Oregon | 02-23322 | 93-1034484 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employee Identification No.) |
[ ] | 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)) |
• | Net income for the second quarter of 2016 was $4.8 million, or $0.07 per share, compared to $1.9 million, or $0.03 per share, for the first quarter of 2016 (“linked quarter”) which included non-recurring net expense items of $3.1 million (pretax), or $0.03 per share (after tax). |
• | Net interest income was $22.2 million for the current and linked quarter, up 7.6% from the linked quarter after adjusting for $1.5 million in non-recurring interest on called securities from the prior quarter1. Stronger interest income is a result of growth in earning assets funded by the deposits of the 15 branches recently acquired from Bank of America (the “branch acquisition”). |
• | Non-interest income was $7.8 million, up $2.3 million, or 42.4%, compared to the linked quarter, mainly due to increased service fees and card related revenues from the recently acquired branches. |
• | Non-interest expense was $22.3 million, down $2.2 million from the linked quarter which included $2.3 million of one-time costs related to the branch acquisition and $1.3 million related to branch consolidations. |
• | The cost of funds remained stable at 0.08% for the quarter, which includes $469.9 million in deposits assumed in the branch acquisition. |
• | At June 30, 2016, gross loans were $1.9 billion compared to $1.8 billion as of March 31, 2016. Second quarter organic loan growth2 was $75.0 million, or 20.6% annualized. |
• | At June 30, 2016, total deposits were $2.6 billion, consistent with the linked quarter, with 97.8% retention of the deposits assumed in the Bank of America branch acquisition. |
• | The net interest margin (“NIM”) was 3.40% for the second quarter of 2016, with approximately 75% deployment of the deposits assumed in the branch acquisition into securities and wholesale loans at a targeted yield of 2.25%. |
• | Net loan recoveries for the second quarter were $0.2 million. The allowance for loan losses (“ALLL”) at quarter end was 1.30% of gross loans. No provision or credit for loan losses was recorded in the current quarter. Credit metrics improved with lower classified loans. |
• | At June 30, 2016, stockholders’ equity was $345.3 million, with book value per share of $4.71 and tangible book value per share3 of $3.41. |
• | Return on average assets and return on average tangible assets4 in the current quarter was 0.65% and 0.68%, respectively, compared to 0.30% and 0.31% in the linked quarter, respectively. |
• | Return on average stockholders' equity and return on average tangible stockholders' equity5 in the current quarter was 5.65% and 7.85%, respectively, compared to 2.30% and 3.07% in the linked quarter, respectively. |
CASCADE BANCORP | ||||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||||
(In thousands) (Unaudited) | ||||||||||||
June 30, 2016 | December 31, 2015 | June 30, 2015 | ||||||||||
ASSETS | ||||||||||||
Cash and cash equivalents: | ||||||||||||
Cash and due from banks | $ | 59,453 | $ | 46,354 | $ | 45,598 | ||||||
Interest bearing deposits | 119,088 | 31,178 | 33,913 | |||||||||
Federal funds sold | 273 | 273 | 273 | |||||||||
Total cash and cash equivalents | 178,814 | 77,805 | 79,784 | |||||||||
