Exhibit No. | Description | |
99.1 | Press Release of Sterling Bancorp, dated February 4, 2014. |
DATE: February 4, 2014 | By:/s/ Luis Massiani |
Exhibit Number | Description | |
99.1 | Press Release of Sterling Bancorp, dated February 4, 2014 |
Sterling Bancorp | |
400 Rella Boulevard | |
Montebello, NY 10901-4243 | |
News Release | T 845.369.8040 |
F 845.369.8255 | |
http://www.sterlingbancorp.com |
FOR IMMEDIATE RELEASE | |
February 4, 2014 | |
STERLING BANCORP CONTACT: | |
Luis Massiani, EVP & Chief Financial Officer | |
845.369.8040 |
▪ | Total loans including loans held for sale were $4.2 billion at December 31, 2013. |
▪ | Tax equivalent net interest margin was 3.58% for the first quarter of fiscal 2014 compared to 3.23% in the linked quarter and 3.37% in the first quarter of fiscal 2013. |
▪ | Total non-interest income for the quarter was $9.8 million, excluding net loss on sale of securities, which represented 17.6% of core total revenue. |
▪ | Core operating efficiency ratio was 65.4%. See the reconciliation of this non-GAAP financial measure on page 10. |
▪ | The allowance for loan losses increased to $30.6 million at December 31, 2013. The allowance as a percentage of non-performing loans was 79.6% at December 31, 2013 as compared to 107.3% at September 30, 2013, due to non-performing loans acquired in the merger transaction with legacy Sterling Bancorp, which are covered by the fair value adjustment recorded at the acquisition date. |
▪ | Non-performing loans were $38.4 million at December 31, 2013 and represented 0.93% of total loans. |
▪ | Provision for loan losses for the quarter was $3.0 million compared to $2.7 million in the linked quarter. |
▪ | Total assets were $6.7 billion. |
▪ | Total loans including loans held for sale were $4.2 billion. |
▪ | Commercial and industrial loans represented 41.6%, commercial real estate loans represented 37.8%, consumer and residential mortgage loans represented 18.3%, and acquisition, construction and development loans represented 2.3% of the total loan portfolio. |
▪ | Securities, excluding FHLB Stock, were $1.7 billion at and represented 24.9% of total assets. |
▪ | Total deposits were $4.9 billion. |
▪ | Transaction deposits were $2.4 billion and represented 47.8% of total deposits. |
▪ | Tangible book value per share was $5.77. |
12/31/2013 | 9/30/2013 | 12/31/2012 | ||||||||||
Assets: | ||||||||||||
Cash and due from banks | $ | 152,662 | $ | 113,090 | $ | 160,241 | ||||||
Investment securities | 1,661,650 | 1,208,392 | 1,131,172 | |||||||||
Loans held for sale | 24,483 | 1,011 | 5,423 | |||||||||
Loans: | ||||||||||||
Residential mortgage | 527,425 | 400,009 | 352,014 | |||||||||
Commercial real estate | 1,568,895 | 1,277,037 | 1,136,965 | |||||||||
Commercial and industrial | 1,727,037 | 439,787 | 376,052 | |||||||||
Acquisition, development and construction | 95,787 | 102,494 | 122,518 | |||||||||
Consumer | 207,997 | 193,571 | 205,580 | |||||||||
Total loans, gross | 4,127,141 | 2,412,898 | 2,193,129 | |||||||||
Allowance for loan losses | (30,612 | ) | (28,877 | ) | (28,114 | ) | ||||||
Total loans, net | 4,096,529 | 2,384,021 | 2,165,015 | |||||||||
Federal Home Loan Bank stock, at cost | 21,891 | 24,312 | 19,246 | |||||||||
Accrued interest receivable | 16,056 | 11,698 | 10,429 | |||||||||
