements.
•
Pro forma parent BHC debt to equity ratio of 1 : 1 or less.
•
Debt includes any subordinated debt associated with trust preferred securities; except
•
A BHC may exclude from debt an amount of subordinated debt associated with trust preferred securities up to
25% of the BHC’s equity less goodwill on the parent company’s balance sheet.
•
Equity, as used above, means total shareholder equity under GAAP.
•
Each insured depository subsidiary of a small BHC is expected to be well capitalized.
•
If the debt to equity ratio exceeds 1 : 1, no dividend may be paid
•
If stock is purchased, acquisition debt may not exceed 75% of the purchase price and over 25% must be stock.
•
If branches or assets are purchased and liabilities assumed, the 75% limitation does not apply.
•
Parent Board must have authority to borrow money & issue debt in the articles of incorporation or by-laws.
3. Debt Service Measures
•
Fixed charge coverage (operating pre-tax income/ interest expense) of 2.0 times or better.
•
Cash flow match coverage of 1.10 or better (operating pre-tax income + interest expense)/ (interest expense +
cash dividends to stockholders + debt principal due within one year)
26
Recent Financings
Common Stock Offerings since 2012 in NY and New England, Total Assets < $2B
Institution Name
PSB Holdings, Inc. (MHC)
SBT Bancorp, Inc.
Provident Bancorp, Inc. (MHC)
Empire Bancorp Inc.
Glenville Bank Holding Company, Inc.
Enterprise Bancorp, Inc.
Pathfinder Bancorp, Inc.
Bankwell Financial Group, Inc.
Blue Hills Bancorp, Inc.
Melrose Bancorp, Inc.
Pilgrim Bancshares, Inc.
Bridge Bancorp, Inc.
Coastway Bancorp, Inc.
ES Bancshares, Inc.
First Bancorp, Inc.
Sunnyside Bancorp, Inc.
NUVO Bank & Trust Company
New Hampshire Thrift Bancshares, Inc.
Suffolk Bancorp
Suffolk Bancorp
Suffolk Bancorp
Northeast Bancorp
Northeast Bancorp
Northeast Bancorp
Lyons Bancorp, Inc.
ES Bancshares, Inc.
Meetinghouse Bancorp, Inc.
City
Putnam
Simsbury
Amesbury
Islandia
Scotia
Lowell
Oswego
New Canaan
Norwood
Melrose
Cohasset
Bridgehampton
New Canaan
Warwick
New Canaan
Newburgh
Damariscotta
Irvington
Springfield
Newport
Riverhead
Riverhead
Riverhead
Lewiston
Lewiston
Lewiston
Lyons
Newburgh
Dorchester
Announce
State Date
CT
9/9/2015
CT
8/24/2015
MA
3/10/2015
NY
12/19/2014
NY
11/17/2014
MA
7/18/2014
NY
4/8/2014
CT
4/4/2014
MA
3/6/2014
MA
2/27/2014
MA
2/25/2014
NY
10/1/2013
CT
9/30/2013
RI
8/22/2013
CT
5/16/2013
NY
3/28/2013
ME
3/25/2013
NY
3/12/2013
MA
1/22/2013
NH
12/7/2012
NY
10/22/2012
NY
10/22/2012
NY
9/20/2012
ME
5/16/2012
ME
3/19/2012
ME
3/19/2012
NY
3/5/2012
NY
2/9/2012
MA
1/17/2012
Median
Security Description
Common stock, $0.10 par value
Common stock, no par value
Common stock
Unit with 2 shares of common stock and one warrant
Non-voting common stock, $1.00 par value
Offering
Price
8.00
NA
10.00
8.00
NA
NA
10.00
18.00
10.00
10.00
10.00
20.75
16.75
10.00
13.84
2.00
16.25
10.00
10.00
NA
16.44
NA
13.50
8.00
8.00
8.00
26.00
3.00
10.00
Gross
Amount
Offered
36,369
NA
42,744
10,750
1,300
NA
26,361
48,649
277,725
27,234
21,821
34,756
6,198
48,271
7,300
1,095
10,750
7,935
4,800
NA
929
NA
24,071
500
7,048
42,452
5,000
131
6,613
10,750
27
Recent Financings
Fixed Rate Convertible Preferred Offerings since 2012, Total Assets < $2B
Institution Name
City
Fixed Rate Convertible Preferred
Blue Valley Ban Corp.
Overland Park
Carolina Bank Holdings, Inc.
Greensboro
CCF Holding Company
Jonesboro
Central Federal Corporation
Worthington
Central Federal Corporation
Worthington
Civista Bancshares, Inc.
Sandusky
Communities First Financial CorporationFresno
Community 1st Bank
Auburn
Community Financial Shares, Inc.
Glen Ellyn
Glen Ellyn
Glen Ellyn
Glen Ellyn
Glen Ellyn
Glen Ellyn
Cornerstone Financial Corp.
Mount Laurel
Eastern Virginia Bankshares, Inc.
Tappahannock
Tappahannock
Empire Bancorp Inc.
Islandia
F & M Bank Corp.
Timberville
F & M Bank Corp.
Timberville
First Bancshares, Inc.
Hattiesburg
FNBH Bancorp, Inc.
Howell
Foundation Bancorp, Inc.
Bellevue
Highlands Bankshares, Inc.
Abingdon
Highlands Bankshares, Inc.
Abingdon
HomeTown Bankshares Corporation
Roanoke
Independence Bancshares, Inc.
Greenville
Intermountain Community Bancorp
Sandpoint
Jacksonville Bancorp, Inc.
Jacksonville
Jacksonville
Kinderhook Bank Corporation
Kinderhook
MVB Financial Corp.
Fairmont
MVB Financial Corp.
Fairmont
Ohio Legacy Corp
North Canton
Parke Bancorp, Inc.
Sewell
Porter Bancorp, Inc.
Louisville
Louisville
Santa Clara Valley Bank, N.A.
Santa Paula
SB Financial Group, Inc.
Defiance
SouthCrest Financial Group, Inc.
Peachtree City
TGR Financial, Inc.
Naples
TriState Capital Holdings, Inc.
Pittsburgh
United Community Financial Corp.
