FCB Financial Holdings, Inc. (NYSE:FCB) (the "Company") today
reported first quarter 2018 net income of $40.1 million, or $0.84
per share on a fully diluted basis, and adjusted net income of
$40.7 million, or $0.85 per share on a fully diluted basis. Net
income rose 3% year-over-year and pre-tax income increased by 12%
to $48.2 million. Adjusted net income rose 40% year-over-year and
adjusted net income per diluted share rose 34%. This resulted in a
ROA of 148 basis points and an adjusted ROA of 150 basis
points.
- Fully tax equivalent net revenue of
$91.7 million;
- Reported and Adjusted EPS of $0.84 and
$0.85 per share, respectively, on a fully diluted basis;
- Net Interest Margin and adjusted Net
Interest Margin expanded by 5 basis points during the quarter to
3.18% and 3.14%, respectively;
- New loan portfolio grew sequentially at
an annualized rate of 18% when excluding the impact of syndication
sales and paydowns;
- New loan fundings of $495.4 million
during the quarter;
- Demand deposits grew by $163.9 million,
or 25% annualized, during the quarter;
- Reported and Adjusted Efficiency ratio
of 43.5% and 39.6%, respectively;
- Reported and Adjusted ROA of 148 and
150 basis points, respectively; and
- Tangible book value per share was
$24.80.
The Company views certain non-operating items, including, but
not limited to, merger related and restructuring charges,
gain/(loss) on investment securities and their corresponding tax
effect, as adjustments to net income. Non-operating adjustments for
the first quarter of 2018 primarily relate to merger related
expenses associated with the acquisition of Floridian Community
Holdings, Inc. (“Floridian Community”) that was completed on March
1, 2018. Non-operating adjustments include $911 thousand of
professional services expense, $826 thousand of severance and
salary related expense, $539 thousand of data processing and system
conversion expense and $277 thousand of other operating expense,
and $1.4 million losses on investment securities. Additionally, the
Company expects its 2018 annual GAAP tax rate to be between
20-23%.
The reconciliation of non-GAAP measures (including adjusted net
income, adjusted efficiency ratio, adjusted ROA, tangible book
value and tangible book value per share), which the Company
believes facilitates the assessment of its banking operations and
peer comparability, is included in tabular form at the end of this
release.
Kent Ellert, Chief Executive Officer and President of FCB
Financial Holdings, Inc., commented, “The first quarter was another
great quarter for FCB, as we grew the balance sheet by nearly $1
billion while increasing our net interest margin by 5 basis points,
closed our Floridian Community acquisition in less than 3 months
and continued our organic momentum with over $435 million of
organic deposit growth and over $495 million of organic loan
fundings. Our organic growth and community centric approach
continues to differentiate us in the market as we solidify our
position as Florida’s largest community banking company.”
Loan Portfolio and Composition
During the quarter, the total loan portfolio, gross of the
allowance for loan losses, grew by $726.6 million to $8.7 billion
as of March 31, 2018, an increase of 9% from $8.0 billion as of
December 31, 2017, and 26% from $6.9 billion as of March 31,
2017.
The Bank’s new loan portfolio totaled $8.0 billion as of March
31, 2018, an increase of 4% from $7.7 billion as of December 31,
2017 and 22% from $6.6 billion as of March 31, 2017. Loan growth
during the quarter was a result of $495.4 million of organic new
loan fundings, consisting of $246.1 million of commercial and
industrial, $161.9 million of commercial real estate and $87.4
million of residential and consumer. Additionally, during the
quarter, the Company decreased its syndicated loan portfolio by $24
million with the total syndicated portfolio representing only 3% of
total loans. As of March 31, 2018, new loans made up 92% of the
total loan portfolio as compared to 96% and 95% as of December 31,
2017 and March 31, 2017, respectively.
The Bank’s acquired loan portfolio totaled $728.1 million as of
March 31, 2018, an increase of 130% from $316.4 million as of
December 31, 2017 and an increase of 99% from $366.2 million as of
March 31, 2017. The increase in the current quarter was primarily
driven by the acquisition of Floridian Community. As of March 31,
2018, acquired loans made up 8% of our total loan portfolio as
compared to 4% and 5% as of December 31, 2017 and March 31, 2017,
respectively.
Asset Quality
The provision for loan losses of $2.1 million recorded for the
first quarter of 2018 includes a $2.1 million provision for new
loans and a valuation allowance of $16 thousand for the acquired
loan portfolio. The provision for new loans served to increase the
related allowance to $46.2 million, or 0.58% of the $8.0 billion in
new loans outstanding. The nonperforming new loan ratio as of March
31, 2018 was 0.04%.