Premises and equipment, net | 49,925 | 36,520 | 38,086 | |||||||||
Goodwill | 387,517 | 163,117 | 163,247 | |||||||||
Other intangibles | 53,020 | 5,891 | 6,926 | |||||||||
Bank owned life insurance | 117,030 | 60,914 | 59,526 | |||||||||
Other real estate owned | 11,751 | 6,022 | 7,053 | |||||||||
Other assets | 74,923 | 34,184 | 23,150 | |||||||||
Total assets | $ | 6,667,437 | $ | 4,049,172 | $ | 3,789,514 | ||||||
Liabilities: | ||||||||||||
Deposits | $ | 4,920,564 | $ | 2,962,294 | $ | 2,904,384 | ||||||
FHLB and other borrowings | 571,628 | 462,953 | 345,411 | |||||||||
Senior notes | 98,123 | 98,033 | — | |||||||||
Subordinated debentures | 26,519 | — | — | |||||||||
Mortgage escrow funds | 13,460 | 12,646 | 19,577 | |||||||||
Other liabilities | 112,034 | 30,380 | 26,259 | |||||||||
Total liabilities | 5,742,328 | 3,566,306 | 3,295,631 | |||||||||
Stockholders’ equity | 925,109 | 482,866 | 493,883 | |||||||||
Total liabilities and stockholders’ equity | $ | 6,667,437 | $ | 4,049,172 | $ | 3,789,514 | ||||||
Shares of common stock outstanding at period end | 83,955,647 | 44,351,046 | 44,348,787 | |||||||||
Book value per share | $ | 11.02 | $ | 10.89 | $ | 11.14 | ||||||
Tangible book value per share | 5.77 | 7.08 | 7.30 |
For the Quarter Ended | ||||||||||||
12/31/2013 | 9/30/2013 | 12/31/2012 | ||||||||||
Interest and dividend income: | ||||||||||||
Loans and loan fees | $ | 43,288 | $ | 27,723 | $ | 27,071 | ||||||
Securities taxable | 6,903 | 4,748 | 4,284 | |||||||||
Securities non-taxable | 2,161 | 1,235 | 1,457 | |||||||||
Other earning assets | 359 | 197 | 333 | |||||||||
Total interest income | 52,711 | 33,903 | 33,145 | |||||||||
Interest expense: | ||||||||||||
Deposits | 1,834 | 1,051 | 2,097 | |||||||||
Borrowings | 5,001 | 4,744 | 3,125 | |||||||||
Total interest expense | 6,835 | 5,795 | 5,222 | |||||||||
Net interest income | 45,876 | 28,108 | 27,923 | |||||||||
Provision for loan losses | 3,000 | 2,700 | 2,950 | |||||||||
Net interest income after provision for loan losses | 42,876 | 25,408 | 24,973 | |||||||||
Non-interest income: | ||||||||||||
Accounts receivable / factoring commissions and other fees | 2,226 | — | — | |||||||||
Mortgage banking income | 1,616 | 297 | 746 | |||||||||
Deposit fees and service charges | 3,942 | 2,835 | 2,778 | |||||||||
Net (loss) gain on sale of securities | (645 | ) | 1,801 | 1,416 | ||||||||
Investment management fees | 540 | 673 | 705 | |||||||||
Bank owned life insurance | 740 | 502 | 509 | |||||||||
Other | 729 | 492 | 1,505 | |||||||||
Total non-interest income | 9,148 | 6,600 | 7,659 | |||||||||
Non-interest expense: | ||||||||||||
Compensation and benefits | 23,554 | 12,409 | 12,299 | |||||||||
Stock-based compensation plans | 991 | 513 | 500 | |||||||||
Occupancy and office operations | 6,333 | 3,766 | 3,810 | |||||||||
Merger-related expenses | 9,068 | 714 | — | |||||||||
Advertising and promotion | 309 | 416 | 244 | |||||||||
Professional fees | 1,818 | 740 | 1,215 | |||||||||
Data and check processing | 595 | 460 | 649 | |||||||||
Amortization of intangible assets | 1,875 | 310 | 261 | |||||||||
FDIC insurance and regulatory assessments | 1,164 | 664 | 718 | |||||||||
Other real estate owned expense | 368 | 390 | 285 | |||||||||
