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 first quarter of 2017 was $6.8 million, or $0.09 per share, compared to $5.9 million, or $0.08 per share, for the fourth quarter of 2016 (“linked quarter”). |
• | Gross loan balances at March 31, 2017 were up $10.9 million from the linked quarter to $2.1 billion. Organic loan growth1 was 7.3% (annualized), or $30.2 million for the first quarter. This increase was partially offset by $19.3 million in net runoff within the wholesale loan book (shared national credits and ARM portfolios). |
• | Investment securities declined $26.5 million to $608.9 million from the linked quarter. The decline resulted from runoff in wholesale assets that were not replaced in consideration of the pending merger with First Interstate. |
• | Deposit balances at March 31, 2017 were $2.7 billion, up 8.1% annualized as compared to the linked quarter. |
• | Net interest margin (“NIM”) improved to 3.63% from 3.55% in the linked quarter. The NIM benefited from a higher yield on earning assets. |
• | Net interest income was $24.9 million for the first quarter, seasonally flat compared to the linked quarter. Revenue arising from the wholesale loan assets eased because payoffs in these portfolios were not redeployed pending the First Interstate merger. |
• | Non-interest income was $7.5 million, or 98 basis points on average assets (annualized), as compared to $8.3 million in the linked quarter. The linked quarter included a gain on disposition of closed branches while the first quarter was affected by seasonal factors, including shorter day count and relatively severe winter weather conditions that reduced customer card and transaction volume. |
• | Non-interest expense was $21.3 million for the first quarter, as compared to $23.2 million for the linked quarter. The linked quarter included $1.3 million in merger and acquisition (“M&A”) expenses as well as $0.9 million in increased salary costs due to above-target incentive payouts. |
• | The allowance for loan losses (“ALLL”) at the end of the first quarter was 1.20% of gross loans, stable as compared to the linked quarter. No provision or credit for loan losses was recorded in the first quarter. |
• | At March 31, 2017, stockholders’ equity increased over the linked quarter to $378.6 million, primarily due to the net income from the first quarter. Book value per share and tangible book value per share2 were $4.96 and $3.68, respectively. |
• | Return on average assets and return on average tangible assets3 in the first quarter were 0.89% and 0.92%, respectively, compared to 0.75% and 0.78% in the linked quarter, respectively. |
CASCADE BANCORP | ||||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||||
(In thousands) (Unaudited) | ||||||||||||
March 31, 2017 | December 31, 2016 | March 31, 2016 | ||||||||||
ASSETS | ||||||||||||
Cash and cash equivalents: | ||||||||||||
Cash and due from banks | $ | 57,801 | $ | 52,561 | $ | 54,510 | ||||||
Interest bearing deposits | 99,194 | 19,743 | 288,740 | |||||||||
Federal funds sold | 273 | 273 | 273 | |||||||||
Total cash and cash equivalents | 157,268 | 72,577 | 343,523 | |||||||||
Investment securities available-for-sale | 469,720 | 494,819 | 428,909 | |||||||||
Investment securities held-to-maturity | 139,196 | 140,557 | 144,029 | |||||||||
Federal Home Loan Bank (FHLB) stock | 3,838 | 3,268 | 3,137 | |||||||||
Loans held for sale | 4,066 | 8,651 | 4,246 | |||||||||
