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)) |
• | Cascade’s net income for the fourth quarter of 2016 was $5.9 million, or $0.08 per share, compared to $4.1 million, or $0.06 per share, for the third quarter of 2016 (“linked quarter”). Fourth quarter results include pre-tax expenses of $1.1 million related to the pending merger with First Interstate and $0.9 million for above-target 2016 performance incentive compensation. As adjusted for these items, earnings per share (“EPS”) would have been approximately $0.095 for the quarter.1 |
• | Net interest income was $25.0 million for the current quarter, up $1.2 million, or 19.7% (annualized), from the linked quarter. This was driven primarily by stronger interest income due to organic loan growth2 which contributed to an improved earnings assets mix. |
• | Net interest margin (“NIM”) improved to 3.55% from 3.43% in the linked quarter. The NIM benefited from the improvement in the Company’s earning assets mix. |
• | The cost of funds remained stable at 0.08%. |
• | Non-interest income increased to $8.3 million, as compared to $7.9 million in the linked quarter, as a result of higher mortgage origination revenue and gain on disposition of closed branches. |
• | Non-interest expense was $23.2 million for the fourth quarter, as compared to $25.2 million for the linked quarter. Both periods included expenses related to merger and acquisition (“M&A”) activities. |
• | Income taxes increased with a net tax rate of 41.3% for the fourth quarter mainly due to non-deductible M&A expense items. |
• | Gross loan balances at December 31, 2016 were $2.1 billion, up $43.1 million, or 8.3% (annualized), from the linked quarter. Quarter-to-date organic loan growth was 14.4% (annualized). |
• | Deposit balances at December 31, 2016 were $2.7 billion, down $0.1 billion from the linked quarter mainly as a result of balance swings of two large customers between the linked quarter and the fourth quarter. Cascade’s operating markets experience seasonal factors that contribute to slower growth during the autumn and winter calendar quarters of the year. |
• | The allowance for loan losses (“ALLL”) at the end of the fourth quarter was 1.20% of gross loans compared to 1.23% for the linked quarter. No provision or credit for loan losses was recorded in the fourth quarter, which also included a notable improvement in classified assets. |
• | At December 31, 2016, stockholders’ equity increased over the linked quarter to $369.7 million, primarily due to the net income from the current period. Book value per share and tangible book value per share3 were $4.85 and $3.56, respectively. |
• | Return on average assets and return on average tangible assets4 in the fourth quarter were 0.75% and 0.78%, respectively, compared to 0.53% and 0.54% in the linked quarter, respectively. |
• | Net income for the year ended December 31, 2016 was $16.8 million, or $0.23 per share, compared to $20.6 million, or $0.29 per share for 2015. 2015 earnings were positively impacted by a $4.0 million credit to the provision for loan losses. 2016 earnings were negatively impacted by a high level of M&A expenses and other transitory items. M&A expense was $4.9 million during 2016 as a consequence of Cascade’s purchase of $469.9 million in deposits and related branch offices from Bank of America and its acquisition of $122.9 million in assets of Prime Pacific Financial Services, Inc. (“PPFS”), as well as due diligence costs incurred related to the First Interstate merger. In addition, 2016 expenses included transitory items of $2.2 million in pre-tax expense for several branch consolidations and $0.8 million in gains on disposition of decommissioned properties. |