Investment securities available-for-sale | 462,013 | 310,262 | 310,743 | |||||||||
Investment securities held-to-maturity | 142,211 | 139,424 | 147,863 | |||||||||
Federal Home Loan Bank (FHLB) stock | 3,130 | 3,000 | 3,026 | |||||||||
Loans held for sale | 3,732 | 3,621 | 2,164 | |||||||||
Loans, net | 1,876,237 | 1,662,095 | 1,601,058 | |||||||||
Premises and equipment, net | 45,238 | 42,031 | 42,509 | |||||||||
Bank-owned life insurance | 54,957 | 54,450 | 53,933 | |||||||||
Other real estate owned, net | 2,993 | 3,274 | 4,040 | |||||||||
Deferred tax asset, net | 46,538 | 50,673 | 56,612 | |||||||||
Core deposit intangible | 12,720 | 6,863 | 7,273 | |||||||||
Goodwill | 82,594 | 78,610 | 78,610 | |||||||||
Other assets | 55,397 | 35,921 | 30,872 | |||||||||
Total assets | $ | 2,966,574 | $ | 2,468,029 | $ | 2,418,487 | ||||||
LIABILITIES & STOCKHOLDERS' EQUITY | ||||||||||||
Liabilities: | ||||||||||||
Deposits: | ||||||||||||
Demand | $ | 876,880 | $ | 727,730 | $ | 705,232 | ||||||
Interest bearing demand | 1,306,164 | 1,044,134 | 1,005,394 | |||||||||
Savings | 173,012 | 135,527 | 132,920 | |||||||||
Time | 203,898 | 175,697 | 202,969 | |||||||||
Total deposits | 2,559,954 | 2,083,088 | 2,046,515 | |||||||||
Other liabilities | 61,360 | 48,167 | 46,616 | |||||||||
Total liabilities | 2,621,314 | 2,131,255 | 2,093,131 | |||||||||
Stockholders' equity: | ||||||||||||
Preferred stock, no par value; 5,000,000 shares authorized; none issued or outstanding | — | — | — | |||||||||
Common stock, no par value; 100,000,000 shares authorized | 453,970 | 452,925 | 451,481 | |||||||||
Accumulated deficit | (111,008 | ) | (117,772 | ) | (128,438 | ) | ||||||
Accumulated other comprehensive income | 2,298 | 1,621 | 2,313 | |||||||||
Total stockholders' equity | 345,260 | 336,774 | 325,356 | |||||||||
Total liabilities and stockholders' equity | $ | 2,966,574 | $ | 2,468,029 | $ | 2,418,487 |
CASCADE BANCORP | ||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||
(In thousands) (Unaudited) | Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, 2016 | March 31, 2016 | June 30, 2015 | June 30, 2016 | June 30, 2015 | ||||||||||||||||
Interest income: | ||||||||||||||||||||
Interest and fees on loans | $ | 19,037 | $ | 17,920 | $ | 16,987 | $ | 36,957 | $ | 33,481 | ||||||||||
Interest on investments | 3,429 | 4,618 | 2,805 | 8,047 | 5,788 | |||||||||||||||
Other investment income | 273 | 156 | 27 | 429 | 60 | |||||||||||||||
Total interest income | 22,739 | 22,694 | 19,819 | 45,433 | 39,329 | |||||||||||||||
Interest expense: | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Interest bearing demand | 458 | 413 | 315 | 871 | 628 | |||||||||||||||
Savings | 13 | 11 | 10 | 24 | 20 | |||||||||||||||
Time | 52 | 85 | 136 | 137 | 359 | |||||||||||||||
Other borrowings | — | 26 | 6 | 26 | 6 | |||||||||||||||
Total interest expense | 523 | 535 | 467 | 1,058 | 1,013 | |||||||||||||||
Net interest income | 22,216 | 22,159 | 19,352 | 44,375 | 38,316 | |||||||||||||||
Loan loss provision (recovery) | — | — | — | — | (2,000 | ) | ||||||||||||||
Net interest income after loan loss provision | 22,216 | 22,159 | 19,352 | 44,375 | 40,316 | |||||||||||||||
Non-interest income: | ||||||||||||||||||||
Service charges on deposit accounts | 1,729 | 1,372 | 1,249 | 3,101 | 2,510 | |||||||||||||||