Loans, net | 2,088,174 | 2,077,358 | 1,758,598 | |||||||||
Premises and equipment, net | 45,880 | 48,658 | 45,115 | |||||||||
Bank-owned life insurance | 56,869 | 56,957 | 54,708 | |||||||||
Other real estate owned, net | 1,727 | 1,677 | 3,274 | |||||||||
Deferred tax asset, net | 40,333 | 45,172 | 49,387 | |||||||||
Core deposit intangible | 11,943 | 12,317 | 13,085 | |||||||||
Goodwill | 85,852 | 85,852 | 82,594 | |||||||||
Other assets | 31,806 | 31,195 | 51,400 | |||||||||
Total assets | $ | 3,136,672 | $ | 3,079,058 | $ | 2,982,005 | ||||||
LIABILITIES & STOCKHOLDERS’ EQUITY | ||||||||||||
Liabilities: | ||||||||||||
Deposits: | ||||||||||||
Demand | $ | 935,110 | $ | 916,197 | $ | 867,646 | ||||||
Interest bearing demand | 1,357,911 | 1,327,975 | 1,317,725 | |||||||||
Savings | 200,842 | 197,279 | 170,745 | |||||||||
Time | 220,918 | 220,362 | 219,922 | |||||||||
Total deposits | 2,714,781 | 2,661,813 | 2,576,038 | |||||||||
Other liabilities | 43,301 | 47,593 | 66,242 | |||||||||
Total liabilities | 2,758,082 | 2,709,406 | 2,642,280 | |||||||||
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 | 472,564 | 471,719 | 453,626 | |||||||||
Accumulated deficit | (94,240 | ) | (101,002 | ) | (115,832 | ) | ||||||
Accumulated other comprehensive income (loss) | 266 | (1,065 | ) | 1,931 | ||||||||
Total stockholders’ equity | 378,590 | 369,652 | 339,725 | |||||||||
Total liabilities and stockholders’ equity | $ | 3,136,672 | $ | 3,079,058 | $ | 2,982,005 |
CASCADE BANCORP | ||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
(In thousands) (Unaudited) | Three Months Ended | |||||||||||
March 31, 2017 | December 31, 2016 | March 31, 2016 | ||||||||||
Interest income: | ||||||||||||
Interest and fees on loans | $ | 21,554 | $ | 21,525 | $ | 17,920 | ||||||
Interest on investments | 3,985 | 3,880 | 4,618 | |||||||||
Other investment income | 82 | 86 | 156 | |||||||||
Total interest income | 25,621 | 25,491 | 22,694 | |||||||||
Interest expense: | ||||||||||||
Deposits: | ||||||||||||
Interest bearing demand | 584 | 502 | 413 | |||||||||
Savings | 15 | 17 | 11 | |||||||||
Time | 131 | 1 | 85 | |||||||||
Other borrowings | 25 | 7 | 26 | |||||||||
Total interest expense | 755 | 527 | 535 | |||||||||
Net interest income | 24,866 | 24,964 | 22,159 | |||||||||
Loan loss provision (recovery) | — | — | — | |||||||||
Net interest income after loan loss provision | 24,866 | 24,964 | 22,159 | |||||||||
Non-interest income: | ||||||||||||
Service charges on deposit accounts | 1,651 | 1,691 | 1,372 | |||||||||
Card issuer and merchant services fees, net | 2,276 | 2,544 | 1,835 | |||||||||
Earnings on BOLI | 286 | 249 | 258 | |||||||||
Mortgage banking income, net | 1,147 | 1,145 | 495 | |||||||||
Swap fee income | 256 | 638 | 666 | |||||||||
SBA gain on sales and fee income | 798 | 531 | 174 | |||||||||
ATM income | 423 | 455 | 243 | |||||||||
Other income | 639 | 1,026 | 413 | |||||||||
Total non-interest income | 7,476 | 8,279 | 5,456 | |||||||||
Non-interest expense: | ||||||||||||
Salaries and employee benefits | 12,628 | 13,079 | 13,029 | |||||||||
Occupancy | 1,744 | 1,547 | 2,680 | |||||||||
Information technology | 1,181 | 1,299 | 1,397 | |||||||||
Equipment | 467 | 650 | 448 | |||||||||
Communications | 593 | 589 | 610 | |||||||||
FDIC insurance | 517 | 553 | 377 | |||||||||
OREO | 10 | 35 | 212 | |||||||||
Professional services | 891 | 2,042 | 1,598 | |||||||||