• | Net interest income was $93.1 million for 2016, up $14.6 million, or 18.6%, from 2015 due to increased earning assets related to Cascade’s 2016 acquisitions in addition to double digit organic loan growth. |
• | Non-interest income improved year-over-year by $4.5 million, or 17.9%, largely due to higher service and interchange related revenues arising from its 2016 customer growth. |
• | Non-interest expense was $95.2 million for 2016, up $20.8 million from 2015 due to M&A expenses and ongoing growth-related expense increases. |
• | Gross loans increased $416.1 million in 2016, or 24.7% year-over-year. Organic loan growth for 2016 was $253.0 million, or 17.8% year-over-year. |
• | Total deposits increased $578.7 million, or 27.8%, year-over-year as a result of both organic and acquisition-related growth. |
• | Year-over-year return on average assets and return on average tangible assets were 0.57% and 0.59%, respectively, compared to 0.84% and 0.87% for 2015, respectively. |
CASCADE BANCORP | ||||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||||
(In thousands) (Unaudited) | ||||||||||||
December 31, 2016 | September 30, 2016 | December 31, 2015 | ||||||||||
ASSETS | ||||||||||||
Cash and cash equivalents: | ||||||||||||
Cash and due from banks | $ | 52,561 | $ | 54,890 | $ | 46,354 | ||||||
Interest bearing deposits | 19,743 | 97,197 | 31,178 | |||||||||
Federal funds sold | 273 | 273 | 273 | |||||||||
Total cash and cash equivalents | 72,577 | 152,360 | 77,805 | |||||||||
Investment securities available-for-sale | 494,819 | 523,275 | 310,262 | |||||||||
Investment securities held-to-maturity | 140,557 | 141,326 | 139,424 | |||||||||
Federal Home Loan Bank (FHLB) stock | 3,268 | 3,270 | 3,000 | |||||||||
Loans held for sale | 8,651 | 9,478 | 3,621 | |||||||||
Loans, net | 2,077,358 | 2,034,353 | 1,662,095 | |||||||||
Premises and equipment, net | 48,658 | 50,221 | 42,031 | |||||||||
Bank-owned life insurance | 56,957 | 56,708 | 54,450 | |||||||||
Other real estate owned, net | 1,677 | 1,677 | 3,274 | |||||||||
Deferred tax asset, net | 45,172 | 46,211 | 50,673 | |||||||||
Core deposit intangible | 12,317 | 12,691 | 6,863 | |||||||||
Goodwill | 85,852 | 84,775 | 78,610 | |||||||||
Other assets | 31,195 | 58,476 | 35,921 | |||||||||
Total assets | $ | 3,079,058 | $ | 3,174,821 | $ | 2,468,029 | ||||||
LIABILITIES & STOCKHOLDERS’ EQUITY | ||||||||||||
Liabilities: | ||||||||||||
Deposits: | ||||||||||||
Demand | $ | 916,197 | $ | 946,318 | $ | 727,730 | ||||||
Interest bearing demand | 1,327,975 | 1,371,955 | 1,044,134 | |||||||||
Savings | 197,279 | 192,780 | 135,527 | |||||||||
Time | 220,362 | 234,028 | 175,697 | |||||||||
Total deposits | 2,661,813 | 2,745,081 | 2,083,088 | |||||||||
Other liabilities | 47,593 | 62,744 | 48,167 | |||||||||
Total liabilities | 2,709,406 | 2,807,825 | 2,131,255 | |||||||||
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 | 471,719 | 470,938 | 452,925 | |||||||||
Accumulated deficit | (101,002 | ) | (106,918 | ) | (117,772 | ) | ||||||
Accumulated other comprehensive income | (1,065 | ) | 2,976 | 1,621 | ||||||||
Total stockholders’ equity | 369,652 | 366,996 | 336,774 | |||||||||
Total liabilities and stockholders’ equity | $ | 3,079,058 | $ | 3,174,821 | $ | 2,468,029 |
CASCADE BANCORP | ||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||