Card issuer and merchant services fees, net | 2,700 | 1,835 | 1,856 | 4,535 | 3,499 | |||||||||||||||
Earnings on BOLI | 249 | 258 | 242 | 507 | 484 | |||||||||||||||
Mortgage banking income, net | 899 | 495 | 677 | 1,394 | 1,465 | |||||||||||||||
Swap fee income | 466 | 666 | 785 | 1,132 | 1,300 | |||||||||||||||
SBA gain on sales and fee income | 386 | 174 | 144 | 560 | 506 | |||||||||||||||
Loss on sales of investments | — | — | — | — | — | |||||||||||||||
Other income | 1,342 | 656 | 1,742 | 1,998 | 3,053 | |||||||||||||||
Total non-interest income | 7,771 | 5,456 | 6,695 | 13,227 | 12,817 | |||||||||||||||
Non-interest expense: | ||||||||||||||||||||
Salaries and employee benefits | 13,089 | 13,029 | 10,588 | 26,118 | 21,718 | |||||||||||||||
Occupancy | 1,647 | 2,680 | 1,417 | 4,327 | 2,783 | |||||||||||||||
Information technology | 1,182 | 1,397 | 1,046 | 2,579 | 1,984 | |||||||||||||||
Equipment | 310 | 448 | 395 | 758 | 752 | |||||||||||||||
Communications | 683 | 610 | 484 | 1,293 | 1,025 | |||||||||||||||
FDIC insurance | 455 | 377 | 306 | 832 | 704 | |||||||||||||||
OREO | (119 | ) | 212 | (168 | ) | 93 | (111 | ) | ||||||||||||
Professional services | 1,060 | 1,598 | 1,289 | 2,658 | 2,246 | |||||||||||||||
Card issuer | 1,044 | 909 | 643 | 1,953 | 1,506 | |||||||||||||||
Insurance | 158 | 175 | 191 | 333 | 400 | |||||||||||||||
Other expenses | 2,826 | 3,083 | 2,200 | 5,909 | 4,204 | |||||||||||||||
Total non-interest expense | 22,335 | 24,518 | 18,391 | 46,853 | 37,211 | |||||||||||||||
Income before income taxes | 7,652 | 3,097 | 7,656 | 10,749 | 15,922 | |||||||||||||||
Income tax provision | (2,828 | ) | (1,157 | ) | (2,861 | ) | (3,985 | ) | (6,009 | ) | ||||||||||
Net income | $ | 4,824 | $ | 1,940 | $ | 4,795 | $ | 6,764 | $ | 9,913 |
CASCADE BANCORP | |||||||||||||||||||||
NET INTEREST MARGIN | |||||||||||||||||||||
(In thousands) (Unaudited) | |||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||
Average Balance | Interest Income/ Expense | Average Yield or Rates | Average Balance | Interest Income/ Expense | Average Yield or Rates | ||||||||||||||||
Assets | |||||||||||||||||||||
Investment securities | $ | 584,492 | $ | 3,429 | 2.36 | % | $ | 460,295 | $ | 2,805 | 2.44 | % | |||||||||
Interest bearing balances due from other banks | 214,483 | 273 | 0.51 | % | 39,725 | 27 | 0.27 | % | |||||||||||||
Federal funds sold | 273 | — | — | % | 273 | — | — | % | |||||||||||||
Federal Home Loan Bank stock | 3,133 | — | — | % | 18,011 | — | — | % | |||||||||||||
Loans | 1,828,096 | 19,037 | 4.19 | % | 1,581,056 | 16,987 | 4.31 | % | |||||||||||||
Total earning assets/interest income | 2,630,477 | 22,739 | 3.48 | % | 2,099,360 | 19,819 | 3.79 | % | |||||||||||||
Reserve for loan losses | (24,761 | ) | (23,427 | ) | |||||||||||||||||
Cash and due from banks | 54,441 | 42,109 | |||||||||||||||||||
Premises and equipment, net | 45,268 | 43,187 | |||||||||||||||||||
Bank-owned life insurance | 54,809 | 53,787 | |||||||||||||||||||
Deferred tax asset | 48,463 | 61,310 | |||||||||||||||||||
Goodwill | 82,594 | 78,610 | |||||||||||||||||||
Core deposit intangible | 12,865 | 7,344 | |||||||||||||||||||
Accrued interest and other assets | 57,697 | 37,042 | |||||||||||||||||||
Total assets | $ | 2,961,853 | $ | 2,399,322 | |||||||||||||||||
Liabilities and Stockholders' Equity | |||||||||||||||||||||