Card issuer | 872 | 1,089 | 909 | |||||||||
Insurance | 160 | 162 | 175 | |||||||||
CDI amortization | 374 | 374 | 205 | |||||||||
Other expenses | 1,898 | 1,738 | 2,878 | |||||||||
Total non-interest expense | 21,335 | 23,157 | 24,518 | |||||||||
Income before income taxes | 11,007 | 10,086 | 3,097 | |||||||||
Income tax provision | (4,245 | ) | (4,168 | ) | (1,157 | ) | ||||||
Net income | $ | 6,762 | $ | 5,918 | $ | 1,940 |
CASCADE BANCORP | |||||||||||||||||||||
NET INTEREST MARGIN | |||||||||||||||||||||
(In thousands) (Unaudited) | |||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||
Average Balance | Interest Income/ Expense | Average Yield or Rates | Average Balance | Interest Income/ Expense | Average Yield or Rates | ||||||||||||||||
Assets | |||||||||||||||||||||
Investment securities | $ | 621,585 | $ | 3,985 | 2.60 | % | $ | 508,533 | $ | 4,618 | 3.65 | % | |||||||||
Interest bearing balances due from other banks | 33,600 | 82 | 0.99 | % | 115,612 | 156 | 0.54 | % | |||||||||||||
Federal funds sold | 273 | — | — | % | 273 | — | — | % | |||||||||||||
Federal Home Loan Bank stock | 3,760 | — | — | % | 3,898 | — | — | % | |||||||||||||
Loans | 2,116,352 | 21,554 | 4.13 | % | 1,720,086 | 17,920 | 4.19 | % | |||||||||||||
Total earning assets/interest income | 2,775,570 | 25,621 | 3.74 | % | 2,348,402 | 22,694 | 3.89 | % | |||||||||||||
Reserve for loan losses | (25,301 | ) | (26,591 | ) | |||||||||||||||||
Cash and due from banks | 52,494 | 49,250 | |||||||||||||||||||
Premises and equipment, net | 47,094 | 42,090 | |||||||||||||||||||
Bank-owned life insurance | 57,052 | 54,558 | |||||||||||||||||||
Deferred tax asset | 43,785 | 49,781 | |||||||||||||||||||
Goodwill | 85,852 | 78,653 | |||||||||||||||||||
Core deposit intangible | 12,079 | 6,800 | |||||||||||||||||||
Accrued interest and other assets | 35,067 | 35,625 | |||||||||||||||||||
Total assets | $ | 3,083,692 | $ | 2,638,568 | |||||||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||
Interest bearing demand deposits | $ | 1,328,712 | 584 | 0.18 | % | $ | 1,129,592 | 413 | 0.15 | % | |||||||||||
Savings deposits | 200,755 | 15 | 0.03 | % | 146,257 | 11 | 0.03 | % | |||||||||||||
Time deposits | 221,371 | 131 | 0.24 | % | 186,316 | 85 | 0.18 | % | |||||||||||||
Other borrowings | 12,310 | 25 | 0.82 | % | 22,846 | 26 | 0.46 | % | |||||||||||||
Total interest bearing liabilities/interest expense | 1,763,148 | 755 | 0.17 | % | 1,485,011 | 535 | 0.14 | % | |||||||||||||
Demand deposits | 901,257 | 763,496 | |||||||||||||||||||
Other liabilities | 45,503 | 50,825 | |||||||||||||||||||
Total liabilities | 2,709,908 | 2,299,332 | |||||||||||||||||||
Stockholders’ equity | 373,784 | 339,236 | |||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 3,083,692 | $ | 2,638,568 | |||||||||||||||||
Net interest income | $ | 24,866 | $ | 22,159 | |||||||||||||||||
Net interest spread | 3.57 | % | 3.74 | % | |||||||||||||||||
Net interest income to earning assets | 3.63 | % | 3.80 | % | |||||||||||||||||
CASCADE BANCORP | ||||||||||||
ADDITIONAL FINANCIAL INFORMATION | ||||||||||||
(In thousands, except per share data) (Unaudited) | ||||||||||||
Three Months Ended | ||||||||||||
March 31, 2017 | December 31, 2016 | March 31, 2016 | ||||||||||
Share Data | ||||||||||||
Basic net income per common share | $ | 0.09 | $ | 0.08 | $ | 0.03 | ||||||
Diluted net income per common share | $ | 0.09 | $ | 0.08 | $ | 0.03 | ||||||
