Exhibit 99.1
NEWS
For Immediate Release |
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| Media Contact: | Donna Pullen (803) 765-4558 |
July 26, 2013 |
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| Analyst Contact: | John C. Pollok (803) 765-4628 |
SCBT Reports Record Operating Results for 2Q 2013 of $0.77 per share;
Declares Quarterly Cash Dividend
COLUMBIA, S.C.—July 26, 2013—SCBT Financial Corporation (NASDAQ: SCBT), the holding company for SCBT, today released its unaudited results of operations and other financial information for the three-month period ended June 30, 2013. Highlights of the second quarter 2013 include:
· Net income of $12.5 million, or $0.74 diluted EPS in 2Q 2013 compared to $10.6 million, or $0.63 diluted EPS 1Q 2013 and $8.0 million, or $0.55 diluted EPS, in 2Q 2012;
· Operating earnings, which excludes merger-related expense and securities gains or losses, of $13.1 million, or $0.77 diluted EPS in 2Q 2013 compared to $12.0 million, or $0.71 diluted EPS in 1Q 2013 and $9.3 million, or $0.63 diluted EPS in 2Q 2012;
· Core deposit growth, excluding CDs and the Savannah acquisition, up $42.8 million in 2Q 2013, or 6.2% annualized growth;
· Return on average assets was 0.99% annualized in 2Q 2013 compared to 0.84% in 1Q 2013 and 0.75% in 2Q 2012;
· Operating efficiency ratio was 63.8% in 2Q 2013 compared to 64.5% in 1Q 2013 and compared to 60.8% in 2Q 2012;
· Net charge-offs of non-acquired loans decreased to 0.40% annualized for 2Q 2013, compared to 0.56% annualized for 1Q 2013 and 0.77% annualized for 2Q 2012;
· Non-performing Assets (NPAs) improved to 2.56% of loans and repossessed assets, excluding acquired assets, for 2Q 2013 compared to 2.91% for 1Q 2013 and 3.32% for 2Q 2012; and
· Legacy loan growth for 2Q 2013 was $61.3 million or 9.4% annualized.
Quarterly Cash Dividend
The Board of Directors of SCBT has declared a quarterly cash dividend of $0.19 per share on its common stock payable on August 23, 2013 to shareholders of record as of August 16, 2013. This per share amount is $0.01 per share, or 5.6% higher than the dividend paid in the immediately preceding quarter and is $0.02 per share, or 11.8%, higher than a year ago.
Second Quarter 2013 Financial Performance
Please refer to the accompanying tables for detailed comparative data on results of operations and financial results.
The Company reported consolidated net income of $12.5 million, or $0.74 per diluted share, for the three months ended June 30, 2013 compared to consolidated net income of $10.6 million, or $0.63 per diluted share, for the first quarter of 2013. This $1.9 million increase was primarily the net result of improved net interest income, reduced provision for loan losses, and a reduction in merger-related expenses. The increases were offset by a decline in noninterest income.
“I am pleased to announce record operating earnings for the second quarter, and continued improvement in our return on assets and return on equity,” said Robert R. Hill, Jr., president and CEO. “Our performance this quarter was driven by continued asset quality improvements, a higher net interest income and lower non-interest expense. We experienced some revenue slowdown in mortgage banking, as mortgage originations decreased somewhat in association with rising interest rates during the quarter. Our loan and core deposit growth continued to be strong with non-acquired loan growth of 9.4% annualized. We also completed the integration of The Savannah Bancorp, Inc., and are making excellent progress in the Savannah market.”
Asset Quality
During the second quarter of 2013, SCBT continued to experience improvement in asset quality, excluding acquired loans and other real estate owned (“OREO”), as nonperforming loans declined by $4.0 million, or 7.0%, and classified assets declined by $17.3 million, or 12.3% from the first quarter of 2013. Nonperforming assets to total assets declined to 1.36% due to the decrease in both non-acquired nonaccrual loans and OREO. NPAs, excluding acquired NPAs, declined by $7.7 million from the first quarter 2013 level. Improvements in asset quality continue as we experienced improvement in our markets in housing starts (permits), home sales, continued decline in net charge-offs and lower unemployment rates.
At June 30, 2013, the allowance for non-acquired loan losses was $38.6 million, or 1.45% of non-acquired period-end loans. The current allowance for loan losses represents 73% of period-end non-acquired nonperforming loans. Net charge-offs within the non-acquired loan portfolio decreased to $2.6 million, or 0.40% annualized from $3.6 million, or 0.56% annualized in the first quarter of 2013, and from $4.7 million, or 0.77% annualized in the second quarter of 2012. In evaluating our provision for loan losses, we continue to see meaningful improvement in the trailing average of historical loan losses as the high charge-off quarters from prior periods are being replaced with much lower current loss rates.
Non-acquired OREO decreased by $3.7 million from the first quarter of 2013 and decreased by $9.6 million from the second quarter of 2012. During the second quarter, the Company recorded write-downs on 14 properties totaling $960,000; sold 30 properties with book value of $4.6 million for a net gain of $136,000; and added 17 properties for a total of $1.8 million.
Net Interest Income and Margin
Non-taxable equivalent net interest income was $55.3 million for the second quarter of 2013, a $1.5 million increase from the first quarter of 2013, resulting from an increase in yields on the acquired loan portfolio and an increase in volume of non-acquired loans. The yield on interest earning assets increased by 6 basis points to 5.13%.
We are estimating significant cash flow improvements in our acquired loan portfolios, primarily in the CBT and Peoples portfolios, as part of our recast process.
The overall cost of funds declined by 1 basis point from 21 basis points during the first quarter to 20 basis points during the second quarter (including the impact of non-interest bearing demand deposits).
Noninterest Income and Expense
Noninterest income declined for the second quarter of 2013 compared to the second quarter of 2012. This decrease was the result of the following: (1) mortgage banking income decreased $1.1 million due to fewer loans sold and reduced pipeline; (2) service charges on deposit accounts were down $150,000; (3) other fees were down $436,000 due to a decrease in recoveries related to acquired loans; and (4) the negative accretion on the FDIC indemnification asset increased by $2.9 million. Partially offsetting these decreases were increases of $796,000 in trust and investment services income and $627,000 in bankcard services income. The negative accretion results from the reduction of expected cash flows of this asset related to certain pools of acquired loans which had improved estimated cash flows, and is being recognized over the shorter of the underlying assets remaining life or remaining term of the loss share agreements.
Compared to the first quarter of 2013, noninterest income was down a total of $1.0 million. This decrease resulted from a $1.4 million decrease in mortgage banking income. Partially offsetting this decrease was an increase of $352,000 in bankcard services income.
Noninterest expense was $44.9 million in the second quarter of 2013, a 19.7% or $7.4 million increase from $37.5 million in the second quarter of 2012. This increase was driven primarily by an increase in salaries and benefits of $5.5 million, or 30.0%, and increases in all other noninterest expense categories, excluding merger-related expense and furniture and equipment expense. The increase in salaries and employee benefits resulted primarily from the impact of the addition of new FTEs largely related to the Savannah acquisition. Declines of $1.1 million in merger-related expenses and $105,000 in furniture and equipment expenses partially offset these increases.
Compared to the first quarter of 2013, noninterest expense decreased by $1.6 million. The decrease resulted from a $1.1 million decline in merger-related expenses and small declines in most other noninterest expense categories. This decline was partially offset by an increase of $494,000 in salaries and benefits, primarily the result of an increase the number of employees participating in the 401(k) plan and the resulting match.
Balance Sheet and Capital
At June 30, 2013, SCBT’s total assets were $5.0 billion, up from $4.4 billion at June 30, 2012, and down slightly from $5.1 billion at March 31, 2013. Since June 30, 2012, the company’s balance sheet has grown by over $669.8 million, or 15.3%, due primarily to closing of The Savannah Bancorp, Inc. acquisition. The asset growth was spread among increases in investment securities, acquired loans, non-acquired loans, premises and equipment, bank owned life insurance, and intangibles; and these were offset by declines in OREO of $15.8 million and decreases in FDIC receivables of $96.5 million. The asset growth was supported primarily by $522.0 million in deposit growth, $42.2 million in correspondent bank federal funds purchased and $91.7 million in additional capital.
The Company’s book value per share increased to $30.33 per share at June 30, 2013, compared to $30.22 at March 31, 2013. Capital increased by $2.3 million due primarily to net income of $12.5 million partially offset by an $8.3 million net unrealized loss on AFS securities and $3.1 million in dividends paid to our shareholders. Tangible book value (“TBV”) per share increased by $0.20 per share to $23.09 at June 30, 2013 from $22.89 at March 31, 2013 due to the capital increases described above.