Deposits and Borrowings
Deposits totaled $9.5 billion as of March 31, 2018, an increase
of 9% from $8.7 billion as of December 31, 2017 and an increase of
24% from $7.7 billion as of March 31, 2017. During the first
quarter of 2018, demand deposits increased by $163.9 million, or
6%, from December 31, 2017 and increased by $727.4 million, or 34%,
from March 31, 2017. Demand deposits represent 30% of total
deposits as of March 31, 2018 as compared to 31% and 28% as of
December 31, 2017 and March 31, 2017, respectively. The cost of
deposits was 107 basis points for the quarter, representing a 12
basis point increase from the fourth quarter of 2017 and a 32 basis
point increase from the first quarter of 2017. The primary driver
of the increase over the periods is attributable to the Federal
Reserve rate hikes in March, June and December 2017 and March
2018.
Net Interest Margin and Net Interest Income
The net interest margin for the first quarter of 2018 was 3.18%,
an increase of 5 basis points from the fourth quarter of 2017 and a
decrease of 6 basis points from the first quarter of 2017. The
increase from the fourth quarter of 2017 was due primarily to the
12 basis point increase in yield on interest-earning assets
partially offset by the 10 basis point increase in cost of
interest-bearing liabilities.
Net interest income totaled $82.2 million in the first quarter
of 2018, an increase of 5% from $78.1 million in the fourth quarter
of 2017 and an increase of 18% from $69.7 million in the first
quarter of 2017. Interest income totaled $108.6 million for the
first quarter of 2018, an increase of 7% from $101.5 million in the
fourth quarter of 2017 and an increase of 27% from $85.2 million in
the first quarter of 2017. Interest income from new loans increased
by $5.8 million, or 8%, from the fourth quarter of 2017 due to
yield expansion and continued growth in the new loan portfolio.
Interest income on acquired loans increased by $0.9 million, or
14%, from the fourth quarter due to the acquisition of Floridian
Community. Interest expense was $26.4 million for the first quarter
of 2018, an increase of 13% from $23.4 million in the fourth
quarter of 2017 and an increase of 70% from $15.6 million in the
first quarter of 2017. The increase from the fourth quarter of 2017
was a result of a 10 basis point increase on cost of
interest-bearing liabilities associated with increased time deposit
duration as well as the impact of the December 2017 and March 2018
Federal Reserve rate hikes on deposit costs.
Noninterest Income and Noninterest Expense
Noninterest income totaled $7.2 million for the first quarter of
2018 as compared to $7.7 million for the fourth quarter of 2017 and
$10.0 million for the first quarter of 2017. The primary components
of noninterest income for the quarter were loan and other fees,
bank-owned life insurance income and other noninterest income of
$4.9 million, $1.4 million and $1.1 million, respectively.
Noninterest expense totaled $39.2 million for the first quarter
of 2018, an increase of 8% from $36.1 million in the fourth quarter
of 2017 and an increase of 12% from $35.1 million in the first
quarter of 2017. Non-operating adjustments for the first quarter of
2018 primarily relate to merger related expenses associated with
the acquisition of Floridian Community that was completed on March
1, 2018. Non-operating adjustments include $911 thousand of
professional services expense, $826 thousand of severance and
salary related expense, $539 thousand of data processing and system
conversion expense and $277 thousand of other operating
expense.
Financial Position
Capital ratios continue to be strong and well in excess of
regulatory requirements. Our tangible common equity, Tier 1
leverage, and total risk-based capital ratios were 10.0%, 10.7% and
12.2% for the first quarter of 2018 respectively, compared to
10.3%, 10.5% and 12.4% for the fourth quarter of 2017,
respectively. Stockholders’ equity totaled $1.30 billion as of
March 31, 2018, an increase of 10.6% from $1.18 billion as of
December 31, 2017 due to net income of $40.1 million and an
increase of $100.7 million of additional paid-in capital partially
offset by a decrease in accumulated other comprehensive income of
$15.1 million. The Company did not repurchase common stock during
the quarter. Tangible book value per common share is $24.80 as of
March 31, 2018.
Conference Call
The Company will host a conference call today, Tuesday, April
24, 2018 at 5:00 p.m. Eastern Time. Presentation materials related
to the conference call are available on the Company's website,
www.floridacommunitybank.com, by navigating to Investor
Relations.
The number to call for this interactive teleconference is (855)
238-8125, and please ask to join the FCB Financial Holdings, Inc.
or FCB teleconference. Please dial in 10 minutes prior to the
beginning of the call.
A telephonic replay of the conference call will be available
through May 24, 2018, by dialing (877) 344-7529 and entering pass
code 10118528.
The live broadcast of the conference call will also be available
online at the Company's website by following the link to Investor
Relations. An on-line replay of the call will be available at the
Company’s website for 90 days.