Book value per basic common share | $ | 4.96 | $ | 4.85 | $ | 4.67 | ||||||
Tangible book value per common share1 | $ | 3.68 | $ | 3.56 | $ | 3.35 | ||||||
Basic average shares outstanding | 75,060 | 75,055 | 71,884 | |||||||||
Fully diluted average shares outstanding | 75,943 | 75,918 | 72,153 | |||||||||
Balance Sheet Detail | ||||||||||||
Gross loans | $ | 2,113,531 | $ | 2,102,648 | $ | 1,783,028 | ||||||
Wholesale loans | $ | 307,971 | $ | 327,286 | $ | 315,163 | ||||||
Total organic loans | $ | 1,701,307 | $ | 1,671,109 | $ | 1,467,865 | ||||||
Total deposits | $ | 2,714,781 | $ | 2,661,813 | $ | 2,576,038 | ||||||
Non-interest bearing | $ | 935,110 | $ | 916,197 | $ | 867,646 | ||||||
Total checking balances | $ | 1,503,430 | $ | 1,471,068 | $ | 1,426,471 | ||||||
Money market | $ | 789,591 | $ | 773,104 | $ | 758,899 | ||||||
Time | $ | 220,918 | $ | 220,362 | $ | 219,922 | ||||||
Key Ratios | ||||||||||||
Return on average stockholders’ equity | 7.33 | % | 6.34 | % | 2.30 | % | ||||||
Return on average tangible stockholders’ equity2 | 9.94 | % | 8.60 | % | 3.07 | % | ||||||
Return on average assets | 0.89 | % | 0.75 | % | 0.30 | % | ||||||
Return on average tangible assets3 | 0.92 | % | 0.78 | % | 0.31 | % | ||||||
Common stockholders’ equity ratio | 12.07 | % | 12.01 | % | 11.39 | % | ||||||
Tangible common stockholders’ equity ratio4 | 8.95 | % | 8.82 | % | 8.18 | % | ||||||
Net interest spread | 3.57 | % | 3.51 | % | 3.74 | % | ||||||
Net interest margin | 3.63 | % | 3.55 | % | 3.80 | % | ||||||
Total revenue (net int. inc. + non int. inc.) | $ | 32,342 | $ | 33,243 | $ | 27,615 | ||||||
Efficiency ratio5 | 65.97 | % | 69.66 | % | 88.79 | % | ||||||
Loan to deposit ratio | 76.92 | % | 78.04 | % | 68.27 | % | ||||||
Credit Quality Ratios | ||||||||||||
Reserve for loan losses | $ | 25,357 | $ | 25,290 | $ | 24,430 | ||||||
Reserve for loan losses to ending gross loans | 1.20 | % | 1.20 | % | 1.37 | % | ||||||
Reserve for credit losses | $ | 25,797 | $ | 25,730 | $ | 24,870 | ||||||
Reserve for credit losses to ending gross loans | 1.22 | % | 1.22 | % | 1.39 | % | ||||||
Non-performing assets (“NPAs”) | $ | 14,492 | $ | 15,388 | $ | 14,638 | ||||||
NPAs to total assets | 0.46 | % | 0.50 | % | 0.49 | % | ||||||
Delinquent >30 days to total loans (excl. NPAs) | 0.21 | % | 0.20 | % | 0.30 | % | ||||||
Net (recoveries) charge-offs | $ | (67 | ) | $ | (51 | ) | $ | (15 | ) | |||
Net loan (recoveries) charge-offs to average total loans | — | % | — | % | — | % |
CASCADE BANCORP | |||||||||
ADDITIONAL FINANCIAL INFORMATION (continued) | |||||||||
(In thousands, except per share data) (Unaudited) | |||||||||
March 31, 2017 | December 31, 2016 | March 31, 2016 | |||||||
Bank Capital Ratios | Estimate | ||||||||
Tier 1 capital leverage ratio | 8.87 | % | 8.44 | % | 8.48 | % | |||
Common equity Tier 1 ratio | 10.63 | % | 10.31 | % | 10.22 | % | |||
Tier 1 risk-based capital ratio | 10.63 | % | 10.31 | % | 10.22 | % | |||
Total risk-based capital ratio | 11.68 | % | 11.36 | % | 11.41 | % | |||
Bancorp Capital Ratios | |||||||||
Tier 1 capital leverage ratio | 9.03 | % | 8.60 | % | 8.64 | % | |||
Common equity Tier 1 ratio | 10.88 | % | 10.53 | % | 10.42 | % | |||
Tier 1 risk-based capital ratio | 10.88 | % | 10.53 | % | 10.42 | % | |||
Total risk-based capital ratio | 11.92 | % | 11.58 | % | 11.61 | % |
Reconciliation of Non-GAAP Measures (unaudited): | ||||||||||||