Youngstown
VantageSouth Bank
Burlington
Median
State
KS
NC
GA
OH
OH
OH
CA
CA
IL
IL
IL
IL
IL
IL
NJ
VA
VA
NY
VA
VA
MS
MI
WA
VA
VA
VA
SC
ID
FL
FL
NY
WV
WV
OH
NJ
KY
KY
CA
OH
GA
FL
PA
OH
NC
Announce
Date Security Description
8/5/2015
3/31/2015
7/28/2014
5/13/2014
7/21/2014
9/13/2013
4/30/2012
12/20/2012
11/13/2012
11/13/2012
11/13/2012
7/17/2013
7/17/2013
9/30/2013
12/31/2012
3/26/2013
6/27/2013
12/19/2014
3/21/2014
3/21/2014
3/22/2013
6/14/2013
3/27/2015
4/16/2014
11/14/2014
6/30/2012
5/15/2015
1/22/2012
8/27/2012
9/27/2012
5/5/2014
6/30/2014
6/30/2014
9/30/2014
12/23/2013
11/24/2014
11/24/2014
4/10/2012
9/22/2014
1/22/2013
9/25/2012
4/2/2013
1/15/2013
1/17/2012
Dividend
Rate (%)
Series B convertible preferred stock
9.000% Series B non-voting convertible preferred stock, no par value
6.000% Series A non-cumulative mandatory convertible preferred stock
6.250% Series B non-cumulative convertible perpetual preferred stock, $0.01 par value
6.250% Series B non-cumulative convertible perpetual preferred stock, $0.01 par value
Depository shares representing 1/40th share of 6.500% non-cumulative redeemable convertible perpetual preferred stock
5.000% Series C non-cumulative perpetual mandatorily convertible preferred stock, $100 par value
5.000% Series C non-cumulative perpetual convertible preferred stock, no par value
Series D convertible non-cumulative perpetual preferred stock, $1.00 par value
Series E convertible non-cumulative perpetual preferred stock, $1.00 par value
Series C convertible non-cumulative perpetual preferred stock, $1.00 par value
Series C convertible non-cumulative perpetual preferred stock, $1.00 par value
5.000% Series C perpetual non-cumulative convertible preferred stock, no par value
Series B non-voting mandatorily convertible non-cumulative preferred stock, $2.00 par value
Series B non-voting mandatorily convertible non-cumulative preferred stock, $2.00 par value
Series A mandatory convertible non-cumulative preferred stock
5.100% Series A non-cumulative mandatorily convertible perpetual preferred stock, $5.00 par value
5.100% Series A non-cumulative mandatorily convertible perpetual preferred stock, $5.00 par value
6.000% Series D non-voting non-cumulative perpetual mandatorily convertible preferred stock, $1.00 par value
Series B mandatorily convertible non-cumulative junior participating perpetual preferred stock, no par value
6.750% Convertible preferred shares
Series A convertible perpetual non-cumulative preferred stock, $2.00 par value
Series A convertible perpetual non-cumulative preferred stock, $2.00 par value
6.000% Series C non-cumulative perpetual convertible preferred stock
6.000% Series A non-cumulative convertible preferred stock, $0.01 par value
Series B mandatorily convertible cumulative participating preferred stock, no par value
5.000% Series A mandatorily convertible non-cumulative non-voting perpetual preferred stock, $0.01 par value
5.000% Series A mandatorily convertible non-cumulative non-voting perpetual preferred stock, $0.01 par value
Series C non-cumulative convertible preferred stock
6.000% Series B convertible non-cumulative perpetual preferred stock, $1,000 par value
6.500% Series C convertible non-cumulative perpetual preferred stock, $1,000 par value
6.000% Series A non-cumulative perpetual convertible preferred shares
6.000% Series B non-cumulative perpetual convertible preferred stock, $0.10 par value
Series D non-cumulative convertible perpetual preferred stock, no par value
Series B non-cumulative convertible perpetual preferred stock, no par value
Series C redeemable convertible preferred stock, $5.00 par value
Depository shares representing 1/100th share of series A 6.500% non-cumulative convertible perpetual preferred stock
6.500% Series C non-cumulative convertible preferred stock
Series A nonvoting non-cumulative convertible preferred stock, $1.00 par value
Series C perpetual convertible preferred stock, no par value
12.000% Series A perpetual mandatory convertible non-cumulative preferred shares, no par value
Series B convertible perpetual preferred stock
28
NA
9.0000
6.0000
6.2500
6.2500
6.5000
5.0000
5.0000
NA
NA
NA
NA
NA
NA
5.0000
NA
NA
NA
5.1000
5.1000
6.0000
NA
6.7500
NA
NA
6.0000
6.0000
NA
5.0000
5.0000
NA
6.0000
6.5000
6.0000
6.0000
NA
NA
NA
6.5000
6.5000
NA
NA
12.0000
NA
6.0000
Offering
Price Callable?
NA
975.00
1,000.00
25.00
25.00
25.00
100.00
1,000.00
100.00
100.00
100.00
100.00
100.00
100.00
NA
4.55
NA
8.00
NA
25.00
10.25
1,000.00
1,000.00
3.50
3.50
1,000.00
1,000.00
50.00
1,000.00
1,000.00
NA
10,000.00
10,000.00
1,000.00
1,000.00
NA
NA
5.00
10.00
5.75
5.00
1,025.00
2,750.00
NA
No
No
No
No
No
Yes
No
No
No
No
No
No
No
No
No
No
No
No
Yes
Yes
No
No
No
No
No
No
Yes
No
No
No
No
Yes
Yes
No
No
No
No
Yes
No
No
No
No
Yes
No
Call Date
12/19/2019
10/31/2017
10/31/2017
5/14/2015
6/30/2019
6/30/2019
3/22/2013
Gross Conversion
Amount
Strike
Offered
Price
NA
15,113
8,000
6,750
5,250
25,000
6,100
2,800
5,671
673
13,341
139
119
733
NA
23,843
NA
9,250
NA
7,406
20,000
17,510
15,000
7,169
154
14,000
8,425
34,950
45,000
5,000
7,400
4,000
3,834
3,000
20,000
NA
NA
1,135
15,000
5,544
633
50,000
21,841
NA
7,400
NA
9.75
NA
NA
NA
7.82
10.00
2.75
1.00
1.00
1.00
1.00
1.00
1.00
NA
NA
NA
NA
22.50
22.50
NA
0.70
10.00
NA
NA
6.25
0.80
1.00
NA
NA
NA
16.00
16.00
13.25
10.64
NA
NA
2.50
10.34
5.75
NA
10.25
NA
NA
Recent Financings
Variable Rate Convertible Preferred Offerings since 2012, Total Assets < $2B
Institution Name
Variable Rate Convertible Preferred
Broadway Financial Corporation
Cecil Bancorp, Inc.
Cecil Bancorp, Inc.
ConnectOne Bancorp, Inc.
Cordia Bancorp Inc.
NewBridge Bancorp
NewBridge Bancorp
Pascack Bancorp, Inc.
