Charter Financial Corporation (the “Company”) (NASDAQ:CHFN) today
reported net income of $5.2 million for the quarter ended
March 31, 2018, or $0.36 and $0.34 per basic and
diluted share, respectively, compared with net income of $3.3
million, or $0.23 and $0.22 per basic and diluted share,
respectively, for the quarter ended March 31,
2017.
Net income for the current-year quarter
increased $1.9 million from the prior-year quarter. The difference
was attributable to an increase of $3.0 million, or 26.0%, in net
interest income due largely to the Company's September 2017
acquisition of Resurgens Bancorp ("Resurgens") and the associated
increase in loan balances, offset in part by a $2.0 million
increase in noninterest expense. Of the noninterest expense
increase, $618,000 was related to nonrecurring merger-related
costs. Full conversion of the Resurgens acquisition was completed
in February 2018, and no further expenses are expected.
"We had a strong second fiscal quarter, which
has traditionally been a challenging quarter for us due to
seasonality," said Chairman and CEO Robert L. Johnson. "We
continued to see expansion of net interest income and net interest
margin despite limited growth in loan and deposit portfolios, and
improvement in already impressive asset quality metrics. Earnings
also benefited from reduced income tax expense, with an effective
tax rate of 27.73% for this quarter as compared to 40.78% for the
prior-year quarter."
Net income for the six months ended
March 31, 2018 was $9.6 million, or $0.67 and $0.63 per basic
and diluted share, respectively, compared with net income of $8.4
million, or $0.59 and $0.55 per basic and diluted share,
respectively, for the same period in 2017. The increase was largely
a result of increased interest income as a result of the Resurgens
acquisition, offset in part by a discrete tax expense of $1.5
million as a result of the Tax Cuts and Jobs Act of 2017, enacted
on December 22, 2017 (the "Tax Act"). The Company's year-to-date
annualized return on equity as of March 31, 2018 was 8.84%, 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 10.99%, as compared to 8.18% for the fiscal year ended
September 30, 2017.
Quarterly Operating Results
Quarterly earnings for the second quarter of fiscal 2018
compared with the second quarter of fiscal 2017 were positively
impacted by:
- An increase in loans receivable income of $3.2 million, or
26.9%, to $15.1 million for the 2018 second quarter, compared with
$11.9 million for the same quarter in 2017, as a result of the
Resurgens acquisition, as well as additional accretion of $380,000
due to the early payoff of an acquired Resurgens loan.
- A negative provision for loan losses of $350,000 due to the
Company's continued trend of net recoveries and positive asset
quality. A negative provision of $150,000 was recorded during the
quarter ended March 31, 2017.
- An increase in bankcard fee income of $176,000, or 12.8%.
- Interest on interest-bearing deposits in other financial
institutions increased $273,000 due to increased cash balances and
the Federal Reserve's rate increases.
- A new quarterly incentive payment of $79,000 from the Company's
bankcard vendor, included in other income.
- A decrease of $271,000, or 11.8%, in income tax expense due to
a 13.05% decrease in the Company's effective tax rate as a result
of the Tax Act. Due to the Company's fiscal year, its federal tax
is calculated at a blended statutory rate of 24.5% during the
current fiscal year, and will drop to 21% during fiscal 2019.
Quarterly earnings for the second quarter of
fiscal 2018 compared with the second quarter of fiscal 2017 were
negatively impacted by:
- Nonrecurring merger-related expenses from the Resurgens
acquisition of $618,000, largely concentrated in severance costs
and data processing fees. No merger-related costs were recorded in
the same period in 2017.
- An increase in interest expense on deposits of $309,000, or
26.5%, due to higher balances as well as an increase of eight basis
points in the Company's cost of deposits due to higher-costing
deposits from Resurgens assumed in September 2017 and higher
interest rates pushing legacy deposit costs higher.
- Salaries and employee benefits increased $944,000, or 15.5%,
data processing increased $421,000, and occupancy increased
$385,000, all due to transaction costs related to the Resurgens
acquisition as well as increased ongoing operating costs as a
result of the acquisition.
Financial Condition
Total assets increased $13.8 million from
September 30, 2017, to $1.7 billion at March 31, 2018,
largely attributable to a $27.1 million increase in cash and cash
equivalents from deposit growth and paydowns on the Company's
portfolio of investment securities available for sale. Net loans
grew $2.6 million, or 0.2%, to $1.2 billion at March 31, 2018,
due primarily to $10.0 million of growth in the Atlanta
Metropolitan Statistical Area ("MSA"). Loans in the Atlanta MSA now
account for 57% of the Company's gross loan balance.
"We're happy to see the usual tax season growth
in our checking deposit accounts and balances," Mr. Johnson said.
"Seasonal factors negatively impacted loan growth, which is
typically slow during our fiscal year's first half. We believe loan
growth will improve in the second half of the year if the economy
remains reasonably strong. As we continue to integrate our new
Resurgens team, we will leverage our capital and market base to
further grow the loan portfolio."
Total deposits increased $10.1 million to $1.3
billion during the six months ended March 31, 2018, largely
due to growth in transaction accounts of $28.0 million. Money
market deposit accounts increased $11.2 million from
September 30, 2017, while retail certificates of deposit
decreased $25.9 million.
From September 30, 2017 to March 31,
2018, total stockholders' equity increased $7.4 million to $221.6
million due primarily to $9.6 million of net income, offset by a
$1.9 million increase in accumulated other comprehensive loss. Book
value per share increased to $14.64 at March 31, 2018, from
$14.17 at September 30, 2017, while tangible book value per
share, a non-GAAP financial measure (see Reconciliation of Non-GAAP
Measures for further information) increased to $11.83 from $11.33,
both due to the Company's retention of earnings.
Net Interest Income and Net Interest
Margin
Net interest income increased $3.0 million to
$14.7 million for the second quarter of fiscal 2018, compared with
$11.7 million for the prior-year period. Total interest income
increased $3.4 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 $3.2 million to $15.1 million
during the current quarter from $11.9 million during the prior-year
quarter. The Company also experienced an increase of $273,000 in
interest income on interest-bearing deposits in other financial
institutions during the current-year quarter due to higher balances
and higher rates paid on overnight balances. Total interest expense
increased $326,000 to $2.0 million for the current quarter, due to
a six basis point increase in the average cost and a $96.2 million
increase in the average balance of interest-bearing liabilities. A
portion of the rate increase was attributable to increased interest
rates on money market accounts and certificates of deposit, while
the remainder was tied to higher-costing deposits from the
Resurgens acquisition.
