Oregon | 02-23322 | 93-1034484 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employee Identification No.) |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
• | Net income for the third quarter of 2016 was $4.1 million, or $0.06 per share, compared to $4.8 million, or $0.07 per share, for the second quarter of 2016 (“linked quarter”). The current quarter included non-recurring expense items of $2.6 million (pre-tax), or approximately $0.02 per share (post tax), primarily related to the acquisition of Prime Pacific Financial Services, Inc. (“PPFS”), located in the Seattle-metro market, which was completed on August 1, 2016. |
• | Net interest income was $23.8 million for the third quarter of 2016, up $1.6 million, or 7.1%, from the linked quarter. Stronger interest revenue is due to higher average earning assets from both organic growth and the PPFS acquisition. |
• | Non-interest income was $7.9 million, comparable to the linked quarter. |
• | Non-interest expense was $25.2 million for the third quarter, up $2.9 million from the linked quarter mainly due to costs incurred in the PPFS acquisition. |
• | The cost of funds remained stable at 0.08% for the third quarter. |
• | At September 30, 2016, gross loans were $2.1 billion, up $158.7 million, or 8.4%, from the linked quarter. Third quarter organic loan growth1 was $69.7 million, or 18.0% annualized, excluding PPFS. |
• | At September 30, 2016, total deposits were $2.7 billion, up $185.1 million, or 7.2%, from the linked quarter. The increase was attributable to both the acquired PPFS deposits and organic growth. |
• | Net interest margin (“NIM”) was 3.43% for the third quarter, up from the linked quarter’s 3.40% resulting from an improving earning asset mix. |
• | The allowance for loan losses (“ALLL”) at the end of the third quarter end was 1.23% of gross loans. No provision or credit for loan losses was recorded in the third quarter. Credit quality metrics remained stable. |
• | At September 30, 2016, stockholders’ equity increased to $367.0 million, primarily due to the purchase accounting effects of the PPFS acquisition. Book value per share and tangible book value per share2 were $4.81 and $3.53, respectively. |
• | Return on average assets and return on average tangible assets3 in the third quarter were 0.53% and 0.54%, respectively, compared to 0.65% and 0.68% in the linked quarter, respectively. The change was mainly a result of non-recurring expense items in the third quarter. |
CASCADE BANCORP | ||||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||||
(In thousands) (Unaudited) | ||||||||||||
September 30, 2016 | December 31, 2015 | September 30, 2015 | ||||||||||
ASSETS | ||||||||||||
Cash and cash equivalents: | ||||||||||||
Cash and due from banks | $ | 54,890 | $ | 46,354 | $ | 47,007 | ||||||
Interest bearing deposits | 97,197 | 31,178 | 77,823 | |||||||||
Federal funds sold | 273 | 273 | 273 | |||||||||
Total cash and cash equivalents | 152,360 | 77,805 | 125,103 | |||||||||
Investment securities available-for-sale | 523,275 | 310,262 | 296,139 | |||||||||
Investment securities held-to-maturity | 141,326 | 139,424 | 143,793 | |||||||||
Federal Home Loan Bank (FHLB) stock | 3,270 | 3,000 | 3,012 | |||||||||
Loans held for sale | 9,478 | 3,621 | 2,824 | |||||||||
