FCB Financial 8-K FCB Financial Holdings, Inc. Surpasses $8.5 Billion in Assets and Reports Record Third Quarter 2016 Financial Results

Exhibit 99.1

FCB Financial Holdings, Inc. Surpasses $8.5 Billion in Assets and Reports Record Third Quarter 2016 Financial Results

Weston, Fla. – FCB Financial Holdings, Inc. (NYSE:FCB) (the “Company”) today reported third quarter 2016 net income of $26.1 million, or $0.60 per share on a fully diluted basis, and record core net income of $25.4 million, or $0.59 per share on a fully diluted basis. Core net income rose 21% year-over-year and core net income per diluted share rose 22%. These resulted in a ROA of 125 basis points and a core ROA of 122 basis points.

• Total net revenue of $75.4 million

• Core EPS of $0.59 per share on a fully diluted basis

• New loan portfolio grew sequentially at an annualized rate of 23%;

• New loan fundings of $441.1 million during the quarter;

• Total deposits grew sequentially at an annualized rate of 28%;

• Total deposits grew by $449.9 million during the quarter,

• Demand deposits grew by $221.7 million, or 58% annualized, during the quarter;

• Core efficiency ratio of 42.8%;

• Core ROA of 122 basis points; and

• Tangible book value per share was $21.57;

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 third quarter of 2016 include $72 thousand of severance expense, $7 thousand of other operating expense and $749 thousand gain on sale of 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 results this quarter highlighted by our organic growth, as new loan fundings and deposit growth each exceeded $425 million. This continued organic momentum coupled with operational discipline throughout the company produced our fifteenth consecutive quarter of improving and record operating results.”

Loan Portfolio and Composition

During the quarter, the total loan portfolio, gross of the allowance for loan losses, grew by $272.3 million to $6.3 billion at September 30, 2016, an increase of 5% from $6.0 billion as of June 30, 2016 and 30% from $4.8 billion as of September 30, 2015.

The Bank’s new loan portfolio totaled $5.8 billion as of September 30, 2016, an increase of 6% from $5.5 billion as of June 30, 2016 and 40% from $4.2 billion as of September 30, 2015. Loan growth during the quarter was a result of $441.1 million of organic new loan fundings, consisting of $148.0 million of commercial and industrial, $165.5 million of commercial real estate and $127.7 million of residential and consumer. There were no residential mortgage purchases during the third quarter of 2016. As of September 30, 2016 new loans made up 93% of the total loan portfolio as compared to 92% and 87% as of June 30, 2016 and September 30, 2015, respectively.

The Bank’s acquired loan portfolio totaled $431.7 million as of September 30, 2016, a decrease of 9% from $474.1 million as of June 30, 2016 and a decrease of 33% from $647.1 million as of September 30, 2015. The decrease in the current quarter was driven by the resolution of $26.9 million of loans as well as scheduled loan amortization. As of September 30, 2016, acquired loans made up 7% of our total loan portfolio as compared to 8% and 13% as of June 30, 2016 and September 30, 2015, respectively.

Asset Quality

The provision for loan losses of $2.0 million recorded for the third quarter of 2016 includes a $2.0 million provision for new loans and net recoupment of valuation allowance of $25 thousand for the acquired loan portfolio. The provision for new loans served to increase the related allowance to $30.5 million, or 0.52% of the $5.8 billion in new loans outstanding. The nonperforming new loan ratio as of September 30, 2016 was 0.01%.

Deposits and Borrowings

Deposits totaled $6.9 billion as of September 30, 2016, an increase of 7% from $6.5 billion as of June 30, 2016 and an increase of 43% from $4.8 billion as of September 30, 2015. During the third quarter of 2016, demand deposits increased by $221.7 million, or 15%, from June 30, 2016 and increased by $713.8 million, or 70%, from September 30, 2015. Demand deposits represent 25% of total deposits as of September 30, 2016 as compared to 23% and 21% as of June 30, 2016 and September 30, 2015, respectively. The cost of deposits was 71 basis points for the quarter, representing a 2 basis point increase from the second quarter of 2016 and a 12 basis point increase from the third quarter of 2015.    

