North Carolina | 000-13823 | 56-1456589 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) |
[ | ] | 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)) |
Exhibit No. | Description |
99.1 | Press Release, dated July 29, 2014, announcing CommunityOne Bancorp’s financial results for the second quarter ended June 30, 2014. |
99.2 | CommunityOne Bancorp Second Quarter 2014 Earnings Presentation issued July 29, 2014. |
July 29, 2014 | COMMUNITYONE BANCORP | |
(Date) | (Registrant) | |
/s/ David L. Nielsen | ||
David L. Nielsen | ||
Chief Financial Officer |
Exhibit No. | Description |
99.1 | Press Release, dated July 29, 2014, announcing CommunityOne Bancorp’s financial results for the second quarter ended June 30, 2014. |
99.2 | CommunityOne Bancorp Second Quarter 2014 Earnings Presentation issued July 29, 2014. |
For immediate release | ||||
July 29, 2014 | ||||
For more information: | ||||
David Nielsen, CFO, 980-819-6220 | ||||
investorrelations@community1.com |
• | The second quarter was the Company’s fourth consecutive profitable quarter. |
• | Net income before tax in 2Q 2014 increased 133% to $3.0 million from last quarter, and was $6.0 million better year over year. |
• | Core earnings grew 55% from the first quarter to $2.6 million, and were improved from $1.8 million in the same quarter last year. |
• | Loan growth was strong and broad based in the quarter. Loans grew $50.1 million, an annualized growth rate of over 16%, and all our lines of business grew loans during the quarter. Excluding purchased residential mortgage loan pools, organic loans grew $34.8 million in the quarter at almost a 14% annualized growth rate. |
• | The Company expanded commercial, real estate and residential mortgage lending capacity through hiring of nine bankers and geographic expansion into Raleigh and Winston-Salem. |
• | Positive credit performance continued in 2Q 2014, resulting in a net recovery of loan loss provision of $1.7 million. Net charge-offs were $0.4 million and annualized net charge-offs as a percent of average loans held for investment were 0.12% during the quarter. |
• | Asset quality continued to improve as nonperforming assets fell 9% from 1Q 2014 and 44% from 2Q 2013. Nonperforming assets fell to their lowest levels since the recapitalization in 2011 and were 2.7% of total assets. |
• | Net interest income grew 2% in the second quarter to $15.7 million. Net interest margin declined by 3 basis points to 3.40% from 1Q 2014, but was 13 bps better than 2Q 2013. |
• | Noninterest expenses were well controlled, $5.4 million (22%) lower than 2Q 2013, as a result of lower personnel expenses, OREO reductions and merger synergies. Core noninterest expenses were 2% lower than 1Q 2014 on reduced personnel, professional fees, and occupancy expenses. |
• | The Company incurred $0.4 million in transaction expenses associated with the May 24th sale by the U.S. Treasury of its common stock investment in the Company that it acquired in connection with the Company’s recapitalization in 2011. |
(in thousands, except per share data) | 2Q 2014 | 1Q 2014 | 4Q 2013 | 3Q 2013 | 2Q 2013 | ||||||||||||||||||
Interest Income | |||||||||||||||||||||||
Interest and fees on loans | $ | 14,376 | $ | 14,081 | $ | 14,976 | $ | 15,964 | $ | 14,422 | |||||||||||||
Interest and dividends on investment securities | 3,731 | 3,695 | 3,815 | 3,774 | 3,518 | ||||||||||||||||||
Other interest income | 156 | 151 | 141 | 115 | 197 | ||||||||||||||||||