The total risk-based capital ratio is estimated to have increased by 30 basis points from the first quarter of 2013 to 14.7%, due primarily to a change in risk-weighted asset mix relative to the increase in capital. Tier 1 leverage ratio increased to 9.2% from 8.9% at March 31, 2013. The increase is driven by the growth in capital due to net income of $12.5 million partially offset by the increase in average
total assets. The Company’s capital positions remain “well-capitalized” by all measures at June 30, 2013.
“Our performance during the quarter has enabled us to increase the dividend to our shareholders to $0.19 per share, which is a $0.02 per share, or 11.8%, increase over the dividend paid one year ago,” said John C. Pollok, CFO and COO. “In addition, this current dividend will represent for a First Financial shareholder a year over year increase of approximately 60% in dividend received.”
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SCBT Financial Corporation (the “Company”), Columbia, South Carolina is a registered bank holding company incorporated under the laws of South Carolina. The Company consists of SCBT, the Bank and the following divisions: NCBT, CBT, The Savannah Bank, and Minis & Co., Inc. Providing financial services for over 78 years, SCBT Financial Corporation operates 81 locations in 19 South Carolina counties, 10 North Georgia counties, 2 Coastal Georgia counties and Mecklenburg County in North Carolina. SCBT Financial Corporation has assets of approximately $5.0 billion and its stock is traded under the symbol SCBT in the NASDAQ Global Select Market. More information can be found at www.SCBTonline.com.
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SCBT Financial Corporation will hold a conference call on Friday, July 26th at 11 a.m. Eastern Time where management will review earnings and performance trends. Callers wishing to participate may call toll-free by dialing 888-317-6016. The number for international participants is 412-317-6016. The conference ID number is 10030421. Participants can also listen to the live audio webcast through the Investor Relations section of www.SCBTonline.com. A replay will be available beginning July 26th by 2:00 pm Eastern Time until 9:00 a.m. on August 12th. To listen to the replay, dial 877-344-7529 or 412-317-0088. The passcode is 10030421.
Non-GAAP Measures
Statements included in this press release include non-GAAP measures and should be read along with the accompanying tables which provide a reconciliation of non-GAAP measures to GAAP measures. Management believes that these non-GAAP measures provide additional useful information. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the company’s performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the company’s results or financial condition as reported under GAAP.
Cautionary Statement Regarding Forward Looking Statements
Statements included in this report which are not historical in nature are intended to be, and are hereby identified as, forward looking statements for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934. Forward looking statements generally include words such as “expects,” “projects,” “anticipates,” “believes,” “intends,” “estimates,” “strategy,” “plan,” “potential,” “possible” and other similar expressions. The Company cautions readers that forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from forecasted results. Such risks and uncertainties, include, among others, the following possibilities: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive merger agreement between the Company and First Financial Holdings, Inc. (“First Financial”); (2) the outcome of any legal proceedings that may be instituted against the Company or First Financial; (3) the inability to complete the transactions contemplated by the Merger Agreement due to the failure to satisfy each transaction’s respective conditions to completion, including the receipt of regulatory approval; (4) credit risk associated with an obligor’s failure to meet the terms of any contract with the bank or otherwise fail to perform as agreed; (5) interest risk involving the effect of a change in interest rates on both the bank’s earnings and the market value of the portfolio equity; (6) liquidity risk affecting the bank’s ability to meet its obligations when they come due; (7) price risk focusing on changes in market factors that may affect the value of traded instruments in “mark-to-market” portfolios; (8) transaction risk arising from problems with service or product delivery; (9) compliance risk involving risk to earnings or capital resulting from violations of or nonconformance with laws, rules, regulations, prescribed practices, or ethical standards; (10) strategic risk resulting from adverse business decisions or improper implementation of business decisions; (11) reputation risk that adversely affects earnings or capital arising from negative public opinion; (12) terrorist activities risk that results in loss of consumer confidence and economic disruptions; (13) cybersecurity risk related to our dependence on internal computer systems and the technology of outside service providers, as well as the potential impacts of third-party security breaches, subjects the company to potential business disruptions or financial losses resulting from deliberate attacks or unintentional events; (14) economic downturn risk resulting in deterioration in the credit markets; (15) greater than expected noninterest expenses; (16) excessive loan losses; (17) failure to realize synergies and other financial benefits from, and to limit liabilities associates with, mergers and acquisitions, including mergers with Peoples Bancorporation (“Peoples”), The Savannah Bancorp, Inc. (“Savannah”), and First Financial, within the expected time frame; (18) potential deposit attrition, higher than expected costs, customer loss and business disruption associated with the integration of Savannah and First Financial, including, without limitation, potential difficulties in maintaining relationships with key personnel and other integration related-matters; (19) the risks of fluctuations in market prices for Company Common Stock that may or may not reflect economic condition or performance of the Company; (20) the payment of dividends on Company Common Stock is subject to regulatory supervision as well as the discretion of the board of directors of the Company; and (21) other factors, which could cause actual results to differ materially from future results expressed or implied by such forward looking statements.
SCBT Financial Corporation
(Unaudited)
(Dollars in thousands, except per share data)
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| Three Months Ended |
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| Six Months Ended |
| YTD |
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| June 30, |
| March 31, |
| December 31, |
| September 30, |
| June 30, |
| 2013 - 2012 |
| June 30, |
| 2013 - 2012 |
