Pennsylvania | 001-35913 | 20-4929029 | ||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
One Oxford Centre |
301 Grant Street, Suite 2700 |
Pittsburgh, Pennsylvania 15219 |
(Address of principal executive offices) |
(Zip Code) |
(412) 304-0304 |
(Registrant's telephone number, including area code) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Emerging growth company | ý |
Exhibit No. | Description |
99 | Press release dated January 24, 2018, filed herewith, for item 2.02. |
TRISTATE CAPITAL HOLDINGS, INC. | |
By | /s/ James F. Getz |
James F. Getz | |
Chairman, President and Chief Executive Officer | |
Exhibit No. | Description |
99 |
• | Net interest income grew to a record $24.8 million, increasing 27.1% from the year-ago period and 5.1% from the linked quarter |
• | Pre-tax income grew to a record $12.9 million, increasing 15.4% from the year-ago period and 5.5% from the linked quarter |
• | Loans grew to a record $4.18 billion at period end, increasing 23.0% from one year prior and 6.5% during the quarter |
• | Chartwell assets under management grew to $8.3 billion at period end, increasing 3.2% from one year prior and 1.4% during the quarter |
• | Superior credit quality metrics included non-performing assets declining to 0.14% of assets, non-performing loans declining to 0.08% of loans and adverse-rated credits declining to 0.71% of loans at period end |
(Dollars in thousands, except per share data) | Q4 2017 | Q3 2017 | Q4 2016 | FY 2017 | FY 2016 | |||||||||||
Income before tax (GAAP) | $ | 12,885 | $ | 12,216 | $ | 11,167 | $ | 47,470 | $ | 41,689 | ||||||
Non-recurring, non-interest expense items: | ||||||||||||||||
Change in fair value of previously accrued acquisition earn out | — | — | (2,478 | ) | — | (3,687 | ) | |||||||||
Acquisition-related expense | — | — | 351 | — | 352 | |||||||||||
Severance expense | — | — | 300 | — | 300 | |||||||||||
Income before tax, excluding non-recurring items (non-GAAP) | $ | 12,885 | $ | 12,216 | $ | 9,340 | $ | 47,470 | $ | 38,654 | ||||||
Adjustment for deferred taxes resulting in tax expense reduction | $ | 2,351 | $ | — | $ | — | $ | 2,351 | $ | — | ||||||
Net impact of non-recurring items and tax adjustment on EPS | $ | 0.08 | $ | — | $ | 0.04 | $ | 0.08 | $ | 0.07 |
As of and For the Three Months Ended | As of and For the Years Ended | |||||||||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||
(Dollars in thousands) | 2017 | 2017 | 2016 | 2017 | 2016 | |||||||||||
Period-end balance sheet data: | ||||||||||||||||
Cash and cash equivalents | $ | 156,153 | $ | 136,579 | $ | 103,994 | $ | 156,153 | $ | 103,994 | ||||||
Total investment securities | 220,552 | 220,916 | 238,473 | 220,552 | 238,473 | |||||||||||
Loans held-for-investment | 4,184,244 | 3,930,670 | 3,401,054 | 4,184,244 | 3,401,054 | |||||||||||
Allowance for loan losses | (14,417 | ) | (15,979 | ) | (18,762 | ) | (14,417 | ) | (18,762 | ) | ||||||
Loans held-for-investment, net | 4,169,827 | 3,914,691 | 3,382,292 | 4,169,827 | 3,382,292 | |||||||||||
Goodwill and other intangibles, net | 65,358 | 65,821 | 67,209 | 65,358 | 67,209 | |||||||||||
Other assets | 166,007 | 158,006 | 138,489 | 166,007 | 138,489 | |||||||||||
Total assets | $ | 4,777,897 | $ | 4,496,013 | $ | 3,930,457 | $ | 4,777,897 | $ | 3,930,457 | ||||||
