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Exhibit 99.1

                                                                                                                      

 

Cadence Bancorporation reports

SECOND quarter 2017 RESULTs

“We are pleased to report our second quarter results.  The quarter reflected record net income, driven by continued organic growth and an ongoing focus on efficiency and profitability.  We have seen meaningful customer acquisition and development throughout the company, as well as positive movement in our margins and continued stabilization of credit.  Our bankers have focused on core deposit growth, and generated a notable improvement in deposit mix this quarter.  We feel good about the quarter’s results, and our team is optimistic and energized about our progress,” said Paul Murphy, Cadence’s Chairman and Chief Executive Officer.

 

Net income for the second quarter of 2017 was $29.0 million compared to $14.8 million in the second quarter of 2016, a 95% increase, and an 11% increase compared to first quarter of 2017 net income of $26.1 million.   

 

On a per-share basis, net income was $0.35 per diluted common share for the second quarter of 2017, compared to $0.20 in the second quarter a year earlier and $0.35 in the first quarter of 2017.  Earnings per share for the period ending June 30, 2017 reflects increases in net income offset by the $0.03 dilutive effect of the common stock offering in the second quarter of 2017.  

 

Annualized returns on average assets, common equity and tangible common equity(1) for the second quarter of 2017 were 1.19%, 9.29% and 12.63%, respectively, as compared to 0.65%, 5.47% and 7.90%, respectively, for the second quarter of 2016, and 1.10%, 9.71% and 13.96%, respectively, for the first quarter of 2017.

 

Net interest margin increased 39 basis points to 3.71% in the second quarter of 2017 from 3.32% for the second quarter of 2016, and increased 25 basis points from 3.46% in the first quarter of 2017.

 

Total assets were $9.8 billion at June 30, 2017, an increase of $589.8 million, or 6%, as compared to $9.2 billion as of June 30, 2016, and up $90.6 million, or 1%, from $9.7 billion as of March 31, 2017.  

 

Loans were $7.7 billion at June 30, 2017, an increase of $554.6 million, or 8%, as compared to $7.2 billion at June 30, 2016, and up $155.1 million, or 2%, from $7.6 billion as of March 31, 2017.

 

Core deposits (total deposits excluding brokered) of $7.2 billion at June 30, 2017 grew $813.7 million, or 13%, from June 30, 2016, and were $410.1 million higher, or 6%, from March 31, 2017.  

Period End Balance Sheet:

Cadence continued to enjoy solid growth, completing the second quarter of 2017 with total assets of $9.8 billion, an increase of $589.8 million, or 6.4%, from June 30, 2016, and an increase of $90.6 million, or 0.9%, from March 31, 2017.  

Loans at June 30, 2017 were $7.7 billion, an increase of $554.6 million, or 7.7%, compared with $7.2 billion at June 30, 2016, reflecting growth primarily in our commercial and residential loan portfolios.  Linked quarter loans increased $155.1 million, or 2.1%, from $7.6 billion at March 31, 2017, reflecting growth in specialized, general commercial & industrial and consumer mortgage lending.  Organic loan

(1) Considered a non-GAAP financial measure.  See Table 7 “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measure.


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production as well as our pipeline remains robust, with payoffs and paydowns impacting net growth in the quarter.  

Cadence’s energy lending portfolio continued to demonstrate improving credit quality, with balances totaling $902.3 million, or 11.7%, of total loans at June 30, 2017, as compared to $903.9 million, or 11.9%, of total loans at March 31, 2017.   At June 30, 2017, Midstream continued to make up the largest component of energy loans at 54.7%, followed by Exploration and Production at 35.7% and Energy Services at 9.6%.

Core deposits were $7.2 billion at June 30, 2017, an increase of 12.8%, or $813.7 million, compared to June 30, 2016, and an increase of 6.1%, or $410.2 million, compared to March 31, 2017.  The increases in core deposits were a result of expansion of commercial deposit relationships and treasury management services impacting noninterest bearing and interest bearing deposits, as well as retail time deposit growth.  As of June 30, 2017, brokered deposits totaled $0.7 billion (9.4% of total deposits) as compared to June 30, 2016 at $1.3 billion (16.9% of total deposits) and March 31, 2017 at $1.1 billion (13.6% of total deposits).   Total deposits at June 30, 2017 were $7.9 billion, an increase of $257.7 million, or 3.4%, compared with $7.7 billion at June 30, 2016, reflecting the growth in core deposits offset by $556.0 million, or 42.8%, reduction in brokered deposits.  Linked quarter total deposits increased $88.7 million, or 1.1%, from $7.8 billion at March 31, 2017, due primarily to the core deposit growth supporting proactive reductions in brokered deposits during the quarter, with brokered deposits declining $321.5 million, or 30.2%, linked quarter.  Wholesale funds to total assets of 9.4% at June 30, 2017 improved meaningfully during the quarter as compared to 14.1% and 14.7% at June 30, 2016 and March 31, 2017, respectively.  

On April 13, 2017, we executed on our initial public offering, issuing 8.6 million shares with net proceeds adding $155.7 million to tangible common equity during the quarter, and increasing average diluted shares to 82.0 million for the second quarter of 2017, as compared to 75.3 million and 75.7 million in the second quarter of 2016 and first quarter of 2017, respectively.