Other | 26,899 | 2,985 | 2,565 | |||||||||
Total non-interest expense | 72,974 | 23,367 | 22,546 | |||||||||
Income before income tax expense | (20,950 | ) | 8,641 | 10,086 | ||||||||
Income tax expense | (6,948 | ) | 3,312 | 3,066 | ||||||||
Net income | $ | (14,002 | ) | $ | 5,329 | $ | 7,020 | |||||
Basic earnings per share | $ | (0.20 | ) | $ | 0.12 | $ | 0.16 | |||||
Diluted earnings per share | (0.20 | ) | 0.12 | 0.16 | ||||||||
Dividends declared per share | — | 0.12 | 0.06 | |||||||||
Weighted average common shares: | ||||||||||||
Basic | 70,493,305 | 43,742,903 | 43,637,315 | |||||||||
Diluted | 70,493,305 | 43,859,834 | 43,721,091 |
As of and for the Quarter Ended | |||||||||||||||||||
End of Period | 12/31/2013 | 9/30/2013 | 6/30/2013 | 3/31/2013 | 12/31/2012 | ||||||||||||||
Total assets | $ | 6,667,437 | $ | 4,049,172 | $ | 3,824,429 | $ | 3,710,440 | $ | 3,789,514 | |||||||||
Securities available for sale | 1,153,313 | 954,393 | 889,747 | 945,678 | 991,298 | ||||||||||||||
Securities held to maturity | 508,337 | 253,999 | 175,977 | 183,535 | 139,874 | ||||||||||||||
Loans, gross 1 | 4,127,141 | 2,412,898 | 2,336,534 | 2,204,555 | 2,193,129 | ||||||||||||||
Goodwill | 387,517 | 163,117 | 163,117 | 163,117 | 163,247 | ||||||||||||||
Other intangibles | 53,020 | 5,891 | 6,201 | 6,538 | 6,926 | ||||||||||||||
Deposits | 4,920,564 | 2,962,294 | 2,739,214 | 2,799,658 | 2,904,384 | ||||||||||||||
Municipal deposits (included above) | 673,656 | 757,066 | 465,566 | 537,070 | 538,212 | ||||||||||||||
Borrowings | 696,270 | 560,986 | 552,805 | 367,976 | 345,411 | ||||||||||||||
Stockholders’ equity | 925,109 | 482,866 | 480,165 | 494,711 | 493,883 | ||||||||||||||
Tangible equity | 484,572 | 313,858 | 310,847 | 325,056 | 323,710 | ||||||||||||||
Average Balances | |||||||||||||||||||
Total assets | $ | 6,013,816 | $ | 3,907,960 | $ | 3,745,356 | $ | 3,804,660 | $ | 3,792,201 | |||||||||
Loans, gross: | |||||||||||||||||||
Residential mortgage | 491,231 | 379,640 | 366,823 | 360,840 | 344,064 | ||||||||||||||
Commercial real estate | 1,466,986 | 1,247,055 | 1,175,094 | 1,138,333 | 1,107,779 | ||||||||||||||
Commercial and industrial | 1,268,492 | 443,349 | 398,622 | 368,896 | 354,137 | ||||||||||||||
Acquisition, development and construction | 98,691 | 104,856 | 114,286 | 122,937 | 138,881 | ||||||||||||||
Consumer | 200,637 | 194,718 | 199,861 | 203,492 | 208,064 | ||||||||||||||
Loans, total 1 | 3,526,037 | 2,369,618 | 2,254,686 | 2,194,498 | 2,152,925 | ||||||||||||||
Securities (taxable) | 1,330,646 | 963,949 | 909,312 | 967,889 | 954,372 | ||||||||||||||
Securities (non-taxable) | 250,520 | 157,480 | 184,325 | 181,803 | 174,201 | ||||||||||||||
Total earning assets | 5,207,436 | 3,529,321 | 3,378,655 | 3,403,209 | 3,380,875 | ||||||||||||||
Deposits: | |||||||||||||||||||
Non-interest bearing demand | 1,361,622 | 669,067 | 625,684 | 641,194 | 649,077 | ||||||||||||||
Interest bearing demand | 619,746 | 426,602 | 461,390 | 508,129 | 469,180 | ||||||||||||||
Savings (including mortgage escrow funds) | 622,530 | 601,272 | 581,106 | 575,380 | 531,107 | ||||||||||||||
Money market | 1,182,858 | 715,351 | 777,857 | 877,101 | 908,262 | ||||||||||||||
Certificates of deposit | 565,462 | 335,616 | 338,017 | 355,917 | 380,244 | ||||||||||||||