"Our recent acquisitions and loan production
capabilities in Metro Atlanta paired with our exceptional deposit
base have, to date, favorably driven our net interest income and
net interest margin," Mr. Johnson added. "We expect to continue to
enjoy a competitive funding advantage that will allow us to compete
assertively for high-quality loans and deposits in a rising rate
environment."
Net interest margin was 3.98% for the second
quarter of fiscal 2018, compared to 3.52% for the second quarter of
fiscal 2017. The impact of purchase accounting on the Company's net
interest margin was 0.23% for the quarter ended March 31,
2018, compared to 0.11% for the quarter ended March 31, 2017,
due to the aforementioned $380,000 of additional accretion during
the current quarter. 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.
Net interest income for the six months ended
March 31, 2018, increased $5.1 million, or 21.5%, to $29.0
million, compared to $23.9 million for the prior-year period.
Interest income increased $5.8 million, or 21.2%, to $32.9 million
due to increased balances and higher yields on loans from the
Resurgens acquisition and interest-bearing deposits in other
financial institutions. Interest expense increased $632,000, or
19.1%, to $4.0 million due to higher deposit balances from the
Resurgens acquisition and an increase in the average cost of
deposits of eight basis points.
At March 31, 2018, the Company had $2.9
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 a $350,000 negative
provision for loan losses during the three and six months ended
March 31, 2018, respectively, due to the continued positive
credit quality trends of its loan portfolio and net recoveries of
previously charged-off loans. Negative provisions of $150,000 and
$900,000 were recorded during the three and six months ended
March 31, 2017, respectively.
Noninterest Income and
Expense
Noninterest income increased $417,000 to $5.0
million in the fiscal 2018 second quarter compared to $4.5 million
in the same period of 2017. The increase was primarily due to a
$458,000, or 14.9%, increase in deposit and bankcard fees. The
Company's $1.5 million of bankcard fee income was its highest-ever
quarterly total. The Company also saw an increase of $122,000 in
income on bank owned life insurance due to an annual pricing
adjustment that ended during the prior fiscal year. There was also
a $79,000 gain on incentive rebates from our debit card vendor.
These increases were offset in part by a $248,000 decrease in gains
on the sale of investment securities for sale and an $86,000
decrease in gain on sale of loans due to reduced mortgage sale
activity.
Noninterest expense for the quarter ended
March 31, 2018, increased $2.0 million to $12.7 million,
compared with $10.7 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
$944,000, or 15.5%, to $7.0 million during the current quarter,
while occupancy and data processing increased $385,000 and
$421,000, or 31.6% and 42.0%, over the prior-year quarter. The
Company also recorded $618,000 of merger costs from the Resurgens
acquisition, which were largely concentrated in severance and data
processing costs. Federal insurance premiums and other regulatory
fees increased $110,000 due to the Company's increased asset size
as a result of the Resurgens acquisition.
"We have sustained our decades-long efforts to
diversify our revenue streams, control costs, and increase
operating and capital leverage," Mr. Johnson continued. "Our
success in growing checking accounts and encouraging signature
debit card use give us tremendous flexibility in reacting to
anticipated changes in the business cycle. Overall, revenue growth
rates in both our interest and noninterest income have outpaced
expense growth as reflected in both our quarterly and year-to-date
efficiency ratios of 64.82% and 62.54%, respectively, as compared
to 66.35% and 63.02% for the same respective periods last
year."
Noninterest income for the six months ended
March 31, 2018, increased $826,000, or 8.7%, to $10.4 million,
compared with $9.5 million for the prior-year period. The increase
was largely due to an increase of $861,000, or 13.8%, in deposit
and bankcard fees, $294,000 in incentive rebates from the Company's
bankcard vendor, a nonrecurring $266,000 gain on the sale of assets
available for sale, and a $112,000, or 19.3% increase in bank owned
life insurance. These increases were offset in part by a $247,000
decrease in gains on the sale of investment securities for sale and
a decrease in gains on sale of loans of $198,000 due to reduced
activity. The Company also recorded a $250,000 recovery on loans
previously covered in FDIC-assisted acquisitions during the prior
year, while no such gain was recorded for the same period in the
current fiscal year.
Noninterest expense for the six months ended
March 31, 2018 increased $3.6 million, or 17.0%, to $24.6
million compared with $21.0 million for the prior-year period. The
increase was primarily attributable to increased ongoing
operational costs from the Resurgens acquisition, as well as
$927,000 of merger-related expenses from the acquisition. Salaries
and employee benefits, occupancy, and data processing increased
$1.8 million, $540,000, and $665,000, respectively. The net benefit
of operations of real estate owned also decreased $296,000 due to
reduced sales activity as the Company's portfolio of other real
estate has fallen to minimal levels. These increases were offset in
part by a reduction of $187,000 in legal and professional fees.
Asset Quality
Nonperforming assets at March 31, 2018,
were at 0.10% of total assets, a nine basis point decline from
September 30, 2017. The decrease was primarily attributable to
a $1.1 million, or 78.9%, decline in the balance of other real
estate owned to $303,000 at March 31, 2018. Nonaccrual loans
also declined $356,000 from September 30, 2017.
The allowance for loan losses was at 0.96% of
total loans and 780.63% of nonperforming loans at March 31,
2018, compared to 0.96% and 649.13%, respectively, at
September 30, 2017. Not included in the allowance at
March 31, 2018, was $2.9 million in yield and credit discounts
on the acquired loans from CBS and Resurgens. At March 31,
2018, the allowance for loan losses was 1.15% of legacy loans,
compared to 1.22% at September 30, 2017. The Company recorded
net loan recoveries of $347,000 and $382,000 in its allowance for
loan losses for the three and six months
ended March 31, 2018, respectively, compared with net
loan recoveries of $156,000 and $1.0 million for the same periods
in the prior year.
"Our asset quality metrics are historically
strong," Mr. Johnson said. "We maintained a strong credit culture
as we worked through most of the problem assets inherited from our
FDIC-assisted acquisitions, disposing of practically all of our
foreclosed real estate and adding high-quality loans in the CBS and
Resurgens acquisitions. The metro-area market economies where we
operate seem resilient at present, although we expect rising
interest rates will eventually have some impact."
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 no shares during the quarter ended
March 31, 2018.
During the quarter ended March 31, 2018,
the Company paid a $0.08 per share dividend, the sixth consecutive
quarterly dividend increase. Additionally, the Company
announced on April 24, 2018, it would pay another increased
dividend of $0.085 on May 24, 2018, to shareholders of record
as of May 10, 2018. The Company's equity as a percent of total
assets was 13.40% at March 31, 2018, as compared to 13.06% at
September 30, 2017, while the Company's tangible common equity
ratio, a non-GAAP measure (see Reconciliation of Non-GAAP Measures
for further information), was 11.11% at March 31, 2018, up
from 10.72% at September 30, 2017.