Deposits | $ | 3,987,611 | $ | 3,769,870 | $ | 3,286,779 | $ | 3,987,611 | $ | 3,286,779 | ||||||
Borrowings, net | 335,913 | 279,162 | 239,510 | 335,913 | 239,510 | |||||||||||
Other liabilities | 65,302 | 69,648 | 52,361 | 65,302 | 52,361 | |||||||||||
Total liabilities | 4,388,826 | 4,118,680 | 3,578,650 | 4,388,826 | 3,578,650 | |||||||||||
Total shareholders' equity | 389,071 | 377,333 | 351,807 | 389,071 | 351,807 | |||||||||||
Total liabilities and shareholders' equity | $ | 4,777,897 | $ | 4,496,013 | $ | 3,930,457 | $ | 4,777,897 | $ | 3,930,457 | ||||||
Income statement data: | ||||||||||||||||
Interest income | $ | 37,868 | $ | 35,575 | $ | 26,232 | $ | 134,295 | $ | 98,312 | ||||||
Interest expense | 13,069 | 11,970 | 6,719 | 42,942 | 23,499 | |||||||||||
Net interest income | 24,799 | 23,605 | 19,513 | 91,353 | 74,813 | |||||||||||
Provision (credit) for loan losses | (1,665 | ) | 283 | 1,178 | (623 | ) | 838 | |||||||||
Net interest income after provision for loan losses | 26,464 | 23,322 | 18,335 | 91,976 | 73,975 | |||||||||||
Non-interest income: | ||||||||||||||||
Investment management fees | 9,416 | 9,214 | 10,221 | 37,100 | 37,035 | |||||||||||
Net gain on the sale and call of investment securities | 56 | 15 | — | 310 | 77 | |||||||||||
Other non-interest income | 2,667 | 2,477 | 3,428 | 9,556 | 9,396 | |||||||||||
Total non-interest income | 12,139 | 11,706 | 13,649 | 46,966 | 46,508 | |||||||||||
Non-interest expense: | ||||||||||||||||
Intangible amortization expense | 463 | 463 | 462 | 1,851 | 1,753 | |||||||||||
Change in the fair value of acquisition earn out | — | — | (2,478 | ) | — | (3,687 | ) | |||||||||
Other non-interest expense | 25,255 | 22,349 | 22,833 | 89,621 | 80,728 | |||||||||||
Total non-interest expense | 25,718 | 22,812 | 20,817 | 91,472 | 78,794 | |||||||||||
Income before tax | 12,885 | 12,216 | 11,167 | 47,470 | 41,689 | |||||||||||
Income tax expense | 842 | 2,184 | 3,596 | 9,482 | 13,048 | |||||||||||
Net income | $ | 12,043 | $ | 10,032 | $ | 7,571 | $ | 37,988 | $ | 28,641 |
As of and For the Three Months Ended | As of and For the Years Ended | |||||||||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||
(Dollars in thousands, except per share data) | 2017 | 2017 | 2016 | 2017 | 2016 | |||||||||||
Per share and share data: | ||||||||||||||||
Earnings per common share: | ||||||||||||||||
Basic | $ | 0.44 | $ | 0.36 | $ | 0.27 | $ | 1.38 | $ | 1.04 | ||||||
Diluted | $ | 0.42 | $ | 0.35 | $ | 0.27 | $ | 1.32 | $ | 1.01 | ||||||
Book value per common share | $ | 13.61 | $ | 13.17 | $ | 12.38 | $ | 13.61 | $ | 12.38 | ||||||
Tangible book value per common share (1) | $ | 11.32 | $ | 10.88 | $ | 10.02 | $ | 11.32 | $ | 10.02 | ||||||
Common shares outstanding, at end of period | 28,588,101 | 28,642,573 | 28,415,654 | 28,588,101 | 28,415,654 | |||||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 27,458,044 | 27,515,923 | 27,614,296 | 27,550,833 | 27,593,725 | |||||||||||
Diluted | 28,679,619 | 28,659,990 | 28,349,644 | 28,711,322 | 28,359,152 | |||||||||||
Performance ratios: | ||||||||||||||||
Return on average assets (2) | 1.05 | % | 0.92 | % | 0.79 | % | 0.89 | % | 0.81 | % | ||||||
Return on average equity (2) | 12.51 | % | 10.69 | % | 8.67 | % | 10.30 | % | 8.48 | % | ||||||
Net interest margin (2) (3) | 2.26 | % | 2.27 | % | 2.16 | % | 2.25 | % | 2.23 | % | ||||||