Reconciliation of period end stockholders’ equity to period end tangible stockholders’ equity: | March 31, 2017 | December 31, 2016 | March 31, 2016 | |||||||||
Total stockholders’ equity | $ | 378,590 | $ | 369,652 | $ | 339,725 | ||||||
Core deposit intangible | 11,943 | 12,317 | 13,085 | |||||||||
Goodwill | 85,852 | 85,852 | 82,594 | |||||||||
Tangible stockholders’ equity | $ | 280,795 | $ | 271,483 | $ | 244,046 | ||||||
Reconciliation of period end common stockholders’ equity ratio to period end tangible common stockholders’ equity ratio: | March 31, 2017 | December 31, 2016 | March 31, 2016 | |||||||||
Total stockholders’ equity | $ | 378,590 | $ | 369,652 | $ | 339,725 | ||||||
Total assets | $ | 3,136,672 | $ | 3,079,058 | $ | 2,982,005 | ||||||
Common stockholders’ equity ratio | 12.07 | % | 12.01 | % | 11.39 | % | ||||||
Tangible stockholders’ equity | $ | 280,795 | $ | 271,483 | $ | 244,046 | ||||||
Total assets | $ | 3,136,672 | $ | 3,079,058 | $ | 2,982,005 | ||||||
Tangible common stockholders’ equity ratio | 8.95 | % | 8.82 | % | 8.18 | % | ||||||
Reconciliation of period end total stockholders’ equity to period end tangible book value per common share: | March 31, 2017 | December 31, 2016 | March 31, 2016 | |||||||||
Total stockholders’ equity | $ | 378,590 | $ | 369,652 | $ | 339,725 | ||||||
Core deposit intangible | 11,943 | 12,317 | 13,085 | |||||||||
Goodwill | 85,852 | 85,852 | 82,594 | |||||||||
Tangible stockholders equity | $ | 280,795 | $ | 271,483 | $ | 244,046 | ||||||
Common shares outstanding | 76,263,456 | 76,262,184 | 72,774,980 | |||||||||
Tangible book value per common share | $ | 3.68 | $ | 3.56 | $ | 3.35 |
Three Months Ended | ||||||||||||
Reconciliation of return on average tangible stockholders’ equity: | March 31, 2017 | December 31, 2016 | March 31, 2016 | |||||||||
Average stockholders’ equity | $ | 373,784 | $ | 371,229 | $ | 339,236 | ||||||
Average core deposit intangible | 12,079 | 12,454 | 6,800 | |||||||||
Average goodwill | 85,852 | 84,873 | 78,653 | |||||||||
Average tangible stockholders’ equity | $ | 275,853 | $ | 273,902 | $ | 253,783 | ||||||
Net income | 6,762 | 5,918 | 1,940 | |||||||||
Return on average tangible stockholders’ equity (annualized) | 9.94 | % | 8.60 | % | 3.07 | % | ||||||
Three Months Ended | ||||||||||||
Reconciliation of return on average tangible assets: | March 31, 2017 | December 31, 2016 | March 31, 2016 | |||||||||
Average total assets | $ | 3,083,692 | $ | 3,126,143 | $ | 2,638,568 | ||||||
Average core deposit intangible | 12,079 | 12,454 | 6,800 | |||||||||
Average goodwill | 85,852 | 84,873 | 78,653 | |||||||||
Average tangible assets | $ | 2,985,761 | $ | 3,028,816 | $ | 2,553,115 | ||||||
Net income | 6,762 | 5,918 | 1,940 | |||||||||
Return on average tangible assets (annualized) | 0.92 | % | 0.78 | % | 0.31 | % |
Reconciliation of year-over-year total loan growth to organic loan growth (from March 31, 2016): | Year over year March 31, 2017 | |||
Total loan growth | $ | 330,503 | ||
Wholesale loan portfolio net paydowns | (7,191 | ) | ||
Acquired Prime loans | 104,253 | |||
Organic loan growth, excluding PPFS | $ | 233,441 | ||
Reconciliation of quarterly total loan growth to organic loan growth (from December 31, 2016): | QTD March 31, 2017 | |||
Total loan growth | $ | 10,883 | ||
Wholesale loan portfolio net paydowns | (19,315 | ) | ||
Organic loan growth | $ | 30,198 |
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