Interest bearing demand deposits | $ | 1,316,077 | 458 | 0.14 | % | $ | 999,416 | 315 | 0.13 | % | |||||||||||
Savings deposits | 171,691 | 13 | 0.03 | % | 132,548 | 10 | 0.03 | % | |||||||||||||
Time deposits | 212,057 | 52 | 0.10 | % | 207,817 | 136 | 0.26 | % | |||||||||||||
Other borrowings | — | — | — | % | 6,484 | 6 | 0.37 | % | |||||||||||||
Total interest bearing liabilities/interest expense | 1,699,825 | 523 | 0.12 | % | 1,346,265 | 467 | 0.14 | % | |||||||||||||
Demand deposits | 864,419 | 683,141 | |||||||||||||||||||
Other liabilities | 55,018 | 45,294 | |||||||||||||||||||
Total liabilities | 2,619,262 | 2,074,700 | |||||||||||||||||||
Stockholders' equity | 342,591 | 324,622 | |||||||||||||||||||
Total liabilities and stockholders' equity | $ | 2,961,853 | $ | 2,399,322 | |||||||||||||||||
Net interest income | $ | 22,216 | $ | 19,352 | |||||||||||||||||
Net interest spread | 3.35 | % | 3.65 | % | |||||||||||||||||
Net interest income to earning assets | 3.40 | % | 3.70 | % | |||||||||||||||||
CASCADE BANCORP | |||||||||||||||||||||
NET INTEREST MARGIN | |||||||||||||||||||||
(In thousands) (Unaudited) | |||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||
Average Balance | Interest Income/ Expense | Average Yield or Rates | Average Balance | Interest Income/ Expense | Average Yield or Rates | ||||||||||||||||
Assets | |||||||||||||||||||||
Investment securities | $ | 546,513 | $ | 8,047 | 2.96 | % | $ | 463,703 | $ | 5,788 | 2.52 | % | |||||||||
Interest bearing balances due from other banks | 165,048 | 429 | 0.52 | % | 44,319 | 60 | 0.27 | % | |||||||||||||
Federal funds sold | 273 | — | — | % | 273 | — | — | % | |||||||||||||
Federal Home Loan Bank stock | 3,516 | — | — | % | 21,774 | — | — | % | |||||||||||||
Loans | 1,774,091 | 36,957 | 4.19 | % | 1,547,101 | 33,481 | 4.36 | % | |||||||||||||
Total earning assets/interest income | 2,489,441 | 45,433 | 3.67 | % | 2,077,170 | 39,329 | 3.82 | % | |||||||||||||
Reserve for loan losses | (25,676 | ) | (23,491 | ) | |||||||||||||||||
Cash and due from banks | 51,846 | 41,592 | |||||||||||||||||||
Premises and equipment, net | 43,679 | 43,360 | |||||||||||||||||||
Bank-owned life insurance | 54,684 | 53,669 | |||||||||||||||||||
Deferred tax asset | 49,122 | 63,800 | |||||||||||||||||||
Goodwill | 80,624 | 79,277 | |||||||||||||||||||
Core deposit intangible | 9,833 | 7,446 | |||||||||||||||||||
Accrued interest and other assets | 46,657 | 36,338 | |||||||||||||||||||
Total assets | $ | 2,800,210 | $ | 2,379,161 | |||||||||||||||||
Liabilities and Stockholders' Equity | |||||||||||||||||||||
Interest bearing demand deposits | $ | 1,222,834 | 871 | 0.14 | % | $ | 997,850 | 628 | 0.13 | % | |||||||||||
Savings deposits | 158,974 | 24 | 0.03 | % | 132,029 | 20 | 0.03 | % | |||||||||||||
Time deposits | 199,186 | 137 | 0.14 | % | 216,258 | 359 | 0.33 | % | |||||||||||||
Other borrowings | 11,423 | 26 | 0.46 | % | 3,398 | 6 | 0.36 | % | |||||||||||||
Total interest bearing liabilities/interest expense | 1,592,417 | 1,058 | 0.13 | % | 1,349,535 | 1,013 | 0.15 | % | |||||||||||||
Demand deposits | 813,958 | 662,879 | |||||||||||||||||||
Other liabilities | 52,922 | 45,183 | |||||||||||||||||||
Total liabilities | 2,459,297 | 2,057,597 | |||||||||||||||||||
Stockholders' equity | 340,913 | 321,564 | |||||||||||||||||||
Total liabilities and stockholders' equity | $ | 2,800,210 | $ | 2,379,161 | |||||||||||||||||