Results of Operations for the Quarter:

 

Net income for the second quarter of 2017 was $29.0 million, up 95.2% from net income of $14.8 million in the second quarter of 2016, and up 10.9% from net income of $26.1 million in the first quarter of 2017.  The year-over-year net income improvement was driven by continued earning asset and revenue growth, margin improvement, flat expenses and improved credit costs.   The increase in net income on a linked quarter basis was due primarily to organic growth, a favorable impact of the recent short-term rate increases on our net interest margin, and favorable recovery results in acquired-credit-impaired loans.  Pre-tax, pre-provision earnings(1) were $49.2 million for the second quarter of 2017 as compared to $44.5 million in the first quarter of 2017.  On a per-share basis, net income was $0.35 per diluted common share for the second quarter of 2017, compared to $0.20 a year earlier and $0.35 for the linked quarter.  Earnings per share for the period ending June 30, 2017 reflects increases in net income offset by the $0.03 dilutive effect of the common stock offering in the second quarter of 2017.  The second quarter of 2017 annualized returns on average assets, common equity and tangible common equity(1) were 1.19%, 9.29% and 12.63%, respectively, as compared to 0.65%, 5.47% and 7.90%, respectively, for the second quarter of 2016, and 1.10%, 9.71% and 13.96% for the first quarter of 2017.   

Net interest margin for the second quarter of 2017 was 3.71% as compared to 3.32% for the second quarter of 2016 and 3.46% for the first quarter of 2017.   The increase resulted from deposit costs lagging the change in earning asset yields due to short-term rate increases during the periods, the impact of

(1) Considered a non-GAAP financial measure.  See Table 7 “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measure.

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decreased interest-sensitive brokered deposits and increased free-funding sources during the periods, as well as, increased loan yields in both the originated and acquired loan portfolios. Earning asset yields for the second quarter of 2017 were 4.45%, up from 3.97% in the second quarter of 2016 and 4.13% in the first quarter of 2017.  Total cost of deposits for the second quarter of 2017 was 59 basis points versus 46 basis points in the prior year’s quarter and 49 basis points in the linked quarter.  Total cost of funds for the second quarter of 2017 was 81 basis points versus 69 basis points in the prior year’s quarter and 71 basis points in the linked quarter.

Net interest income for the second quarter of 2017 was $82.4 million as compared to $69.3 million during the same period in 2016, an increase of $13.1 million, or 19.0%.  Linked quarter, net interest income increased $7.6 million, or 10.2%, from $74.8 million in the first quarter of 2017. The increases were driven by both solid loan growth during the periods and meaningful increases in the yield on loans, with loan yields increasing to 4.74% for the second quarter of 2017 versus 4.24% for the second quarter of 2016 and 4.34% for the first quarter of 2017.   Yield on loans, excluding acquired-impaired loans, were 4.36%, 3.93% and 4.14% for the second quarter of 2017, second quarter of 2016 and first quarter of 2017, respectively, demonstrating the interest-sensitivity inherent in the loan portfolio.  Interest income on loans, excluding acquired-impaired loans, was $79.9 million for the second quarter of 2017, an increase of $13.4 million, or 20.3%, from the second quarter of 2016, and an increase of $6.0 million or 8.2% from the first quarter of 2017.  Total accretion for acquired credit-impaired loans was $10.6 million in the second quarter of 2017, up $1.3 million from the second quarter of 2016 and up $3.6 million from the first quarter of 2017.   The increased accretion in the second quarter of 2017 was due to accelerated timing of certain payoffs and paydowns in acquired loans.  

Noninterest income for the second quarter of 2017 was $23.0 million as compared to $23.1 million during the same period in 2016, a decrease of $0.1 million, or 0.5%.  The year-over-year change included an increase in service fees and revenue to $22.1 million at June 30, 2017 versus $20.0 million for June 30, 2016 reflecting broad based business line growth during the year, partially offset by lower securities gains and other revenues in the second quarter of 2017. Linked quarter, noninterest income decreased $1.1 million or 4.6% from $24.1 million for the first quarter of 2017.  The quarter’s change included growth in mortgage banking fees, offset primarily by the impact of first quarter 2017 seasonally higher trust and insurance revenues in the second quarter of 2017. Assets under management grew $187.5 million, or 3.5%, during the quarter to $5.6 billion.  

Noninterest expense for the second quarter of 2017 was $56.1 million as compared to $55.9 million during the same period in 2016, an increase of $0.2 million, or 0.5%.  Salaries and employee benefits expense of $34.7 million in the second quarter of 2017 increased $1.6 million, or 5.0%, compared to the second quarter of 2016, including a $1.0 million increase in certain long-term incentive plan costs related to the increase in our common stock value associated with our becoming a public company. These costs were offset by lower FDIC insurance assessments, lower intangible asset scheduled amortization and other expenses as a result of targeted expense management efforts.  Linked quarter, noninterest expenses increased $1.8 million, or 3.3%, from $54.3 million for the first quarter of 2017, including the $1.0 million in incremental incentive compensation expense associated with the second quarter valuation increase of Cadence Bancorporation associated with its IPO.

The efficiency ratio(1) for the second quarter of 2017 was 53.27%, an improvement relative to both the second quarter of 2016 and first quarter of 2017 results of 60.49% and 54.95%, respectively, reflecting ongoing focus on efficiency and revenue growth.

(1) Considered a non-GAAP financial measure.  See Table 7 “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measure.

 


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Asset Quality:

 

Nonperforming assets (NPAs) declined during the quarter, totaling $141.4 million, or 1.8%, of total loans, OREO and other NPAs at June 30, 2017, down from $171.0 million, or 2.3%, at March 31, 2017, and down from $195.5 million, or 2.7%, at June 30, 2016.  The decline as compared to the prior year is due primarily to resolutions, paydowns, and general improvement of energy credits.  At June 30, 2017, $109.4

million, or 77.4%, of the nonperforming assets (“NPAs”) related to the energy portfolio, down from $135.0 million at March 31, 2017.  Additionally, of the $93.0 million in energy nonperforming loans included in total nonperforming assets at June 30, 2017, over 90% were paying in accordance with contractual terms.

 

The allowance for credit losses (“ACL”) was $93.2 million, or 1.21% of total loans, at June 30, 2017, as compared to $87.1 million, or 1.22% of total loans, at June 30, 2016 and $88.3 million, or 1.17% of total loans, at March 31, 2017.  At June 30, 2017, the allowance included reserves for the energy portfolio of 3.15% as compared to 2.80% at June 30, 2016 and 3.44% at March 31, 2017.