Total deposits and mortgage escrow | 4,352,218 | 2,747,908 | 2,784,054 | 2,957,721 | 2,937,870 | ||||||||||||||
Borrowings | 709,125 | 653,147 | 440,579 | 345,717 | 345,951 | ||||||||||||||
Equity | 780,241 | 478,491 | 494,049 | 492,725 | 492,506 | ||||||||||||||
Tangible equity | 432,703 | 309,327 | 324,540 | 322,683 | 319,783 | ||||||||||||||
Condensed Tax Equivalent Income Statement | |||||||||||||||||||
Interest and dividend income | $ | 52,711 | $ | 33,903 | $ | 32,593 | $ | 32,420 | $ | 33,145 | |||||||||
Tax equivalent adjustment* | 1,164 | 666 | 808 | 802 | 785 | ||||||||||||||
Interest expense | 6,835 | 5,795 | 4,276 | 4,601 | 5,222 | ||||||||||||||
Net interest income (tax equivalent) | 47,040 | 28,774 | 29,125 | 28,621 | 28,708 | ||||||||||||||
Provision for loan losses | 3,000 | 2,700 | 3,900 | 2,600 | 2,950 | ||||||||||||||
Net interest income after provision for loan losses | 44,040 | 26,074 | 25,225 | 26,021 | 25,758 | ||||||||||||||
Non-interest income | 9,148 | 6,600 | 6,581 | 6,852 | 7,659 | ||||||||||||||
Non-interest expense | 72,974 | 23,367 | 21,789 | 23,339 | 22,546 | ||||||||||||||
(Loss) income before income tax expense | (19,786 | ) | 9,307 | 10,017 | 9,534 | 10,871 | |||||||||||||
Income tax (benefit) expense (tax equivalent)* | (5,784 | ) | 3,978 | 3,641 | 3,005 | 3,851 | |||||||||||||
Net (loss) income | $ | (14,002 | ) | $ | 5,329 | $ | 6,376 | $ | 6,529 | $ | 7,020 | ||||||||
1 Does not reflect allowance for loan losses of $30,612, $28,877, $28,374, $27,544, and $28,114. | |||||||||||||||||||
*Tax exempt income assumed at a statutory 35% federal tax rate. |
For the Quarter Ended | |||||||||||||||||||
Per Share Data | 12/31/2013 | 9/30/2013 | 6/30/2013 | 3/31/2013 | 12/31/2012 | ||||||||||||||
Basic earnings per share | $ | (0.20 | ) | $ | 0.12 | $ | 0.15 | $ | 0.15 | $ | 0.16 | ||||||||
Diluted earnings per share | (0.20 | ) | 0.12 | 0.15 | 0.15 | 0.16 | |||||||||||||
Dividends declared per share | — | 0.12 | 0.06 | 0.06 | 0.06 | ||||||||||||||
Tangible book value per share | 5.77 | 7.08 | 7.01 | 7.33 | 7.30 | ||||||||||||||
Shares of common stock outstanding | 83,955,647 | 44,351,046 | 44,353,276 | 44,353,276 | 44,348,787 | ||||||||||||||
Basic weighted average common shares outstanding | 70,493,305 | 43,742,903 | 43,801,867 | 43,743,640 | 43,637,315 | ||||||||||||||
Diluted weighted average common shares outstanding | 70,493,305 | 43,859,834 | 43,906,158 | 43,848,486 | 43,721,091 | ||||||||||||||
Performance Ratios (annualized) | |||||||||||||||||||
Return on average assets | (0.92 | )% | 0.54 | % | 0.68 | % | 0.70 | % | 0.73 | % | |||||||||
Return on average equity | (7.12 | )% | 4.42 | % | 5.18 | % | 5.37 | % | 5.65 | % | |||||||||
Return on average tangible equity 1 | (12.84 | )% | 6.83 | % | 7.88 | % | 8.21 | % | 8.71 | % | |||||||||
Core operating efficiency 1 | 65.4 | % | 64.7 | % | 59.1 | % | 67.4 | % | 63.7 | % | |||||||||
Analysis of Net Interest Income | |||||||||||||||||||
Yield on loans | 4.88 | % | 4.70 | % | 4.80 | % | 4.93 | % | 5.04 | % | |||||||||
Yield on investment securities - tax equivalent2 | 2.57 | % | 2.35 | % | 2.38 | % | 2.32 | % | 2.29 | % | |||||||||
Yield on earning assets - tax equivalent2 | 4.10 | % | 3.89 | % | 3.97 | % | 3.96 | % | 3.98 | % | |||||||||
