WEEKLY BANK CAPITAL RAISING UPDATE · 2019. 10. 21. · weekly bank capital raising update market indices & yields page 1 of 8 recent bank capital issuances offering

WEEKLY BANK CAPITAL RAISING UPDATEMARKET INDICES & YIELDS

Page 1 of 8

RECENT BANK CAPITAL ISSUANCES Offering Amount

Issuer Name (State) Ticker Date Offering Type ($000s)

1. Provident Bancorp Inc (MA) PVBC 10/16/19 Common Equity – Mutual Conv. (2nd Stage) $102,1242. HBT Financial Inc. (IL) HBT 10/10/19 Common Equity – IPO $132,8003. Five Star Bancorp (CA) 10/08/19 Common Equity – Private Placement $10,0004. Bay Banks of Virginia Inc. (VA) BAYK 10/07/19 Sub. Debt – Var. Rate Pvt. Pl. $25,0005. MetroCity Bankshares Inc. (GA) MCBS 10/02/19 Common Equity – IPO (Secondary) $26,1776. First Gothenburg Bancshares, Inc. (NE) 10/02/19 Sub. Debt – Var. Rate Pvt. Pl. $12,0007. Nebraska Bankshares, Inc. (NE) 10/02/19 Sub. Debt – Var. Rate Pvt. Pl. $3,0008. Southern First Bancshares Inc (SC) SFST 09/30/19 Sub. Debt – Var. Rate Callable Pvt. Pl. $23,0009. Prime Meridian Holding Co. (FL) PMHG 09/26/19 Common Equity – Private Placement $89210. Redwood Capital Bncp (CA) RWCB 09/25/19 Sub. Debt – Var. Rate Pvt. Pl. $9,000

BANK STOCK INDEX PERFORMANCE AS OF OCTOBER 18, 2019 (% CHANGE)Index Weekly YTD Index Weekly YTD

Banks By Assets Values % Change % Change Banks By Region Values % Change % Change

$250 – $500 million 0.20% 8.43% New England 5.15% 5.08%< $500 million (0.20%) 7.67% Mid-Atlantic 2.33% 19.61%$500 million – $1 billion 0.67% 11.34% Southeast 3.45% 19.92%$1 – $5 billion 1.28% 7.05% Midwest 2.42% 13.47%$5 – $10 billion 2.78% 10.06% Southwest 2.22% 7.25%> $10 billion 2.69% 16.22% West 1.92% 7.18%

U.S. BANK INDEX 592.06 2.65% 15.74% U.S. BANK INDEX 592.06 2.65% 15.74%S&P 500 2,986.20 0.54% 18.97% S&P 500 2,986.20 0.54% 18.97%DJIA 26,770.20 (0.17%) 14.67% DJIA 26,770.20 (0.17%) 14.67%NASDAQ 8,089.54 0.40% 21.36% NASDAQ 8,089.54 0.40% 21.36%RUSSELL 2000 1,535.48 1.56% 13.24% RUSSELL 2000 1,535.48 1.56% 13.24%

EQUITY MARKET INDEX PERFORMANCE – LTM (% CHANGE)

Source: SNL Financial. Market data as of 10/18/19.

U.S. BANK INDEX1.9%

S&P 5007.9%

DJIA5.5%

NASDAQ8.1%

RUSSELL 2000(1.6%)

(20.0%)

(15.0%)

(10.0%)

(5.0%)

–

5.0%

10.0%

15.0%

Oct

-18

Nov

-18

Nov

-18

Dec-

18

Jan-

19

Jan-

19

Feb-

19

Mar

-19

Apr-

19

Apr-

19

May

-19

Jun-

19

Jun-

19

Jul-1

9

Aug-

19

Aug-

19

Sep-

19

Oct

-19

LTM

INDE

X PE

RFO

RMAN

CE

WEEKLY BANK CAPITAL RAISING UPDATEMARKET INDICES & YIELDS

Page 2 of 8

10-YEAR U.S. TREASURY YIELD – LTM

U.S. YIELD CURVE – LTM


©2019 Performance Trust Capital Partners, LLC (which, along with its affiliates, is referred to as “Performance Trust”). All Rights Reserved. The information contained herein has been obtained from sources considered to be reliable, and it is subject to change without notice. Performance Trust does not guarantee its accuracy, adequacy or completeness and is not responsible for any errors or omissions or for the results obtained from the use of such information. Under no circumstances is it an offer or solicitation to purchase or sell securities. From time to time, Performance Trust may have positions in, buy, or sell securities referred to in this material for and may perform, or solicit investment banking, business, or other services from, companies mentioned herein.