Loans, net | 2,034,353 | 1,662,095 | 1,619,238 | |||||||||
Premises and equipment, net | 50,221 | 42,031 | 42,106 | |||||||||
Bank-owned life insurance | 56,708 | 54,450 | 54,185 | |||||||||
Other real estate owned, net | 1,677 | 3,274 | 3,871 | |||||||||
Deferred tax asset, net | 46,211 | 50,673 | 53,823 | |||||||||
Core deposit intangible | 12,691 | 6,863 | 7,068 | |||||||||
Goodwill | 84,775 | 78,610 | 78,610 | |||||||||
Other assets | 58,476 | 35,921 | 38,501 | |||||||||
Total assets | $ | 3,174,821 | $ | 2,468,029 | $ | 2,468,273 | ||||||
LIABILITIES & STOCKHOLDERS’ EQUITY | ||||||||||||
Liabilities: | ||||||||||||
Deposits: | ||||||||||||
Demand | $ | 946,318 | $ | 727,730 | $ | 749,927 | ||||||
Interest bearing demand | 1,371,955 | 1,044,134 | 1,010,489 | |||||||||
Savings | 192,780 | 135,527 | 135,610 | |||||||||
Time | 234,028 | 175,697 | 186,969 | |||||||||
Total deposits | 2,745,081 | 2,083,088 | 2,082,995 | |||||||||
Other liabilities | 62,744 | 48,167 | 53,689 | |||||||||
Total liabilities | 2,807,825 | 2,131,255 | 2,136,684 | |||||||||
Stockholders’ equity: | ||||||||||||
Preferred stock, no par value; 5,000,000 shares authorized; none issued or outstanding | — | — | — | |||||||||
Common stock, no par value; 100,000,000 shares authorized | 470,938 | 452,925 | 452,350 | |||||||||
Accumulated deficit | (106,918 | ) | (117,772 | ) | (123,339 | ) | ||||||
Accumulated other comprehensive income | 2,976 | 1,621 | 2,578 | |||||||||
Total stockholders’ equity | 366,996 | 336,774 | 331,589 | |||||||||
Total liabilities and stockholders’ equity | $ | 3,174,821 | $ | 2,468,029 | $ | 2,468,273 |
CASCADE BANCORP | ||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||
(In thousands) (Unaudited) | Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, 2016 | June 30, 2016 | September 30, 2015 | September 30, 2016 | September 30, 2015 | ||||||||||||||||
Interest income: | ||||||||||||||||||||
Interest and fees on loans | $ | 20,622 | $ | 19,037 | $ | 17,788 | $ | 57,579 | $ | 51,269 | ||||||||||
Interest on investments | 3,514 | 3,429 | 2,995 | 11,561 | 8,783 | |||||||||||||||
Other investment income | 217 | 273 | 58 | 646 | 118 | |||||||||||||||
Total interest income | 24,353 | 22,739 | 20,841 | 69,786 | 60,170 | |||||||||||||||
Interest expense: | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Interest bearing demand | 494 | 458 | 337 | 1,365 | 965 | |||||||||||||||
Savings | 21 | 13 | 10 | 45 | 30 | |||||||||||||||
Time | 54 | 52 | 83 | 191 | 442 | |||||||||||||||
Other borrowings | — | — | — | 26 | 6 | |||||||||||||||
Total interest expense | 569 | 523 | 430 | 1,627 | 1,443 | |||||||||||||||
Net interest income | 23,784 | 22,216 | 20,411 | 68,159 | 58,727 | |||||||||||||||
Loan loss provision (recovery) | — | — | — | — | (2,000 | ) | ||||||||||||||
Net interest income after loan loss provision | 23,784 | 22,216 | 20,411 | 68,159 | 60,727 | |||||||||||||||
Non-interest income: | ||||||||||||||||||||
Service charges on deposit accounts | 1,786 | 1,729 | 1,326 | 4,887 | 3,836 | |||||||||||||||
Card issuer and merchant services fees, net | 2,643 | 2,700 | 1,837 | 7,178 | 5,336 | |||||||||||||||
Earnings on BOLI | 434 | 249 | 252 | 941 | 736 | |||||||||||||||
Mortgage banking income, net | 857 | 899 | 624 | 2,251 | 2,089 | |||||||||||||||
