Charter Financial Corporation (the “Company”) (NASDAQ:CHFN) today
reported net income of $4.4 million for the quarter ended
December 31, 2017, or $0.31 and $0.29 per basic and
diluted share, respectively, compared with net income of $5.0
million, or $0.36 and $0.33 per basic and diluted share,
respectively, for
the quarter ended December 31, 2016.
Net income for the current-year quarter
decreased $649,000 from the prior-year quarter. The difference was
attributable to a $1.4 million charge to income tax expense as a
result of the revaluation of our deferred tax asset, offset in part
by $2.2 million of growth in loans receivable interest income, due
largely to the Company's first full quarter with the newly acquired
Resurgens Bancorp ("Resurgens"). The Company's return on equity for
the current year quarter was 8.10%, as compared to 6.89% for the
last full fiscal year, while the Company's return on tangible
equity (a non-GAAP measure which excludes the average balance of
intangible assets from average equity) was 10.10%, as compared to
8.18% for the fiscal year ended September 30, 2017. Revenue
increased 7.2% to $19.7 million for the quarter ended
December 31, 2017 compared to $18.4 million for the quarter
ended September 30, 2017, while noninterest expense declined
17.5% to $11.9 million at December 31, 2017 from $14.4 million
at September 30, 2017.
"We had an excellent first quarter with strong
revenue growth, aided by our first full quarter with Resurgens,"
said Chairman and CEO Robert L. Johnson. "We also saw improvement
in our noninterest expense when compared to the September 2017
quarter, as we had $1.9 million of merger-related costs last
quarter and only $309,000 of deal costs during the current quarter.
We had our best-ever quarter of deposit and bankcard fees,
continued growth in our net interest margin, and had first-quarter
loan growth for the first time in three years, though we still have
work to do on growing our portfolio. We had the benefit of several
one-time positive items, which were more than offset by the
revaluation of our deferred tax asset. We're also beginning to see
the benefit of the Resurgens acquisition, as our efficiency ratio
improved to 60.26%."
Core system conversion of the Resurgens
acquisition is expected to be completed in February 2018, and
no further deal costs are expected after that time.
Tax Cuts and Jobs Act
On December 22, 2017, President Donald Trump
signed into law the Tax Cuts and Jobs Act, the tax reform bill (the
"Tax Act"). Under the Tax Act, federal corporate tax rates were cut
to 21% from 35%. The Company's net deferred tax assets, which
totaled $6.0 million at September 30, 2017, were calculated using
the previous statutory rate of 35%. Because of the change, the
Company revalued the net deferred tax asset and recorded an
estimated expense of $1.4 million, or approximately $0.10 and $0.09
per basic and diluted share, respectively, as an addition to income
tax expense at December 31, 2017. The Company is utilizing the
measurement period approach to revalue its deferred tax asset, so
the amount may change prior to fiscal year end at September 30,
2018.
In spite of the one-time charge, the Company
expects to realize significant savings as a result of the tax rate
changes from the Tax Act. Management's calculations estimate that
the new rate would have reduced the Company's income tax expense
$3.0 million during the previous fiscal year under full
implementation of the 21% rate. Due to the Company's fiscal year,
our income taxes will be calculated at a blended 24.5% federal
statutory rate for the current fiscal year and 21% for future
fiscal years. The new, blended tax rate is expected to reduce
income tax expense by approximately $2.5 million as compared to the
prior rate during the current year, with greater reductions in
future years when the new rate is fully implemented. The rate
change reduced expense $742,000, or $0.05 per basic and diluted
share, in regular tax accruals during the current quarter.
"We are very excited about the opportunities the
new tax law will give us," Mr. Johnson said. "We feel the savings
provided by the new, lower corporate tax rate will give us far
greater ability to provide value for all our stakeholders,
principally, our customers, in the long term."
Quarterly Operating Results
Quarterly earnings for the first quarter of
fiscal 2018 compared with the first quarter of fiscal 2017 were
positively impacted by:
- An increase in loans receivable income of $2.2 million, or
17.5%, to $14.8 million for the 2018 first quarter, compared with
$12.6 million for the same quarter in 2017, as a result of our
first full quarter with Resurgens.
- An increase in deposit and bankcard fee income of $403,000, or
12.7%.
- Interest on interest-bearing deposits in other financial
institutions increased $250,000 due to our increased cash balances
and the Federal Reserve's rate increases.
- One-time items including a $266,000 gain on the sale of assets
available for sale and $215,000 in incentive payments from our
bankcard vendor, both included in other income.
Quarterly earnings for the first quarter of
fiscal 2018 compared with the first quarter of fiscal 2017 were
negatively impacted by:
- A $1.4 million additional charge to income tax as the result of
the revaluation of our deferred tax asset due to the new Tax
Act.
- Nonrecurring deal costs from the Resurgens acquisition of
$309,000, largely concentrated in severance costs. No deal costs
were recorded in the same period in 2017.
- An increase in interest expense on deposits of $305,000, or
26.3%, due to higher balances as well as an increase of seven basis
points in the Company's cost of deposits due to higher-costing
deposits from Resurgens assumed in September 2017, adding to our
already increased legacy deposit rates. The Company's cost of
deposits increased three basis points from the quarter ended
September 30, 2017.
- Salaries and employee benefits increased $875,000, or 14.3%,
and data processing increased $244,000, due to Resurgens
transaction costs as well as increased ongoing operating costs as a
result of the acquisition.
Financial Condition
Total assets increased $3.5 million from
September 30, 2017 to $1.6 billion at December 31, 2017,
largely attributable to loan and deposit growth. Net loans grew
$2.0 million, or 0.2%, to $1.2 billion at December 31, 2017,
driven by $3.4 million of growth in our Atlanta markets.
"We are very pleased with our asset growth
during the first quarter of fiscal 2018," Mr. Johnson said. "Over
the past several fiscal years, the first quarter has been a
challenge for us in growing our loan portfolio, so we are excited
to see an increase there, even if a small one. As we continue to
integrate our new Resurgens team we expect to use our capital and
market base to further expand the loan portfolio."
Total deposits increased $4.9 million to $1.3
billion during the three months ended December 31, 2017,
largely due to growth in our money market accounts of $13.1
million. Transaction accounts increased $7.5 million from
September 30, 2017, while retail certificates of deposit
decreased $14.8 million.