Forward-Looking Statements
This release may contain “forward-looking statements” within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995. Any statements about our expectations, beliefs, plans,
strategies, predictions, forecasts, objectives or assumptions of
future events or performance are not historical facts and may be
forward-looking. These statements include, but are not limited to,
the expected completion date, financial benefits and other effects
of the proposed merger of FCB and Floridian Community. These
statements are often, but not always, made through the use of words
or phrases such as “anticipates,” “believes,” “expects,” “can,”
“could,” “may,” “predicts,” “potential,” “opportunity,” “should,”
“will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,”
“expects,” “seeks,” “intends” and similar words or phrases.
Accordingly, these statements involve estimates, known and unknown
risks, assumptions and uncertainties that could cause actual
strategies, actions or results to differ materially from those
expressed in them, and are not guarantees of timing, future results
or other events or performance. Because forward-looking statements
are necessarily only estimates of future strategies, actions or
results, based on management’s current expectations, assumptions
and estimates on the date hereof, and there can be no assurance
that actual strategies, actions or results will not differ
materially from expectations, readers are cautioned not to place
undue reliance on such statements. Factors that may cause such a
difference include, but are not limited to, the reaction to the
transaction of the companies’ customers, employees and
counterparties; customer disintermediation; inflation; expected
synergies, cost savings and other financial benefits of the
proposed transaction might not be realized within the expected
timeframes or might be less than projected; the requisite
shareholder and regulatory approvals for the proposed transaction
might not be obtained; credit and interest rate risks associated
with FCB’s and Floridian Community’s respective businesses,
customers, borrowings, repayment, investment, and deposit
practices; general economic conditions, either nationally or in the
market areas in which FCB and Floridian Community operate or
anticipate doing business, are less favorable than expected; new
regulatory or legal requirements or obligations; and other risks;
certain risks and important factors that could affect FCB’s future
results are identified in its Annual Report on Form 10-K for the
year ended December 31, 2017 and other reports filed with the SEC,
including among other things under the heading “Risk Factors” in
such Annual Report on Form 10-K. Any forward-looking statement
speaks only as of the date on which it is made, and FCB undertakes
no obligation to update any forward-looking statement, whether to
reflect events or circumstances after the date on which the
statement is made, to reflect new information or the occurrence of
unanticipated events, or otherwise.
Use of Non-GAAP Financial Measures
Adjusted net income, adjusted efficiency ratio, adjusted
return-on-assets ("adjusted ROA"), tangible book value and tangible
book value per share are each non-GAAP financial measures used in
this release. A reconciliation to what we believe to be the most
directly comparable GAAP financial measures - net income in the
case of adjusted net income and adjusted ROA, total net interest
income, total noninterest income and total noninterest expense in
the case of adjusted efficiency ratio, and total shareholders'
equity in the case of tangible book value and tangible book value
per share - appears in tabular form at the end of this release. The
Company believes each of adjusted net income, adjusted efficiency
ratio, and adjusted ROA is useful for both investors and management
to understand the effects of certain noninterest items and provides
additional perspective on the Company’s performance over time and
in comparison to the Company's competitors. Neither Adjusted net
income nor Adjusted ROA should be viewed as a substitute for net
income, nor should Adjusted efficiency ratio be viewed as a
substitute for total net interest income, total noninterest income
and total noninterest expense. The Company believes that tangible
book value and tangible book value per share are useful for both
investors and management, among other things, as these are measures
commonly used by financial institutions, regulators and investors
to measure the capital adequacy of financial institutions. The
Company believes these measures facilitate comparison of the
quality and composition of the Company's capital over time and in
comparison to its competitors. These measures should not be viewed
as a substitute for total stockholders' equity.
These non-GAAP measures have inherent limitations, are not
required to be uniformly applied and are not audited. They should
not be considered in isolation or as a substitute for financial
results and analyses of results reported under GAAP, and should be
read in conjunction with the Company’s financial statements
prepared in accordance with GAAP. These non-GAAP measures may not
be comparable to similarly titled measures reported by other
companies.
About FCB Financial Holdings, Inc.
FCB Financial Holdings, Inc. (NYSE: FCB) is the largest
community banking company and the second largest Florida-based
independent bank, and among the most highly capitalized banks in
the state. Recently, FCB was ranked #8 among Forbes’ “Best Banks in
America,” marking the second consecutive year FCB was included
among the publication’s top 10 leading U.S. banks. FCB was also
awarded a five-star rating from Bauer Financial™, FCB assets are
more than $11 billion, with capital ratios that exceed regulatory
standards. Since its founding in 2010, FCB has been steadfast in
its commitment to delivering personalized service, innovation, and
products and services equal to those offered by the national banks.
Similarly, FCB recognizes the importance of community, fostering a
corporate culture that promotes employee volunteerism at all
levels, while supporting community-based programs and partnerships
that help promote greater financial independence and improved
quality of life for families. FCB serves individuals, businesses
and communities across the state with 50 full-service banking
centers from east to west, and from Daytona Beach to Miami-Dade.