(In thousands) (Unaudited) | Three Months Ended | Year Ended | ||||||||||||||||||
December 31, 2016 | September 30, 2016 | December 31, 2015 | December 31, 2016 | December 31, 2015 | ||||||||||||||||
Interest income: | ||||||||||||||||||||
Interest and fees on loans | $ | 21,525 | $ | 20,622 | $ | 17,215 | $ | 79,104 | $ | 68,484 | ||||||||||
Interest on investments | 3,880 | 3,514 | 2,904 | 15,441 | 11,687 | |||||||||||||||
Other investment income | 86 | 217 | 98 | 732 | 216 | |||||||||||||||
Total interest income | 25,491 | 24,353 | 20,217 | 95,277 | 80,387 | |||||||||||||||
Interest expense: | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Interest bearing demand | 502 | 494 | 368 | 1,867 | 1,333 | |||||||||||||||
Savings | 17 | 21 | 10 | 62 | 40 | |||||||||||||||
Time | 1 | 54 | 51 | 192 | 493 | |||||||||||||||
Other borrowings | 7 | — | — | 33 | 6 | |||||||||||||||
Total interest expense | 527 | 569 | 429 | 2,154 | 1,872 | |||||||||||||||
Net interest income | 24,964 | 23,784 | 19,788 | 93,123 | 78,515 | |||||||||||||||
Loan loss provision (recovery) | — | — | (2,000 | ) | — | (4,000 | ) | |||||||||||||
Net interest income after loan loss provision | 24,964 | 23,784 | 21,788 | 93,123 | 82,515 | |||||||||||||||
Non-interest income: | ||||||||||||||||||||
Service charges on deposit accounts | 1,691 | 1,786 | 1,285 | 6,578 | 5,121 | |||||||||||||||
Card issuer and merchant services fees, net | 2,544 | 2,643 | 1,716 | 9,722 | 7,052 | |||||||||||||||
Earnings on BOLI | 249 | 434 | 265 | 1,190 | 1,001 | |||||||||||||||
Mortgage banking income, net | 1,145 | 857 | 528 | 3,396 | 2,617 | |||||||||||||||
Swap fee income | 638 | 713 | 638 | 2,483 | 2,533 | |||||||||||||||
SBA gain on sales and fee income | 531 | 428 | 234 | 1,519 | 1,294 | |||||||||||||||
Gain (loss) on sales of investments | — | — | (28 | ) | — | 475 | ||||||||||||||
ATM income | 455 | 523 | 217 | 1,712 | 876 | |||||||||||||||
Other income | 1,026 | 556 | 917 | 2,846 | 4,004 | |||||||||||||||
Total non-interest income | 8,279 | 7,940 | 5,772 | 29,446 | 24,973 | |||||||||||||||
Non-interest expense: | ||||||||||||||||||||
Salaries and employee benefits | 13,079 | 13,217 | 10,711 | 52,414 | 43,744 | |||||||||||||||
Occupancy | 1,547 | 2,546 | 1,294 | 8,420 | 5,200 | |||||||||||||||
Information technology | 1,299 | 1,558 | 946 | 5,436 | 3,675 | |||||||||||||||
Equipment | 650 | 864 | 397 | 2,272 | 1,539 | |||||||||||||||
Communications | 589 | 615 | 545 | 2,497 | 2,130 | |||||||||||||||
FDIC insurance | 553 | 514 | 275 | 1,899 | 1,321 | |||||||||||||||
OREO | 35 | 43 | 57 | 171 | 68 | |||||||||||||||
Professional services | 2,042 | 1,682 | 1,367 | 6,382 | 5,327 | |||||||||||||||
Card issuer | 1,089 | 1,003 | 637 | 4,045 | 2,836 | |||||||||||||||
Insurance | 162 | 186 | 149 | 681 | 732 | |||||||||||||||
CDI amortization | 374 | 371 | 205 | 1,316 | 820 | |||||||||||||||
Other expenses | 1,738 | 2,621 | 1,532 | 9,697 | 7,004 | |||||||||||||||
Total non-interest expense | 23,157 | 25,220 | 18,115 | 95,230 | 74,396 | |||||||||||||||
Income before income taxes | 10,086 | 6,504 | 9,445 | 27,339 | 33,092 | |||||||||||||||
Income tax provision | (4,168 | ) | (2,415 | ) | (3,878 | ) | (10,568 | ) | (12,513 | ) | ||||||||||
Net income | $ | 5,918 | $ | 4,089 | $ | 5,567 | $ | 16,771 | $ | 20,579 |
CASCADE BANCORP | |||||||||||||||||||||
NET INTEREST MARGIN | |||||||||||||||||||||
(In thousands) (Unaudited) | |||||||||||||||||||||
Three Months Ended December 31, | |||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||
