8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

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FORM 8-K

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CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

July 25, 2017

Date of Report (Date of earliest event reported)

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FCB FINANCIAL HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

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Delaware	001-36586	27-0775699
(State or other jurisdiction of incorporation	(Commission file number)	(IRS Employer Identification Number)

2500 Weston Road, Suite 300

Weston, Florida 33331

(Address of principal executive offices)

(954) 984-3313

(Registrant’s telephone number, including area code)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ]	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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company [ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

Item 2.02 Results of Operations and Financial Condition

On July 25, 2017, FCB Financial Holdings, Inc. issued a press release announcing its results of operations for the fiscal quarter ending June 30, 2017. The press release is furnished herewith as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits

99.1 Press Release of FCB Financial Holdings, Inc. issued July 25, 2017

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: July 25, 2017	FCB FINANCIAL HOLDINGS, INC.
	By:	/s/ Jennifer L. Simons
		Name: Jennifer L. Simons
		Title:   Chief Financial Officer

EX-99.1

Exhibit 99.1

FCB Financial Holdings, Inc. Surpasses $9.9 Billion in Assets and Reports Second Quarter 2017 Financial Results

Weston, Fla. - FCB Financial Holdings, Inc. (NYSE:FCB) (the "Company") today reported second quarter 2017 net income of $35.1 million, or $0.76 per share on a fully diluted basis, and adjusted net income of $32.5 million, or $0.71 per share on a fully diluted basis. Net income rose 49% year-over-year and net income per diluted share rose 39%. Adjusted net income rose 34% year-over-year and adjusted net income per diluted share rose 25%. This resulted in a ROA of 147 basis points and an adjusted ROA of 136 basis points.

• Fully tax equivalent net revenue of $83.0 million;

• Reported and Adjusted EPS of $0.76 and $0.71 per share, respectively, on a fully diluted basis;

• New loan portfolio grew sequentially at an annualized rate of 25% when excluding the impact of reducing the syndicated loan portfolio and mortgage sales;

• New loan fundings of $536.1 million during the quarter and reduction of syndicated loan portfolio of $24.9 million;

• Demand deposits grew by $125.9 million, or 24% annualized, during the quarter;

• Reported and Adjusted Efficiency ratio of 43.3% and 42.0%, respectively;

• Reported and Adjusted ROA of 147 and 136 basis points, respectively; and

• Tangible book value per share was $23.88.

The Company views certain non-operating items, including but not limited to merger related and restructuring charges, gain/(loss) on investment securities and their corresponding tax effect, as adjustments to net income. Non-operating adjustments for the second quarter of 2017 include $223 thousand of severance expense, $21 thousand of other operating expense and $255 thousand gain on sale of investment securities. Additionally, the Company expects its 2017 annual GAAP tax rate to be between 20-25% due to the accounting impact of option and warrant exercises in concordance with ASU 2016-09 which was effective January 1, 2017.

The reconciliation of non-GAAP measures (including adjusted net income, adjusted efficiency ratio, adjusted ROA, tangible book value and tangible book value per share), which the Company believes facilitates the assessment of its banking operations and peer comparability, is included in tabular form at the end of this release.

Kent Ellert, Chief Executive Officer and President of FCB Financial Holdings, Inc., commented, “The second quarter was another strong quarter for FCB, as we are knocking on the door of $10 billion in assets and continuing to generate record and improving profitability. Moving forward, we remain committed to being the leading independent bank in Florida and continuing to make FCB better for its shareholders, customers and employees.”

Loan Portfolio and Composition

During the quarter, the total loan portfolio, gross of the allowance for loan losses, grew by $333.0 million to $7.3 billion at June 30, 2017, an increase of 5% from $6.9 billion as of March 31, 2017, and 21% from $6.0 billion as of June 30, 2016.

The Bank’s new loan portfolio totaled $6.9 billion as of June 30, 2017, an increase of 5% from $6.6 billion as of March 31, 2017 and 25% from $5.5 billion as of June 30, 2016. Loan growth during the quarter was a result of $536.1 million of organic new loan fundings, consisting of $184.3 million of commercial and industrial, $205.7 million of commercial real estate and $146.1 million of residential and consumer. Additionally, during the quarter the Company reduced its syndicated loan portfolio by $24.9 million and sold $34.2 million of residential loans. As of June 30, 2017, new loans made up 95% of the total loan portfolio as compared to 95% and 92% as of March 31, 2017 and June 30, 2016, respectively.

The Bank’s acquired loan portfolio totaled $351.0 million as of June 30, 2017, a decrease of 4% from $366.2 million as of March 31, 2017 and a decrease of 26% from $474.1 million as of June 30, 2016. The decrease in the current quarter was driven by the resolution of $5.9 million of loans as well as scheduled loan amortization. As of June 30, 2017, acquired loans made up 5% of our total loan portfolio as compared to 5% and 8% as of March 31, 2017 and June 30, 2016, respectively.