 

“With the momentum we have achieved year-to-date, we look forward to and are positive about the outlook for Cadence,” stated Mr. Murphy.  

 

 

Supplementary Financial Tables:

 

Supplementary Financial Tables are included in this release following the customary disclosure information.  

 

Second Quarter 2017 Earnings Conference Call:

 

Cadence Bancorporation executive management will host a conference call to discuss second quarter 2017 results on Thursday, July 27, 2017, at 10.00 a.m. CT / 11:00 a.m. ET.   Slides to be presented by management on the conference call can be viewed by visiting www.cadencebank, clicking through the following links: “Investor Relations”, “Events & Presentations” and “Event Calendar”.    

Conference Call Access:

 

To access the conference call, please dial one of the following numbers approximately 10-15 minutes prior to the start time to allow time for registration, and use the Elite Entry Number provided below.

 

Dial in (toll free):

1-888-317-6003

International dial in:

1-412-317-6061

Canada (toll free):

1-866-284-3684

Participant Elite Entry Number:

4925342

 

For those unable to participate in the live presentation, a replay will be available through August 10, 2017.  To access the replay, please use the following numbers:  

 

US Toll Free: 

1-877-344-7529

International Toll: 

1-412-317-0088

Canada Toll Free:

1-855-669-9658

Replay Access Code: 

10110449

End Date:

August 10, 2017

 

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Webcast Access:

 

A webcast of the conference call as well as the slides to be presented by management can be viewed by visiting www.cadencebank.com, clicking through the following links: “Investor Relations”, “Events & Presentations” and “Event Calendar”.    

 

About Cadence Bancorporation

 

Cadence Bancorporation (NYSE:CADE) is a $9.8 billion in assets regional bank holding company headquartered in Houston, Texas. Through its affiliates, Cadence operates 65 locations in Alabama, Florida, Mississippi, Tennessee and Texas, and provides corporations, middle-market companies, small businesses and consumers with a full range of innovative banking and financial solutions. Services and products include commercial and business banking, treasury management, specialized lending, commercial real estate, foreign exchange, wealth management, investment and trust services, financial planning, retirement plan management, business and personal insurance, consumer banking, consumer loans, mortgages, home equity lines and loans, and credit cards. Clients have access to leading-edge online and mobile solutions, interactive teller machines, and 55,000 ATMs. The Cadence team of 1,200 associates is committed to exceeding customer expectations and helping their clients succeed financially. Cadence Bank, N.A., Cadence Insurance, and Linscomb & Williams are direct or indirect subsidiaries of Cadence Bancorporation.

 

Cautionary Statement Regarding Forward-Looking Information

 

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our results of operations, financial condition and financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would” and “outlook,” or the negative version of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.  Such factors include, without limitation, the “Risk Factors” referenced in our Registration Statement on Form S-1 filed with the Securities and Exchange Commission (SEC), other risks and uncertainties listed from time to time in our reports and documents filed with the SEC, including our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, and the following factors: business and economic conditions generally and in the financial services industry, nationally and within our current and future geographic market areas; economic, market, operational, liquidity, credit and interest rate risks associated with our business; lack of seasoning in our loan portfolio; deteriorating asset quality and higher loan charge-offs; the laws and regulations applicable to our business; our ability to achieve organic loan and deposit growth and the composition of such growth; increased competition in the financial services industry, nationally, regionally or locally; our ability to maintain our historical earnings trends; our ability to raise additional capital to implement our business plan; material weaknesses in our internal control over financial reporting; systems failures or interruptions involving our information technology and telecommunications systems or third-party servicers; the composition of our management team and our ability to attract and retain key personnel; the fiscal position of the U.S. federal government and the soundness of other

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financial institutions; the composition of our loan portfolio, including the identify of our borrowers and the concentration of loans in energy-related industries and in our specialized industries; the portion of our loan portfolio that is comprised of participations and shared national credits; and the amount of nonperforming and classified assets we hold. Cadence can give no assurance that any goal or plan or expectation set forth in forward-looking statements can be achieved and readers are cautioned not to place undue reliance on such statements. The forward-looking statements are made as of the date of this communication, and Cadence does not intend, and assumes no obligation, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law.

 

About Non-GAAP Financial Measures

 

Certain of the financial measures and ratios we present, including “efficiency ratio,” “adjusted noninterest expenses,” “adjusted operating revenue,” “tangible common equity ratio,” “tangible book value per share” and “return on average tangible common equity” and “pre-tax, pre-provision net earnings,” are supplemental measures that are not required by, or are not presented in accordance with, U.S. generally accepted accounting principles (GAAP). We refer to these financial measures and ratios as “non-GAAP financial measures.” We consider the use of select non-GAAP financial measures and ratios to be useful for financial and operational decision making and useful in evaluating period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain expenditures or assets that we believe are not indicative of our primary business operating results or by presenting certain metrics on a fully taxable equivalent basis. We believe that management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, analyzing and comparing past, present and future periods.

 

These non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP and you should not rely on non-GAAP financial measures alone as measures of our performance. The non-GAAP financial measures we present may differ from non-GAAP financial measures used by our peers or other companies. We compensate for these limitations by providing the equivalent GAAP measures whenever we present the non-GAAP financial measures and by including a reconciliation of the impact of the components adjusted for in the non-GAAP financial measure so that both measures and the individual components may be considered when analyzing our performance.  A reconciliation of non-GAAP financial measures to the comparable GAAP financial measures is included at the end of the financial statement tables (Table 7).