Net interest income | $ | 44,375 | $ | 38,316 | |||||||||||||||||
Net interest spread | 3.54 | % | 3.67 | % | |||||||||||||||||
Net interest income to earning assets | 3.58 | % | 3.72 | % | |||||||||||||||||
CASCADE BANCORP | ||||||||||||||||||||
ADDITIONAL FINANCIAL INFORMATION | ||||||||||||||||||||
(In thousands, except per share data) (Unaudited) | ||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, 2016 | March 31, 2016 | June 30, 2015 | June 30, 2016 | June 30, 2015 | ||||||||||||||||
Share Data | ||||||||||||||||||||
Basic net income per common share | $ | 0.07 | $ | 0.03 | $ | 0.07 | $ | 0.09 | $ | 0.14 | ||||||||||
Diluted net income per common share | $ | 0.07 | $ | 0.03 | $ | 0.07 | $ | 0.09 | $ | 0.14 | ||||||||||
Book value per basic common share | $ | 4.71 | $ | 4.67 | $ | 4.47 | $ | 4.71 | $ | 4.47 | ||||||||||
Tangible book value per common share1 | $ | 3.41 | $ | 3.35 | $ | 3.29 | $ | 3.41 | $ | 3.29 | ||||||||||
Basic average shares outstanding | 71,945 | 71,884 | 71,689 | 71,914 | 71,681 | |||||||||||||||
Fully diluted average shares outstanding | 72,233 | 72,153 | 71,727 | 72,529 | 71,789 | |||||||||||||||
Balance Sheet Detail | ||||||||||||||||||||
Gross loans | $ | 1,900,902 | $ | 1,783,028 | $ | 1,624,559 | $ | 1,900,902 | $ | 1,624,559 | ||||||||||
Wholesale loans | $ | 358,005 | $ | 315,163 | $ | 262,328 | $ | 358,005 | $ | 262,328 | ||||||||||
Total organic loans | $ | 1,542,897 | $ | 1,467,865 | $ | 1,362,231 | $ | 1,542,897 | $ | 1,362,231 | ||||||||||
Total deposits | $ | 2,559,954 | $ | 2,576,038 | $ | 2,046,515 | $ | 2,559,954 | $ | 2,046,515 | ||||||||||
Non-interest bearing | $ | 876,880 | $ | 867,646 | $ | 705,232 | $ | 876,880 | $ | 705,232 | ||||||||||
Total checking balances | $ | 1,442,003 | $ | 1,426,471 | $ | 1,143,102 | $ | 1,442,003 | $ | 1,143,102 | ||||||||||
Money market | $ | 741,041 | $ | 758,899 | $ | 567,524 | $ | 741,041 | $ | 567,524 | ||||||||||
Time | $ | 203,898 | $ | 219,922 | $ | 202,969 | $ | 203,898 | $ | 202,969 | ||||||||||
Key Ratios | ||||||||||||||||||||
Return on average stockholders' equity | 5.65 | % | 2.30 | % | 5.92 | % | 3.99 | % | 6.22 | % | ||||||||||
Return on average tangible stockholders' equity2 | 7.85 | % | 3.07 | % | 8.06 | % | 5.43 | % | 8.51 | % | ||||||||||
Return on average assets | 0.65 | % | 0.30 | % | 0.80 | % | 0.49 | % | 0.84 | % | ||||||||||
Return on average tangible assets3 | 0.68 | % | 0.31 | % | 0.83 | % | 0.50 | % | 0.87 | % | ||||||||||
Common stockholders’ equity ratio | 11.64 | % | 11.39 | % | 13.45 | % | 11.64 | % | 13.45 | % | ||||||||||
Tangible common stockholders’ equity ratio4 | 8.43 | % | 8.18 | % | 9.90 | % | 8.43 | % | 9.90 | % | ||||||||||
Net interest spread | 3.35 | % | 3.74 | % | 3.65 | % | 3.54 | % | 3.67 | % | ||||||||||
Net interest margin | 3.40 | % | 3.80 | % | 3.70 | % | 3.58 | % | 3.72 | % | ||||||||||
Total revenue (net int. inc. + non int. inc.) | $ | 29,987 | $ | 27,615 | $ | 26,047 | $ | 57,602 | $ | 51,133 | ||||||||||
Efficiency ratio5 | 74.48 | % | 88.79 | % | 70.60 | % | 81.34 | % | 72.77 | % | ||||||||||
Loan to deposit ratio | 73.29 | % | 68.27 | % | 78.23 | % | 73.29 | % | 78.23 | % | ||||||||||
Credit Quality Ratios | ||||||||||||||||||||
Reserve for loan losses | $ | 24,666 | $ | 24,430 | $ | 23,501 | $ | 24,666 | $ | 23,501 | ||||||||||