Swap fee income | 713 | 466 | 595 | 1,845 | 1,895 | |||||||||||||||
SBA gain on sales and fee income | 428 | 386 | 554 | 988 | 1,060 | |||||||||||||||
Gain on sales of investments | — | — | 503 | — | 503 | |||||||||||||||
Other income | 1,079 | 1,342 | 693 | 3,077 | 3,746 | |||||||||||||||
Total non-interest income | 7,940 | 7,771 | 6,384 | 21,167 | 19,201 | |||||||||||||||
Non-interest expense: | ||||||||||||||||||||
Salaries and employee benefits | 13,217 | 13,089 | 11,315 | 39,335 | 33,033 | |||||||||||||||
Occupancy | 2,546 | 1,647 | 1,123 | 6,873 | 3,906 | |||||||||||||||
Information technology | 1,558 | 1,182 | 745 | 4,137 | 2,729 | |||||||||||||||
Equipment | 864 | 310 | 390 | 1,622 | 1,142 | |||||||||||||||
Communications | 615 | 683 | 560 | 1,908 | 1,585 | |||||||||||||||
FDIC insurance | 514 | 455 | 342 | 1,346 | 1,046 | |||||||||||||||
OREO | 43 | (119 | ) | 122 | 136 | 11 | ||||||||||||||
Professional services | 1,682 | 1,060 | 1,548 | 4,340 | 3,931 | |||||||||||||||
Card issuer | 1,003 | 1,044 | 693 | 2,956 | 2,199 | |||||||||||||||
Insurance | 186 | 158 | 183 | 519 | 583 | |||||||||||||||
Other expenses | 2,992 | 2,826 | 2,049 | 8,901 | 6,116 | |||||||||||||||
Total non-interest expense | 25,220 | 22,335 | 19,070 | 72,073 | 56,281 | |||||||||||||||
Income before income taxes | 6,504 | 7,652 | 7,725 | 17,253 | 23,647 | |||||||||||||||
Income tax provision | (2,415 | ) | (2,828 | ) | (2,626 | ) | (6,400 | ) | (8,635 | ) | ||||||||||
Net income | $ | 4,089 | $ | 4,824 | $ | 5,099 | $ | 10,853 | $ | 15,012 |
CASCADE BANCORP | |||||||||||||||||||||
NET INTEREST MARGIN | |||||||||||||||||||||
(In thousands) (Unaudited) | |||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||
Average Balance | Interest Income/ Expense | Average Yield or Rates | Average Balance | Interest Income/ Expense | Average Yield or Rates | ||||||||||||||||
Assets | |||||||||||||||||||||
Investment securities | $ | 623,595 | $ | 3,514 | 2.24 | % | $ | 450,655 | $ | 2,995 | 2.64 | % | |||||||||
Interest bearing balances due from other banks | 146,237 | 217 | 0.59 | % | 97,099 | 58 | 0.24 | % | |||||||||||||
Federal funds sold | 338 | — | — | % | 273 | — | — | % | |||||||||||||
Federal Home Loan Bank stock | 3,223 | — | — | % | 3,018 | — | — | % | |||||||||||||
Loans | 1,981,835 | 20,622 | 4.14 | % | 1,626,066 | 17,788 | 4.34 | % | |||||||||||||
Total earning assets/interest income | 2,755,228 | 24,353 | 3.52 | % | 2,177,111 | 20,841 | 3.80 | % | |||||||||||||
Reserve for loan losses | (24,903 | ) | (25,113 | ) | |||||||||||||||||
Cash and due from banks | 55,802 | 45,781 | |||||||||||||||||||
Premises and equipment, net | 48,286 | 42,362 | |||||||||||||||||||
Bank-owned life insurance | 56,036 | 54,041 | |||||||||||||||||||
Deferred tax asset | 46,947 | 55,389 | |||||||||||||||||||
Goodwill | 84,035 | 78,610 | |||||||||||||||||||
Core deposit intangible | 12,702 | 7,141 | |||||||||||||||||||
Accrued interest and other assets | 59,370 | 36,588 | |||||||||||||||||||
Total assets | $ | 3,093,503 | $ | 2,471,910 | |||||||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||
Interest bearing demand deposits | $ | 1,361,053 | 494 | 0.14 | % | $ | 1,040,493 | 337 | 0.13 | % | |||||||||||