For more information, visit FloridaCommunityBank.com. Equal Housing
Lender, Member FDIC.
FCB FINANCIAL HOLDINGS, INC. AND
SUBSIDIARIES
Consolidated Statements Of
Income
(Unaudited)
Three Months Ended
March 31,2018
December 31,2017
September 30,2017
June 30,2017
March 31,2017
(Dollars in thousands, except share and per share data)
Interest income: Interest and fees on loans $ 87,466
$ 80,830 $ 76,465 $ 71,516 $ 66,589 Interest and dividends on
investment securities 20,854 20,479 20,215 18,921 18,561 Other
interest income 237 181 136
136 72 Total interest income
108,557 101,490 96,816
90,573 85,222
Interest expense: Interest on
deposits 23,649 19,789 17,134 15,625 13,518 Interest on borrowings
2,725 3,587 3,901
3,061 2,034 Total interest expense 26,374
23,376 21,035 18,686
15,552
Net interest income 82,183 78,114
75,781 71,887 69,670
Provision for loan losses 2,076
2,786 2,871 2,115
1,643
Net interest income after provision for
loan losses
80,107 75,328 72,910
69,772 68,027
Noninterest income:
Service charges and fees 1,054 978 941 902 915 Loan and other fees
4,900 3,041 2,831 3,048 2,495 Bank-owned life insurance income
1,367 1,397 1,422 1,414 1,414 Income from resolution of acquired
assets 74 425 466 320 762 Gain (loss) on sales of other real estate
owned 105 (55 ) (143 ) (23 ) 45 Gain (loss) on investment
securities (1,404 ) 211 690 255 777 Other noninterest income
1,127 1,734 2,218 2,957
3,579 Total noninterest income 7,223
7,731 8,425 8,873
9,987
Noninterest expense: Salaries and employee benefits
21,945 21,987 20,860 21,486 20,497 Occupancy and equipment expenses
3,558 3,447 3,283 3,336 3,397 Loan and other real estate related
expenses 1,111 371 837 1,188 1,227 Professional services 2,265
1,690 1,390 1,508 1,352 Data processing and network 3,566 3,113
3,397 3,090 2,965 Regulatory assessments and insurance 2,497 2,280
2,330 2,184 2,177 Amortization of intangibles 294 255 256 256 256
Other operating expenses 3,925 2,976
2,886 2,204 3,213 Total
noninterest expense 39,161 36,119
35,239 35,252 35,084
Income
before income tax expense 48,169 46,940 46,096 43,393 42,930
Income tax expense 8,070 27,976
13,936 8,312 3,941
Net income $
40,099 $ 18,964 $ 32,160 $ 35,081 $
38,989
Earnings per share: Basic $ 0.89 $ 0.43
$ 0.74 $ 0.82 $ 0.93
Diluted $ 0.84 $ 0.41 $ 0.70 $ 0.76 $
0.86
Weighted average shares outstanding:
Basic 45,239,988 43,797,291 43,333,947 42,659,101 41,730,610
Diluted 47,579,309 46,565,439 46,189,468 46,042,552
45,573,213
FCB FINANCIAL HOLDINGS, INC. AND
SUBSIDIARIES Consolidated Balance Sheets
(Unaudited)
March 31,2018
December 31,2017
September 30,2017
June 30,2017
March 31,2017
(Dollars in thousands) Assets: Cash and due from
banks $ 63,640 $ 60,787 $ 62,695 $ 62,578 $ 70,908 Interest-earning
deposits in other banks 85,385 55,134 49,732 37,424 62,929
Investment securities: Available for sale securities, at fair value
2,269,046 2,120,803 2,102,711 2,046,488 1,976,252 Federal Home Loan
Bank and other bank stock, at cost 58,184
56,881 61,838 68,372
55,652 Total investment securities 2,327,230
2,177,684 2,164,549 2,114,860
2,031,904 Loans held for sale 4,167 12,736
13,503 24,145 21,251 Loans: New loans 7,976,251 7,661,385 7,164,480
6,900,380 6,552,214 Acquired loans 728,141 316,399 333,725 351,021
366,156 Allowance for loan losses (49,213 ) (47,145 )
(44,291 ) (41,334 ) (39,431 ) Loans, net
8,655,179 7,930,639 7,453,914
7,210,067 6,878,939 Premises and
equipment, net 39,424 36,144 35,741 36,111 36,278 Other real estate
owned 14,072 14,906 17,599 18,540 18,761 Goodwill and other
