2018 First Quarter Significant Items (GAAP)
Green Bancorp, Inc. (NASDAQ:GNBC), the bank holding company (“Green
Bancorp” or the “Company”) that operates Green Bank, N.A. (“Green
Bank”), today announced results for its first quarter ended
March 31, 2018. The Company reported net income for
the quarter of $9.4 million, or $0.25 per diluted common
share.
Manny Mehos, Chairman and Chief Executive
Officer of Green Bancorp, said, “We reported pre-tax, pre-provision
operating earnings for the first quarter of $21.7 million, up 8%
annualized from the $21.3 million that we reported in the fourth
quarter of 2017, which demonstrates the core earnings power of the
Bank. While our provision expense was elevated this quarter
primarily related to a healthcare credit that moved to nonaccrual,
we are confident that our credit profile is stable, our problem
loans are isolated, and our NPA trends are expected to show
meaningful improvement. Given the confidence in our outlook, our
Board of Directors has determined that it is in the best interest
of the Company and our shareholders to initiate a regular quarterly
cash dividend of $0.10 per share to be paid in May. We believe this
decision reflects the Bank’s improved financial performance that we
have experienced over the last year which we expect to
continue.”
Geoff Greenwade, President of Green Bancorp and
Chief Executive Officer of Green Bank, commented, “During the first
quarter, we experienced typical seasonal trends which led to a
$54.0 million decline in loan balances. Looking forward, the
economic backdrop in our primary markets remains favorable and we
remain confident in our guidance of 7 to 9% loan growth for the
full year 2018. We also continued to make solid progress in growing
our core deposit base, as noninterest-bearing deposits increased
$46.1 million and now comprise 24.6% of total deposits. The
successful execution of our strategy to improve our deposit mix
should help to offset some of the deposit price pressures that will
come as the Fed continues to raise interest rates.”
Results of Operations -
Quarter Ended March 31, 2018 compared with Quarter
Ended December 31, 2017
Net income for the quarter ended March 31,
2018 was $9.4 million, an increase of $6.7 million, or
257.5%, compared with $2.6 million for the quarter ended
December 31, 2017. Net income per diluted common share
was $0.25 for the quarter ended March 31, 2018, compared with
$0.07 for the quarter ended December 31, 2017. Net
income for the quarter ended December 31, 2017 was reduced by
income tax expense of $5.8 million related to the deferred tax
asset revaluation due to enactment of the Tax Cuts and Jobs Act and
$3.1 million in stock-based compensation expense, or
$2.0 million net of the related tax benefit, for the
accelerated vesting of certain performance options, with no
comparable expenses in the quarter ended March 31, 2018.
During the quarter ended March 31, 2018, provision for loan
losses increased $5.3 million, which was offset by increases of
$1.4 million in net interest income and $1.2 million in noninterest
income. Provision for income taxes decreased during the
current quarter due to lower pre-tax net income and the reduction
in the statutory tax rate to 21% effective January 1,
2018. Returns on average assets and average common equity,
each on an annualized basis, for the three months ended
March 31, 2018 were 0.90% and 8.15%, respectively. Green
Bancorp’s efficiency ratio, which represents noninterest expense
divided by the sum of net interest income and noninterest income,
was 50.81% for the three months ended March 31, 2018.
Net interest income before provision for loan
losses for the quarter ended March 31, 2018 increased
$1.4 million, or 3.9%, to $38.2 million, compared with
$36.8 million for the quarter ended December 31,
2017. The increase in net interest income
was comprised of a $1.9 million, or 4.2%, increase in
interest income, offset by a $500 thousand, or 5.9%, increase
in interest expense. Net interest margin for the quarter
ended March 31, 2018 was 3.87%, compared with 3.64% for the
quarter ended December 31, 2017.
Noninterest income for the quarter ended
March 31, 2018 was $5.2 million, an increase of
$1.2 million, or 31.3%, from $3.9 million for the quarter
ended December 31, 2017. The increase was primarily
due to a $1.1 million net loss on held for sale loans in the
prior quarter, with no loss recorded in the current quarter, offset
by $707 thousand decrease in gain on sale of guaranteed
portion of loans.
Noninterest expense for the quarter ended
March 31, 2018 was $22.1 million, a decrease of
$1.5 million, or 6.5%, from $23.6 million for the quarter
ended December 31, 2017. The decrease was primarily
due to a $1.4 million decrease in salaries and employee
benefits, a $585 thousand decrease in loan related expenses,
offset by a $575 thousand increase in the reserve for unfunded
commitments. The $1.4 million decrease in salaries and
employee benefits is primarily due to the $3.1 million in
stock-based compensation expense for the accelerated vesting of
certain performance options recorded in the quarter ended December
31, 2017, which was offset by additional stock-based compensation
expense of $1.2 million in the current quarter. The
additional stock-based compensation expense in the current quarter
includes $701 thousand related to new awards issued during the
restructuring of the remaining performance options and an increase
of $335 thousand related to stock appreciation rights.
Total loans, which includes loans held for
investment and loans held for sale, at March 31, 2018 were
$3.1 billion, a decrease of $53.8 million, or 1.7%, when
compared with December 31, 2017. The decrease is
primarily due to a $34.4 million decrease in mortgage
warehouse loans, $27.6 million decrease in commercial and
industrial loans and a $16.2 million reduction in construction
and land loans, offset by a $20.1 million increase in owner
occupied commercial real estate loans. At March 31,
2018, energy loans totaled $50.0 million, or 1.6% of total
loans. SBA loans comprise the balance of loans held for sale
at March 31, 2018.
Deposits at March 31, 2018 were
$3.5 billion, an increase of $56.6 million, or 1.7%,
compared with December 31, 2017. The net increase
is comprised of increases of $46.1 million, or 5.7%, in
noninterest-bearing deposits, $6.4 million in interest-bearing
transaction and savings deposits and $4.1 million in time
deposits. Noninterest-bearing deposits totaled 24.6% of
total deposits at March 31, 2018. Average deposits
decreased $73.5 million, or 2.1%, for the quarter ended
March 31, 2018, compared with the prior quarter.
Asset Quality - Quarter
Ended March 31, 2018 compared with Quarter Ended
December 31, 2017
Nonperforming assets totaled $84.7 million,
or 2.00% of period end total assets, at March 31, 2018, an
increase of $13.1 million, compared with $71.6 million,
or 1.68% of period end total assets, at December 31,
2017. The increase was primarily due to the downgrade of
a syndicated healthcare credit. Accruing loans classified as
troubled debt restructures and included in the nonperforming asset
totals were $13.6 million at March 31, 2018, compared
with $13.1 million at December 31, 2017. Real
estate acquired through foreclosure totaled $802 thousand at
March 31, 2018.
The allowance for loan losses was 1.22% of total
loans held for investment at March 31, 2018, compared with
0.98% of total loans held for investment at December 31,
2017. At March 31, 2018, the Company’s allowance
for loan losses to total loans held for investment, excluding
acquired loans that are accounted for under ASC 310-20 and ASC
310-30 and their related allowance, was 1.36%. Further,
the allowance for loan losses plus acquired loan net discount to
total loans held for investment adjusted for acquired loan net
discount was 1.33% as of March 31, 2018.
The Company recorded a provision for loan losses
of $9.7 million for the quarter ended March 31, 2018 up
from the $4.4 million provision for loan losses recorded for
the quarter ended December 31, 2017. The first
quarter of 2018 provision was primarily due to the addition of
specific reserves, with $3.8 million related to energy loans
and $5.9 million to a syndicated healthcare credit.
Uncertainty related to loans in the counties affected by Hurricane
Harvey has significantly diminished as we continue to monitor the
loans initially identified as having some level of
impact.
Net charge-offs were $2.7 million, or 0.08%
of average loans, for the quarter ended March 31, 2018,
compared with net charge-offs of $6.7 million, or 0.22% of
average loans, for the quarter ended December 31, 2017.
Net charge-offs included partial charge-offs of $2.7 million
in energy production loans during the quarter ended March 31,
2018, a decrease from $6.2 million for the quarter ended
December 31, 2017.
Dividend Information
On April 25, 2018, Green Bancorp’s Board of
Directors declared the initiation of a regular quarterly cash
dividend of $0.10 per share on its outstanding shares of common
stock, payable on May 24, 2018 to shareholders of record as of
May 10, 2018.
Non-GAAP Financial Measures
Green Bancorp’s management uses certain non−GAAP
(generally accepted accounting principles) financial measures to
evaluate its performance. Specifically, Green Bancorp
reviews tangible book value per common share, the tangible common
equity to tangible assets ratio, the return on average tangible
common equity ratio, allowance for loan losses less allowance for
loan losses on acquired loans to total loans held for investment
excluding acquired loans, allowance for loan losses plus acquired
loans net discount to total loans held for investment adjusted for
acquired loan net discount, operating earnings, pre-tax,
pre-provision operating earnings, diluted operating earnings per
share, operating return on average assets, operating return on
average tangible common equity and operating efficiency
ratio. Green Bancorp has included in this Earnings
Release information related to these non-GAAP financial measures
for the applicable periods presented. Please refer to
the “Notes to Financial Highlights” at the end of this Earnings
Release for a reconciliation of these non-GAAP financial
measures.
