Exhibit 99.1
FCB Financial Holdings, Inc. Reports First Quarter 2015 Financial Results
Weston, Fla. – FCB Financial Holdings, Inc. (NYSE:FCB) (the “Company”) today reported financial results for the first quarter of 2015. For the quarter ended March 31, 2015, after deducting the previously disclosed one-time pre-tax charge of $65.5 million in conjunction with the early termination of all loss share agreements, the Company reported a net loss of $16.9 million, or $0.41 per diluted share.
On a core net income basis, the Company had a record quarter. The Company reported core net income for the first quarter of 2015 of $18.1 million, or $0.43 per diluted share. Core net income rose 254% year-over-year and 43% sequentially. This resulted in a core ROA of 121 basis points which represents an increase of 177% year-over-year and 45% sequentially.
| | • | | Net interest income of $48.9 million, up 27% year-over-year; |
| | • | | Total loan portfolio grew sequentially at an annualized rate of 20%; |
| | • | | New loan fundings of $397 million during the quarter; |
| | • | | Demand deposits grew to 19% of total deposits during the quarter; |
| | • | | Core efficiency ratio improved to 48.9%, down from 57.9% in the fourth quarter of 2014; |
| | • | | Core ROA increased to 121 basis points, up from 84 basis points in the fourth quarter of 2014; |
| | • | | Tangible book value per share was $18.30; |
| | • | | On March 4, 2015, Florida Community Bank, N.A. (the “Bank”), a wholly-owned subsidiary of the Company, entered into agreements with the Federal Deposit Insurance Corporation (the “FDIC”) which terminated all existing loss share agreements with the FDIC, and the Bank made a payment of $14.8 million to the FDIC as consideration for the early termination of the loss share agreements; and |
| | • | | As a result of early termination of loss share agreements with the FDIC, the company recorded a one-time charge of approximately $40.3 million on a tax effected basis, or $65.5 million on a pre-tax basis. |
The Company views certain non-recurring items, including but not limited to merger related and restructuring charges, gain/(loss) on investment securities and their corresponding tax effect, as core adjustments to net income. Core adjustments for the first quarter of 2015 included a $65.5 million one-time charge as a result of early termination of all loss share agreements with the FDIC, $5.0 million of deferred tax asset benefit due to better than expected performance of the Great Florida Bank (“GFB”) acquisition, $0.2 million in professional services expense related to the termination of FDIC loss share agreements, $0.2 million of severance expense, $0.1 million of other operating expenses and $1.0 million of gain on investment securities.
The reconciliation of non-GAAP measures (including core net income, core efficiency ratio, core ROA, tangible book value and tangible book value per share), which the Company believes facilitate the assessment of its banking operations and peer comparability, are included in tabular form at the end of this release.
Kent Ellert, Chief Executive Officer and President of FCB Financial Holdings, Inc., commented, “We are pleased by our record first quarter core operating results, having achieved a core ROA of 1.21% and core efficiency ratio of 48.9%. We are excited about our continued organic loan and deposit momentum as well as the strategic and financial benefits due to the early termination of our FDIC loss share agreements.”
Loan Portfolio and Composition
During the quarter, the total loan portfolio, gross of the allowance for loan losses, grew by $189.5 million to $4.1 billion at March 31, 2015, an increase of 5% from $3.9 billion as of December 31, 2014 and 40% from $2.9 billion as of March 31, 2014.
Our new loan portfolio totaled $3.4 billion as of March 31, 2015, an increase of 8% from $3.1 billion as of December 31, 2014 and 74% from $1.9 billion as of March 31, 2014. Our loan growth during the quarter was a result of $397 million of new loan fundings, consisting of $308 million of organic production and $89 million of
purchased residential mortgages. Organic loan production for the quarter consisted of $112 million of commercial and industrial, $74 million of commercial real estate and $122 million of residential and consumer. As of March 31, 2015 new loans made up 81% of our total loan portfolio as compared to 79% and 66% as of December 31, 2014 and March 31, 2014, respectively.
Our acquired loan portfolio totaled $764.6 million as of March 31, 2015, a decrease of 7% from $826.2 million as of December 31, 2014 and a decrease of 24% from $1.0 billion as of March 31, 2014. The decrease in the current quarter was driven by resolutions totaling $35.7 million as well as scheduled loan amortization. As of March 31, 2015, acquired loans made up 19% of our total loan portfolio as compared to 21% and 34% as of December 31, 2014 and March 31, 2014, respectively.
Asset Quality
The provision for loan losses of $1.3 million recorded for the first quarter of 2015 includes a $1.3 million provision for new loans and a $73 thousand provision for the acquired loan portfolio. The provision for new loans served to increase the related allowance to $17.3 million, or 0.52% of the $3.4 billion in new loans outstanding. There were no new loan portfolio charge-offs in the first quarter of 2015 and no nonperforming new loans in the portfolio as of March 31, 2015.
Deposits and Borrowings
Deposits totaled $4.2 billion as of March 31, 2015, an increase of 6% from $4.0 billion as of December 31, 2014 and an increase of 13% from $3.7 billion as of March 31, 2014. During the first quarter of 2015, demand deposits increased by $76.2 million, or 11%, from December 31, 2014 and increased by $374.1 million, or 90%, from March 31, 2014. Demand deposits represent 19% of total deposits as of March 31, 2015 as compared to 18% and 11% as of December 31, 2014 and March 31, 2014, respectively. The cost of deposits improved to 55 basis points for the quarter, representing a basis point decline from the fourth quarter of 2014 and an 8 basis point decline from the first quarter of 2014. Continued growth in demand deposits drove the improvements sequentially and year-over-year.
Net Interest Margin and Net Interest Income
The net interest margin for the first quarter of 2015 was 3.58%, a decrease of 4 basis points both sequentially and year-over-year. The decrease from the fourth quarter of 2014 was due primarily to an average balance reduction in higher yielding acquired loans of $50.9 million.