Net Interest Margin and Net Interest Income

The net interest margin for the third quarter of 2016 was 3.44%, a decrease of 7 basis points from the second quarter of 2016 and a decrease of 18 basis points from the third quarter of 2015. The decrease from the second quarter of 2016 was due primarily to an increase of money market deposits and borrowings as well as the continued attrition of the acquired loan portfolio.

Net interest income totaled $67.3 million in the third quarter of 2016, an increase of 4% from $64.9 million in the second quarter of 2016 and an increase of 19% from $56.8 million in the third quarter of 2015. Interest income totaled $80.8 million for the third quarter of 2016, an increase of 5% from $77.2 million in the second quarter of 2016 and an increase of 24% from $65.0 million in the third quarter of 2015. Interest income from new loans increased by $3.8 million, or 8%, from the second quarter of 2016 due to continued growth in the new loan portfolio. Interest income on acquired loans decreased by $0.7 million, or 4%, from the second quarter as balance runoff more than offset better than expected cash flow performance. Interest expense was $13.5 million for the third quarter of 2016, an increase of 10% from $12.3 million in the second quarter of 2016 and an increase 64% from $8.3 million in the third quarter of 2015. The increase from the second quarter of 2016 was a result of an increase of $205.2 million of average interest-bearing liabilities coupled with increased costs associated with the addition of longer duration time deposits.

Noninterest Income and Noninterest Expense

Noninterest income totaled $8.1 million for the third quarter of 2016 as compared to $8.2 million for the second quarter of 2016 and $7.1 million for the third quarter of 2015. The primary components of noninterest income for the quarter were loan and other fees, bank-owned life insurance income and income from the resolution of acquired assets of $2.1 million, $1.3 million and $1.1 million, respectively. 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.

Noninterest expense totaled $33.0 million for the third quarter of 2016, a decrease of 3% from $34.0 million in the second quarter of 2016 and an increase of 8% from $30.7 million in the third quarter of 2015. For the quarter, the Company recorded non-core expenses of $79 thousand related to severance expense and 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 10.4%, 10.3% and 12.0% for the third quarter of 2016 respectively, compared to 10.3%, 9.8% and 11.3% for the second quarter of 2016, respectively. Stockholders’ equity totaled $966.1 million as of September 30, 2016, an increase of 5% from $923.2 million as of June 30, 2016 due to net income of $26.1 million and an increase in accumulated other comprehensive income of $11.4 million that was partially offset by $3.5 million in treasury stock repurchases. During the quarter, the Company repurchased 99,565 shares at a cost of $3.5 million. Tangible book value per common share is $21.57 as of September 30, 2016.

Conference Call

The Company will host a conference call today, Thursday, October 20, 2016 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 November 20, 2016, by dialing (877) 344-7529 and entering pass code 10092604.

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

Forward-Looking Statements

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

Use of Non-GAAP Financial Measures

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.

Florida Community Bank, N.A., a wholly owned subsidiary of FCB Financial Holdings, Inc. (NYSE: FCB), is the third largest Florida-based independent bank, and among the most highly capitalized banks in the state. Recently awarded a five-star rating from Bauer Financial™, FCB assets are more than $8 billion, with capital ratios that exceed regulatory standards. Since its founding in 2010, FCB has been steadfast in its commitment to delivering personalized service, innovation, and products and services equal to those offered by the national banks with an ever-growing team of highly-experienced associates and financial planning professionals. Similarly, FCB recognizes the importance of community, fostering a corporate culture that promotes employee volunteerism at all levels, while supporting community-based programs and partnerships that help promote greater financial independence and improved quality of life for families. FCB serves individuals, businesses and communities across the state with 48 full-service banking centers from east to west, and from Daytona Beach to Miami-Dade. For more information, visit www.FloridaCommunityBank.com. Equal Housing Lender, Member FDIC.

FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES

Consolidated Statements Of Income

(Unaudited)

	Three Months Ended
	September 30, 2016		June 30, 2016		March 31, 2016			December 31, 2015			September 30, 2015
	(Dollars in thousands, except share and per share data)
Interest income:
Interest and fees on loans	$	65,748	$	62,642	$	61,288		$	56,945		$	51,670
Interest and dividends on investment securities		14,955		14,470		14,374			14,147			13,315
Other interest income		97		96		66			65			38
Total interest income		80,800		77,208		75,728			71,157			65,023
Interest expense:
Interest on deposits		11,736		10,340		9,293			7,719			6,846
Interest on borrowings		1,786		1,938		1,993			1,469			1,408
Total interest expense		13,522		12,278		11,286			9,188			8,254
Net interest income		67,278		64,930		64,442			61,969			56,769
Provision for loan losses		1,990		1,976		1,440			2,329			675
Net interest income after provision for loan losses		65,288		62,954		63,002			59,640			56,094
Noninterest income:
Service charges and fees		884		842		806			826			823
Loan and other fees		2,145		2,248		2,014			2,425			1,783
Bank-owned life insurance income		1,288		1,286		1,285			1,315			1,101
Income from resolution of acquired assets		1,052		478		680			1,110			2,225
Gain (loss) on sales of other real estate owned		925		2,102		(110	)		709			228
Gain (loss) on investment securities		749		324		(54	)		(28	)		166
Other noninterest income		1,099		942		813			1,186			746
Total noninterest income		8,142		8,222		5,434			7,543			7,072
Noninterest expense:
Salaries and employee benefits		18,711		19,614		18,645			17,750			16,840
Occupancy and equipment expenses		3,480		3,034		3,572			3,946			3,368
Loan and other real estate related expenses		1,834		2,235		1,820			2,300			1,939
Professional services		1,180		1,105		1,337			1,651			1,166
Data processing and network		2,882		2,796		2,863			2,719			2,433
Regulatory assessments and insurance		1,860		1,840		2,117			2,066			1,919
Amortization of intangibles		257		297		379			400			400
Other operating expenses		2,832		3,054		2,567			2,369			2,641
Total noninterest expense		33,036		33,975		33,300			33,201			30,706
Income (loss) before income tax expense (benefit)		40,394		37,201		35,136			33,982			32,460
Income tax expense (benefit)		14,330		13,697		12,684			4,233			11,320
Net income (loss)	$	26,064	$	23,504	$	22,452		$	29,749		$	21,140
Earnings (loss) per share:
Basic	$	0.64	$	0.58	$	0.55		$	0.73		$	0.51
Diluted	$	0.60	$	0.55	$	0.52		$	0.68		$	0.48
Weighted average shares outstanding:
Basic		40,608,706		40,646,498		40,698,866			40,976,006			41,381,482
Diluted		43,150,813		42,997,811		42,840,157			43,643,408			43,798,378

FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

	September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015
	(Dollars in thousands)
Assets:
Cash and due from banks	$	67,324		$	51,277		$	48,449		$	44,696		$	38,045
Interest-earning deposits in other banks		20,010			107,588			77,624			57,764			46,714
Investment securities:
Available for sale securities, at fair value		1,672,089			1,562,049			1,525,145			1,524,622			1,467,819
Federal Home Loan Bank and other bank stock, at cost		43,486			51,557			59,321			59,477			65,955
Total investment securities		1,715,575			1,613,606			1,584,466			1,584,099			1,533,774
Loans held for sale		15,748			5,363			900			2,514			2,573
Loans:
New loans		5,837,759			5,523,071			5,108,538			4,610,763			4,158,997
Acquired loans		431,734			474,076			535,129			582,424			647,139
Allowance for loan losses		(35,785	)		(33,706	)		(31,995	)		(29,126	)		(27,394	)
Loans, net		6,233,708			5,963,441			5,611,672			5,164,061			4,778,742
Premises and equipment, net		38,112			37,939			36,686			36,954			37,351
Other real estate owned		25,654			29,290			43,522			39,340			40,405
Goodwill and other intangible assets		86,151			86,408			86,705			87,084			87,484
Deferred tax assets, net		59,081			66,213			74,420			75,176			78,090
Bank-owned life insurance		172,105			170,817			169,531			168,246			166,931
Other assets		97,684			89,280			102,149			71,552			78,580
Total assets	$	8,531,152		$	8,221,222		$	7,836,124		$	7,331,486		$	6,888,689
Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Transaction accounts:
Noninterest-bearing	$	830,910		$	789,019		$	737,875		$	637,047		$	618,741
Interest-bearing		3,794,215			3,490,188			3,276,896			2,935,418			2,678,410
Total transaction accounts		4,625,125			4,279,207			4,014,771			3,572,465			3,297,151
Time deposits		2,292,438			2,188,459			1,887,608			1,858,173			1,524,693
Total deposits		6,917,563			6,467,666			5,902,379			5,430,638			4,821,844
Borrowings		568,175			756,759			950,462			983,183			1,149,920
Other liabilities		79,329			73,625			93,984			41,556			61,047
Total liabilities		7,565,067			7,298,050			6,946,825			6,455,377			6,032,811
Stockholders’ Equity:
Class A common stock		41			40			39			39			39
Class B common stock		3			3			4			4			4
Additional paid-in capital		866,673			857,721			853,726			850,609			846,017
Retained earnings		160,555			134,491			110,987			88,535			58,786
Accumulated other comprehensive income (loss)		16,186			4,816			(8,240	)		(9,443	)		(2,905	)
Treasury stock, at cost		(77,373	)		(73,899	)		(67,217	)		(53,635	)		(46,063	)
Total stockholders’ equity		966,085			923,172			889,299			876,109			855,878
Total liabilities and stockholders’ equity	$	8,531,152		$	8,221,222		$	7,836,124		$	7,331,486		$	6,888,689

FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES

Key Metrics

(Unaudited)