10/18/191.76%

1.40%

1.60%

1.80%

2.00%

2.20%

2.40%

2.60%

2.80%

3.00%

3.20%

3.40%O

ct-1

8

Nov

-18

Nov

-18

Nov

-18

Dec-

18

Dec-

18

Jan-

19

Jan-

19

Feb-

19

Feb-

19

Mar

-19

Mar

-19

Apr-

19

Apr-

19

May

-19

May

-19

May

-19

Jun-

19

Jun-

19

Jul-1

9

Jul-1

9

Aug-

19

Aug-

19

Sep-

19

Sep-

19

Oct

-19

Oct

-19

U.S

. TRE

ASU

RY Y

IELD

1-Month1.75% 3-Month

1.66% 6-Month

1.63% 1-Year1.58%

2-Year1.58%

3-Year1.56%

5-Year1.56%

7-Year1.66%

10-Year1.76%

20-Year2.06%

30-Year2.25%

1.25%

1.50%

1.75%

2.00%

2.25%

2.50%

2.75%

3.00%

3.25%

3.50%

1-M

onth

3-M

onth

6-M

onth

1-Ye

ar

2-Ye

ar

3-Ye

ar

5-Ye

ar

7-Ye

ar

10-Y

ear

20-Y

ear

30-Y

ear

U.S

. YIE

LDS

MOST RECENT

1-WEEK AGO

1-MONTH AGO

1-YEAR AGO

WEEKLY BANK CAPITAL RAISING UPDATEBANK STOCK VALUATIONS

Page 3 of 8

ALL PUBLIC BANKS W/ 2020 EPS ESTIMATES – CURRENT VALUATIONS# of Banks w/ Avg. Price / Avg. Price / Avg. Price / Avg. Price / Avg. Price /

'20 EPS Est. TBV LTM EPS NTM EPS '19E EPS '20E EPSBanks By Assets (actual) (%) (x) (x) (x) (x)

< $1.5 billion 42 131.7% 13.8x 12.0x 12.8x 11.6x$1.5 – $3.0 billion 57 146.3% 14.1x 13.0x 12.7x 12.6x$3.0 – $5.0 billion 37 160.7% 14.3x 13.0x 13.6x 12.6x$5.0 – $10.0 billion 49 171.6% 15.2x 13.3x 13.8x 13.0x$10.0 – $25.0 billion 43 185.7% 13.7x 12.6x 12.8x 12.5x> $25.0 billion 46 162.5% 11.1x 11.0x 11.0x 10.8x

ALL BANKS W/ 2020 EPS ESTIMATES 274 159.8% 13.7x 12.5x 12.7x 12.2x

ALL PUBLIC BANKS W/ 2020 EPS ESTIMATES – AVG. PRICE / NTM EPS (x)

ALL PUBLIC BANKS – AVG. PRICE / TBV (%)


14.0

x

12.6

x

12.3

x

12.0

x 13.2

x

13.3

x

12.9

x

13.0

x

13.3

x

13.1

x

12.7

x

13.0

x

13.5

x

13.8

x

13.6

x

13.3

x

12.8

x

12.6

x

12.3

x

12.6

x

11.4

x

11.1

x

10.8

x

11.0

x

13.0x 12.7x 12.5x 12.5x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

1-YEAR AGO 1-MONTH AGO 1-WEEK AGO CURRENT

AVG

. PRI

CE /

NTM

EPS

(x)

< $1.5 billion $1.5 – $3.0 billion$3.0 – $5.0 billion $5.0 – $10.0 billion$10.0 – $25.0 billion > $25.0 billionALL BANKS W/ 2020 EPS ESTIMATES