Net interest income totaled $48.9 million in the first quarter of 2015, a decrease of 2% from $49.8 million in the fourth quarter of 2014 and an increase of 27% from $38.3 million in the first quarter of 2014. Interest income totaled $55.4 million for the first quarter of 2015, a decrease of 2% from $56.4 million in the fourth quarter of 2014 and an increase of 23% from $44.9 million in the first quarter of 2014. Interest income from new loans increased by $2.0 million, or 8%, from the fourth quarter of 2014 due to continued growth in the new loan portfolio. Interest income on acquired loans decreased by $2.5 million, or 13%, from the fourth quarter due to expected payoffs and resolutions of acquired loans. Interest expense remained relatively flat at $6.6 million for the first quarter of 2015 consistent with the fourth and first quarters of 2014.
Noninterest Income and Noninterest Expense
Noninterest income (loss) totaled ($54.1) million for the first quarter of 2015 primarily due to the one-time charge of ($65.5) million as a result of early termination of all FDIC loss share agreements. The Company continues to realize resolution of acquired asset income and gain on sales of other real estate owned stemming from its acquired asset portfolio. As a result of the early termination of the FDIC loss share agreements, the Company recognized all recoveries and gain on sales related to what were previously “covered assets” in its consolidated statement of income as these amounts are no longer shared with the FDIC. For the quarter, the Company realized
$4.9 million of noninterest income related to its acquired asset portfolio. Excluding the aforementioned one-time charge, the primary components of noninterest income for the quarter were loan and other fees, income from resolution of acquired assets, gain on sales of other real estate owned and gain on investment securities of $2.5 million, $3.4 million, $1.6 million and $1.0 million, respectively.
Noninterest expense totaled $30.7 million for the first quarter of 2015, a decrease of 3% from $31.5 million in the fourth quarter of 2014 and 11% from $34.5 million in the first quarter of 2014. For the quarter, the Company recorded non-core expenses of $0.2 million in professional services related to the early termination of the FDIC loss share agreements, $0.2 million of severance and $0.1 million of other operating expenses.
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 12.4%, 12.6% and 16.1% for the first quarter of 2015 respectively, compared to 13.0%, 12.8% and 17.6% for the fourth quarter of 2014, respectively. Stockholders’ equity totaled $846.8 million as of March 31, 2015, a decrease of 1% from $851.7 million as of December 31, 2014 primarily driven by a net loss of $16.9 million which was partially offset by a $9.9 increase in accumulated other comprehensive income. Tangible book value per common share is $18.30 as of March 31, 2015.
Conference Call
The Company will host a conference call today, Thursday, April 23, 2015 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 May 23, 2015, by dialing (877) 344-7529 and entering pass code 10063106.
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 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
Core net income, core efficiency ratio, core return-on-assets (“core 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 core net income and core ROA, total net interest income, total noninterest income and total noninterest expense in the case of core 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 core net income, core efficiency ratio, and core 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 core net income nor core ROA should be viewed as a substitute for net income, nor should core 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. is a bank holding company with one wholly-owned national bank subsidiary, Florida Community Bank, National Association, headquartered in Weston, Florida, which operates 51 branches in Florida. Florida Community Bank offers a comprehensive range of traditional banking products and services to individuals, small and medium-sized businesses, some large businesses, and other local organizations and entities in its market areas. The Bank targets commercial customers engaged in a wide variety of industries including healthcare and professional services, retail and wholesale trade, tourism, agricultural services, manufacturing, distribution and distribution-related industries, technology, automotive, aviation, food products, building materials, residential housing and commercial real estate.
FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Statements Of Income
(Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | |
| | | March 31,
2015 | | | December 31,
2014 | | | September 30,
2014 | | | June 30,
2014 | | | March 31,
2014 | |
| | | (Dollars in thousands, except share and per share data) | |
Interest income: | | | | | | | | | | | | | | | | | |
Interest and fees on loans | | $ | 43,306 | | | $ | 43,900 | | | $ | 42,085 | | | $ | 37,833 | | | $ | 34,852 | |