Cost of deposits | 0.17 | % | 0.15 | % | 0.17 | % | 0.22 | % | 0.28 | % | |||||||||
Cost of borrowings | 2.80 | % | 2.88 | % | 2.84 | % | 3.49 | % | 3.58 | % | |||||||||
Cost of interest bearing liabilities | 0.73 | % | 0.84 | % | 0.66 | % | 0.70 | % | 0.79 | % | |||||||||
Net interest rate spread - tax equivalent basis2 | 3.37 | % | 3.05 | % | 3.31 | % | 3.26 | % | 3.19 | % | |||||||||
Net interest margin - tax equivalent basis2 | 3.58 | % | 3.23 | % | 3.46 | % | 3.41 | % | 3.37 | % | |||||||||
Capital | |||||||||||||||||||
Tier 1 leverage ratio - Bank only | 10.58 | % | 9.33 | % | 8.49 | % | 8.62 | % | 8.23 | % | |||||||||
Tier 1 risk-based capital - Bank only | $ | 593,462 | $ | 363,274 | $ | 311,507 | $ | 304,696 | $ | 297,089 | |||||||||
Total risk-based capital - Bank only | 624,469 | 392,376 | 340,077 | 332,447 | 325,410 | ||||||||||||||
Tangible equity as a % of tangible assets - consolidated 1 | 7.78 | % | 8.09 | % | 8.50 | % | 9.18 | % | 8.94 | % | |||||||||
Asset Quality | |||||||||||||||||||
Non-performing loans (NPLs) non-accrual | $ | 35,386 | $ | 22,807 | $ | 27,244 | $ | 27,019 | $ | 27,730 | |||||||||
Non-performing loans (NPLs) still accruing | 3,056 | 4,099 | 4,216 | 4,257 | 5,823 | ||||||||||||||
Other real estate owned | 11,751 | 6,022 | 4,376 | 5,486 | 7,053 | ||||||||||||||
Non-performing assets (NPAs) | 50,193 | 32,928 | 35,836 | 36,762 | 40.606 | ||||||||||||||
Net charge-offs | 1,265 | 2,197 | 3,070 | 3,170 | 3,118 | ||||||||||||||
Net charge-offs as a % of average loans (annualized) | 0.14 | % | 0.37 | % | 0.54 | % | 0.58 | % | 0.58 | % | |||||||||
NPLs as a % of total loans | 0.93 | % | 1.12 | % | 1.35 | % | 1.42 | % | 1.53 | % | |||||||||
NPAs as a % of total assets | 0.75 | % | 0.81 | % | 0.94 | % | 0.99 | % | 1.07 | % | |||||||||
Allowance for loan losses as a % of NPLs | 79.6 | % | 107.3 | % | 90.2 | % | 88.1 | % | 83.8 | % | |||||||||
Allowance for loan losses as a % of total loans | 0.74 | % | 1.20 | % | 1.21 | % | 1.25 | % | 1.28 | % | |||||||||
Allowance for loan losses as a % of total loans, excluding Gotham and legacy Sterling loans1 | 1.24 | % | 1.27 | % | 1.30 | % | 1.36 | % | 1.41 | % | |||||||||
Special mention loans | $ | 38,834 | $ | 13,530 | $ | 24,327 | $ | 41,778 | $ | 29,755 | |||||||||
Substandard / doubtful loans | 77,337 | 61,095 | 62,165 | 70,688 | 83,109 | ||||||||||||||
1 See reconciliation of non-GAAP measure on following page. | |||||||||||||||||||
2 Tax equivalent adjustment represents interest income earned on municipal securities divided by the applicable Federal tax rate of 35% for all periods presented. |
As of and for the Quarter Ended | ||||||||||||||||||||
12/31/2013 | 9/30/2013 | 6/30/2013 | 3/31/2013 | 12/31/2012 | ||||||||||||||||
The Company provides supplemental reporting of non-GAAP measures as management believes this information is useful to investors. | ||||||||||||||||||||
The following table shows the reconciliation of stockholders’ equity to tangible equity and the tangible equity ratio: | ||||||||||||||||||||
Total assets | $ | 6,667,437 | $ | 4,049,172 | $ | 3,824,429 | $ | 3,710,440 | $ | 3,789,514 | ||||||||||
Goodwill and other intangibles | (440,537 | ) | (169,008 | ) | (169,318 | ) | (169,655 | ) | (170,173 | ) | ||||||||||