Total interest income | 18,263 | 17,927 | 18,932 | 19,853 | 18,137 | ||||||||||||||||||
Interest Expense | |||||||||||||||||||||||
Deposits | 1,741 | 1,702 | 1,839 | 1,894 | 2,090 | ||||||||||||||||||
Retail repurchase agreements | 3 | 3 | 7 | 6 | 4 | ||||||||||||||||||
Federal Home Loan Bank advances | 514 | 469 | 340 | 289 | 365 | ||||||||||||||||||
Other borrowed funds | 287 | 274 | 282 | 282 | 264 | ||||||||||||||||||
Total interest expense | 2,545 | 2,448 | 2,468 | 2,471 | 2,723 | ||||||||||||||||||
Net interest income before provision for loan losses | 15,718 | 15,479 | 16,464 | 17,382 | 15,414 | ||||||||||||||||||
Provision for (recovery of) loan losses | (1,685 | ) | (684 | ) | 1,820 | (350 | ) | (1,057 | ) | ||||||||||||||
Net Interest Income after Provision for Loan Losses | 17,403 | 16,163 | 14,644 | 17,732 | 16,471 | ||||||||||||||||||
Noninterest Income | |||||||||||||||||||||||
Service charges on deposit accounts | 1,619 | 1,564 | 1,798 | 1,858 | 1,681 | ||||||||||||||||||
Mortgage loan income | 261 | 174 | 235 | 420 | 921 | ||||||||||||||||||
Cardholder and merchant services income | 1,209 | 1,113 | 1,127 | 1,161 | 1,174 | ||||||||||||||||||
Trust and investment services | 399 | 358 | 341 | 329 | 394 | ||||||||||||||||||
Bank owned life insurance | 278 | 252 | 267 | 267 | 276 | ||||||||||||||||||
Other service charges, commissions and fees | 332 | 352 | 356 | 365 | 337 | ||||||||||||||||||
Securities gains, net | 720 | — | — | 50 | 345 | ||||||||||||||||||
Other income | 75 | 130 | 23 | 37 | 119 | ||||||||||||||||||
Total noninterest income | 4,893 | 3,943 | 4,147 | 4,487 | 5,247 | ||||||||||||||||||
Noninterest Expense | |||||||||||||||||||||||
Personnel expense | 9,956 | 10,393 | 9,512 | 9,663 | 10,807 | ||||||||||||||||||
Net occupancy expense | 1,512 | 1,553 | 1,331 | 1,558 | 1,671 | ||||||||||||||||||
Furniture, equipment and data processing expense | 2,047 | 2,003 | 2,126 | 2,050 | 2,094 | ||||||||||||||||||
Professional fees | 467 | 633 | 625 | 222 | 760 | ||||||||||||||||||
Stationery, printing and supplies | 173 | 162 | 135 | 136 | 187 | ||||||||||||||||||
Advertising and marketing | 147 | 153 | 141 | 150 | 179 | ||||||||||||||||||
Other real estate owned expense | 954 | 261 | 21 | (98 | ) | 3,332 | |||||||||||||||||
Credit/debit card expense | 604 | 595 | 618 | 627 | 473 | ||||||||||||||||||
FDIC insurance | 595 | 639 | 663 | 646 | 664 | ||||||||||||||||||
Loan collection expense | 551 | 657 | 548 | 1,120 | 1,146 | ||||||||||||||||||
Merger-related expense | — | — | — | — | 1,989 | ||||||||||||||||||
Core deposit intangible amortization | 352 | 352 | 351 | 352 | 352 | ||||||||||||||||||
Other expense | 1,910 | 1,405 | 1,479 | 1,501 | 1,011 | ||||||||||||||||||
Total noninterest expense | 19,268 | 18,806 | 17,550 | 17,927 | 24,665 | ||||||||||||||||||
Income (Loss) before income taxes | 3,028 | 1,300 | 1,241 | 4,292 | (2,947 | ) | |||||||||||||||||
Income tax expense (benefit) | 236 | 23 | (1,049 | ) | 286 | 236 | |||||||||||||||||
Net income (loss) | $ | 2,792 | $ | 1,277 | $ | 2,290 | $ | 4,006 | $ | (3,183 | ) | ||||||||||||
Weighted average shares outstanding - basic | 21,889 | 21,936 | 21,756 | 21,739 | 21,729 | ||||||||||||||||||
Weighted average shares outstanding - diluted | 21,900 | 21,936 | 21,756 | 21,739 | 21,729 | ||||||||||||||||||
Net income (loss) per share - basic and diluted | $ | 0.13 | $ | 0.06 | $ | 0.11 | $ | 0.18 | $ | (0.15 | ) |
