"We are pleased with investor response to our debt and preferred stock offerings last week and proud that we finished repurchasing the TARP preferred stock consistent with the commitment we made earlier this year to our shareholders to repay the TARP funds as soon as possible and in the most shareholder-friendly manner possible," said President and CEO
"As each institution's repayment of TARP is subject to the approval of its bank regulator, we believe the regulatory approval for our final repayment is a continued indication of the company's financial strength," said Flynn. " Our pro forma capital ratios following the senior notes and the preferred stock offerings and the TARP repayment continue to exceed the requirements of our regulators and standards for well-capitalized banks. This strong capital position provides us with flexibility as we continue to execute our strategic plans for growth."
The following table outlines the company's reported capital ratios as of
As of June 30, 2011
Tier 1 common equity to risk-weighted assets (2)
Tier 1 risk-based capital ratio
Total risk-based capital ratio
Assumes issuance of the notes and the depositary shares at the public offering prices and repurchase of the Series A Preferred Stock for an aggregate repurchase price of approximately $263.6 million ($262.5 million liquidation amount of the Series A Preferred Stock plus approximately $1.1 million of accrued and unpaid dividends).
Tier 1 common capital ratio = Tier 1 capital excluding qualifying perpetual preferred stock and qualifying trust preferred securities divided by risk-weighted assets. This is a non-GAAP financial measure.
FORWARD LOOKING STATEMENTS
Statements made in this document that are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management's plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. These statements may be identified by the use of words such as "believe," "expect," "anticipate," "plan," "estimate," "should," "will," "intend," or similar expressions. Outcomes related to such statements are subject to numerous risk factors and uncertainties including those listed in the Company's most recent Annual Report filed on Form 10-K as updated by the Company's most recent Form 10-Q.
Senior Vice President
Investor Relations Director
Senior Vice President
Public Relations Director
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