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EARNINGS SUMMARY (non tax equivalent) |
| 2013 |
| 2013 |
| 2012 |
| 2012 |
| 2012 |
| % Change |
| 2013 |
| 2012 |
| % Change |
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Interest income |
| $ | 57,530 |
| $ | 56,169 |
| $ | 50,263 |
| $ | 49,535 |
| $ | 45,470 |
| 26.5 | % | $ | 113,699 |
| $ | 87,690 |
| 29.7 | % |
Interest expense |
| 2,246 |
| 2,368 |
| 2,351 |
| 2,625 |
| 2,936 |
| -23.5 | % | 4,614 |
| 6,118 |
| -24.6 | % | |||||||
Net interest income |
| 55,284 |
| 53,801 |
| 47,912 |
| 46,910 |
| 42,534 |
| 30.0 | % | 109,085 |
| 81,572 |
| 33.7 | % | |||||||
Provision for loan losses (1) |
| 179 |
| 1,060 |
| 2,211 |
| 4,044 |
| 4,642 |
| -96.1 | % | 1,239 |
| 7,365 |
| -83.2 | % | |||||||
Noninterest income |
| 8,485 |
| 9,523 |
| 10,900 |
| 9,166 |
| 11,744 |
| -27.8 | % | 18,008 |
| 21,217 |
| -15.1 | % | |||||||
Noninterest expense |
| 44,885 |
| 46,441 |
| 48,139 |
| 38,031 |
| 37,508 |
| 19.7 | % | 91,326 |
| 72,727 |
| 25.6 | % | |||||||
Income before provision for income taxes |
| 18,705 |
| 15,823 |
| 8,462 |
| 14,001 |
| 12,128 |
| 54.2 | % | 34,528 |
| 22,697 |
| 52.1 | % | |||||||
Provision for income taxes |
| 6,173 |
| 5,174 |
| 2,552 |
| 4,938 |
| 4,097 |
| 50.7 | % | 11,347 |
| 7,638 |
| 48.6 | % | |||||||
Net income |
| $ | 12,532 |
| $ | 10,649 |
| $ | 5,910 |
| $ | 9,063 |
| $ | 8,031 |
| 56.0 | % | $ | 23,181 |
| $ | 15,059 |
| 53.9 | % |
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Effective tax rate |
| 33.00 | % | 32.70 | % | 30.16 | % | 35.27 | % | 33.78 | % |
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| 32.86 | % | 33.65 | % |
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Basic weighted-average common shares |
| 16,790,167 |
| 16,787,487 |
| 15,320,472 |
| 14,920,423 |
| 14,650,914 |
| 14.6 | % | 16,803,656 |
| 14,260,257 |
| 17.8 | % | |||||||
Diluted weighted-average common shares |
| 16,989,818 |
| 16,954,039 |
| 15,446,778 |
| 15,043,067 |
| 14,733,325 |
| 15.3 | % | 16,986,172 |
| 14,333,775 |
| 18.5 | % | |||||||
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Earnings per share - Basic |
| $ | 0.75 |
| $ | 0.63 |
| $ | 0.39 |
| $ | 0.61 |
| $ | 0.55 |
| 36.4 | % | $ | 1.38 |
| $ | 1.06 |
| 30.2 | % |
Earnings per share - Diluted |
| 0.74 |
| 0.63 |
| 0.38 |
| 0.60 |
| 0.55 |
| 34.5 | % | 1.36 |
| 1.05 |
| 29.5 | % | |||||||
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Cash dividends declared per share |
| $ | 0.18 |
| $ | 0.18 |
| $ | 0.18 |
| $ | 0.17 |
| $ | 0.17 |
| 5.9 | % | $ | 0.36 |
| $ | 0.34 |
| 5.9 | % |
Dividend payout ratio (2) |
| 24.46 | % | 28.75 | % | 46.06 | % | 28.34 | % | 31.93 | % | -23.4 | % | 26.43 | % | 32.90 | % | -19.6 | % | |||||||
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Operating Earnings (non-GAAP) (3) |
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Net income (GAAP) |
| $ | 12,532 |
| $ | 10,649 |
| $ | 5,910 |
| $ | 9,063 |
| $ | 8,031 |
| 56.0 | % | $ | 23,181 |
| $ | 15,059 |
| 53.9 | % |
Securities (gains) losses, net of tax |
| — |
| — |
| (89 | ) | — |
| (40 | ) |
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| — |
| — |
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Merger and conversion related expense, net of tax |
| 576 |
| 1,321 |
| 5,274 |
| 357 |
| 1,323 |
| -56.4 | % | 1,897 |
| 1,387 |
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Net operating earnings (loss) (non-GAAP) |
| $ | 13,108 |
| $ | 11,970 |
| $ | 11,095 |
| $ | 9,420 |
| $ | 9,314 |
| 40.7 | % | $ | 25,078 |
| $ | 16,446 |
| 52.5 | % |
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Operating earnings (loss) per share - Basic |
| $ | 0.78 |
| $ | 0.71 |
| $ | 0.72 |
| $ | 0.63 |
| $ | 0.64 |
| 21.9 | % | $ | 1.49 |
| $ | 1.15 |
| 29.6 | % |
Operating earnings (loss) per share - Diluted |
| 0.77 |
| 0.71 |
| 0.72 |
| 0.63 |
| 0.63 |
| 22.2 | % | 1.48 |
| 1.14 |
| 29.8 | % | |||||||
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| AVERAGE for Quarter Ended |
| Quarter |
| AVERAGE for Six Months |
| YTD |
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| June 30, |
| March 31, |
| December 31, |
| September 30, |
| June 30, |
| 2013 - 2012 |
| June 30, |
| June 30, |
| 2013 - 2012 |
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BALANCE SHEET HIGHLIGHTS |
| 2013 |
| 2013 |
| 2012 |
| 2012 |
| 2012 |
| % Change |
| 2013 |
| 2012 |
| % Change |
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Loans held for sale |
| $ | 40,040 |
| $ | 51,216 |
| $ | 60,183 |
| $ | 56,300 |
| $ | 29,604 |
| 35.3 | % | $ | 45,597 |
| $ | 31,838 |
| 43.2 | % |
Acquired loans, net of allowance for acquired loan losses |
| 927,520 |
| 997,010 |
| 582,726 |
| 501,214 |
| 484,084 |
| 91.6 | % | 962,073 |
| 420,876 |
| 128.6 | % | |||||||
Non-acquired loans |
| 2,629,897 |
| 2,576,545 |
| 2,528,753 |
| 2,497,478 |
| 2,456,069 |
| 7.1 | % | 2,603,368 |
| 2,456,075 |
| 6.0 | % | |||||||
Total loans (1) |
| 3,557,417 |
| 3,573,555 |
| 3,111,479 |
| 2,998,692 |
| 2,940,153 |
| 21.0 | % | 3,565,441 |
| 2,876,951 |
| 23.9 | % | |||||||
FDIC receivable for loss share agreements |
| 114,724 |
| 139,172 |
| 162,580 |
| 194,116 |
| 219,183 |
| -47.7 | % | 126,881 |
| 232,870 |
| -45.5 | % | |||||||
Total investment securities |
| 527,926 |
| 553,214 |
| 510,434 |
| 501,816 |
| 468,334 |
| 12.7 | % | 540,499 |
| 396,405 |
| 36.4 | % | |||||||
Intangible assets |
| 123,881 |
| 125,257 |
| 87,372 |
| 79,857 |
| 79,041 |
| 56.7 | % | 124,565 |
| 76,565 |
| 62.7 | % | |||||||
Earning assets |
| 4,496,341 |
| 4,489,187 |
| 3,972,280 |
| 3,766,889 |
| 3,703,552 |
| 21.4 | % | 4,492,784 |
| 3,537,629 |
| 27.0 | % | |||||||
Total assets |
| 5,069,993 |
| 5,117,003 |
| 4,517,076 |
| 4,331,436 |
| 4,295,369 |
| 18.0 | % | 5,093,368 |
| 4,126,643 |
| 23.4 | % | |||||||
Noninterest-bearing deposits |
| 1,023,668 |
| 969,400 |
| 886,240 |
| 813,394 |
| 795,867 |
| 28.6 | % | 996,684 |
| 748,153 |
| 33.2 | % | |||||||
Interest-bearing deposits |
| 3,150,909 |
| 3,236,610 |
| 2,853,253 |
| 2,800,446 |
| 2,808,884 |
| 12.2 | % | 3,193,523 |
| 2,689,740 |
| 18.7 | % | |||||||
Total deposits |
| 4,174,577 |
| 4,206,010 |
| 3,739,493 |
| 3,613,840 |
| 3,604,751 |
| 15.8 | % | 4,190,207 |
| 3,437,893 |
| 21.9 | % | |||||||
Federal funds purchased and repurchase agreements |
| 297,025 |
| 319,602 |
| 247,970 |
| 223,844 |
| 215,678 |
| 37.7 | % | 308,251 |
| 222,389 |
| 38.6 | % | |||||||
Other borrowings |
| 54,461 |
| 54,713 |
| 47,555 |
| 45,908 |
| 46,203 |
| 17.9 | % | 54,587 |
| 46,342 |
| 17.8 | % | |||||||
Shareholders’ equity |
| 517,141 |
| 511,392 |
| 450,446 |
| 429,183 |
| 415,952 |
| 24.3 | % | 514,282 |
| 399,668 |
| 28.7 | % | |||||||
SCBT Financial Corporation
(Unaudited)
(Dollars in thousands, except per share data)
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| ENDING Balance |
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| June 30, |
| March 31, |
| December 31, |
| September 30, |
| June 30, |
| 2013 - 2012 |
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BALANCE SHEET HIGHLIGHTS |