136%

120%

119%

119%

166%

148%

144%

145%

187%

162%

157%

159%

195%

169%

165%

169%

207%

184%

179%

183%

192%

165%

161%

163%

158%

139% 137% 138%

100%

125%

150%

175%

200%

225%

250%

1-YEAR AGO 1-MONTH AGO 1-WEEK AGO CURRENT

AVG

. PRI

CE /

TBV

(%)

< $1.5 billion $1.5 – $3.0 billion$3.0 – $5.0 billion $5.0 – $10.0 billion$10.0 – $25.0 billion > $25.0 billionALL PUBLIC BANKS

WEEKLY BANK CAPITAL RAISING UPDATECOMMON EQUITY

Page 4 of 8

RECENT COMMON EQUITY ISSUANCES – LAST 25 BANK DEALS Offering Amount

Issuer Name (State) Ticker Date Offering Type ($000s)

1. Provident Bancorp Inc (MA) PVBC 10/16/19 Mutual Conversion - Second Stage $102,1242. HBT Financial Inc. (IL) HBT 10/10/19 IPO $132,8003. Five Star Bancorp (CA) 10/08/19 Private Placement $10,0004. MetroCity Bankshares Inc. (GA) MCBS 10/02/19 IPO (Secondary) $26,1775. Prime Meridian Holding Co. (FL) PMHG 09/26/19 Private Placement $8926. Alerus Financial Corp. (ND) ALRS 09/12/19 IPO $60,0607. First Home Bancorp Inc. (FL) 09/09/19 Private Placement $2,5508. Peach State Bancshares, Inc. (GA) 09/09/19 Private Placement $5,8189. CrossFirst Bankshares Inc. (KS) CFB 08/14/19 IPO (Secondary) $101,66810. HarborOne Bancorp Inc (MA) HONE 08/14/19 Mutual Conversion - Second Stage $310,36811. Sevier County Bancshares Inc. (TN) SVRH 08/05/19 Private Placement $13,00012. Spirit of Texas Bancshares Inc (TX) STXB 07/25/19 Follow-On $43,00013. Bank of Idaho Holding Co. (ID) 07/17/19 Private Placement $15,00014. Pioneer Bancorp (MHC) (NY) PBFS 07/17/19 Mutual Conversion IPO - Mutual Holding Co. $111,70415. First Seacoast Bancorp (MHC) (NH) FSEA 07/16/19 Mutual Conversion IPO - Mutual Holding Co. $26,76716. Eureka Homestead Bancorp (LA) ERKH 07/09/19 Mutual Conversion IPO - Standard $14,29717. Grant Bancshares, Inc. (LA) 07/02/19 Private Placement $10,60718. Richmond Mutl Bncp Inc. (IN) RMBI 07/01/19 Mutual Conversion IPO - Standard $130,26619. Partners Bank of California (CA) PBKX 06/28/19 Private Placement $2,75020. Private Bancorp of America Inc (CA) PBAM 06/28/19 Private Placement $10,00021. CoastalSouth Bancshares Inc. (SC) COSO 06/18/19 Private Placement $20,00022. Community First Bancorporation (SC) CFOK 06/10/19 Private Placement $10,00023. Northpointe Bancshares, Inc. (MI) 06/03/19 Private Placement $25,00024. Home Bancorp Wisconsin Inc. (WI) HWIS 05/31/19 Private Placement $4,07525. Grasshopper Bancorp, Inc. (NY) 05/30/19 Private Placement $116,200

HISTORICAL COMMON EQUITY ISSUANCE VOLUME – LAST 5 YEARS COMMON EQUITY ISSUANCE BY QUARTER – LAST 5 YEARS REGIONAL BREAKDOWN – LAST 5 YEARS

Source: SNL Financial. Market data as of 10/18/19. Issuances exclude offerings by banks > $250bn in assets.