Interest and dividends on investment securities | | | 12,110 | | | | 12,451 | | | | 11,530 | | | | 10,566 | | | | 9,998 | |
Other interest income | | | 33 | | | | 53 | | | | 37 | | | | 53 | | | | 68 | |
| | | | | | | | | | | | | | | | | | | | |
Total interest income | | | 55,449 | | | | 56,404 | | | | 53,652 | | | | 48,452 | | | | 44,918 | |
| | | | | | | | | | | | | | | | | | | | |
Interest expense: | | | | | | | | | | | | | | | | | | | | |
Interest on deposits | | | 5,585 | | | | 5,492 | | | | 6,124 | | | | 5,833 | | | | 5,309 | |
Interest on borrowings | | | 980 | | | | 1,133 | | | | 1,633 | | | | 1,466 | | | | 1,264 | |
| | | | | | | | | | | | | | | | | | | | |
Total interest expense | | | 6,565 | | | | 6,625 | | | | 7,757 | | | | 7,299 | | | | 6,573 | |
| | | | | | | | | | | | | | | | | | | | |
Net interest income | | | 48,884 | | | | 49,779 | | | | 45,895 | | | | 41,153 | | | | 38,345 | |
Provision for loan losses | | | 1,349 | | | | 3,112 | | | | 2,805 | | | | 3,236 | | | | 1,090 | |
| | | | | | | | | | | | | | | | | | | | |
Net interest income after provision for loan losses | | | 47,535 | | | | 46,667 | | | | 43,090 | | | | 37,917 | | | | 37,255 | |
| | | | | | | | | | | | | | | | | | | | |
Noninterest income: | | | | | | | | | | | | | | | | | | | | |
Service charges and fees | | | 757 | | | | 780 | | | | 738 | | | | 707 | | | | 738 | |
Loan and other fees | | | 2,497 | | | | 2,270 | | | | 1,238 | | | | 2,569 | | | | 716 | |
Bank-owned life insurance income | | | 1,097 | | | | 1,168 | | | | 1,151 | | | | 1,038 | | | | 818 | |
FDIC loss share indemnification loss | | | (65,529 | ) | | | (5,324 | ) | | | (5,862 | ) | | | (5,247 | ) | | | (4,992 | ) |
Income from resolution of acquired assets | | | 3,372 | | | | 1,061 | | | | 1,109 | | | | 1,692 | | | | 1,037 | |
Gain (loss) on sales of other real estate owned | | | 1,565 | | | | 200 | | | | (128 | ) | | | (359 | ) | | | 431 | |
Gain (loss) on investment securities | | | 1,007 | | | | 2,377 | | | | 2,785 | | | | 4,448 | | | | 2,495 | |
Other noninterest income | | | 1,145 | | | | 2,912 | | | | 1,319 | | | | 1,842 | | | | 1,305 | |
| | | | | | | | | | | | | | | | | | | | |
Total noninterest income | | | (54,089 | ) | | | 5,444 | | | | 2,350 | | | | 6,690 | | | | 2,548 | |
| | | | | | | | | | | | | | | | | | | | |
Noninterest expense: | | | | | | | | | | | | | | | | | | | | |
Salaries and employee benefits | | | 16,575 | | | | 14,885 | | | | 28,525 | | | | 13,411 | | | | 16,420 | |
Occupancy and equipment expenses | | | 3,277 | | | | 3,248 | | | | 3,606 | | | | 3,777 | | | | 3,433 | |
Loan and other real estate related expenses | | | 2,076 | | | | 4,566 | | | | 3,203 | | | | 3,338 | | | | 3,761 | |
Professional services | | | 1,406 | | | | 1,242 | | | | 1,203 | | | | 1,352 | | | | 1,832 | |
Data processing and network | | | 2,718 | | | | 2,639 | | | | 2,538 | | | | 2,357 | | | | 3,210 | |
Regulatory assessments and insurance | | | 2,119 | | | | 1,679 | | | | 2,466 | | | | 1,920 | | | | 1,774 | |
Amortization of intangibles | | | 424 | | | | 425 | | | | 426 | | | | 443 | | | | 416 | |
Other operating expenses | | | 2,055 | | | | 2,779 | | | | 6,992 | | | | 4,146 | | | | 3,620 | |
| | | | | | | | | | | | | | | | | | | | |
Total noninterest expense | | | 30,650 | | | | 31,463 | | | | 48,959 | | | | 30,744 | | | | 34,466 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) before income tax expense (benefit) | | | (37,204 | ) | | | 20,648 | | | | (3,519 | ) | | | 13,863 | | | | 5,337 | |
Income tax expense (benefit) | | | (20,330 | ) | | | 7,548 | | | | (97 | ) | | | 4,697 | | | | 1,809 | |
| | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | $ | (16,874 | ) | | $ | 13,100 | | | $ | (3,422 | ) | | $ | 9,166 | | | $ | 3,528 | |
| | | | | | | | | | | | | | | | | | | | |
Earnings (loss) per share: | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | (0.41 | ) | | $ | 0.32 | | | $ | (0.09 | ) | | $ | 0.26 | | | $ | 0.10 | |
Diluted | | $ | (0.41 | ) | | $ | 0.31 | | | $ | (0.09 | ) | | $ | 0.26 | | | $ | 0.10 | |
Weighted average shares outstanding: | | | | | | | | | | | | | | | | | | | | |
Basic | | | 41,421,854 | | | | 41,409,698 | | | | 38,952,127 | | | | 35,892,154 | | | | 35,892,154 | |
Diluted | | | 41,421,854 | | | | 42,154,781 | | | | 38,952,127 | | | | 35,896,207 | | | | 35,896,445 | |
FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited)
| | | | | | | | | | | | |
| | | March 31,
2015 | | | December 31,
2014 | | | March 31,
2014 | |
| | | (Dollars in thousands) | |
Assets: | | | | | | | | | | | | |
Cash and due from banks | | $ | 46,043 | | | $ | 25,397 | | | $ | 34,162 | |
Interest-earning deposits in other banks | | | 66,034 | | | | 81,688 | | | | 53,535 | |
Investment securities: | | | | | | | | | | | | |
Held to maturity securities | | | — | | | | — | | | | 369 | |
Available for sale securities, at fair value | | | 1,447,776 | | | | 1,359,098 | | | | 1,612,386 | |
Federal Home Loan Bank and other bank stock, at cost | | | 65,289 | | | | 66,891 | | | | 43,354 | |
| | | | | | | | | | | | |
Total investment securities | | | 1,513,065 | | | | 1,425,989 | | | | 1,656,109 | |
| | | | | | | | | | | | |