intangible assets 147,738 84,872 85,127 85,383 85,639 Deferred tax
assets, net 34,933 27,043 51,521 50,612 56,178 Bank-owned life
insurance 212,925 201,069 199,672 198,250 198,089 Other assets
77,420 76,065 95,279
63,422 72,346
Total assets
$ 11,662,113 $ 10,677,079
$ 10,229,332 $ 9,901,392
$ 9,533,222 Liabilities and Stockholders'
Equity Liabilities: Deposits: Transaction accounts:
Noninterest-bearing $ 1,478,837 $ 1,236,685 $ 1,242,562 $ 1,135,922
$ 1,069,745 Interest-bearing 4,770,265
4,830,525 4,486,085 4,489,554
4,571,833 Total transaction accounts 6,249,102
6,067,210 5,728,647 5,625,476 5,641,578 Time deposits
3,237,174 2,606,717 2,377,446
2,069,714 2,032,793 Total deposits
9,486,276 8,673,927 8,106,093 7,695,190 7,674,371 Borrowings
753,921 749,113 874,222 1,019,494 739,519 Other liabilities
117,774 74,867 92,944
69,430 64,085 Total liabilities
10,357,971 9,497,907 9,073,259
8,784,114 8,477,975
Stockholders'
Equity: Class A common stock 49 47 46 46 45 Class B common
stock - - - - - Additional paid-in capital 1,034,687 933,960
924,462 916,360 898,394 Retained earnings 353,019 313,645 294,681
262,521 227,440 Accumulated other comprehensive income (loss)
(6,240 ) 8,893 14,257 15,724 6,741 Treasury stock, at cost
(77,373 ) (77,373 ) (77,373 ) (77,373 )
(77,373 ) Total stockholders' equity 1,304,142
1,179,172 1,156,073 1,117,278
1,055,247
Total liabilities and stockholders'
equity $ 11,662,113 $
10,677,079 $ 10,229,332 $
9,901,392 $ 9,533,222
FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES Key
Metrics (Unaudited) Three Months
Ended
March 31,2018
December 31,2017
September 30,2017
June 30,2017
March 31,2017
Performance Ratios: Interest rate spread 2.87 % 2.85 % 2.90
% 2.92 % 3.03 % Net interest margin 3.18 % 3.13 % 3.17 % 3.16 %
3.24 % Return on average assets 1.48 % 0.72 % 1.28 % 1.47 % 1.72 %
Return on average equity 13.24 % 6.41 % 11.21 % 12.95 % 15.58 %
Efficiency ratio (company level) 43.47 % 41.78 % 41.54 % 43.33 %
43.72 % Average interest-earning assets to average interest-bearing
liabilities 124.25 % 125.00 % 124.57 % 123.38 % 121.19 % Loans
receivable to deposits 91.76 % 91.97 % 92.50 % 94.23 % 90.15 %
Yield on interest-earning assets 4.14 % 4.02 % 3.99 % 3.93 % 3.90 %
Cost of interest-bearing liabilities 1.27 % 1.17 % 1.09 % 1.01 %
0.87 %
Asset and Credit Quality Ratios - Total loans:
Nonperforming loans to loans receivable 0.19 % 0.21 % 0.28 % 0.22 %
0.24 % Nonperforming assets to total assets 0.26 % 0.29 % 0.38 %
0.35 % 0.37 % ALL to nonperforming assets 161.18 % 150.41 % 114.60
% 120.11 % 111.81 % ALL to total gross loans 0.57 % 0.59 % 0.59 %
0.57 % 0.57 %
Asset and Credit Quality Ratios - New Loans:
Nonperforming new loans to new loans receivable 0.04 % 0.04 % 0.05
% 0.02 % 0.02 % New loan ALL to total gross new loans 0.58 % 0.58 %
0.57 % 0.55 % 0.54 %
Asset and Credit Quality Ratios - Acquired
Loans: Nonperforming acquired loans to acquired loans
receivable 1.83 % 4.15 % 5.23 % 4.05 % 4.15 % Acquired loan ALL to
total gross acquired loans 0.42 % 0.95 % 1.01 % 1.06 % 1.11 %
Capital Ratios (Company): Average equity to average total
assets 11.2 % 11.3 % 11.4 % 11.3 % 11.0 % Tangible average equity
to tangible average assets (1) 10.3 % 10.6 % 10.6 % 10.5 % 10.2 %
Tangible common equity ratio (1) 10.0 % 10.3 % 10.6 % 10.5 % 10.3 %
Tier 1 leverage ratio 10.7 % 10.5 % 10.6 % 10.6 % 10.5 % Tier 1
risk-based capital ratio 11.6 % 11.9 % 12.2 % 12.3 % 12.2 % Total
risk-based capital ratio 12.2 % 12.4 % 12.7 % 12.9 % 12.8 %
Capital Ratios (Bank): Average equity to average total
assets 10.0 % 10.1 % 10.2 % 10.1 % 10.0 % Tangible common equity