Yadkin Financial Corporation
Median
City
State
Los Angeles
Los Angeles
Los Angeles
Los Angeles
Los Angeles
Elkton
Elkton
Englewood Cliffs
Midlothian
Greensboro
Greensboro
Waldwick
Raleigh
CA
CA
CA
CA
CA
MD
MD
NJ
VA
NC
NC
NJ
NC
Announce
2/14/2012
2/14/2012
12/11/2012
12/11/2012
12/11/2012
4/2/2012
4/20/2012
4/16/2012
4/10/2014
11/1/2012
11/1/2012
4/24/2013
10/25/2012
Dividend
Rate (%)
Variable rate Series F non-cumulative mandatorily convertible preferred stock
Variable rate series B mandatory convertible cumulative junior preferred stock, $0.01 par value
Variable rate series B mandatory convertible cumulative junior preferred stock, $0.01 par value
Variable rate series C non-cumulative convertible preferred stock, no par value
Variable rate series A mandatory convertible non-cumulative perpetual preferred stock, $0.01 par value
Variable rate series C mandatorily convertible cumulative perpetual preferred stock, no par value
Variable rate series B mandatorily convertible cumulative perpetual preferred stock, no par value
Variable rate series 2011C non-cumulative convertible preferred stock, no par value
Variable rate Series A mandatory convertible cumulative perpetual preferred stock, no par value
29
19.00
19.00
19.00
19.00
19.00
9.0000
9.0000
3.2500
7.0000
8.0000
8.0000
NA
15.0000
12.0000
Offering
Price Callable?
NA
NA
NA
NA
NA
17.20
17.20
1,000.00
42,500.00
100.00
100.00
20.00
1,000.00
No
No
No
No
No
No
No
No
No
No
No
No
Yes
Call Date
1/1/2018
Gross Conversion
Amount
Strike
Offered
Price
NA
NA
NA
NA
NA
2,446
385
5,000
15,428
14,022
42,246
1,110
45,000
9,511
1.00
1.00
1.00
1.00
1.00
1.72
1.72
NA
NA
4.40
4.40
8.00
2.80
Recent Financings
Fixed Rate Preferred Offerings since 2012, Total Assets < $2B
Institution Name
City
Fixed Rate Preferred
Alarion Financial Services, Inc.
Ocala
American Patriot Financial Group, Inc. Greeneville
Atlantic Bancshares, Inc.
Bluffton
Bluffton
Bank of Commerce
Charlotte
Bank of Southern California, National AsSan Diego
BankGreenville Financial Corporation Greenville
Baraboo Bancorporation, Inc.
Baraboo
BCB Bancorp, Inc.
Bayonne
BCB Bancorp, Inc.
Bayonne
BCB Bancorp, Inc.
Bayonne
BCB Bancorp, Inc.
Bayonne
BCB Bancorp, Inc.
Bayonne
Blackhawk Bancorp, Inc.
Beloit
BNCCORP, Inc.
Bismarck
BNCCORP, Inc.
Bismarck
Capital Pacific Bancorp
Portland
Capitol City Bancshares, Inc.
Atlanta
Clover Community Bankshares, Inc.
Clover
CMS Bancorp, Inc.
White Plains
Colombo Bank
Rockville
Commonwealth Business Bank
Los Angeles
Community Business Bank
West Sacramento
Community First, Inc.
Columbia
Community Investors Bancorp, Inc.
Bucyrus
Congaree Bancshares, Inc.
Cayce
Covenant Bancshares, Inc.
Chicago
Chicago
Chicago
Chicago
Chicago
Chicago
Chicago
Delmar Bancorp
Salisbury
Delmarva Bancshares, Inc.
Cambridge
Delta National Bancorp
Manteca
Exchange Bank
Santa Rosa
FFW Corporation
Wabash
Fidelity Federal Bancorp
Evansville
First Community Financial Partners, IncJoliet
First Freedom Bancshares, Inc.
Lebanon
First Intercontinental Bank
Doraville
First National Corporation
Strasburg
First Priority Financial Corp.
Malvern
State
FL
TN
TN
TN
SC
SC
NC
CA
SC
WI
NJ
NJ
NJ
NJ
NJ
WI
ND
ND
OR
GA
SC
NY
MD
CA
CA
TN
OH
SC
IL
IL
IL
IL
IL
IL
IL
MD
MD
CA
CA
IN
IN
IL
TN
GA
VA
PA
Announce
7/3/2013
1/6/2015
4/6/2015
1/6/2015
6/30/2012
1/23/2014
11/14/2012
12/10/2012
10/26/2012
11/29/2012
1/3/2013
11/4/2013
3/6/2014
4/3/2014
7/14/2015
10/18/2012
2/27/2014
2/27/2014
10/26/2012
4/30/2012
11/14/2012
5/24/2013
5/3/2013
7/3/2013
10/26/2012
3/27/2014
12/10/2012
10/18/2012
11/8/2012
5/30/2012
8/28/2012
5/30/2012
8/28/2012
5/30/2012
5/30/2012
1/25/2013
12/19/2013
1/9/2015
7/9/2012
11/14/2012
7/3/2013
7/9/2012
10/26/2012
7/25/2013
8/9/2012
1/25/2013
Dividend
Rate (%)
9.000% Series B cumulative perpetual preferred stock, $0.01 par value
5.000% Series A noncumulative perpetual preferred stock, no par value
Series AAA preferred stock, no par value
9.000% Series B cumulative perpetual preferred stock, no par value
9.000% Series B non-cumulative perpetual preferred stock
9.000% Series B non-cumulative perpetual preferred stock, no par value
6.000% Series A noncumulative perpetual preferred stock, $0.01 par value
6.000% Series B noncumulative perpetual preferred stock, $0.01 par value
6.000% Series C noncumulative perpetual preferred stock, $0.01 par value
9.000% Series C cumulative perpetual preferred stock, $0.01 par value
9.000% Series A cumulative senior perpetual preferred stock, $0.01 par value
9.000% Series B cumulative senior perpetual preferred stock, $0.01 par value
3.000% Series C cumulative preferred stock, $100 par value
Series TW cumulative preferred stock
6.000% Series A noncumulative perpetual preferred stock, $0.01 par value
Series A non-cumulative non-voting preferred stock
2.000% Series A cumulative perpetual preferred stock, $25,000 par value
Preferred stock
Preferred stock
9.000% Series C preferred stock, $1.00 par value
9.000% Series C cumulative perpetual preferred stock, no par value
9.000% Series B non-cumulative perpetual preferred stock, $1.00 par value
9.000% Series B cumulative perpetual preferred stock, $100 par value
30
9.0000
5.0000
5.0000
5.0000
NA
9.0000
9.0000
9.0000
9.0000
9.0000
6.0000
6.0000
6.0000
6.0000
6.0000
9.0000
9.0000
9.0000
9.0000
3.0000
NA
6.0000
NA
9.0000
9.0000
9.0000
9.0000
9.0000
2.0000
2.0000
2.0000
2.0000
2.0000
2.0000
2.0000
9.0000
NA
NA
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
Offering
Price Callable?