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.
|
|
|
Contact: |
|
|
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)
|
March 31, 2018 |
|
September 30, 2017 (1) |
Assets |
Cash and amounts due
from depository institutions |
$ |
22,854,837 |
|
|
$ |
25,455,465 |
|
Interest-earning
deposits in other financial institutions |
156,546,379 |
|
|
126,882,924 |
|
Cash and
cash equivalents |
179,401,216 |
|
|
152,338,389 |
|
Loans held for sale,
fair value of $2,934,511 and $1,998,988 |
2,895,620 |
|
|
1,961,185 |
|
Certificates of deposit
held at other financial institutions |
5,027,920 |
|
|
7,514,630 |
|
Investment securities
available for sale |
174,536,308 |
|
|
183,789,821 |
|
Federal Home Loan Bank
stock |
4,075,200 |
|
|
4,054,400 |
|
Restricted securities,
at cost |
279,000 |
|
|
279,000 |
|
Loans receivable |
1,163,964,177 |
|
|
1,161,519,752 |
|
Unamortized loan
origination fees, net |
(967,809 |
) |
|
(1,165,148 |
) |
Allowance for loan
losses |
(11,110,903 |
) |
|
(11,078,422 |
) |
Loans
receivable, net |
1,151,885,465 |
|
|
1,149,276,182 |
|
Other real estate
owned |
302,736 |
|
|
1,437,345 |
|
Accrued interest and
dividends receivable |
4,321,617 |
|
|
4,197,708 |
|
Premises and equipment,
net |
29,125,704 |
|
|
29,578,513 |
|
Goodwill |
39,347,378 |
|
|
39,347,378 |
|
Other intangible
assets, net of amortization |
3,233,331 |
|
|
3,614,833 |
|
Cash surrender value of
life insurance |
54,207,205 |
|
|
53,516,317 |
|
Deferred income
taxes |
3,771,457 |
|
|
5,970,282 |
|
Other assets |
1,505,525 |
|
|
3,282,577 |
|
Total
assets |
$ |
1,653,915,682 |
|
|
$ |
1,640,158,560 |
|
Liabilities and Stockholders’
Equity |
Liabilities: |
|
|
|
Deposits |
$ |
1,349,260,830 |
|
|
$ |
1,339,143,287 |
|
Short-term borrowings |
3,007,550 |
|
|
— |
|
Long-term
borrowings |
57,007,550 |
|
|
60,023,100 |
|
Floating
rate junior subordinated debt |
6,793,195 |
|
|
6,724,646 |
|
Advance
payments by borrowers for taxes and insurance |
1,904,707 |
|
|
2,956,441 |
|
Other
liabilities |
14,354,882 |
|
|
17,112,581 |
|
Total
liabilities |
1,432,328,714 |
|
|
1,425,960,055 |
|
Stockholders’
equity: |
|
|
|
Common
stock, $0.01 par value; 15,137,631 shares issued and outstanding at
March 31, 2018 and 15,115,883 shares issued and outstanding at
September 30, 2017 |
151,376 |
|
|
151,159 |
|
Preferred
stock, $0.01 par value; 50,000,000 shares authorized at March 31,
2018 and September 30, 2017 |
— |
|
|
— |
|
Additional paid-in capital |
86,807,092 |
|
|
85,651,391 |
|
Unearned
compensation – ESOP |
(4,192,308 |
) |
|
(4,673,761 |
) |
Retained
earnings |
141,832,263 |
|
|
134,207,368 |
|
Accumulated other comprehensive loss |
(3,011,455 |
) |
|
(1,137,652 |
) |
Total
stockholders’ equity |
221,586,968 |
|
|
214,198,505 |
|
Total
liabilities and stockholders’ equity |
$ |
1,653,915,682 |
|
|
$ |
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 March
31, |
|
Six Months Ended March 31, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Interest income: |
|
|
|
|
|
|
|
Loans
receivable |
$ |
15,102,749 |
|
|
$ |
11,903,416 |
|
|
$ |
29,874,576 |
|
|
$ |
24,473,319 |
|
Taxable
investment securities |
995,891 |
|
|
1,103,740 |
|
|
2,059,974 |
|
|
2,199,640 |
|
Nontaxable investment securities |
3,274 |
|
|
4,571 |
|
|
6,548 |
|
|
9,143 |
|
Federal
Home Loan Bank stock |
52,732 |
|
|
40,309 |
|
|
103,930 |
|
|
79,519 |
|
Interest-earning deposits in other financial institutions |
485,917 |
|
|
213,310 |
|
|
847,193 |
|
|
324,127 |
|
Certificates of deposit held at other financial institutions |
20,529 |
|
|
38,775 |
|
|
45,635 |
|
|
81,404 |
|
Restricted securities |
3,231 |
|
|
2,679 |
|
|
6,298 |
|
|
5,252 |
|
Total
interest income |
16,664,323 |
|
|
13,306,800 |
|
|
32,944,154 |
|
|
27,172,404 |
|
Interest expense: |
|
|
|
|
|
|
|
Deposits |
1,474,290 |
|
|
1,165,459 |
|
|
2,937,587 |
|
|
2,323,776 |
|
Borrowings |
363,464 |
|
|
362,880 |
|
|
735,040 |
|
|
749,855 |
|
Floating
rate junior subordinated debt |
140,387 |
|
|
123,631 |
|
|
277,867 |
|
|
244,422 |
|
Total
interest expense |
1,978,141 |
|
|
1,651,970 |
|
|
3,950,494 |
|
|
3,318,053 |
|
Net
interest income |
14,686,182 |
|
|
11,654,830 |
|
|
28,993,660 |
|
|
23,854,351 |
|
Provision
for loan losses |
(350,000 |
) |
|
(150,000 |
) |
|
(350,000 |
) |
|
(900,000 |
) |
Net
interest income after provision for loan losses |
15,036,182 |
|
|
11,804,830 |
|
|
29,343,660 |
|
|
24,754,351 |
|
Noninterest
income: |
|
|
|
|
|
|
|
Service