Conference Call
As previously announced, Green Bancorp will hold
a conference call today, April 26, 2018, to discuss its first
quarter results at 5:00 p.m. (Eastern Time). The
conference call can be accessed live over the phone by dialing
1-877-407-0789, or for international callers, 1-201-689-8562 and
requesting to be joined to the Green Bancorp First Quarter Earnings
Conference Call. A replay will be available starting at
8:00 p.m. (Eastern Time) on April 26, 2018 and can be accessed
by dialing 1-844-512-2921, or for international callers,
1-412-317-6671. The passcode for the replay is
13678215. The replay will be available until 11:59 p.m.
(Eastern Time) on May 3, 2018.
Interested investors and other parties may also
listen to a simultaneous webcast of the conference call by logging
onto the investor relations section of the Company's website at
investors.greenbank.com. The online replay will remain
available for a limited time beginning immediately following the
call.
To learn more about Green Bancorp, please visit
the Company's website at www.greenbank.com. Green
Bancorp uses its website as a channel of distribution for material
Company information. Financial and other material
information regarding Green Bancorp is routinely posted on the
Company's website and is readily accessible.
About Green Bancorp, Inc.
Headquartered in Houston, Texas, Green Bancorp
is a bank holding company that operates Green Bank in the Houston
and Dallas metropolitan areas and Austin, Louisville and Honey
Grove. Commercial-focused, Green Bank is a nationally
chartered bank regulated by the Office of the Comptroller of the
Currency, a division of the Department of the Treasury of the
United States.
Forward Looking Statement
The information presented herein and in other
documents filed with or furnished to the Securities and Exchange
Commission (the “SEC”), in press releases or other public
shareholder communications, or in oral statements made with the
approval of an authorized executive officer contains forward
looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 giving Green Bancorp’s expectations
or predictions of future financial or business performance or
conditions. Forward-looking statements are typically
identified by words such as “believe,” “expect,” “anticipate,”
“intend,” “target,” “estimate,” “continue,” “positions,”
“prospects” or “potential,” by future conditional verbs such as
“will,” “would,” “should,” “could” or “may”, or by variations of
such words or by similar expressions. These
forward-looking statements are subject to numerous assumptions,
risks and uncertainties which change over time. Forward-looking
statements speak only as of the date they are made and we assume no
duty to update forward-looking statements.
You are cautioned not to place undue reliance on
any forward-looking statements, which speak only as of the date
such statements are made. These statements may relate to
future financial performance, strategic plans or objectives,
revenues or earnings projections, or other financial
information. By their nature, these statements are
subject to numerous uncertainties that could cause actual results
to differ materially from those anticipated in the statements.
Statements about the expected timing, completion
and effects of the proposed transactions and all other statements
in this release other than historical facts constitute
forward-looking statements.
In addition to factors previously disclosed in
Green Bancorp’s reports filed with the SEC and those identified
elsewhere in this communication, the following factors among
others, could cause actual results to differ materially from
forward-looking statements: changes in asset quality and credit
risk; the inability to sustain revenue and earnings growth; changes
in interest rates and capital markets; inflation; customer
borrowing, repayment, investment and deposit practices; customer
disintermediation; the introduction, withdrawal, success and timing
of business initiatives; competitive conditions; the inability to
realize cost savings or revenues or to implement integration plans
and other consequences associated with mergers, acquisitions and
divestitures; economic conditions; and the impact, extent and
timing of technological changes, capital management activities, and
other actions of the Federal Reserve Board and legislative and
regulatory actions and reforms.
Annualized, pro forma, projected and estimated
numbers are used for illustrative purpose only, are not forecasts
and may not reflect actual results.
Media & Investor Relations Contacts:
Geoff Greenwade |
|
Terry Earley |
President |
|
Chief Financial
Officer |
713-275-8203 |
|
713-316-3672 |
ggreenwade@greenbank.com |
|
tearley@greenbank.com |
Green Bancorp, Inc.Financial
Highlights(Unaudited)
|
|
|
Mar 31, 2018 |
|
Dec 31, 2017 |
|
Sep 30, 2017 |
|
Jun 30, 2017 |
|
Mar 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
Period End
Balance Sheet Data: |
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
142,144 |
|
|
$ |
140,681 |
|
|
$ |
179,463 |
|
|
$ |
134,995 |
|
|
$ |
255,581 |
|
Securities |
|
729,146 |
|
|
718,814 |
|
|
707,989 |
|
|
718,750 |
|
|
589,468 |
|
Other investments |
|
38,157 |
|
|
27,283 |
|
|
22,443 |
|
|
26,002 |
|
|
19,057 |
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for
sale |
|
7,461 |
|
|
7,156 |
|
|
17,673 |
|
|
18,030 |
|
|
17,350 |
|
Loans held for
investment |
|
3,136,336 |
|
|
3,190,485 |
|
|
3,071,761 |
|
|
3,123,355 |
|
|
3,012,275 |
|
Total
Loans |
|
3,143,797 |
|
|
3,197,641 |
|
|
3,089,434 |
|
|
3,141,385 |
|
|
3,029,625 |
|
Allowance for loan
losses |
|
(38,233 |
) |
|
(31,220 |
) |
|
(33,480 |
) |
|
(31,991 |
) |
|
(31,936 |
) |
Goodwill |
|
85,291 |
|
|
85,291 |
|
|
85,291 |
|
|
85,291 |
|
|
85,291 |
|
Core deposit
intangibles, net |
|
8,187 |
|
|
8,503 |
|
|
8,835 |
|
|
9,215 |
|
|
9,595 |
|
Real estate acquired
through foreclosure |
|
802 |
|
|
802 |
|
|
802 |
|
|
921 |
|
|
1,356 |
|
Premises and equipment,
net |
|
23,694 |
|
|
24,002 |
|
|
29,733 |
|
|
30,108 |
|
|
30,604 |
|
Other assets |
|
92,262 |
|
|
90,119 |
|
|
70,415 |
|
|
71,021 |
|
|
83,359 |
|
Total
assets |
|
$ |
4,225,247 |
|
|
$ |
4,261,916 |
|
|
$ |
4,160,925 |
|
|
$ |
4,185,697 |
|
|
$ |
4,072,000 |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits |
|
$ |
849,297 |
|
|
$ |
803,210 |
|
|
$ |
684,329 |
|
|
$ |
683,656 |
|
|
$ |
705,480 |
|
Interest-bearing
transaction and savings deposits |
|
1,337,973 |
|
|
1,331,601 |
|
|
1,383,514 |
|
|
1,324,307 |
|
|
1,404,988 |
|
Certificates and other
time deposits |
|
1,266,457 |
|
|
1,262,332 |
|
|
1,340,410 |
|
|
1,352,459 |
|
|
1,305,670 |
|
Total
deposits |
|
3,453,727 |
|
|
3,397,143 |
|
|
3,408,253 |
|
|
3,360,422 |
|
|
3,416,138 |
|
Securities sold under
agreements to repurchase |
|
4,948 |
|
|
5,173 |
|
|
5,867 |
|
|
5,221 |
|
|
4,316 |
|
Other borrowed
funds |
|
230,000 |
|
|
325,000 |
|
|
215,000 |
|
|
305,000 |
|
|
150,000 |
|
Subordinated debentures
and subordinated notes |
|
47,878 |
|
|
47,737 |
|
|
47,596 |
|
|
47,454 |
|
|
47,304 |
|
Other liabilities |
|
19,816 |
|
|
23,068 |
|
|
21,898 |
|
|
15,859 |
|
|
16,954 |
|
Total
liabilities |
|
3,756,369 |
|
|
3,798,121 |
|
|
3,698,614 |
|
|
3,733,956 |
|
|
3,634,712 |
|
Shareholders'