1,045.31
1,000.00
1,000.00
1,000.00
NA
1,335.00
834.00
965.12
937.61
836.21
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
950.00
1,001.08
1,001.25
970.21
100.00
926.81
1,000.00
1,000.00
950.88
965.00
521.75
1,000.00
801.00
25,000.00
25,000.00
25,000.00
25,000.00
25,000.00
25,000.00
25,000.00
700.21
NA
20.00
965.10
995.00
1,223.75
661.50
991.21
513.50
912.50
991.21
Yes
No
No
No
No
Yes
Yes
Yes
Yes
Yes
No
No
No
No
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Call Date
7/22/2013
2/10/2014
12/20/2012
11/9/2012
12/11/2012
10/31/2012
3/17/2014
3/17/2014
11/9/2012
4/24/2012
5/22/2013
7/22/2013
11/30/2012
4/14/2014
12/20/2012
10/31/2012
4/29/2011
4/29/2011
4/29/2011
4/29/2011
4/29/2011
4/29/2011
4/29/2011
2/8/2013
8/13/2012
7/22/2013
8/10/2012
11/9/2012
8/12/2013
8/29/2012
2/8/2013
Gross
Amount
Offered
341
55
120
200
NA
131
125
107
47
867
8,650
4,010
570
200
2,350
475
20,115
1,006
194
1,000
139
1,500
1,300
366
192
464
130
131
750
50
75
25
50
150
350
315
NA
2,200
2,075
362
245
728
259
164
634
227
Recent Financings
Fixed Rate Preferred Offerings since 2012, Total Assets < $2B
Institution Name
City
First Reliance Bancshares, Inc.
Florence
First United Corporation
Oakland
Golden State Bank
Upland
Heritage Financial Group, Inc.
Albany
Heritage Financial Group, Inc.
Albany
Roanoke
Jacksonville
KS Bancorp, Inc.
Smithfield
Landmark Bancorp, Inc.
Pittston
Layton Park Financial Group, Inc.
West Allis
Little Bank, Inc.
Kinston
Marquette National Corporation
Chicago
Merchants Bancorp
Gresham
Mid Penn Bancorp, Inc.
Millersburg
Mountain Valley Bancshares, Inc.
Cleveland
National Bancshares, Inc.
Bettendorf
Northwest Bancorporation, Inc.
Spokane
Oregon Bancorp, Inc.
Salem
Pacific City Financial Corporation
Los Angeles
Pacific Commerce Bank
Los Angeles
Louisville
Louisville
Louisville
Presidio Bank
San Francisco
RCB Financial Corporation
Rome
Regional Bankshares, Inc.
Hartsville
Reliance Bancshares, Inc.
Frontenac
Royal Bancshares of Pennsylvania, Inc. Bala Cynwyd
Santa Paula
Sound Banking Company
Morehead City
Peachtree City
SouthFirst Bancshares, Inc.
Sylacauga
SouthFirst Bancshares, Inc.
Sylacauga
Tennessee Valley Financial Holdings, InOak Ridge
Trinity Capital Corporation
Los Alamos
Tri-State 1st Banc, Inc.
East Liverpool
United American Bank
San Mateo
San Mateo
San Mateo
Valley Community Bank
Pleasanton
Virginia Company Bank
Newport News
Median
State
SC
MD
CA
GA
GA
VA
FL
NC
PA
WI
NC
IL
OR
PA
GA
IA
WA
OR
CA
CA
KY
KY
KY
CA
GA
SC
MO
PA
CA
NC
GA
AL
AL
TN
NM
OH
CA
CA
CA
CA
VA
Announce
Date
2/22/2013
11/13/2014
3/3/2014
10/1/2014
10/1/2014
10/18/2012
9/27/2012
11/14/2012
9/30/2012
11/14/2012
10/18/2012
7/9/2012
5/24/2014
9/26/2012
7/3/2013
2/5/2013
2/22/2013
10/4/2013
10/31/2013
1/23/2014
11/24/2014
11/24/2014
11/13/2014
11/29/2012
9/10/2013
10/26/2012
9/10/2013
6/12/2014
2/22/2013
10/26/2012
2/22/2013
6/11/2015
6/11/2015
4/11/2013
7/9/2012
6/30/2012
3/1/2013
6/12/2014
6/12/2014
10/4/2013
7/25/2013
9.000% Series A cumulative perpetual preferred stock, no par value
Perpetual preferred stock
9.000% Series A cumulative perpetual preferred stock, $0.01 par value
10.000% Series B Non-cumulative non-voting perpetual preferred stock, $0.01 par value
Preferred stock, $1.00 par value
Preferred stock
7.000% Series B non-cumulative non-voting non-convertible perpetual preferred stock, $1.00 par value
9.000% Series B cumulative perpetual preferred stock
9.000% Class B series T2 cumulative perpetual preferred stock, no par value
9.000% Series B non-cumulative preferred stock, no par value
2.000% Series E non-cumulative non-convertible perpetual preferred stock, no par value
2.000% Series F non-cumulative non-convertible perpetual preferred stock, no par value
9.000% Series A cumulative perpetual senior preferred stock, no par value
9.000% Series TW perpetual cumulative preferred stock, no par value
9.000% series A cumulative perpetual preferred stock, no par value
9.000% Series C non-cumulative perpetual preferred stock, no par value
9.000% Series B cumulative perpetual senior preferred stock, no par value
9.000% Series A cumulative perpetual preferred stock, $0.01 par value
9.000% Series B cumulative perpetual preferred stock
8.000% Series B non-voting preferred stock, no par value
Non-cumulative perpetual preferred stock
9.000% Series A non-cumulative perpetual preferred stock, no par value
31
Dividend
Rate (%)
9.0000
9.0000
NA
9.0000
9.0000
9.0000
10.0000
9.0000
NA
9.0000
9.0000
9.0000
NA
7.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
2.0000
2.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
8.0000
NA
9.0000
9.0000
9.0000
9.0000
9.0000
Offering
Price
822.61
1,002.01
NA
NA
NA
852.00
1,000.00
827.00
NA
862.50
1,000.00
825.25
100.00
1,000.00
1,000.21
692.61
1,130.61
1,015.20
1,442.37
662.50
NA
NA
100.00
865.21
955.01
1,000.00
1,111.01
1,207.11
850.01
970.21
921.25
986.25
1,200.13
1,127.61
941.20
5,000.00
100.00
376.11
381.50
257.51
618.75
Callable?