Reserve for loan losses to ending gross loans | 1.30 | % | 1.37 | % | 1.45 | % | 1.30 | % | 1.45 | % | ||||||||||
Reserve for credit losses | $ | 25,106 | $ | 24,870 | $ | 23,941 | $ | 25,106 | $ | 23,941 | ||||||||||
Reserve for credit losses to ending gross loans | 1.32 | % | 1.39 | % | 1.47 | % | 1.32 | % | 1.47 | % | ||||||||||
Non-performing assets (“NPAs”) | $ | 15,221 | $ | 14,638 | $ | 9,984 | $ | 15,221 | $ | 9,984 | ||||||||||
NPAs to total assets | 0.51 | % | 0.49 | % | 0.41 | % | 0.51 | % | 0.41 | % | ||||||||||
Delinquent >30 days to total loans (excl. NPAs) | 0.19 | % | 0.30 | % | 0.07 | % | 0.19 | % | 0.07 | % | ||||||||||
Net (recoveries) charge-offs | $ | (236 | ) | $ | (15 | ) | $ | (257 | ) | $ | (251 | ) | $ | (3,448 | ) | |||||
Net loan (recoveries) charge-offs to average total loans | (0.01 | )% | — | % | (0.02 | )% | (0.01 | )% | (0.22 | )% |
CASCADE BANCORP | |||||||||
ADDITIONAL FINANCIAL INFORMATION (continued) | |||||||||
(In thousands, except per share data) (Unaudited) | |||||||||
June 30, 2016 | March 31, 2016 | June 30, 2015 | |||||||
Bank Capital Ratios | Estimate | ||||||||
Tier 1 capital leverage ratio | 7.84 | % | 8.48 | % | 8.93 | % | |||
Common equity Tier 1 ratio | 9.88 | % | 10.22 | % | 10.89 | % | |||
Tier 1 risk-based capital ratio | 9.88 | % | 10.22 | % | 10.89 | % | |||
Total risk-based capital ratio | 11.00 | % | 11.41 | % | 12.16 | % | |||
Bancorp Capital Ratios | |||||||||
Tier 1 capital leverage ratio | 7.94 | % | 8.64 | % | 9.05 | % | |||
Common equity Tier 1 ratio | 10.01 | % | 10.42 | % | 11.08 | % | |||
Tier 1 risk-based capital ratio | 10.01 | % | 10.42 | % | 11.08 | % | |||
Total risk-based capital ratio | 11.12 | % | 11.61 | % | 12.35 | % |
Reconciliation of Non-GAAP Measures (unaudited): | ||||||||||||||||
Reconciliation of period end stockholders’ equity to period end tangible stockholders’ equity: | June 30, 2016 | March 31, 2016 | December 31, 2015 | June 30, 2015 | ||||||||||||
Total stockholders’ equity | 345,260 | $ | 339,725 | $ | 336,774 | $ | 325,356 | |||||||||
Core deposit intangible | 12,720 | 13,085 | 6,863 | 7,273 | ||||||||||||
Goodwill | 82,594 | 82,594 | 78,610 | 78,610 | ||||||||||||
Tangible stockholders’ equity | $ | 249,946 | $ | 244,046 | $ | 251,301 | $ | 239,473 | ||||||||
Reconciliation of period end common stockholders’ equity ratio to period end tangible common stockholders’ equity ratio: | June 30, 2016 | March 31, 2016 | December 31, 2015 | June 30, 2015 | ||||||||||||
Total stockholders’ equity | $ | 345,260 | $ | 339,725 | $ | 336,774 | $ | 325,356 | ||||||||
Total assets | $ | 2,966,574 | $ | 2,982,005 | $ | 2,468,029 | $ | 2,418,487 | ||||||||
Common stockholders’ equity ratio | 11.64 | % | 11.39 | % | 13.65 | % | 13.45 | % | ||||||||
Tangible stockholders’ equity | $ | 249,946 | $ | 244,046 | $ | 251,301 | $ | 239,473 | ||||||||
Total assets | $ | 2,966,574 | $ | 2,982,005 | $ | 2,468,029 | $ | 2,418,487 | ||||||||
Tangible common stockholders’ equity ratio | 8.43 | % | 8.18 | % | 10.18 | % | 9.90 | % | ||||||||
Reconciliation of period end total stockholders' equity to period end tangible book value per common share: | June 30, 2016 | March 31, 2016 | December 31, 2015 | June 30, 2015 | ||||||||||||
Total stockholders’ equity | $ | 345,260 | $ | 339,725 | $ | 336,774 | $ | 325,356 | ||||||||