Total revenue (1) | $ | 36,882 | $ | 35,296 | $ | 33,162 | $ | 138,009 | $ | 121,244 | ||||||
Bank efficiency ratio (1) | 61.42 | % | 54.81 | % | 63.33 | % | 57.39 | % | 61.17 | % | ||||||
Efficiency ratio (1) | 68.48 | % | 63.32 | % | 67.79 | % | 64.94 | % | 66.29 | % | ||||||
Non-interest expense to average assets (2) | 2.24 | % | 2.09 | % | 2.19 | % | 2.15 | % | 2.23 | % | ||||||
Asset quality: | ||||||||||||||||
Non-performing loans | $ | 3,183 | $ | 6,936 | $ | 17,790 | $ | 3,183 | $ | 17,790 | ||||||
Non-performing assets | $ | 6,759 | $ | 10,517 | $ | 21,968 | $ | 6,759 | $ | 21,968 | ||||||
Other real estate owned | $ | 3,576 | $ | 3,581 | $ | 4,178 | $ | 3,576 | $ | 4,178 | ||||||
Non-performing assets to total assets | 0.14 | % | 0.23 | % | 0.56 | % | 0.14 | % | 0.56 | % | ||||||
Non-performing loans to total loans | 0.08 | % | 0.18 | % | 0.52 | % | 0.08 | % | 0.52 | % | ||||||
Allowance for loan losses to loans | 0.34 | % | 0.41 | % | 0.55 | % | 0.34 | % | 0.55 | % | ||||||
Allowance for loan losses to non-performing loans | 452.94 | % | 230.38 | % | 105.46 | % | 452.94 | % | 105.46 | % | ||||||
Net charge-offs (recoveries) | $ | (103 | ) | $ | 272 | $ | 2,627 | $ | 3,722 | $ | 50 | |||||
Net charge-offs (recoveries) to average total loans (2) | (0.01 | )% | 0.03 | % | 0.32 | % | 0.10 | % | — | % | ||||||
Capital ratios: | ||||||||||||||||
Tier 1 leverage ratio | 7.25 | % | 7.40 | % | 7.90 | % | 7.25 | % | 7.90 | % | ||||||
Common equity tier 1 risk-based capital ratio | 11.14 | % | 11.14 | % | 11.49 | % | 11.14 | % | 11.49 | % | ||||||
Tier 1 risk-based capital ratio | 11.14 | % | 11.14 | % | 11.49 | % | 11.14 | % | 11.49 | % | ||||||
Total risk-based capital ratio | 11.72 | % | 11.80 | % | 12.66 | % | 11.72 | % | 12.66 | % | ||||||
Investment Management Segment: | ||||||||||||||||
Assets under management | $ | 8,309,000 | $ | 8,195,000 | $ | 8,055,000 | $ | 8,309,000 | $ | 8,055,000 | ||||||
Adjusted EBITDA (1) | $ | 1,605 | $ | 1,648 | $ | 2,797 | $ | 7,421 | $ | 9,873 |
(1) | These measures are not measures recognized under GAAP and are therefore considered to be non-GAAP financial measures. See “Non-GAAP Financial Measures” for a reconciliation of these measures to their most directly comparable GAAP measures. |
(2) | Ratios are annualized. |
(3) | Net interest margin is calculated on a fully taxable equivalent basis. |
Three Months Ended | ||||||||||||||||||||||||||
December 31, 2017 | September 30, 2017 | December 31, 2016 | ||||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest Income (1)/ Expense | Average Yield/ Rate | Average Balance | Interest Income (1)/ Expense | Average Yield/ Rate | Average Balance | Interest Income (1)/ Expense | Average Yield/ Rate | |||||||||||||||||
Assets | ||||||||||||||||||||||||||
Interest-earning deposits | $ | 142,458 | $ | 485 | 1.35 | % | $ | 131,115 | $ | 420 | 1.27 | % | $ | 118,807 | $ | 177 | 0.59 | % | ||||||||
Federal funds sold | 8,179 | 23 | 1.12 | % | 6,845 | 20 | 1.16 | % | 5,922 | 6 | 0.40 | % | ||||||||||||||
Investment securities available-for-sale | 152,113 | 966 | 2.52 | % | 140,741 | 760 | 2.14 | % | 177,712 | 847 | 1.90 | % | ||||||||||||||
Investment securities held-to-maturity | 58,311 | 618 | 4.20 | % | 60,220 | 631 | 4.16 | % | 52,464 | 550 | 4.17 | % | ||||||||||||||
Investment securities trading | 746 | 4 | 2.13 | % | — | — | — | % | — | — | — | % | ||||||||||||||