| 2013 |
| 2013 |
| 2012 |
| 2012 |
| 2012 |
| % Change |
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Loans held for sale |
| $ | 47,980 |
| $ | 50,449 |
| $ | 65,279 |
| $ | 71,585 |
| $ | 42,525 |
| 12.8 | % |
Acquired loans |
| 921,840 |
| 995,255 |
| 1,074,742 |
| 520,991 |
| 560,058 |
| 64.6 | % | |||||
Non-acquired loans |
| 2,665,595 |
| 2,604,298 |
| 2,571,003 |
| 2,517,352 |
| 2,481,251 |
| 7.4 | % | |||||
Total loans (1) |
| 3,587,435 |
| 3,599,553 |
| 3,645,745 |
| 3,038,343 |
| 3,041,309 |
| 18.0 | % | |||||
FDIC receivable for loss share agreements |
| 104,048 |
| 124,340 |
| 146,171 |
| 174,321 |
| 200,569 |
| -48.1 | % | |||||
Total investment securities |
| 531,579 |
| 533,255 |
| 560,091 |
| 500,587 |
| 511,138 |
| 4.0 | % | |||||
Intangible assets |
| 123,352 |
| 124,668 |
| 125,801 |
| 79,391 |
| 79,971 |
| 54.2 | % | |||||
Allowance for acquired loan losses |
| (31,597 | ) | (31,277 | ) | (32,132 | ) | (31,138 | ) | (35,813 | ) | -11.8 | % | |||||
Allowance for non-acquired loan losses (1) |
| (38,625 | ) | (41,669 | ) | (44,378 | ) | (46,439 | ) | (47,269 | ) | -18.3 | % | |||||
Premises and equipment |
| 109,794 |
| 110,792 |
| 115,583 |
| 105,579 |
| 106,458 |
| 3.1 | % | |||||
Total assets |
| 5,043,078 |
| 5,141,929 |
| 5,136,446 |
| 4,325,232 |
| 4,373,269 |
| 15.3 | % | |||||
Noninterest-bearing deposits |
| 1,046,537 |
| 1,002,662 |
| 981,963 |
| 818,633 |
| 806,235 |
| 29.8 | % | |||||
Interest-bearing deposits |
| 3,136,432 |
| 3,216,694 |
| 3,316,397 |
| 2,770,665 |
| 2,854,737 |
| 9.9 | % | |||||
Total deposits |
| 4,182,969 |
| 4,219,356 |
| 4,298,360 |
| 3,589,298 |
| 3,660,972 |
| 14.3 | % | |||||
Federal funds purchased and repurchase agreements |
| 262,447 |
| 328,701 |
| 238,621 |
| 226,330 |
| 220,264 |
| 19.2 | % | |||||
Other borrowings |
| 54,372 |
| 54,638 |
| 54,897 |
| 45,807 |
| 46,105 |
| 17.9 | % | |||||
Total liabilities |
| 4,526,486 |
| 4,627,718 |
| 4,628,897 |
| 3,891,308 |
| 3,948,363 |
| 14.6 | % | |||||
Shareholders’ equity |
| 516,592 |
| 514,211 |
| 507,549 |
| 433,924 |
| 424,906 |
| 21.6 | % | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Common shares issued and outstanding |
| 17,032,061 |
| 17,017,904 |
| 16,937,464 |
| 15,114,185 |
| 15,085,991 |
| 12.9 | % | |||||
|
|
|
|
|
|
|
|
|
|
|
| Second |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| Quarter |
| |||||
|
| June 30, |
| March 31, |
| December 31, |
| September 30, |
| June 30, |
| 2013 - 2012 |
| |||||
NONPERFORMING ASSETS (ENDING BALANCE) |
| 2013 |
| 2013 |
| 2012 |
| 2012 |
| 2012 |
| % Change |
| |||||
Non-acquired |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Non-acquired nonaccrual loans |
| $ | 40,854 |
| $ | 42,945 |
| $ | 48,387 |
| $ | 46,295 |
| $ | 47,940 |
| -14.8 | % |
Restructured loans |
| 11,689 |
| 13,636 |
| 13,151 |
| 12,882 |
| 9,530 |
| 22.7 | % | |||||
Other real estate owned (“OREO”) not covered under FDIC loss share agreements |
| 15,950 |
| 19,680 |
| 19,069 |
| 22,424 |
| 25,518 |
| -37.5 | % | |||||
Accruing loans past due 90 days or more |
| 198 |
| 121 |
| 500 |
| 156 |
| 137 |
| 44.5 | % | |||||
Other nonperforming assets |
| — |
| — |
| — |
| — |
| — |
|
|
| |||||
Total non-acquired nonperforming assets |
| 68,691 |
| 76,382 |
| 81,107 |
| 81,757 |
| 83,125 |
| -17.4 | % | |||||
Acquired (7) |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Acquired nonaccrual loans |
| — |
| — |
| — |
| — |
| — |
|
|
| |||||
OREO covered under FDIC loss share agreements |
| 35,142 |
| 34,244 |
| 34,257 |
| 47,063 |
| 53,146 |
| -33.9 | % | |||||
OREO not covered under FDIC loss share agreements |
| 17,536 |
| 16,766 |
| 13,179 |
| 5,059 |
| 5,745 |
| 205.2 | % | |||||
Other nonperforming assets |
| — |
| 26 |
| 44 |
| 57 |
| 73 |
|
|
| |||||
Total acquired nonperforming assets |
| 52,678 |
| 51,036 |
| 47,480 |
| 52,179 |
| 58,964 |
| -10.7 | % | |||||
Total nonperforming assets |
| $ | 121,369 |
| $ | 127,418 |
| $ | 128,587 |
| $ | 133,936 |
| $ | 142,089 |
| -14.6 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Excluding Acquired Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total nonperforming assets as a percentage of total non-acquired loans and repossessed assets (1) (4) |
| 2.56 | % | 2.91 | % | 3.13 | % | 3.22 | % | 3.32 | % |
|
| |||||
Total nonperforming assets as a percentage of total assets (5) |
| 1.36 | % | 1.49 | % | 1.58 | % | 1.89 | % | 1.90 | % |
|
| |||||
NPLs as a percentage of period end non-acquired loans |
| 1.98 | % | 2.18 | % | 2.41 | % | 2.36 | % | 2.32 | % |
|
| |||||
Including Acquired Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total nonperforming assets as a percentage of total loans and repossessed assets (1) (4) |
| 3.32 | % | 3.47 | % | 3.46 | % | 4.31 | % | 4.55 | % |
|
| |||||
Total nonperforming assets as a percentage of total assets |
| 2.41 | % | 2.48 | % | 2.50 | % | 3.10 | % | 3.25 | % |
|
| |||||
NPLs as a percentage of period end loans |
| 1.47 | % | 1.58 | % | 1.70 | % | 1.95 | % | 1.89 | % |
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
OTHER ASSET QUALITY INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Classified Assets (Ending Balance) (11) |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Classified loans |
| $ | 107,671 |
| $ | 121,222 |
| $ | 124,133 |
| $ | 135,095 |
| $ | 135,099 |
| -20.3 | % |
OREO and other nonperforming assets |
| 15,950 |
| 19,680 |
| 19,069 |
| 22,424 |
| 25,518 |
| -37.5 | % | |||||
Total classified assets |
| $ | 123,621 |
| $ | 140,902 |
| $ | 143,202 |
| $ | 157,519 |
| $ | 160,617 |
| -23.0 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Tier 1 capital and non-acquired allowance for loan losses |
| $ | 494,562 |
| $ | 484,744 |
| $ | 477,686 |
| $ | 444,200 |
| $ | 436,964 |
| 13.2 | % |
Classified assets as a percentage of Tier 1 capital and non-acquired allowance for loan losses |
| 25.00 | % | 29.07 | % | 29.98 | % | 35.46 | % | 36.76 | % |
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Non-acquired Loans 30-89 Day Past Due |
| $ | 10,957 |
| $ | 7,199 |
| $ | 7,189 |
| $ | 9,270 |
| $ | 10,464 |
| 4.7 | % |
SCBT Financial Corporation
(Unaudited)
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
| Second |
|
|
|
|
|
|
| |||||||
|
| Quarter Ended |
| Quarter |
| Six Months Ended |
| YTD |
| |||||||||||||||||
|
| June 30, |
| March 31, |
| December 31, |
| September 30, |
| June 30, |
| 2013 - 2012 |
| June 30, |
| June 30, |
| 2013 - 2012 |
| |||||||
ALLOWANCE FOR LOAN LOSSES (1) |
| 2013 |
| 2013 |
| 2012 |
| 2012 |
| 2012 |
| % Change |
| 2013 |
| 2012 |
| % Change |
| |||||||
Non-acquired Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Balance at beginning of period |
| $ | 41,669 |
| $ | 44,378 |
| $ | 46,439 |
| $ | 47,269 |
| $ | 47,607 |
| -12.5 | % | $ | 44,378 |
| $ | 49,367 |
| -10.1 | % |
Loans charged off |
| (2,827 | ) | (4,148 | ) | (4,291 | ) | (5,506 | ) | (5,114 | ) | -44.7 | % | (6,975 | ) | (10,458 | ) | -33.3 | % | |||||||
Overdrafts charged off |
| (393 | ) | (459 | ) | (446 | ) | (434 | ) | (441 | ) | -10.9 | % | (852 | ) | (795 | ) | 7.2 | % | |||||||