charges on deposit accounts |
1,982,838 |
|
|
1,700,713 |
|
|
4,096,369 |
|
|
3,588,524 |
|
Bankcard
fees |
1,542,258 |
|
|
1,366,686 |
|
|
3,001,732 |
|
|
2,649,045 |
|
Gain on
investment securities available for sale |
— |
|
|
247,780 |
|
|
1,074 |
|
|
247,780 |
|
Gain
(loss) on sale of other assets held for sale |
— |
|
|
— |
|
|
265,806 |
|
|
(38,528 |
) |
Bank
owned life insurance |
368,803 |
|
|
246,915 |
|
|
690,888 |
|
|
579,266 |
|
Gain on
sale of loans |
457,314 |
|
|
542,824 |
|
|
1,076,523 |
|
|
1,274,086 |
|
Brokerage
commissions |
163,160 |
|
|
224,567 |
|
|
335,537 |
|
|
390,563 |
|
Recoveries on acquired loans previously covered under FDIC-assisted
acquisitions |
— |
|
|
— |
|
|
— |
|
|
250,000 |
|
Other |
448,710 |
|
|
216,671 |
|
|
886,612 |
|
|
588,265 |
|
Total
noninterest income |
4,963,083 |
|
|
4,546,156 |
|
|
10,354,541 |
|
|
9,529,001 |
|
Noninterest
expenses: |
|
|
|
|
|
|
|
Salaries
and employee benefits |
7,022,241 |
|
|
6,078,575 |
|
|
14,031,032 |
|
|
12,212,248 |
|
Occupancy |
1,605,185 |
|
|
1,219,866 |
|
|
3,083,003 |
|
|
2,543,189 |
|
Data
processing |
1,425,378 |
|
|
1,003,974 |
|
|
2,578,106 |
|
|
1,912,929 |
|
Legal and
professional |
218,830 |
|
|
387,590 |
|
|
485,224 |
|
|
671,745 |
|
Marketing |
477,395 |
|
|
411,943 |
|
|
806,532 |
|
|
768,467 |
|
Federal
insurance premiums and other regulatory fees |
307,643 |
|
|
197,261 |
|
|
495,956 |
|
|
362,756 |
|
Net cost
(benefit) of operations of real estate owned |
628 |
|
|
13,827 |
|
|
(48,974 |
) |
|
(345,443 |
) |
Furniture
and equipment |
305,920 |
|
|
228,383 |
|
|
545,904 |
|
|
402,437 |
|
Postage,
office supplies and printing |
224,797 |
|
|
223,317 |
|
|
456,516 |
|
|
493,702 |
|
Core
deposit intangible amortization expense |
190,751 |
|
|
149,435 |
|
|
381,502 |
|
|
303,097 |
|
Other |
957,074 |
|
|
835,540 |
|
|
1,792,383 |
|
|
1,714,092 |
|
Total
noninterest expenses |
12,735,842 |
|
|
10,749,711 |
|
|
24,607,184 |
|
|
21,039,219 |
|
Income
before income taxes |
7,263,423 |
|
|
5,601,275 |
|
|
15,091,017 |
|
|
13,244,133 |
|
Income
tax expense |
2,013,914 |
|
|
2,284,480 |
|
|
5,444,505 |
|
|
4,881,671 |
|
Net
income |
$ |
5,249,509 |
|
|
$ |
3,316,795 |
|
|
$ |
9,646,512 |
|
|
$ |
8,362,462 |
|
Basic net income per
share |
$ |
0.36 |
|
|
$ |
0.23 |
|
|
$ |
0.67 |
|
|
$ |
0.59 |
|
Diluted net income per
share |
$ |
0.34 |
|
|
$ |
0.22 |
|
|
$ |
0.63 |
|
|
$ |
0.55 |
|
Weighted average number
of common shares outstanding |
14,521,387 |
|
|
14,322,290 |
|
|
14,464,281 |
|
|
14,264,248 |
|
Weighted average number
of common and potential common shares outstanding |
15,371,827 |
|
|
15,340,320 |
|
|
15,292,964 |
|
|
15,282,278 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Charter Financial
CorporationSupplemental Financial Data
(unaudited)in thousands except per share data
|
Quarter to Date |
|
|
Year to Date |
|
3/31/2018 |
|
12/31/2017 |
|
9/30/2017 (1) |
|
6/30/2017 |
|
3/31/2017 |
|
|
3/31/2018 |
|
3/31/2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
balance sheet data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
1,653,916 |
|
|
$ |
1,643,673 |
|
|
$ |
1,640,159 |
|
|
$ |
1,480,122 |
|
|
$ |
1,484,796 |
|
|
|
$ |
1,653,916 |
|
|
$ |
1,484,796 |
|
Cash and cash
equivalents |
179,401 |
|
|
163,143 |
|
|
152,338 |
|
|
120,144 |
|
|
140,285 |
|
|
|
179,401 |
|
|
140,285 |
|
Loans receivable,
net |
1,151,885 |
|
|
1,151,314 |
|
|
1,149,276 |
|
|
1,032,108 |
|
|
1,007,552 |
|
|
|
1,151,885 |
|
|
1,007,552 |
|
Other real estate
owned |
303 |
|
|
1,244 |
|
|
1,437 |
|
|
1,938 |
|
|
1,957 |
|
|
|
303 |
|
|
1,957 |
|
Securities available
for sale |
174,536 |
|
|
180,205 |
|
|
183,790 |
|
|
187,655 |
|
|
191,483 |
|
|
|
174,536 |
|
|
191,483 |
|
Transaction
accounts |
595,216 |
|
|
574,682 |
|
|
567,213 |
|
|
510,810 |
|
|
513,294 |
|
|
|
595,216 |
|
|
513,294 |
|
Total deposits |
1,349,261 |
|
|
1,343,997 |
|
|
1,339,143 |
|
|
1,194,254 |
|
|
1,201,731 |
|
|
|
1,349,261 |
|
|
1,201,731 |
|
Borrowings |
66,808 |
|
|
66,778 |
|
|
66,748 |
|
|
56,690 |
|
|
56,656 |
|
|
|
66,808 |
|
|
56,656 |
|
Total stockholders’
equity |
221,587 |
|
|
218,187 |
|
|
214,199 |
|
|
212,080 |
|
|
208,413 |
|
|
|
221,587 |
|
|
208,413 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
earnings summary: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
$ |
16,664 |
|
|
$ |
16,280 |
|
|
$ |
15,062 |
|
|
$ |
13,626 |
|
|
$ |
13,307 |
|
|
|
$ |
32,944 |
|
|
$ |
27,172 |
|
Interest expense |
1,978 |