FHLB stock | 11,753 | 153 | 5.16 | % | 12,582 | 200 | 6.31 | % | 8,518 | 150 | 7.01 | % | ||||||||||||||
Total loans | 3,984,768 | 35,679 | 3.55 | % | 3,787,231 | 33,604 | 3.52 | % | 3,249,874 | 24,563 | 3.01 | % | ||||||||||||||
Total interest-earning assets | 4,358,328 | 37,928 | 3.45 | % | 4,138,734 | 35,635 | 3.42 | % | 3,613,297 | 26,293 | 2.89 | % | ||||||||||||||
Other assets | 205,547 | 194,405 | 176,395 | |||||||||||||||||||||||
Total assets | $ | 4,563,875 | $ | 4,333,139 | $ | 3,789,692 | ||||||||||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||
Interest-bearing checking accounts | $ | 448,226 | $ | 1,411 | 1.25 | % | $ | 371,526 | $ | 1,173 | 1.25 | % | $ | 204,555 | $ | 272 | 0.53 | % | ||||||||
Money market deposit accounts | 2,142,251 | 6,839 | 1.27 | % | 2,021,755 | 6,263 | 1.23 | % | 1,860,468 | 3,529 | 0.75 | % | ||||||||||||||
Certificates of deposit | 1,006,529 | 3,422 | 1.35 | % | 1,003,280 | 3,168 | 1.25 | % | 888,721 | 2,078 | 0.93 | % | ||||||||||||||
Borrowings: | ||||||||||||||||||||||||||
FHLB borrowings | 260,218 | 792 | 1.21 | % | 271,304 | 790 | 1.16 | % | 185,000 | 286 | 0.62 | % | ||||||||||||||
Line of credit borrowings | 4,703 | 51 | 4.30 | % | 2,571 | 22 | 3.39 | % | — | — | — | % | ||||||||||||||
Subordinated notes payable, net | 34,680 | 554 | 6.34 | % | 34,629 | 554 | 6.35 | % | 34,477 | 554 | 6.39 | % | ||||||||||||||
Total interest-bearing liabilities | 3,896,607 | 13,069 | 1.33 | % | 3,705,065 | 11,970 | 1.28 | % | 3,173,221 | 6,719 | 0.84 | % | ||||||||||||||
Noninterest-bearing deposits | 225,094 | 205,368 | 220,637 | |||||||||||||||||||||||
Other liabilities | 60,212 | 50,332 | 48,372 | |||||||||||||||||||||||
Shareholders' equity | 381,962 | 372,374 | 347,462 | |||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 4,563,875 | $ | 4,333,139 | $ | 3,789,692 | ||||||||||||||||||||
Net interest income (1) | $ | 24,859 | $ | 23,665 | $ | 19,574 | ||||||||||||||||||||
Net interest spread | 2.12 | % | 2.14 | % | 2.05 | % | ||||||||||||||||||||
Net interest margin (1) | 2.26 | % | 2.27 | % | 2.16 | % |
(1) | Interest income and net interest margin are calculated on a fully taxable equivalent basis. |
Years Ended | |||||||||||||||||
December 31, 2017 | December 31, 2016 | ||||||||||||||||
(Dollars in thousands) | Average Balance | Interest Income (1)/ Expense | Average Yield/ Rate | Average Balance | Interest Income (1)/ Expense | Average Yield/ Rate | |||||||||||
Assets | |||||||||||||||||
Interest-earning deposits | $ | 126,888 | $ | 1,466 | 1.16 | % | $ | 110,455 | $ | 595 | 0.54 | % | |||||
Federal funds sold | 6,923 | 68 | 0.98 | % | 6,116 | 22 | 0.36 | % | |||||||||
Investment securities available-for-sale | 153,274 | 3,388 | 2.21 | % | 180,460 | 3,234 | 1.79 | % | |||||||||
Investment securities held-to-maturity | 58,635 | 2,463 | 4.20 | % | 48,357 | 1,958 | 4.05 | % | |||||||||
Investment securities trading | 188 | 4 | 2.13 | % | — | — | — | % | |||||||||
FHLB stock | 13,286 | 603 | 4.54 | % | 10,363 | 494 | 4.77 | % | |||||||||
Total loans | 3,711,701 | 126,544 | 3.41 | % | 3,014,645 | 92,273 | 3.06 | % | |||||||||
Total interest-earning assets | 4,070,895 | 134,536 | 3.30 | % | 3,370,396 | 98,576 | 2.92 | % | |||||||||
Other assets | 193,532 | 161,054 | |||||||||||||||