From September 30, 2017 to
December 31, 2017, total stockholders' equity increased $4.0
million to $218.2 million due primarily to $4.4 million of net
income. Book value per share increased to $14.42 at
December 31, 2017 from $14.17 at September 30, 2017 due
to the Company's retention of earnings, while tangible book value
per share, a non-GAAP financial measure (see Reconciliation of
Non-GAAP Measures for further information) increased to $11.59 from
$11.33.
Net Interest Income and Net Interest
Margin
Net interest income increased $2.1 million to
$14.3 million for the first quarter of fiscal 2018, compared with
$12.2 million for the prior-year period. Total interest income
increased $2.4 million. These increases were attributable to
increased loan balances and loans receivable interest income as a
result of the Resurgens acquisition, as well as increased loan
interest income from the higher market interest rates. Loans
receivable interest income increased $2.2 million to $14.8 million
during the current quarter from $12.6 million during the prior-year
quarter. The Company also experienced an increase of $250,000 in
interest income on interest-bearing deposits in other financial
institutions during the current-year quarter due to higher cash
balances and the Federal Reserve's interest rate increases. Total
interest expense increased $306,000 to $2.0 million for the current
quarter, with approximately $100,000 due to increased deposit
balances and the remainder to higher rates. A portion of the rate
increase was attributable to increased interest rates on our money
market accounts and certificates of deposit, while the remainder
was tied to higher-costing deposits from the Resurgens
acquisition.
"We've benefited from the rate increases from
the Federal Reserve, both in our prime-based loans receivable
income and our interest-bearing overnight deposits," Mr. Johnson
said. "Thus far we've been able to keep our deposit rates low,
despite a slight uptick in the last two quarters. Our mix of
deposits from our non-metro legacy markets with relatively stable
deposit costs and our more recently acquired Metro Atlanta deposits
provide a nice blend of growth potential and rate stability.
"
Net interest margin was 3.87% for the first
quarter of fiscal 2018, compared to 3.71% for the first quarter of
fiscal 2017. The impact of purchase accounting on the Company's net
interest margin was 0.10% for the quarter ended December 31,
2017, compared to 0.23% for the quarter ended December 31,
2016 as our accretion income has dropped while legacy loans
receivable income has increased. The increase in net interest
margin was attributable to increased loan income, both from
acquisitions and legacy loan growth, as well as increased yields on
the Company's Federal Reserve deposits. While the Company will use
some of the benefits of the Tax Act to increase rates on deposits,
we are relatively well-positioned to protect net interest margin
due to our high liquidity and moderate level of loans to
deposits.
At December 31, 2017, the Company had $3.7
million of remaining loan discount accretion related to the
Community Bank of the South ("CBS") and Resurgens acquisitions,
which will be accreted over the lives of the loans acquired.
Provision for Loan Losses
The Company recorded no provision for loan
losses in the quarter ended December 31, 2017, due to the
continued positive credit quality trends of its loan portfolio and
net recoveries of previously charged-off loans. A negative
provision of $750,000 was recorded in the quarter ended
December 31, 2016.
Noninterest Income and
Expense
Noninterest income increased $409,000 to $5.4
million in the fiscal 2018 first quarter compared to $5.0 million
in the same period of 2017. The increase was primarily due to a
$403,000, or 12.7%, increase in deposit and bankcard fees,
reflecting the continued success of the Company's signature debit
card transaction marketing and deposit growth, a $215,000 gain on
incentive rebates from our debit card vendor, and a nonrecurring
$266,000 gain on the sale of assets available for sale. These
increases were offset in part by a $112,000 decrease in gain on
sale of loans due to reduced mortgage sale activity. The Company
also recorded $250,000 of recoveries on loans formerly covered
under loss share agreements during the prior year quarter, while no
such gain was recorded for the three months ended December 31,
2017.
Noninterest expense for the quarter ended
December 31, 2017, increased $1.6 million to $11.9 million,
compared with $10.3 million for the prior-year quarter, primarily
due to increased ongoing operational costs as a result of the
acquisition of Resurgens. Salaries and employee benefits increased
$875,000, or 14.3%, to $7.0 million during the current quarter,
while occupancy and data processing increased $154,000 and
$244,000, or 11.7% and 26.8%, over the prior-year quarter. The
Company also recorded $309,000 of merger costs from the Resurgens
acquisition, which were largely concentrated in severance costs.
Net benefit of operations of real estate owned decreased $310,000
due to reduced sales activity in the current quarter as the balance
of real estate owned has fallen to minimal levels.
Asset Quality
Nonperforming assets at December 31, 2017
were at 0.19% of total assets, unchanged from September 30,
2017. The allowance for loan losses was at 0.96% of total loans and
575.09% of nonperforming loans at December 31, 2017, compared
to 0.96% and 649.13%, respectively, at September 30, 2017. Not
included in the allowance at December 31, 2017 was $3.7
million in yield and credit discounts on the CBS- and
Resurgens-acquired loans. At December 31, 2017, the allowance
for loan losses was 1.19% of legacy loans, compared to 1.22% at
September 30, 2017. The Company recorded net loan recoveries
of $36,000 in its allowance for loan losses for the quarter
ended December 31, 2017, compared with net loan
recoveries of $878,000 for the same period in the prior year.
Capital Management
From the first quarter of fiscal 2014 through
the first quarter of fiscal 2017, the Company has repurchased 8.1
million shares, or 35.6%, of its common stock, for $91.9 million.
The company repurchased 14,364 shares for cash proceeds of $263,000
during the quarter ended December 31, 2017 to satisfy tax
withholding obligations for restricted stock awards of
certain officers, not as part of its publicly announced
repurchase program.
During the quarter ended December 31, 2017,
the Company paid a $0.075 per-share dividend. The Company announced
on January 23, 2018 it would pay a dividend of $0.08 per share
on February 27, 2018 to shareholders of record as of
February 13, 2018. This will be the sixth consecutive
quarterly dividend increase. The Company's equity as a percent of
total assets stood at 13.27% at December 31, 2017, as compared
to 13.06% at September 30, 2017, while the Company's tangible
common equity ratio, a non-GAAP measure, was 10.96% at
December 31, 2017, up from 10.72% at September 30,
2017.
Mr. Johnson concluded, “Charter Financial
continues to be in great position to capitalize on our long term
goals, and the new tax bill should only help us achieve these
goals. Asset quality remains strong, and our new teams in Cobb and
DeKalb Counties are positioned to perform well as we expand into
the Metro Atlanta market. We still have plenty of capacity to use
our capital to expand the balance sheet, either through
acquisitions or legacy loan growth. Our capital position remains
strong and the increase in the dividend is evidence of the board's
confidence in our promising outlook for 2018 and beyond."