Loan recoveries |
| 436 |
| 826 |
| 550 |
| 481 |
| 700 |
| -37.7 | % | 1,262 |
| 2,124 |
| -40.6 | % | |||||||
Overdraft recoveries |
| 140 |
| 219 |
| 131 |
| 129 |
| 125 |
| 12.0 | % | 359 |
| 341 |
| 5.3 | % | |||||||
Net charge-offs |
| (2,644 | ) | (3,562 | ) | (4,056 | ) | (5,330 | ) | (4,730 | ) | -44.1 | % | (6,206 | ) | (8,788 | ) | -29.4 | % | |||||||
Provision for loan losses on non-acquired loans |
| (400 | ) | 853 |
| 1,995 |
| 4,500 |
| 4,392 |
| -109.1 | % | 453 |
| 6,690 |
| -93.2 | % | |||||||
Balance at end of period, non-acquired loans |
| 38,625 |
| 41,669 |
| 44,378 |
| 46,439 |
| 47,269 |
| -18.3 | % | 38,625 |
| 47,269 |
| -18.3 | % | |||||||
Acquired Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Balance at beginning of period |
| 31,277 |
| 32,132 |
| 31,138 |
| 35,812 |
| 34,355 |
|
|
| 32,132 |
| 31,620 |
|
|
| |||||||
Loans charged off |
| — |
| — |
| — |
| — |
| — |
|
|
| — |
| — |
|
|
| |||||||
Loan recoveries |
| — |
| — |
| — |
| — |
| — |
|
|
| — |
| — |
|
|
| |||||||
Net charge-offs |
| — |
| — |
| — |
| — |
| — |
|
|
| — |
| — |
|
|
| |||||||
Provision for loan losses on acquired loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Provision for loan losses before benefit attributable to FDIC loss share agreements |
| 320 |
| (855 | ) | 994 |
| (4,674 | ) | 1,457 |
|
|
| (535 | ) | 4,193 |
|
|
| |||||||
Benefit attributable to FDIC loss share agreements |
| 259 |
| 1,062 |
| (778 | ) | 4,218 |
| (1,208 | ) |
|
| 1,322 |
| (3,518 | ) |
|
| |||||||
Net provision for loan losses on acquired loans |
| 579 |
| 207 |
| 216 |
| (456 | ) | 249 |
|
|
| 787 |
| 675 |
|
|
| |||||||
Provision for loan losses recorded through the FDIC loss share receivable |
| (259 | ) | (1,062 | ) | 778 |
| (4,218 | ) | 1,208 |
|
|
| (1,322 | ) | 3,518 |
|
|
| |||||||
Balance at end of period, acquired loans |
| 31,597 |
| 31,277 |
| 32,132 |
| 31,138 |
| 35,812 |
|
|
| 31,597 |
| 35,813 |
|
|
| |||||||
Balance at end of period, total allowance for loan losses |
| $ | 70,222 |
| $ | 72,946 |
| $ | 76,510 |
| $ | 77,577 |
| $ | 83,081 |
| -15.5 | % | $ | 70,222 |
| $ | 83,082 |
| -15.5 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total provision for loan losses charged to operations |
| $ | 179 |
| $ | 1,060 |
| $ | 2,211 |
| $ | 4,044 |
| $ | 4,641 |
|
|
| $ | 1,240 |
| $ | 7,365 |
|
|
|
Allowance for non-acquired loan losses as a percentage of non-acquired loans (1) |
| 1.45 | % | 1.60 | % | 1.73 | % | 1.84 | % | 1.91 | % |
|
| 1.45 | % | 1.91 | % |
|
| |||||||
Allowance for loan losses as a percentage of total loans (1) |
| 1.96 | % | 2.03 | % | 2.10 | % | 2.55 | % | 2.73 | % |
|
| 1.96 | % | 2.73 | % |
|
| |||||||
Allowance for non-acquired loan losses as a percentage of non-acquired nonperforming loans |
| 73.23 | % | 73.49 | % | 71.53 | % | 78.27 | % | 82.05 | % |
|
| 73.23 | % | 82.05 | % |
|
| |||||||
Net charge-offs on non-acquired loans as a percentage of average non-acquired loans (annualized) (1) |
| 0.40 | % | 0.56 | % | 0.64 | % | 0.85 | % | 0.77 | % |
|
| 0.48 | % | 0.72 | % |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
| Second |
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| Quarter |
|
|
|
|
|
|
| |||||
|
| June 30, |
| March 31, |
| December 31, |
| September 30, |
| June 30, |
| 2013 - 2012 |
|
|
|
|
|
|
| |||||
LOAN PORTFOLIO (ENDING balance) (1) |
| 2013 |
| 2013 |
| 2012 |
| 2012 |
| 2012 |
| % Change |
|
|
|
|
|
|
| |||||
Acquired covered loans |
| $ | 239,082 |
| $ | 257,066 |
| $ | 282,728 |
| $ | 309,034 |
| $ | 332,874 |
| -28.2 | % |
|
|
|
|
|
|
Acquired non-covered loans |
| 682,758 |
| 738,189 |
| 792,014 |
| 211,957 |
| 227,184 |
| 200.5 | % |
|
|
|
|
|
| |||||
Non-acquired loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Commercial non-owner occupied real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Construction and land development |
| 285,370 |
| 273,488 |
| 273,420 |
| 273,606 |
| 279,519 |
| 2.1 | % |
|
|
|
|
|
| |||||
Commercial non-owner occupied |
| 298,769 |
| 298,707 |
| 290,071 |
| 278,935 |
| 284,147 |
| 5.1 | % |
|
|
|
|
|
| |||||
Total commercial non-owner occupied real estate |
| 584,139 |
| 572,195 |
| 563,491 |
| 552,541 |
| 563,666 |
| 3.6 | % |
|
|
|
|
|
| |||||
Consumer real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Consumer owner occupied |
| 460,434 |
| 443,134 |
| 434,503 |
| 430,825 |
| 420,298 |
| 9.5 | % |
|
|
|
|
|
| |||||
Home equity loans |
| 250,988 |
| 249,356 |
| 255,284 |
| 255,677 |
| 257,061 |
| -2.4 | % |
|
|
|
|
|
| |||||
Total consumer real estate |
| 711,422 |
| 692,490 |
| 689,787 |
| 686,502 |
| 677,359 |
| 5.0 | % |
|
|
|
|
|
| |||||
Commercial owner occupied real estate |
| 802,125 |
| 796,139 |
| 784,152 |
| 787,623 |
| 763,338 |
| 5.1 | % |
|
|
|
|
|
| |||||
Commercial and industrial |
| 294,580 |
| 291,308 |
| 279,763 |
| 245,285 |
| 228,010 |
| 29.2 | % |
|
|
|
|
|
| |||||
Other income producing property |
| 136,957 |
| 131,776 |
| 133,713 |
| 131,832 |
| 132,193 |
| 3.6 | % |
|
|
|
|
|
| |||||
Consumer non real estate |
| 104,239 |
| 93,997 |
| 86,934 |
| 86,729 |
| 87,290 |
| 19.4 | % |
|
|
|
|
|
| |||||
Other |
| 32,133 |
| 26,393 |
| 33,163 |
| 26,840 |
| 29,395 |
| 9.3 | % |
|
|
|
|
|
| |||||
Total non-acquired loans |
| 2,665,595 |
| 2,604,298 |
| 2,571,003 |
| 2,517,352 |
| 2,481,251 |
| 7.4 | % |
|
|
|
|
|
| |||||
Total loans (net of unearned income) (1) |
| $ | 3,587,435 |
| $ | 3,599,553 |
| $ | 3,645,745 |
| $ | 3,038,343 |
| $ | 3,041,309 |
| 18.0 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Loans held for sale |
| $ | 47,980 |
| $ | 50,449 |
| $ | 65,279 |
| $ | 71,585 |
| $ | 42,525 |
| 12.8 | % |
|
|
|
|
|
|
SCBT Financial Corporation
(Unaudited)
(Dollars in thousands, except per share data)
|
| Quarter Ended |
|
|
| Six Months Ended |
|
|
| |||||||||||||||
|
| June 30, |
| March 31, |
| December 31, |
| September 30, |
| June 30, |
|
|
| June 30, |
| June 30, |
|
|
| |||||
SELECTED RATIOS |
| 2013 |
| 2013 |
| 2012 |
| 2012 |
| 2012 |
|
|
| 2013 |
| 2012 |
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Return on average assets (annualized) |
| 0.99 | % | 0.84 | % | 0.52 | % | 0.83 | % | 0.75 | % |
|
| 0.92 | % | 0.73 | % |
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Operating return on average assets (annualized) (non-GAAP) (3) |
| 1.04 | % | 0.95 | % | 0.98 | % | 0.87 | % | 0.88 | % |
|
| 0.99 | % | 0.80 | % |
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Return on average equity (annualized) |
| 9.72 | % | 8.45 | % | 5.22 | % | 8.40 | % | 7.77 | % |
|
| 9.09 | % | 7.58 | % |
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Operating return on average equity (annualized) (non-GAAP) (3) |
| 10.17 | % | 9.49 | % | 9.80 | % | 8.73 | % | 9.05 | % |
|
| 9.83 | % | 8.28 | % |
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Return on average tangible equity (annualized) (non-GAAP) (10) |
| 13.48 | % | 11.92 | % | 6.91 | % | 10.74 | % | 9.92 | % |
|
| 12.71 | % | 9.80 | % |