Total assets | $ | 4,264,427 | $ | 3,531,450 | |||||||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||
Interest-bearing checking accounts | $ | 336,337 | $ | 3,706 | 1.10 | % | $ | 171,431 | $ | 813 | 0.47 | % | |||||
Money market deposit accounts | 1,999,399 | 22,350 | 1.12 | % | 1,676,455 | 11,376 | 0.68 | % | |||||||||
Certificates of deposit | 967,503 | 11,429 | 1.18 | % | 874,615 | 7,618 | 0.87 | % | |||||||||
Borrowings: | |||||||||||||||||
FHLB borrowings | 295,315 | 3,152 | 1.07 | % | 228,934 | 1,477 | 0.65 | % | |||||||||
Line of credit borrowings | 2,214 | 90 | 4.07 | % | — | — | — | % | |||||||||
Subordinated notes payable, net | 34,605 | 2,215 | 6.40 | % | 34,402 | 2,215 | 6.44 | % | |||||||||
Total interest-bearing liabilities | 3,635,373 | 42,942 | 1.18 | % | 2,985,837 | 23,499 | 0.79 | % | |||||||||
Noninterest-bearing deposits | 210,860 | 170,573 | |||||||||||||||
Other liabilities | 49,279 | 37,441 | |||||||||||||||
Shareholders' equity | 368,915 | 337,599 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 4,264,427 | $ | 3,531,450 | |||||||||||||
Net interest income (1) | $ | 91,594 | $ | 75,077 | |||||||||||||
Net interest spread | 2.12 | % | 2.13 | % | |||||||||||||
Net interest margin (1) | 2.25 | % | 2.23 | % |
(1) | Interest income and net interest margin are calculated on a fully taxable equivalent basis. |
December 31, 2017 | September 30, 2017 | December 31, 2016 | |||||||||||||||
(Dollars in thousands) | Loan Balance | Percent of Loans | Loan Balance | Percent of Loans | Loan Balance | Percent of Loans | |||||||||||
Private banking loans | $ | 2,265,737 | 54.1 | % | $ | 2,055,808 | 52.3 | % | $ | 1,735,928 | 51.0 | % | |||||
Middle-market banking loans: | |||||||||||||||||
Commercial and industrial | 667,684 | 16.0 | % | 648,720 | 16.5 | % | 587,423 | 17.3 | % | ||||||||
Commercial real estate | 1,250,823 | 29.9 | % | 1,226,142 | 31.2 | % | 1,077,703 | 31.7 | % | ||||||||
Total middle-market banking loans | 1,918,507 | 45.9 | % | 1,874,862 | 47.7 | % | 1,665,126 | 49.0 | % | ||||||||
Loans held-for-investment | $ | 4,184,244 | 100.0 | % | $ | 3,930,670 | 100.0 | % | $ | 3,401,054 | 100.0 | % |
Three Months Ended December 31, 2017 | Year Ended December 31, 2017 | ||||||||||||||||||||||||
(Dollars in thousands) | Bank | Investment Management | Parent and Other | Consolidated | Bank | Investment Management | Parent and Other | Consolidated | |||||||||||||||||
Income statement data: | |||||||||||||||||||||||||
Interest income | $ | 37,809 | $ | — | $ | 59 | $ | 37,868 | $ | 134,029 | $ | — | $ | 266 | $ | 134,295 | |||||||||
Interest expense | 12,466 | — | 603 | 13,069 | 40,649 | — | 2,293 | 42,942 | |||||||||||||||||
Net interest income (loss) | 25,343 | — | (544 | ) | 24,799 | 93,380 | — | (2,027 | ) | 91,353 | |||||||||||||||
Provision (credit) for loan losses | (1,665 | ) | — | — | (1,665 | ) | (623 | ) | — | — | (623 | ) | |||||||||||||
Net interest income (loss) after provision for loan losses | 27,008 | — | (544 | ) | 26,464 | 94,003 | — | (2,027 | ) | 91,976 | |||||||||||||||
Non-interest income: | |||||||||||||||||||||||||
Investment management fees | — | 9,466 | (50 | ) | 9,416 | — | 37,309 | (209 | ) | 37,100 | |||||||||||||||
Net gain on the sale and call of investment securities | 56 | — | — | 56 | 310 | — | — | 310 | |||||||||||||||||