About Charter Financial
Corporation
Charter Financial Corporation is a savings and
loan holding company and the parent company of CharterBank, a
full-service community bank and a federal savings institution.
CharterBank is headquartered in West Point, Georgia, and operates
branches in Metro Atlanta, the I-85 corridor south to Auburn,
Alabama, and the Florida Gulf Coast. CharterBank's deposits are
insured by the Federal Deposit Insurance Corporation. Investors may
obtain additional information about Charter Financial Corporation
and CharterBank on the internet at www.charterbk.com under About
Us.
Forward-Looking Statements
This release may contain “forward-looking
statements” within the meaning of the federal securities laws.
These statements may be identified by use of such words as
“believe,” “expect,” “anticipate,” “should,” “well-positioned,”
“planned,” “intend,” “strive,” “probably,” “focused on,”
“estimated,” “working on,” “continue to,” “seek,” "leverage,"
"building," and “potential.” Examples of forward-looking statements
include, but are not limited to, statements regarding future
growth, profitability, expense reduction, improvements in income
and margins, increasing stockholder value, and estimates with
respect to our financial condition and results of operation and
business that are subject to various factors that could cause
actual results to differ materially from these estimates. These
factors include but are not limited to the Company's inability to
implement its business strategy; general and local economic
conditions; changes in interest rates, deposit flows, demand for
mortgages and other loans, real estate values, and competition;
changes in loan defaults and charge-off rates; changes in the value
of securities and other assets, adequacy of loan loss reserves, or
deposit levels necessitating an increase in borrowing to fund loans
and investments; the changing exposure to credit risk; the
inability to identify suitable future acquisition targets; the
potential inability to effectively manage the new businesses and
lending teams that transitioned from Community Bank of the South
and Resurgens Bank; the inability to properly leverage the
expansion into the North Atlanta market; changes in legislation or
regulation; other economic, competitive, governmental, regulatory,
and technological factors affecting our operations, pricing,
products, and services; the effect of cyberterrorism and system
failures; the uncertainty in global markets resulting from the new
administration; and the effects of geopolitical instability and
risks such as terrorist attacks, the effects of weather and natural
disasters such as floods, droughts, wind, tornadoes and hurricanes,
and the effect of any damage to our reputation resulting from
developments relating to any of the factors listed herein. Any or
all forward-looking statements in this release and in any other
public statements we make may turn out to be wrong. They can be
affected by inaccurate assumptions we might make or known or
unknown risks and uncertainties. Consequently, no forward-looking
statements can be guaranteed. Except as required by law, the
Company disclaims any obligation to subsequently revise or update
any forward-looking statements to reflect events or circumstances
after the date of such statements or to reflect the occurrence of
anticipated or unanticipated events. Additional information
concerning factors that could cause actual results to differ
materially from those forward-looking statements is contained from
time to time in the Company's filings with the Securities and
Exchange Commission. The Company refers you to the section entitled
“Risk Factors” contained in the Company's Annual Report on Form
10-K for the fiscal year ended September 30, 2017. Copies of
each filing may be obtained from the Company or the Securities and
Exchange Commission.
The risks included here are not exhaustive and
undue reliance should not be placed on any forward-looking
statements, which are based on current expectations. All written
and oral forward-looking statements attributable to the Company,
its management, or persons acting on their behalf are qualified in
their entirety by these cautionary statements. Further,
forward-looking statements speak only as of the date they are made,
and the Company undertakes no obligation to update or revise
forward-looking statements to reflect changed assumptions, the
occurrence of unanticipated events or changes to future operating
results over time unless otherwise required by law.
|
|
|
Robert L. Johnson,
Chairman & CEO |
|
Dresner Corporate
Services |
Curt Kollar, CFO |
|
Steve Carr |
706-645-1391 |
|
312-780-7211 |
bjohnson@charterbank.net or |
|
scarr@dresnerco.com |
ckollar@charterbank.net |
|
|
Charter Financial
CorporationCondensed Consolidated Statements of
Financial Condition (unaudited)
|
December 31, 2017 |
|
September 30, 2017 (1) |
Assets |
Cash and amounts due
from depository institutions |
$ |
30,039,650 |
|
|
$ |
25,455,465 |
|
Interest-earning
deposits in other financial institutions |
133,103,757 |
|
|
126,882,924 |
|
Cash and
cash equivalents |
163,143,407 |
|
|
152,338,389 |
|
Loans held for sale,
fair value of $1,255,793 and $1,998,988 |
1,227,642 |
|
|
1,961,185 |
|
Certificates of deposit
held at other financial institutions |
6,028,670 |
|
|
7,514,630 |
|
Investment securities
available for sale |
180,204,970 |
|
|
183,789,821 |
|
Federal Home Loan Bank
stock |
4,054,400 |
|
|
4,054,400 |
|
Restricted securities,
at cost |
279,000 |
|
|
279,000 |
|
Loans receivable |
1,163,447,715 |
|
|
1,161,519,752 |
|
Unamortized loan
origination fees, net |
(1,020,158 |
) |
|
(1,165,148 |
) |
Allowance for loan
losses |
(11,113,945 |
) |
|
(11,078,422 |
) |
Loans
receivable, net |
1,151,313,612 |
|
|
1,149,276,182 |
|
Other real estate
owned |
1,244,367 |
|
|
1,437,345 |
|
Accrued interest and
dividends receivable |
4,632,342 |
|
|
4,197,708 |
|
Premises and equipment,
net |
29,312,694 |
|
|
29,578,513 |
|
Goodwill |
39,347,378 |
|
|
39,347,378 |
|
Other intangible
assets, net of amortization |
3,424,082 |
|
|
3,614,833 |
|
Cash surrender value of
life insurance |
53,838,402 |
|
|
53,516,317 |
|
Deferred income
taxes |
3,366,683 |
|
|
5,970,282 |
|
Other assets |
2,254,893 |
|
|
3,282,577 |
|
Total
assets |
$ |
1,643,672,542 |
|
|
$ |
1,640,158,560 |
|
Liabilities and Stockholders’
Equity |
Liabilities: |
|
|
|
Deposits |
$ |
1,343,997,345 |
|
|
$ |
1,339,143,287 |
|
Short-term borrowings |
3,009,550 |
|
|
— |
|
Long-term
borrowings |
57,009,550 |
|
|
60,023,100 |
|
Floating
rate junior subordinated debt |
6,758,921 |
|
|
6,724,646 |
|
Advance
payments by borrowers for taxes and insurance |
1,279,972 |
|
|
2,956,441 |
|
Other
liabilities |
13,430,494 |
|
|
17,112,581 |
|
Total
liabilities |
1,425,485,832 |
|
|
1,425,960,055 |
|
Stockholders’
equity: |
|
|
|
Common
stock, $0.01 par value; 15,132,320 shares issued and outstanding at
December 31, 2017 and 15,115,883 shares issued and outstanding at
September 30, 2017 |
151,323 |
|
|
151,159 |
|
Preferred stock, $0.01 par value; 50,000,000 shares authorized at
December 31, 2017 and September 30, 2017 |
— |
|
|
— |
|
Additional paid-in capital |
86,384,212 |
|
|
85,651,391 |
|
Unearned
compensation – ESOP |
(4,192,308 |
) |
|
(4,673,761 |
) |
Retained
earnings |
137,525,408 |
|
|
134,207,368 |
|
Accumulated other comprehensive loss |
(1,681,925 |
) |
|
(1,137,652 |
) |
Total
stockholders’ equity |
218,186,710 |
|
|
214,198,505 |
|
Total
liabilities and stockholders’ equity |
$ |
1,643,672,542 |
|
|
$ |
1,640,158,560 |
|
__________________________________
- Financial information at September 30, 2017 has been
derived from audited financial statements.