Average Balance | Interest Income/ Expense | Average Yield or Rates | Average Balance | Interest Income/ Expense | Average Yield or Rates | ||||||||||||||||
Assets | |||||||||||||||||||||
Investment securities | $ | 655,866 | $ | 3,880 | 2.35 | % | $ | 439,277 | $ | 2,904 | 2.62 | % | |||||||||
Interest bearing balances due from other banks | 57,036 | 86 | 0.60 | % | 133,482 | 98 | 0.29 | % | |||||||||||||
Federal funds sold | 273 | — | — | % | 273 | — | — | % | |||||||||||||
Federal Home Loan Bank stock | 3,375 | — | — | % | 3,004 | — | — | % | |||||||||||||
Loans | 2,079,122 | 21,525 | 4.12 | % | 1,654,528 | 17,215 | 4.13 | % | |||||||||||||
Total earning assets/interest income | 2,795,672 | 25,491 | 3.63 | % | 2,230,564 | 20,217 | 3.60 | % | |||||||||||||
Reserve for loan losses | (25,272 | ) | (26,428 | ) | |||||||||||||||||
Cash and due from banks | 57,235 | 43,840 | |||||||||||||||||||
Premises and equipment, net | 50,064 | 42,119 | |||||||||||||||||||
Bank-owned life insurance | 56,814 | 54,292 | |||||||||||||||||||
Deferred tax asset | 44,777 | 52,930 | |||||||||||||||||||
Goodwill | 84,873 | 78,610 | |||||||||||||||||||
Core deposit intangible | 12,454 | 6,935 | |||||||||||||||||||
Accrued interest and other assets | 49,526 | 42,846 | |||||||||||||||||||
Total assets | $ | 3,126,143 | $ | 2,525,708 | |||||||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||
Interest bearing demand deposits | $ | 1,329,067 | 502 | 0.15 | % | $ | 1,071,760 | 368 | 0.14 | % | |||||||||||
Savings deposits | 194,519 | 17 | 0.03 | % | 135,622 | 10 | 0.03 | % | |||||||||||||
Time deposits | 224,874 | 1 | — | % | 183,218 | 51 | 0.11 | % | |||||||||||||
Other borrowings | 3,500 | 7 | 0.80 | % | 1 | — | — | % | |||||||||||||
Total interest bearing liabilities/interest expense | 1,751,960 | 527 | 0.12 | % | 1,390,601 | 429 | 0.12 | % | |||||||||||||
Demand deposits | 945,824 | 748,254 | |||||||||||||||||||
Other liabilities | 57,130 | 52,381 | |||||||||||||||||||
Total liabilities | 2,754,914 | 2,191,236 | |||||||||||||||||||
Stockholders’ equity | 371,229 | 334,472 | |||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 3,126,143 | $ | 2,525,708 | |||||||||||||||||
Net interest income | $ | 24,964 | $ | 19,788 | |||||||||||||||||
Net interest spread | 3.51 | % | 3.47 | % | |||||||||||||||||
Net interest income to earning assets | 3.55 | % | 3.52 | % | |||||||||||||||||
CASCADE BANCORP | |||||||||||||||||||||
NET INTEREST MARGIN | |||||||||||||||||||||
(In thousands) (Unaudited) | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||
Average Balance | Interest Income/ Expense | Average Yield or Rates | Average Balance | Interest Income/ Expense | Average Yield or Rates | ||||||||||||||||
Assets | |||||||||||||||||||||
Investment securities | $ | 593,376 | $ | 15,441 | 2.60 | % | $ | 454,258 | $ | 11,687 | 2.57 | % | |||||||||
Interest bearing balances due from other banks | 133,169 | 732 | 0.55 | % | 80,096 | 216 | 0.27 | % | |||||||||||||
Federal funds sold | 289 | — | — | % | 273 | — | — | % | |||||||||||||
Federal Home Loan Bank stock | 3,407 | — | — | % | 12,315 | — | — | % | |||||||||||||
Loans | 1,902,985 | 79,104 | 4.16 | % | 1,594,082 | 68,484 | 4.30 | % | |||||||||||||
Total earning assets/interest income | 2,633,226 | 95,277 | 3.62 | % | 2,141,024 | 80,387 | 3.75 | % | |||||||||||||
Reserve for loan losses | (25,380 | ) | (24,640 | ) | |||||||||||||||||
Cash and due from banks | 54,195 | 43,214 | |||||||||||||||||||
Premises and equipment, net | 46,442 | 42,796 | |||||||||||||||||||