|
|
1,973 |
|
|
1,762 |
|
|
1,639 |
|
|
1,652 |
|
|
|
3,950 |
|
|
3,318 |
|
Net
interest income |
14,686 |
|
|
14,307 |
|
|
13,300 |
|
|
11,987 |
|
|
11,655 |
|
|
|
28,994 |
|
|
23,854 |
|
Provision for loan
losses |
(350 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(150 |
) |
|
|
(350 |
) |
|
(900 |
) |
Net
interest income after provision for loan losses |
15,036 |
|
|
14,307 |
|
|
13,300 |
|
|
11,987 |
|
|
11,805 |
|
|
|
29,344 |
|
|
24,754 |
|
Noninterest income |
4,963 |
|
|
5,391 |
|
|
5,070 |
|
|
4,639 |
|
|
4,546 |
|
|
|
10,355 |
|
|
9,529 |
|
Noninterest
expense |
12,735 |
|
|
11,870 |
|
|
14,386 |
|
|
11,096 |
|
|
10,750 |
|
|
|
24,607 |
|
|
21,039 |
|
Income tax expense |
2,014 |
|
|
3,431 |
|
|
1,424 |
|
|
2,016 |
|
|
2,284 |
|
|
|
5,445 |
|
|
4,882 |
|
Net
income |
$ |
5,250 |
|
|
$ |
4,397 |
|
|
$ |
2,560 |
|
|
$ |
3,514 |
|
|
$ |
3,317 |
|
|
|
$ |
9,647 |
|
|
$ |
8,362 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share
data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share –
basic |
$ |
0.36 |
|
|
$ |
0.31 |
|
|
$ |
0.18 |
|
|
$ |
0.24 |
|
|
$ |
0.23 |
|
|
|
$ |
0.67 |
|
|
$ |
0.59 |
|
Earnings per share –
fully diluted |
$ |
0.34 |
|
|
$ |
0.29 |
|
|
$ |
0.17 |
|
|
$ |
0.23 |
|
|
$ |
0.22 |
|
|
|
$ |
0.63 |
|
|
$ |
0.55 |
|
Cash dividends per
share |
$ |
0.080 |
|
|
$ |
0.075 |
|
|
$ |
0.070 |
|
|
$ |
0.065 |
|
|
$ |
0.060 |
|
|
|
$ |
0.155 |
|
|
$ |
0.120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average basic
shares |
14,521 |
|
|
14,408 |
|
|
14,384 |
|
|
14,353 |
|
|
14,322 |
|
|
|
14,464 |
|
|
14,264 |
|
Weighted average
diluted shares |
15,372 |
|
|
15,236 |
|
|
15,241 |
|
|
15,257 |
|
|
15,340 |
|
|
|
15,293 |
|
|
15,282 |
|
Total shares
outstanding |
15,138 |
|
|
15,132 |
|
|
15,116 |
|
|
15,112 |
|
|
15,061 |
|
|
|
15,138 |
|
|
15,061 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per
share |
$ |
14.64 |
|
|
$ |
14.42 |
|
|
$ |
14.17 |
|
|
$ |
14.03 |
|
|
$ |
13.84 |
|
|
|
$ |
14.64 |
|
|
$ |
13.84 |
|
Tangible book value per
share (2) |
$ |
11.83 |
|
|
$ |
11.59 |
|
|
$ |
11.33 |
|
|
$ |
11.92 |
|
|
$ |
11.70 |
|
|
|
$ |
11.83 |
|
|
$ |
11.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
__________________________________
- 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 |
|
3/31/2018 |
|
12/31/2017 |
|
9/30/2017 |
|
6/30/2017 |
|
3/31/2017 |
|
|
3/31/2018 |
|
3/31/2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-4
family residential real estate |
$ |
246,513 |
|
|
$ |
224,829 |
|
|
$ |
232,040 |
|
|
$ |
222,904 |
|
|
$ |
223,216 |
|
|
|
$ |
246,513 |
|
|
$ |
223,216 |
|
Commercial real estate |
682,151 |
|
|
698,906 |
|
|
697,071 |
|
|
624,926 |
|
|
608,206 |
|
|
|
682,151 |
|
|
608,206 |
|
Commercial |
106,099 |
|
|
106,669 |
|
|
103,673 |
|
|
79,695 |
|
|
73,119 |
|
|
|
106,099 |
|
|
73,119 |
|
Real
estate construction |
91,739 |
|
|
94,142 |
|
|
88,792 |
|
|
75,941 |
|
|
77,332 |
|
|
|
91,739 |
|
|
77,332 |
|
Consumer
and other |
37,462 |
|
|
38,902 |
|
|
39,944 |
|
|
40,675 |
|
|
37,300 |
|
|
|
37,462 |
|
|
37,300 |
|
Total
loans receivable |
$ |
1,163,964 |
|
|
$ |
1,163,448 |
|
|
$ |
1,161,520 |
|
|
$ |
1,044,141 |
|
|
$ |
1,019,173 |
|
|
|
$ |
1,163,964 |
|
|
$ |
1,019,173 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for
loan losses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
at beginning of period |
$ |
11,114 |
|
|
$ |
11,078 |
|
|
$ |
10,800 |
|
|
$ |
10,505 |
|
|
$ |
10,499 |
|
|
|
$ |
11,078 |
|
|
$ |
10,371 |
|
Charge-offs |
(233 |
) |
|
(267 |
) |
|
(76 |
) |
|
(73 |
) |
|
(103 |
) |
|
|
(501 |
) |
|
(153 |
) |
Recoveries |
580 |
|
|
303 |
|
|
354 |
|
|
368 |
|
|
259 |
|
|
|
884 |
|
|
1,187 |
|
Provision |
(350 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(150 |
) |
|
|
(350 |
) |
|
(900 |
) |
Balance
at end of period |
$ |
11,111 |
|
|
$ |
11,114 |
|
|
$ |
11,078 |
|
|
$ |
10,800 |
|
|
$ |
10,505 |
|
|
|
$ |
11,111 |
|
|
$ |
10,505 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming
assets: (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
$ |
1,304 |
|
|
$ |
1,600 |
|
|
$ |
1,661 |
|
|
$ |
1,549 |
|
|
$ |
1,610 |
|
|
|
$ |
1,304 |
|
|
$ |
1,610 |
|
Loans
delinquent 90 days or greater and still accruing |
119 |
|
|
332 |
|
|
46 |
|
|
291 |
|
|
— |
|
|
|
119 |
|
|
— |
|
Total
nonperforming loans |
1,423 |
|
|
1,932 |
|
|
1,707 |
|
|
1,840 |
|
|
1,610 |
|
|
|
1,423 |
|
|
1,610 |
|
Other
real estate owned |
303 |
|
|
1,244 |
|
|
1,437 |
|
|
1,938 |