Charter Financial
CorporationCondensed Consolidated Statements of
Income (unaudited)
|
Three Months Ended December
31, |
|
2017 |
|
2016 |
Interest income: |
|
|
|
Loans
receivable |
$ |
14,771,827 |
|
|
$ |
12,569,903 |
|
Taxable
investment securities |
1,064,082 |
|
|
1,095,900 |
|
Nontaxable investment securities |
3,274 |
|
|
4,571 |
|
Federal
Home Loan Bank stock |
51,199 |
|
|
39,210 |
|
Interest-earning deposits in other financial institutions |
361,276 |
|
|
110,817 |
|
Certificates of deposit held at other financial institutions |
25,106 |
|
|
42,629 |
|
Restricted securities |
3,067 |
|
|
2,573 |
|
Total
interest income |
16,279,831 |
|
|
13,865,603 |
|
Interest expense: |
|
|
|
Deposits |
1,463,297 |
|
|
1,158,316 |
|
Borrowings |
371,575 |
|
|
386,975 |
|
Floating
rate junior subordinated debt |
137,480 |
|
|
120,792 |
|
Total
interest expense |
1,972,352 |
|
|
1,666,083 |
|
Net
interest income |
14,307,479 |
|
|
12,199,520 |
|
Provision
for loan losses |
— |
|
|
(750,000 |
) |
Net
interest income after provision for loan losses |
14,307,479 |
|
|
12,949,520 |
|
Noninterest
income: |
|
|
|
Service
charges on deposit accounts |
2,113,531 |
|
|
1,887,810 |
|
Bankcard
fees |
1,459,473 |
|
|
1,282,358 |
|
Gain on
investment securities available for sale |
1,074 |
|
|
— |
|
Bank
owned life insurance |
322,085 |
|
|
332,352 |
|
Gain on
sale of loans |
619,209 |
|
|
731,262 |
|
Brokerage
commissions |
172,377 |
|
|
165,996 |
|
Recoveries on acquired loans previously covered under FDIC-assisted
acquisitions |
— |
|
|
250,000 |
|
Other |
703,709 |
|
|
333,067 |
|
Total
noninterest income |
5,391,458 |
|
|
4,982,845 |
|
Noninterest
expenses: |
|
|
|
Salaries
and employee benefits |
7,008,791 |
|
|
6,133,673 |
|
Occupancy |
1,477,818 |
|
|
1,323,323 |
|
Data
processing |
1,152,728 |
|
|
908,955 |
|
Legal and
professional |
266,394 |
|
|
284,156 |
|
Marketing |
329,137 |
|
|
356,524 |
|
Federal
insurance premiums and other regulatory fees |
188,314 |
|
|
165,495 |
|
Net
benefit of operations of real estate owned |
(49,602 |
) |
|
(359,270 |
) |
Furniture
and equipment |
239,984 |
|
|
174,055 |
|
Postage,
office supplies and printing |
231,718 |
|
|
270,385 |
|
Core
deposit intangible amortization expense |
190,751 |
|
|
153,662 |
|
Other |
835,310 |
|
|
878,549 |
|
Total
noninterest expenses |
11,871,343 |
|
|
10,289,507 |
|
Income
before income taxes |
7,827,594 |
|
|
7,642,858 |
|
Income
tax expense |
3,430,591 |
|
|
2,597,191 |
|
Net
income |
$ |
4,397,003 |
|
|
$ |
5,045,667 |
|
Basic net income per
share |
$ |
0.31 |
|
|
$ |
0.36 |
|
Diluted net income per
share |
$ |
0.29 |
|
|
$ |
0.33 |
|
Weighted average number
of common shares outstanding |
14,408,416 |
|
|
14,207,468 |
|
Weighted average number
of common and potential common shares outstanding |
15,233,282 |
|
|
15,064,879 |
|
Charter Financial
CorporationSupplemental Financial Data
(unaudited)in thousands except per share data
|
Quarter to Date |
|
|
Year to Date |
|
12/31/2017 |
|
9/30/2017 (1) |
|
6/30/2017 |
|
3/31/2017 |
|
12/31/2016 |
|
|
12/31/2017 |
|
12/31/2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
balance sheet data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
1,643,673 |
|
|
$ |
1,640,159 |
|
|
$ |
1,480,122 |
|
|
$ |
1,484,796 |
|
|
$ |
1,461,667 |
|
|
|
$ |
1,643,673 |
|
|
$ |
1,461,667 |
|
Cash and cash
equivalents |
163,143 |
|
|
152,338 |
|
|
120,144 |
|
|
140,285 |
|
|
131,849 |
|
|
|
163,143 |
|
|
131,849 |
|
Loans receivable,
net |
1,151,314 |
|