31

126

208 137

69

170 $14.0

$8.9

$6.8

$4.9

$5.6

$9.6

TOTAL ISSUED ($BN) & # OF DEALS

–

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

Q1'

14Q

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Q3'

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4'19

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20

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Amou

nt Is

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ber of Issuances (#)

Common Equity Issued ($bn) # of Common Equity Issuances

31 126 208 137 69 170 $14.0 $8.9 $6.8 $4.9 $5.6 $9.6 Northeast Mid-Atlantic Southeast

Midwest Southwest West

WEEKLY BANK CAPITAL RAISING UPDATEPREFERRED EQUITY

Page 5 of 8

RECENT PREFERRED EQUITY ISSUANCES – LAST 25 BANK DEALS Offering Dividend Amount

Issuer Name (State) Ticker Date Offering Type (%) ($000s)

1. Fifth Third Bancorp (OH) FITB 09/12/19 Fixed Rate 4.950% $250,0002. Merchants Bancorp (IN) MBIN 08/12/19 Variable Rate 6.000% $125,0003. M&T Bank Corp. (NY) MTB 07/23/19 Variable Rate 5.000% $400,0004. BB&T Corp. (NC) BBT 07/22/19 Variable Rate 4.800% $1,700,0005. Merchants Bancorp (IN) MBIN 06/27/19 Variable Rate Pvt. Plcmt. 7.000% $21,8506. Synovus Financial Corp. (GA) SNV 06/24/19 Variable Rate 5.875% $350,0007. TriState Capital Holdings Inc. (PA) TSC 05/21/19 Variable Rate 6.375% $70,0008. Tectonic Financial Inc. (TX) 05/10/19 Variable Rate 9.000% $15,0009. Pathfinder Bancorp Inc. (NY) PBHC 05/08/19 Convert. Pvt. Plcmt. NA $16,46310. Regions Financial Corp. (AL) RF 04/23/19 Variable Rate 5.700% $500,00011. KeyCorp (OH) KEY 04/22/19 Fixed Rate 5.625% $450,00012. IBERIABANK Corp. (LA) IBKC 03/28/19 Variable Rate 6.100% $100,00013. Merchants Bancorp (IN) MBIN 03/21/19 Variable Rate 7.000% $50,00014. NBC Bancshares, LLC (NE) 03/07/19 Convert. Pvt. Plcmt. NA $1,90915. BCB Bancorp Inc. (NJ) BCBP 01/30/19 Fixed Rate Pvt. Plcmt. 6.000% $5,33016. Citizens Financial Group Inc. (RI) CFG 01/22/19 Variable Rate 6.350% $300,00017. University Bancorp Inc. (MI) UNIB 12/20/18 Fixed Rate Pvt. Plcmt. 6.000% $4,75018. Citizens Financial Group Inc. (RI) CFG 10/22/18 Variable Rate 6.375% $300,00019. State Street Corp. (MA) STT 09/20/18 Variable Rate 5.625% $500,00020. Associated Banc-Corp (WI) ASB 09/19/18 Fixed Rate 5.875% $100,00021. KeyCorp (OH) KEY 07/23/18 Fixed Rate 5.650% $425,00022. Beach Community Bank (FL) 07/05/18 Pvt. Plcmt. NA $27,02823. Citizens Community Bncp (WI) CZWI 06/21/18 Fixed Rate Convert. Pvt. Plcmt. 8.000% $65,00024. Synovus Financial Corp. (GA) SNV 06/12/18 Variable Rate 6.300% $200,00025. First Repub Bank (CA) FRC 06/05/18 Fixed Rate 5.500% $300,000

HISTORICAL PREFERRED EQUITY ISSUANCE VOLUME – LAST 5 YEARS PREFERRED EQUITY ISSUANCE BY QUARTER – LAST 5 YEARS REGIONAL BREAKDOWN – LAST 5 YEARS


12

41

45

41

9 18

$3.3

$2.8

$5.7

$5.7

$0.3 $1.0


–

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

Q1'

14Q

2'14

Q3'

14Q

4'14

Q1'

15Q

2'15

Q3'

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4'15

Q1'

16Q

2'16

Q3'

16Q

4'16

Q1'

17Q

2'17

Q3'

17Q

4'17

Q1'

18Q

2'18

Q3'

18Q

4'18

Q1'

19Q

2'19

Q3'

19Q

4'19

–

3

6

9

12

15

18

21

24

Amou

nt Is

sued

($bn

)

Num


Preferred Equity Issued ($bn) # of Preferred Equity Issuances



WEEKLY BANK CAPITAL RAISING UPDATESUBORDINATED DEBT

Page 6 of 8

RECENT SUBORDINATED DEBT ISSUANCES – LAST 25 BANK DEALS Offering Maturity Coupon Amount