equity |
|
468,878 |
|
|
463,795 |
|
|
462,311 |
|
|
451,741 |
|
|
437,288 |
|
Total
liabilities and equity |
|
$ |
4,225,247 |
|
|
$ |
4,261,916 |
|
|
$ |
4,160,925 |
|
|
$ |
4,185,697 |
|
|
$ |
4,072,000 |
|
|
Green Bancorp, Inc.Financial
Highlights(Unaudited)
|
|
|
|
|
For the Quarter Ended |
|
|
Mar 31,2018 |
|
Dec 31,2017 |
|
Sep 30,2017 |
|
Jun 30,2017 |
|
Mar 31,2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
Income
Statement Data: |
|
|
|
|
|
|
|
|
|
|
Interest income: |
|
|
|
|
|
|
|
|
|
|
Loans,
including fees |
|
$ |
41,799 |
|
|
$ |
39,870 |
|
|
$ |
39,549 |
|
|
$ |
38,476 |
|
|
$ |
36,371 |
|
Securities |
|
4,558 |
|
|
4,446 |
|
|
4,337 |
|
|
3,928 |
|
|
2,583 |
|
Other
investments |
|
300 |
|
|
241 |
|
|
221 |
|
|
197 |
|
|
188 |
|
Deposits
in financial institutions and fed funds sold |
|
493 |
|
|
671 |
|
|
432 |
|
|
331 |
|
|
409 |
|
Total
interest income |
|
47,150 |
|
|
45,228 |
|
|
44,539 |
|
|
42,932 |
|
|
39,551 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
Transaction and savings deposits |
|
2,464 |
|
|
2,588 |
|
|
2,502 |
|
|
2,230 |
|
|
1,978 |
|
Certificates and other time deposits |
|
4,071 |
|
|
4,017 |
|
|
4,042 |
|
|
3,786 |
|
|
3,607 |
|
Subordinated debentures and subordinated notes |
|
1,079 |
|
|
1,065 |
|
|
1,059 |
|
|
1,051 |
|
|
1,041 |
|
Other
borrowed funds |
|
1,294 |
|
|
738 |
|
|
657 |
|
|
560 |
|
|
282 |
|
Total
interest expense |
|
8,908 |
|
|
8,408 |
|
|
8,260 |
|
|
7,627 |
|
|
6,908 |
|
Net interest
income |
|
38,242 |
|
|
36,820 |
|
|
36,279 |
|
|
35,305 |
|
|
32,643 |
|
Provision for loan
losses |
|
9,663 |
|
|
4,405 |
|
|
2,300 |
|
|
1,510 |
|
|
6,145 |
|
Net interest income
after provision for loan losses |
|
28,579 |
|
|
32,415 |
|
|
33,979 |
|
|
33,795 |
|
|
26,498 |
|
Noninterest
income: |
|
|
|
|
|
|
|
|
|
|
Customer
service fees |
|
2,395 |
|
|
2,273 |
|
|
2,365 |
|
|
2,199 |
|
|
2,266 |
|
Loan
fees |
|
833 |
|
|
704 |
|
|
871 |
|
|
1,106 |
|
|
834 |
|
(Loss)
gain on sale of available-for-sale securities, net |
|
— |
|
|
— |
|
|
(332 |
) |
|
294 |
|
|
— |
|
(Loss)
gain on held for sale loans, net |
|
— |
|
|
(1,098 |
) |
|
(1,294 |
) |
|
222 |
|
|
(138 |
) |
Gain on
sale of guaranteed portion of loans, net |
|
941 |
|
|
1,648 |
|
|
1,302 |
|
|
878 |
|
|
1,927 |
|
Other |
|
989 |
|
|
401 |
|
|
478 |
|
|
1,000 |
|
|
606 |
|
Total
noninterest income |
|
5,158 |
|
|
3,928 |
|
|
3,390 |
|
|
5,699 |
|
|
5,495 |
|
Noninterest
expense: |
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits |
|
13,601 |
|
|
14,996 |
|
|
12,487 |
|
|
12,653 |
|
|
12,406 |
|
Occupancy |
|
2,077 |
|
|
2,069 |
|
|
2,080 |
|
|
2,048 |
|
|
1,997 |
|
Professional and regulatory fees |
|
2,261 |
|
|
2,241 |
|
|
2,331 |
|
|
1,899 |
|
|
2,397 |
|
Data
processing |
|
972 |
|
|
981 |
|
|
924 |
|
|
995 |
|
|
908 |
|
Software
license and maintenance |
|
716 |
|
|
636 |
|
|
464 |
|
|
438 |
|
|
489 |
|
Marketing |
|
176 |
|
|
259 |
|
|
154 |
|
|
163 |
|
|
199 |
|
Loan
related |
|
47 |
|
|
632 |
|
|
271 |
|
|
301 |
|
|
600 |
|
Real
estate acquired by foreclosure, net |
|
12 |
|
|
30 |
|
|
159 |
|
|
223 |
|
|
292 |
|
Other |
|
2,191 |
|
|
1,738 |
|
|
1,197 |
|
|
891 |
|
|
1,551 |
|
Total
noninterest expense |
|
22,053 |
|
|
23,582 |
|
|
20,067 |
|
|
19,611 |
|
|
20,839 |
|
Income before income
taxes |
|
11,684 |
|
|
12,761 |
|
|
17,302 |
|
|
19,883 |
|
|
11,154 |
|
Provision for income
taxes |
|
2,322 |
|
|
10,142 |
|
|
5,895 |
|
|
6,985 |
|
|
3,942 |
|
Net income |
|
$ |
9,362 |
|
|
$ |
2,619 |
|
|
$ |
11,407 |
|
|
$ |
12,898 |
|
|
$ |
7,212 |
|
|
Green Bancorp, Inc.Financial
Highlights(Unaudited)
|
|
|
|
|
For the Quarter Ended |
|
|
Mar 31,2018 |
|
Dec 31,2017 |
|
Sep 30,2017 |
|
Jun 30,2017 |
|
Mar 31,2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
Per Share Data (Common
Stock): |
|
|
|
|
|
|
|
|
|
|
Basic
earnings per common share |
|
$ |
0.25 |
|
|
$ |
0.07 |
|
|
$ |
0.31 |
|
|
$ |
0.35 |
|
|
$ |
0.19 |
|
Diluted
earnings per share |
|
0.25 |
|
|
0.07 |
|
|
0.31 |
|
|
0.35 |
|
|
0.19 |
|
Book
value per common share |
|
12.62 |
|
|
12.50 |
|
|
12.46 |
|
|
12.20 |
|
|
11.81 |
|
Tangible
book value per common share (1) |
|
10.10 |
|
|
9.97 |
|
|
9.93 |
|
|
9.65 |
|
|
9.25 |
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock Data: |
|
|
|
|
|
|
|
|
|
|
Shares
outstanding at period end |
|
37,163 |
|
|
37,103 |
|
|
37,096 |
|
|
37,035 |
|
|
37,015 |
|
Weighted
average basic shares outstanding for the period |
|
37,341 |
|
|
37,103 |
|
|
37,056 |
|
|
37,023 |
|
|
36,990 |
|
Weighted
average diluted shares outstanding for the period |
|
37,586 |
|
|
37,393 |
|
|
37,332 |
|
|
37,264 |
|
|
37,238 |
|
|
|
|
|
|
|
|
|
|
|
|
Selected Performance
Metrics: |
|
|
|
|
|
|
|
|
|
|
Return on
average assets(2) |
|
0.90 |
% |
|
0.25 |
% |
|
1.10 |
% |
|
1.26 |
% |
|
0.73 |
% |
Pre-tax,
pre-provision operating return on average
assets(1)(2) |
|
2.10 |
|
|
2.01 |
|
|
2.04 |
|
|
2.04 |
|
|
1.76 |
|
Return on
average equity(2) |
|
8.15 |
|
|
2.23 |
|
|
9.90 |
|
|
11.62 |
|
|
6.71 |
|
Return on
average tangible common equity(1)(2) |
|
10.47 |
|
|
3.02 |
|
|
12.74 |
|
|
15.04 |
|
|
8.88 |
|
Efficiency ratio |
|
50.81 |
|
|
57.87 |
|
|
50.59 |
|
|
47.83 |
|
|
54.64 |
|
Loans to
deposits ratio |
|
90.81 |
|
|
93.92 |
|
|
90.13 |
|
|
92.95 |
|
|
88.18 |
|
Net
interest margin |
|
3.87 |
|
|
3.64 |
|
|
3.65 |
|
|
3.63 |
|
|
3.47 |
|
Noninterest expense to average assets(2) |
|
2.13 |
|
|
2.23 |
|
|
1.93 |
|
|
1.92 |
|
|
2.10 |
|
|
|
|
|
|
|
|
|
|
|
|
Selected Performance
Metrics - Operating:(1) |
|
|
|
|
|
|
|
|
|
|
Diluted
operating earnings per share |
|
$ |
0.26 |
|
|
$ |
0.14 |
|
|
$ |
0.33 |
|
|
$ |
0.34 |
|
|
$ |
0.20 |
|
Operating
return on average assets (2) |
|
0.93 |
% |
|
0.50 |
% |
|
1.20 |
% |
|
1.23 |
% |
|
0.74 |
% |
Operating
return on average tangible common equity(2) |
|
10.81 |
|
|
5.90 |
|
|
13.89 |
|
|
14.66 |
|
|
8.99 |
|
Operating
efficiency ratio |
|
49.90 |
|
|
47.69 |
|
|
46.49 |
|
|
49.09 |
|
|
54.28 |
|
|
|
|
|
|
|
|
|
|
|
|
Green Bancorp Capital
Ratios: |
|
|
|
|
|
|
|
|
|
|
Average
shareholders’ equity to average total assets |
|
11.1 |
% |
|
11.1 |
% |
|
11.1 |
% |
|
10.9 |
% |
|
10.8 |
% |
Tier 1
capital to average assets (leverage) |
|
9.8 |
|
|
9.5 |
|
|
9.5 |
|
|
9.3 |
|
|
9.1 |
|
Common
equity tier 1 capital |
|
10.9 |
|
|
10.5 |
|
|
10.6 |
|
|
10.1 |
|
|
10.0 |
|
Tier 1
capital to risk-weighted assets |
|
11.2 |
|
|
10.9 |
|
|
11.0 |
|
|
10.5 |
|
|
10.4 |
|
Total
capital to risk-weighted assets |
|
13.3 |
|
|
12.7 |
|
|
12.9 |
|
|
12.4 |
|
|
12.3 |
|
Tangible
common equity to tangible assets(1) |
|
9.1 |
|
|
8.9 |
|
|
9.1 |
|
|
8.7 |
|
|
8.6 |
|
|
|
|
|
|
|
|
|
|
|
|
Green Bank Capital
Ratios: |
|
|
|
|
|
|
|
|
|
|
Tier 1
capital to average assets (leverage) |
|
10.4 |
% |
|
10.1 |
% |
|
10.1 |
% |
|
9.6 |
% |
|
9.1 |
% |
Common
equity tier 1 capital |
|
12.0 |
|
|
11.6 |
|
|
11.8 |
|
|
10.9 |
|
|
10.4 |
|
Tier 1
capital to risk-weighted assets |
|
12.0 |
|
|
11.6 |
|
|
11.8 |
|
|
10.9 |
|
|
10.4 |
|
Total
capital to risk-weighted assets |
|
13.0 |
|
|
12.4 |
|
|
12.6 |
|
|
11.7 |
|
|
11.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Refer to “Notes to
Financial Highlights” at the end of this Earnings Release for a
reconciliation of this non-GAAP financial
measure.(2) Annualized
ratio.