 

###

Contact Information

 

Media contact:

Danielle Kernell

713-871-4051

danielle.kernell@cadencebank.com

 

Investor relations contact:

Valerie Toalson

713-871-4103 or 800-698-7878

vtoalson@cadencebancorporation.com

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Table 1 - Selected Financial Data

 

 

As of and for the Three Months Ended

 

(In thousands, except per share data)

 

June 30,

2017

 

 

March 31,

2017

 

 

December 31,

2016

 

 

September 30,

2016

 

 

June 30,

2016

 

Statement of Operations Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

99,375

 

 

$

89,619

 

 

$

87,068

 

 

$

84,654

 

 

$

82,921

 

Interest expense

 

 

16,991

 

 

 

14,861

 

 

 

14,570

 

 

 

14,228

 

 

 

13,672

 

Net interest income

 

 

82,384

 

 

 

74,758

 

 

 

72,498

 

 

 

70,426

 

 

 

69,249

 

Provision for credit losses

 

 

6,701

 

 

 

5,786

 

 

 

(5,222

)

 

 

29,627

 

 

 

14,471

 

Net interest income after provision

 

 

75,683

 

 

 

68,972

 

 

 

77,720

 

 

 

40,799

 

 

 

54,778

 

Noninterest income  - service fees and revenue

 

 

22,144

 

 

 

22,489

 

 

 

20,605

 

 

 

20,878

 

 

 

20,048

 

- other noninterest income

 

 

845

 

 

 

1,616

 

 

 

1,755

 

 

 

1,913

 

 

 

3,058

 

Noninterest expense

 

 

56,134

 

 

 

54,321

 

 

 

55,394

 

 

 

54,876

 

 

 

55,868

 

Income before income taxes

 

 

42,538

 

 

 

38,756

 

 

 

44,686

 

 

 

8,714

 

 

 

22,016

 

Income tax expense

 

 

13,570

 

 

 

12,639

 

 

 

15,701

 

 

 

2,107

 

 

 

7,175

 

Net income

 

$

28,968

 

 

$

26,117

 

 

$

28,985

 

 

$

6,607

 

 

$

14,841

 

Period-End Balance Sheet Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities, available-for-sale

 

$

1,079,935

 

 

$

1,116,280

 

 

$

1,139,347

 

 

$

1,031,319

 

 

$

980,526

 

Total loans, net of unearned income

 

 

7,716,621

 

 

 

7,561,472

 

 

 

7,432,711

 

 

 

7,207,313

 

 

 

7,162,027

 

Allowance for credit losses

 

 

93,215

 

 

 

88,304

 

 

 

82,268

 

 

 

91,169

 

 

 

87,147

 

Total assets

 

 

9,811,557

 

 

 

9,720,937

 

 

 

9,530,888

 

 

 

9,444,010

 

 

 

9,221,807

 

Total deposits

 

 

7,930,383

 

 

 

7,841,710

 

 

 

8,016,749

 

 

 

7,917,289

 

 

 

7,672,657

 

Noninterest-bearing deposits

 

 

1,857,809

 

 

 

1,871,514

 

 

 

1,840,955

 

 

 

1,642,480

 

 

 

1,668,179

 

Interest-bearing deposits

 

 

6,072,574

 

 

 

5,970,196

 

 

 

6,175,794

 

 

 

6,274,809

 

 

 

6,004,478

 

Borrowings and subordinated debentures

 

 

499,265

 

 

 

682,567

 

 

 

331,712

 

 

 

332,787

 

 

 

334,192

 

Total shareholders’ equity

 

 

1,304,054

 

 

 

1,105,976

 

 

 

1,080,498

 

 

 

1,111,783

 

 

 

1,116,076

 

Average Balance Sheet Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities, available-for-sale

 

$

1,099,307

 

 

$

1,125,174

 

 

$

1,060,821

 

 

$

1,110,836

 

 

 

977,597

 

Total loans, net of unearned income

 

 

7,650,048

 

 

 

7,551,173

 

 

 

7,375,446

 

 

 

7,225,365

 

 

 

7,180,357

 

Allowance for credit losses

 

 

90,366

 

 

 

82,258

 

 

 

95,042

 

 

 

93,132

 

 

 

91,211

 

Total assets

 

 

9,786,355

 

 

 

9,670,593

 

 

 

9,596,574

 

 

 

9,400,145

 

 

 

9,167,153

 

Total deposits

 

 

7,940,421

 

 

 

8,025,068

 

 

 

8,425,326

 

 

 

7,843,582

 

 

 

7,496,120

 

Noninterest-bearing deposits

 

 

1,845,447

 

 

 

1,857,657

 

 

 

1,784,422

 

 

 

1,697,633

 

 

 

1,655,761

 

Interest-bearing deposits

 

 

6,094,974

 

 

 

6,167,411

 

 

 

6,640,904

 

 

 

6,145,949

 

 

 

5,840,359

 

Borrowings and subordinated debentures

 

 

510,373

 

 

 

474,976

 

 

 

500,045

 

 

 

368,192

 

 

 

512,837

 

Total shareholders’ equity

 

 

1,251,217

 

 

 

1,090,905

 

 

 

1,094,182

 

 

 

1,118,603

 

 

 

1,092,034

 

 

 

 

 

 

 

 

 

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Table 1 (Continued) - Selected Financial Data

 

 

As of and for the Three Months Ended

 

(In thousands, except per share data)

 

June 30,

2017

 

 

March 31,

2017

 

 

December 31,

2016

 

 

September 30,

2016

 

 

June 30,

2016

 

Per Share Data:(3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.35

 

 

$

0.35

 

 

$

0.39

 

 

$

0.09

 

 

$

0.20

 

Diluted

 

 

0.35

 

 

 

0.35

 

 

 

0.38

 

 

 

0.09

 

 

 

0.20

 

Book value per common share

 

 

15.59

 

 

 

14.75

 

 

 

14.41

 

 

 

14.82

 

 

 

14.88

 

Tangible book value (1)

 

 

11.64

 

 

 