Issuer Name (State) Ticker Date Offering Type Date (%) ($000s)

1. Bay Banks of Virginia Inc. (VA) BAYK 10/07/19 Var. Rate Pvt. Pl. 10/15/29 5.625% $25,0002. First Gothenburg Bancshares, Inc. (NE) 10/02/19 Var. Rate Pvt. Pl. 10/02/29 6.125% $12,0003. Nebraska Bankshares, Inc. (NE) 10/02/19 Var. Rate Pvt. Pl. 10/02/29 6.625% $3,0004. Southern First Bancshares Inc (SC) SFST 09/30/19 Var. Rate Callable Pvt. Pl. 09/30/29 4.750% $23,0005. Redwood Capital Bncp (CA) RWCB 09/25/19 Var. Rate Pvt. Pl. 09/30/29 5.250% $9,0006. Allegiance Bancshares Inc. (TX) ABTX 09/20/19 Var. Rate Callable 10/01/29 4.700% $60,0007. Midland States Bancorp Inc. (IL) MSBI 09/20/19 Var. Rate Callable Pvt. Pl. 09/30/29 5.000% $72,7508. Midland States Bancorp Inc. (IL) MSBI 09/20/19 Var. Rate Callable Pvt. Pl. 09/30/34 5.500% $27,2509. F&M Financial Corp. (TN) 09/12/19 Var. Rate Pvt. Pl. 09/12/29 5.950% $50,00010. Northpointe Bancshares, Inc. (MI) 09/09/19 Var. Rate Pvt. Pl. 09/09/29 6.000% $20,00011. Pinnacle Financial Partners (TN) PNFP 09/06/19 Var. Rate Callable 09/15/29 4.125% $300,00012. FNBC Bancorp Inc. (AR) 08/30/19 Var. Rate Pvt. Pl. 08/30/29 5.750% $7,25013. First Business Finl. Svcs. Inc (WI) FBIZ 08/15/19 Var. Rate Callable Pvt. Pl. 08/15/29 5.500% $15,00014. Grant Bancshares, Inc. (LA) 08/15/19 Var. Rate Pvt. Pl. 08/14/29 5.625% $16,50015. Sevier County Bancshares Inc. (TN) SVRH 08/15/19 Var. Rate Pvt. Pl. 08/14/29 6.750% $5,00016. Florida Bancshares, Inc. (FL) 07/30/19 Var. Rate Pvt. Pl. 07/30/29 NA $7,00017. Limestone Bancorp Inc. (KY) LMST 07/23/19 Var. Rate Callable Pvt. Pl. 07/31/29 5.750% $17,00018. TCF National Bank (SD) TCF 07/02/19 Var. Rate Callable Pvt. Pl. 07/02/29 4.125% $150,00019. Summit State Bank (CA) SSBI 06/28/19 Var. Rate Callable Pvt. Pl. 06/30/29 6.000% $6,00020. BankGuam Holding Company (GU) BKGM.F 06/27/19 Var. Rate Callable Pvt. Pl. 06/30/29 6.350% $15,00021. German American Bancorp Inc. (IN) GABC 06/25/19 Var. Rate Callable Pvt. Pl. 06/30/29 4.500% $40,00022. Cadence Bancorp. (TX) CADE 06/20/19 Var. Rate Callable 06/30/29 4.750% $85,00023. Central Bancshares, Inc. (TX) 06/20/19 Var. Rate Pvt. Pl. 12/31/29 5.750% $17,50024. Banterra Bank (IL) 06/07/19 Var. Rate Pvt. Pl. 06/07/29 6.000% $15,00025. First Internet Bancorp (IN) INBK 06/05/19 Var. Rate Callable 06/30/29 6.000% $35,000

HISTORICAL SUBORDINATED DEBT ISSUANCE VOLUME – LAST 5 YEARS SUBORDINATED DEBT ISSUANCE BY QUARTER – LAST 5 YEARS REGIONAL BREAKDOWN – LAST 5 YEARS


17

79

80 67

45

38

$1.8

$4.1

$7.7

$5.1

$2.2

$2.1


–

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

Q1'