Green Bancorp, Inc.Financial
Highlights(Unaudited)
|
|
|
|
|
For the Quarter Ended |
|
|
March 31, 2018 |
|
December 31, 2017 |
|
March 31, 2017 |
|
|
AverageOutstandingBalance |
|
InterestEarned/InterestPaid |
|
AverageYield/Rate |
|
AverageOutstandingBalance |
|
InterestEarned/InterestPaid |
|
AverageYield/Rate |
|
AverageOutstandingBalance |
|
InterestEarned/InterestPaid |
|
AverageYield/Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Earning
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
3,128,803 |
|
|
$ |
41,799 |
|
|
5.42 |
% |
|
$ |
3,082,005 |
|
|
$ |
39,870 |
|
|
5.13 |
% |
|
$ |
3,035,146 |
|
|
$ |
36,371 |
|
|
4.86 |
% |
Securities |
|
719,843 |
|
|
4,558 |
|
|
2.57 |
|
|
713,137 |
|
|
4,446 |
|
|
2.47 |
|
|
571,875 |
|
|
2,583 |
|
|
1.83 |
|
Other
investments |
|
32,191 |
|
|
300 |
|
|
3.78 |
|
|
23,359 |
|
|
241 |
|
|
4.09 |
|
|
18,908 |
|
|
188 |
|
|
4.03 |
|
Interest
earning deposits in financial institutions and federal funds
sold |
|
124,487 |
|
|
493 |
|
|
1.61 |
|
|
197,454 |
|
|
671 |
|
|
1.35 |
|
|
186,418 |
|
|
409 |
|
|
0.89 |
|
Total
interest-earning assets |
|
4,005,324 |
|
|
47,150 |
|
|
4.77 |
% |
|
4,015,955 |
|
|
45,228 |
|
|
4.47 |
% |
|
3,812,347 |
|
|
39,551 |
|
|
4.21 |
% |
Allowance for loan
losses |
|
(32,234 |
) |
|
|
|
|
|
(33,708 |
) |
|
|
|
|
|
(27,669 |
) |
|
|
|
|
Noninterest-earning
assets |
|
231,110 |
|
|
|
|
|
|
221,858 |
|
|
|
|
|
|
232,066 |
|
|
|
|
|
Total
assets |
|
$ |
4,204,200 |
|
|
|
|
|
|
$ |
4,204,105 |
|
|
|
|
|
|
$ |
4,016,744 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand and savings deposits |
|
$ |
1,301,898 |
|
|
$ |
2,464 |
|
|
0.77 |
% |
|
$ |
1,387,873 |
|
|
$ |
2,588 |
|
|
0.74 |
% |
|
$ |
1,382,680 |
|
|
$ |
1,978 |
|
|
0.58 |
% |
Certificates and other time deposits |
|
1,262,644 |
|
|
4,071 |
|
|
1.31 |
|
|
1,290,277 |
|
|
4,017 |
|
|
1.24 |
|
|
1,325,329 |
|
|
3,607 |
|
|
1.10 |
|
Securities sold under agreements to repurchase |
|
5,200 |
|
|
2 |
|
|
0.16 |
|
|
5,153 |
|
|
2 |
|
|
0.15 |
|
|
3,494 |
|
|
1 |
|
|
0.12 |
|
Other
borrowed funds |
|
314,833 |
|
|
1,292 |
|
|
1.66 |
|
|
237,989 |
|
|
736 |
|
|
1.23 |
|
|
160,778 |
|
|
281 |
|
|
0.71 |
|
Subordinated debentures and subordinated notes |
|
47,814 |
|
|
1,079 |
|
|
9.15 |
|
|
47,673 |
|
|
1,065 |
|
|
8.86 |
|
|
47,550 |
|
|
1,041 |
|
|
8.88 |
|
Total
interest-bearing liabilities |
|
2,932,389 |
|
|
8,908 |
|
|
1.23 |
% |
|
2,968,965 |
|
|
8,408 |
|
|
1.12 |
% |
|
2,919,831 |
|
|
6,908 |
|
|
0.96 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
|
785,784 |
|
|
|
|
|
|
745,707 |
|
|
|
|
|
|
644,212 |
|
|
|
|
|
Other
liabilities |
|
20,012 |
|
|
|
|
|
|
23,574 |
|
|
|
|
|
|
17,006 |
|
|
|
|
|
Total
liabilities |
|
3,738,185 |
|
|
|
|
|
|
3,738,246 |
|
|
|
|
|
|
3,581,049 |
|
|
|
|
|
Shareholders’
equity |
|
466,015 |
|
|
|
|
|
|
465,859 |
|
|
|
|
|
|
435,695 |
|
|
|
|
|
Total
liabilities and shareholders’ equity |
|
$ |
4,204,200 |
|
|
|
|
|
|
$ |
4,204,105 |
|
|
|
|
|
|
$ |
4,016,744 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest rate
spread |
|
|
|
|
|
3.54 |
% |
|
|
|
|
|
3.35 |
% |
|
|
|
|
|
3.25 |
% |
Net interest income and
margin(1) |
|
|
|
$ |
38,242 |
|
|
3.87 |
% |
|
|
|
$ |
36,820 |
|
|
3.64 |
% |
|
|
|
$ |
32,643 |
|
|
3.47 |
% |
|
(1) Net interest margin
is equal to net interest income divided by interest-earning
assets.
Green Bancorp, Inc.Financial
Highlights(Unaudited)
Yield Trend
|
|
|
|
|
For the Quarter Ended |
|
|
Mar 31, 2018 |
|
Dec 31, 2017 |
|
Sep 30, 2017 |
|
Jun 30, 2017 |
|
Mar 31, 2017 |
Average yield on
interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
Loans, including
fees |
|
5.42 |
% |
|
5.13 |
% |
|
5.11 |
% |
|
5.02 |
% |
|
4.86 |
% |
Securities |
|
2.57 |
|
|
2.47 |
|
|
2.42 |
|
|
2.32 |
|
|
1.83 |
|
Other investments |
|
3.78 |
|
|
4.09 |
|
|
3.37 |
|
|
3.45 |
|
|
4.03 |
|
Interest-earning
deposits in financial institutions and federal funds sold |
|
1.61 |
|
|
1.35 |
|
|
1.27 |
|
|
1.06 |
|
|
0.89 |
|
Total
interest-earning assets |
|
4.77 |
% |
|
4.47 |
% |
|
4.48 |
% |
|
4.42 |
% |
|
4.21 |
% |
|
|
|
|
|
|
|
|
|
|
|
Average rate on
interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
Interest-bearing
transaction and savings |
|
0.77 |
% |
|
0.74 |
% |
|
0.74 |
% |
|
0.66 |
% |
|
0.58 |
% |
Certificates and other
time deposits |
|
1.31 |
|
|
1.24 |
|
|
1.19 |
|
|
1.16 |
|
|
1.10 |
|
Other borrowed
funds |
|
1.64 |
|
|
1.20 |
|
|
1.11 |
|
|
1.01 |
|
|
0.70 |
|
Subordinated
debentures |
|
9.15 |
|
|
8.86 |
|
|
8.84 |
|
|
8.90 |
|
|
8.88 |
|
Total
interest-bearing liabilities |
|
1.23 |
% |
|
1.12 |
% |
|
1.10 |
% |
|
1.04 |
% |
|
0.96 |
% |
|
|
|
|
|
|
|
|
|
|
|
Net interest rate
spread |
|
3.54 |
% |
|
3.35 |
% |
|
3.38 |
% |
|
3.38 |
% |
|
3.25 |
% |
Net interest
margin(1) |
|
3.87 |
% |
|
3.64 |
% |
|
3.65 |
% |
|
3.63 |
% |
|
3.47 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Net interest margin is equal
to net interest income divided by interest-earning assets.