(in thousands, except per share data) | 2Q 2014 | 1Q 2014 | 4Q 2013 | 3Q 2013 | 2Q 2013 | ||||||||||||||||||
Assets | |||||||||||||||||||||||
Cash and due from banks | $ | 30,377 | $ | 31,591 | $ | 31,917 | $ | 29,506 | $ | 34,959 | |||||||||||||
Interest-bearing bank balances | 40,100 | 73,360 | 35,513 | 73,568 | 53,511 | ||||||||||||||||||
Investment securities: | |||||||||||||||||||||||
Available-for-sale | 399,110 | 402,468 | 414,614 | 439,712 | 453,410 | ||||||||||||||||||
Held-to-maturity | 147,055 | 149,060 | 151,795 | 153,684 | 154,797 | ||||||||||||||||||
Loans held for sale | 1,765 | 1,961 | 1,836 | 2,734 | 4,076 | ||||||||||||||||||
Loans held for investment | 1,269,865 | 1,219,785 | 1,212,248 | 1,195,142 | 1,189,413 | ||||||||||||||||||
Less: Allowance for loan losses | (23,975 | ) | (26,039 | ) | (26,785 | ) | (25,387 | ) | (25,085 | ) | |||||||||||||
Net loans held for investment | 1,245,890 | 1,193,746 | 1,185,463 | 1,169,755 | 1,164,328 | ||||||||||||||||||
Premises and equipment, net | 47,855 | 48,172 | 50,889 | 51,409 | 52,430 | ||||||||||||||||||
Other real estate owned | 21,871 | 24,624 | 28,395 | 33,179 | 35,762 | ||||||||||||||||||
Core deposit premiums and other intangibles | 6,296 | 6,597 | 6,914 | 7,197 | 7,403 | ||||||||||||||||||
Goodwill | 4,205 | 4,205 | 4,205 | 4,205 | 4,205 | ||||||||||||||||||
Bank-owned life insurance | 40,504 | 40,210 | 39,940 | 39,646 | 39,364 | ||||||||||||||||||
Other assets | 28,485 | 32,487 | 33,551 | 32,578 | 32,068 | ||||||||||||||||||
Total Assets | $ | 2,013,513 | $ | 2,008,481 | $ | 1,985,032 | $ | 2,037,173 | $ | 2,036,313 | |||||||||||||
Liabilities | |||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||
Noninterest-bearing demand deposits | $ | 321,829 | $ | 315,515 | $ | 290,461 | $ | 308,178 | $ | 304,992 | |||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||||
Demand, savings and money market deposits | 850,514 | 879,419 | 875,970 | 874,211 | 857,489 | ||||||||||||||||||
Time deposits | 591,422 | 572,996 | 582,274 | 608,219 | 649,004 | ||||||||||||||||||
Total deposits | 1,763,765 | 1,767,930 | 1,748,705 | 1,790,608 | 1,811,485 | ||||||||||||||||||
Retail repurchase agreements | 8,333 | 5,152 | 6,917 | 12,422 | 9,109 | ||||||||||||||||||
Federal Home Loan Bank advances | 73,259 | 73,271 | 73,283 | 73,295 | 58,306 | ||||||||||||||||||
Junior subordinated debentures | 56,702 | 56,702 | 56,702 | 56,702 | 56,702 | ||||||||||||||||||
Long term notes payable | 5,300 | 5,281 | 5,263 | 5,244 | — | ||||||||||||||||||
Other liabilities | 13,457 | 14,814 | 13,801 | 18,100 | 24,665 | ||||||||||||||||||
Total Liabilities | 1,920,816 | 1,923,150 | 1,904,671 | 1,956,371 | 1,960,267 | ||||||||||||||||||
Shareholders' Equity | |||||||||||||||||||||||
Preferred Stock, 10,000,000 authorized | |||||||||||||||||||||||
Series A, $10.00 par value, 51,500 issued and no shares outstanding | — | — | — | — | — | ||||||||||||||||||
Series B, no par value, 250,000 authorized, no shares issued or outstanding | — | — | — | — | — | ||||||||||||||||||
Common stock | 462,206 | 462,037 | 461,636 | 461,446 | 461,266 | ||||||||||||||||||
Accumulated deficit | (359,601 | ) | (362,393 | ) | (363,670 | ) | (365,960 | ) | (369,966 | ) | |||||||||||||
Accumulated other comprehensive income (loss) | (9,908 | ) | (14,313 | ) | (17,605 | ) | (14,684 | ) | (15,254 | ) | |||||||||||||
Total Shareholders' Equity | 92,697 | 85,331 | 80,361 | 80,802 | 76,046 | ||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 2,013,513 | $ | 2,008,481 | $ | 1,985,032 | $ | 2,037,173 | $ | 2,036,313 |