Bank-owned life insurance | 55,559 | 53,920 | |||||||||||||||||||
Deferred tax asset | 47,483 | 58,937 | |||||||||||||||||||
Goodwill | 82,549 | 78,940 | |||||||||||||||||||
Core deposit intangible | 11,213 | 7,240 | |||||||||||||||||||
Accrued interest and other assets | 52,271 | 38,043 | |||||||||||||||||||
Total assets | $ | 2,957,558 | $ | 2,439,474 | |||||||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||
Interest bearing demand deposits | $ | 1,284,281 | 1,867 | 0.15 | % | $ | 1,027,228 | 1,333 | 0.13 | % | |||||||||||
Savings deposits | 174,334 | 62 | 0.04 | % | 133,440 | 40 | 0.03 | % | |||||||||||||
Time deposits | 213,259 | 192 | 0.09 | % | 202,293 | 493 | 0.24 | % | |||||||||||||
Other borrowings | 8,256 | 33 | 0.40 | % | 1,685 | 6 | 0.36 | % | |||||||||||||
Total interest bearing liabilities/interest expense | 1,680,130 | 2,154 | 0.13 | % | 1,364,646 | 1,872 | 0.14 | % | |||||||||||||
Demand deposits | 868,437 | 700,838 | |||||||||||||||||||
Other liabilities | 55,932 | 47,433 | |||||||||||||||||||
Total liabilities | 2,604,499 | 2,112,917 | |||||||||||||||||||
Stockholders’ equity | 353,059 | 326,557 | |||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,957,558 | $ | 2,439,474 | |||||||||||||||||
Net interest income | $ | 93,123 | $ | 78,515 | |||||||||||||||||
Net interest spread | 3.49 | % | 3.62 | % | |||||||||||||||||
Net interest income to earning assets | 3.54 | % | 3.67 | % | |||||||||||||||||
CASCADE BANCORP | ||||||||||||||||||||
ADDITIONAL FINANCIAL INFORMATION | ||||||||||||||||||||
(In thousands, except per share data) (Unaudited) | ||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||
December 31, 2016 | September 30, 2016 | December 31, 2015 | December 31, 2016 | December 31, 2015 | ||||||||||||||||
Share Data | ||||||||||||||||||||
Basic net income per common share | $ | 0.08 | $ | 0.06 | $ | 0.08 | $ | 0.23 | $ | 0.29 | ||||||||||
Diluted net income per common share | $ | 0.08 | $ | 0.06 | $ | 0.08 | $ | 0.23 | $ | 0.29 | ||||||||||
Book value per basic common share | $ | 4.85 | $ | 4.81 | $ | 4.63 | $ | 4.85 | $ | 4.63 | ||||||||||
Tangible book value per common share1 | $ | 3.56 | $ | 3.53 | $ | 3.45 | $ | 3.56 | $ | 3.45 | ||||||||||
Basic average shares outstanding | 75,055 | 74,002 | 71,882 | 71,895 | 71,789 | |||||||||||||||
Fully diluted average shares outstanding | 75,918 | 74,169 | 72,473 | 72,159 | 71,969 | |||||||||||||||
Balance Sheet Detail | ||||||||||||||||||||
Gross loans | $ | 2,102,648 | $ | 2,059,591 | $ | 1,686,573 | $ | 2,102,648 | $ | 1,686,573 | ||||||||||
Wholesale loans | $ | 327,286 | $ | 342,698 | $ | 268,417 | $ | 327,286 | $ | 268,417 | ||||||||||
Total organic loans | $ | 1,671,109 | $ | 1,612,640 | $ | 1,418,156 | $ | 1,671,109 | $ | 1,418,156 | ||||||||||
Total deposits | $ | 2,661,813 | $ | 2,745,081 | $ | 2,083,088 | $ | 2,661,813 | $ | 2,083,088 | ||||||||||
Non-interest bearing | $ | 916,197 | $ | 946,318 | $ | 727,730 | $ | 916,197 | $ | 727,730 | ||||||||||
Total checking balances | $ | 1,471,068 | $ | 1,552,272 | $ | 1,183,274 | $ | 1,471,068 | $ | 1,183,274 | ||||||||||
Money market | $ | 773,104 | $ | 766,001 | $ | 588,590 | $ | 773,104 | $ | 588,590 | ||||||||||
Time | $ | 220,362 | $ | 234,028 | $ | 175,697 | $ | 220,362 | $ | 175,697 | ||||||||||
Key Ratios | ||||||||||||||||||||
Return on average stockholders’ equity | 6.34 | % | 4.53 | % | 6.60 | % | 4.75 | % | 6.30 | % | ||||||||||
Return on average tangible stockholders’ equity2 | 8.60 | % | 6.20 | % | 8.87 | % | 6.47 | % | 8.56 | % | ||||||||||