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net interest margin (tax equivalent) |
| 5.01 | % | 4.94 | % | 4.88 | % | 5.03 | % | 4.69 | % |
|
| 4.97 | % | 4.70 | % |
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Efficiency ratio (tax equivalent) |
| 69.49 | % | 72.37 | % | 80.95 | % | 66.91 | % | 68.34 | % |
|
| 70.92 | % | 70.07 | % |
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Operating efficiency ratio excluding OREO expense |
| 63.79 | % | 64.47 | % | 62.84 | % | 58.96 | % | 60.84 | % |
|
| 64.13 | % | 63.40 | % |
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Book value per common share |
| $ | 30.33 |
| $ | 30.22 |
| $ | 29.97 |
| $ | 28.71 |
| $ | 28.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Tangible book value per common share (non-GAAP) (10) |
| $ | 23.09 |
| $ | 22.89 |
| $ | 22.54 |
| $ | 23.46 |
| $ | 22.86 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Common shares issued and outstanding |
| 17,032,061 |
| 17,017,904 |
| 16,937,464 |
| 15,114,185 |
| 15,085,991 |
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Equity-to-assets |
| 10.24 | % | 10.00 | % | 9.88 | % | 10.03 | % | 9.72 | % |
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Tangible equity-to-tangible assets (non-GAAP) (10) |
| 7.99 | % | 7.76 | % | 7.62 | % | 8.35 | % | 8.03 | % |
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Tier 1 leverage (9) |
| 9.2 | % | 8.8 | % | 9.8 | % | 9.3 | % | 9.2 | % |
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Tier 1 risk-based capital (9) |
| 13.4 | % | 13.2 | % | 12.7 | % | 14.0 | % | 13.9 | % |
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total risk-based capital (9) |
| 14.7 | % | 14.4 | % | 13.9 | % | 15.2 | % | 15.1 | % |
|
|
|
|
|
|
|
| |||||
|
| Quarter Ended |
| Second |
| Six Months Ended |
| YTD |
| |||||||||||||||||
|
| June 30, |
| March 31, |
| December 31, |
| September 30, |
| June 30, |
| 2013-2012 |
| June 30, |
| June 30, |
| 2013-2012 |
| |||||||
RECONCILIATION OF NON-GAAP TO GAAP |
| 2013 |
| 2013 |
| 2012 |
| 2012 |
| 2012 |
| % change |
| 2013 |
| 2012 |
| % change |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Pre-tax, Pre-provision Operating Earnings (6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net income (GAAP) |
| $ | 12,532 |
| $ | 10,649 |
| $ | 5,910 |
| $ | 9,063 |
| $ | 8,031 |
| 56.0 | % | $ | 23,181 |
| $ | 15,059 |
| 53.9 | % |
Provision for loan losses (1) |
| 179 |
| 1,060 |
| 2,211 |
| 4,044 |
| 4,642 |
| -96.1 | % | 1,239 |
| 7,365 |
| -83.2 | % | |||||||
Provision for income taxes |
| 6,173 |
| 5,174 |
| 2,552 |
| 4,938 |
| 4,097 |
| 50.7 | % | 11,347 |
| 7,638 |
| 48.6 | % | |||||||
Pre-tax, pre-provision income |
| 18,884 |
| 16,883 |
| 10,673 |
| 18,045 |
| 16,770 |
| 12.6 | % | 35,767 |
| 30,062 |
| 19.0 | % | |||||||
Securities gains |
| — |
| — |
| (128 | ) | — |
| (61 | ) |
|
| — |
| (61 | ) |
|
| |||||||
Merger and conversion related expense |
| 860 |
| 1,963 |
| 7,552 |
| 568 |
| 1,998 |
|
|
| 2,823 |
| 2,094 |
|
|
| |||||||
Pre-tax, pre-provision operating earnings (non-GAAP) |
| $ | 19,744 |
| $ | 18,846 |
| $ | 18,097 |
| $ | 18,613 |
| $ | 18,707 |
| 5.5 | % | $ | 38,590 |
| $ | 32,095 |
| 20.2 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Operating efficiency ratio excluding OREO expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Operating efficiency ratio excluding OREO expense |
| 63.79 | % | 64.47 | % | 62.84 | % | 58.96 | % | 60.84 | % |
|
| 64.13 | % | 63.40 | % |
|
| |||||||
Effect to adjust for OREO and loan related expense |
| 4.37 | % | 4.84 | % | 5.41 | % | 6.95 | % | 3.86 | % |
|
| 4.60 | % | 4.65 | % |
|
| |||||||
Effect to adjust for merger and conversion expenses |
| 1.33 | % | 3.06 | % | 12.70 | % | 1.00 | % | 3.64 | % |
|
| 2.19 | % | 2.02 | % |
|
| |||||||
Efficiency ratio (Tax Equivalent) |
| 69.49 | % | 72.37 | % | 80.95 | % | 66.91 | % | 68.34 | % |
|
| 70.92 | % | 70.07 | % |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Operating Return of Average Assets (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Operating return on average assets (non-GAAP) |
| 1.04 | % | 0.95 | % | 0.98 | % | 0.87 | % | 0.88 | % |
|
| 0.99 | % | 0.80 | % |
|
| |||||||
Effect to adjust for securities gains (losses) |
| 0.00 | % | 0.00 | % | 0.01 | % | 0.00 | % | 0.00 | % |
|
| 0.00 | % | 0.00 | % |
|
| |||||||
Effect to adjust for merger and conversion related expenses |
| -0.05 | % | -0.11 | % | -0.47 | % | -0.04 | % | -0.13 | % |
|
| -0.07 | % | -0.07 | % |
|
| |||||||
Return on average assets (GAAP) |
| 0.99 | % | 0.84 | % | 0.52 | % | 0.83 | % | 0.75 | % |
|
| 0.92 | % | 0.73 | % |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Operating Return of Average Equity (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Operating return on average equity (non-GAAP) |
| 10.17 | % | 9.49 | % | 9.80 | % | 8.73 | % | 9.05 | % |
|
| 9.83 | % | 8.28 | % |
|
| |||||||
Effect to adjust for securities gains (losses) |
| 0.00 | % | 0.00 | % | 0.08 | % | 0.00 | % | 0.04 | % |
|
| 0.00 | % | 0.00 | % |
|
| |||||||
Effect to adjust for merger and conversion related expenses |
| -0.45 | % | -1.04 | % | -4.66 | % | -0.33 | % | -1.32 | % |
|
| -0.74 | % | -0.70 | % |
|
| |||||||
Return on average equity (GAAP) |
| 9.72 | % | 8.45 | % | 5.22 | % | 8.40 | % | 7.77 | % |
|
| 9.09 | % | 7.58 | % |
|
| |||||||
SCBT Financial Corporation
(Unaudited)
(Dollars in thousands)
|
| Quarter Ended |
|
|
| Six Months Ended |
|
|
| |||||||||||||||
|
| June 30, |
| March 31, |
| December 31, |
| September 30, |
| June 30, |
|
|
| June 30, |
| June 30, |
|
|
| |||||
RECONCILIATION OF NON-GAAP TO GAAP (CONTINUED) |
| 2013 |
| 2013 |
| 2012 |
| 2012 |
| 2012 |
|
|
| 2013 |
| 2012 |
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Return on Average Tangible Equity (10) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Return on average tangible equity (non-GAAP) |
| 13.48 | % | 11.92 | % | 6.91 | % | 10.74 | % | 9.92 | % |
|
| 12.71 | % | 9.80 | % |
|
| |||||
Effect to adjust for intangible assets |
| -3.76 | % | -3.47 | % | -1.69 | % | -2.34 | % | -2.15 | % |
|
| -3.62 | % | -2.22 | % |
|
| |||||
Return on average equity (GAAP) |
| 9.72 | % | 8.45 | % | 5.22 | % | 8.40 | % | 7.77 | % |
|
| 9.09 | % | 7.58 | % |
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Tangible Book Value Per Common Share (10) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Tangible book value per common share (non-GAAP) |
| $ | 23.09 |
| $ | 22.89 |
| $ | 22.54 |
| $ | 23.46 |
| $ | 22.86 |
|
|
|
|
|
|
|
|
|
Effect to adjust for intangible assets |
| 7.24 |
| 7.33 |
| 7.43 |
| 5.25 |
| 5.30 |
|
|
|
|
|
|
|
|
| |||||
Book value per common share (GAAP) |
| $ | 30.33 |
| $ | 30.22 |
| $ | 29.97 |
| $ | 28.71 |
| $ | 28.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Tangible Equity-to-Tangible Assets (10) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Tangible equity-to-tangible assets (non-GAAP) |
| 7.99 | % | 7.76 | % | 7.62 | % | 8.35 | % | 8.03 | % |
|
|
|
|
|
|
|
| |||||
Effect to adjust for intangible assets |