|
1,149,276 |
|
|
1,032,108 |
|
|
1,007,552 |
|
|
990,635 |
|
|
|
1,151,314 |
|
|
990,635 |
|
Other real estate
owned |
1,244 |
|
|
1,437 |
|
|
1,938 |
|
|
1,957 |
|
|
2,161 |
|
|
|
1,244 |
|
|
2,161 |
|
Securities available
for sale |
180,205 |
|
|
183,790 |
|
|
187,655 |
|
|
191,483 |
|
|
196,279 |
|
|
|
180,205 |
|
|
196,279 |
|
Transaction
accounts |
574,682 |
|
|
567,213 |
|
|
510,810 |
|
|
513,294 |
|
|
481,841 |
|
|
|
574,682 |
|
|
481,841 |
|
Total deposits |
1,343,997 |
|
|
1,339,143 |
|
|
1,194,254 |
|
|
1,201,731 |
|
|
1,186,347 |
|
|
|
1,343,997 |
|
|
1,186,347 |
|
Borrowings |
66,778 |
|
|
66,748 |
|
|
56,690 |
|
|
56,656 |
|
|
56,622 |
|
|
|
66,778 |
|
|
56,622 |
|
Total stockholders’
equity |
218,187 |
|
|
214,199 |
|
|
212,080 |
|
|
208,413 |
|
|
205,500 |
|
|
|
218,187 |
|
|
205,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
earnings summary: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
$ |
16,280 |
|
|
$ |
15,062 |
|
|
$ |
13,626 |
|
|
$ |
13,307 |
|
|
$ |
13,866 |
|
|
|
$ |
16,280 |
|
|
$ |
13,866 |
|
Interest expense |
1,973 |
|
|
1,762 |
|
|
1,639 |
|
|
1,652 |
|
|
1,666 |
|
|
|
1,973 |
|
|
1,666 |
|
Net
interest income |
14,307 |
|
|
13,300 |
|
|
11,987 |
|
|
11,655 |
|
|
12,200 |
|
|
|
14,307 |
|
|
12,200 |
|
Provision for loan
losses |
— |
|
|
— |
|
|
— |
|
|
(150 |
) |
|
(750 |
) |
|
|
— |
|
|
(750 |
) |
Net
interest income after provision for loan losses |
14,307 |
|
|
13,300 |
|
|
11,987 |
|
|
11,805 |
|
|
12,950 |
|
|
|
14,307 |
|
|
12,950 |
|
Noninterest income |
5,391 |
|
|
5,070 |
|
|
4,639 |
|
|
4,546 |
|
|
4,983 |
|
|
|
5,391 |
|
|
4,983 |
|
Noninterest
expense |
11,870 |
|
|
14,386 |
|
|
11,096 |
|
|
10,750 |
|
|
10,290 |
|
|
|
11,870 |
|
|
10,290 |
|
Income tax expense |
3,431 |
|
|
1,424 |
|
|
2,016 |
|
|
2,284 |
|
|
2,597 |
|
|
|
3,431 |
|
|
2,597 |
|
Net
income |
$ |
4,397 |
|
|
$ |
2,560 |
|
|
$ |
3,514 |
|
|
$ |
3,317 |
|
|
$ |
5,046 |
|
|
|
$ |
4,397 |
|
|
$ |
5,046 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share
data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share –
basic |
$ |
0.31 |
|
|
$ |
0.18 |
|
|
$ |
0.24 |
|
|
$ |
0.23 |
|
|
$ |
0.36 |
|
|
|
$ |
0.31 |
|
|
$ |
0.36 |
|
Earnings per share –
fully diluted |
$ |
0.29 |
|
|
$ |
0.17 |
|
|
$ |
0.23 |
|
|
$ |
0.22 |
|
|
$ |
0.33 |
|
|
|
$ |
0.29 |
|
|
$ |
0.33 |
|
Cash dividends per
share |
$ |
0.075 |
|
|
$ |
0.070 |
|
|
$ |
0.065 |
|
|
$ |
0.060 |
|
|
$ |
0.055 |
|
|
|
$ |
0.075 |
|
|
$ |
0.060 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average basic
shares |
14,408 |
|
|
14,384 |
|
|
14,353 |
|
|
14,322 |
|
|
14,207 |
|
|
|
14,408 |
|
|
14,207 |
|
Weighted average
diluted shares |
15,233 |
|
|
15,241 |
|
|
15,257 |
|
|
15,340 |
|
|
15,065 |
|
|
|
15,233 |
|
|
15,065 |
|
Total shares
outstanding |
15,132 |
|
|
15,116 |
|
|
15,112 |
|
|
15,061 |
|
|
15,031 |
|
|
|
15,132 |
|
|
15,031 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per
share |
$ |
14.42 |
|
|
$ |
14.17 |
|
|
$ |
14.03 |
|
|
$ |
13.84 |
|
|
$ |
13.67 |
|
|
|
$ |
14.42 |
|
|
$ |
13.67 |
|
Tangible book value per
share (2) |
$ |
11.59 |
|
|
$ |
11.33 |
|
|
$ |
11.92 |
|
|
$ |
11.70 |
|
|
$ |
11.52 |
|
|
|
$ |
11.59 |
|
|
$ |
11.52 |
|
__________________________________
- Financial information at and for the year ended
September 30, 2017 has been derived from audited financial
statements.
- Non-GAAP financial measure, calculated as total stockholders'
equity less goodwill and other intangible assets divided by
period-end shares outstanding.