Return on average assets | 0.75 | % | 0.53 | % | 0.87 | % | 0.57 | % | 0.84 | % | ||||||||||
Return on average tangible assets3 | 0.78 | % | 0.54 | % | 0.91 | % | 0.59 | % | 0.87 | % | ||||||||||
Common stockholders’ equity ratio | 12.01 | % | 11.56 | % | 13.65 | % | 12.01 | % | 13.65 | % | ||||||||||
Tangible common stockholders’ equity ratio4 | 8.82 | % | 8.49 | % | 10.18 | % | 8.82 | % | 10.18 | % | ||||||||||
Net interest spread | 3.51 | % | 3.39 | % | 3.47 | % | 3.49 | % | 3.62 | % | ||||||||||
Net interest margin | 3.55 | % | 3.43 | % | 3.52 | % | 3.54 | % | 3.67 | % | ||||||||||
Total revenue (net int. inc. + non int. inc.) | $ | 33,243 | $ | 31,724 | $ | 25,562 | $ | 122,569 | $ | 103,488 | ||||||||||
Efficiency ratio5 | 69.66 | % | 79.50 | % | 70.87 | % | 77.70 | % | 71.89 | % | ||||||||||
Loan to deposit ratio | 78.04 | % | 74.11 | % | 79.79 | % | 78.04 | % | 79.79 | % | ||||||||||
Credit Quality Ratios | ||||||||||||||||||||
Reserve for loan losses | $ | 25,290 | $ | 25,238 | $ | 24,415 | $ | 25,290 | $ | 24,415 | ||||||||||
Reserve for loan losses to ending gross loans | 1.20 | % | 1.23 | % | 1.45 | % | 1.20 | % | 1.45 | % | ||||||||||
Reserve for credit losses | $ | 25,730 | $ | 25,678 | $ | 24,855 | $ | 25,730 | $ | 24,855 | ||||||||||
Reserve for credit losses to ending gross loans | 1.22 | % | 1.25 | % | 1.47 | % | 1.22 | % | 1.47 | % | ||||||||||
Non-performing assets (“NPAs”) | $ | 15,388 | $ | 14,456 | $ | 8,396 | $ | 15,388 | $ | 8,396 | ||||||||||
NPAs to total assets | 0.50 | % | 0.46 | % | 0.34 | % | 0.50 | % | 0.34 | % | ||||||||||
Delinquent >30 days to total loans (excl. NPAs) | 0.20 | % | 0.21 | % | 0.24 | % | 0.20 | % | 0.24 | % | ||||||||||
Net (recoveries) charge-offs | $ | (51 | ) | $ | (572 | ) | $ | 208 | $ | (874 | ) | $ | (6,362 | ) | ||||||
Net loan (recoveries) charge-offs to average total loans | — | % | (0.03 | )% | 0.01 | % | (0.05 | )% | 0.40 | % |
CASCADE BANCORP | |||||||||
ADDITIONAL FINANCIAL INFORMATION (continued) | |||||||||
(In thousands, except per share data) (Unaudited) | |||||||||
December 31, 2016 | September 30, 2016 | December 31, 2015 | |||||||
Bank Capital Ratios | Estimate | ||||||||
Tier 1 capital leverage ratio | 8.44 | % | 8.25 | % | 9.25 | % | |||
Common equity Tier 1 ratio | 10.32 | % | 10.21 | % | 11.35 | % | |||
Tier 1 risk-based capital ratio | 10.32 | % | 10.21 | % | 11.35 | % | |||
Total risk-based capital ratio | 11.36 | % | 11.28 | % | 12.60 | % | |||
Bancorp Capital Ratios | |||||||||
Tier 1 capital leverage ratio | 8.60 | % | 8.37 | % | 9.40 | % | |||
Common equity Tier 1 ratio | 10.53 | % | 10.37 | % | 11.53 | % | |||
Tier 1 risk-based capital ratio | 10.53 | % | 10.37 | % | 11.53 | % | |||
Total risk-based capital ratio | 11.58 | % | 11.44 | % | 12.79 | % |
Reconciliation of Non-GAAP Measures (unaudited): | ||||||||||||
Reconciliation of period end stockholders’ equity to period end tangible stockholders’ equity: | December 31, 2016 | September 30, 2016 | December 31, 2015 | |||||||||
Total stockholders’ equity | $ | 369,652 | $ | 366,996 | $ | 336,774 | ||||||
Core deposit intangible | 12,317 | 12,691 | 6,863 | |||||||||
Goodwill | 85,852 | 84,775 | 78,610 | |||||||||
Tangible stockholders’ equity | $ | 271,483 | $ | 269,530 | $ | 251,301 | ||||||
Reconciliation of period end common stockholders’ equity ratio to period end tangible common stockholders’ equity ratio: | December 31, 2016 | September 30, 2016 | December 31, 2015 | |||||||||
Total stockholders’ equity | $ | 369,652 | $ | 366,996 | $ | 336,774 | ||||||