10.33

 

 

 

9.97

 

 

 

10.37

 

 

 

10.40

 

Weighted average common shares

   outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

81,918,956

 

 

 

75,000,000

 

 

 

75,000,000

 

 

 

75,000,000

 

 

 

75,000,000

 

Diluted

 

 

81,951,795

 

 

 

75,672,750

 

 

 

75,402,525

 

 

 

75,258,375

 

 

 

75,258,375

 

Performance Ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average common equity (2)

 

 

9.29

%

 

 

9.71

%

 

 

10.54

%

 

 

2.35

%

 

 

5.47

%

Return on average tangible common

   equity (1) (2)

 

 

12.63

 

 

 

13.96

 

 

 

15.16

 

 

 

3.36

 

 

 

7.90

 

Return on average assets (2)

 

 

1.19

 

 

 

1.10

 

 

 

1.20

 

 

 

0.28

 

 

 

0.65

 

Net interest margin (2)

 

 

3.71

 

 

 

3.46

 

 

 

3.31

 

 

 

3.27

 

 

 

3.32

 

Efficiency ratio (1)

 

 

53.27

 

 

 

54.95

 

 

 

58.40

 

 

 

58.87

 

 

 

60.49

 

Asset Quality Ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total nonperforming assets ("NPAs")

   to total loans and OREO and

   other NPAs

 

 

1.82

%

 

 

2.25

%

 

 

2.22

%

 

 

2.52

%

 

 

2.72

%

Total nonperforming loans to

   total loans

 

 

1.36

 

 

 

1.77

 

 

 

1.73

 

 

 

2.13

 

 

 

2.26

 

Total ACL to total loans

 

 

1.21

 

 

 

1.17

 

 

 

1.11

 

 

 

1.26

 

 

 

1.22

 

ACL to total nonperforming

   loans ("NPLs")

 

 

88.81

 

 

 

65.80

 

 

 

63.80

 

 

 

59.34

 

 

 

53.84

 

Net charge-offs to average loans (2)

 

 

0.09

 

 

 

(0.01

)

 

 

0.20

 

 

 

1.41

 

 

 

1.01

 

Capital Ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total shareholders’ equity to assets

 

 

13.29

%

 

 

11.38

%

 

 

11.34

%

 

 

11.77

%

 

 

12.10

%

Tangible common equity to tangible

   assets (1)

 

 

10.27

 

 

 

8.25

 

 

 

8.13

 

 

 

8.54

 

 

 

8.78

 

Common equity tier 1 (CET1)

   (transitional)

 

 

10.92

 

 

 

8.99

 

 

 

8.84

 

 

 

8.82

 

 

 

8.69

 

Tier 1 leverage capital

 

 

11.00

 

 

 

9.10

 

 

 

8.89

 

 

 

8.73

 

 

 

8.90

 

Tier 1 risk-based capital

 

 

11.31

 

 

 

9.36

 

 

 

9.19

 

 

 

9.17

 

 

 

9.00

 

Total risk-based capital

 

 

13.41

 

 

 

11.43

 

 

 

11.22

 

 

 

11.38

 

 

 

11.10

 

_____________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) - Considered a non-GAAP financial measure. See Table 7 "Reconciliation of Non-GAAP Financial Measures" for a reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measure.

 

(2) - Annualized.

 

(3) - 75,000,000 of our outstanding shares are owned by our parent-holding company Cadence Bancorp LLC

 

 

 

8

 


                                                                                              

 

Table 2 - Average Balances/Yield/Rates

 

 

Three Months Ended June 30,

 

 

 

 

2017

 

 

2016

 

 

 

 

Average

 

 

Income/

 

 

Yield/

 

 

Average

 

 

Income/

 

 

Yield/

 

 

(In thousands)

 

Balance

 

 

Expense

 

 

Rate

 

 

Balance

 

 

Expense

 

 

Rate

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net of unearned income(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated and ANCI loans

 

$

7,348,932

 

 

$

79,904

 

 

 

4.36

 

%

$

6,793,328

 

 

$

66,444

 

 

 

3.93

 

%

ACI portfolio

 

 

301,116

 

 

 

10,525

 

 

 

14.02

 

 

 

387,029

 

 

 

9,231

 

 

 

9.59

 

 

Total loans

 

 

7,650,048

 

 

 

90,429

 

 

 

4.74

 

 

 

7,180,357

 

 

 

75,675

 

 

 

4.24

 

 

Investment securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Taxable

 

 

688,464

 

 

 

4,178

 

 

 

2.43

 

 

 

729,213

 

 

 

4,169

 

 

 

2.30

 

 

Tax-exempt (2)

 

 

410,843

 

 

 

5,208

 

 

 

5.08

 

 

 

248,384

 

 

 

3,003

 

 

 

4.86

 

 

Total investment securities

 

 

1,099,307

 

 

 

9,386

 

 

 

3.42

 

 

 

977,597

 

 

 

7,172

 

 

 

2.95

 

 

Federal funds sold and short-term investments

 

 

312,287

 

 

 

688

 

 

 

0.88

 

 

 

302,508

 

 

 

493

 

 

 

0.66

 

 

Other investments

 

 

50,064

 

 

 

695

 

 

 

5.57

 

 

 

49,070

 

 

 

632

 

 

 

5.18

 

 

Total interest-earning assets

 

 

9,111,706

 

 

 

101,198

 

 

 

4.45

 

 

 

8,509,532

 

 

 

83,972

 

 

 

3.97

 

 

Noninterest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

 

59,220

 

 

 

 

 

 

 

 

 

 

 

50,196

 

 

 

 

 

 

 

 

 

 

Premises and equipment

 

 

65,392

 

 

 

 

 

 

 

 

 

 

 

69,920

 

 

 

 

 

 

 

 

 

 

Accrued interest and other assets

 

 

640,403

 

 

 

 

 

 