Asset Quality

The provision for loan losses of $2.1 million recorded for the second quarter of 2017 includes a $2.3 million provision for new loans and net recoupment of valuation allowance of $0.2 million for the acquired loan portfolio. The provision for new loans served to increase the related allowance to $37.6 million, or 0.55% of the $6.9 billion in new loans outstanding. The nonperforming new loan ratio as of June 30, 2017 was 0.02%.

Deposits and Borrowings

Deposits totaled $7.7 billion as of June 30, 2017, in line with $7.7 billion as of March 31, 2017 and an increase of 19% from $6.5 billion as of June 30, 2016. During the second quarter of 2017, demand deposits increased by $125.9 million, or 6%, from March 31, 2017 and increased by $738.3 million, or 49%, from June 30, 2016. Demand deposits represent 29% of total deposits as of June 30, 2017 as compared to 28% and 23% as of March 31, 2017 and June 30, 2016, respectively. The cost of deposits was 82 basis points for the quarter, representing a seven basis points increase from the first quarter of 2017 and a 13 basis points increase from the second quarter of 2016. The primary driver of the increase over the periods is attributable to the Federal Reserve rate hikes in December 2016, March 2017 and June 2017.

Net Interest Margin and Net Interest Income

The net interest margin for the second quarter of 2017 was 3.16%, a decrease of 8 basis points from the first quarter of 2017 and a decrease of 35 basis points from the second quarter of 2016. The decrease from the first quarter of 2017 was due primarily to increase in funding costs associated with extending the duration of our FHLB borrowings.

Net interest income totaled $71.9 million in the second quarter of 2017, an increase of 3% from $69.7 million in the first quarter of 2017 and an increase of 11% from $64.9 million in the second quarter of 2016. Interest income totaled $90.6 million for the second quarter of 2017, an increase of 6% from $85.2 million in the first quarter of 2017 and an increase of 17% from $77.2 million in the second quarter of 2016. Interest income from new loans increased by $5.9 million, or 10%, from the first quarter of 2017 due to yield expansion and continued growth in the new loan portfolio. Interest income on acquired loans decreased by $1.0 million, or 12%, from the first quarter due to balance runoff and a reduction in loan resolutions. Interest expense was $18.7 million for the second quarter of 2017, an increase of 20% from $15.6 million in the first quarter of 2017 and an increase of 52% from $12.3 million in the second quarter of 2016. The increase from the first quarter of 2017 was a result of a 51 basis point increase on cost of borrowings associated with increased duration as well as the impact of the March 2017 and June 2017 Federal Reserve rate hikes on deposit costs.

Noninterest Income and Noninterest Expense

Noninterest income totaled $8.9 million for the second quarter of 2017 as compared to $10.0 million for the first quarter of 2017 and $8.2 million for the second quarter of 2016. The primary components of noninterest income for the quarter were loan and other fees, bank-owned life insurance income and other noninterest income of $3.0 million, $1.4 million and $3.0 million, respectively.

Noninterest expense totaled $35.3 million for the second quarter of 2017, an increase of 1% from $35.1 million in the first quarter of 2017 and an increase of 4% from $34.0 million in the second quarter of 2016. For the quarter, the Company recorded non-operating expenses of $244 thousand consisting of $223 thousand of severance expense and $21 thousand of other operating expense.

Financial Position

Capital ratios continue to be strong and well in excess of regulatory requirements. Our tangible common equity, Tier 1 leverage, and total risk-based capital ratios were 10.5%, 10.6% and 12.9% for the second quarter of 2017 respectively, compared to 10.3%, 10.5% and 12.8% for the first quarter of 2017, respectively. Stockholders’ equity totaled $1.12 billion as of June 30, 2017, an increase of 5.9% from $1.06 billion as of March 31, 2017 due to net income of $35.1 million, $18.0 million of additional paid-in capital and an increase in accumulated other comprehensive income of $9.0 million. The Company did not repurchase common stock during the quarter. Tangible book value per common share is $23.88 as of June 30, 2017.

Conference Call

The Company will host a conference call today, Tuesday, July 25, 2017 at 5:00 p.m. Eastern Time. Presentation materials related to the conference call are available on the Company's website, www.floridacommunitybank.com, by navigating to Investor Relations.

The number to call for this interactive teleconference is (855) 238-8125, and please ask to join the FCB Financial Holdings, Inc. or FCB teleconference. Please dial in 10 minutes prior to the beginning of the call.

A telephonic replay of the conference call will be available through August 25, 2017, by dialing (877) 344-7529 and entering pass code 10108288.

The live broadcast of the conference call will also be available online at the Company's website by following the link to Investor Relations. An on-line replay of the call will be available at the Company’s website for 90 days.