Savings deposits | 184,537 | 21 | 0.05 | % | 134,033 | 10 | 0.03 | % | |||||||||||||
Time deposits | 229,486 | 54 | 0.09 | % | 193,895 | 83 | 0.17 | % | |||||||||||||
Other borrowings | 1 | — | — | % | — | — | — | % | |||||||||||||
Total interest bearing liabilities/interest expense | 1,775,077 | 569 | 0.13 | % | 1,368,421 | 430 | 0.12 | % | |||||||||||||
Demand deposits | 898,822 | 728,104 | |||||||||||||||||||
Other liabilities | 60,687 | 46,907 | |||||||||||||||||||
Total liabilities | 2,734,586 | 2,143,432 | |||||||||||||||||||
Stockholders’ equity | 358,917 | 328,478 | |||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 3,093,503 | $ | 2,471,910 | |||||||||||||||||
Net interest income | $ | 23,784 | $ | 20,411 | |||||||||||||||||
Net interest spread | 3.39 | % | 3.67 | % | |||||||||||||||||
Net interest income to earning assets | 3.43 | % | 3.72 | % | |||||||||||||||||
CASCADE BANCORP | |||||||||||||||||||||
NET INTEREST MARGIN | |||||||||||||||||||||
(In thousands) (Unaudited) | |||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||
Average Balance | Interest Income/ Expense | Average Yield or Rates | Average Balance | Interest Income/ Expense | Average Yield or Rates | ||||||||||||||||
Assets | |||||||||||||||||||||
Investment securities | $ | 572,394 | $ | 11,561 | 2.70 | % | $ | 459,306 | $ | 8,783 | 2.56 | % | |||||||||
Interest bearing balances due from other banks | 158,732 | 646 | 0.54 | % | 62,106 | 118 | 0.25 | % | |||||||||||||
Federal funds sold | 295 | — | — | % | 273 | — | — | % | |||||||||||||
Federal Home Loan Bank stock | 3,417 | — | — | % | 15,453 | — | — | % | |||||||||||||
Loans | 1,843,845 | 57,579 | 4.17 | % | 1,573,712 | 51,269 | 4.36 | % | |||||||||||||
Total earning assets/interest income | 2,578,683 | 69,786 | 3.61 | % | 2,110,850 | 60,170 | 3.81 | % | |||||||||||||
Reserve for loan losses | (25,417 | ) | (24,038 | ) | |||||||||||||||||
Cash and due from banks | 53,174 | 43,004 | |||||||||||||||||||
Premises and equipment, net | 45,226 | 43,024 | |||||||||||||||||||
Bank-owned life insurance | 55,138 | 53,795 | |||||||||||||||||||
Deferred tax asset | 48,391 | 60,962 | |||||||||||||||||||
Goodwill | 81,769 | 79,052 | |||||||||||||||||||
Core deposit intangible | 10,796 | 7,343 | |||||||||||||||||||
Accrued interest and other assets | 50,928 | 36,421 | |||||||||||||||||||
Total assets | $ | 2,898,688 | $ | 2,410,413 | |||||||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||
Interest bearing demand deposits | $ | 1,269,243 | 1,365 | 0.14 | % | $ | 1,012,221 | 965 | 0.13 | % | |||||||||||
Savings deposits | 167,557 | 45 | 0.04 | % | 132,704 | 30 | 0.03 | % | |||||||||||||
Time deposits | 209,360 | 191 | 0.12 | % | 208,722 | 442 | 0.28 | % | |||||||||||||
Other borrowings | 7,588 | 26 | 0.46 | % | 2,253 | 6 | 0.36 | % | |||||||||||||
Total interest bearing liabilities/interest expense | 1,653,748 | 1,627 | 0.13 | % | 1,355,900 | 1,443 | 0.14 | % | |||||||||||||
Demand deposits | 842,452 | 684,859 | |||||||||||||||||||
Other liabilities | 55,530 | 45,764 | |||||||||||||||||||
Total liabilities | 2,551,730 | 2,086,523 | |||||||||||||||||||
Stockholders’ equity | 346,958 | 323,890 | |||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,898,688 | $ | 2,410,413 | |||||||||||||||||