Loans held for sale | | | 1,308 | | | | 707 | | | | — | |
Loans: | | | | | | | | | | | | |
New loans | | | 3,354,452 | | | | 3,103,417 | | | | 1,932,196 | |
Acquired loans | | | 764,597 | | | | 826,173 | | | | 1,006,166 | |
Allowance for loan losses | | | (24,513 | ) | | | (22,880 | ) | | | (15,494 | ) |
| | | | | | | | | | | | |
Loans, net | | | 4,094,536 | | | | 3,906,710 | | | | 2,922,868 | |
| | | | | | | | | | | | |
FDIC Loss share indemnification asset | | | — | | | | 63,168 | | | | 80,605 | |
Due from Federal Deposit Insurance Corporation (“FDIC”) | | | — | | | | 1,735 | | | | 1,938 | |
Premises and equipment, net | | | 38,291 | | | | 38,962 | | | | 43,533 | |
Other real estate owned | | | 75,017 | | | | 74,527 | | | | 86,244 | |
Goodwill and other intangible assets | | | 88,291 | | | | 88,615 | | | | 90,317 | |
Deferred tax assets, net | | | 69,656 | | | | 47,441 | | | | 39,183 | |
Bank-owned life insurance | | | 139,733 | | | | 139,829 | | | | 116,075 | |
Other assets | | | 85,109 | | | | 62,860 | | | | 42,931 | |
| | | | | | | | | | | | |
Total assets | | $ | 6,217,083 | | | $ | 5,957,628 | | | $ | 5,167,500 | |
| | | | | | | | | | | | |
Liabilities and Stockholders’ Equity | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | |
Deposits: | | | | | | | | | | | | |
Transaction accounts: | | | | | | | | | | | | |
Noninterest-bearing | | $ | 595,389 | | | $ | 593,025 | | | $ | 417,529 | |
Interest-bearing | | | 2,411,142 | | | | 2,308,657 | | | | 1,797,976 | |
| | | | | | | | | | | | |
Total transaction accounts | | | 3,006,531 | | | | 2,901,682 | | | | 2,215,505 | |
Time deposits | | | 1,219,470 | | | | 1,076,853 | | | | 1,514,164 | |
| | | | | | | | | | | | |
Total deposits | | | 4,226,001 | | | | 3,978,535 | | | | 3,729,669 | |
Borrowings | | | 1,091,118 | | | | 1,067,981 | | | | 665,829 | |
Other liabilities | | | 53,130 | | | | 59,459 | | | | 48,133 | |
| | | | | | | | | | | | |
Total liabilities | | | 5,370,249 | | | | 5,105,975 | | | | 4,443,631 | |
| | | | | | | | | | | | |
Stockholders’ Equity: | | | | | | | | | | | | |
Class A common stock | | | 37 | | | | 36 | | | | 29 | |
Class B common stock | | | 6 | | | | 7 | | | | 8 | |
Additional paid-in capital | | | 836,720 | | | | 834,538 | | | | 724,067 | |
Retained earnings | | | 18,270 | | | | 35,144 | | | | 16,300 | |
Accumulated other comprehensive income (loss) | | | 10,552 | | | | 679 | | | | 2,216 | |
Treasury stock, at cost | | | (18,751 | ) | | | (18,751 | ) | | | (18,751 | ) |
| | | | | | | | | | | | |
Total stockholders’ equity | | | 846,834 | | | | 851,653 | | | | 723,869 | |
| | | | | | | | | | | | |
Total liabilities and stockholders’ equity | | $ | 6,217,083 | | | $ | 5,957,628 | | | $ | 5,167,500 | |
| | | | | | | | | | | | |
FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
Key Metrics
(Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | |
| | | March 31,
2015 | | | December 31,
2014 | | | September 30,
2014 | | | June 30,
2014 | | | March 31,
2014 | |
Performance Ratios | | | | | | | | | | | | | | | | | | | | |
Interest rate spread | | | 3.42 | % | | | 3.50 | % | | | 3.36 | % | | | 3.26 | % | | | 3.45 | % |
Net interest margin | | | 3.58 | % | | | 3.62 | % | | | 3.49 | % | | | 3.39 | % | | | 3.62 | % |
Return on average assets | | | -1.13 | % | | | 0.87 | % | | | -0.24 | % | | | 0.69 | % | | | 0.30 | % |
Return on average equity | | | -7.97 | % | | | 6.15 | % | | | -1.70 | % | | | 5.02 | % | | | 1.98 | % |
Efficiency ratio (company level) | | | -580.71 | % | | | 56.97 | % | | | 101.48 | % | | | 64.26 | % | | | 84.28 | % |
Average interest-earning assets to average interest bearing liabilities | | | 121.55 | % | | | 119.64 | % | | | 118.11 | % | | | 117.15 | % | | | 118.86 | % |
Loans receivable to deposits | | | 97.47 | % | | | 98.77 | % | | | 89.19 | % | | | 82.45 | % | | | 78.78 | % |
Yield on interest-earning assets | | | 4.00 | % | | | 4.08 | % | | | 4.05 | % | | | 3.96 | % | | | 4.19 | % |
Cost of interest-bearing liabilities | | | 0.58 | % | | | 0.58 | % | | | 0.69 | % | | | 0.70 | % | | | 0.74 | % |
Asset and Credit Quality Ratios - Total loans | | | | | | | | | | | | | | | | | | | | |
Nonperforming loans to loans receivable | | | 0.40 | % | | | 0.49 | % | | | 0.62 | % | | | 1.07 | % | | | 0.90 | % |
Nonperforming assets to total assets | | | 1.47 | % | | | 1.58 | % | | | 1.66 | % | | | 2.06 | % | | | 2.18 | % |
Covered loans to total gross loans | | | 0.00 | % | | | 6.96 | % | | | 8.05 | % | | | 10.00 | % | | | 11.47 | % |
ALL to nonperforming assets | | | 26.77 | % | | | 24.36 | % | | | 20.35 | % | | | 15.42 | % | | | 13.76 | % |
ALL to total gross loans | | | 0.60 | % | | | 0.58 | % | | | 0.57 | % | | | 0.55 | % | | | 0.53 | % |
Asset and Credit Quality Ratios - New Loans | | | | | | | | | | | | | | | | | | | | |
Nonperforming new loans to new loans receivable | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.01 | % | | | 0.00 | % |
New loan ALL to total gross new loans | | | 0.52 | % | | | 0.52 | % | | | 0.53 | % | | | 0.54 | % | | | 0.49 | % |
Asset and Credit Quality Ratios - Acquired Loans | | | | | | | | | | | | | | | | | | | | |