Supplemental Yield Trend
|
|
|
|
|
For the Quarter Ended |
|
|
Mar 31, 2018 |
|
Dec 31, 2017 |
|
Sep 30, 2017 |
|
Jun 30, 2017 |
|
Mar 31, 2017 |
Average yield on loans,
excluding fees and discounts(2) |
|
4.94 |
% |
|
4.74 |
% |
|
4.69 |
% |
|
4.59 |
% |
|
4.42 |
% |
Average cost of
interest-bearing deposits |
|
1.03 |
|
|
0.98 |
|
|
0.96 |
|
|
0.90 |
|
|
0.84 |
|
Average cost of total
deposits, including noninterest-bearing |
|
0.79 |
|
|
0.77 |
|
|
0.77 |
|
|
0.72 |
|
|
0.68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Average yield on loans,
excluding fees and discounts, is equal to loan interest income
divided by average loan principal.
Green Bancorp, Inc.Financial
Highlights(Unaudited)
Portfolio Composition
|
|
|
|
|
|
|
|
|
|
|
|
|
Mar 31, 2018 |
|
Dec 31, 2017 |
|
Sep 30, 2017 |
|
Jun 30, 2017 |
|
Mar 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
Period End
Balances |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial &
industrial |
|
$ |
1,038,715 |
|
|
33.1 |
% |
|
$ |
1,066,266 |
|
|
33.4 |
% |
|
$ |
926,382 |
|
|
30.2 |
% |
|
$ |
930,793 |
|
|
29.8 |
% |
|
$ |
877,228 |
|
|
29.1 |
% |
Mortgage warehouse |
|
185,849 |
|
|
5.9 |
% |
|
220,230 |
|
|
6.9 |
% |
|
222,468 |
|
|
7.2 |
% |
|
213,539 |
|
|
6.8 |
% |
|
135,754 |
|
|
4.5 |
% |
Real Estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owner
occupied commercial |
|
435,366 |
|
|
13.9 |
|
|
415,230 |
|
|
13.0 |
|
|
408,398 |
|
|
13.3 |
|
|
407,317 |
|
|
13.0 |
|
|
415,595 |
|
|
13.8 |
|
Commercial |
|
1,068,832 |
|
|
34.2 |
|
|
1,067,779 |
|
|
33.5 |
|
|
1,068,742 |
|
|
34.8 |
|
|
1,109,237 |
|
|
35.5 |
|
|
1,129,031 |
|
|
37.5 |
|
Construction, land & land development |
|
148,732 |
|
|
4.7 |
|
|
164,952 |
|
|
5.2 |
|
|
193,856 |
|
|
6.3 |
|
|
201,992 |
|
|
6.5 |
|
|
201,946 |
|
|
6.7 |
|
Residential mortgage |
|
242,529 |
|
|
7.7 |
|
|
238,580 |
|
|
7.5 |
|
|
235,089 |
|
|
7.7 |
|
|
239,834 |
|
|
7.7 |
|
|
241,839 |
|
|
8.0 |
|
Consumer and Other |
|
16,313 |
|
|
0.5 |
|
|
17,448 |
|
|
0.5 |
|
|
16,826 |
|
|
0.5 |
|
|
20,643 |
|
|
0.7 |
|
|
10,882 |
|
|
0.4 |
|
Total loans held for
investment |
|
$ |
3,136,336 |
|
|
100.0 |
% |
|
$ |
3,190,485 |
|
|
100.0 |
% |
|
$ |
3,071,761 |
|
|
100.0 |
% |
|
$ |
3,123,355 |
|
|
100.0 |
% |
|
$ |
3,012,275 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
|
$ |
849,297 |
|
|
24.6 |
% |
|
$ |
803,210 |
|
|
23.6 |
% |
|
$ |
684,329 |
|
|
20.1 |
% |
|
$ |
683,656 |
|
|
20.3 |
% |
|
$ |
705,480 |
|
|
20.7 |
% |
Interest-bearing
transaction |
|
248,680 |
|
|
7.2 |
|
|
200,769 |
|
|
5.9 |
|
|
201,860 |
|
|
5.9 |
|
|
207,106 |
|
|
6.2 |
|
|
208,213 |
|
|
6.1 |
|
Money market |
|
1,004,174 |
|
|
29.0 |
|
|
1,041,954 |
|
|
30.7 |
|
|
1,085,433 |
|
|
31.9 |
|
|
1,016,453 |
|
|
30.3 |
|
|
1,089,699 |
|
|
31.9 |
|
Savings |
|
85,119 |
|
|
2.5 |
|
|
88,878 |
|
|
2.6 |
|
|
96,221 |
|
|
2.8 |
|
|
100,748 |
|
|
3.0 |
|
|
107,076 |
|
|
3.1 |
|
Certificates and other
time deposits |
|
1,266,457 |
|
|
36.7 |
|
|
1,262,332 |
|
|
37.2 |
|
|
1,340,410 |
|
|
39.3 |
|
|
1,352,459 |
|
|
40.2 |
|
|
1,305,670 |
|
|
38.2 |
|
Total deposits |
|
$ |
3,453,727 |
|
|
100.0 |
% |
|
$ |
3,397,143 |
|
|
100.0 |
% |
|
$ |
3,408,253 |
|
|
100.0 |
% |
|
$ |
3,360,422 |
|
|
100.0 |
% |
|
$ |
3,416,138 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan to Deposit
Ratio |
|
90.8 |
% |
|
|
|
93.9 |
% |
|
|
|
90.1 |
% |
|
|
|
92.9 |
% |
|
|
|
88.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Green Bancorp, Inc.Financial
Highlights(Unaudited)
Asset Quality
|
|
|
|
|
As of and for the Quarter Ended |
|
|
Mar 31,2018 |
|
Dec 31,2017 |
|
Sep 30,2017 |
|
Jun 30,2017 |
|
Mar 31,2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
Nonperforming
Assets: |
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
55,565 |
|
|
$ |
47,892 |
|
|
$ |
43,656 |
|
|
$ |
43,257 |
|
|
$ |
59,338 |
|
Accruing
loans 90 or more days past due |
|
5,412 |
|
|
375 |
|
|
4,828 |
|
|
2,651 |
|
|
5,500 |
|
Restructured loans—nonaccrual |
|
9,298 |
|
|
9,446 |
|
|
10,555 |
|
|
19,362 |
|
|
10,276 |
|
Restructured loans—accrual |
|
13,623 |
|
|
13,093 |
|
|
18,251 |
|
|
7,637 |
|
|
11,068 |
|
Total
nonperforming loans held for investment |
|
83,898 |
|
|
70,806 |
|
|
77,290 |
|
|
72,907 |
|
|
86,182 |
|
Nonperforming loans held for sale |
|
— |
|
|
— |
|
|
14,552 |
|
|
1,700 |
|
|
— |
|
Real
estate acquired through foreclosure |
|
802 |
|
|
802 |
|
|
802 |
|
|
921 |
|
|
1,356 |
|
Total
nonperforming assets |
|
$ |
84,700 |
|
|
$ |
71,608 |
|
|
$ |
92,644 |
|
|
$ |
75,528 |
|
|
$ |
87,538 |
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs: |
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
$ |
(2,699 |
) |
|
$ |
(6,447 |
) |
|
$ |
(840 |
) |
|
$ |
(466 |
) |
|
$ |
(1,312 |
) |
Owner
occupied commercial real estate |
|
— |
|
|
(126 |
) |
|
— |
|
|
(961 |
) |
|
— |
|
Construction, land & land development |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(95 |
) |
Residential mortgage |
|
— |
|
|
(19 |
) |
|
— |
|
|
— |
|
|
— |
|
Other
consumer |
|
(24 |
) |
|
(112 |
) |
|
(10 |
) |
|
(126 |
) |
|
(8 |
) |
Total
charge-offs |
|
(2,723 |
) |
|
(6,704 |
) |
|
(850 |
) |
|
(1,553 |
) |
|
(1,415 |
) |
|
|
|
|
|
|
|
|
|
|
|
Recoveries: |
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
$ |
8 |
|
|
$ |
6 |
|
|
$ |
12 |
|
|
$ |
73 |
|
|
$ |
585 |
|
Owner
occupied commercial real estate |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
4 |
|
Commercial real estate |
|
2 |
|
|
1 |
|
|
4 |
|
|
3 |
|
|
— |
|
Construction, land & land development |
|
— |
|
|
2 |
|
|
1 |
|
|
— |
|
|
74 |
|
Residential mortgage |
|
15 |
|
|
27 |
|
|
21 |
|
|
16 |
|
|
57 |
|
Other
consumer |
|
48 |
|
|
3 |
|
|
1 |
|
|
6 |
|
|
122 |
|
Total
recoveries |
|
73 |
|
|
39 |
|
|
39 |
|
|
98 |
|
|
842 |
|
|
|
|
|
|
|
|
|
|
|
|
Net (charge-offs)
recoveries |
|
$ |
(2,650 |
) |
|
$ |
(6,665 |
) |
|
$ |
(811 |
) |
|
$ |
(1,455 |
) |
|
$ |
(573 |
) |
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses at end of period |
|
$ |
38,233 |
|
|
$ |
31,220 |
|
|
$ |
33,480 |
|
|
$ |
31,991 |
|
|
$ |
31,936 |
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios: |
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total assets |
|
2.00 |
% |
|
1.68 |
% |
|
2.23 |
% |
|
1.80 |
% |
|
2.15 |
% |
Nonperforming loans to total loans held for investment |
|
2.68 |
|
|
2.22 |
|
|
2.52 |
|
|
2.33 |
|
|
2.86 |
|
Total
classified assets to total regulatory capital |
|
27.99 |
|
|
28.61 |
|
|
32.21 |
|
|
28.70 |
|
|
38.00 |
|
Allowance
for loan losses to total loans held for investment |
|
1.22 |
|
|
0.98 |
|
|
1.09 |
|
|
1.02 |
|
|
1.06 |
|
Net
charge-offs (recoveries) to average loans outstanding |
|
0.08 |
|
|
0.22 |
|
|
0.03 |
|
|
0.05 |
|
|
0.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Green Bancorp, Inc.Notes to Financial
Highlights(Unaudited)
We identify certain financial measures discussed in this release
as being “non‑GAAP financial measures.” In accordance with the
SEC’s rules, we classify a financial measure as being a non‑GAAP
financial measure if that financial measure excludes or includes
amounts, or is subject to adjustments that have the effect of
excluding or including amounts, that are included or excluded, as
the case may be, in the most directly comparable measure calculated
and presented in accordance with generally accepted accounting
principles as in effect from time to time in the United States in
our statements of income, balance sheet or statements of cash
flows. Non‑GAAP financial measures do not include operating and
other statistical measures or ratios or statistical measures
calculated using exclusively either financial measures calculated
in accordance with GAAP, operating measures or other measures that
are not non‑GAAP financial measures or both.