Net interest income | $ | 68,159 | $ | 58,727 | |||||||||||||||||
Net interest spread | 3.48 | % | 3.67 | % | |||||||||||||||||
Net interest income to earning assets | 3.53 | % | 3.72 | % | |||||||||||||||||
CASCADE BANCORP | ||||||||||||||||||||
ADDITIONAL FINANCIAL INFORMATION | ||||||||||||||||||||
(In thousands, except per share data) (Unaudited) | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, 2016 | June 30, 2016 | September 30, 2015 | September 30, 2016 | September 30, 2015 | ||||||||||||||||
Share Data | ||||||||||||||||||||
Basic net income per common share | $ | 0.06 | $ | 0.07 | $ | 0.07 | $ | 0.15 | $ | 0.21 | ||||||||||
Diluted net income per common share | $ | 0.06 | $ | 0.07 | $ | 0.07 | $ | 0.15 | $ | 0.21 | ||||||||||
Book value per basic common share | $ | 4.81 | $ | 4.71 | $ | 4.56 | $ | 4.81 | $ | 4.56 | ||||||||||
Tangible book value per common share1 | $ | 3.53 | $ | 3.41 | $ | 3.38 | $ | 3.53 | $ | 3.38 | ||||||||||
Basic average shares outstanding | 74,002 | 71,945 | 71,868 | 72,533 | 71,744 | |||||||||||||||
Fully diluted average shares outstanding | 74,169 | 72,233 | 71,969 | 73,876 | 71,849 | |||||||||||||||
Balance Sheet Detail | ||||||||||||||||||||
Gross loans | $ | 2,059,591 | $ | 1,900,902 | $ | 1,645,924 | $ | 2,059,591 | $ | 1,645,924 | ||||||||||
Wholesale loans | $ | 342,698 | $ | 358,005 | $ | 257,417 | $ | 342,698 | $ | 257,417 | ||||||||||
Total organic loans | $ | 1,716,893 | $ | 1,542,897 | $ | 1,388,507 | $ | 1,716,893 | $ | 1,388,507 | ||||||||||
Total deposits | $ | 2,745,081 | $ | 2,559,954 | $ | 2,082,995 | $ | 2,745,081 | $ | 2,082,995 | ||||||||||
Non-interest bearing | $ | 946,318 | $ | 876,880 | $ | 749,927 | $ | 946,318 | $ | 749,927 | ||||||||||
Total checking balances | $ | 1,552,272 | $ | 1,442,003 | $ | 1,197,521 | $ | 1,552,272 | $ | 1,197,521 | ||||||||||
Money market | $ | 766,001 | $ | 741,041 | $ | 562,895 | $ | 766,001 | $ | 562,895 | ||||||||||
Time | $ | 234,028 | $ | 203,898 | $ | 186,969 | $ | 234,028 | $ | 186,969 | ||||||||||
Key Ratios | ||||||||||||||||||||
Return on average stockholders’ equity | 4.53 | % | 5.65 | % | 6.16 | % | 4.18 | % | 6.20 | % | ||||||||||
Return on average tangible stockholders’ equity2 | 6.20 | % | 7.85 | % | 8.33 | % | 5.70 | % | 8.45 | % | ||||||||||
Return on average assets | 0.53 | % | 0.65 | % | 0.82 | % | 0.50 | % | 0.83 | % | ||||||||||
Return on average tangible assets3 | 0.54 | % | 0.68 | % | 0.85 | % | 0.52 | % | 0.86 | % | ||||||||||
Common stockholders’ equity ratio | 11.56 | % | 11.64 | % | 13.43 | % | 11.56 | % | 13.43 | % | ||||||||||
Tangible common stockholders’ equity ratio4 | 8.49 | % | 8.43 | % | 9.96 | % | 8.49 | % | 9.96 | % | ||||||||||
Net interest spread | 3.39 | % | 3.35 | % | 3.67 | % | 3.48 | % | 3.67 | % | ||||||||||
Net interest margin | 3.43 | % | 3.40 | % | 3.72 | % | 3.53 | % | 3.72 | % | ||||||||||
Total revenue (net int. inc. + non int. inc.) | $ | 31,724 | $ | 29,987 | $ | 26,796 | $ | 89,326 | $ | 77,927 | ||||||||||
Efficiency ratio5 | 79.50 | % | 74.48 | % | 71.17 | % | 80.69 | % | 72.22 | % | ||||||||||
Loan to deposit ratio | 74.11 | % | 73.29 | % | 77.74 | % | 74.11 | % | 77.74 | % | ||||||||||
Credit Quality Ratios | ||||||||||||||||||||
Reserve for loan losses | $ | 25,238 | $ | 24,666 | $ | 26,623 | $ | 25,238 | $ | 26,623 | ||||||||||