Nonperforming acquired loans to acquired loans receivable | | | 2.16 | % | | | 2.34 | % | | | 2.51 | % | | | 3.63 | % | | | 2.62 | % |
Covered acquired loans to total gross acquired loans | | | 0.00 | % | | | 33.09 | % | | | 32.78 | % | | | 34.11 | % | | | 33.51 | % |
Acquired loan ALL to total gross acquired loans | | | 0.94 | % | | | 0.83 | % | | | 0.72 | % | | | 0.57 | % | | | 0.60 | % |
Capital Ratios (Company) | | | | | | | | | | | | | | | | | | | | |
Average equity to average total assets | | | 14.2 | % | | | 14.2 | % | | | 13.9 | % | | | 13.7 | % | | | 15.3 | % |
Tangible average equity to tangible average assets | | | 12.9 | % | | | 12.9 | % | | | 12.6 | % | | | 12.2 | % | | | 13.9 | % |
Tangible common equity ratio (1) | | | 12.4 | % | | | 13.0 | % | | | 12.5 | % | | | 11.7 | % | | | 12.5 | % |
Tier 1 leverage ratio | | | 12.6 | % | | | 12.8 | % | | | 13.1 | % | | | 12.0 | % | | | 13.4 | % |
Tier 1 risk-based capital ratio | | | 15.6 | % | | | 17.0 | % | | | 17.2 | % | | | 16.0 | % | | | 17.6 | % |
Total risk-based capital ratio | | | 16.1 | % | | | 17.6 | % | | | 17.7 | % | | | 16.5 | % | | | 18.1 | % |
Capital Ratios (Bank) | | | | | | | | | | | | | | | | | | | | |
Average equity to average total assets | | | 11.8 | % | | | 11.7 | % | | | 11.8 | % | | | 11.9 | % | | | 12.3 | % |
Tangible common equity ratio | | | 10.6 | % | | | 10.4 | % | | | 10.1 | % | | | 10.4 | % | | | 10.5 | % |
Tier 1 leverage ratio | | | 10.7 | % | | | 10.4 | % | | | 10.6 | % | | | 10.8 | % | | | 11.2 | % |
Tier 1 risk-based capital ratio | | | 13.4 | % | | | 13.9 | % | | | 14.0 | % | | | 14.4 | % | | | 14.9 | % |
Total risk-based capital ratio | | | 13.9 | % | | | 14.5 | % | | | 14.6 | % | | | 14.9 | % | | | 15.4 | % |
| (1) | See Reconciliation of Non-GAAP Financial Measures - Tangible Book Value |
FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
Loan Composition
(Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | As of | |
| | | March 31, | | | December 31, | | | September 30, | | | June 30, | | | March 31, | |
| | | 2015 | | | 2014 | | | 2014 | | | 2014 | | | 2014 | |
| | | (Dollars in thousands) | |
New Loans: | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | $ | 903,629 | | | $ | 853,074 | | | $ | 721,676 | | | $ | 662,199 | | | $ | 569,094 | |
Owner-occupied commercial real estate | | | 325,972 | | | | 281,703 | | | | 261,549 | | | | 230,546 | | | | 166,031 | |
1-4 single family residential | | | 1,044,480 | | | | 922,657 | | | | 734,608 | | | | 523,987 | | | | 384,076 | |
Construction, land and development | | | 248,623 | | | | 232,601 | | | | 160,899 | | | | 123,169 | | | | 79,215 | |
Home equity loans and lines of credit | | | 20,459 | | | | 11,826 | | | | 12,774 | | | | 9,631 | | | | 22,559 | |
| | | | | | | | | | | | | | | | | | | | |
Total real estate loans | | $ | 2,543,163 | | | $ | 2,301,861 | | | $ | 1,891,506 | | | $ | 1,549,532 | | | $ | 1,220,975 | |
| | | | | | | | | | | | | | | | | | | | |
Commercial and industrial | | | 805,233 | | | | 795,000 | | | | 792,093 | | | | 754,238 | | | | 709,813 | |
Consumer | | | 6,056 | | | | 6,556 | | | | 2,444 | | | | 2,567 | | | | 1,408 | |
| | | | | | | | | | | | | | | | | | | | |
Total new loans | | $ | 3,354,452 | | | $ | 3,103,417 | | | $ | 2,686,043 | | | $ | 2,306,337 | | | $ | 1,932,196 | |
| | | | | | | | | | | | | | | | | | | | |
Acquired ASC 310-30 Loans: | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | $ | 309,758 | | | $ | 336,935 | | | $ | 364,753 | | | $ | 413,154 | | | $ | 426,940 | |
1-4 single family residential | | | 77,685 | | | | 86,308 | | | | 90,752 | | | | 98,802 | | | | 103,776 | |
Construction, land and development | | | 56,403 | | | | 66,700 | | | | 71,053 | | | | 76,210 | | | | 82,833 | |
| | | | | | | | | | | | | | | | | | | | |
Total real estate loans | | $ | 443,846 | | | $ | 489,943 | | | $ | 526,558 | | | $ | 588,166 | | | $ | 613,549 | |
| | | | | | | | | | | | | | | | | | | | |
Commercial and industrial | | | 63,441 | | | | 67,498 | | | | 72,948 | | | | 81,444 | | | | 85,360 | |
Consumer | | | 2,588 | | | | 2,803 | | | | 2,936 | | | | 3,345 | | | | 3,674 | |
| | | | | | | | | | | | | | | | | | | | |
Total Acquired ASC 310-30 Loans | | $ | 509,875 | | | $ | 560,244 | | | $ | 602,442 | | | $ | 672,955 | | | $ | 702,583 | |
| | | | | | | | | | | | | | | | | | | | |
Acquired Non-ASC 310-30 Loans: | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | $ | 69,917 | | | $ | 70,146 | | | $ | 68,578 | | | $ | 76,120 | | | $ | 83,026 | |
Owner-occupied commercial real estate | | | 13,287 | | | | 14,842 | | | | 16,640 | | | | 14,294 | | | | 13,989 | |
1-4 single family residential | | | 97,450 | | | | 102,279 | | | | 105,561 | | | | 111,056 | | | | 100,450 | |
Construction, land and development | | | 9,801 | | | | 9,729 | | | | 9,744 | | | | 8,077 | | | | 8,061 | |
Home equity loans and lines of credit | | | 52,762 | | | | 54,704 | | | | 56,170 | | | | 56,926 | | | | 65,340 | |
| | | | | | | | | | | | | | | | | | | | |
Total real estate loans | | $ | 243,217 | | | $ | 251,700 | | | $ | 256,693 | | | $ | 266,473 | | | $ | 270,866 | |
| | | | | | | | | | | | | | | | | | | | |