ratio 9.1 % 9.0 % 9.3 % 9.3 % 9.1 % Tier 1 leverage ratio 9.7 % 9.2
% 9.4 % 9.3 % 9.3 % Tier 1 risk-based capital ratio 10.5 % 10.4 %
10.8 % 10.9 % 10.9 % Total risk-based capital ratio 11.1 % 11.0 %
11.4 % 11.4 % 11.5 % (1) See Reconciliation of Non-GAAP
Financial Measures - Tangible Book Value Per Share
FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES Loan
Composition (Unaudited)
As of March 31, December 31,
September 30, June 30,
March 31, 2018 2017 2017
2017 2017 (Dollars in thousands) New
Loans: Commercial real estate $ 2,168,606 $ 2,103,788 $
1,934,246 $ 1,811,977 $ 1,703,790 Owner-occupied commercial real
estate 1,074,076 987,781 933,439 856,050 790,062 1-4 single family
residential 2,232,791 2,185,362 2,126,006 2,133,883 2,084,966
Construction, land and development 732,551 684,462 682,354 706,866
627,894 Home equity loans and lines of credit 61,856
59,636 52,945 47,686 50,815 Total real estate
loans $ 6,269,880 $ 6,021,029 $ 5,728,990 $ 5,556,462 $ 5,257,527
Commercial and industrial 1,701,651 1,634,372 1,431,445 1,339,591
1,290,456 Consumer 4,720 5,984 4,045
4,327 4,231 Total new loans $ 7,976,251 $ 7,661,385 $
7,164,480 $ 6,900,380 $ 6,552,214
Acquired ASC 310-30
Loans: Commercial real estate $ 138,853 $ 104,335 $ 111,416 $
120,781 $ 129,317 1-4 single family residential 35,264 27,513
28,044 28,792 30,115 Construction, land and development 31,188
13,167 13,791 15,060 15,912 Home equity loans and lines of credit
202 - - - - Total real estate
loans $ 205,507 $ 145,015 $ 153,251 $ 164,633 $ 175,344 Commercial
and industrial 22,434 12,631 13,145 13,612 14,234 Consumer
1,373 1,423 1,447 1,478 1,554 Total
acquired ASC 310-30 loans $ 229,314 $ 159,069 $ 167,843 $ 179,723 $
191,132
Acquired Non-ASC 310-30 Loans: Commercial
real estate $ 111,294 $ 37,736 $ 37,896 $ 38,043 $ 38,352
Owner-occupied commercial real estate 82,534 16,100 18,097 18,266
18,465 1-4 single family residential 164,188 57,695 60,374 62,485
64,669 Construction, land and development 32,413 5,889 5,890 5,890
5,890 Home equity loans and lines of credit 42,435
34,589 38,007 40,809 41,835 Total real estate
loans $ 432,864 $ 152,009 $ 160,264 $ 165,493 $ 169,211 Commercial
and industrial 47,760 5,062 5,284 5,499 5,487 Consumer
18,203 259 334 306 326 Total Acquired
Non-ASC 310-30 Loans 498,827 157,330 165,882
171,298 175,024 Total loans $ 8,704,392 $ 7,977,784 $
7,498,205 $ 7,251,401 $ 6,918,370
FCB FINANCIAL
HOLDINGS, INC. AND SUBSIDIARIES Deposit Composition
(Unaudited) As of
March 31, December 31,
September 30, June 30,
March 31, 2018 2017 2017 2017
2017 (Dollars in thousands)
Noninterest-bearing demand deposits $ 1,478,837 $ 1,236,685 $
1,242,562 $ 1,135,922 $ 1,069,745 Interest-bearing demand deposits
1,375,820 1,454,097 1,232,116 1,117,280 1,057,539 Interest-bearing
NOW accounts 474,737 363,191 368,796 401,845 422,329 Savings and
money market accounts 2,919,708 3,013,237 2,885,173 2,970,429
3,091,965 Time deposits 3,237,174 2,606,717
2,377,446 2,069,714 2,032,793 Total deposits $
9,486,276 $ 8,673,927 $ 8,106,093 $ 7,695,190 $ 7,674,371
FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
Quarterly Average Balances and Yields (Unaudited)
Three Months Ended March
31,
Three Months Ended December
31,
2018 2017
AverageBalance (1)
Interest/Expense (2)
Annualized Yield/Rate(3)
AverageBalance (1)
Interest/Expense (2)
Annualized Yield/Rate(3)
(Dollars in thousands) Interest-earning assets:
Interest-earning deposits in other banks $ 60,702 $ 237 1.58 % $
53,967 $ 181 1.33 % New loans (4) 7,755,641 80,344 4.14 % 7,357,646