Reserve for loan losses to ending gross loans | 1.23 | % | 1.30 | % | 1.62 | % | 1.23 | % | 1.62 | % | ||||||||||
Reserve for credit losses | $ | 25,678 | $ | 25,106 | $ | 27,063 | $ | 25,678 | $ | 27,063 | ||||||||||
Reserve for credit losses to ending gross loans | 1.25 | % | 1.32 | % | 1.64 | % | 1.25 | % | 1.64 | % | ||||||||||
Non-performing assets (“NPAs”) | $ | 14,456 | $ | 15,221 | $ | 8,915 | $ | 14,456 | $ | 8,915 | ||||||||||
NPAs to total assets | 0.46 | % | 0.51 | % | 0.36 | % | 0.46 | % | 0.36 | % | ||||||||||
Delinquent >30 days to total loans (excl. NPAs) | 0.21 | % | 0.19 | % | 0.31 | % | 0.21 | % | 0.31 | % | ||||||||||
Net (recoveries) charge-offs | $ | (572 | ) | $ | (236 | ) | $ | (3,122 | ) | $ | (823 | ) | $ | (6,570 | ) | |||||
Net loan (recoveries) charge-offs to average total loans | (0.03 | )% | (0.01 | )% | (0.19 | )% | (0.04 | )% | (0.42 | )% |
CASCADE BANCORP | |||||||||
ADDITIONAL FINANCIAL INFORMATION (continued) | |||||||||
(In thousands, except per share data) (Unaudited) | |||||||||
September 30, 2016 | June 30, 2016 | September 30, 2015 | |||||||
Bank Capital Ratios | Estimate | ||||||||
Tier 1 capital leverage ratio | 8.25 | % | 7.84 | % | 8.97 | % | |||
Common equity Tier 1 ratio | 10.21 | % | 9.88 | % | 11.10 | % | |||
Tier 1 risk-based capital ratio | 10.21 | % | 9.88 | % | 11.10 | % | |||
Total risk-based capital ratio | 11.28 | % | 11.00 | % | 12.36 | % | |||
Bancorp Capital Ratios | |||||||||
Tier 1 capital leverage ratio | 8.37 | % | 7.94 | % | 9.13 | % | |||
Common equity Tier 1 ratio | 10.37 | % | 10.01 | % | 11.32 | % | |||
Tier 1 risk-based capital ratio | 10.37 | % | 10.01 | % | 11.32 | % | |||
Total risk-based capital ratio | 11.44 | % | 11.12 | % | 12.58 | % |
Reconciliation of Non-GAAP Measures (unaudited): | ||||||||||||||||
Reconciliation of period end stockholders’ equity to period end tangible stockholders’ equity: | September 30, 2016 | June 30, 2016 | December 31, 2015 | September 30, 2015 | ||||||||||||
Total stockholders’ equity | 366,996 | $ | 345,260 | $ | 336,774 | $ | 331,589 | |||||||||
Core deposit intangible | 12,691 | 12,720 | 6,863 | 7,068 | ||||||||||||
Goodwill | 84,775 | 82,594 | 78,610 | 78,610 | ||||||||||||
Tangible stockholders’ equity | $ | 269,530 | $ | 249,946 | $ | 251,301 | $ | 245,911 | ||||||||
Reconciliation of period end common stockholders’ equity ratio to period end tangible common stockholders’ equity ratio: | September 30, 2016 | June 30, 2016 | December 31, 2015 | September 30, 2015 | ||||||||||||
Total stockholders’ equity | $ | 366,996 | $ | 345,260 | $ | 336,774 | $ | 331,589 | ||||||||
Total assets | $ | 3,174,821 | $ | 2,966,574 | $ | 2,468,029 | $ | 2,468,273 | ||||||||
Common stockholders’ equity ratio | 11.56 | % | 11.64 | % | 13.65 | % | 13.43 | % | ||||||||
Tangible stockholders’ equity | $ | 269,530 | $ | 249,946 | $ | 251,301 | $ | 245,911 | ||||||||
Total assets | $ | 3,174,821 | $ | 2,966,574 | $ | 2,468,029 | $ | 2,468,273 | ||||||||
Tangible common stockholders’ equity ratio | 8.49 | % | 8.43 | % | 10.18 | % | 9.96 | % | ||||||||
Reconciliation of period end total stockholders’ equity to period end tangible book value per common share: | September 30, 2016 | June 30, 2016 | December 31, 2015 | September 30, 2015 | ||||||||||||