Commercial and industrial | | | 10,825 | | | | 13,548 | | | | 13,817 | | | | 16,766 | | | | 31,256 | |
Consumer | | | 680 | | | | 681 | | | | 809 | | | | 1,121 | | | | 1,461 | |
| | | | | | | | | | | | | | | | | | | | |
Total Acquired Non-ASC 310-30 Loans | | | 254,722 | | | | 265,929 | | | | 271,319 | | | | 284,360 | | | | 303,583 | |
| | | | | | | | | | | | | | | | | | | | |
Total loans | | $ | 4,119,049 | | | $ | 3,929,590 | | | $ | 3,559,804 | | | $ | 3,263,652 | | | $ | 2,938,362 | |
| | | | | | | | | | | | | | | | | | | | |
FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
Deposit Composition
(Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | As of | |
| | | March 31, | | | December 31, | | | September 30, | | | June 30, | | | March 31, | |
| | | 2015 | | | 2014 | | | 2014 | | | 2014 | | | 2014 | |
| | | (Dollars in thousands) | |
Noninterest-bearing demand deposits | | $ | 595,389 | | | $ | 593,025 | | | $ | 525,152 | | | $ | 435,055 | | | $ | 417,525 | |
Interest-bearing demand deposits | | | 196,192 | | | | 122,380 | | | | — | | | | — | | | | — | |
Interest-bearing NOW accounts | | | 439,400 | | | | 374,399 | | | | 526,013 | | | | 120,197 | | | | 103,063 | |
Savings and money market accounts | | | 1,775,550 | | | | 1,811,878 | | | | 1,695,237 | | | | 1,970,093 | | | | 1,694,913 | |
Time deposits | | | 1,219,470 | | | | 1,076,853 | | | | 1,244,958 | | | | 1,432,921 | | | | 1,514,168 | |
| | | | | | | | | | | | | | | | | | | | |
Total deposits | | $ | 4,226,001 | | | $ | 3,978,535 | | | $ | 3,991,360 | | | $ | 3,958,266 | | | $ | 3,729,669 | |
| | | | | | | | | | | | | | | | | | | | |
FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
Quarterly Average Balances and Yields
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended March 31, | | | Three Months Ended December 31, | |
| | | 2015 | | | 2014 | |
| | | 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 | | $ | 78,344 | | | $ | 33 | | | | 0.17 | % | | $ | 103,597 | | | $ | 53 | | | | 0.20 | % |
New loans | | | 3,179,879 | | | | 26,585 | | | | 3.34 | % | | | 2,844,186 | | | | 24,631 | | | | 3.39 | % |
Acquired loans (4) | | | 796,571 | | | | 16,721 | | | | 8.40 | % | | | 847,438 | | | | 19,269 | | | | 9.10 | % |
Investment securities | | | 1,483,886 | | | | 12,110 | | | | 3.26 | % | | | 1,662,139 | | | | 12,451 | | | | 2.93 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total interest-earning assets | | | 5,538,680 | | | | 55,449 | | | | 4.00 | % | | | 5,457,360 | | | | 56,404 | | | | 4.08 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Non-earning assets: | | | | | | | | | | | | | | | | | | | | | | | | |
FDIC loss share indemnification asset | | | 44,045 | | | | | | | | | | | | 67,521 | | | | | | | | | |
Noninterest-earning assets | | | 456,245 | | | | | | | | | | | | 428,823 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 6,038,970 | | | | | | | | | | | $ | 5,953,704 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Interest-bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | |
Interest-bearing demand deposits | | $ | 141,879 | | | $ | 132 | | | | 0.38 | % | | $ | 103,062 | | | $ | 53 | | | | 0.20 | % |
Interest-bearing NOW accounts | | | 392,318 | | | | 336 | | | | 0.35 | % | | | 370,777 | | | | 323 | | | | 0.34 | % |
Savings and money market accounts | | | 1,843,078 | | | | 2,454 | | | | 0.54 | % | | | 1,770,403 | | | | 2,608 | | | | 0.58 | % |
Time deposits | | | 1,146,475 | | | | 2,663 | | | | 0.94 | % | | | 1,120,326 | | | | 2,508 | | | | 0.89 | % |
FHLB advances and other borrowings | | | 1,032,908 | | | | 980 | | | | 0.38 | % | | | 1,196,942 | | | | 1,133 | | | | 0.37 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total interest-bearing liabilities | | $ | 4,556,658 | | | $ | 6,565 | | | | 0.58 | % | | $ | 4,561,510 | | | $ | 6,625 | | | | 0.58 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Noninterest-bearing liabilities and shareholders’ equity: | | | | | | | | | | | | | | | | | | | | | | | | |
Noninterest-bearing demand deposits | | $ | 569,304 | | | | | | | | | | | $ | 499,058 | | | | | | | | | |
Other liabilities | | | 53,997 | | | | | | | | | | | | 48,564 | | | | | | | | | |
Stockholders’ equity | | | 859,011 | | | | | | | | | | | | 844,572 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and stockholders’ equity | | $ | 6,038,970 | | | | | | | | | | | $ | 5,953,704 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net interest income | | | | | | $ | 48,884 | | | | | | | | | | | $ | 49,779 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net interest spread | | | | | | | | | | | 3.42 | % | | | | | | | | | | | 3.50 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net interest margin | | | | | | | | | | | 3.58 | % | | | | | | | | | | | 3.62 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| (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. |
FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
Quarterly Average Balances and Yields
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended March 31, | |
| | | 2015 | | | 2014 | |
| | | 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 | | $ | 78,344 | | | $ | 33 | | | | 0.17 | % | | $ | 126,136 | | | $ | 68 | | | | 0.22 | % |