Other non-interest income | 2,666 | 1 | — | 2,667 | 9,554 | 2 | — | 9,556 | |||||||||||||||||
Total non-interest income | 2,722 | 9,467 | (50 | ) | 12,139 | 9,864 | 37,311 | (209 | ) | 46,966 | |||||||||||||||
Non-interest expense: | |||||||||||||||||||||||||
Intangible amortization expense | — | 463 | — | 463 | — | 1,851 | — | 1,851 | |||||||||||||||||
Other non-interest expense | 17,204 | 7,990 | 61 | 25,255 | 59,073 | 30,387 | 161 | 89,621 | |||||||||||||||||
Total non-interest expense | 17,204 | 8,453 | 61 | 25,718 | 59,073 | 32,238 | 161 | 91,472 | |||||||||||||||||
Income (loss) before tax | 12,526 | 1,014 | (655 | ) | 12,885 | 44,794 | 5,073 | (2,397 | ) | 47,470 | |||||||||||||||
Income tax expense (benefit) | 1,477 | (1,065 | ) | 430 | 842 | 9,211 | 522 | (251 | ) | 9,482 | |||||||||||||||
Net income (loss) | $ | 11,049 | $ | 2,079 | $ | (1,085 | ) | $ | 12,043 | $ | 35,583 | $ | 4,551 | $ | (2,146 | ) | $ | 37,988 |
Three Months Ended December 31, 2016 | Year Ended December 31, 2016 | ||||||||||||||||||||||||
(Dollars in thousands) | Bank | Investment Management | Parent and Other | Consolidated | Bank | Investment Management | Parent and Other | Consolidated | |||||||||||||||||
Income statement data: | |||||||||||||||||||||||||
Interest income | $ | 26,156 | $ | — | $ | 76 | $ | 26,232 | $ | 98,027 | $ | — | $ | 285 | $ | 98,312 | |||||||||
Interest expense | 6,170 | — | 549 | 6,719 | 21,300 | — | 2,199 | 23,499 | |||||||||||||||||
Net interest income (loss) | 19,986 | — | (473 | ) | 19,513 | 76,727 | — | (1,914 | ) | 74,813 | |||||||||||||||
Provision for loan losses | 1,178 | — | — | 1,178 | 838 | — | — | 838 | |||||||||||||||||
Net interest income (loss) after provision for loan losses | 18,808 | — | (473 | ) | 18,335 | 75,889 | — | (1,914 | ) | 73,975 | |||||||||||||||
Non-interest income: | |||||||||||||||||||||||||
Investment management fees | — | 10,277 | (56 | ) | 10,221 | — | 37,258 | (223 | ) | 37,035 | |||||||||||||||
Net gain on the sale and call of investment securities | — | — | — | — | 77 | — | — | 77 | |||||||||||||||||
Other non-interest income | 3,427 | 1 | — | 3,428 | 9,393 | 3 | — | 9,396 | |||||||||||||||||
Total non-interest income | 3,427 | 10,278 | (56 | ) | 13,649 | 9,470 | 37,261 | (223 | ) | 46,508 | |||||||||||||||
Non-interest expense: | |||||||||||||||||||||||||
Intangible amortization expense | — | 462 | — | 462 | — | 1,753 | — | 1,753 | |||||||||||||||||
Change in fair value of acquisition earn out | — | (2,478 | ) | — | (2,478 | ) | — | (3,687 | ) | — | (3,687 | ) | |||||||||||||
Other non-interest expense | 14,827 | 7,919 | 87 | 22,833 | 52,676 | 27,905 | 147 | 80,728 | |||||||||||||||||
Total non-interest expense | 14,827 | 5,903 | 87 | 20,817 | 52,676 | 25,971 | 147 | 78,794 | |||||||||||||||||
Income (loss) before tax | 7,408 | 4,375 | (616 | ) | 11,167 | 32,683 | 11,290 | (2,284 | ) | 41,689 | |||||||||||||||
Income tax expense (benefit) | 2,092 | 1,524 | (20 | ) | 3,596 | 9,568 | 4,357 | (877 | ) | 13,048 | |||||||||||||||
Net income (loss) | $ | 5,316 | $ | 2,851 | $ | (596 | ) | $ | 7,571 | $ | 23,115 | $ | 6,933 | $ | (1,407 | ) | $ | 28,641 |
December 31, | September 30, | December 31, | |||||||
(Dollars in thousands, except per share data) | 2017 | 2017 | 2016 | ||||||
Tangible book value per common share: | |||||||||
Total shareholders' equity | $ | 389,071 | $ | 377,333 | $ | 351,807 | |||