 

 

 

 

 

628,716

 

 

 

 

 

 

 

 

 

 

   Allowance for credit losses

 

 

(90,366

)

 

 

 

 

 

 

 

 

 

 

(91,211

)

 

 

 

 

 

 

 

 

 

Total assets

 

$

9,786,355

 

 

 

 

 

 

 

 

 

 

$

9,167,153

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

$

4,232,497

 

 

$

6,354

 

 

 

0.60

 

%

$

3,913,639

 

 

$

4,086

 

 

 

0.42

 

%

Savings deposits

 

 

186,307

 

 

 

119

 

 

 

0.26

 

 

 

179,079

 

 

 

105

 

 

 

0.24

 

 

Time deposits

 

 

1,676,170

 

 

 

5,298

 

 

 

1.27

 

 

 

1,747,641

 

 

 

4,360

 

 

 

1.00

 

 

Total interest-bearing deposits

 

 

6,094,974

 

 

 

11,771

 

 

 

0.77

 

 

 

5,840,359

 

 

 

8,551

 

 

 

0.59

 

 

Other borrowings

 

 

375,681

 

 

 

2,896

 

 

 

3.09

 

 

 

378,919

 

 

 

2,842

 

 

 

3.02

 

 

Subordinated debentures

 

 

134,692

 

 

 

2,324

 

 

 

6.92

 

 

 

133,918

 

 

 

2,279

 

 

 

6.84

 

 

Total interest-bearing liabilities

 

 

6,605,347

 

 

 

16,991

 

 

 

1.03

 

 

 

6,353,196

 

 

 

13,672

 

 

 

0.87

 

 

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

 

1,845,447

 

 

 

 

 

 

 

 

 

 

 

1,655,761

 

 

 

 

 

 

 

 

 

 

Accrued interest and other liabilities

 

 

84,344

 

 

 

 

 

 

 

 

 

 

 

66,162

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

8,535,138

 

 

 

 

 

 

 

 

 

 

 

8,075,119

 

 

 

 

 

 

 

 

 

 

Stockholders' equity

 

 

1,251,217

 

 

 

 

 

 

 

 

 

 

 

1,092,034

 

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

9,786,355

 

 

 

 

 

 

 

 

 

 

$

9,167,153

 

 

 

 

 

 

 

 

 

 

Net interest income/net interest spread

 

 

 

 

 

 

84,207

 

 

 

3.42

 

%

 

 

 

 

 

70,300

 

 

 

3.10

 

%

Net yield on earning assets/net interest margin

 

 

 

 

 

 

 

 

 

 

3.71

 

%

 

 

 

 

 

 

 

 

 

3.32

 

%

Taxable equivalent adjustment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities

 

 

 

 

 

 

(1,823

)

 

 

 

 

 

 

 

 

 

 

(1,051

)

 

 

 

 

 

Net interest income

 

 

 

 

 

$

82,384

 

 

 

 

 

 

 

 

 

 

$

69,249

 

 

 

 

 

 

_____________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Nonaccrual loans are included in loans, net of unearned income. No adjustment has been made for these loans in the

 

 

      calculation of yields.

 

 

(2) Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 35%.

 

 

 

 

 

 

 

 

 

 

 


9

 


                                                                                              

 

Table 3 – Loan Interest Income Detail

 

 

For the Three Months Ended,

 

(In thousands)

 

June 30,

2017

 

 

March 31,

2017

 

 

December 31,

2016

 

 

September 30,

2016

 

 

June 30,

2016

 

Loan Interest Income Detail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income on loans, excluding ACI loans

 

$

79,904

 

 

$

73,869

 

 

$

71,237

 

 

$

68,411

 

 

$

66,444

 

Scheduled accretion for the period

 

 

6,075

 

 

 

6,331

 

 

 

6,845

 

 

 

7,296

 

 

 

8,028

 

Recovery income for the period

 

 

4,450

 

 

 

610

 

 

 

968

 

 

 

1,360

 

 

 

1,203

 

Accretion on acquired credit impaired (ACI) loans

 

 

10,525

 

 

 

6,941

 

 

 

7,813

 

 

 

8,656

 

 

 

9,231

 

Loan interest income

 

$

90,429

 

 

$

80,810

 

 

$

79,050

 

 

$

77,067

 

 

$

75,675

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loan yield, excluding ACI loans

 

 

4.36

%

 

 

4.14

%

 

 

4.03

%

 

 

3.96

%

 

 

3.93

%

ACI loan yield

 

 

14.02

 

 

 

8.89

 

 

 

9.21

 

 

 

9.67

 

 

 

9.59

 

Total loan yield

 

 

4.74

%

 

 

4.34

%

 

 

4.26

%

 

 

4.24

%

 

 

4.24

%

 

 

For the Six Months Ended June 30,

 

 

For the Years Ended December 31,

 

(In thousands)

 

2017

 

 

2016

 

 

2016

 

 

2015

 

Loan Interest Income Detail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income on loans, excluding ACI loans

 

$

153,773

 

 

$

129,336

 

 

$

268,984

 

 

$

216,422

 

Scheduled accretion for the period

 

 

12,406

 

 

 

16,728

 

 

 

30,870

 

 

 

46,042

 

Recovery income for the period

 

 

5,060

 

 

 

3,372

 

 

 

5,699

 

 

 

9,970

 

Total accretion income on purchased loans (ACI loans)

 

 

17,466

 

 

 

20,100

 

 

 

36,569

 

 

 

56,012

 

Loan interest income

 

$

171,239

 

 

$

149,436

 

 

$

305,553

 

 

$

272,434

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loan yield, excluding ACI loans

 

 

4.25

%

 

 

3.90

%

 

 

3.95

%

 

 

3.63

%

ACI loan yield

 

 

11.41

 

 

 

10.04

 

 

 

9.75

 

 

 

10.49

 