Yes
Yes
No
Yes
Yes
Yes
No
Yes
No
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
No
Yes
Yes
Yes
Yes
Call Date
3/11/2013
12/4/2014
9/30/2014
9/30/2014
11/15/2012
9/27/2012
11/30/2012
2/15/2013
10/31/2012
8/10/2012
12/28/2012
7/22/2013
2/20/2013
3/11/2013
10/21/2013
11/19/2013
2/10/2014
12/4/2014
2/15/2013
9/25/2013
11/9/2012
9/25/2013
7/2/2014
3/11/2013
11/13/2012
3/11/2013
6/29/2015
6/29/2015
4/29/2013
8/10/2012
7/2/2014
7/2/2014
10/21/2013
8/12/2013
Gross
Amount
Offered
631
30,060
10,300
NA
NA
319
5,000
165
NA
129
375
1,465
2,210
5,000
165
854
594
163
1,168
134
NA
NA
3,500
281
256
75
2,222
36,705
123
149
594
2,722
166
169
1,673
5
2,300
164
3,319
71
88
330
Recent Financings
Variable Rate Preferred Offerings since 2012, Total Assets < $2B, Excluding SBLF
Institution Name
City
Variable Rate Preferred
AB&T Financial Corporation
Gastonia
AB&T Financial Corporation
Gastonia
Alarion Financial Services, Inc.
Ocala
Alaska Pacific Bancshares, Inc.
Juneau
Bluffton
Bank of Commerce
Charlotte
Bank of Southern California, National AssoSan Diego
Bank of Southern California, National AssoSan Diego
BankGreenville Financial Corporation
Greenville
Baraboo Bancorporation, Inc.
Baraboo
Beloit
Blue Valley Ban Corp.
Overland Park
Capital Pacific Bancorp
Portland
Carolina Bank Holdings, Inc.
Greensboro
Carolina Trust Bank
Lincolnton
Centrue Financial Corporation
Ottawa
Ottawa
Ottawa
Civista Bancshares, Inc.
Sandusky
Clover Community Bankshares, Inc.
Clover
Coastal Banking Company, Inc.
Beaufort
Colony Bankcorp, Inc.
Fitzgerald
Commonwealth Business Bank
Los Angeles
Community Business Bank
West Sacramento
Community First, Inc.
Columbia
Community Investors Bancorp, Inc.
Bucyrus
Community West Bancshares
Goleta
Congaree Bancshares, Inc.
Cayce
Delmar Bancorp
Salisbury
Tappahannock
Exchange Bank
Santa Rosa
Farmers Capital Bank Corporation
Frankfort
FFW Corporation
Wabash
FFW Corporation
Wabash
Fidelity Federal Bancorp
Evansville
First Capital Bancorp, Inc.
Glen Allen
First Community Corporation
Lexington
First Community Financial Partners, Inc. Joliet
First Financial Service Corporation
Elizabethtown
First Freedom Bancshares, Inc.
Lebanon
First Intercontinental Bank
Doraville
First National Corporation
Strasburg
Malvern
Malvern
First Reliance Bancshares, Inc.
Florence
Firstbank Corporation
Alma
Guaranty Federal Bancshares, Inc.
Springfield
HMN Financial, Inc.
Rochester
Roanoke
Intervest Bancshares Corporation
New York
State
NC
NC
FL
AK
SC
NC
CA
CA
SC
WI
WI
KS
OR
NC
NC
IL
IL
IL
OH
SC
SC
GA
CA
CA
TN
OH
CA
SC
MD
VA
CA
KY
IN
IN
IN
VA
SC
IL
KY
TN
GA
VA
PA
PA
SC
MI
MO
MN
VA
NY
Announce
1/23/2014
10/31/2013
7/3/2013
11/14/2012
1/23/2014
11/14/2012
12/10/2012
12/10/2012
10/26/2012
11/29/2012
10/18/2012
10/4/2013
10/26/2012
2/5/2013
11/14/2012
1/23/2014
10/4/2013
9/10/2013
6/14/2012
11/14/2012
2/22/2013
1/25/2013
7/3/2013
10/26/2012
3/27/2014
12/10/2012
11/29/2012
10/18/2012
1/25/2013
10/4/2013
7/9/2012
5/15/2012
11/14/2012
1/24/2014
7/3/2013
4/23/2012
8/6/2012
9/5/2012
4/11/2013
10/26/2012
7/25/2013
8/9/2012
1/25/2013
1/25/2013
2/22/2013
5/16/2012
4/11/2013
1/25/2013
10/18/2012
6/6/2013
Variable rate series
Dividend
Rate (%)
A cumulative perpetual preferred stock, no par value
A cumulative perpetual preferred stock, $0.01 par value
A cumulative perpetual senior preferred stock, $0.01 par value
A non-cumulative perpetual preferred stock
C non-cumulative perpetual preferred stock, no par value
A non-cumulative perpetual preferred stock, no par value
B cumulative perpetual preferred stock, $0.01 par value
C cumulative perpetual preferred stock, $1.00 par value
TS cumulative preferred stock
A cumulative perpetual preferred stock, $1,000 par value
A non-cumulative perpetual preferred stock
T cumulative perpetual preferred stock, $1.00 par value
B cumulative perpetual preferred stock, $1.00 par value
B cumulative perpetual preferred stock, no par value
A non-cumulative perpetual preferred stock, $1.00 par value
A cumulative perpetual preferred stock, $100 par value
C cumulative perpetual preferred stock, $100 par value
32
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
NA
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
5.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
Offering
Price Callable?