Forward-Looking Statements

This release may contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995.  Any statements about our expectations, beliefs, plans, strategies, predictions, forecasts, objectives or assumptions of future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipates,” “believes,” “expects,” “can,” “could,” “may,” “predicts,” “potential,” “opportunity,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “seeks,” “intends” and similar words or phrases. Accordingly, these statements involve estimates, known and unknown risks, assumptions and uncertainties that could cause actual strategies, actions or results to differ materially from those expressed in them, and are not guarantees of timing, future results or other events or performance. Because forward-looking statements are necessarily only estimates of future strategies, actions or results, based on management’s current expectations, assumptions and estimates on the date hereof, and there can be no assurance that actual strategies, actions or results will not differ materially from expectations, you are cautioned not to place undue reliance on such statements. Additional information regarding certain risks, uncertainties and other factors that could cause actual strategies, actions and results to differ materially from those contemplated in forward-looking statements is included from time to time in our filings with the SEC, including under the heading “Risk Factors” in our most recent Annual Report on Form 10-K. Any forward-looking statement speaks only as of the date on which it is made, and FCB Financial Holdings, Inc. undertakes no obligation to update any forward-looking statement, whether to reflect events or circumstances after the date on which the statement is made, to reflect new information or the occurrence of unanticipated events, or otherwise.

Use of Non-GAAP Financial Measures

Adjusted net income, adjusted efficiency ratio, adjusted return-on-assets ("adjusted ROA"), tangible book value and tangible book value per share are each non-GAAP financial measures used in this release. A reconciliation to what we believe to be the most directly comparable GAAP financial measures - net income in the case of adjusted net income and adjusted ROA, total net interest income, total noninterest income and total noninterest expense in the case of adjusted efficiency ratio, and total shareholders' equity in the case of tangible book value and tangible book value per share - appears in tabular form at the end of this release. The Company believes each of adjusted net income, adjusted efficiency ratio, and adjusted ROA is useful for both investors and management to understand the effects of certain noninterest items and provides additional perspective on the Company’s performance over time and in comparison to the Company's competitors. Neither Adjusted net income nor Adjusted ROA should be viewed as a substitute for net income, nor should Adjusted efficiency ratio be viewed as a substitute for total net interest income, total noninterest income and total noninterest expense. The Company believes that tangible book value and tangible book value per share are useful for both investors and management, among other things, as these are measures commonly used by financial institutions, regulators and investors to measure the capital adequacy of financial institutions. The Company believes these measures facilitate comparison of the quality and composition of the Company's capital over time and in comparison to its competitors. These measures should not be viewed as a substitute for total stockholders' equity.

These non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for financial results and analyses of results reported under GAAP, and should be read in conjunction with the Company’s financial statements prepared in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.

About FCB Financial Holdings, Inc.

FCB Financial Holdings, Inc., parent company of Florida Community Bank, N.A., (NYSE: FCB) is the second largest Florida-based independent bank, and among the most highly capitalized banks in the state. Awarded a five-star rating from Bauer Financial™, FCB assets are more than $9.9 billion, with capital ratios that exceed regulatory standards. Since its founding in 2010, FCB has been steadfast in its commitment to delivering personalized service, innovation, and products and services equal to those offered by the national banks. Similarly, FCB recognizes the importance of community, fostering a corporate culture that promotes employee volunteerism at all levels, while supporting community-based programs and partnerships that help promote greater financial independence and improved quality of life for families. FCB serves individuals, businesses and communities across the state with 46 full-service banking centers from east to west, and from Daytona Beach to Miami-Dade. For more information, visit FloridaCommunityBank.com. Equal Housing Lender, Member FDIC.

FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES

Consolidated Statements of Income

(Unaudited)