Total stockholders’ equity | $ | 366,996 | $ | 345,260 | $ | 336,774 | $ | 331,589 | ||||||||
Core deposit intangible | 12,691 | 12,720 | 6,863 | 7,068 | ||||||||||||
Goodwill | 84,775 | 82,594 | 78,610 | 78,610 | ||||||||||||
Tangible stockholders equity | $ | 269,530 | $ | 249,946 | $ | 251,301 | $ | 245,911 | ||||||||
Common shares outstanding | 76,263,275 | 73,255,171 | 72,792,570 | 72,789,412 | ||||||||||||
Tangible book value per common share | $ | 3.53 | $ | 3.41 | $ | 3.45 | $ | 3.38 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
Reconciliation of return on average tangible stockholders’ equity: | September 30, 2016 | June 30, 2016 | December 31, 2015 | September 30, 2015 | September 30, 2016 | September 30, 2015 | ||||||||||||||||||
Average stockholders’ equity | $ | 358,917 | $ | 342,591 | $ | 334,472 | $ | 328,478 | $ | 346,958 | $ | 323,890 | ||||||||||||
Average core deposit intangible | 12,702 | 12,865 | 6,935 | 7,141 | 10,796 | 7,343 | ||||||||||||||||||
Average goodwill | 84,035 | 82,594 | 78,610 | 78,610 | 81,769 | 79,052 | ||||||||||||||||||
Average tangible stockholders’ equity | $ | 262,180 | $ | 247,132 | $ | 248,927 | $ | 242,727 | $ | 254,393 | $ | 237,495 | ||||||||||||
Net income | 4,089 | 4,824 | 5,567 | 5,099 | 10,853 | 15,012 | ||||||||||||||||||
Return on average tangible stockholders’ equity (annualized) | 6.20 | % | 7.85 | % | 8.87 | % | 8.33 | % | 5.70 | % | 8.45 | % | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
Reconciliation of return on average tangible assets: | September 30, 2016 | June 30, 2016 | December 31, 2015 | September 30, 2015 | September 30, 2016 | September 30, 2015 | ||||||||||||||||||
Average total assets | $ | 3,093,503 | $ | 2,961,853 | $ | 2,525,708 | $ | 2,471,910 | $ | 2,898,688 | $ | 2,410,413 | ||||||||||||
Average core deposit intangible | 12,702 | 12,865 | 6,935 | 7,141 | 10,796 | 7,343 | ||||||||||||||||||
Average goodwill | 84,035 | 82,594 | 78,610 | 78,610 | 81,769 | 79,052 | ||||||||||||||||||
Average tangible assets | $ | 2,996,766 | $ | 2,866,394 | $ | 2,440,163 | $ | 2,386,159 | $ | 2,806,123 | $ | 2,324,018 | ||||||||||||
Net income | 4,089 | 4,824 | 5,567 | 5,099 | 10,853 | 15,012 | ||||||||||||||||||
Return on average tangible assets (annualized) | 0.54 | % | 0.68 | % | 0.91 | % | 0.85 | % | 0.52 | % | 0.86 | % |
Reconciliation of year-over-year total loan growth to organic loan growth (from September 30, 2015): | Year over year September 30, 2016 | |||
Total loan growth | $ | 413,667 | ||
Acquired loan growth | 85,281 | |||
Prime loans | 104,253 | |||
Organic loan growth, excluding PPFS | $ | 224,133 | ||
Reconciliation of year-to-date total loan growth to organic loan growth (from December 31, 2015): | YTD September 30, 2016 | |||
Total loan growth | $ | 373,018 | ||
Acquired loan growth | 74,281 | |||
Prime loans | 104,253 | |||
Organic loan growth, excluding PPFS | $ | 194,484 | ||
Reconciliation of quarterly total loan growth to organic loan growth (from June 30, 2016): | QTD September 30, 2016 | |||
Total loan growth | $ | 158,689 | ||
Acquired loan growth | (15,306 | ) | ||
Prime loans | 104,253 | |||
Organic loan growth, excluding PPFS | $ | 69,742 |
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