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16

24

32

40

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Sub Debt Issued ($bn) # of Sub Debt Issuances



WEEKLY BANK CAPITAL RAISING UPDATESENIOR DEBT

Page 7 of 8

RECENT SENIOR DEBT ISSUANCES – LAST 25 BANK DEALS Offering Maturity Coupon Amount

Issuer Name (State) Ticker Date Offering Type Date (%) ($000s)

1. Customers Bancorp Inc (PA) CUBI 09/23/19 Fixed Rate Callable 09/25/24 4.500% $25,0002. BB&T Corp. (NC) BBT 09/09/19 Fixed Rate Callable 03/16/23 2.200% $1,100,0003. KeyCorp (OH) KEY 09/04/19 Fixed Rate 10/01/29 2.550% $750,0004. BankSouth Holding Company (GA) 08/05/19 Pvt. Pl. NA NA $12,5005. Huntington Bancshares Inc. (OH) HBAN 07/30/19 Fixed Rate Callable 08/06/24 2.625% $800,0006. BB&T Corp. (NC) BBT 07/23/19 Fixed Rate Callable 08/01/24 2.500% $1,000,0007. Citizens Financial Group Inc. (RI) CFG 07/22/19 Fixed Rate Callable 07/27/26 2.850% $500,0008. Comerica Inc. (TX) CMA 07/18/19 Fixed Rate Callable 02/01/29 4.000% $200,0009. Weed Investment Group, Inc. (CO) 07/11/19 Pvt. Pl. NA NA $57010. Central Financial Holdings, Inc. (FL) 07/02/19 Pvt. Pl. 07/02/24 7.000% $5,00011. Nano Financial Holdings, Inc. (CA) 07/01/19 Pvt. Pl. NA NA $25,00012. Reeves Bancshares, Inc. (OK) 06/25/19 Pvt. Pl. NA NA $4,00013. Katahdin Bankshares Corp. (ME) KTHN 06/13/19 Fixed Rate Pvt. Pl. 06/15/26 5.375% $14,50014. Hometown Financial Group, Inc. (IL) 06/04/19 Pvt. Pl. NA NA $40015. SunTrust Bank (GA) STI 05/17/19 Var. Rate Callable 05/17/22 NA $650,00016. Northern Trust Corp. (IL) NTRS 04/30/19 Fixed Rate Callable 05/03/29 3.150% $500,00017. BankFirst Capital Corp. (MS) 04/15/19 Pvt. Pl. NA NA $15,00018. SunTrust Bank (GA) STI 03/12/19 Fixed Rate 04/01/24 3.200% $1,250,00019. Zions Bancorp. NA (UT) ZION 03/31/19 Fixed Rate 03/04/22 3.350% $500,00020. Webster Financial Corp. (CT) WBS 03/20/19 Fixed Rate Callable 03/25/29 4.100% $300,00021. BB&T Corp. (NC) BBT 03/11/19 Fixed Rate Callable 06/20/22 3.050% $1,350,00022. Citizens Bank NA (RI) CFG 02/11/19 Fixed Rate 02/14/22 3.250% $700,00023. Citizens Bank NA (RI) CFG 02/11/19 Fixed Rate 02/18/26 3.750% $500,00024. Citizens Bank NA (RI) CFG 02/11/19 Var. Rate Callable 02/14/22 NA $300,00025. Fifth Third Bank (OH) FITB 02/01/19 Var. Rate Callable 02/01/22 NA $300,000

HISTORICAL SENIOR DEBT ISSUANCE VOLUME – LAST 5 YEARS SENIOR DEBT ISSUANCE BY QUARTER – LAST 5 YEARS REGIONAL BREAKDOWN – LAST 5 YEARS


30

31

75

72

21 14

$14.1

$12.1

$43.2

$39.0

$4.1 $1.8


–

$1.0

$2.0

$3.0

$4.0

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$6.0

$7.0

$8.0

$9.0

$10.0

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Recent Capital Transactions Advised by Performance Trust

W E E K LY B A N K C A P I TA L R A I S I N G U P D AT E

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Documents

WEEKLY BANK CAPITAL RAISING UPDATE · 2019. 10. 21. · weekly bank capital raising update market indices & yields page 1 of 8 recent bank capital issuances offering