The non‑GAAP financial measures that we discuss in this release
should not be considered in isolation or as a substitute for the
most directly comparable or other financial measures calculated in
accordance with GAAP. Moreover, the manner in which we calculate
the non‑GAAP financial measures that we discuss in this release may
differ from that of other companies reporting measures with similar
names. You should understand how such other banking organizations
calculate their financial measures similar or with names similar to
the non‑GAAP financial measures we have discussed in this release
when comparing such non‑GAAP financial measures.
Tangible Book Value Per Common Share. Tangible book value
is a non‑GAAP measure generally used by financial analysts and
investment bankers to evaluate financial institutions. We
calculate: (a) tangible common equity as shareholders’ equity less
goodwill and core deposit intangibles, net of accumulated
amortization; and (b) tangible book value per common share as
tangible common equity (as described in clause (a)) divided by
shares of common stock outstanding. For tangible book value, the
most directly comparable financial measure calculated in accordance
with GAAP is our book value.
We believe that this measure is important to many investors in
the marketplace who are interested in changes from period to period
in book value per common share exclusive of changes in intangible
assets. Goodwill and other intangible assets have the effect of
increasing total book value while not increasing our tangible book
value.
The following table reconciles, as of the dates set forth below,
total shareholders’ equity to tangible common equity and presents
our tangible book value per common share compared with our book
value per common share:
|
|
|
Mar 31, 2018 |
|
Dec 31, 2017 |
|
Sep 30, 2017 |
|
Jun 30, 2017 |
|
Mar 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands, except per share
data) |
Tangible Common
Equity |
|
|
|
|
|
|
|
|
|
|
Total
shareholders’ equity |
|
$ |
468,878 |
|
|
$ |
463,795 |
|
|
$ |
462,311 |
|
|
$ |
451,741 |
|
|
$ |
437,288 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
85,291 |
|
|
85,291 |
|
|
85,291 |
|
|
85,291 |
|
|
85,291 |
|
Core
deposit intangibles |
|
8,187 |
|
|
8,503 |
|
|
8,835 |
|
|
9,215 |
|
|
9,595 |
|
Tangible common equity |
|
$ |
375,400 |
|
|
$ |
370,001 |
|
|
$ |
368,185 |
|
|
$ |
357,235 |
|
|
$ |
342,402 |
|
Common shares
outstanding(1) |
|
37,163 |
|
|
37,103 |
|
|
37,096 |
|
|
37,035 |
|
|
37,015 |
|
Book value per common
share(1) |
|
$ |
12.62 |
|
|
$ |
12.50 |
|
|
$ |
12.46 |
|
|
$ |
12.20 |
|
|
$ |
11.81 |
|
Tangible book value per
common share(1) |
|
$ |
10.10 |
|
|
$ |
9.97 |
|
|
$ |
9.93 |
|
|
$ |
9.65 |
|
|
$ |
9.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Excludes the dilutive
effect of common stock issuable upon exercise of outstanding stock
options. The number of exercisable options outstanding
was 627,059 as of Mar 31, 2018; 754,110 as of Dec 31,
2017; 467,257 as of Sep 30, 2017; 465,281 as of Jun 30,
2017; and 472,653 as of Mar 31, 2017.
Green Bancorp, Inc.Notes to Financial
Highlights(Unaudited)
Tangible Common Equity to Tangible Assets. Tangible
common equity to tangible assets is a non‑GAAP measure generally
used by financial analysts and investment bankers to evaluate
financial institutions. We calculate: (a) tangible common equity as
shareholders’ equity less goodwill and core deposit intangibles,
net of accumulated amortization; (b) tangible assets as total
assets less goodwill and core deposit intangibles, net of
accumulated amortization; and (c) tangible common equity to
tangible assets as tangible common equity (as described in clause
(a)) divided by tangible assets (as described in clause (b)). For
common equity to tangible assets, the most directly comparable
financial measure calculated in accordance with GAAP is total
shareholders’ equity to total assets.
We believe that this measure is important to many investors in
the marketplace who are interested in the relative changes from
period to period in common equity and total assets, each exclusive
of changes in intangible assets. Goodwill and other intangible
assets have the effect of increasing both total shareholders’
equity and assets while not increasing our tangible common equity
or tangible assets.
The following table reconciles, as of the dates set forth below,
total shareholders’ equity to tangible common equity and total
assets to tangible assets and presents our tangible common equity
to tangible assets:
|
|
|
Mar 31, 2018 |
|
Dec 31, 2017 |
|
Sep 30, 2017 |
|
Jun 30, 2017 |
|
Mar 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
Tangible Common
Equity |
|
|
|
|
|
|
|
|
|
|
Total
shareholders’ equity |
|
$ |
468,878 |
|
|
$ |
463,795 |
|
|
$ |
462,311 |
|
|
$ |
451,741 |
|
|
$ |
437,288 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
85,291 |
|
|
85,291 |
|
|
85,291 |
|
|
85,291 |
|
|
85,291 |
|
Core
deposit intangibles |
|
8,187 |
|
|
8,503 |
|
|
8,835 |
|
|
9,215 |
|
|
9,595 |
|
Tangible common equity |
|
$ |
375,400 |
|
|
$ |
370,001 |
|
|
$ |
368,185 |
|
|
$ |
357,235 |
|
|
$ |
342,402 |
|
Tangible
Assets |
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
4,225,247 |
|
|
$ |
4,261,916 |
|
|
$ |
4,160,925 |
|
|
$ |
4,185,697 |
|
|
$ |
4,072,000 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
85,291 |
|
|
85,291 |
|
|
85,291 |
|
|
85,291 |
|
|
85,291 |
|
Core
deposit intangibles |
|
8,187 |
|
|
8,503 |
|
|
8,835 |
|
|
9,215 |
|
|
9,595 |
|
Tangible assets |
|
$ |
4,131,769 |
|
|
$ |
4,168,122 |
|
|
$ |
4,066,799 |
|
|
$ |
4,091,191 |
|
|
$ |
3,977,114 |
|
Tangible Common
Equity to Tangible Assets |
|
9.09 |
% |
|
8.88 |
% |
|
9.05 |
% |
|
8.73 |
% |
|
8.61 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Green Bancorp, Inc.Notes to Financial
Highlights(Unaudited)
Return on Average Tangible Common Equity. Return on
average tangible common equity is a non‑GAAP measure generally used
by financial analysts and investment bankers to evaluate financial
institutions. We calculate: (a) average tangible common equity as
average shareholders’ equity less average goodwill and average core
deposit intangibles, net of accumulated amortization; (b) net
income less the effect of intangible assets as net income plus
amortization of core deposit intangibles, net of taxes; and (c)
return (as described in clause (a)) divided by average tangible
common equity (as described in clause (b)). For return on average
tangible common equity, the most directly comparable financial
measure calculated in accordance with GAAP is return on average
equity.
We believe that this measure is important to many investors in
the marketplace who are interested in the return on common equity,
exclusive of the impact of intangible assets. Goodwill
and other intangible assets, including core deposit intangibles,
have the effect of increasing total shareholders’ equity, while not
increasing our tangible common equity. This measure is
particularly relevant to acquisitive institutions who may have
higher balances in goodwill and other intangible assets than
non-acquisitive institutions.