New loans | | | 3,179,879 | | | | 26,585 | | | | 3.34 | % | | | 1,814,109 | | | | 16,381 | | | | 3.61 | % |
Acquired loans (4) | | | 796,571 | | | | 16,721 | | | | 8.40 | % | | | 834,093 | | | | 18,471 | | | | 8.86 | % |
Investment securities | | | 1,483,886 | | | | 12,110 | | | | 3.26 | % | | | 1,517,598 | | | | 9,998 | | | | 2.64 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total interest-earning assets | | | 5,538,680 | | | | 55,449 | | | | 4.00 | % | | | 4,291,936 | | | | 44,918 | | | | 4.19 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Non-earning assets: | | | | | | | | | | | | | | | | | | | | | | | | |
FDIC loss share indemnification asset | | | 44,045 | | | | | | | | | | | | 85,998 | | | | | | | | | |
Noninterest-earning assets | | | 456,245 | | | | | | | | | | | | 347,185 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 6,038,970 | | | | | | | | | | | $ | 4,725,119 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Interest-bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | |
Interest-bearing demand deposits | | $ | 141,879 | | | $ | 132 | | | | 0.38 | % | | $ | — | | | $ | — | | | | 0.00 | % |
Interest-bearing NOW accounts | | | 392,318 | | | | 336 | | | | 0.35 | % | | | 99,470 | | | | 36 | | | | 0.15 | % |
Savings and money market accounts | | | 1,843,078 | | | | 2,454 | | | | 0.54 | % | | | 1,552,067 | | | | 1,883 | | | | 0.49 | % |
Time deposits | | | 1,146,475 | | | | 2,663 | | | | 0.94 | % | | | 1,411,137 | | | | 3,390 | | | | 0.97 | % |
FHLB advances and other borrowings | | | 1,032,908 | | | | 980 | | | | 0.38 | % | | | 548,267 | | | | 1,264 | | | | 0.92 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total interest-bearing liabilities | | $ | 4,556,658 | | | $ | 6,565 | | | | 0.58 | % | | $ | 3,610,941 | | | $ | 6,573 | | | | 0.74 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Noninterest-bearing liabilities and shareholders’ equity: | | | | | | | | | | | | | | | | | | | | | | | | |
Noninterest-bearing demand deposits | | $ | 569,304 | | | | | | | | | | | $ | 352,994 | | | | | | | | | |
Other liabilities | | | 53,997 | | | | | | | | | | | | 38,963 | | | | | | | | | |
Stockholders’ equity | | | 859,011 | | | | | | | | | | | | 722,221 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and stockholders’ equity | | $ | 6,038,970 | | | | | | | | | | | $ | 4,725,119 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net interest income | | | | | | $ | 48,884 | | | | | | | | | | | $ | 38,345 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net interest spread | | | | | | | | | | | 3.42 | % | | | | | | | | | | | 3.45 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net interest margin | | | | | | | | | | | 3.58 | % | | | | | | | | | | | 3.62 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| (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. |
FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures - Core Net Income
(Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | |
| | | March 31,
2015 | | | December 31,
2014 | | | September 30,
2014 | | | June 30,
2014 | | | March 31,
2014 | |
| | | (Dollars in thousands) | |
Net Income (loss) | | $ | (16,874 | ) | | $ | 13,100 | | | $ | (3,422 | ) | | $ | 9,166 | | | $ | 3,528 | |
Pre-tax Adjustments | | | | | | | | | | | | | | | | | | | | |
Noninterest income | | | | | | | | | | | | | | | | | | | | |
Less: Gain (loss) on investment securities | | | 1,007 | | | | 2,377 | | | | 2,785 | | | | 4,448 | | | | 2,495 | |
FDIC loss share indemnification loss | | | (65,529 | ) | | | — | | | | — | | | | — | | | | — | |
Noninterest expense | | | | | | | | | | | | | | | | | | | | |
Salaries and employee benefits | | | 185 | | | | 1 | | | | 15,379 | | | | — | | | | 2,220 | |
Occupancy and equipment | | | — | | | | — | | | | — | | | | 225 | | | | — | |
Loan and other real estate related expenses | | | — | | | | — | | | | — | | | | — | | | | 135 | |
Professional services | | | 245 | | | | — | | | | — | | | | — | | | | 379 | |
Data processing and network fees | | | 2 | | | | — | | | | — | | | | — | | | | 893 | |
Regulatory assessments and insurance | | | — | | | | — | | | | — | | | | — | | | | — | |
Amortization of intangibles | | | — | | | | — | | | | — | | | | — | | | | — | |
Other operating expenses | | | 64 | | | | (6 | ) | | | 4,895 | | | | 1,290 | | | | 1,467 | |
Taxes | | | | | | | | | | | | | | | | | | | | |
Tax Effect of adjustments (1) | | | (30,065 | ) | | | 1,881 | | | | (4,254 | ) | | | 1,144 | | | | (1,014 | ) |
| | | | | | | | | | | | | | | | | | | | |
Core Net Income | | $ | 18,079 | | | $ | 12,599 | | | $ | 9,813 | | | $ | 7,377 | | | $ | 5,113 | |
| | | | | | | | | | | | | | | | | | | | |
Average assets | | $ | 6,038,970 | | | $ | 5,953,704 | | | $ | 5,738,087 | | | $ | 5,354,260 | | | $ | 4,725,119 | |
ROA (2) | | | -1.13 | % | | | 0.87 | % | | | -0.24 | % | | | 0.69 | % | | | 0.30 | % |
Core ROA (3) | | | 1.21 | % | | | 0.84 | % | | | 0.68 | % | | | 0.55 | % | | | 0.44 | % |
| (1) | Tax effected at marginal income tax rate of 39% except for non tax deductible items. Core tax rate of 35-36% in 2015. |