	Three Months Ended
	September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015
Performance Ratios
Interest rate spread		3.26	%		3.33	%		3.49	%		3.56	%		3.49	%
Net interest margin		3.44	%		3.51	%		3.65	%		3.69	%		3.62	%
Return on average assets		1.25	%		1.19	%		1.19	%		1.66	%		1.26	%
Return on average equity		10.96	%		10.41	%		10.28	%		13.65	%		9.73	%
Efficiency ratio (company level)		43.46	%		46.04	%		47.11	%		47.19	%		47.47	%
Average interest-earning assets to average interest bearing liabilities		120.89	%		119.60	%		118.42	%		119.25	%		120.40	%
Loans receivable to deposits		90.63	%		92.73	%		95.62	%		95.63	%		99.67	%
Yield on interest-earning assets		4.09	%		4.12	%		4.24	%		4.21	%		4.12	%
Cost of interest-bearing liabilities		0.83	%		0.79	%		0.75	%		0.65	%		0.63	%
Asset and Credit Quality Ratios - Total loans
Nonperforming loans to loans receivable		0.27	%		0.30	%		0.33	%		0.35	%		0.36	%
Nonperforming assets to total assets		0.50	%		0.57	%		0.79	%		0.79	%		0.84	%
ALL to nonperforming assets		83.92	%		71.59	%		51.51	%		50.47	%		47.43	%
ALL to total gross loans		0.57	%		0.56	%		0.57	%		0.56	%		0.57	%
Asset and Credit Quality Ratios - New Loans
Nonperforming new loans to new loans receivable		0.01	%		0.01	%		0.02	%		0.03	%		0.01	%
New loan ALL to total gross new loans		0.52	%		0.52	%		0.52	%		0.52	%		0.52	%
Asset and Credit Quality Ratios - Acquired Loans
Nonperforming acquired loans to acquired loans receivable		3.76	%		3.69	%		3.32	%		2.90	%		2.61	%
Acquired loan ALL to total gross acquired loans		1.22	%		1.10	%		1.06	%		0.92	%		0.92	%
Capital Ratios (Company)
Average equity to average total assets		11.4	%		11.5	%		11.6	%		12.1	%		13.0	%
Tangible average equity to tangible average assets		10.5	%		10.5	%		10.6	%		11.0	%		11.8	%
Tangible common equity ratio (1)		10.4	%		10.3	%		10.4	%		10.9	%		11.3	%
Tier 1 leverage ratio		10.3	%		9.8	%		9.6	%		10.3	%		10.6	%
Tier 1 risk-based capital ratio		11.8	%		11.3	%		11.1	%		12.1	%		12.6	%
Total risk-based capital ratio		12.0	%		11.3	%		11.1	%		12.1	%		12.6	%
Capital Ratios (Bank)
Average equity to average total assets		10.6	%		10.5	%		10.6	%		11.0	%		11.5	%
Tangible common equity ratio		9.5	%		9.4	%		9.4	%		9.7	%		10.0	%
Tier 1 leverage ratio		9.6	%		9.6	%		9.5	%		9.9	%		10.3	%
Tier 1 risk-based capital ratio		11.1	%		11.1	%		11.1	%		11.6	%		12.2	%
Total risk-based capital ratio		11.5	%		11.2	%		11.1	%		11.6	%		12.8	%

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

FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES

Loan Composition

(Unaudited)

	As of
	September 30,		June 30,		March 31,		December 31,		September 30,
	2016		2016		2016		2015		2015
	(Dollars in thousands)
New Loans:
Commercial real estate	$	1,272,150	$	1,209,762	$	1,067,594	$	998,141	$	991,451
Owner-occupied commercial real estate		596,131		571,558		558,659		524,728		452,991
1-4 single family residential		1,982,340		1,923,092		1,833,190		1,541,255		1,326,180
Construction, land and development		639,626		582,615		543,540		537,494		430,690
Home equity loans and lines of credit		47,508		43,730		34,973		30,945		28,185
Total real estate loans	$	4,537,755	$	4,330,757	$	4,037,956	$	3,632,563	$	3,229,497
Commercial and industrial		1,295,324		1,187,788		1,064,873		972,803		925,285
Consumer		4,680		4,526		5,709		5,397		4,215
Total new loans	$	5,837,759	$	5,523,071	$	5,108,538	$	4,610,763	$	4,158,997
Acquired ASC 310-30 Loans:
Commercial real estate	$	160,219	$	182,828	$	212,041	$	247,628	$	259,411
1-4 single family residential		34,329		35,400		40,061		40,922		69,915
Construction, land and development		25,156		25,296		27,973		28,017		32,996
Total real estate loans	$	219,704	$	243,524	$	280,075	$	316,567	$	362,322
Commercial and industrial		21,985		28,984		33,413		36,783		46,233
Consumer		2,074		2,216		2,287		2,390		2,434
Total Acquired ASC 310-30 Loans	$	243,763	$	274,724	$	315,775	$	355,740	$	410,989
Acquired Non-ASC 310-30 Loans:
Commercial real estate	$	39,769	$	44,680	$	55,731	$	55,985	$	60,804
Owner-occupied commercial real estate		20,042		19,256		20,814		21,101		19,699
1-4 single family residential		71,302		74,568		80,199		84,111		86,832
Construction, land and development		6,338		6,338		6,338		6,338		6,319
Home equity loans and lines of credit		43,096		46,269		47,362		49,407		50,566
Total real estate loans	$	180,547	$	191,111	$	210,444	$	216,942	$	224,220
Commercial and industrial		7,001		7,801		8,478		9,312		11,504
Consumer		423		440		432		430		426
Total Acquired Non-ASC 310-30 Loans		187,971		199,352		219,354		226,684		236,150
Total loans	$	6,269,493	$	5,997,147	$	5,643,667	$	5,193,187	$	4,806,136

FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES

Deposit Composition

(Unaudited)

	As of
	September 30, 2016		June 30, 2016		March 31, 2016		December 31, 2015		September 30, 2015
	(Dollars in thousands)
Noninterest-bearing demand deposits	$	830,910	$	789,019	$	737,875	$	637,047	$	618,741
Interest-bearing demand deposits		905,687		725,896		647,824		608,454		404,085
Interest-bearing NOW accounts		420,207		425,464		441,476		347,832		350,602
Savings and money market accounts		2,468,321		2,338,828		2,187,596		1,979,132		1,923,723
Time deposits		2,292,438		2,188,459		1,887,608		1,858,173		1,524,693
Total deposits	$	6,917,563	$	6,467,666	$	5,902,379	$	5,430,638	$	4,821,844

FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES

Quarterly Average Balances and Yields

(Unaudited)

	Three Months Ended September 30,							Three Months Ended June 30,
	2016							2016
	Average Balance (1)		Interest/ Expense (2)		Annualized Yield/Rate(3)			Average Balance (1)		Interest/ Expense (2)		Annualized Yield/Rate(3)
	(Dollars in thousands)
Interest-earning assets:
Interest-earning deposits in other banks	$	71,489	$	97		0.53	%	$	92,582	$	96		0.42	%
New loans		5,595,402		49,831		3.48	%		5,235,352		46,074		3.48	%
Acquired loans (4)		447,232		15,917		14.24	%		508,657		16,568		13.03	%
Investment securities		1,643,102		14,955		3.56	%		1,592,399		14,470		3.59	%
Total interest-earning assets		7,757,225		80,800		4.09	%		7,428,990		77,208		4.12	%
Non-earning assets:
Noninterest-earning assets		490,465							470,240
Total assets	$	8,247,690						$	7,899,230
Interest-bearing liabilities:
Interest-bearing demand deposits	$	761,462	$	1,053		0.55	%	$	671,023	$	843		0.50	%
Interest-bearing NOW accounts		421,050		386		0.36	%		452,759		434		0.38	%
Savings and money market accounts		2,375,041		3,932		0.66	%		2,222,786		3,418		0.62	%
Time deposits		2,167,355		6,365		1.17	%		1,973,438		5,645		1.15	%
FHLB advances and other borrowings		691,901		1,786		1.01	%		891,580		1,938		0.86	%
Total interest-bearing liabilities	$	6,416,809	$	13,522		0.83	%	$	6,211,586	$	12,278		0.79	%
Noninterest-bearing liabilities and shareholders’ equity:
Noninterest-bearing demand deposits	$	810,374						$	716,806
Other liabilities		77,339							65,110
Stockholders’ equity		943,168							905,728
Total liabilities and stockholders’ equity	$	8,247,690						$	7,899,230
Net interest income			$	67,278						$	64,930
Net interest spread						3.26	%						3.33	%
Net interest margin						3.44	%						3.51	%

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

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

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

(4) Includes loans on non-accrual status.

FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES

Quarterly Average Balances and Yields

(Unaudited)

	Three Months Ended September 30,
	2016							2015
	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	$	71,489	$	97		0.53	%	$	79,951	$	38		0.19	%
New loans		5,595,402		49,831		3.48	%		3,950,873		33,823		3.35	%
Acquired loans (4)		447,232		15,917		14.24	%		685,403		17,847		10.42	%
Investment securities		1,643,102		14,955		3.56	%		1,499,640		13,315		3.47	%
Total interest-earning assets		7,757,225		80,800		4.09	%		6,215,867		65,023		4.12	%
Non-earning assets:
Noninterest-earning assets		490,465							434,393
Total assets	$	8,247,690						$	6,650,260
Interest-bearing liabilities:
Interest-bearing demand deposits	$	761,462	$	1,053		0.55	%	$	369,381	$	431		0.46	%
Interest-bearing NOW accounts		421,050		386		0.36	%		397,831		342		0.34	%
Savings and money market accounts		2,375,041		3,932		0.66	%		1,895,582		2,569		0.54	%
Time deposits		2,167,355		6,365		1.17	%		1,380,658		3,504		1.01	%
FHLB advances and other borrowings		691,901		1,786		1.01	%		1,119,429		1,408		0.49	%
Total interest-bearing liabilities	$	6,416,809	$	13,522		0.83	%	$	5,162,881	$	8,254		0.63	%
Noninterest-bearing liabilities and shareholders' equity:
Noninterest-bearing demand deposits	$	810,374						$	578,699
Other liabilities		77,339							46,709
Stockholders' equity		943,168							861,971
Total liabilities and stockholders' equity	$	8,247,690						$	6,650,260
Net interest income			$	67,278						$	56,769
Net interest spread						3.26	%						3.49	%
Net interest margin						3.44	%						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

Average Balances and Yields

(Unaudited)

	Nine Months Ended September 30,
	2016							2015
	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	$	83,538	$	259		0.41	%	$	77,826	$	111		0.19	%
New loans		5,231,893		138,617		3.49	%		3,538,684		89,665		3.34	%
Acquired loans (4)		503,869		51,061		13.51	%		737,216		49,513		8.95	%
Investment securities		1,604,283		43,799		3.60	%		1,524,992		38,594		3.34	%
Total interest-earning assets		7,423,583		233,736		4.16	%		5,878,718		177,883		4.00	%
Non-earning assets:
FDIC loss share indemnification asset		—							14,520
Noninterest-earning assets		479,290							447,102
Total assets	$	7,902,873						$	6,340,340
Interest-bearing liabilities:
Interest-bearing demand deposits	$	689,790	$	2,680		0.52	%	$	241,975	$	789		0.44	%
Interest-bearing NOW accounts		421,765		1,191		0.38	%		401,805		1,026		0.34	%
Savings and money market accounts		2,214,231		10,193		0.62	%		1,844,735		7,357		0.53	%
Time deposits		2,014,943		17,305		1.15	%		1,257,259		9,250		0.98	%
FHLB advances and other borrowings		862,418		5,717		0.87	%		1,111,569		3,634		0.43	%
Total interest-bearing liabilities	$	6,203,147	$	37,086		0.80	%	$	4,857,343	$	22,056		0.61	%
Noninterest-bearing liabilities and shareholders’ equity:
Noninterest-bearing demand deposits	$	725,141						$	575,004
Other liabilities		66,021							49,279
Stockholders’ equity		908,564							858,714
Total liabilities and stockholders’ equity	$	7,902,873						$	6,340,340
Net interest income			$	196,650						$	155,827
Net interest spread						3.36	%						3.39	%
Net interest margin						3.54	%						3.54	%

(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
	September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015
	(Dollars in thousands)
Net Income (loss)	$	26,064		$	23,504		$	22,452		$	29,749		$	21,140
Pre-tax Adjustments
Noninterest income
Less: Gain (loss) on investment securities		749			324			(54	)		(28	)		166
FDIC loss share indemnification loss		—			—			—			—			—
Noninterest expense
Salaries and employee benefits		72			1,018			240			48			3
Occupancy and equipment		—			—			103			512			—
Loan and other real estate related expenses		—			—			—			—			—
Professional services		—			—			—			—			—
Data processing and network fees		—			—			—			—			—
Regulatory assessments and insurance		—			—			—			—			—
Amortization of intangibles		—			—			—			—			—
Other operating expenses		7			—			7			88			20
Taxes
Tax Effect of adjustments (1)		(10	)		17			(146	)		(7,897	)		50
Core Net Income	$	25,384		$	24,215		$	22,710		$	22,528		$	21,047
Average assets	$	8,247,690		$	7,899,230		$	7,554,078		$	7,123,099		$	6,650,260
ROA (2)		1.25	%		1.19	%		1.19	%		1.66	%		1.26	%
Core ROA (3)		1.22	%		1.23	%		1.21	%		1.25	%		1.26	%