|
|
1,957 |
|
|
|
303 |
|
|
1,957 |
|
Total
nonperforming assets |
$ |
1,726 |
|
|
$ |
3,176 |
|
|
$ |
3,144 |
|
|
$ |
3,778 |
|
|
$ |
3,567 |
|
|
|
$ |
1,726 |
|
|
$ |
3,567 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled debt
restructuring: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled
debt restructurings - accruing |
$ |
4,051 |
|
|
$ |
4,368 |
|
|
$ |
4,951 |
|
|
$ |
5,007 |
|
|
$ |
5,073 |
|
|
|
$ |
4,051 |
|
|
$ |
5,073 |
|
Troubled
debt restructurings - nonaccrual |
175 |
|
|
90 |
|
|
92 |
|
|
107 |
|
|
137 |
|
|
|
175 |
|
|
137 |
|
Total
troubled debt restructurings |
$ |
4,226 |
|
|
$ |
4,458 |
|
|
$ |
5,043 |
|
|
$ |
5,114 |
|
|
$ |
5,210 |
|
|
|
$ |
4,226 |
|
|
$ |
5,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
__________________________________
- 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 |
|
3/31/2018 |
|
12/31/2017 |
|
9/30/2017 |
|
6/30/2017 |
|
3/31/2017 |
|
|
3/31/2018 |
|
3/31/2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on equity
(annualized) |
9.56 |
% |
|
8.10 |
% |
|
4.77 |
% |
|
6.65 |
% |
|
6.40 |
% |
|
|
8.84 |
% |
|
8.11 |
% |
Return on tangible
equity (annualized) (1) |
11.86 |
% |
|
10.10 |
% |
|
5.72 |
% |
|
7.84 |
% |
|
7.58 |
% |
|
|
10.99 |
% |
|
9.62 |
% |
Return on assets
(annualized) |
1.29 |
% |
|
1.08 |
% |
|
0.67 |
% |
|
0.96 |
% |
|
0.91 |
% |
|
|
1.18 |
% |
|
1.15 |
% |
Net interest margin
(annualized) |
3.98 |
% |
|
3.87 |
% |
|
3.85 |
% |
|
3.60 |
% |
|
3.52 |
% |
|
|
3.92 |
% |
|
3.61 |
% |
Impact of purchase
accounting on net interest margin (2) |
0.23 |
% |
|
0.10 |
% |
|
0.14 |
% |
|
0.05 |
% |
|
0.11 |
% |
|
|
0.16 |
% |
|
0.17 |
% |
Holding company tier 1
leverage ratio (3) |
11.83 |
% |
|
11.55 |
% |
|
12.05 |
% |
|
13.08 |
% |
|
12.92 |
% |
|
|
11.83 |
% |
|
12.92 |
% |
Holding company total
risk-based capital ratio (3) |
16.14 |
% |
|
15.90 |
% |
|
15.79 |
% |
|
17.98 |
% |
|
17.93 |
% |
|
|
16.14 |
% |
|
17.93 |
% |
Bank tier 1 leverage
ratio (3) (4) |
10.94 |
% |
|
10.57 |
% |
|
10.96 |
% |
|
12.06 |
% |
|
11.84 |
% |
|
|
10.94 |
% |
|
11.84 |
% |
Bank total risk-based
capital ratio (3) |
14.98 |
% |
|
14.61 |
% |
|
14.45 |
% |
|
16.67 |
% |
|
16.53 |
% |
|
|
14.98 |
% |
|
16.53 |
% |
Effective tax rate
(5) |
27.73 |
% |
|
43.83 |
% |
|
35.75 |
% |
|
36.46 |
% |
|
40.78 |
% |
|
|
36.08 |
% |
|
36.86 |
% |
Yield on loans |
5.21 |
% |
|
5.10 |
% |
|
5.04 |
% |
|
4.79 |
% |
|
4.74 |
% |
|
|
5.16 |
% |
|
4.87 |
% |
Cost of deposits |
0.54 |
% |
|
0.53 |
% |
|
0.50 |
% |
|
0.47 |
% |
|
0.46 |
% |
|
|
0.54 |
% |
|
0.46 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset quality ratios:
(6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses as a % of total loans (7) |
0.96 |
% |
|
0.96 |
% |
|
0.96 |
% |
|
1.04 |
% |
|
1.04 |
% |
|
|
0.96 |
% |
|
1.04 |
% |
Allowance
for loan losses as a % of nonperforming loans |
780.63 |
% |
|
575.09 |
% |
|
649.13 |
% |
|
586.83 |
% |
|
652.47 |
% |
|
|
780.63 |
% |
|
652.47 |
% |
Nonperforming assets as a % of total loans and OREO |
0.15 |
% |
|
0.27 |
% |
|
0.27 |
% |
|
0.36 |
% |
|
0.35 |
% |
|
|
0.15 |
% |
|
0.35 |
% |
Nonperforming assets as a % of total assets |
0.10 |
% |
|
0.19 |
% |
|
0.19 |
% |
|
0.26 |
% |
|
0.24 |
% |
|
|
0.10 |
% |
|
0.24 |
% |
Net
charge-offs (recoveries) as a % of average loans (annualized) |
(0.12 |
)% |
|
(0.01 |
)% |
|
(0.10 |
)% |
|
(0.12 |
)% |
|
(0.06 |
)% |
|
|
(0.07 |
)% |
|
(0.21 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
__________________________________
- 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 additional charges to income tax expense of
$49,000 and $1.4 million during the three months ended
March 31, 2018 and December 31, 2017, respectively, the
Company's effective tax rate for the three months ended
March 31, 2018 and December 31, 2017 was 27.0% and 25.7%,
respectively.
- Ratios for the three months ended March 31, 2018,
December 31, 2017, September 30, 2017, June 30,
2017, and March 31, 2017 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 $192.0
million, $254.2 million, $154.0 million, $166.5 million, and $191.9
million at March 31, 2018, December 31, 2017,
September 30, 2017, June 30, 2017, and March 31,
2017, respectively, which were recorded at acquisition date fair
value, the allowance approximated 1.15%, 1.19%, 1.22%, 1.22%, and
1.24% of all other loans at March 31, 2018, December 31,
2017, September 30, 2017, June 30, 2017, and March 31, 2017,
respectively.