	Three Months Ended
	June 30, 2017			March 31, 2017		December 31, 2016		September 30, 2016		June 30, 2016
	(Dollars in thousands, except share and per share data)
Interest income:
Interest and fees on loans	$	71,516		$	66,589	$	68,583	$	65,748	$	62,642
Interest and dividends on investment securities	18,921			18,561		16,907		14,955		14,470
Other interest income	136			72		90		97		96
Total interest income	90,573			85,222		85,580		80,800		77,208
Interest expense:
Interest on deposits	15,625			13,518		12,960		11,736		10,340
Interest on borrowings	3,061			2,034		1,554		1,786		1,938
Total interest expense	18,686			15,552		14,514		13,522		12,278
Net interest income	71,887			69,670		71,066		67,278		64,930
Provision for loan losses	2,115			1,643		2,249		1,990		1,976
Net interest income after provision for loan losses	69,772			68,027		68,817		65,288		62,954
Noninterest income:
Service charges and fees	902			915		935		884		842
Loan and other fees	3,048			2,495		2,488		2,145		2,248
Bank-owned life insurance income	1,414			1,414		1,333		1,288		1,286
Income from resolution of acquired assets	320			762		1,135		1,052		478
Gain (loss) on sales of other real estate owned	(23		)	45		209		925		2,102
Gain (loss) on investment securities	255			777		800		749		324
Other noninterest income	2,957			3,579		1,019		1,099		942
Total noninterest income	8,873			9,987		7,919		8,142		8,222
Noninterest expense:
Salaries and employee benefits	21,486			20,497		19,261		18,711		19,614
Occupancy and equipment expenses	3,336			3,397		3,505		3,480		3,034
Loan and other real estate related expenses	1,188			1,227		1,467		1,834		2,235
Professional services	1,508			1,352		1,585		1,180		1,105
Data processing and network	3,090			2,965		2,920		2,882		2,796
Regulatory assessments and insurance	2,184			2,177		2,055		1,860		1,840
Amortization of intangibles	256			256		256		257		297
Marketing and promotions	947			1,346		730		956		1,108
Other operating expenses	1,257			1,867		1,867		1,876		1,946
Total noninterest expense	35,252			35,084		33,646		33,036		33,975
Income before income tax expense	43,393			42,930		43,090		40,394		37,201
Income tax expense	8,312			3,941		15,194		14,330		13,697
Net income	$	35,081		$	38,989	$	27,896	$	26,064	$	23,504
Earnings per share:
Basic	$	0.82		$	0.93	$	0.68	$	0.64	$	0.58
Diluted	$	0.76		$	0.86	$	0.64	$	0.60	$	0.55
Weighted average shares outstanding:
Basic	42,659,101			41,730,610		40,911,326		40,608,706		40,646,498
Diluted	46,042,552			45,573,213		43,728,282		43,150,813		42,997,811

FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

	June 30, 2017			March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016
	(Dollars in thousands)
Assets:
Cash and due from banks	$	62,578		$	70,908		$	52,903		$	67,324		$	51,277
Interest-earning deposits in other banks	37,424			62,929			30,973			20,010			107,588
Investment securities:
Available for sale securities, at fair value	2,046,488			1,976,252			1,876,434			1,672,089			1,562,049
Federal Home Loan Bank and other bank stock, at cost	68,372			55,652			51,656			43,486			51,557
Total investment securities	2,114,860			2,031,904			1,928,090			1,715,575			1,613,606
Loans held for sale	24,145			21,251			20,220			15,748			5,363
Loans:
New loans	6,900,380			6,552,214			6,259,406			5,837,759			5,523,071
Acquired loans	351,021			366,156			375,488			431,734			474,076
Allowance for loan losses	(41,334		)	(39,431		)	(37,897		)	(35,785		)	(33,706		)
Loans, net	7,210,067			6,878,939			6,596,997			6,233,708			5,963,441
Premises and equipment, net	36,111			36,278			36,652			38,112			37,939
Other real estate owned	18,540			18,761			19,228			25,654			29,290
Goodwill and other intangible assets	85,383			85,639			85,895			86,151			86,408
Deferred tax assets, net	50,612			56,178			61,391			59,081			66,213
Bank-owned life insurance	198,250			198,089			198,438			172,105			170,817
Other assets	63,422			72,346			59,347			97,684			89,280
Total assets	$	9,901,392		$	9,533,222		$	9,090,134		$	8,531,152		$	8,221,222
Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Transaction accounts:
Noninterest-bearing	$	1,135,922		$	1,069,745		$	905,905		$	830,910		$	789,019
Interest-bearing	4,489,554			4,571,833			4,183,972			3,794,215			3,490,188
Total transaction accounts	5,625,476			5,641,578			5,089,877			4,625,125			4,279,207
Time deposits	2,069,714			2,032,793			2,215,794			2,292,438			2,188,459
Total deposits	7,695,190			7,674,371			7,305,671			6,917,563			6,467,666
Borrowings	1,019,494			739,519			751,103			568,175			756,759
Other liabilities	69,430			64,085			50,919			79,329			73,625
Total liabilities	8,784,114			8,477,975			8,107,693			7,565,067			7,298,050
Stockholders’ Equity:
Class A common stock	46			45			44			41			40
Class B common stock	—			—			—			3			3
Additional paid-in capital	916,360			898,394			875,314			866,673			857,721
Retained earnings	262,521			227,440			188,451			160,555			134,491
Accumulated other comprehensive income (loss)	15,724			6,741			(3,995		)	16,186			4,816
Treasury stock, at cost	(77,373		)	(77,373		)	(77,373		)	(77,373		)	(73,899		)
Total stockholders’ equity	1,117,278			1,055,247			982,441			966,085			923,172
Total liabilities and stockholders’ equity	$	9,901,392		$	9,533,222		$	9,090,134		$	8,531,152		$	8,221,222

FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES

Key Metrics

(Unaudited)

