CommunityOne Bancorp Announces First Quarter Net Income of $3.9 Million
29 Avril 2016 - 2:00PM
CommunityOne Bancorp (“Company”) (NASDAQ:COB), the holding company
for CommunityOne Bank, N.A. (“Bank”), today announced its unaudited
financial results for the quarter ended March 31, 2016.
- Net income in 1Q 2016 was $3.9 million ($0.16 per
diluted share), an increase of 55% from net income in 1Q
2015.
- Net interest income grew 6% from 1Q 2015 to $17.8
million. Net interest margin was 3.38% in 1Q 2016, up 9 basis
points from 4Q 2015 and down 16 basis points from 1Q
2015.
- Credit performance continued to be positive during 1Q
2016, as nonperforming loans were 1.2% of total loans, and net
recovery of provision for loan losses was $0.5 million. Net
charge-offs were $0.4 million in 1Q 2016, and this quarter’s
annualized net charge-offs as a percent of average loans held for
investment were 11 basis points, compared to 6
basis points in the same period in 2015.
- Nonperforming assets fell 21% from a year ago to $32.6
million, and were 1.4% of total assets.
- Noninterest income grew 57% from 1Q 2015 to $6.3
million in 1Q 2016, including $1.8 million relating to the sale of
a $46.9 million mortgage loan portfolio to Fannie Mae during the
quarter.
- Noninterest expenses, including merger related expenses
of $0.8 million, were $18.4 million in 1Q 2016, up 2% from 1Q 2015.
Average full time equivalent employees of 535 fell 6% from 1Q
2015.
“I am pleased with our financial performance in the first
quarter which resulted in net income of $3.9 million, up 55% over
the first quarter of last year. We are excited about our
pending merger with Capital Bank Financial and we continue to be on
track to complete the merger in the second quarter and the customer
conversion in July,” noted Bob Reid, President and CEO.
About CommunityOne Bancorp
CommunityOne Bancorp is the Charlotte, North Carolina-based
bank holding company for CommunityOne Bank, N.A. Founded in 1907 as
First National Bank of Asheboro, CommunityOne has grown into a $2.4
billion community bank, operating 45 branches throughout central,
southern and western North Carolina, and Loan Production Offices in
Raleigh, NC, Winston-Salem, NC, and Charleston, SC. Through its
network of branches and LPOs, CommunityOne offers a variety of
consumer, mortgage and commercial banking services to retail and
business customers, including loans, deposits, treasury management,
wealth and online banking. CommunityOne Bancorp's shares are traded
on the NASDAQ stock market under the symbol, "COB."
Forward Looking Statements
Information in this press release may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements
include projections, predictions, expectations, or beliefs about
events or results or otherwise are not statements of historical
facts, and usually can be identified by the use of forward-looking
terminology, such as “believes,” “expects,” or “are expected to,”
“plans,” “projects,” “goals,” “estimates,” “may,” “should,”
“could,” “would,” “intends to,” “outlook” or “anticipates,” or
variations of these and similar words, or by discussions of
strategies that involve risks and uncertainties that could cause
actual results to differ materially, including, without limitation,
our ability to continue to grow our business internally and through
acquisition and successful integration of any acquired entities
while controlling our costs; having the financial and management
resources in the amount, at the times and on the terms required to
support our future business; the accuracy of our assumptions and
judgments about the collectability of our loan portfolio, including
the creditworthiness of our borrowers and the value of real estate
and other assets, which could affect repayment of such borrowers'
outstanding loans; material changes in the quality of our loan
portfolio and the resulting credit related losses and expenses; the
accuracy of our assumptions relating to the establishment of our
ALL; adverse changes in the value of real estate in our market
areas; adverse changes in the housing markets, or an increase in
interest rates, either of which may reduce demand for mortgages;
changes in interest rates, spreads on earning assets and
interest-bearing liabilities, the shape of the yield curve and
interest rate sensitivity; a prolonged period of low interest
rates; declines in the value of our OREO; the accuracy of our
assumptions relating to our ability to use net operating loss
carryforwards to reduce future tax payments; the loss of one or
more members of executive management and our ability to recruit and
retain key lenders and other employees; less favorable general
economic conditions, either nationally or regionally; resulting in,
among other things, a reduced demand for our credit or other
services and thus reduced origination volume; increased competitive
pressures in the banking industry or in COB's markets affecting
pricing or product and service offerings; our ability to respond to
rapid technological developments and changes; disruptions in or
manipulations of our operating systems; information security and
cyber security risks impacting us or our vendors, including
“hacking” and “identity theft,” that could adversely affect our
business and our reputation; the loss or disruption of the services
provided by one or more of our critical vendors; our ability to
achieve our targeted reductions in costs and expenses; the impact
of laws and regulatory requirements, including the Basel III
capital rules, Bank Secrecy Act requirements, and regulations
required by the Dodd-Frank Act; changes in trade, monetary and
fiscal policies and laws, including interest rate policies of the
Federal Reserve Board; changes in accounting principles and
standards; and our success at managing the risks involved in the
foregoing.
Although the Company believes that its expectations with respect
to such forward-looking statements are based upon reasonable
assumptions within the bounds of its existing knowledge of its
business and operations, there can be no assurance that actual
results of the Company will not differ materially from those
expressed or implied by such forward-looking statements.
Factors that could cause actual events or results to differ
significantly from those described in the forward-looking
statements include, but are not limited to those described in the
cautionary language included under the headings “Risk Factors” and
in other sections of the Company’s filings with the SEC, including
its Annual Report on Form 10-K for the fiscal year ended December
31, 2015 and its quarterly reports on Form 10-Q. The forward
looking statements in this press release speak only as of the date
of the press release and the Company does not assume.
For more information:
David L. Nielsen, CFO, 980.819.6220
investorrelations@community1.com
Communityone Bancorp (MM) (NASDAQ:COB)
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