281.01
275.00
982.90
892.61
1,150.00
834.00
910.12
920.00
900.00
652.30
910.00
977.61
938.36
935.10
853.00
412.01
325.00
325.00
906.00
872.90
955.10
782.11
951.00
935.00
300.50
950.00
724.00
825.26
612.11
1,104.11
875.25
739.89
902.90
1,000.00
1,058.90
920.11
982.83
652.50
542.11
922.50
507.52
882.50
882.90
881.25
679.61
941.01
967.50
721.50
918.50
970.00
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Call Date
11/19/2013
11/19/2013
7/22/2013
11/29/2012
2/10/2014
2/15/2013
12/20/2012
11/9/2012
12/11/2012
10/31/2012
10/21/2013
11/9/2012
2/20/2013
11/30/2012
9/25/2013
9/25/2013
9/25/2013
7/3/2012
3/11/2013
2/7/2013
7/22/2013
11/30/2012
4/14/2014
12/20/2012
12/11/2012
10/31/2012
2/15/2013
10/21/2013
8/13/2012
6/19/2012
11/30/2012
12/31/2013
7/22/2013
6/19/2012
8/29/2012
2/15/2013
4/29/2013
11/9/2012
8/12/2013
8/29/2012
2/8/2013
2/15/2013
3/11/2013
7/3/2012
4/29/2013
2/8/2013
11/15/2012
6/24/2013
Gross
Amount
Offered
151
815
6,403
4,268
2,300
2,502
1,849
2,034
900
13,535
9,100
21,263
3,753
14,962
3,412
578
1,950
8,211
21,005
2,619
9,503
21,899
7,324
3,718
5,351
2,470
11,294
2,711
5,509
26,499
37,636
22,197
6,581
3,250
7,049
10,083
11,155
14,355
10,842
8,026
3,247
12,267
4,043
4,050
10,431
31,053
11,610
18,759
9,185
24,250
Recent Financings
Variable Rate Preferred Offerings since 2012, Total Assets < $2B, Excluding SBLF
Institution Name
Variable Rate Preferred
Katahdin Bankshares Corporation
KS Bancorp, Inc.
Layton Park Financial Group, Inc.
Little Bank, Inc.
LNB Bancorp, Inc.
Mackinac Financial Corporation
Marquette National Corporation
MetroCorp Bancshares, Inc.
Mountain Valley Bancshares, Inc.
National Bancshares, Inc.
NewBridge Bancorp
Oak Ridge Financial Services, Inc.
Oregon Bancorp, Inc.
Pacific City Financial Corporation
Pacific Commerce Bank
Parke Bancorp, Inc.
Peoples Bancorp of North Carolina, Inc.
Plumas Bancorp
Premier Financial Bancorp, Inc.
Presidio Bank
Pulaski Financial Corp.
RCB Financial Corporation
Regional Bankshares, Inc.
Reliance Bancshares, Inc.
Severn Bancorp, Inc.
Sound Banking Company
Southern First Bancshares, Inc.
Tennessee Valley Financial Holdings, Inc.
Timberland Bancorp, Inc.
Trinity Capital Corporation
United Bancorp, Inc.
Valley Community Bank
Village Bank and Trust Financial Corp.
Virginia Company Bank
Median
City
State
Patten
Smithfield
West Allis
Kinston
Lorain
Manistique
Chicago
Houston
Cleveland
Bettendorf
Greensboro
Spokane
Oak Ridge
Salem
Los Angeles
Los Angeles
Sewell
Newton
Quincy
Huntington
San Francisco
Saint Louis
Rome
Hartsville
Frontenac
Santa Paula
Annapolis
Morehead City
Peachtree City
Greenville
Oak Ridge
Hoquiam
Los Alamos
Ann Arbor
Pleasanton
Midlothian
Newport News
Raleigh
Raleigh
Raleigh
Raleigh
ME
NC
WI
NC
OH
MI
IL
TX
GA
IA
NC
WA
NC
OR
CA
CA
NJ
NC
CA
WV
CA
MO
GA
SC
MO
CA
MD
NC
GA
SC
TN
WA
NM
MI
CA
VA
VA
NC
NC
NC
NC
Announce
6/27/2014
11/14/2012
11/14/2012
10/18/2012
5/18/2012
8/8/2012
7/9/2012
6/25/2012
7/3/2013
2/5/2013
4/11/2013
2/22/2013
10/18/2012
10/4/2013
10/31/2013
1/23/2014
11/14/2012
6/13/2012
4/11/2013
7/9/2012
11/29/2012
6/15/2012
9/10/2013
10/26/2012
9/10/2013
2/22/2013
9/10/2013
10/26/2012
2/22/2013
5/7/2012
4/11/2013
10/26/2012
7/9/2012
5/14/2012
10/4/2013
10/31/2013
7/25/2013
4/12/2012
4/12/2012
8/29/2012
8/29/2012
Dividend
Rate (%)
Floating rate series D non-cumulative perpetual preferred stock, $0.01 par value
Variable rate series A cumulative perpetual preferred stock, no par value
Variable rate series A cumulative perpetual preferred stock, $1.00 par value
Variable rate series A non-cumulative perpetual preferred stock, $0.01 par value
Variable rate series B cumulative perpetual preferred stock, no par value
Variable rate series A cumulative perpetual preferred stock
Variable rate class B series T1 cumulative perpetual preferred stock, no par value
Variable rate series A senior non-cumulative preferred stock, no par value
Variable rate series A non-cumulative perpetual preferred stock, no par value
Variable rate series TS cumulative preferred stock, no par value
Variable rate series B cumulative perpetual preferred stock, $0.01 par value
Variable rate series B non-cumulative perpetual preferred stock, no par value
Variable rate series A cumulative perpetual senior preferred stock, no par value
Variable rate series T cumulative perpetual preferred stock, $0.01 par value
Variable rate series A cumulative perpetual preferred stock
Variable rate series A senior cumulative perpetual preferred stock, no par value
Variable rate series A non-cumulative perpetual preferred stock
Variable rate series T cumulative perpetual senior preferred stock, no par value
Variable rate series T-ACB cumulative perpetual senior preferred, no par value
Variable rate series T-ACB cumulative perpetual senior preferred, no par value
Variable rate series T cumulative perpetual senior preferred stock, no par value
33
NA
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
9.0000
Offering
Price Callable?