Total loan yield

 

 

4.54

%

 

 

4.25

%

 

 

4.25

%

 

 

4.20

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Table 4 - Allowance for Credit Losses

 

 

For the Three Months Ended

 

(In thousands)

 

June 30,

2017

 

 

March 31,

2017

 

 

December 31,

2016

 

 

September 30,

2016

 

 

June 30,

2016

 

Balance at beginning of period

 

$

88,304

 

 

$

82,268

 

 

$

91,169

 

 

$

87,147

 

 

$

90,751

 

Charge-offs

 

 

(2,879

)

 

 

(551

)

 

 

(3,922

)

 

 

(26,868

)

 

 

(18,206

)

Recoveries

 

 

1,089

 

 

 

801

 

 

 

243

 

 

 

1,263

 

 

 

131

 

Net (charge-offs) recoveries

 

 

(1,790

)

 

 

250

 

 

 

(3,679

)

 

 

(25,605

)

 

 

(18,075

)

Provision for (reversal of) credit losses

 

 

6,701

 

 

 

5,786

 

 

 

(5,222

)

 

 

29,627

 

 

 

14,471

 

Balance at end of period

 

$

93,215

 

 

$

88,304

 

 

$

82,268

 

 

$

91,169

 

 

$

87,147

 

 


10

 


                                                                                              

 

Table 5 -Noninterest Income

 

 

Three Months Ended

 

(In thousands)

 

June 30, 2017

 

 

March 31, 2017

 

 

December 31, 2016

 

 

September 30, 2016

 

 

June 30, 2016

 

Noninterest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory revenue

 

$

5,061

 

 

$

4,916

 

 

$

4,821

 

 

$

4,733

 

 

$

4,653

 

Trust services revenue

 

 

4,584

 

 

 

5,231

 

 

 

4,109

 

 

 

3,959

 

 

 

3,971

 

Service charges on deposit accounts

 

 

3,784

 

 

 

3,815

 

 

 

3,614

 

 

 

3,555

 

 

 

3,270

 

Credit-related fees

 

 

2,741

 

 

 

2,747

 

 

 

2,875

 

 

 

2,689

 

 

 

2,507

 

Insurance revenue

 

 

1,828

 

 

 

2,130

 

 

 

1,577

 

 

 

1,863

 

 

 

1,953

 

Bankcard fees

 

 

1,862

 

 

 

1,812

 

 

 

1,813

 

 

 

1,823

 

 

 

1,777

 

Mortgage banking revenue

 

 

1,213

 

 

 

866

 

 

 

1,019

 

 

 

1,459

 

 

 

1,101

 

Other service fees earned

 

 

1,071

 

 

 

972

 

 

 

777

 

 

 

797

 

 

 

816

 

  Total service fees and revenue

 

 

22,144

 

 

 

22,489

 

 

 

20,605

 

 

 

20,878

 

 

 

20,048

 

Securities (losses) gains, net

 

 

(244

)

 

 

81

 

 

 

1,267

 

 

 

1,386

 

 

 

1,019

 

Other

 

 

1,089

 

 

 

1,535

 

 

 

488

 

 

 

527

 

 

 

2,039

 

  Total other noninterest income

 

 

845

 

 

 

1,616

 

 

 

1,755

 

 

 

1,913

 

 

 

3,058

 

  Total noninterest income (GAAP)

 

 

22,989

 

 

 

24,105

 

 

 

22,360

 

 

 

22,791

 

 

 

23,106

 

Less: Securities (losses) gains

 

 

(244

)

 

 

81

 

 

 

1,267

 

 

 

1,386

 

 

 

1,019

 

Adjusted noninterest operating revenue (Non-GAAP measure)

 

$

23,233

 

 

$

24,024

 

 

$

21,093

 

 

$

21,405

 

 

$

22,087

 

 

 

Table 6 -Noninterest Expense

 

 

Three Months Ended

 

(In thousands)

 

June 30, 2017

 

 

March 31, 2017

 

 

December 31, 2016

 

 

September 30, 2016

 

 

June 30, 2016

 

Noninterest Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

$

34,682

 

 

$

34,267

 

 

$

28,139

 

 

$

31,086

 

 

$

33,033

 

Premises and equipment

 

 

7,180

 

 

 

6,693

 

 

 

7,475

 

 

 

7,130

 

 

 

6,626

 

Intangible asset amortization

 

 

1,190

 

 

 

1,241

 

 

 

1,555

 

 

 

1,607

 

 

 

1,659

 

Net cost of operation of other real estate owned

 

 

427

 

 

 

296

 

 

 

1,117

 

 

 

1,126

 

 

 

107

 

Data processing

 

 

1,702

 

 

 

1,696

 

 

 

1,767

 

 

 

1,530

 

 

 

1,594

 

Special asset expenses

 

 

469

 

 

 

140

 

 

 

670

 

 

 

477

 

 

 

392

 

Consulting and professional fees

 

 

1,502

 

 

 

1,139

 

 

 

2,288

 

 

 

2,040

 

 

 

1,092

 

Loan related expenses

 

 

757

 

 

 

280

 

 

 

1,236

 

 

 

985

 

 

 

744

 

FDIC insurance

 

 

954

 

 

 

1,493

 

 

 

1,517

 

 

 

1,912

 

 

 

2,292

 

Communications

 

 

675

 

 

 

655

 

 

 

741

 

 

 

535

 

 

 

721

 

Advertising and public relations

 

 

499

 

 

 

345

 

 

 

344

 

 

 

303

 

 

 

338

 

Legal expenses

 

 

508

 

 

 

432

 

 

 

662

 

 

 

337

 

 

 

978

 

Branch closure expenses

 

 

47

 

 

 

46

 

 

 

47

 

 

 

52

 

 

 

75

 

Other

 

 

5,542

 

 

 

5,598

 

 

 

7,836

 