Tangible assets | 6,226,900 | 3,880,164 | 3,655,111 | 3,540,785 | 3,619,341 | |||||||||||||||
Stockholders’ equity | 925,109 | 482,866 | 480,165 | 494,711 | 493,883 | |||||||||||||||
Goodwill and other intangibles | (440,537 | ) | (169,008 | ) | (169,318 | ) | (169,655 | ) | (170,173 | ) | ||||||||||
Tangible stockholders’ equity | 484,572 | 313,858 | 310,847 | 325,056 | 323,710 | |||||||||||||||
Shares of common stock outstanding at period end | 83,955,647 | 44,351,046 | 44,353,276 | 44,353,276 | 44,348,787 | |||||||||||||||
Tangible equity as a % of tangible assets | 7.78 | % | 8.09 | % | 8.50 | % | 9.18 | % | 8.94 | % | ||||||||||
Tangible book value per share | $ | 5.77 | $ | 7.08 | $ | 7.01 | $ | 7.33 | $ | 7.30 | ||||||||||
The Company believes that tangible equity is useful as a tool to help assess a company’s capital position. | ||||||||||||||||||||
The following table shows the reconciliation of return on average tangible equity: | ||||||||||||||||||||
Average stockholders’ equity | $ | 780,241 | $ | 478,491 | $ | 494,049 | $ | 492,725 | $ | 492,506 | ||||||||||
Average goodwill and other` intangibles | (347,538 | ) | (169,164 | ) | (169,509 | ) | (170,042 | ) | (172,723 | ) | ||||||||||
Average tangible stockholders’ equity | 432,703 | 309,327 | 324,540 | 322,683 | 319,783 | |||||||||||||||
Net (loss) income | (14,002 | ) | 5,329 | 6,376 | 6,529 | 7,020 | ||||||||||||||
Net (loss) income, if annualized | (55,551 | ) | 21,142 | 25,574 | 26,479 | 27,851 | ||||||||||||||
Return on average tangible equity | (12.84 | )% | 6.83 | % | 7.88 | % | 8.21 | % | 8.71 | % | ||||||||||
The Company believes that the return on average tangible stockholders’ equity is useful as a tool to help assess a company’s use of tangible equity. | ||||||||||||||||||||
The following table shows the reconciliation of the allowance for loan losses to total loans and to total loans excluding Gotham and legacy Sterling Bancorp loans: | ||||||||||||||||||||
Total loans | $ | 4,127,141 | $ | 2,412,898 | $ | 2,336,534 | $ | 2,204,555 | $ | 2,193,129 | ||||||||||
Gotham loans | (117,046 | ) | (133,493 | ) | (152,825 | ) | (176,383 | ) | (194,518 | ) | ||||||||||
Legacy Sterling loans | (1,539,962 | ) | — | — | — | — | ||||||||||||||
Total loans, excluding Gotham and legacy Sterling loans | 2,470,133 | 2,279,405 | 2,183,709 | 2,028,172 | 1,998,611 | |||||||||||||||
Allowance for loan losses | 30,612 | 28,877 | 28,374 | 27,544 | 28,114 | |||||||||||||||
Allowance for loan losses to total loans | 0.74 | % | 1.20 | % | 1.21 | % | 1.25 | % | 1.28 | % | ||||||||||
Allowance for loan losses to total loans, excluding Gotham and legacy Sterling loans | 1.24 | % | 1.27 | % | 1.30 | % | 1.36 | % | 1.41 | % | ||||||||||
As required by GAAP, the Company recorded at fair value the loans acquired in the Gotham and legacy Sterling transactions. These loans carry no allowance for loan losses for the periods reflected above. |
As of and for the Quarter Ended | ||||||||||||||||||||
12/31/2013 | 9/30/2013 | 6/30/2013 | 3/31/2013 | 12/31/2012 | ||||||||||||||||
The following table shows the reconciliation of the core operating efficiency ratio: | ||||||||||||||||||||
Net interest income | $ | 45,876 | $ | 28,108 | $ | 28,317 | $ | 27,819 | $ | 27,923 | ||||||||||