Charter Financial
CorporationSupplemental Information
(unaudited)dollars in thousands
|
Quarter to Date |
|
|
Year to Date |
|
12/31/2017 |
|
9/30/2017 |
|
6/30/2017 |
|
3/31/2017 |
|
12/31/2016 |
|
|
12/31/2017 |
|
12/31/2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-4
family residential real estate |
$ |
224,829 |
|
|
$ |
232,040 |
|
|
$ |
222,904 |
|
|
$ |
223,216 |
|
|
$ |
223,609 |
|
|
|
$ |
224,829 |
|
|
$ |
223,609 |
|
Commercial real estate |
698,906 |
|
|
697,071 |
|
|
624,926 |
|
|
608,206 |
|
|
595,207 |
|
|
|
698,906 |
|
|
595,207 |
|
Commercial |
106,669 |
|
|
103,673 |
|
|
79,695 |
|
|
73,119 |
|
|
73,182 |
|
|
|
106,669 |
|
|
73,182 |
|
Real
estate construction |
94,142 |
|
|
88,792 |
|
|
75,941 |
|
|
77,332 |
|
|
79,136 |
|
|
|
94,142 |
|
|
79,136 |
|
Consumer
and other |
38,902 |
|
|
39,944 |
|
|
40,675 |
|
|
37,300 |
|
|
31,212 |
|
|
|
38,902 |
|
|
31,212 |
|
Total
loans receivable |
$ |
1,163,448 |
|
|
$ |
1,161,520 |
|
|
$ |
1,044,141 |
|
|
$ |
1,019,173 |
|
|
$ |
1,002,346 |
|
|
|
$ |
1,163,448 |
|
|
$ |
1,002,346 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for
loan losses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
at beginning of period |
$ |
11,078 |
|
|
$ |
10,800 |
|
|
$ |
10,505 |
|
|
$ |
10,499 |
|
|
$ |
10,371 |
|
|
|
$ |
11,078 |
|
|
$ |
10,371 |
|
Charge-offs |
(267 |
) |
|
(76 |
) |
|
(73 |
) |
|
(103 |
) |
|
(50 |
) |
|
|
(267 |
) |
|
(50 |
) |
Recoveries |
303 |
|
|
354 |
|
|
368 |
|
|
259 |
|
|
928 |
|
|
|
303 |
|
|
928 |
|
Provision |
— |
|
|
— |
|
|
— |
|
|
(150 |
) |
|
(750 |
) |
|
|
— |
|
|
(750 |
) |
Balance
at end of period |
$ |
11,114 |
|
|
$ |
11,078 |
|
|
$ |
10,800 |
|
|
$ |
10,505 |
|
|
$ |
10,499 |
|
|
|
$ |
11,114 |
|
|
$ |
10,499 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming
assets: (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
$ |
1,600 |
|
|
$ |
1,661 |
|
|
$ |
1,549 |
|
|
$ |
1,610 |
|
|
$ |
1,527 |
|
|
|
$ |
1,600 |
|
|
$ |
1,527 |
|
Loans
delinquent 90 days or greater and still accruing |
332 |
|
|
46 |
|
|
291 |
|
|
— |
|
|
238 |
|
|
|
332 |
|
|
238 |
|
Total
nonperforming loans |
1,932 |
|
|
1,707 |
|
|
1,840 |
|
|
1,610 |
|
|
1,765 |
|
|
|
1,932 |
|
|
1,765 |
|
Other
real estate owned |
1,244 |
|
|
1,437 |
|
|
1,938 |
|
|
1,957 |
|
|
2,161 |
|
|
|
1,244 |
|
|
2,161 |
|
Total
nonperforming assets |
$ |
3,177 |
|
|
$ |
3,144 |
|
|
$ |
3,778 |
|
|
$ |
3,567 |
|
|
$ |
3,925 |
|
|
|
$ |
3,176 |
|
|
$ |
3,925 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled debt
restructuring: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled
debt restructurings - accruing |
$ |
4,368 |
|
|
$ |
4,951 |
|
|
$ |
5,007 |
|
|
$ |
5,073 |
|
|
$ |
4,761 |
|
|
|
$ |
4,368 |
|
|
$ |
4,761 |
|
Troubled
debt restructurings - nonaccrual |
90 |
|
|
92 |
|
|
107 |
|
|
137 |
|
|
192 |
|
|
|
90 |
|
|
192 |
|
Total
troubled debt restructurings |
$ |
4,458 |
|
|
$ |
5,043 |
|
|
$ |
5,114 |
|
|
$ |
5,210 |
|
|
$ |
4,953 |
|
|
|
$ |
4,458 |
|
|
$ |
4,953 |
|
__________________________________
- Loans being accounted for under purchase accounting rules which
have associated accretion income established at the time of
acquisition remaining to recognize, that were greater than 90 days
delinquent or otherwise considered nonperforming loans at the
acquisition date are excluded from this table.
Charter Financial
CorporationSupplemental Information
(unaudited)
|
Quarter to Date |
|
|
Year to Date |
|
12/31/2017 |
|
9/30/2017 |
|
6/30/2017 |
|
3/31/2017 |
|
12/31/2016 |
|
|
12/31/2017 |
|
12/31/2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on equity
(annualized) |
8.10 |
% |
|
4.77 |
% |
|
6.65 |
% |
|
6.40 |
% |
|
9.84 |
% |
|
|
8.10 |
% |
|
9.84 |
% |
Return on tangible
equity (annualized) (1) |
10.10 |
% |
|
5.72 |
% |
|
7.84 |
% |
|
7.58 |
% |
|
11.69 |
% |
|
|
10.10 |
% |
|
11.69 |
% |
Return on assets
(annualized) |
1.08 |
% |
|
0.67 |
% |
|
0.96 |
% |
|
0.91 |
% |
|
1.39 |
% |
|
|
1.08 |
% |
|
1.39 |
% |
Net interest margin
(annualized) |
3.87 |
% |
|
3.85 |
% |
|
3.60 |
% |
|
3.52 |
% |
|
3.71 |
% |
|
|
3.87 |
% |
|
3.71 |
% |
Impact of purchase
accounting on net interest margin (2) |
0.10 |
% |
|
0.14 |
% |
|
0.05 |
% |
|
0.11 |
% |
|
0.23 |
% |
|
|
0.10 |
% |
|
0.23 |
% |
Holding company tier 1
leverage ratio (3) |
11.55 |
% |
|
12.05 |
% |
|
13.08 |
% |
|
12.92 |
% |
|
12.83 |
% |
|
|
11.55 |
% |
|
12.83 |
% |
Holding company total
risk-based capital ratio (3) |
15.90 |
% |
|
15.79 |
% |
|
17.98 |
% |
|
17.93 |
% |
|
17.38 |
% |
|
|
15.90 |
% |
|
17.38 |
% |
Bank tier 1 leverage
ratio (3) (4) |
10.57 |
% |
|
10.96 |
% |
|
12.06 |
% |
|
11.84 |
% |
|
11.70 |
% |
|
|
10.57 |
% |
|
11.70 |
% |
Bank total risk-based
capital ratio (3) |
14.61 |
% |
|
14.45 |
% |
|
16.67 |
% |
|
16.53 |
% |
|
15.91 |
% |
|
|
14.61 |
% |
|
15.91 |
% |
Effective tax rate
(5) |
43.83 |
% |
|
35.75 |
% |
|
36.46 |
% |
|
40.78 |
% |
|
33.98 |
% |
|
|
43.83 |
% |
|
33.98 |
% |
Yield on loans |
5.10 |
% |
|
5.04 |
% |
|
4.79 |
% |
|
4.74 |
% |
|
5.01 |
% |
|
|
5.10 |
% |
|
5.01 |
% |
Cost of deposits |
0.53 |
% |
|
0.50 |
% |
|
0.47 |
% |
|
0.46 |
% |
|
0.46 |
% |
|
|
0.53 |
% |
|
0.46 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset quality ratios:
(6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses as a % of total loans (7) |
0.96 |
% |
|
0.96 |
% |
|
1.04 |
% |
|
1.04 |
% |
|
1.05 |
% |
|
|
0.96 |
% |
|
1.05 |
% |
Allowance
for loan losses as a % of nonperforming loans |
575.09 |
% |
|
649.13 |
% |
|
586.83 |
% |
|
652.47 |
% |
|
594.81 |
% |
|
|
575.09 |
% |
|
594.81 |
% |
Nonperforming assets as a % of total loans and OREO |
0.27 |
% |
|
0.27 |
% |
|
0.36 |
% |
|
0.35 |
% |
|
0.39 |
% |
|
|
0.27 |
% |
|
0.39 |
% |
Nonperforming assets as a % of total assets |
0.19 |
% |
|
0.19 |
% |
|
0.26 |
% |
|
0.24 |
% |
|
0.27 |
% |
|
|
0.19 |
% |
|
0.27 |
% |
Net
charge-offs (recoveries) as a % of average loans (annualized) |
(0.01 |
)% |
|
(0.10 |
)% |
|
(0.12 |
)% |
|
(0.06 |
)% |
|
(0.35 |
)% |
|
|
(0.01 |
)% |
|
(0.35 |
)% |
__________________________________
- Non-GAAP financial measure, derived as net income divided by
average tangible equity.