The following table reconciles, as of the dates set forth below,
average tangible common equity to average common equity and net
income excluding amortization of core deposit intangibles, net of
tax to net income and presents our return on average tangible
common equity:
|
|
|
|
|
As of and for the Quarter Ended |
|
|
Mar 31, 2018 |
|
Dec 31, 2017 |
|
Sep 30, 2017 |
|
Jun 30, 2017 |
|
Mar 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
Net income
adjusted for amortization of core deposit
intangibles |
|
|
|
|
|
|
|
|
|
|
Net
income |
|
$ |
9,362 |
|
|
$ |
2,619 |
|
|
$ |
11,407 |
|
|
$ |
12,898 |
|
|
$ |
7,212 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
Plus:
Amortization of core deposit intangibles |
|
316 |
|
|
330 |
|
|
380 |
|
|
380 |
|
|
380 |
|
Less: Tax
benefit at the statutory rate |
|
66 |
|
|
116 |
|
|
133 |
|
|
133 |
|
|
133 |
|
Net income
(loss) adjusted for amortization of core deposit
intangibles |
|
$ |
9,612 |
|
|
$ |
2,833 |
|
|
$ |
11,654 |
|
|
$ |
13,145 |
|
|
$ |
7,459 |
|
|
|
|
|
|
|
|
|
|
|
|
Average
Tangible Common Equity |
|
|
|
|
|
|
|
|
|
|
Total
average shareholders’ equity |
|
$ |
466,015 |
|
|
$ |
465,859 |
|
|
$ |
457,303 |
|
|
$ |
445,334 |
|
|
$ |
435,695 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
Average
goodwill |
|
85,291 |
|
|
85,291 |
|
|
85,291 |
|
|
85,291 |
|
|
85,291 |
|
Average
core deposit intangibles |
|
8,343 |
|
|
8,661 |
|
|
9,065 |
|
|
9,461 |
|
|
9,844 |
|
Average
tangible common equity |
|
$ |
372,381 |
|
|
$ |
371,907 |
|
|
$ |
362,947 |
|
|
$ |
350,582 |
|
|
$ |
340,560 |
|
Return on
Average Tangible Common Equity
(Annualized) |
|
10.47 |
% |
|
3.02 |
% |
|
12.74 |
% |
|
15.04 |
% |
|
8.88 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Green Bancorp, Inc.Notes to Financial
Highlights(Unaudited)
Allowance for Loan Losses less Allowance for Loan Losses on
Acquired Loans to Total Loans Held for Investment excluding
Acquired Loans. The allowance for loan losses less allowance
for loan losses on acquired loans to total loans held for
investment excluding acquired loans is a non‑GAAP measure used by
management to evaluate the Company’s financial
condition. Due to the application of purchase
accounting, we use this non-GAAP ratio that excludes that impact of
these items to evaluate our allowance for loan losses to total
loans held for investment. We calculate: (a) total
allowance for loan losses less allowance for loan losses on
acquired loans as allowance for loan losses less the allowance for
loan losses on acquired loans; (b) total loans held for investment
excluding acquired loans as total loans held for investment less
the carrying value of acquired loans accounted for under ASC topics
310-20 and 310-30; and (c) allowance for loan losses less allowance
for loan losses on acquired loans to total loans held for
investment excluding acquired loans as the allowance for loan
losses less allowance for loan losses on acquired loans (as
calculated in clause (a)) divided by total loans held for
investment excluding acquired loans (as calculated in clause
(b)). For allowance for loan losses less allowance for
loan losses on acquired loans to total loans held for investment
excluding acquired loans, the most directly comparable financial
measure calculated in accordance with GAAP is allowance for loan
losses to total loans held for investment.
We believe that this measure is important to many investors in
the marketplace who are interested in the relative changes from
period to period in the allowance for loan losses less allowance
for loan losses on acquired loans to total loans held for
investment excluding acquired loans. The acquired loans
may have a premium or discount associated with them that includes a
potential credit loss component with similar characteristics to the
allowance for loan losses. This measure reports the
allowance for loan loss coverage to only those loans not accounted
for pursuant to ASC topics 310-20 and 310-30 which may assist the
investor in evaluating the allowance coverage of loans excluding
acquired loans.
The following table reconciles, as of the dates set forth below,
allowance for loan losses less allowance for loan losses on
acquired loans to total loans held for investment excluding
acquired loans:
|
|
|
Mar 31, 2018 |
|
Dec 31, 2017 |
|
Sep 30, 2017 |
|
Jun 30, 2017 |
|
Mar 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
Allowance for
loan losses less allowance for loan losses on acquired
loans |
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses |
|
$ |
38,233 |
|
|
$ |
31,220 |
|
|
$ |
33,480 |
|
|
$ |
31,991 |
|
|
$ |
31,936 |
|
Less:
Allowance for loan losses on acquired loans |
|
1,698 |
|
|
1,242 |
|
|
1,326 |
|
|
1,462 |
|
|
2,825 |
|
Total allowance
for loan losses less allowance for loan losses on
acquired loans |
|
$ |
36,535 |
|
|
$ |
29,978 |
|
|
$ |
32,154 |
|
|
$ |
30,529 |
|
|
$ |
29,111 |
|
|
|
|
|
|
|
|
|
|
|
|
Total loans
held for investment excluding acquiredloans |
|
|
|
|
|
|
|
|
|
|
Total
loans held for investment |
|
$ |
3,136,336 |
|
|
$ |
3,190,485 |
|
|
$ |
3,071,761 |
|
|
$ |
3,123,355 |
|
|
$ |
3,012,275 |
|
Less:
Carrying value of acquired loans accounted for under
ASC Topics 310-20 and 310-30 |
|
451,609 |
|
|
513,994 |
|
|
586,522 |
|
|
646,601 |
|
|
730,064 |
|
Total loans held for investment excluding
acquiredloans |
|
$ |
2,684,727 |
|
|
$ |
2,676,491 |
|
|
$ |
2,485,239 |
|
|
$ |
2,476,754 |
|
|
$ |
2,282,211 |
|
Allowance for
loan losses less allowance for loan losses on acquired
loans to total loans held for investment excluding
acquired loans |
|
1.36 |
% |
|
1.12 |
% |
|
1.29 |
% |
|
1.23 |
% |
|
1.28 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Green Bancorp, Inc.Notes to Financial
Highlights(Unaudited)
Allowance for Loan Losses plus Acquired Loan Net Discount to
Total Loans Held for Investment adjusted for Acquired Loan Net
Discount. Allowance for loan losses plus acquired loan net
discount to total loans held of investment adjusted for acquired
loan net discount is a non‑GAAP measure used by management to
evaluate the Company’s financial condition. We calculate: (a)
allowance for loan losses plus acquired loan net discount as
allowance for loan losses plus acquired loan net discount, net of
accumulated amortization; (b) total loans held for investment
adjusted for acquired loan net discount as total loans held for
investment plus acquired loan net discount, net of accumulated
amortization; and (c) allowance for loan losses plus acquired loan
net discount to total loans held for investment adjusted for
acquired loan net discount as allowance for loan losses plus
acquired loan net discount (as calculated in clause (a)) divided by
total loans held for investment adjusted for acquired loan net
discount (as calculated in clause (b)). For allowance
for loan losses to total loans excluding acquired loans, the most
directly comparable financial measure calculated in accordance with
GAAP is allowance for loan losses to total loans.
We believe that this measure is important to many investors in
the marketplace who are interested in the relative changes from
period to period in the allowance for loan losses plus the acquired
loan net discount to total loans held for investment adjusted for
the acquired loan net discount. This measure reports the
combined allowance for loan loss and acquired loan net discount (or
premium) as a percentage of loans held for investment inclusive of
the acquired loan net discount (or premium) which may assist the
investor in evaluating allowance coverage on loans inclusive of
additional discount or premium resulting from purchase accounting
adjustments.
The following table reconciles, as of the dates set forth below,
allowance for loan losses plus acquired loans net discount to total
loans adjusted for acquired loan net discount:
|
|
|
Mar 31, 2018 |
|
Dec 31, 2017 |
|
Sep 30, 2017 |
|
Jun 30, 2017 |
|
Mar 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
Allowance for
loan losses plus acquired loan net
discount |
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses at end of period |
|
$ |
38,233 |
|
|
$ |
31,220 |
|
|
$ |
33,480 |
|
|
$ |
31,991 |
|
|
$ |
31,936 |
|
Plus: Net
discount on acquired loans |
|
3,495 |
|
|
4,371 |
|
|
5,112 |
|
|
6,240 |
|
|
7,314 |
|
Total allowance plus acquired loan net
discount |
|
$ |
41,728 |
|
|
$ |
35,591 |
|
|
$ |
38,592 |
|
|
$ |
38,231 |
|
|
$ |
39,250 |
|
|
|
|
|
|
|
|
|
|
|
|
Total loans
held for investment adjusted for acquired loan net
discount |
|
|
|
|
|
|
|
|
|
|
Total
loans held for investment |
|
$ |
3,136,336 |
|
|
$ |
3,190,485 |
|
|
$ |
3,071,761 |
|
|
$ |
3,123,355 |
|
|
$ |
3,012,275 |
|
Plus: Net
discount on acquired loans |
|
3,495 |
|
|
4,371 |
|
|
5,112 |
|
|
6,240 |
|
|
7,314 |
|
Total loans held for investment adjusted for
acquired loan net discount |
|
$ |
3,139,831 |
|
|
$ |
3,194,856 |
|
|
$ |
3,076,873 |
|
|
$ |
3,129,595 |
|
|
$ |
3,019,589 |
|
Allowance for
loan losses plus acquired loan net discount loans to
total loans held for investment adjusted for acquired
loan net discount |
|
1.33 |
% |
|
1.11 |
% |
|
1.25 |
% |
|
1.22 |
% |
|
1.30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Green Bancorp, Inc.Notes to Financial
Highlights(Unaudited)
Operating Earnings, Pre-tax, Pre-provision Operating Earnings
and performance metrics calculated using Operating Earnings and
Pre-tax, Pre-provision Operating Earnings, including Diluted
Operating Earnings per Share, Operating Return on Average Assets,
Operating Return on Average Tangible Common Equity and Operating
Efficiency Ratio. Operating earnings and pre-tax,
pre-provision operating earnings are non GAAP measures used by
management to evaluate the Company’s financial performance.