(in thousands, except per share data) | 2Q 2014 | 1Q 2014 | 4Q 2013 | 3Q 2013 | 2Q 2013 | ||||||||||||||||||
Income Statement Data | |||||||||||||||||||||||
Net interest income | $ | 15,718 | $ | 15,479 | $ | 16,464 | $ | 17,382 | $ | 15,414 | |||||||||||||
Provision for (recovery of) loan losses | (1,685 | ) | (684 | ) | 1,820 | (350 | ) | (1,057 | ) | ||||||||||||||
Noninterest income | 4,893 | 3,943 | 4,147 | 4,487 | 5,247 | ||||||||||||||||||
Noninterest expense | 19,268 | 18,806 | 17,550 | 17,927 | 24,665 | ||||||||||||||||||
Income (loss) before taxes | 3,028 | 1,300 | 1,241 | 4,292 | (2,947 | ) | |||||||||||||||||
Net income (loss) | 2,792 | 1,277 | 2,290 | 4,006 | (3,183 | ) | |||||||||||||||||
Period End Balances | |||||||||||||||||||||||
Assets | $ | 2,013,513 | $ | 2,008,481 | $ | 1,985,032 | $ | 2,037,173 | $ | 2,036,313 | |||||||||||||
Loans held for sale | 1,765 | 1,961 | 1,836 | 2,734 | 4,076 | ||||||||||||||||||
Loans held for investment | 1,269,865 | 1,219,785 | 1,212,248 | 1,195,142 | 1,189,413 | ||||||||||||||||||
Allowance for loan losses | (23,975 | ) | (26,039 | ) | (26,785 | ) | (25,387 | ) | (25,085 | ) | |||||||||||||
Goodwill | 4,205 | 4,205 | 4,205 | 4,205 | 4,205 | ||||||||||||||||||
Deposits | 1,763,765 | 1,767,930 | 1,748,705 | 1,790,608 | 1,811,485 | ||||||||||||||||||
Borrowings | 143,594 | 140,406 | 142,165 | 147,663 | 124,117 | ||||||||||||||||||
Shareholders' equity | 92,697 | 85,331 | 80,361 | 80,802 | 76,046 | ||||||||||||||||||
Average Balances | |||||||||||||||||||||||
Assets | $ | 1,997,909 | $ | 1,979,036 | $ | 2,015,219 | $ | 2,002,237 | $ | 2,061,891 | |||||||||||||
Loans held for sale | 1,664 | 1,298 | 2,529 | 2,798 | 4,861 | ||||||||||||||||||
Loans held for investment | 1,237,183 | 1,208,416 | 1,196,780 | 1,185,559 | 1,109,980 | ||||||||||||||||||
Allowance for loan losses | (26,544 | ) | (26,942 | ) | (25,675 | ) | (25,681 | ) | (29,323 | ) | |||||||||||||
Goodwill | 4,205 | 4,205 | 4,205 | 4,205 | 4,205 | ||||||||||||||||||
Deposits | 1,755,127 | 1,739,354 | 1,770,018 | 1,775,529 | 1,826,297 | ||||||||||||||||||
Borrowings | 141,390 | 142,244 | 146,721 | 131,033 | 123,156 | ||||||||||||||||||
Shareholders' equity | 88,140 | 83,776 | 82,216 | 75,740 | 88,047 | ||||||||||||||||||
Per Common Share Data | |||||||||||||||||||||||
Net income (loss) per share - basic and diluted | $ | 0.13 | $ | 0.06 | $ | 0.11 | $ | 0.18 | $ | (0.15 | ) | ||||||||||||
Book value | 4.26 | 3.88 | 3.68 | 3.72 | 3.5 | ||||||||||||||||||
Tangible book value | 3.78 | 3.39 | 3.17 | 3.19 | 2.96 | ||||||||||||||||||
Performance Ratios | |||||||||||||||||||||||
Return on average assets | 0.56 | % | 0.26 | % | 0.45 | % | 0.79 | % | (0.62 | )% | |||||||||||||
Return on average equity | 12.71 | % | 6.18 | % | 11.05 | % | 20.98 | % | (14.5 | )% | |||||||||||||
Net interest margin (tax equivalent) | 3.4 | % | 3.43 | % | 3.52 | % | 3.76 | % | 3.27 | % | |||||||||||||
Core noninterest expense to average assets1 | 3.47 | % | 3.59 | % | 3.34 | % | 3.42 | % | 3.59 | % | |||||||||||||
Asset Quality Ratios | |||||||||||||||||||||||
Allowance for loan losses to loans held for investment | 1.89 | % | 2.13 | % | 2.21 | % | 2.12 | % | 2.11 | % | |||||||||||||
Net annualized charge-offs (recoveries) to average loans held for investment | 0.12 | % | 0.02 | % | 0.14 | % | (0.22 | )% | 1.26 | % | |||||||||||||
Nonperforming assets to total assets | 2.7 | % | 2.9 | % | 3.2 | % | 4.1 | % | 4.7 | % | |||||||||||||