- Impact on net interest margin when excluding accretion income
and average balance of accretable discounts.
- Current period bank and holding company capital ratios are
estimated as of the date of this earnings release.
- During the quarter ended September 30, 2017, a net upstream of
capital was made between the bank and the holding company in the
amount of $2.7 million as part of the Company's acquisition of
Resurgens.
- Excluding the revaluation of the Company's deferred tax asset,
which resulted in an additional charge to income tax expense of
$1.4 million, the Company's effective tax rate for the three months
ended December 31, 2017 was 25.7%.
- Ratios for the three months ended December 31, 2017,
September 30, 2017, June 30, 2017, March 31, 2017,
and December 31, 2016 include all assets with the exception of
FAS ASC 310-30 loans that are excluded from nonperforming loans due
to the ongoing recognition of accretion income established at the
time of acquisition.
- Excluding former CBS and Resurgens loans totaling $224.8
million, $254.2 million, $154.0 million, $166.5 million, and $191.9
million at December 31, 2017, September 30, 2017,
June 30, 2017, March 31, 2017, and December 31,
2016, respectively, which were recorded at acquisition date fair
value, the allowance approximated 1.19%, 1.22%, 1.22%, 1.24%, and
1.30% of all other loans at December 31, 2017,
September 30, 2017, June 30, 2017, March 31, 2017, and
December 31, 2016, respectively.
Charter Financial
CorporationAverage Balances, Interest Rates and
Yields (unaudited)dollars in thousands
|
Quarter to Date |
|
12/31/2017 |
|
12/31/2016 |
|
Average Balance |
|
Interest |
|
Average Yield/Cost (10) |
|
Average Balance |
|
Interest |
|
Average Yield/Cost (10) |
Assets: |
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Interest-earning deposits in other financial institutions |
$ |
126,831 |
|
|
$ |
361 |
|
|
1.14 |
% |
|
$ |
99,268 |
|
|
$ |
111 |
|
|
0.45 |
% |
Certificates of deposit held at other financial institutions |
6,991 |
|
|
25 |
|
|
1.44 |
|
|
13,351 |
|
|
43 |
|
|
1.28 |
|
FHLB
common stock and other equity securities |
4,054 |
|
|
51 |
|
|
5.05 |
|
|
3,362 |
|
|
39 |
|
|
4.67 |
|
Taxable
investment securities |
181,992 |
|
|
1,064 |
|
|
2.34 |
|
|
195,131 |
|
|
1,096 |
|
|
2.25 |
|
Nontaxable investment securities (1) |
1,065 |
|
|
3 |
|
|
1.23 |
|
|
1,597 |
|
|
5 |
|
|
1.14 |
|
Restricted securities |
279 |
|
|
3 |
|
|
4.40 |
|
|
279 |
|
|
3 |
|
|
3.69 |
|
Loans
receivable (1)(2)(3)(4) |
1,158,058 |
|
|
14,437 |
|
|
4.99 |
|
|
1,003,322 |
|
|
11,846 |
|
|
4.72 |
|
Accretion, net, of acquired loan discounts (5) |
|
|
335 |
|
|
0.12 |
|
|
|
|
723 |
|
|
0.29 |
|
Total
interest-earning assets |
1,479,270 |
|
|
16,280 |
|
|
4.40 |
|
|
1,316,310 |
|
|
13,866 |
|
|
4.21 |
|
Total
noninterest-earning assets |
156,540 |
|
|
|
|
|
|
134,605 |
|
|
|
|
|
Total
assets |
$ |
1,635,810 |
|
|
|
|
|
|
$ |
1,450,915 |
|
|
|
|
|
Liabilities and
Equity: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Interest
bearing checking |
$ |
277,130 |
|
|
$ |
127 |
|
|
0.18 |
% |
|
$ |
251,070 |
|
|
$ |
86 |
|
|
0.14 |
% |
Bank
rewarded checking |
53,186 |
|
|
27 |
|
|
0.20 |
|
|
51,752 |
|
|
26 |
|
|
0.20 |
|
Savings
accounts |
66,177 |
|
|
7 |
|
|
0.04 |
|
|
62,157 |
|
|
6 |
|
|
0.04 |
|
Money
market deposit accounts |
286,673 |
|
|
305 |
|
|
0.43 |
|
|
255,332 |
|
|
194 |
|
|
0.30 |
|
Certificate of deposit accounts |
414,981 |
|
|
998 |
|
|
0.96 |
|
|
380,962 |
|
|
846 |
|
|
0.89 |
|
Total
interest-bearing deposits |
1,098,147 |
|
|
1,464 |
|
|
0.53 |
|
|
1,001,273 |
|
|
1,158 |
|
|
0.46 |
|
Borrowed
funds |
60,022 |
|
|
372 |
|
|
2.48 |
|
|
50,000 |
|
|
387 |
|
|
3.10 |
|
Floating
rate junior subordinated debt |
6,736 |
|
|
137 |
|
|
8.16 |
|
|
6,599 |
|
|
121 |
|
|
7.32 |
|
Total
interest-bearing liabilities |
1,164,905 |
|
|
1,973 |
|
|
0.68 |
|
|
1,057,872 |
|
|
1,666 |
|
|
0.63 |
|
Noninterest-bearing deposits |
235,894 |
|
|
|
|
|
|
172,247 |
|
|
|
|
|
Other
noninterest-bearing liabilities |
17,991 |
|
|
|
|
|
|
15,775 |
|
|
|
|
|
Total
noninterest-bearing liabilities |
253,885 |
|
|
|
|
|
|
188,022 |
|
|
|
|
|
Total
liabilities |
1,418,790 |
|
|
|
|
|
|
1,245,894 |
|
|
|
|
|
Total
stockholders' equity |
217,020 |
|
|
|
|
|
|
205,021 |
|
|
|
|
|
Total
liabilities and stockholders' equity |
$ |
1,635,810 |
|
|
|
|
|
|
$ |
1,450,915 |
|
|
|
|
|
Net
interest income |
|
|
$ |
14,307 |
|
|
|
|
|
|
$ |
12,200 |
|
|
|
Net
interest earning assets (6) |
|
|
$ |
314,365 |
|
|
|
|
|
|
$ |