We calculate (a) operating earnings as net income (loss) plus loss
(gain) on sale of securities available-for-sale, net, plus loss
(gain) on held for sale loans, net, plus stock based compensation
expense for performance option vesting, plus shelf and secondary
offering expenses. We calculate (b) pre-tax, pre-provision
operating earnings as (a) operating earnings plus provision
(benefit) for income taxes, plus provision for loan losses.
We believe that these measures and the operating metrics
calculated utilizing these measures are important to management and
many investors in the marketplace who are interested in
understanding the ongoing operating performance of the company and
provide meaningful comparisons to its peers.
The following tables reconcile, as of the dates set forth below,
operating earnings and pre-tax, pre-provision operating earnings
and related metrics:
Green Bancorp, Inc.Notes to Financial
Highlights(Unaudited)
|
|
|
|
|
As of and for the Quarter Ended |
|
|
Mar 31, 2018 |
|
Dec 31, 2017 |
|
Sep 30, 2017 |
|
Jun 30, 2017 |
|
Mar 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
Operating
Earnings |
|
|
|
|
|
|
|
|
|
|
Net
Income (loss) |
|
$ |
9,362 |
|
|
$ |
2,619 |
|
|
$ |
11,407 |
|
|
$ |
12,898 |
|
|
$ |
7,212 |
|
Plus:
Loss (gain) on sale of securities available-for- sale,
net |
|
— |
|
|
— |
|
|
332 |
|
|
(294 |
) |
|
— |
|
Plus:
Loss (gain) on held for sale loans, net |
|
— |
|
|
1,098 |
|
|
1,294 |
|
|
(222 |
) |
|
138 |
|
Plus:
Stock based compensation expense for performance option
vesting |
|
— |
|
|
3,051 |
|
|
— |
|
|
— |
|
|
— |
|
Plus:
Shelf and secondary offering expenses |
|
397 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Less: Tax
benefit at the statutory rate |
|
83 |
|
|
1,452 |
|
|
$ |
569 |
|
|
(181 |
) |
|
48 |
|
Net operating
earnings |
|
$ |
9,676 |
|
|
$ |
5,316 |
|
|
$ |
12,464 |
|
|
$ |
12,563 |
|
|
$ |
7,302 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average diluted shares outstanding |
|
37,586 |
|
|
37,393 |
|
|
37,332 |
|
|
37,264 |
|
|
37,238 |
|
Diluted
earnings per share |
|
$ |
0.25 |
|
|
$ |
0.07 |
|
|
$ |
0.31 |
|
|
$ |
0.35 |
|
|
$ |
0.19 |
|
Diluted
operating earnings per share |
|
0.26 |
|
|
0.14 |
|
|
0.33 |
|
|
0.34 |
|
|
0.20 |
|
|
|
|
|
|
|
|
|
|
|
|
Pre-Tax,
Pre-Provision Operating Earnings |
|
|
|
|
|
|
|
|
|
|
Net
Income (loss) |
|
$ |
9,362 |
|
|
$ |
2,619 |
|
|
$ |
11,407 |
|
|
$ |
12,898 |
|
|
$ |
7,212 |
|
Plus:
Provision (benefit) for income taxes |
|
2,322 |
|
|
10,142 |
|
|
5,895 |
|
|
6,985 |
|
|
3,942 |
|
Plus:
Provision for loan losses |
|
9,663 |
|
|
4,405 |
|
|
2,300 |
|
|
1,510 |
|
|
6,145 |
|
Plus:
Loss (gain) on sale of securities available-for- sale,
net |
|
— |
|
|
— |
|
|
332 |
|
|
(294 |
) |
|
— |
|
Plus:
Loss (gain) on held for sale loans, net |
|
— |
|
|
1,098 |
|
|
1,294 |
|
|
(222 |
) |
|
138 |
|
Plus:
Stock based compensation expense for performance option
vesting |
|
— |
|
|
3,051 |
|
|
— |
|
|
— |
|
|
— |
|
Plus:
Shelf and secondary offering expenses |
|
397 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Net pre-tax, pre-provision operating earnings |
|
$ |
21,744 |
|
|
$ |
21,315 |
|
|
$ |
21,228 |
|
|
$ |
20,877 |
|
|
$ |
17,437 |
|
|
|
|
|
|
|
|
|
|
|
|
Total average
assets |
|
$ |
4,204,200 |
|
|
$ |
4,204,105 |
|
|
$ |
4,131,706 |
|
|
$ |
4,096,386 |
|
|
$ |
4,016,744 |
|
Pre-tax,
pre-provision operating return on average assets
(annualized) |
|
2.10 |
% |
|
2.01 |
% |
|
2.04 |
% |
|
2.04 |
% |
|
1.76 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Green Bancorp, Inc.Notes to Financial
Highlights(Unaudited)
|
|
|
|
|
As of and for the Quarter Ended |
|
|
Mar 31, 2018 |
|
Dec 31, 2017 |
|
Sep 30, 2017 |
|
Jun 30, 2017 |
|
Mar 31, 2017 |
|
|
|
|
|
(Dollars in thousands) |
|
|
|
Average Total
Assets |
|
$ |
4,204,200 |
|
|
$ |
4,204,105 |
|
|
$ |
4,131,706 |
|
|
$ |
4,096,386 |
|
|
$ |
4,016,744 |
|
Return on average
assets |
|
0.90 |
% |
|
0.25 |
% |
|
1.10 |
% |
|
1.26 |
% |
|
0.73 |
% |
Operating return on
average assets (annualized) |
|
0.93 |
% |
|
0.50 |
% |
|
1.20 |
% |
|
1.23 |
% |
|
0.74 |
% |
|
|
|
|
|
|
|
|
|
|
|
Operating
earnings adjusted for amortization of core deposit
intangibles |
|
|
|
|
|
|
|
|
|
|
Operating
earnings |
|
$ |
9,676 |
|
|
$ |
5,316 |
|
|
$ |
12,464 |
|
|
$ |
12,563 |
|
|
$ |
7,302 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
Plus:
Amortization of core deposit intangibles |
|
316 |
|
|
330 |
|
|
380 |
|
|
380 |
|
|
380 |
|
Less: Tax
benefit at the statutory rate |
|
66 |
|
|
116 |
|
|
133 |
|
|
133 |
|
|
133 |
|
Operating
earnings adjusted for amortization of core deposit
intangibles |
|
$ |
9,926 |
|
|
$ |
5,530 |
|
|
$ |
12,711 |
|
|
$ |
12,810 |
|
|
$ |
7,549 |
|
|
|
|
|
|
|
|
|
|
|
|
Average
Tangible Common Equity |
|
|
|
|
|
|
|
|
|
|
Total
average shareholders’ equity |
|
$ |
466,015 |
|
|
$ |
465,859 |
|
|
$ |
457,303 |
|
|
$ |
445,334 |
|
|
$ |
435,695 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
Average
goodwill |
|
85,291 |
|
|
85,291 |
|
|
85,291 |
|
|
85,291 |
|
|
85,291 |
|
Average
core deposit intangibles |
|
8,343 |
|
|
8,661 |
|
|
9,065 |
|
|
9,461 |
|
|
9,844 |
|
Average tangible common equity |
|
$ |
372,381 |
|
|
$ |
371,907 |
|
|
$ |
362,947 |
|
|
$ |
350,582 |
|
|
$ |
340,560 |
|
Operating
return on average tangible common equity (Annualized),
operating earnings |
|
10.81 |
% |
|
5.90 |
% |
|
13.89 |
% |
|
14.66 |
% |
|
8.99 |
% |
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio |
|
50.81 |
% |
|
57.87 |
% |
|
50.59 |
% |
|
47.83 |
% |
|
54.64 |
% |
Operating
efficiency ratio |
|
49.90 |
% |
|
47.69 |
% |
|
46.49 |
% |
|
49.09 |
% |
|
54.28 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GREEN BANCORP, INC. (NASDAQ:GNBC)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
GREEN BANCORP, INC. (NASDAQ:GNBC)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024