| (2) | Return on assets: Annualized net income / average assets |
| (3) | Core return on assets: Annualized core net income / average assets |
FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures - Core Efficiency Ratio
(Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | |
| | | March 31,
2015 | | | December 31,
2014 | | | September 30,
2014 | | | June 30,
2014 | | | March 31,
2014 | |
| | | (Dollars in thousands) | |
Reported: Net interest income | | $ | 48,884 | | | $ | 49,779 | | | $ | 45,895 | | | $ | 41,153 | | | $ | 38,345 | |
FTE adjustment | | | 777 | | | | 711 | | | | 475 | | | | 487 | | | | 492 | |
| | | | | | | | | | | | | | | | | | | | |
Core net interest income | | $ | 49,661 | | | $ | 50,490 | | | $ | 46,370 | | | $ | 41,640 | | | $ | 38,837 | |
| | | | | | | | | | | | | | | | | | | | |
Reported: Noninterest income | | $ | (54,089 | ) | | $ | 5,444 | | | $ | 2,350 | | | $ | 6,690 | | | $ | 2,548 | |
FTE adjustment | | | 702 | | | | 747 | | | | 736 | | | | 664 | | | | 523 | |
Less: Gain (loss) on investment securities | | | 1,007 | | | | 2,377 | | | | 2,785 | | | | 4,448 | | | | 2,495 | |
FDIC loss share indemnification loss | | | (65,529 | ) | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Core noninterest income (loss) | | $ | 11,135 | | | $ | 3,814 | | | $ | 301 | | | $ | 2,906 | | | $ | 576 | |
| | | | | | | | | | | | | | | | | | | | |
Reported: Noninterest expense | | $ | 30,650 | | | $ | 31,463 | | | $ | 48,959 | | | $ | 30,744 | | | $ | 34,466 | |
Less: | | | | | | | | | | | | | | | | | | | | |
Salaries and employee benefits | | | 185 | | | | 1 | | | | 15,379 | | | | — | | | | 2,220 | |
Occupancy and equipment | | | — | | | | — | | | | — | | | | 225 | | | | — | |
Loan and other real estate related expenses | | | — | | | | — | | | | — | | | | — | | | | 135 | |
Professional services | | | 245 | | | | — | | | | — | | | | — | | | | 379 | |
Data processing and network fees | | | 2 | | | | — | | | | — | | | | — | | | | 893 | |
Regulatory assessments and insurance | | | — | | | | — | | | | — | | | | — | | | | — | |
Amortization of intangibles | | | — | | | | — | | | | — | | | | — | | | | — | |
Other operating expenses | | | 64 | | | | (6 | ) | | | 4,895 | | | | 1,290 | | | | 1,467 | |
| | | | | | | | | | | | | | | | | | | | |
Core noninterest expense | | $ | 30,154 | | | $ | 31,468 | | | $ | 28,685 | | | $ | 29,229 | | | $ | 29,372 | |
| | | | | | | | | | | | | | | | | | | | |
Efficiency ratio (1) | | | -580.71 | % | | | 56.97 | % | | | 101.48 | % | | | 64.26 | % | | | 84.28 | % |
Core efficiency ratio (2) | | | 48.90 | % | | | 57.95 | % | | | 61.46 | % | | | 65.62 | % | | | 74.52 | % |
| (1) | Efficiency ratio: Noninterest expense less amortization of intangibles / (noninterest income + net interest income) |
| (2) | Core efficiency ratio: Core noninterest expense less amortization of intangibles / (core noninterest income + core net interest income) |
FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Measures - Tangible Book Value Per Share
(Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | March 31, | | | December 31, | | | September 30, | | | June 30, | | | March 31, | |
| | | 2015 | | | 2014 | | | 2014 | | | 2014 | | | 2014 | |
| | | (Dollars in thousands, except share and per share data) | |
Total assets | | $ | 6,217,083 | | | $ | 5,957,628 | | | $ | 6,054,944 | | | $ | 5,641,708 | | | $ | 5,167,500 | |
Less: | | | | | | | | | | | | | | | | | | | | |
Goodwill and other intangible assets | | | 88,291 | | | | 88,615 | | | | 89,040 | | | | 89,466 | | | | 90,317 | |
| | | | | | | | | | | | | | | | | | | | |
Tangible assets | | $ | 6,128,792 | | | $ | 5,869,013 | | | $ | 5,965,904 | | | $ | 5,552,242 | | | $ | 5,077,183 | |
| | | | | | | | | | | | | | | | | | | | |
Total stockholders’ equity | | $ | 846,834 | | | $ | 851,653 | | | $ | 835,727 | | | $ | 739,448 | | | $ | 723,869 | |
Less: | | | | | | | | | | | | | | | | | | | | |
Goodwill and other intangible assets | | | 88,291 | | | | 88,615 | | | | 89,040 | | | | 89,466 | | | | 90,317 | |
| | | | | | | | | | | | | | | | | | | | |
Tangible stockholders’ equity | | $ | 758,543 | | | $ | 763,038 | | | $ | 746,687 | | | $ | 649,982 | | | $ | 633,552 | |
| | | | | | | | | | | | | | | | | | | | |
Shares outstanding | | | 41,443,031 | | | | 41,409,698 | | | | 41,409,698 | | | | 35,892,154 | | | | 35,892,154 | |
Tangible book value per share | | $ | 18.30 | | | $ | 18.43 | | | $ | 18.03 | | | $ | 18.11 | | | $ | 17.65 | |
Average assets | | $ | 6,038,970 | | | $ | 5,953,704 | | | $ | 5,738,087 | | | $ | 5,354,260 | | | $ | 4,725,119 | |
Average equity | | | 859,011 | | | | 844,572 | | | | 799,167 | | | | 732,377 | | | | 722,221 | |
Average goodwill and other intangible assets | | | 88,536 | | | | 88,835 | | | | 89,276 | | | | 90,431 | | | | 73,427 | |
Tangible average equity to tangible average assets | | | 12.9 | % | | | 12.9 | % | | | 12.6 | % | | | 12.2 | % | | | 13.9 | % |
Tangible common equity ratio | | | 12.4 | % | | | 13.0 | % | | | 12.5 | % | | | 11.7 | % | | | 12.5 | % |
For questions please contact:
Matthew Paluch
305-668-5420
IR@fcb1923.com