258,438 |
|
|
|
Net
interest rate spread (7) |
|
|
|
|
3.72 |
% |
|
|
|
|
|
3.58 |
% |
Net
interest margin (8) |
|
|
|
|
3.87 |
% |
|
|
|
|
|
3.71 |
% |
Impact of
purchase accounting on net interest margin (9) |
|
|
|
|
0.10 |
% |
|
|
|
|
|
0.23 |
% |
Ratio of
average interest-earning assets to average interest-bearing
liabilities |
|
|
|
|
126.99 |
% |
|
|
|
|
|
124.43 |
% |
__________________________________
- Tax exempt or tax-advantaged securities and loans are shown at
their contractual yields and are not shown at a tax equivalent
yield.
- Includes net loan fees deferred and accreted pursuant to
applicable accounting requirements.
- Interest income on loans is interest income as recorded in the
income statement and does not include interest income on nonaccrual
loans.
- Interest income on loans excludes discount accretion.
- Accretion of accretable purchase discount on loans
acquired.
- Net interest-earning assets represent total average
interest-earning assets less total average interest-bearing
liabilities.
- Net interest rate spread represents the difference between the
weighted average yield on interest-earning assets and the weighted
average cost of interest-bearing liabilities.
- Net interest margin represents net interest income as a
percentage of average interest-earning assets.
- Impact on net interest margin when excluding accretion income
and average accretable discounts.
- Annualized.
Charter Financial
CorporationReconciliation of Non-GAAP Measures
(unaudited)
Statements included in this press release
include non-GAAP financial measures and should be read along with
the accompanying tables, which provide a reconciliation of non-GAAP
financial measures to GAAP financial measures. Charter Financial
management uses non-GAAP financial measures, including tangible
book value per share, tangible common equity ratio, and return on
average tangible equity in its analysis of the Company's
performance. Tangible book value per share excludes the following
from book value per share: the balance of goodwill and other
intangible assets. Tangible common equity ratio excludes the
following from total equity to total assets: the balance of
goodwill and other intangible assets in both total equity and total
assets. Return on average tangible equity excludes the following
from return on average equity: the average balance of goodwill and
other intangible assets.
Management believes that non-GAAP financial
measures provide additional useful information that allows readers
to evaluate the ongoing performance of the Company and provide
meaningful comparison to its peers. Non-GAAP financial measures
should not be considered as an alternative to any measure of
performance or financial condition as promulgated under GAAP, and
investors should consider the Company's performance and financial
condition as reported under GAAP and all other relevant information
when assessing the performance or financial condition of the
Company. Non-GAAP financial measures have limitations as analytical
tools, and investors should not consider them in isolation or as a
substitute for analysis of the results or financial condition as
reported under GAAP.
|
For the Quarters Ended |
|
12/31/2017 |
|
9/30/2017 |
|
6/30/2017 |
|
3/31/2017 |
|
12/31/2016 |
Tangible Book
Value Per Share |
|
|
|
|
|
|
|
|
|
Book
value per share |
$ |
14.42 |
|
|
$ |
14.17 |
|
|
$ |
14.03 |
|
|
$ |
13.84 |
|
|
$ |
13.67 |
|
Effect to
adjust for goodwill and other intangible assets |
(2.83 |
) |
|
(2.84 |
) |
|
(2.11 |
) |
|
(2.14 |
) |
|
(2.15 |
) |
Tangible
book value per share (Non-GAAP) |
$ |
11.59 |
|
|
$ |
11.33 |
|
|
$ |
11.92 |
|
|
$ |
11.70 |
|
|
$ |
11.52 |
|
|
|
|
|
|
|
|
|
|
|
Tangible Common
Equity Ratio |
|
|
|
|
|
|
|
|
|
Total
equity to total assets |
13.27 |
% |
|
13.06 |
% |
|
14.33 |
% |
|
14.04 |
% |
|
14.06 |
% |
Effect to
adjust for goodwill and other intangible assets |
(2.31 |
) |
|
(2.34 |
) |
|
(1.90 |
) |
|
(1.90 |
) |
|
(1.94 |
) |
Tangible
common equity ratio (Non-GAAP) |
10.96 |
% |
|
10.72 |
% |
|
12.43 |
% |
|
12.14 |
% |
|
12.12 |
% |
|
|
|
|
|
|
|
|
|
|
Return On
Average Tangible Equity |
|
|
|
|
|
|
|
|
|
Return on
average equity |
8.10 |
% |
|
4.77 |
% |
|
6.65 |
% |
|
6.40 |
% |
|
9.84 |
% |
Effect to
adjust for goodwill and other intangible assets |
2.00 |
|
|
0.95 |
|
|
1.19 |
|
|
1.18 |
|
|
1.85 |
|
Return on
average tangible equity (Non-GAAP) |
10.10 |
% |
|
5.72 |
% |
|
7.84 |
% |
|
7.58 |
% |
|
11.69 |
% |
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