74,573 3.97 % Acquired loans (4)(5) 455,649 7,122 6.25 % 321,297
6,257 7.79 % Investment securities 2,205,548 20,854
3.78 % 2,171,964 20,479 3.69 % Total interest-earning
assets 10,477,540 108,557 4.14 % 9,904,874
101,490 4.02 % Non-earning assets: Noninterest-earning
assets 484,864 477,169 Total assets $ 10,962,404 $
10,382,043 Interest-bearing liabilities: Interest-bearing demand
deposits $ 1,413,175 $ 3,841 1.10 % $ 1,362,608 $ 3,226 0.94 %
Interest-bearing NOW accounts 446,304 977 0.89 % 342,094 672 0.78 %
Savings and money market accounts 2,995,900 8,369 1.13 % 2,847,328
7,361 1.03 % Time deposits (6) 2,824,322 10,462 1.50 % 2,476,022
8,530 1.37 % FHLB advances and other borrowings (6) 753,009
2,725 1.45 % 895,618 3,587 1.57 % Total
interest-bearing liabilities $ 8,432,710 $ 26,374 1.27 % $
7,923,670 $ 23,376 1.17 %
Noninterest-bearing liabilities and
shareholders' equity:
Noninterest-bearing demand deposits $ 1,252,912 $ 1,225,896 Other
liabilities 48,382 58,989 Stockholders' equity 1,228,400
1,173,488 Total liabilities and stockholders' equity $
10,962,404 $ 10,382,043 Net interest income $ 82,183
$ 78,114 Net interest spread 2.87 % 2.85 % Net
interest margin 3.18 % 3.13 % (1) Average balances presented
are derived from daily average balances. (2) Interest income is
presented on an actual basis and does not include taxable
equivalent adjustments. (3) Average rates are presented on an
annualized basis. (4) Includes loans on nonaccrual status. (5) Net
of allowance for loan losses. (6) Interest expense includes the
impact from premium amortization.
FCB FINANCIAL
HOLDINGS, INC. AND SUBSIDIARIES Quarterly Average Balances
and Yields (Unaudited)
Three Months Ended March 31,
2018 2017
AverageBalance (1)
Interest/Expense (2)
Annualized Yield/Rate(3)
AverageBalance (1)
Interest/Expense (2)
Annualized Yield/Rate(3)
(Dollars in thousands) Interest-earning assets:
Interest-earning deposits in other banks $ 60,702 $ 237 1.58 % $
33,990 $ 72 0.86 % New loans (4) 7,755,641 80,344 4.14 % 6,342,488
58,691 3.70 % Acquired loans (4)(5) 455,649 7,122 6.25 % 368,305
7,898 8.58 % Investment securities 2,205,548 20,854
3.78 % 1,986,083 18,561 3.74 % Total interest-earning
assets 10,477,540 108,557 4.14 % 8,730,866
85,222 3.90 % Non-earning assets: Noninterest-earning assets
484,864 465,617 Total assets $ 10,962,404 $ 9,196,483
Interest-bearing liabilities: Interest-bearing demand deposits $
1,413,175 $ 3,841 1.10 % $ 1,013,185 $ 1,712 0.69 %
Interest-bearing NOW accounts 446,304 977 0.89 % 404,483 473 0.47 %
Savings and money market accounts 2,995,900 8,369 1.13 % 2,791,959
5,116 0.74 % Time deposits (6) 2,824,322 10,462 1.50 % 2,150,522
6,217 1.17 % FHLB advances and other borrowings (6) 753,009
2,725 1.45 % 843,929 2,034 0.96 % Total
interest-bearing liabilities $ 8,432,710 $ 26,374 1.27 % $
7,204,078 $ 15,552 0.87 %
Noninterest-bearing liabilities and
shareholders' equity:
Noninterest-bearing demand deposits $ 1,252,912 $ 945,494 Other
liabilities 48,382 32,072 Stockholders' equity 1,228,400
1,014,839 Total liabilities and stockholders' equity $
10,962,404 $ 9,196,483 Net interest income $ 82,183
$ 69,670 Net interest spread 2.87 % 3.03 % Net
interest margin 3.18 % 3.24 % (1) Average balances presented
are derived from daily average balances. (2) Interest income is
presented on an actual basis and does not include taxable
equivalent adjustments. (3) Average rates are presented on an
annualized basis. (4) Includes loans on nonaccrual status. (5) Net
of allowance for loan losses. (6) Interest expense includes the
impact from premium amortization.