Less: intangible assets | 65,358 | 65,821 | 67,209 | ||||||
Tangible common equity | $ | 323,713 | $ | 311,512 | $ | 284,598 | |||
Common shares outstanding | 28,588,101 | 28,642,573 | 28,415,654 | ||||||
Tangible book value per common share | $ | 11.32 | $ | 10.88 | $ | 10.02 |
Three Months Ended | Years Ended | |||||||||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||
(Dollars in thousands) | 2017 | 2017 | 2016 | 2017 | 2016 | |||||||||||
Investment Management EBITDA: | ||||||||||||||||
Net income | $ | 2,079 | $ | 620 | $ | 2,851 | $ | 4,551 | $ | 6,933 | ||||||
Interest expense | — | — | — | — | — | |||||||||||
Income taxes expense | (1,065 | ) | 435 | 1,524 | 522 | 4,357 | ||||||||||
Depreciation expense | 128 | 130 | 87 | 497 | 165 | |||||||||||
Intangible amortization expense | 463 | 463 | 462 | 1,851 | 1,753 | |||||||||||
EBITDA | 1,605 | 1,648 | 4,924 | 7,421 | 13,208 | |||||||||||
Change in fair value of acquisition earn out | — | — | (2,478 | ) | — | (3,687 | ) | |||||||||
Acquisition related items | — | — | 351 | — | 352 | |||||||||||
Adjusted EBITDA | $ | 1,605 | $ | 1,648 | $ | 2,797 | $ | 7,421 | $ | 9,873 |
Three Months Ended | Years Ended | |||||||||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||
(Dollars in thousands) | 2017 | 2017 | 2016 | 2017 | 2016 | |||||||||||
Total revenue: | ||||||||||||||||
Net interest income | $ | 24,799 | $ | 23,605 | $ | 19,513 | $ | 91,353 | $ | 74,813 | ||||||
Total non-interest income | 12,139 | 11,706 | 13,649 | 46,966 | 46,508 | |||||||||||
Less: net gain on the sale and call of investment securities | 56 | 15 | — | 310 | 77 | |||||||||||
Total revenue | $ | 36,882 | $ | 35,296 | $ | 33,162 | $ | 138,009 | $ | 121,244 | ||||||
Efficiency ratio: | ||||||||||||||||
Total non-interest expense | $ | 25,718 | $ | 22,812 | $ | 20,817 | $ | 91,472 | $ | 78,794 | ||||||
Plus: change in fair value of acquisition earn out | — | — | 2,478 | — | 3,687 | |||||||||||
Less: acquisition related items | — | — | 351 | — | 352 | |||||||||||
Less: intangible amortization expense | 463 | 463 | 462 | 1,851 | 1,753 | |||||||||||
Total non-interest expense, as adjusted (numerator) | $ | 25,255 | $ | 22,349 | $ | 22,482 | $ | 89,621 | $ | 80,376 | ||||||
Total revenue (denominator) | $ | 36,882 | $ | 35,296 | $ | 33,162 | $ | 138,009 | $ | 121,244 | ||||||
Efficiency ratio | 68.48 | % | 63.32 | % | 67.79 | % | 64.94 | % | 66.29 | % |
Three Months Ended | Years Ended | |||||||||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||
(Dollars in thousands) | 2017 | 2017 | 2016 | 2017 | 2016 | |||||||||||
Bank total revenue: | ||||||||||||||||
Net interest income | $ | 25,343 | $ | 24,114 | $ | 19,986 | $ | 93,380 | $ | 76,727 | ||||||
Total non-interest income | 2,722 | 2,492 | 3,427 | 9,864 | 9,470 | |||||||||||
Less: net gain on the sale and call of investment securities | 56 | 15 | — | 310 | 77 | |||||||||||
Total revenue | $ | 28,009 | $ | 26,591 | $ | 23,413 | $ | 102,934 | $ | 86,120 | ||||||
Bank efficiency ratio: | ||||||||||||||||
Total non-interest expense (numerator) | $ | 17,204 | $ | 14,575 | $ | 14,827 | $ | 59,073 | $ | 52,676 | ||||||
Total revenue (denominator) | $ | 28,009 | $ | 26,591 | $ | 23,413 | $ | 102,934 | $ | 86,120 | ||||||
Bank efficiency ratio | 61.42 | % | 54.81 | % | 63.33 | % | 57.39 | % | 61.17 | % |