2,500.00
827.00
790.31
981.20
869.17
958.09
720.25
981.17
990.00
750.21
980.50
1,032.11
921.50
1,000.00
1,215.17
620.68
719.11
933.36
1,091.11
901.03
847.21
888.00
907.11
925.00
1,004.90
850.01
998.90
922.61
907.31
904.00
1,022.11
862.50
750.25
825.50
417.60
384.88
610.42
NA
NA
888.00
898.00
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Call Date
6/27/2019
11/30/2012
2/15/2013
10/31/2012
6/19/2012
8/29/2012
8/10/2012
7/3/2012
7/22/2013
2/20/2013
4/29/2013
3/11/2013
10/31/2012
10/21/2013
11/19/2013
2/10/2014
11/30/2012
7/3/2012
4/29/2013
8/10/2012
2/15/2013
7/3/2012
9/25/2013
11/9/2012
9/25/2013
3/11/2013
9/25/2013
11/13/2012
3/11/2013
7/3/2012
4/29/2013
11/13/2012
8/10/2012
6/19/2012
10/21/2013
11/19/2013
8/12/2013
9/18/2012
9/18/2012
9/18/2012
9/18/2012
Gross
Amount
Offered
10,000
3,308
2,371
7,359
21,923
10,539
25,569
44,153
3,267
18,503
51,351
10,837
7,096
3,216
19,686
2,520
11,713
23,384
13,038
20,050
9,150
28,894
8,073
1,388
40,196
2,465
23,367
2,832
11,704
15,638
3,066
14,353
26,663
17,005
2,297
5,672
2,869
NA
NA
11,821
32,328
9,150
Recent Financings
Debt Offerings since 2012, Total Assets < $2B
Institution Name
Junior Subordinated Debt
Guaranty Bancshares, Inc.
Uwharrie Capital Corp
Median
Subordinated Debt
Avenue Financial Holdings, Inc.
Avenue Financial Holdings, Inc.
Bank of Botetourt
Bank of Botetourt
Bay Banks of Virginia, Inc.
Community Financial Corporation
Cornerstone Community Bancorp
Country Bank Holding Company, Inc.
DNB Financial Corporation
Eagle Bancorp Montana, Inc.
F & M Bank Corp.
First Bank
First Business Financial Services, Inc.
First Capital Bancorp, Inc.
First Citrus Bancorporation, Inc.
First Community Financial Partners, Inc.
First Resource Bank
First Resource Bank
First Security, Inc.
Foresight Financial Group, Inc.
FS Bancorp, Inc.
Greer Bancshares Incorporated
Greer Bancshares Incorporated
Guaranty Bancorp, Inc.
Highlands Bancorp, Inc.
Highlands Bancorp, Inc.
Independent Bank Group, Inc.
KS Bancorp, Inc.
Lake Sunapee Bank Group
Midland States Bancorp, Inc.
Midland States Bancorp, Inc.
MVB Financial Corp.
Announce
Dividend
Rate (%)
City
State
Mount Pleasant
Mount Pleasant
Mount Pleasant
Mount Pleasant
Albemarle
TX
TX
TX
TX
NC
12/31/2013
12/31/2013
12/31/2013
12/31/2013
3/31/2014
2.000%
2.500%
3.000%
3.500%
5.750%
Nashville
Nashville
Buchanan
Buchanan
New Canaan
Kilmarnock
Beloit
Waldorf
Red Bluff
New York
Downingtown
Helena
Tappahannock
Tappahannock
Timberville
Hamilton
Madison
Madison
Madison
Glen Allen
Tampa
Joliet
Joliet
Joliet
Exton
Exton
Owensboro
Rockford
Mountlake Terrace
Greer
Greer
Woodsville
Vernon
Vernon
McKinney
Smithfield
Newport
Effingham
Effingham
Fairmont
TN
TN
VA
VA
CT
VA
WI
MD
CA
NY
PA
MT
VA
VA
VA
NJ
WI
WI
WI
VA
FL
IL
IL
IL
PA
PA
KY
IL
WA
SC
SC
NH
NJ
NJ
TX
NC
NH
IL
IL
WV
5/8/2015
1/9/2015
12/31/2012
12/31/2012
8/19/2015
6/2/2015
3/31/2013
2/3/2015
3/2/2015
5/19/2015
3/10/2015
6/19/2015
7/16/2015
4/22/2015
3/22/2012
4/30/2015
8/26/2014
1/31/2012
1/31/2012
1/14/2014
7/25/2014
10/15/2014
3/13/2013
9/30/2013
6/2/2015
6/2/2015
3/31/2013
8/1/2012
10/19/2015
6/11/2014
7/23/2014
8/5/2015
5/19/2014
10/19/2015
2/27/2013
12/30/2014
10/29/2014
6/17/2015
6/17/2015
6/30/2014
Variable rate subordinated unsecured notes, due Dec 29, 2024
Variable rate subordinated unsecured notes, due Dec 29, 2024
7.750% Series B unsecured subordinated notes, due Aug 1, 2021
6.750% Series A unsecured subordinated notes, due Aug 1, 2018
5.750% Unsecured subordinated notes, due Aug 15, 2025
6.500% Subordinated unsecured notes, due May 28, 2025
Subordinated notes, due 2023
Variable rate unsecured subordinated notes, due Feb 15, 2025
Subordinated debt
Floating rate subordinated debentures, due May 15, 2025
Variable rate subordinated unsecured notes, due Mar 6, 2025
6.750% Unsecured subordinated notes, due June 19, 2025
Variable rate subordinated notes, due May 1, 2025
7.000% to 8.050% Subordinated notes, due 10/01/20
Variable rate subordinated unsecured notes, due Sept 1, 2024
7.500% Subordinated unsecured notes, due Jan 15, 2022
7.500% Subordinated unsecured notes, due Jan 15, 2022
Floating rate subordinated notes, due 2024
6.000% Unsecured subordinated debentures, due Aug 15, 2017
7.000% Subordinated notes, due Oct 31, 2022
9.000% Subordinated unsecured notes, due Mar 12, 2023
8.625% Subordinated notes, due Sept 30, 2021
7.000% Convertible subordinated debentures, due June 30, 2020
6.000% Subordinated capital debenture, due Aug 30, 2019
6.500% Unsecured subordinated note, due Oct 1, 2025
Variable rate series A unsecured subordinated notes, due June 30, 2022
Variable rate series B unsecured subordinated notes, due June 30, 2022
6.250% Subordinated notes, due Aug 1, 2025
8.000% Subordinated notes, due May 16, 2024
Subordinated notes
7.000% Unsecured subordinated debenture, due Oct 15, 2019
Variable rate subordinated debt
6.750% Subordinated unsecured notes, due Nov 1, 2024
Variable rate subordinated notes, due June 18, 2025
6.500% Subordinated notes, due June 18, 2025
Floating rate unsecured convertible subordinated promissory notes, due June 2024
Unsecured redeemable debentures, due Apr 1, 2015
Unsecured redeemable debentures, due Oct 1, 2015
Unsecured redeemable debentures, due Apr 1, 2016
Unsecured redeemable debentures, due Oct 1, 2016
Junior subordinated notes, due Mar 31, 2024
34
Offering
Price Callable?