Non-interest income | 9,148 | 6,600 | 6,581 | 6,852 | 7,659 | |||||||||||||||
Total net revenues | 55,024 | 34,708 | 34,898 | 34,671 | 35,582 | |||||||||||||||
Tax equivalent adjustment on securities interest income | 1,164 | 666 | 808 | 802 | 785 | |||||||||||||||
Net loss (gain) on sale of securities | 645 | (1,801 | ) | (1,945 | ) | (2,229 | ) | (1,416 | ) | |||||||||||
Other than temporary loss on securities | — | — | — | 7 | 25 | |||||||||||||||
Other (other gains and fair value loss on interest rate caps) | (93 | ) | 81 | — | — | (4 | ) | |||||||||||||
Core total revenues | 56,740 | 33,654 | 33,761 | 33,251 | 34,972 | |||||||||||||||
Non-interest expense | 72,974 | 23,367 | 21,789 | 23,339 | 22,546 | |||||||||||||||
Merger-related expenses | (9,068 | ) | (714 | ) | (1,516 | ) | (542 | ) | — | |||||||||||
Charge for asset write-downs, retention and severance compensation | (22,167 | ) | (564 | ) | — | — | — | |||||||||||||
Charge on pension plan settlement | (2,743 | ) | — | — | — | — | ||||||||||||||
Amortization of intangible assets | (1,875 | ) | (310 | ) | (337 | ) | (388 | ) | (261 | ) | ||||||||||
Core non-interest expense | 37,121 | 21,779 | 19,936 | 22,409 | 22,285 | |||||||||||||||
Core efficiency ratio | 65.4 | % | 64.7 | % | 59.1 | % | 67.4 | % | 63.7 | % | ||||||||||
The Company believes the core operating efficiency ratio is a useful tool to help assess a company’s core operating performance. | ||||||||||||||||||||
The following table shows the reconciliation of net (loss) income and (loss) earnings per share excluding merger-related expenses, charge for asset write-downs, retention and severance compensation, a charge on settlement of a portion of the defined benefit pension plans and amortization of non-compete agreements: | ||||||||||||||||||||
(Loss) income before income tax expense | $ | (20,950 | ) | $ | 8,641 | $ | 9,209 | $ | 8,732 | $ | 10,086 | |||||||||
Income tax (benefit) expense | (6,948 | ) | 3,312 | 2,833 | 2,203 | 3,066 | ||||||||||||||
Net (loss) income | (14,002 | ) | 5,329 | 6,376 | 6,529 | 7,020 | ||||||||||||||
Merger-related expenses | 9,068 | 714 | 1,516 | 542 | — | |||||||||||||||
Charge for asset write-downs, retention and severance compensation | 22,167 | 564 | — | — | — | |||||||||||||||
Charge on pension plan settlement | 2,743 | — | — | — | — | |||||||||||||||
Amortization of non-compete agreements | 998 | — | — | — | — | |||||||||||||||
Total charges | 34,976 | 1,278 | 1,516 | 542 | — | |||||||||||||||
Income tax (benefit) | (11,600 | ) | (490 | ) | (466 | ) | (137 | ) | — | |||||||||||
Total charges net of tax benefit | 23,376 | 788 | 1,050 | 405 | — | |||||||||||||||
Net income excluding total charges | $ | 9,374 | $ | 6,117 | $ | 7,426 | $ | 6,934 | $ | 7,020 | ||||||||||
Weighted Average Diluted shares1 | 70,707,292 | 43,859,834 | 43,906,158 | 43,848,486 | 43,721,091 | |||||||||||||||
Diluted EPS as reported | $ | (0.20 | ) | $ | 0.12 | $ | 0.15 | $ | 0.15 | $ | 0.16 | |||||||||
Diluted EPS excluding total charges | 0.13 | 0.14 | 0.17 | 0.16 | 0.16 | |||||||||||||||
The Company believes the presentation of its net income excluding total charges provides a useful tool to help assess a company’s profitability. | ||||||||||||||||||||
1 Represents diluted share calculation to compute diluted EPS. |