FCB FINANCIAL
HOLDINGS, INC. AND SUBSIDIARIES Reconciliation of Non-GAAP
Financial Measures - Adjusted Net Income (Unaudited)
Three Months Ended
March 31,2018
December 31,2017
September 30,2017
June 30,2017
March 31,2017
(Dollars in thousands) Net Income $
40,099 $ 18,964 $ 32,160
$ 35,081 $ 38,989 Pre-tax
Adjustments: Noninterest income: Less: Gain (loss) on
investment securities (1,404 ) 211 690 255 777
Noninterest
expense: Salaries and employee benefits 826 115 51 223 56
Occupancy and equipment 3 - - - - Loan and other real estate
related expenses - - - - - Professional services 911 148 - - - Data
processing and network fees 539 - - - - Regulatory assessments and
insurance - - - - - Amortization of intangibles - - - - - Other
operating expenses 277 65 125 21 12
Taxes: Tax Effect of
adjustments (1) (3,398 ) 16,212 2,541
(2,534 ) (9,147 )
Adjusted Net Income
$ 40,661 $ 35,293
$ 34,187 $ 32,536
$ 29,133 Average assets $ 10,962,404 $
10,382,043 $ 9,971,003 $ 9,602,354 $ 9,196,483 ROA (2) 1.48 % 0.72
% 1.28 % 1.47 % 1.72 % Adjusted ROA (3) 1.50 % 1.35 % 1.36 % 1.36 %
1.28 %
(1) Tax effected at marginal income tax rate of 25% except for
non tax deductible and discreet items. Adjusted tax rate 25% for
full-year 2017 and 20-23% for full-year 2018.(2) Return on assets:
Annualized net income / average assets(3) Adjusted return on
assets: Annualized adjusted net income / average assets
FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures - Adjusted
Efficiency Ratio (Unaudited)
Three Months Ended
March 31,2018
December 31,2017
September 30,2017
June 30,2017
March 31,2017
(Dollars in thousands) Reported: Net interest income
$ 82,183 $ 78,114 $ 75,781 $ 71,887 $ 69,670 FTE adjustment
479 1,245 1,357 1,348
1,288
Adjusted net interest income
$ 82,662 $ 79,359
$ 77,138 $ 73,235
$ 70,958 Reported: Noninterest income $
7,223 $ 7,731 $ 8,425 $ 8,873 $ 9,987 FTE adjustment 456 879 894
904 904 Less: Gain (loss) on investment securities (1,404 )
211 690 255 777
Adjusted noninterest income
$ 9,083
$ 8,399 $ 8,629 $
9,522 $ 10,114 Reported:
Noninterest expense $ 39,161 $ 36,119 $ 35,239 $ 35,252 $ 35,084
Less: Salaries and employee benefits 826 115 51 223 56 Occupancy
and equipment 3 - - - - Loan and other real estate related expenses
- - - - - Professional services 911 148 - - - Data processing and
network fees 539 - - - - Regulatory assessments and insurance - - -
- - Amortization of intangibles - - - - - Other operating expenses
277 65 125 21
12 Adjusted noninterest expense
$
36,605 $ 35,791 $
35,063 $ 35,008 $
35,016 Efficiency ratio (1) 43.47
% 41.78 % 41.54 % 43.33
% 43.72 % Adjusted efficiency ratio (2)
39.58 % 40.49 % 40.58 %
41.99 % 42.88 %
(1) Efficiency ratio: Noninterest expense less amortization of
intangibles / (noninterest income + net interest income)(2)
Adjusted efficiency ratio: Adjusted noninterest expense less
amortization of intangibles / (adjusted noninterest income +
adjusted net interest income)
FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Measures - Tangible Book Value Per
Share (Unaudited) March
31, December 31,
September 30, June 30,
March 31, 2018 2017 2017 2017
2017
(Dollars in thousands, except share and
per share data)
Total assets $ 11,662,113 $ 10,677,079 $ 10,229,332 $
9,901,392 $ 9,533,222 Less: Goodwill and other intangible assets
147,738 84,872 85,127
85,383 85,639 Tangible assets $
11,514,375 $ 10,592,207 $ 10,144,205 $
9,816,009 $ 9,447,583 Total stockholders' equity $
1,304,142 $ 1,179,172 $ 1,156,073 $ 1,117,278 $ 1,055,247 Less:
Goodwill and other intangible assets 147,738
84,872 85,127 85,383
85,639 Tangible stockholders' equity $ 1,156,404 $
1,094,300 $ 1,070,946 $ 1,031,895 $ 969,608
Shares outstanding 46,620,627 44,380,580 43,728,302
43,208,418 42,432,062 Tangible book value per share $ 24.80 $ 24.66
$ 24.49 $ 23.88 $ 22.85 Average assets $ 10,962,404 $ 10,382,043 $
9,971,003 $ 9,602,354 $ 9,196,483 Average equity 1,228,400
1,173,488 1,137,834 1,086,554 1,014,839 Average goodwill and other
intangible assets 105,988 84,996 85,257 85,511 85,766 Tangible
average equity to tangible average assets 10.3 % 10.6 % 10.6 % 10.5
% 10.2 % Tangible common equity ratio 10.0 % 10.3 % 10.6 % 10.5 %
10.3 %
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version on businesswire.com: https://www.businesswire.com/news/home/20180424005521/en/
FCB Financial Holdings, Inc.Matthew Paluch,
305-668-5420IR@fcb1923.com
FCB FINANCIAL HOLDINGS, INC. (NYSE:FCB)
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