ROATCE definition
ROATCE and “ROATCE Attainment” have the respective meanings assigned to them in Appendix A.
ROATCE means return on average Tangible Common Equity and, for purposes of this measure, equates (i) for the Company, to Operating Earnings as a percentage of average Tangible Common Equity, and (ii) for each Peer Company, to after-tax net income reported in such Peer Company’s periodic filings with the SEC adjusted in a manner consistent with the calculation of Operating Earnings for the Company (which adjustment may be based on information reported on S&P Market Intelligence or similar nationally recognized financial reporting aggregator if not available in the Peer Company’s periodic filings with the SEC) as a percentage of average Tangible Common Equity.
ROATCE means the net earnings after taxes available to common shareholders, adjusted for tax-affected amortization of intangibles, for the calendar year (except as otherwise provided in EXHIBIT A) divided by average shareholders’ tangible common equity for such calendar year (which is total shareholders’ equity, excluding total identifiable intangible assets, goodwill, and preferred equity, averaged for the calendar year), all as determined in accordance with generally accepted accounting principles and as reported in Trustmark’s financial statements provided to shareholders (excluding the impact of (i) restructurings, discontinued operations, extraordinary items, and other significant non-routine transactions, (ii) material litigation or insurance settlements, (iii) changes to comply with the new lease accounting standard (ASU 2016-02), (iv) changes to comply with the new credit losses accounting standard (ASU 2016-13), and (v) the cumulative effects of income tax or accounting changes in accordance with U.S. generally accepted accounting principles.
Examples of ROATCE in a sentence
For purposes of this Agreement, the calculation of F.N.B.’s ROATCE for the Performance Period shall be computed by taking the average of F.N.B.’s ROATCE for each year in the Performance Period and comparing that to the average ROATCE for the Peer Financial Institutions for each year in the Performance Period.
The Performance Units granted under the Agreement may be earned by the Grantee based on the Company’s Relative ROATCE (as defined below) and Relative TBV Accretion (as defined below) performance over the Performance Period, which shall be weighted equally (such Performance Units, the “Relative ROATCE Performance Units” and the “Relative TBV Accretion Performance Units,” respectively).
Relative ROATCE and Relative TBV Accretion will be determined by ranking the Company’s and each Peer Group Company’s average ROATCE and TBV Accretion performance, respectively, from highest to lowest for the Performance Period.
The Absolute Performance Goal is a TFC ROATCE of seven percent (7%) for the Performance Period.
The Dividend Equivalent Adjustment shall be a number of ROATCE Performance Units equal to the number of ROATCE Performance Units that would have resulted if each cash dividend paid during the Performance Period on the Shares included in the Unadjusted Share Distribution Amount had been reinvested in Shares.
More Definitions of ROATCE
ROATCE means for each of F.N.B. and the Peer Financial Institutions the calculation of Net Income plus amortization of intangibles, net of tax, divided by average Total Tangible Common Equity.
ROATCE as applied to the Company or any company in the Comparison Group, means with respect to any specified period net income, adjusted for tax-affected amortization of intangibles, as a percent of average tangible common equity, for such period as reported by S&P Global. If during a period a company: (i) files for bankruptcy, reorganization or liquidation under any chapter of the U.S. Bankruptcy Code; (ii) is the subject of an involuntary bankruptcy proceeding that is not dismissed within 30 days; (iii) is the subject of a stockholder approved plan of liquidation or dissolution; or (iv) ceases to conduct substantial business operations other than by virtue of a merger, consolidation, share exchange or similar transaction, then the ROATCE for that company for such period will be negative one hundred percent (-100%).
ROATCE means the net earnings after taxes available to common shareholders, adjusted for tax-affected amortization of intangibles, for the calendar year divided by average shareholders’ tangible common equity for such calendar year (which is total shareholders’ equity, excluding total identifiable intangible assets, goodwill, and preferred equity, averaged for the calendar year), all as determined in accordance with generally accepted accounting principles and as reported in the Company’s financial statements provided to shareholders (excluding the impact of (i) restructurings, discontinued operations, extraordinary items, and other significant non-routine transactions, (ii) material litigation or insurance settlements, (iii) changes to comply with the new lease accounting standard (ASU 2016-02), (iv) changes to comply with the new credit losses accounting standard (ASU 2016-13), and (v) the cumulative effects of income tax or accounting changes in accordance with U.S. generally accepted accounting principles); except in the case of a Vesting Acceleration Event addressed in Paragraph 4(c) that results in a partial calendar year, in which case the calculation shall be based on calendar quarters.
ROATCE means, for each of F.N.B. and the Peer Financial Institutions, annualized net income (excluding the after-tax effect of goodwill and deposit base intangible assets amortization) divided by average tangible common stockholders’ equity for the applicable measurement period. BOK Financial Corporation, Tulsa, OK Cullen/Frost Bankers, Inc., San Antonio, TX Signature Bank, New York, NY Synovus Financial Corp., Columbus, GA Associated Banc-Corp, Green Bay, WI First Horizon National Corp, Memphis, TN FirstMerit Corporation, Akron, OH Commerce Bancshares, Inc., Kansas City, MO ▇▇▇▇▇▇▇ Financial Corporation, Waterbury, CT Prosperity Bancshares, Inc., Houston, TX ▇▇▇▇▇▇▇ Holding Company, Gulfport, MS Wintrust Financial Corporation, Rosemont, IL TCF Financial Corporation, Wayzata, MN Valley National Bancorp, Wayne, NJ UMB Financial Corporation, Kansas City, MO ▇▇▇▇▇▇ Financial Corporation, Lancaster, PA Texas Capital Bancshares, Inc., Dallas, TX IBERIABANK Corporation, Lafayette, LA PrivateBancorp, Inc., Chicago, IL MB Financial, Inc., Chicago, IL BancorpSouth, Inc., Tupelo, MS United Bankshares, Inc., Charleston, WV Trustmark Corporation, Jackson, MS Old National Bancorp, Evansville, IN National Penn Bancshares, Inc., Allentown, PA First Midwest Bancorp, Inc., Itasca, IL
ROATCE means the Return on Average Tangible Common Equity computed by dividing net income available to common shareholders (calculated in the same manner as EPS) by average tangible common shareholders’ equity. Average tangible common shareholders’ equity equals average common shareholders’ equity (excluding the same items excluded in the
ROATCE means return on average tangible common equity (or comparable measure), calculated as net income divided by average tangible common equity during the period. Net income equals net income adjusted for after tax amortization of intangibles and goodwill impairment. Average tangible common equity equals average common equity during the period less average goodwill and other intangible assets during the period. The Compensation Committee may, in its good faith discretion, adjust the ROATCE for any year in the Performance Period with respect to the Company or any Peer Group Company to eliminate the effects of the following: (a) gains or losses on the sale of available for sale securities, (b) changes in law (including federal and state tax laws) or accounting principles, and (c) costs or expenses associated with any merger or acquisition affecting such company or any of its subsidiaries. (d) “ROATCE Peer Group” is the KBW Nasdaq Regional Bank Index (NASDAQ:KRX). (e) “Vesting Date” is defined in Section 2(d) of this Agreement. 2.
ROATCE means the Company’s return on average tangible common stockholder’s equity and, for the purpose of this measure, equates to average Adjusted Net Income as a percentage of average Adjusted Tangible Common Equity for the Performance Period, adjusted to exclude special, unusual or non-recurring items consistent with the Company’s public disclosures in its quarterly earnings or other press releases.