Capital and Other Ratios | |||||||||||||||||||||||
CommunityOne Bancorp leverage capital | 6.35 | % | 6.2 | % | 5.96 | % | 5.83 | % | 5.37 | % | |||||||||||||
CommunityOne Bank, N.A. leverage capital | 7.86 | % | 7.74 | % | 7.49 | % | 7.39 | % | 6.95 | % | |||||||||||||
Loans held for investment to deposits | 72 | % | 69 | % | 69 | % | 67 | % | 66 | % | |||||||||||||
1 Non-GAAP measure. See Quarterly Non-GAAP Measures table for reconciliation to the most directly comparable GAAP measure. |
(in thousands) | 2Q 2014 | 1Q 2014 | 4Q 2013 | 3Q 2013 | 2Q 2013 | ||||||||||||||||||
Shareholders' equity | $ | 92,697 | $ | 85,331 | $ | 80,361 | $ | 80,802 | $ | 76,046 | |||||||||||||
Less: | |||||||||||||||||||||||
Goodwill | (4,205 | ) | (4,205 | ) | (4,205 | ) | (4,205 | ) | (4,205 | ) | |||||||||||||
Core deposit and other intangibles | (6,296 | ) | (6,597 | ) | (6,914 | ) | (7,196 | ) | (7,403 | ) | |||||||||||||
Tangible shareholders' equity (Non-GAAP) | $ | 82,196 | $ | 74,529 | $ | 69,242 | $ | 69,401 | $ | 64,438 | |||||||||||||
Net income (loss) | $ | 2,792 | $ | 1,277 | $ | 2,290 | $ | 4,006 | $ | (3,183 | ) | ||||||||||||
Less taxes, credit costs and nonrecurring items: | |||||||||||||||||||||||
Income tax benefit (expense) | (236 | ) | (23 | ) | 1,049 | (286 | ) | (236 | ) | ||||||||||||||
Securities gains, net | 720 | — | — | 50 | 345 | ||||||||||||||||||
Other real estate owned expense | (954 | ) | (261 | ) | (21 | ) | 98 | (3,332 | ) | ||||||||||||||
Recovery of (provision for) loan losses | 1,685 | 684 | (1,820 | ) | 350 | 1,057 | |||||||||||||||||
Mortgage and litigation accruals | (7 | ) | 75 | — | 117 | 370 | |||||||||||||||||
US Treasury sale expenses | (409 | ) | — | — | — | — | |||||||||||||||||
Loan collection expense | (551 | ) | (657 | ) | (548 | ) | (1,120 | ) | (1,146 | ) | |||||||||||||
Branch closure and restructuring expenses | (7 | ) | (183 | ) | (178 | ) | 105 | (15 | ) | ||||||||||||||
Rebranding expense | — | — | — | (6 | ) | (58 | ) | ||||||||||||||||
Merger-related expense | — | — | — | — | (1,989 | ) | |||||||||||||||||
Core earnings (Non-GAAP) | $ | 2,551 | $ | 1,642 | $ | 3,808 | $ | 4,698 | $ | 1,821 | |||||||||||||
Noninterest expense | $ | 19,268 | $ | 18,806 | $ | 17,550 | $ | 17,927 | $ | 24,665 | |||||||||||||
Less credit costs and nonrecurring items: | |||||||||||||||||||||||
Other real estate owned expense | (954 | ) | (261 | ) | (21 | ) | 98 | (3,332 | ) | ||||||||||||||
Mortgage and litigation accruals | (7 | ) | 75 | — | 117 | 370 | |||||||||||||||||
Loan collection expense | (551 | ) | (657 | ) | (548 | ) | (1,120 | ) | (1,146 | ) | |||||||||||||
Branch closure and restructuring expenses | (7 | ) | (183 | ) | (178 | ) | 105 | (15 | ) | ||||||||||||||
US Treasury sale expenses | (409 | ) | — | — | — | — | |||||||||||||||||
Rebranding expense | — | — | — | (6 | ) | (58 | ) | ||||||||||||||||
Merger-related expense | — | — | — | — | (1,989 | ) | |||||||||||||||||
Core noninterest expense (Non-GAAP) | $ | 17,340 | $ | 17,780 | $ | 16,803 | $ | 17,121 | $ | 18,495 | |||||||||||||
Noninterest income | $ | 4,893 | $ | 3,943 | $ | 4,147 | $ | 4,487 | $ | 5,247 | |||||||||||||
Less nonrecurring items: | |||||||||||||||||||||||
Securities gains, net | 720 | — | — | 50 | 345 | ||||||||||||||||||
Core noninterest income (Non-GAAP) | $ | 4,173 | $ | 3,943 | $ | 4,147 | $ | 4,437 | $ | 4,902 |
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