Core deposit intangible | 12,720 | 13,085 | 6,863 | 7,273 | ||||||||||||
Goodwill | 82,594 | 82,594 | 78,610 | 78,610 | ||||||||||||
Tangible stockholders equity | $ | 249,946 | $ | 244,046 | $ | 251,301 | $ | 239,473 | ||||||||
Common shares outstanding | 73,255,171 | 72,774,980 | 72,792,570 | 72,848,611 | ||||||||||||
Tangible book value per common share | $ | 3.41 | $ | 3.35 | $ | 3.45 | $ | 3.29 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||
Reconciliation of return on average tangible stockholders' equity: | June 30, 2016 | March 31, 2016 | December 31, 2015 | June 30, 2015 | June 30, 2016 | June 30, 2015 | ||||||||||||||||||
Average stockholders' equity | $ | 342,591 | $ | 339,236 | $ | 334,472 | $ | 324,622 | $ | 340,913 | $ | 321,564 | ||||||||||||
Average core deposit intangible | 12,865 | 6,800 | 6,935 | 7,344 | 9,833 | 7,446 | ||||||||||||||||||
Average goodwill | 82,594 | 78,653 | 78,610 | 78,610 | 80,624 | 79,277 | ||||||||||||||||||
Average tangible stockholders' equity | $ | 247,132 | $ | 253,783 | $ | 248,927 | $ | 238,668 | $ | 250,456 | $ | 234,841 | ||||||||||||
Net income | 4,824 | 1,940 | 5,567 | 4,795 | 6,764 | 9,913 | ||||||||||||||||||
Return on average tangible stockholders' equity (annualized) | 7.85 | % | 3.07 | % | 8.87 | % | 8.06 | % | 5.43 | % | 8.51 | % | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||
Reconciliation of return on average tangible assets: | June 30, 2016 | March 31, 2016 | December 31, 2015 | June 30, 2015 | June 30, 2016 | June 30, 2015 | ||||||||||||||||||
Average total assets | $ | 2,961,853 | $ | 2,638,568 | $ | 2,525,708 | $ | 2,399,322 | $ | 2,800,210 | $ | 2,379,161 | ||||||||||||
Average core deposit intangible | 12,865 | 6,800 | 6,935 | 7,344 | 9,833 | 7,446 | ||||||||||||||||||
Average goodwill | 82,594 | 78,653 | 78,610 | 78,610 | 80,624 | 79,277 | ||||||||||||||||||
Average tangible assets | $ | 2,866,394 | $ | 2,553,115 | $ | 2,440,163 | $ | 2,313,368 | $ | 2,709,753 | $ | 2,292,438 | ||||||||||||
Net income | 4,824 | 1,940 | 5,567 | 4,795 | 6,764 | 9,913 | ||||||||||||||||||
Return on average tangible assets (annualized) | 0.68 | % | 0.31 | % | 0.91 | % | 0.83 | % | 0.50 | % | 0.87 | % |
Reconciliation of adjusted net interest income growth: | March 31, 2016 | |||
Q2 2016 net interest income | $ | 22,216 | ||
Q1 2016 net interest income | 22,159 | |||
Impact to net interest margin of interest income on called securities | 1,510 | |||
Adjusted Q1 2016 net interest income | 20,649 | |||
Adjusted net interest income growth (dollars) | $ | 1,567 | ||
Adjusted net interest income growth (percent) | 7.6 | % |
Reconciliation of adjusted net interest margin: | March 31, 2016 | ||
Net interest margin | 3.80 | % | |
Impact to net interest margin of $1.5 million interest income on called securities | 0.26 | % | |
Adjusted net interest margin | 3.54 | % |
Reconciliation of year-over-year total loan growth to organic loan growth (from June 30, 2015): | Year over year June 30, 2016 | |||
Total loan growth | $ | 276,343 | ||
Acquired loan growth | 95,676 | |||
Organic loan growth | $ | 180,667 | ||
Reconciliation of quarterly total loan growth to organic loan growth (from March 31, 2016): | QTD June 30, 2016 | |||
Total loan growth | $ | 117,874 | ||
Acquired loan growth | 42,842 | |||
Organic loan growth | $ | 75,032 |
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