Call Date
Gross
Amount
Offered
2.0000
2.5000
3.0000
3.5000
5.7500
3.0000
NA
NA
NA
NA
NA
Yes
Yes
Yes
Yes
Yes
12/31/2013
12/31/2013
12/31/2013
12/31/2013
3/31/2019
1,000
1,000
1,000
1,000
9,500
1,000
6.7500
6.7500
7.7500
6.7500
5.7500
6.5000
NA
6.2500
NA
NA
4.2500
6.7500
6.5000
6.5000
NA
6.7500
6.5000
7.5000
7.5000
NA
6.0000
7.0000
9.0000
8.6250
6.5000
6.5000
7.0000
6.0000
6.5000
5.0000
5.0000
6.2500
8.0000
NA
7.0000
6.0000
6.7500
6.0000
6.5000
NA
NA
NA
NA
NA
NA
NA
NA
100.00
NA
NA
NA
100.00
NA
100.00
NA
NA
NA
NA
NA
NA
100.00
NA
NA
NA
NA
NA
100.00
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
No
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
No
No
No
Yes
Yes
No
No
Yes
No
Yes
Yes
Yes
Yes
No
No
No
No
Yes
Yes
No
Yes
1/1/2020
1/1/2020
8/1/2016
8/1/2016
8/15/2020
5/28/2020
20,000
20,000
20
90
25,500
7,000
6,100
23,000
5,000
6,000
9,750
10,000
20,000
20,000
247
22,000
15,000
3,060
3,155
6,500
4,000
9,800
10,000
5,500
2,000
2,000
775
10,000
10,000
1,980
3,975
5,000
5,000
7,500
4,680
2,000
17,000
35,325
15,000
29,400
2/15/2020
3/6/2019
6/19/2020
5/1/2020
5/1/2020
5/1/2020
9/1/2019
1/26/2017
1/26/2017
3/12/2015
9/30/2018
10/15/2020
7/31/2020
7/15/2015
10/15/2020
6/30/2016
6/30/2016
11/1/2019
6/18/2020
6/30/2019
Recent Financings
Debt Offerings since 2012, Total Assets < $2B
Institution Name
NewBridge Bancorp
Nicolet Bankshares, Inc.
Pacific Premier Bancorp, Inc.
Pathfinder Bancorp, Inc.
Plumas Bancorp
Presidio Bank
PSB Holdings, Inc.
Stewardship Financial Corporation
SBT Bancorp, Inc.
Valley Financial Corporation
WashingtonFirst Bankshares, Inc.
Xenith Bankshares, Inc.
York Traditions Bank
Median
Senior Debt
Banc of California, Inc.
Banc of California, Inc.
Bank of the James Financial Group, Inc.
Coast Bancorp
Coast Bancorp
Community Shores Bank Corporation
Farmers Bankshares, Inc.
First Ottawa Bancshares, Inc.
First Ottawa Bancshares, Inc.
Triumph Bancorp, Inc.
Median
City
Greensboro
Green Bay
Green Bay
Green Bay
Spokane
Irvine
Oswego
Quincy
San Francisco
Wausau
Midland Park
Simsbury
Roanoke
Reston
Richmond
York
State
NC
WI
WI
WI
WA
CA
NY
CA
CA
WI
NJ
CT
VA
VA
VA
PA
Irvine
Irvine
Lynchburg
San Luis Obispo
San Luis Obispo
Muskegon
Windsor
Ottawa
Ottawa
Dallas
CA
CA
VA
CA
CA
MI
VA
IL
IL
TX
Announce
Date
3/14/2014
2/17/2015
5/1/2015
6/29/2015
12/11/2013
9/2/2014
10/6/2015
4/15/2013
10/22/2014
3/15/2013
8/28/2015
8/24/2015
10/16/2013
10/6/2015
6/25/2015
4/1/2015
12/3/2012
4/10/2012
9/6/2012
8/4/2015
6/12/2014
3/25/2013
2/20/2014
6/14/2012
6/14/2012
9/19/2014
7.250% Unsecured subordinated notes, due Mar 14, 2024
5.000% Subordinated unsecured notes, due Feb 17, 2025
5.000% Subordinated unsecured notes, due Apr 28, 2025
5.000% Subordinated unsecured notes, due June 29, 2025
7.500% Unsecured subordinated notes, due Nov 18, 2022
5.750% Subordinated unsecured notes, due Sept 3, 2024
7.500% Subordinated unsecured notes, due Apr 15, 2021
3.750% Senior subordinated notes, due July 1, 2018
6.750% Unsecured subordinated notes, due Aug 28, 2025
6.750% Subordinated note, due Oct 1, 2025
Floating rate subordinated unsecured notes, due Oct 15, 2023
Variable rate unsecured subordinated notes, due Oct 15, 2025
6.750% Unsecured subordinated notes, due June 26, 2025
6.250% Subordinated notes, due Mar 27, 2025
7.500% Senior unsecured notes, due Apr 15, 2020
6.000% Unsecured senior notes, due June 5, 2018
Variable rate senior secured notes, due June 11, 2016
8.000% Convertible unsecured promissory notes, due Mar 31, 2017
5.000% Capital notes, due Dec 31, 2018
7.000% Unsecured notes, due June 30, 2017
7.000% Unsecured notes, due June 30, 2017
Variable rate senior secured notes, due Oct 15, 2018
35
Dividend
Rate (%)
7.2500
5.0000
5.0000
5.0000
7.5000
5.7500
6.2500
7.5000
8.0000
3.7500
6.7500
6.7500
NA
6.0000
6.7500
6.2500
6.5000
Offering
Price
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
100.00
100.00
NA
7.5000
7.5000
6.0000
6.0000
12.0000
8.0000
5.0000
7.0000
7.0000
NA
7.0000
100.00
100.00
NA
100.00
NA
NA
NA
NA
NA
NA
Callable?
Call Date
Yes
3/14/2019
Yes
2/17/2020
Yes
4/28/2020
Yes
6/29/2020
Yes
12/11/2018
No
No
10/15/2025
Yes
4/15/2015
No
No
Yes
8/28/2020
No
10/1/2025
No
Yes
10/15/2020
Yes
6/26/2020
Yes
3/27/2020
Yes
Yes
Yes
No
No
Yes
Yes
Yes
Yes
No
4/15/2015
4/15/2015
4/1/2013
3/20/2013
12/31/2014
6/30/2014
6/30/2014
Gross
Amount
Offered
15,500
8,000
2,000
2,000
6,000
60,000
10,000
7,500
10,000
4,000
16,600
7,500
11,000
25,000
8,500
5,000
7,500
45,000
33,000
10,000
2,500
2,000
1,280
11,253
3,650
350
12,573
6,825

Branch acquisitions

Transcription

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