(1) Tax effected at marginal income tax rate of 39% except for non tax deductible and discreet items including $9.1 million release of deferred tax asset valuation reserve in Q4 2015. Core tax rate of 35% in 2015 and 36.1% in 2016.

(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
	September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015
	(Dollars in thousands)
Reported: Net interest income	$	67,278		$	64,930		$	64,442		$	61,969		$	56,769
FTE adjustment		989			865			975			1,044			1,043
Core net interest income	$	68,267		$	65,795		$	65,417		$	63,013		$	57,812
Reported: Noninterest income	$	8,142		$	8,222		$	5,434		$	7,543		$	7,072
FTE adjustment		824			822			822			841			704
Less: Gain (loss) on investment securities		749			324			(54	)		(28	)		166
FDIC loss share indemnification loss		—			—			—			—			—
Core noninterest income (loss)	$	8,217		$	8,720		$	6,310		$	8,412		$	7,610
Reported: Noninterest expense	$	33,036		$	33,975		$	33,300		$	33,201		$	30,706
Less:
Salaries and employee benefits		72			1,018			240			48			3
Occupancy and equipment		—			—			103			512			—
Loan and other real estate related expenses		—			—			—			—			—
Professional services		—			—			—			—			—
Data processing and network fees		—			—			—			—			—
Regulatory assessments and insurance		—			—			—			—			—
Amortization of intangibles		—			—			—			—			—
Other operating expenses		7			—			7			88			20
Core noninterest expense	$	32,957		$	32,957		$	32,950		$	32,553		$	30,683
Efficiency ratio (1)		43.46	%		46.04	%		47.11	%		47.19	%		47.47	%
Core efficiency ratio (2)		42.75	%		43.83	%		45.41	%		45.02	%		46.29	%

(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)

	September 30,			June 30,			March 31,			December 31			September 30,
	2016			2016			2016			2015			2015
	(Dollars in thousands, except share and per share data)
Total assets	$	8,531,152		$	8,221,222		$	7,836,124		$	7,331,486		$	6,888,689
Less:
Goodwill and other intangible assets		86,151			86,408			86,705			87,084			87,484
Tangible assets	$	8,445,001		$	8,134,814		$	7,749,419		$	7,244,402		$	6,801,205
Total stockholders’ equity	$	966,085		$	923,172		$	889,299		$	876,109		$	855,878
Less:
Goodwill and other intangible assets		86,151			86,408			86,705			87,084			87,484
Tangible stockholders’ equity	$	879,934		$	836,764		$	802,594		$	789,025		$	768,394
Shares outstanding		40,791,359			40,537,913			40,595,787			40,860,453			40,984,200
Tangible book value per share	$	21.57		$	20.64		$	19.77		$	19.31		$	18.75
Average assets	$	8,247,690		$	7,899,230		$	7,554,078		$	7,123,099		$	6,650,260
Average equity		943,168			905,728			876,059			864,654		��	861,971
Average goodwill and other intangible assets		86,276			86,564			86,917			87,291			87,701
Tangible average equity to tangible average assets		10.5	%		10.5	%		10.6	%		11.0	%		11.8	%
Tangible common equity ratio		10.4	%		10.3	%		10.4	%		10.9	%		11.3	%

For questions please contact:

Matthew Paluch

305-668-5420

IR@fcb1923.com