| 2.25 | % | 2.24 | % | 2.26 | % | 1.68 | % | 1.69 | % |
|
|
|
|
|
|
|
| |||||
Equity-to-assets (GAAP) |
| 10.24 | % | 10.00 | % | 9.88 | % | 10.03 | % | 9.72 | % |
|
|
|
|
|
|
|
| |||||
|
| Three Months Ended |
|
|
|
|
|
|
| ||||||||||||||
|
| June 30, 2013 |
| June 30, 2012 |
|
|
|
|
|
|
| ||||||||||||
|
| Average |
| Interest |
| Average |
| Average |
| Interest |
| Average |
|
|
|
|
|
|
| ||||
YIELD ANALYSIS |
| Balance |
| Earned/Paid |
| Yield/Rate |
| Balance |
| Earned/Paid |
| Yield/Rate |
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Federal funds sold, reverse repo, and time deposits |
| $ | 370,958 |
| $ | 444 |
| 0.48 | % | 265,462 |
| $ | 279 |
| 0.42 | % |
|
|
|
|
|
| |
Investment securities (taxable) |
| 378,426 |
| 2,096 |
| 2.22 | % | 337,612 |
| 2,036 |
| 2.43 | % |
|
|
|
|
|
| ||||
Investment securities (tax-exempt) |
| 149,500 |
| 1,174 |
| 3.15 | % | 130,722 |
| 1,035 |
| 3.18 | % |
|
|
|
|
|
| ||||
Loans held for sale |
| 40,040 |
| 337 |
| 3.38 | % | 29,604 |
| 276 |
| 3.75 | % |
|
|
|
|
|
| ||||
Acquired loans, net of allowance for acquired loan losses |
| 927,520 |
| 24,492 |
| 10.59 | % | 484,084 |
| 11,869 |
| 9.86 | % |
|
|
|
|
|
| ||||
Non-acquired loans (1) |
| 2,629,901 |
| 28,987 |
| 4.42 | % | 2,456,069 |
| 29,975 |
| 4.91 | % |
|
|
|
|
|
| ||||
Total interest-earning assets |
| 4,496,345 |
| 57,530 |
| 5.13 | % | 3,703,553 |
| 45,470 |
| 4.94 | % |
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Noninterest-Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Cash and due from banks |
| 96,132 |
|
|
|
|
| 94,360 |
|
|
|
|
|
|
|
|
|
|
| ||||
Other assets |
| 519,059 |
|
|
|
|
| 545,170 |
|
|
|
|
|
|
|
|
|
|
| ||||
Allowance for non-acquired loan losses |
| (41,543 | ) |
|
|
|
| (47,714 | ) |
|
|
|
|
|
|
|
|
|
| ||||
Total noninterest-earning assets |
| 573,648 |
|
|
|
|
| 591,816 |
|
|
|
|
|
|
|
|
|
|
| ||||
Total Assets |
| $ | 5,069,993 |
|
|
|
|
| $ | 4,295,369 |
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Transaction and money market accounts |
| $ | 1,822,379 |
| $ | 570 |
| 0.13 | % | $ | 1,548,083 |
| $ | 840 |
| 0.22 | % |
|
|
|
|
|
|
Savings deposits |
| 353,574 |
| 81 |
| 0.09 | % | 296,518 |
| 128 |
| 0.17 | % |
|
|
|
|
|
| ||||
Certificates and other time deposits |
| 974,957 |
| 812 |
| 0.33 | % | 964,284 |
| 1,303 |
| 0.54 | % |
|
|
|
|
|
| ||||
Federal funds purchased and repurchase agreements |
| 297,025 |
| 115 |
| 0.16 | % | 215,678 |
| 110 |
| 0.21 | % |
|
|
|
|
|
| ||||
Other borrowings |
| 54,461 |
| 668 |
| 4.92 | % | 46,203 |
| 555 |
| 4.83 | % |
|
|
|
|
|
| ||||
Total interest-bearing liabilities |
| 3,502,396 |
| 2,246 |
| 0.26 | % | 3,070,766 |
| 2,936 |
| 0.38 | % |
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Noninterest-Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Demand deposits |
| 1,023,668 |
|
|
|
|
| 795,867 |
|
|
|
|
|
|
|
|
|
|
| ||||
Other liabilities |
| 26,788 |
|
|
|
|
| 12,784 |
|
|
|
|
|
|
|
|
|
|
| ||||
Total noninterest-bearing liabilities (“Non-IBL”) |
| 1,050,456 |
|
|
|
|
| 808,651 |
|
|
|
|
|
|
|
|
|
|
| ||||
Shareholders’ equity |
| 517,141 |
|
|
|
|
| 415,952 |
|
|
|
|
|
|
|
|
|
|
| ||||
Total Non-IBL and shareholders’ equity |
| 1,567,597 |
|
|
|
|
| 1,224,603 |
|
|
|
|
|
|
|
|
|
|
| ||||
Total liabilities and shareholders’ equity |
| $ | 5,069,993 |
|
|
|
|
| $ | 4,295,369 |
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net interest income and margin (NON-TAX EQUIV.) |
|
|
| $ | 55,284 |
| 4.93 | % |
|
| $ | 42,534 |
| 4.62 | % |
|
|
|
|
|
| ||
Net interest margin (TAX EQUIVALENT) |
|
|
|
|
| 5.01 | % |
|
|
|
| 4.69 | % |
|
|
|
|
|
| ||||
SCBT Financial Corporation
(Unaudited)
(Dollars in thousands)
|
| Six Months Ended |
|
|
|
|
|
|
| ||||||||||||||
|
| June 30, 2013 |
| June 30, 2012 |
|
|
|
|
|
|
| ||||||||||||
|
| Average |
| Interest |
| Average |
| Average |
| Interest |
| Average |
|
|
|
|
|
|
| ||||
YIELD ANALYSIS |
| Balance |
| Earned/Paid |
| Yield/Rate |
| Balance |
| Earned/Paid |
| Yield/Rate |
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Federal funds sold, reverse repo, and time deposits |
| $ | 341,245 |
| $ | 862 |
| 0.51 | % | $ | 232,436 |
| $ | 491 |
| 0.42 | % |
|
|
|
|
|
|
Investment securities (taxable) |
| 386,626 |
| 4,257 |
| 2.22 | % | 300,326 |
| 3,727 |
| 2.50 | % |
|
|
|
|
|
| ||||
Investment securities (tax-exempt) |
| 153,873 |
| 2,381 |
| 3.12 | % | 96,079 |
| 1,574 |
| 3.29 | % |
|
|
|
|
|
| ||||
Loans held for sale |
| 45,597 |
| 719 |
| 3.18 | % | 31,838 |
| 598 |
| 3.78 | % |
|
|
|
|
|
| ||||
Acquired loans, net of allowance for acquired loan losses |
| 962,073 |
| 47,862 |
| 10.03 | % | 420,876 |
| 20,979 |
| 10.02 | % |
|
|
|
|
|
| ||||
Non-acquired loans (1) |
| 2,603,370 |
| 57,618 |
| 4.46 | % | 2,456,075 |
| 60,321 |
| 4.94 | % |
|
|
|
|
|
| ||||
Total interest-earning assets |
| 4,492,784 |
| 113,699 |
| 5.10 | % | 3,537,630 |
| 87,690 |
| 4.98 | % |
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Noninterest-Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Cash and due from banks |
| 108,002 |
|
|
|
|
| 93,284 |
|
|
|
|
|
|
|
|
|
|
| ||||
Other assets |
| 535,514 |
|
|
|
|
| 544,244 |
|
|
|
|
|
|
|
|
|
|
| ||||
Allowance for non-acquired loan losses |
| (42,932 | ) |
|
|
|
| (48,515 | ) |
|
|
|
|
|
|
|
|
|
| ||||
Total noninterest-earning assets |
| 600,584 |
|
|
|
|
| 589,013 |
|
|
|
|
|
|
|
|
|
|
| ||||
Total Assets |
| $ | 5,093,368 |
|
|
|
|
| $ | 4,126,643 |
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Transaction and money market accounts |
| $ | 1,837,306 |
| $ | 1,176 |
| 0.13 | % | $ | 1,489,451 |
| $ | 1,847 |
| 0.25 | % |
|
|
|
|
|
|
Savings deposits |
| 351,781 |
| 162 |
| 0.09 | % | 282,384 |
| 275 |
| 0.20 | % |
|
|
|
|
|
| ||||
Certificates and other time deposits |
| 1,004,436 |
| 1,686 |
| 0.34 | % | 917,908 |
| 2,643 |
| 0.58 | % |
|
|
|
|
|
| ||||
Federal funds purchased and repurchase agreements |
| 308,251 |
| 251 |
| 0.16 | % | 222,389 |
| 236 |
| 0.21 | % |
|
|
|
|
|
| ||||
Other borrowings |
| 54,587 |
| 1,340 |
| 4.95 | % | 46,342 |
| 1,116 |
| 4.84 | % |
|
|
|
|
|
| ||||
Total interest-bearing liabilities |
| 3,556,361 |
| 4,615 |
| 0.26 | % | 2,958,474 |
| 6,117 |
| 0.42 | % |
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Noninterest-Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Demand deposits |
| 996,684 |
|
|
|
|
| 748,152 |
|
|
|
|
|
|
|
|
|
|
| ||||
Other liabilities |
| 26,041 |
|
|
|
|
| 20,349 |
|
|
|
|
|
|
|
|
|
|
| ||||
Total noninterest-bearing liabilities (“Non-IBL”) |
| 1,022,725 |
|
|
|
|
| 768,501 |
|
|
|
|
|
|
|
|
|
|
| ||||
Shareholders’ equity |
| 514,282 |
|
|
|
|
| 399,668 |
|
|
|
|
|
|
|
|
|
|
| ||||
Total Non-IBL and shareholders’ equity |
| 1,537,007 |
|
|
|
|
| 1,168,169 |
|
|
|
|
|
|
|
|
|
|
| ||||
Total liabilities and shareholders’ equity |
| $ | 5,093,368 |
|
|
|
|
| $ | 4,126,643 |
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net interest income and margin (NON-TAX EQUIV.) |
|
|
| $ | 109,084 |
| 4.90 | % |
|
| $ | 81,573 |
| 4.64 | % |
|
|
|
|
|
| ||