Charter Financial
CorporationAverage Balances, Interest Rates and
Yields (unaudited)dollars in thousands
|
Quarter to Date |
|
3/31/2018 |
|
3/31/2017 |
|
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 |
$ |
125,911 |
|
|
$ |
486 |
|
|
1.54 |
% |
|
$ |
105,705 |
|
|
$ |
213 |
|
|
0.81 |
% |
Certificates of deposit held at other financial institutions |
5,729 |
|
|
21 |
|
|
1.43 |
|
|
11,893 |
|
|
39 |
|
|
1.30 |
|
FHLB
common stock and other equity securities |
4,056 |
|
|
53 |
|
|
5.20 |
|
|
3,393 |
|
|
40 |
|
|
4.75 |
|
Taxable
investment securities |
179,824 |
|
|
996 |
|
|
2.22 |
|
|
195,694 |
|
|
1,104 |
|
|
2.26 |
|
Nontaxable investment securities (1) |
1,055 |
|
|
3 |
|
|
1.24 |
|
|
1,588 |
|
|
5 |
|
|
1.15 |
|
Restricted securities |
279 |
|
|
3 |
|
|
4.63 |
|
|
279 |
|
|
3 |
|
|
3.84 |
|
Loans
receivable (1)(2)(3)(4) |
1,159,420 |
|
|
14,303 |
|
|
4.93 |
|
|
1,005,473 |
|
|
11,545 |
|
|
4.59 |
|
Accretion, net, of acquired loan discounts (5) |
|
|
799 |
|
|
0.27 |
|
|
|
|
358 |
|
|
0.14 |
|
Total
interest-earning assets |
1,476,274 |
|
|
16,664 |
|
|
4.52 |
|
|
1,324,025 |
|
|
13,307 |
|
|
4.02 |
|
Total
noninterest-earning assets |
154,799 |
|
|
|
|
|
|
134,605 |
|
|
|
|
|
Total
assets |
$ |
1,631,073 |
|
|
|
|
|
|
$ |
1,458,630 |
|
|
|
|
|
Liabilities and
Equity: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Interest
bearing checking |
$ |
277,300 |
|
|
$ |
121 |
|
|
0.17 |
% |
|
$ |
251,150 |
|
|
$ |
94 |
|
|
0.15 |
% |
Bank
rewarded checking |
56,073 |
|
|
27 |
|
|
0.19 |
|
|
53,653 |
|
|
26 |
|
|
0.19 |
|
Savings
accounts |
66,885 |
|
|
7 |
|
|
0.04 |
|
|
62,718 |
|
|
6 |
|
|
0.04 |
|
Money
market deposit accounts |
290,259 |
|
|
341 |
|
|
0.47 |
|
|
259,470 |
|
|
195 |
|
|
0.30 |
|
Certificate of deposit accounts |
402,686 |
|
|
978 |
|
|
0.97 |
|
|
380,198 |
|
|
844 |
|
|
0.89 |
|
Total
interest-bearing deposits |
1,093,203 |
|
|
1,474 |
|
|
0.54 |
|
|
1,007,189 |
|
|
1,165 |
|
|
0.46 |
|
Borrowed
funds |
60,029 |
|
|
364 |
|
|
2.43 |
|
|
50,011 |
|
|
363 |
|
|
2.90 |
|
Floating
rate junior subordinated debt |
6,771 |
|
|
140 |
|
|
8.29 |
|
|
6,634 |
|
|
124 |
|
|
7.47 |
|
Total
interest-bearing liabilities |
1,160,003 |
|
|
1,978 |
|
|
0.68 |
|
|
1,063,834 |
|
|
1,652 |
|
|
0.62 |
|
Noninterest-bearing deposits |
234,673 |
|
|
|
|
|
|
174,904 |
|
|
|
|
|
Other
noninterest-bearing liabilities |
16,679 |
|
|
|
|
|
|
15,775 |
|
|
|
|
|
Total
noninterest-bearing liabilities |
251,352 |
|
|
|
|
|
|
190,679 |
|
|
|
|
|
Total
liabilities |
1,411,355 |
|
|
|
|
|
|
1,254,513 |
|
|
|
|
|
Total
stockholders' equity |
219,718 |
|
|
|
|
|
|
205,021 |
|
|
|
|
|
Total
liabilities and stockholders' equity |
$ |
1,631,073 |
|
|
|
|
|
|
$ |
1,459,534 |
|
|
|
|
|
Net
interest income |
|
|
$ |
14,686 |
|
|
|
|
|
|
$ |
11,655 |
|
|
|
Net
interest earning assets (6) |
|
|
$ |
316,271 |
|
|
|
|
|
|
$ |
260,191 |
|
|
|
Net
interest rate spread (7) |
|
|
|
|
3.84 |
% |
|
|
|
|
|
3.40 |
% |
Net
interest margin (8) |
|
|
|
|
3.98 |
% |
|
|
|
|
|
3.52 |
% |
Impact of
purchase accounting on net interest margin (9) |
|
|
|
|
0.23 |
% |
|
|
|
|
|
0.11 |
% |
Ratio of
average interest-earning assets to average interest-bearing
liabilities |
|
|
|
|
127.26 |
% |
|
|
|
|
|
124.46 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
__________________________________
- 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
CorporationAverage Balances, Interest Rates and
Yields (unaudited)dollars in thousands
|
Fiscal Year to Date |
|
3/31/2018 |
|
3/31/2017 |
|
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 |
$ |
126,376 |
|
|
$ |
847 |
|
|
1.34 |
% |
|
$ |
102,451 |
|
|
$ |
324 |
|
|
0.63 |
% |
Certificates of deposit held at other financial institutions |
6,367 |
|
|
46 |
|
|
1.43 |
|
|
12,630 |
|
|
81 |
|
|
1.29 |
|
FHLB
common stock and other equity securities |
4,055 |
|
|
104 |
|
|
5.13 |
|
|
3,377 |
|
|
80 |
|
|
4.71 |
|
Taxable
investment securities |
180,920 |
|
|
2,060 |
|
|
2.28 |
|
|
195,409 |
|
|
2,200 |
|
|
2.25 |
|
Nontaxable investment securities (1) |
1,060 |
|
|
7 |
|
|
1.24 |
|
|
1,593 |
|
|
9 |
|
|
1.15 |
|
Restricted securities |
279 |
|
|
6 |
|
|
4.51 |
|
|
279 |
|
|
5 |
|
|
3.76 |
|
Loans
receivable (1)(2)(3)(4) |
1,158,732 |
|
|
28,740 |
|
|
4.96 |
|
|
1,004,386 |
|
|
23,391 |
|
|
4.66 |
|
Accretion
and amortization of acquired loan discounts (5) |
|
|
1,134 |
|
|
0.20 |
|
|
|
|
1,082 |
|
|
0.21 |
|
Total
interest-earning assets |
1,477,789 |
|
|
32,944 |
|
|
4.46 |
|
|
1,320,125 |
|
|
27,172 |
|
|
4.12 |
|
Total
noninterest-earning assets |