Total assets | $ | 3,079,058 | $ | 3,174,821 | $ | 2,468,029 | ||||||
Common stockholders’ equity ratio | 12.01 | % | 11.56 | % | 13.65 | % | ||||||
Tangible stockholders’ equity | $ | 271,483 | $ | 269,530 | $ | 251,301 | ||||||
Total assets | $ | 3,079,058 | $ | 3,174,821 | $ | 2,468,029 | ||||||
Tangible common stockholders’ equity ratio | 8.82 | % | 8.49 | % | 10.18 | % | ||||||
Reconciliation of period end total stockholders’ equity to period end tangible book value per common share: | December 31, 2016 | September 30, 2016 | December 31, 2015 | |||||||||
Total stockholders’ equity | $ | 369,652 | $ | 366,996 | $ | 336,774 | ||||||
Core deposit intangible | 12,317 | 12,691 | 6,863 | |||||||||
Goodwill | 85,852 | 84,775 | 78,610 | |||||||||
Tangible stockholders equity | $ | 271,483 | $ | 269,530 | $ | 251,301 | ||||||
Common shares outstanding | 76,262,184 | 76,263,275 | 72,792,570 | |||||||||
Tangible book value per common share | $ | 3.56 | $ | 3.53 | $ | 3.45 |
Three Months Ended | Year Ended | |||||||||||||||||||
Reconciliation of return on average tangible stockholders’ equity: | December 31, 2016 | September 30, 2016 | December 31, 2015 | December 31, 2016 | December 31, 2015 | |||||||||||||||
Average stockholders’ equity | $ | 371,229 | $ | 358,917 | $ | 334,472 | $ | 353,059 | $ | 326,557 | ||||||||||
Average core deposit intangible | 12,454 | 12,702 | 6,935 | 11,213 | 7,240 | |||||||||||||||
Average goodwill | 84,873 | 84,035 | 78,610 | 82,549 | 78,940 | |||||||||||||||
Average tangible stockholders’ equity | $ | 273,902 | $ | 262,180 | $ | 248,927 | $ | 259,297 | $ | 240,377 | ||||||||||
Net income | 5,918 | 4,089 | 5,567 | 16,771 | 20,579 | |||||||||||||||
Return on average tangible stockholders’ equity (annualized) | 8.60 | % | 6.20 | % | 8.87 | % | 6.47 | % | 8.56 | % | ||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||
Reconciliation of return on average tangible assets: | December 31, 2016 | September 30, 2016 | December 31, 2015 | December 31, 2016 | December 31, 2015 | |||||||||||||||
Average total assets | $ | 3,126,143 | $ | 3,093,503 | $ | 2,525,708 | $ | 2,957,558 | $ | 2,439,474 | ||||||||||
Average core deposit intangible | 12,454 | 12,702 | 6,935 | 11,213 | 7,240 | |||||||||||||||
Average goodwill | 84,873 | 84,035 | 78,610 | 82,549 | 78,940 | |||||||||||||||
Average tangible assets | $ | 3,028,816 | $ | 2,996,766 | $ | 2,440,163 | $ | 2,863,796 | $ | 2,353,294 | ||||||||||
Net income | 5,918 | 4,089 | 5,567 | 16,771 | 20,579 | |||||||||||||||
Return on average tangible assets (annualized) | 0.78 | % | 0.54 | % | 0.91 | % | 0.59 | % | 0.87 | % |
Reconciliation of year-over-year total loan growth to organic loan growth (from December 31, 2015): | Year over year December 31, 2016 | |||
Total loan growth | $ | 416,075 | ||
Acquired loan growth | 58,869 | |||
Prime loans | 104,253 | |||
Organic loan growth, excluding PPFS | $ | 252,953 | ||
Reconciliation of quarterly total loan growth to organic loan growth (from September 30, 2016): | QTD December 31, 2016 | |||
Total loan growth | $ | 43,057 | ||
Acquired loan growth | (15,412 | ) | ||
Organic loan growth | $ | 58,469 |
Reconciliation of adjusted EPS: | QTD December 31, 2016 | |||
Q4 2016 EPS | $ | 0.079 | ||
EPS impact of First Interstate merger expenses (after tax) | (0.009 | ) | ||
EPS impact of above target performance incentive compensation (after tax) | (0.007 | ) | ||
Adjusted Net income for EPS | $ | 0.095 |
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