	Three Months Ended
	June 30, 2017		March 31, 2017		December 31, 2016		September 30, 2016		June 30, 2016
Performance Ratios:
Interest rate spread	2.92	%	3.03	%	3.22	%	3.26	%	3.33	%
Net interest margin	3.16	%	3.24	%	3.41	%	3.44	%	3.51	%
Return on average assets	1.47	%	1.72	%	1.26	%	1.25	%	1.19	%
Return on average equity	12.95	%	15.58	%	11.36	%	10.96	%	10.41	%
Efficiency ratio (company level)	43.33	%	43.72	%	42.27	%	43.46	%	46.04	%
Average interest-earning assets to average interest bearing liabilities	123.38	%	121.19	%	120.75	%	120.89	%	119.60	%
Loans receivable to deposits	94.23	%	90.15	%	90.82	%	90.63	%	92.73	%
Yield on interest-earning assets	3.93	%	3.90	%	4.06	%	4.09	%	4.12	%
Cost of interest-bearing liabilities	1.01	%	0.87	%	0.84	%	0.83	%	0.79	%
Asset and Credit Quality Ratios - Total loans:
Nonperforming loans to loans receivable	0.22	%	0.24	%	0.39	%	0.27	%	0.30	%
Nonperforming assets to total assets	0.35	%	0.37	%	0.50	%	0.50	%	0.57	%
ALL to nonperforming assets	120.11	%	111.81	%	84.08	%	83.92	%	71.59	%
ALL to total gross loans	0.57	%	0.57	%	0.57	%	0.57	%	0.56	%
Asset and Credit Quality Ratios - New Loans:
Nonperforming new loans to new loans receivable	0.02	%	0.02	%	0.04	%	0.01	%	0.01	%
New loan ALL to total gross new loans	0.55	%	0.54	%	0.54	%	0.52	%	0.52	%
Asset and Credit Quality Ratios - Acquired Loans:
Nonperforming acquired loans to acquired loans receivable	4.05	%	4.15	%	6.18	%	3.76	%	3.69	%
Acquired loan ALL to total gross acquired loans	1.06	%	1.11	%	1.16	%	1.22	%	1.10	%
Capital Ratios (Company):
Average equity to average total assets	11.3	%	11.0	%	11.1	%	11.4	%	11.5	%
Tangible average equity to tangible average assets	10.5	%	10.2	%	10.2	%	10.5	%	10.5	%
Tangible common equity ratio (1)	10.5	%	10.3	%	10.0	%	10.4	%	10.3	%
Tier 1 leverage ratio	10.6	%	10.5	%	10.3	%	10.3	%	9.8	%
Tier 1 risk-based capital ratio	12.3	%	12.2	%	11.9	%	11.8	%	11.3	%
Total risk-based capital ratio	12.9	%	12.8	%	12.5	%	12.0	%	11.3	%
Capital Ratios (Bank):
Average equity to average total assets	10.1	%	10.0	%	10.2	%	10.6	%	10.5	%
Tangible common equity ratio	9.3	%	9.1	%	9.0	%	9.5	%	9.4	%
Tier 1 leverage ratio	9.3	%	9.3	%	9.3	%	9.6	%	9.6	%
Tier 1 risk-based capital ratio	10.9	%	10.9	%	10.9	%	11.1	%	11.1	%
Total risk-based capital ratio	11.4	%	11.5	%	11.4	%	11.5	%	11.2	%

(1) See Reconciliation of Non-GAAP Financial Measures - Tangible Book Value

FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES

Loan Composition

(Unaudited)

	As of
	June 30, 2017		March 31, 2017		December 31, 2016		September 30, 2016		June 30, 2016
	(Dollars in thousands)
New Loans:
Commercial real estate	$	1,811,977	$	1,703,790	$	1,438,427	$	1,272,150	$	1,209,762
Owner-occupied commercial real estate	856,050		790,062		769,814		596,131		571,558
1-4 single family residential	2,133,883		2,084,966		2,012,856		1,982,340		1,923,092
Construction, land and development	706,866		627,894		651,253		639,626		582,615
Home equity loans and lines of credit	47,686		50,815		49,819		47,508		43,730
Total real estate loans	$	5,556,462	$	5,257,527	$	4,922,169	$	4,537,755	$	4,330,757
Commercial and industrial	1,339,591		1,290,456		1,332,869		1,295,324		1,187,788
Consumer	4,327		4,231		4,368		4,680		4,526
Total new loans	$	6,900,380	$	6,552,214	$	6,259,406	$	5,837,759	$	5,523,071
Acquired ASC 310-30 Loans:
Commercial real estate	$	120,781	$	129,317	$	130,628	$	160,219	$	182,828
1-4 single family residential	28,792		30,115		31,476		34,329		35,400
Construction, land and development	15,060		15,912		17,657		25,156		25,296
Total real estate loans	$	164,633	$	175,344	$	179,761	$	219,704	$	243,524
Commercial and industrial	13,612		14,234		15,147		21,985		28,984
Consumer	1,478		1,554		1,681		2,074		2,216
Total Acquired ASC 310-30 Loans	$	179,723	$	191,132	$	196,589	$	243,763	$	274,724
Acquired Non-ASC 310-30 Loans:
Commercial real estate	$	38,043	$	38,352	$	38,786	$	39,769	$	44,680
Owner-occupied commercial real estate	18,266		18,465		18,477		20,042		19,256
1-4 single family residential	62,485		64,669		66,854		71,302		74,568
Construction, land and development	5,890		5,890		6,338		6,338		6,338
Home equity loans and lines of credit	40,809		41,835		42,295		43,096		46,269
Total real estate loans	$	165,493	$	169,211	$	172,750	$	180,547	$	191,111
Commercial and industrial	5,499		5,487		5,815		7,001		7,801
Consumer	306		326		334		423		440
Total Acquired Non-ASC 310-30 Loans	$	171,298	$	175,024	$	178,899	$	187,971	$	199,352
Total loans	$	7,251,401	$	6,918,370	$	6,634,894	$	6,269,493	$	5,997,147

FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES

Deposit Composition

(Unaudited)

	As of
	June 30, 2017		March 31, 2017		December 31, 2016		September 30, 2016		June 30, 2016
	(Dollars in thousands)
Noninterest-bearing demand deposits	$	1,135,922	$	1,069,745	$	905,905	$	830,910	$	789,019
Interest-bearing demand deposits	1,117,280		1,057,539		1,004,452		905,687		725,896
Interest-bearing NOW accounts	401,845		422,329		398,823		420,207		425,464
Savings and money market accounts	2,970,429		3,091,965		2,780,697		2,468,321		2,338,828
Time deposits	2,069,714		2,032,793		2,215,794		2,292,438		2,188,459
Total deposits	$	7,695,190	$	7,674,371	$	7,305,671	$	6,917,563	$	6,467,666

FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES

Quarterly Average Balances and Yields

(Unaudited)

	Three Months Ended
	June 30, 2017						March 31, 2017
	Average Balance (1)		Interest/ Expense (2)		Annualized Yield/Rate(3)		Average Balance (1)		Interest/ Expense (2)		Annualized Yield/Rate(3)
	(Dollars in thousands)
Interest-earning assets:
Interest-earning deposits in other banks	$	51,078	$	136	1.07	%	$	33,990	$	72	0.86	%
New loans	6,695,380		64,575		3.82	%	6,342,488		58,691		3.70	%
Acquired loans (4)(5)	355,721		6,941		7.80	%	368,305		7,898		8.58	%
Investment securities	2,025,060		18,921		3.70	%	1,986,083		18,561		3.74	%
Total interest-earning assets	$	9,127,239	$	90,573	3.93	%	$	8,730,866	$	85,222	3.90	%
Non-earning assets:
Noninterest-earning assets	475,115						465,617
Total assets	$	9,602,354					$	9,196,483
Interest-bearing liabilities:
Interest-bearing demand deposits	$	1,073,823	$	2,289	0.85	%	$	1,013,185	$	1,712	0.69	%
Interest-bearing NOW accounts	419,774		637		0.61	%	404,483		473		0.47	%
Savings and money market accounts	3,071,859		6,857		0.90	%	2,791,959		5,116		0.74	%
Time deposits (6)	2,007,097		5,842		1.17	%	2,150,522		6,217		1.17	%
FHLB advances and other borrowings (6)	825,154		3,061		1.47	%	843,929		2,034		0.96	%
Total interest-bearing liabilities	$	7,397,707	$	18,686	1.01	%	$	7,204,078	$	15,552	0.87	%
Noninterest-bearing liabilities and stockholders’ equity:
Noninterest-bearing demand deposits	$	1,070,311					$	945,494
Other liabilities	47,782						32,072
Stockholders’ equity	1,086,554						1,014,839
Total liabilities and stockholders’ equity	$	9,602,354					$	9,196,483
Net interest income			$	71,887					$	69,670
Net interest spread					2.92	%					3.03	%
Net interest margin					3.16	%					3.24	%

(1) Average balances presented are derived from daily average balances.

(2) Interest income is presented on an actual basis and does not include taxable equivalent adjustments.

(3) Average rates are presented on an annualized basis.

(4) Includes loans on non-accrual status.

(5) Net of allowance for loan losses.

(6) Interest expense includes the impact from premium amortization.

FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES

Quarterly Average Balances and Yields

(Unaudited)

	Three Months Ended June 30,
	2017						2016
	Average Balance (1)		Interest/ Expense (2)		Annualized Yield/Rate(3)		Average Balance (1)		Interest/ Expense (2)		Annualized Yield/Rate(3)
	(Dollars in thousands)
Interest-earning assets:
Interest-earning deposits in other banks	$	51,078	$	136	1.07	%	$	92,582	$	96	0.42	%
New loans	6,695,380		64,575		3.82	%	5,235,352		46,074		3.48	%
Acquired loans (4)(5)	355,721		6,941		7.80	%	508,657		16,568		13.03	%
Investment securities	2,025,060		18,921		3.70	%	1,592,399		14,470		3.59	%
Total interest-earning assets	$	9,127,239	$	90,573	3.93	%	$	7,428,990	$	77,208	4.12	%
Non-earning assets:
Noninterest-earning assets	475,115						470,240
Total assets	$	9,602,354					$	7,899,230
Interest-bearing liabilities:
Interest-bearing demand deposits	$	1,073,823	$	2,289	0.85	%	$	671,023	$	843	0.50	%
Interest-bearing NOW accounts	419,774		637		0.61	%	452,759		434		0.38	%
Savings and money market accounts	3,071,859		6,857		0.90	%	2,222,786		3,418		0.62	%
Time deposits (6)	2,007,097		5,842		1.17	%	1,973,438		5,645		1.15	%
FHLB advances and other borrowings (6)	825,154		3,061		1.47	%	891,580		1,938		0.86	%
Total interest-bearing liabilities	$	7,397,707	$	18,686	1.01	%	$	6,211,586	$	12,278	0.79	%
Noninterest-bearing liabilities and stockholders’ equity:
Noninterest-bearing demand deposits	$	1,070,311					$	716,806
Other liabilities	47,782						65,110
Stockholders’ equity	1,086,554						905,728
Total liabilities and stockholders’ equity	$	9,602,354					$	7,899,230
Net interest income			$	71,887					$	64,930
Net interest spread					2.92	%					3.33	%
Net interest margin					3.16	%					3.51	%

(1) Average balances presented are derived from daily average balances.

(2) Interest income is presented on an actual basis and does not include taxable equivalent adjustments.

(3) Average rates are presented on an annualized basis.

(4) Includes loans on non-accrual status.

(5) Net of allowance for loan losses.

(6) Interest expense includes the impact from premium amortization.

	Year to date June 30,
	2017						2016
	Average Balance (1)		Interest/ Expense (2)		Annualized Yield/Rate(3)		Average Balance (1)		Interest/ Expense (2)		Annualized Yield/Rate(3)
	(Dollars in thousands)
Interest-earning assets:
Interest-earning deposits in other banks	$	42,581	$	208	0.99	%	$	89,646	$	162	0.36	%
New loans	6,519,909		123,266		3.76	%	5,046,080		88,786		3.48	%
Acquired loans (4)(5)	361,978		14,839		8.20	%	532,790		35,144		13.19	%
Investment securities	2,005,679		37,482		3.72	%	1,584,508		28,844		3.60	%
Total interest-earning assets	$	8,930,147	$	175,795	3.92	%	$	7,253,024	$	152,936	4.18	%
Non-earning assets:
Noninterest-earning assets	470,392						473,630
Total assets	$	9,400,539					$	7,726,654
Interest-bearing liabilities:
Interest-bearing demand deposits	$	1,043,672	$	4,000	0.77	%	$	653,261	$	1,627	0.50	%
Interest-bearing NOW accounts	412,171		1,111		0.54	%	421,958		806		0.38	%
Savings and money market accounts	2,932,682		11,973		0.82	%	2,131,992		6,261		0.59	%
Time deposits (6)	2,078,413		12,059		1.17	%	1,937,274		10,939		1.13	%
FHLB advances and other borrowings (6)	834,489		5,095		1.21	%	949,410		3,931		0.82	%
Total interest-bearing liabilities	$	7,301,427	$	34,238	0.94	%	$	6,093,895	$	23,564	0.77	%
Noninterest-bearing liabilities and stockholders’ equity:
Noninterest-bearing demand deposits	$	1,008,247					$	681,624
Other liabilities	39,970						60,241
Stockholders’ equity	1,050,895						890,894
Total liabilities and stockholders’ equity	$	9,400,539					$	7,726,654
Net interest income			$	141,557					$	129,372
Net interest spread					2.98	%					3.41	%
Net interest margin					3.20	%					3.58	%

(1) Average balances presented are derived from daily average balances.

(2) Interest income is presented on an actual basis and does not include taxable equivalent adjustments.

(3) Average rates are presented on an annualized basis.

(4) Includes loans on non-accrual status.

(5) Net of allowance for loan losses.

(6) Interest expense includes the impact from premium amortization.

FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES

Reconciliation of Non-GAAP Financial Measures - Adjusted Net Income

(Unaudited)

	Three Months Ended
	June 30, 2017			March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016
	(Dollars in thousands)
Net Income	$	35,081		$	38,989		$	27,896		$	26,064		$	23,504
Pre-tax Adjustments
Noninterest income
Less: Gain (loss) on investment securities	255			777			800			749			324
Noninterest expenses
Salaries and employee benefits	223			56			132			72			1,018
Occupancy and equipment	—			—			43			—			—
Loan and other real estate related expenses	—			—			—			—			—
Professional services	—			—			—			—			—
Data processing and network fees	—			—			—			—			—
Regulatory assessments and insurance	—			—			—			—			—
Amortization of intangibles	—			—			—			—			—
Other operating expenses	21			12			66			7			—
Taxes
Tax Effect of adjustments (1)	(2,534		)	(9,147		)	(160		)	(10		)	17
Adjusted Net Income	$	32,536		$	29,133		$	27,177		$	25,384		$	24,215
Average assets	$	9,602,354		$	9,196,483		$	8,764,938		$	8,247,690		$	7,899,230
ROA (2)	1.47		%	1.72		%	1.26		%	1.25		%	1.19		%
Adjusted ROA (3)	1.36		%	1.28		%	1.23		%	1.22		%	1.23		%

(1) Tax effected at marginal income tax rate of 39% except for non tax deductible and discreet items. Adjusted tax rate of 36% in 2016 and 20-25% in 2017.

(2) Return on assets: Annualized net income / average assets

(3) Adjusted return on assets: Annualized adjusted net income / average assets

FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES

Reconciliation of Non-GAAP Financial Measures - Adjusted Efficiency Ratio

(Unaudited)

	Three Months Ended
	June 30, 2017			March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016
	(Dollars in thousands)
Reported: Net interest income	$	71,887		$	69,670		$	71,066		$	67,278		$	64,930
FTE adjustment	1,348			1,288			1,132			989			865
Adjusted net interest income	$	73,235		$	70,958		$	72,198		$	68,267		$	65,795
Reported: Noninterest income	$	8,873		$	9,987		$	7,919		$	8,142		$	8,222
FTE adjustment	904			904			852			824			822
Less: Gain (loss) on investment securities	255			777			800			749			324
Adjusted noninterest income	$	9,522		$	10,114		$	7,971		$	8,217		$	8,720
Reported: Noninterest expense	$	35,252		$	35,084		$	33,646		$	33,036		$	33,975
Less:
Salaries and employee benefits	223			56			132			72			1,018
Occupancy and equipment	—			—			43			—			—
Loan and other real estate related expenses	—			—			—			—			—
Professional services	—			—			—			—			—
Data processing and network fees	—			—			—			—			—
Regulatory assessments and insurance	—			—			—			—			—
Amortization of intangibles	—			—			—			—			—
Other operating expenses	21			12			66			7			—
Adjusted noninterest expense	$	35,008		$	35,016		$	33,405		$	32,957		$	32,957
Efficiency ratio (1)	43.33		%	43.72		%	42.27		%	43.46		%	46.04		%
Adjusted efficiency ratio (2)	41.99		%	42.88		%	41.35		%	42.75		%	43.83		%

(1) Efficiency ratio: Noninterest expense less amortization of intangibles / (noninterest income + net interest income)

(2) Adjusted efficiency ratio: Adjusted noninterest expense less amortization of intangibles / (adjusted noninterest income + adjusted net interest income)

FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES

Reconciliation of Non-GAAP Financial Measures - Tangible Book Value Per Share

(Unaudited)

	June 30, 2017			March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016
	(Dollars in thousands, except share and per share data)
Total assets	$	9,901,392		$	9,533,222		$	9,090,134		$	8,531,152		$	8,221,222
Less:
Goodwill and other intangible assets	85,383			85,639			85,895			86,151			86,408
Tangible assets	$	9,816,009		$	9,447,583		$	9,004,239		$	8,445,001		$	8,134,814
Total stockholders’ equity	$	1,117,278		$	1,055,247		$	982,441		$	966,085		$	923,172
Less:
Goodwill and other intangible assets	85,383			85,639			85,895			86,151			86,408
Tangible stockholders’ equity	$	1,031,895		$	969,608		$	896,546		$	879,934		$	836,764
Shares outstanding	43,208,418			42,432,062			41,157,571			40,912,571			40,537,913
Tangible book value per share	$	23.88		$	22.85		$	21.78		$	21.51		$	20.64
Average assets	$	9,602,354		$	9,196,483		$	8,764,938		$	8,247,690		$	7,899,230
Average equity	$	1,086,554		$	1,014,839		$	974,544		$	943,168		$	905,728
Average goodwill and other intangible assets	$	85,511		$	85,766		$	86,029		$	86,276		$	86,564
Tangible average equity to tangible average assets	10.5		%	10.2		%	10.2		%	10.5		%	10.5		%
Tangible common equity ratio	10.5		%	10.3		%	10.0		%	10.4		%	10.3		%

For questions please contact:

Matthew Paluch

305-668-5420

IR@fcb1923.com