Net interest margin (TAX EQUIVALENT) |
|
|
|
|
| 4.97 | % |
|
|
|
| 4.70 | % |
|
|
|
|
|
| ||||
SCBT Financial Corporation
(Unaudited)
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
| Second |
|
|
|
|
|
|
| |||||||
|
| Three Months Ended |
| Quarter |
| Six Months Ended |
| YTD |
| |||||||||||||||||
|
| June 30, |
| March 31, |
| December 31, |
| September 30, |
| June 30, |
| 2013 - 2012 |
| June 30, |
| 2013 - 2012 |
| |||||||||
NONINTEREST INCOME & EXPENSE |
| 2013 |
| 2013 |
| 2012 |
| 2012 |
| 2012 |
| % Change |
| 2013 |
| 2012 |
| % Change |
| |||||||
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Service charges on deposit accounts |
| $ | 5,736 |
| $ | 5,761 |
| $ | 6,313 |
| $ | 6,169 |
| $ | 5,886 |
| -2.5 | % | 11,497 |
| 11,333 |
| 1.4 | % | ||
Bankcard services income |
| 4,245 |
| 3,893 |
| 3,665 |
| 3,570 |
| 3,618 |
| 17.3 | % | 8,138 |
| 6,938 |
| 17.3 | % | |||||||
Mortgage banking income |
| 1,957 |
| 3,395 |
| 4,214 |
| 3,526 |
| 3,049 |
| -35.8 | % | 5,352 |
| 4,882 |
| 9.6 | % | |||||||
Trust and investment services income |
| 2,438 |
| 2,314 |
| 1,744 |
| 1,577 |
| 1,642 |
| 48.5 | % | 4,752 |
| 3,039 |
| 56.4 | % | |||||||
Securities gains, net (8) |
| — |
| — |
| 128 |
| — |
| 61 |
|
|
| — |
| 61 |
| -100.0 | % | |||||||
Amortization of FDIC indemnification asset |
| (7,310 | ) | (7,171 | ) | (6,547 | ) | (6,623 | ) | (4,370 | ) | -67.3 | % | (14,481 | ) | (7,603 | ) | 90.5 | % | |||||||
Other |
| 1,419 |
| 1,331 |
| 1,383 |
| 947 |
| 1,858 |
| -23.6 | % | 2,750 |
| 2,567 |
| 7.1 | % | |||||||
Total noninterest income |
| $ | 8,485 |
| $ | 9,523 |
| $ | 10,900 |
| $ | 9,166 |
| $ | 11,744 |
| -27.8 | % | $ | 18,008 |
| $ | 21,217 |
| -15.1 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Salaries and employee benefits |
| $ | 23,746 |
| $ | 23,252 |
| $ | 21,351 |
| $ | 18,647 |
| $ | 18,262 |
| 30.0 | % | $ | 46,998 |
| $ | 36,310 |
| 29.4 | % |
Information services expense |
| 2,992 |
| 3,192 |
| 3,060 |
| 2,662 |
| 2,902 |
| 3.1 | % | 6,184 |
| 5,369 |
| 15.2 | % | |||||||
OREO expense and loan related |
| 2,820 |
| 3,102 |
| 3,221 |
| 3,951 |
| 2,115 |
| 33.3 | % | 5,922 |
| 4,831 |
| 22.6 | % | |||||||
Net occupancy expense |
| 2,851 |
| 2,932 |
| 2,470 |
| 2,621 |
| 2,478 |
| 15.1 | % | 5,783 |
| 4,726 |
| 22.4 | % | |||||||
Furniture and equipment expense |
| 2,266 |
| 2,517 |
| 2,340 |
| 2,165 |
| 2,371 |
| -4.4 | % | 4,783 |
| 4,609 |
| 3.8 | % | |||||||
Merger and conversion related expense |
| 860 |
| 1,963 |
| 7,552 |
| 568 |
| 1,998 |
| -57.0 | % | 2,823 |
| 2,094 |
| 34.8 | % | |||||||
Business development and staff related |
| 1,276 |
| 1,228 |
| 1,017 |
| 878 |
| 689 |
| 85.2 | % | 2,504 |
| 1,441 |
| 73.8 | % | |||||||
FDIC assessment and other regulatory charges |
| 1,096 |
| 1,224 |
| 887 |
| 878 |
| 1,073 |
| 2.1 | % | 2,320 |
| 2,110 |
| 10.0 | % | |||||||
Bankcard expense |
| 1,236 |
| 1,164 |
| 985 |
| 1,057 |
| 1,118 |
| 10.6 | % | 2,400 |
| 2,020 |
| 18.8 | % | |||||||
Amortization of intangibles |
| 1,022 |
| 1,034 |
| 566 |
| 566 |
| 540 |
| 89.3 | % | 2,056 |
| 1,040 |
| 97.7 | % | |||||||
Professional fees |
| 760 |
| 691 |
| 673 |
| 643 |
| 732 |
| 3.8 | % | 1,451 |
| 1,365 |
| 6.3 | % | |||||||
Advertising and marketing |
| 648 |
| 842 |
| 689 |
| 736 |
| 553 |
| 17.2 | % | 1,490 |
| 1,310 |
| 13.7 | % | |||||||
Other |
| 3,312 |
| 3,300 |
| 3,328 |
| 2,659 |
| 2,677 |
| 23.7 | % | 6,612 |
| 5,502 |
| 20.2 | % | |||||||
Total noninterest expense |
| $ | 44,885 |
| $ | 46,441 |
| $ | 48,139 |
| $ | 38,031 |
| $ | 37,508 |
| 19.7 | % | $ | 91,326 |
| $ | 72,727 |
| 25.6 | % |
Notes:
(1) Loan data excludes mortgage loans held for sale.
(2) The dividend payout ratio is calculated by dividing total dividends paid during the period by the total net income for the same period.
(3) Operating earnings, operating return on average assets, and operating return on average equity are non-GAAP measures and exclude the after-tax effect of gains on acquisitions, gains or losses on sales of securities, OTTI, and merger and conversion related expense. Management believes that non-GAAP operating measures provide additional useful information that allows readers to evaluate the ongoing performance of the company. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the company’s performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the company’s results or financial condition as reported under GAAP. Operating earnings and the related operating return measures (non-GAAP) exclude the following from net income (GAAP) on an after-tax basis: (a) pre-tax merger and conversion related expense of $860,000, $1,963,000, $7,552,000, $568,000, and $1,998,000, for the quarters ended June 30, 2013, March 31, 2013, December 31, 2012, September 30, 2012, and June 30, 2012, respectively; and (b) pre-tax securities gains of $128,000 and $61,000 for the quarters ended December 31, 2012 and June 30, 2012, respectively.
(4) Repossessed assets includes OREO and other nonperforming assets.
(5) Calculated by dividing total non-acquired NPAs by total assets.
(6) Pre-tax, pre-provision operating earnings is a non-GAAP measure and excludes the effect of the provision for loan losses, the provision for income taxes, the gains on acquisitions, gains or losses on sales of securities, OTTI, and merger and conversion related expense. Management believes that non-GAAP pre-tax, pre-provision operating earnings provides additional useful information that allows readers to evaluate the ongoing performance of the company. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the company’s performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the company’s results or financial condition as reported under GAAP.
(7) Acquired loans are not included in non-performing loans because the accretion method is being used for all acquired loan pools.
(8) If an other-than-temporary impairment charge was recorded during the quarter, the amount would be reflected in the “securities gains (losses), net” line item.
(9) June 30, 2013 ratios are estimated and may be subject to change pending the final filing of the FR Y-9C; all other periods are presented as filed. All ratios are rounded down to one decimal point.
(10) The tangible measures are non-GAAP measures and exclude the effect of period end or average balance of intangible assets. The tangible return on equity measures also add back the after-tax amortization of intangibles to GAAP basis net income. Management believes that these non-GAAP tangible measures provide additional useful information, particularly since these measures are widely used by industry analysts for companies with prior merger and acquisition activities. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the company’s performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the company’s results or financial condition as reported under GAAP. The sections titled “Reconciliation of Non-GAAP to GAAP” provide tables that reconcile non-GAAP measures to GAAP.
(11) Classified asset data excludes acquired assets.