 

 

5,756

 

 

 

6,217

 

Total noninterest expenses

 

$

56,134

 

 

$

54,321

 

 

$

55,394

 

 

$

54,876

 

 

$

55,868

 

 

 

 


11

 


                                                                                              

 

Table 7 - Reconciliation of Non-GAAP Financial Measures

 

 

As of and for the Three Months Ended

 

 

(In thousands)

 

June 30, 2017

 

 

March 31, 2017

 

 

December 31, 2016

 

 

September 30, 2016

 

 

June 30, 2016

 

 

Efficiency ratio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expenses (numerator)

 

$

56,134

 

 

$

54,321

 

 

$

55,394

 

 

$

54,876

 

 

$

55,868

 

 

Net interest income

 

$

82,384

 

 

$

74,758

 

 

$

72,498

 

 

$

70,426

 

 

$

69,249

 

 

Noninterest income

 

 

22,989

 

 

 

24,105

 

 

 

22,360

 

 

 

22,791

 

 

 

23,106

 

 

Operating revenue (denominator)

 

$

105,373

 

 

$

98,863

 

 

$

94,858

 

 

$

93,217

 

 

$

92,355

 

 

Efficiency ratio

 

 

53.27

%

 

 

54.95

%

 

 

58.40

%

 

 

58.87

%

 

 

60.49

%

 

Adjusted noninterest expenses and operating revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense

 

$

56,134

 

 

$

54,321

 

 

$

55,394

 

 

$

54,876

 

 

$

55,868

 

 

Less: Branch closure expenses

 

 

47

 

 

 

46

 

 

 

47

 

 

 

52

 

 

 

75

 

 

Adjusted noninterest expenses

 

$

56,087

 

 

$

54,275

 

 

$

55,347

 

 

$

54,824

 

 

$

55,793

 

 

Net interest income

 

$

82,384

 

 

$

74,758

 

 

$

72,498

 

 

$

70,426

 

 

$

69,249

 

 

Noninterest income

 

 

22,989

 

 

 

24,105

 

 

 

22,360

 

 

 

22,791

 

 

 

23,106

 

 

Less: Securities (losses) gains, net

 

 

(244

)

 

 

81

 

 

 

1,267

 

 

 

1,386

 

 

 

1,019

 

 

Adjusted operating revenue

 

$

105,617

 

 

$

98,782

 

 

$

93,591

 

 

$

91,831

 

 

$

91,336

 

 

Tangible common equity ratio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

$

1,304,054

 

 

$

1,105,976

 

 

$

1,080,498

 

 

$

1,111,783

 

 

$

1,116,076

 

 

Less: Goodwill and other intangible assets, net

 

 

(330,261

)

 

 

(331,450

)

 

 

(332,691

)

 

 

(334,246

)

 

 

(335,852

)

 

Tangible common shareholders’ equity

 

 

973,793

 

 

 

774,526

 

 

 

747,807

 

 

 

777,537

 

 

 

780,224

 

 

Total assets

 

 

9,811,557

 

 

 

9,720,937

 

 

 

9,530,888

 

 

 

9,444,010

 

 

 

9,221,807

 

 

Less: Goodwill and other intangible assets, net

 

 

(330,261

)

 

 

(331,450

)

 

 

(332,691

)

 

 

(334,246

)

 

 

(335,852

)

 

Tangible assets

 

$

9,481,296

 

 

$

9,389,487

 

 

$

9,198,197

 

 

$

9,109,764

 

 

$

8,885,955

 

 

Tangible common equity ratio

 

 

10.27

%

 

 

8.25

%

 

 

8.13

%

 

 

8.54

%

 

 

8.78

%

 

Tangible book value per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

$

1,304,054

 

 

$

1,105,976

 

 

$

1,080,498

 

 

$

1,111,783

 

 

$

1,116,076

 

 

Less: Goodwill and other intangible assets, net

 

 

(330,261

)

 

 

(331,450

)

 

 

(332,691

)

 

 

(334,246

)

 

 

(335,852

)

 

Tangible common shareholders’ equity

 

$

973,793

 

 

$

774,526

 

 

$

747,807

 

 

$

777,537

 

 

$

780,224

 

 

Common shares issued

 

 

83,625,000

 

 

 

75,000,000

 

 

 

75,000,000

 

 

 

75,000,000

 

 

 

75,000,000

 

 

Tangible book value per share

 

$

11.64

 

 

$

10.33

 

 

$

9.97

 

 

$

10.37

 

 

$

10.40

 

 

Return on average tangible common equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average common equity

 

$

1,251,217

 

 

$

1,090,905

 

 

$

1,094,182

 

 

$

1,118,603

 

 

$

1,092,034

 

 

Less: Average intangible assets

 

 

(330,977

)

 

 

(332,199

)

 

 

(333,640

)

 

 

(335,215

)

 

 

(336,856

)

 

Average tangible common shareholders’ equity

 

$

920,240

 

 

$

758,706

 

 

$

760,542

 

 

$

783,388

 

 

$

755,178

 

 

Net income

 

$

28,968

 

 

$

26,117

 

 

$

28,985

 

 

$

6,607

 

 

$

14,841

 

 

Return on average tangible common equity

 

 

12.63

%

 

 

13.96

%

 

 

15.16

%

 

 

3.36

%

 

 

7.90

%

 

Pre-tax, pre-provision net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before taxes

 

$

42,538

 

 

$

38,756

 

 

$

44,686

 

 

$

8,714

 

 

$

22,016

 

 

Plus: Provision for credit losses

 

 

6,701

 

 

 

5,786

 

 

 

(5,222

)

 

 

29,627

 

 

 

14,471

 

 

Pre-tax, pre-provision net earnings

 

$

49,239

 

 

$

44,542

 

 

$

39,464

 

 

$

38,341

 

 

$

36,487

 

 

 

12