155,679 |
|
|
|
|
|
|
135,883 |
|
|
|
|
|
Total
assets |
$ |
1,633,468 |
|
|
|
|
|
|
$ |
1,456,008 |
|
|
|
|
|
Liabilities and
Equity: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Interest
bearing checking |
$ |
277,214 |
|
|
$ |
248 |
|
|
0.18 |
% |
|
$ |
251,110 |
|
|
$ |
180 |
|
|
0.14 |
% |
Bank
rewarded checking |
54,614 |
|
|
54 |
|
|
0.20 |
|
|
52,692 |
|
|
52 |
|
|
0.20 |
|
Savings
accounts |
66,527 |
|
|
13 |
|
|
0.04 |
|
|
62,434 |
|
|
12 |
|
|
0.04 |
|
Money
market deposit accounts |
288,447 |
|
|
647 |
|
|
0.45 |
|
|
257,379 |
|
|
389 |
|
|
0.30 |
|
Certificate of deposit accounts |
408,901 |
|
|
1,976 |
|
|
0.97 |
|
|
380,584 |
|
|
1,691 |
|
|
0.89 |
|
Total
interest-bearing deposits |
1,095,703 |
|
|
2,938 |
|
|
0.54 |
|
|
1,004,199 |
|
|
2,324 |
|
|
0.46 |
|
Borrowed
funds |
60,025 |
|
|
734 |
|
|
2.45 |
|
|
50,006 |
|
|
750 |
|
|
3.00 |
|
Floating
rate junior subordinated debt |
6,753 |
|
|
278 |
|
|
8.23 |
|
|
6,616 |
|
|
244 |
|
|
7.36 |
|
Total
interest-bearing liabilities |
1,162,481 |
|
|
3,950 |
|
|
0.68 |
|
|
1,060,821 |
|
|
3,318 |
|
|
0.63 |
|
Noninterest-bearing deposits |
235,290 |
|
|
|
|
|
|
173,561 |
|
|
|
|
|
Other
noninterest-bearing liabilities |
17,343 |
|
|
|
|
|
|
15,459 |
|
|
|
|
|
Total
noninterest-bearing liabilities |
252,633 |
|
|
|
|
|
|
189,020 |
|
|
|
|
|
Total
liabilities |
1,415,114 |
|
|
|
|
|
|
1,249,841 |
|
|
|
|
|
Total
stockholders' equity |
218,354 |
|
|
|
|
|
|
206,167 |
|
|
|
|
|
Total
liabilities and stockholders' equity |
$ |
1,633,468 |
|
|
|
|
|
|
$ |
1,456,008 |
|
|
|
|
|
Net
interest income |
|
|
$ |
28,994 |
|
|
|
|
|
|
$ |
23,854 |
|
|
|
Net
interest earning assets (6) |
|
|
$ |
315,308 |
|
|
|
|
|
|
$ |
259,304 |
|
|
|
Net
interest rate spread (7) |
|
|
|
|
3.78 |
% |
|
|
|
|
|
3.49 |
% |
Net
interest margin (8) |
|
|
|
|
3.92 |
% |
|
|
|
|
|
3.61 |
% |
Impact of
purchase accounting on net interest margin (9) |
|
|
|
|
0.16 |
% |
|
|
|
|
|
0.17 |
% |
Ratio of
average interest-earning assets to average interest-bearing
liabilities |
|
|
|
|
127.12 |
% |
|
|
|
|
|
124.44 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
__________________________________
- 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 |
|
3/31/2018 |
|
12/31/2017 |
|
9/30/2017 |
|
6/30/2017 |
|
3/31/2017 |
Tangible Book
Value Per Share |
|
|
|
|
|
|
|
|
|
Book
value per share |
$ |
14.64 |
|
|
$ |
14.42 |
|
|
$ |
14.17 |
|
|
$ |
14.03 |
|
|
$ |
13.84 |
|
Effect to
adjust for goodwill and other intangible assets |
(2.81 |
) |
|
(2.83 |
) |
|
(2.84 |
) |
|
(2.11 |
) |
|
(2.14 |
) |
Tangible
book value per share (Non-GAAP) |
$ |
11.83 |
|
|
$ |
11.59 |
|
|
$ |
11.33 |
|
|
$ |
11.92 |
|
|
$ |
11.70 |
|
|
|
|
|
|
|
|
|
|
|
Tangible Common
Equity Ratio |
|
|
|
|
|
|
|
|
|
Total
equity to total assets |
13.40 |
% |
|
13.27 |
% |
|
13.06 |
% |
|
14.33 |
% |
|
14.04 |
% |
Effect to
adjust for goodwill and other intangible assets |
(2.29 |
) |
|
(2.31 |
) |
|
(2.34 |
) |
|
(1.90 |
) |
|
(1.90 |
) |
Tangible
common equity ratio (Non-GAAP) |
11.11 |
% |
|
10.96 |
% |
|
10.72 |
% |
|
12.43 |
% |
|
12.14 |
% |
|
|
|
|
|
|
|
|
|
|
Return On
Average Tangible Equity |
|
|
|
|
|
|
|
|
|
Return on
average equity |
9.56 |
% |
|
8.10 |
% |
|
4.77 |
% |
|
6.65 |
% |
|
6.40 |
% |
Effect to
adjust for goodwill and other intangible assets |
2.30 |
|
|
2.00 |
|
|
0.95 |
|
|
1.19 |
|
|
1.18 |
|
Return on
average tangible equity (Non-GAAP) |
11.86 |
% |
|
10.10 |
% |
|
5.72 |
% |
|
7.84 |
% |
|
7.58 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended |
|
3/31/2018 |
|
3/31/2017 |
Tangible Book
Value Per Share |
|
|
|
Book
value per share |
$ |
14.64 |
|
|
$ |
13.84 |
|
Effect to
adjust for goodwill and other intangible assets |
(2.81 |
) |
|
(2.14 |
) |
Tangible
book value per share (Non-GAAP) |
$ |
11.83 |
|
|
$ |
11.70 |
|
|
|
|
|
Tangible Common
Equity Ratio |
|
|
|
Total
equity to total assets |
13.40 |
% |
|
14.04 |
% |
Effect to
adjust for goodwill and other intangible assets |
(2.29 |
) |
|
(1.90 |
) |
Tangible
common equity ratio (Non-GAAP) |
11.11 |
% |
|
12.14 |
% |
|
|
|
|
Return On
Average Tangible Equity |
|
|
|
Return on
average equity |
8.84 |
% |
|
8.11 |
% |
Effect to
adjust for goodwill and other intangible assets |
2.15 |
|
|
1.51 |
|
Return on
average tangible equity (Non-GAAP) |
10.99 |
% |
|
9.62 |
% |
|
|
|
|
|
|
Grafico Azioni Charter Financial Corp. (delisted) (NASDAQ:CHFN)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Charter Financial Corp. (delisted) (NASDAQ:CHFN)
Storico
Da Lug 2023 a Lug 2024