CommunityOne Bancorp (“Company”) (NASDAQ:COB), the holding company
for CommunityOne Bank, N.A. (“Bank”), today announced its unaudited
financial results for the quarter ended December 31, 2015.
Highlights include:
- Core net income in 4Q 2015 was $2.7 million ($0.11 per
diluted share), an increase of 16% from core net income in 4Q 2014,
and was $10.7 million ($0.44 per diluted share) for full year 2015,
an increase of 43% from 2014.
- Net income in 4Q 2015 was $0.4 million ($0.01 per
diluted share) and $6.9 million ($0.29 per diluted share) for full
year 2015.
- Loans grew 14% in 2015, and at a 6% annualized rate in
4Q 2015. Organic loans, which exclude purchased residential
mortgage pools, grew 19% from 4Q
2014.
- Year over year Charlotte MSA loan growth was 30%;
Raleigh/Durham MSA loan growth was 109%; Greensboro/Winston Salem
MSA loan growth was 17%.
- Deposits grew 9%, low cost core deposits grew 10% and
noninterest-bearing deposits grew by $62.6 million, or 19%, during
2015.
- Net interest income grew 4% from 4Q 2014 to $17.5
million. Net interest margin was 3.29% in 4Q 2015, down 20
basis points from 4Q 2014. Net interest margin was 3.40% for
full year 2015, down three basis points from full year
2014.
- Credit performance was positive during 4Q 2015, as
nonperforming loans were 1.2% of total loans, and net recovery of
provision for loan losses was $1.0 million in 4Q 2015 and $3.0
million in full year 2015. Net charge-offs were $1.0 million in 4Q
2015, and full year 2015 net charge-offs as a percent of average
loans held for investment were 15 basis points,
compared to eight basis points in full year 2014.
- Nonperforming assets fell 23% from a year ago and were
1.5% of total assets.
- Noninterest income, excluding securities gains and
losses and nonrecurring items, grew 15% from 4Q 2014.
- Noninterest expenses, excluding credit and nonrecurring
expenses, were $18.1 million in 4Q 2015, down less than 1% from 4Q
2014. Average full time equivalent employees fell 3% from 4Q
2014.
- Entered into a definitive merger agreement with Capital
Bank Financial Corp on November 22, 2015.
“I continue to be very pleased with our financial trends in the
fourth quarter which resulted in our core net income of $10.7
million in 2015, up 43% over 2014. Our whole team worked hard
to generate these improved financial results and I could not be
prouder of what we accomplished this past year. In addition, we are
excited about our pending merger with Capital Bank Financial and
look forward to working with Gene Taylor, CEO of Capital, and his
entire team to continue to serve our customers in a high quality
way,” noted Bob Reid, President and CEO.
Fourth Quarter and Full Year 2015 Financial
Results
Results of Operations
Net income was $0.4 million for the fourth quarter of 2015,
compared to $144.6 million in the fourth quarter of 2014 and $1.5
million in the third quarter of 2015. Fourth quarter of 2015
included the reversal of $142.5 million of valuation allowance on
the Company’s deferred tax assets. Core net income, which
excludes nonrecurring income and expenses, was $2.7 million in the
fourth quarter of 2015, $0.4 million, or 16%, better than the $2.3
million in the fourth quarter of 2014, and $0.2 million, or 7%,
lower than the $2.9 million in the third quarter of 2015.
Fully diluted net income per share was $0.01
per share in the fourth quarter of 2015, compared to $6.62 per
share and $0.06 per share in the fourth quarter of 2014 and the
third quarter of 2015, respectively. Core fully diluted net
income per share for the fourth quarter was $0.11 per share,
compared to $0.11 and $0.12 in the fourth quarter of 2014 and the
third quarter of 2015, respectively.
Net income was $6.9 million, or $0.29 per diluted share, in full
year 2015, compared to $150.5 million, or $6.88 per diluted share,
in full year 2014. Core net income, which excludes
nonrecurring income and expenses, was $10.7 million in full year
2015, an increase of 43% from $7.5 million in full year
2014.
Non-core items in the fourth quarter of 2015 were $2.0 million
in merger expenses from the pending merger with Capital Bank
Financial and $1.1 million in expenses from the accelerated vesting
of restricted stock awards to certain executive officers of the
Company. Non-core items in the fourth quarter of 2014 were
the deferred tax asset valuation allowance described above and a
charge of $1.6 million for six branch closures.
Fourth quarter financial results, as compared to the same
quarter last year, reflected continued improvements in the asset
quality of the loan portfolio and a $1.0 million recovery of loan
loss provision. Net interest income grew $0.7 million, or 4%,
from the fourth quarter of 2014 on a $203.4 million, or 15%,
increase in average loans, offset by a 24 basis point decline in
yield on average earning assets. Core noninterest income,
which excludes securities gains and losses and other nonrecurring
items, grew $0.7 million, or 15%, from the fourth quarter of 2014
on stronger service charge revenue and growth in mortgage and SBA
loan sales. Noninterest expense increased by $1.8 million, or
9%, as compared to the same quarter last year, primarily related to
the $3.1 million in non-core merger expenses and restricted stock
award accelerated vesting, offset by $1.6 million in branch closure
cost accruals recorded in the fourth quarter of 2014.
As compared to the third quarter of 2015, net interest income
grew $0.2 million, or 1%, on an increase in average loans of $61.1
million, or 4%, offset by a decrease in the yield on average
earning assets of eight basis points. Core noninterest income
grew $0.3 million, or 6%, from last quarter on increases in
cardholder and merchant services net revenue. Noninterest
expense increased by $4.8 million, or 28%, from last quarter,
primarily related to $3.1 million in merger related and
nonrecurring restricted stock award acceleration expenses, year-end
bonus payments and associated payroll taxes, higher other real
estate owned (“OREO”) costs, and changes to retiree benefit plans
that offset personnel expenses last quarter.
The improved financial performance in 2015 was led by a $4.6
million, or 7%, increase in net interest income from a $184.6
million increase in average loans, a $2.0 million, or 3%, reduction
in core noninterest expenses, and a $1.4 million, or 9%, increase
in core noninterest income primarily from a $0.7 increase in
mortgage and SBA loan sales, offset by a $2.4 million decline in
recovery of provision for loan losses.
Loans and Deposits
Strong origination activity continued this quarter across all
business lines, reflecting sustained loan demand in our metro
markets, portfolio growth across all our businesses, and the impact
of personnel additions and market expansion. Loans held for
investment grew at an annualized growth rate of 6% during the
quarter, with year-end balances impacted by the refinancing of
several larger real estate loans into the permanent market.
Year to date, loans held for investment grew by $186.0 million, or
14%, exceeding our full year 2015 growth goal of 10-12%.
Loans held for investment grew by $21.3 million in the fourth
quarter to $1.54 billion, compared to $1.52 billion at the end of
the third quarter. Excluding our purchased residential
mortgage loan pools, our total organic loan growth was even
stronger at $28.7 million during the quarter, an annualized growth
rate of 9%. Pass rated loans grew $29.1 million in the fourth
quarter, an annualized growth rate of 8%, reflecting continued
improvement in the asset quality of the loan portfolio. Loans
held for investment to total deposits was 79% in the fourth
quarter, improved from 76% a year ago.
Our accelerated loan growth during 2015 was a result of the
success of our investments in expanded commercial, commercial real
estate and residential mortgage lending capacity in our metro
markets of Charlotte, Raleigh/Durham and Greensboro/Winston-Salem,
the top three MSAs in terms of population in North Carolina, as
well as Charleston, South Carolina, one of the largest and fastest
growing markets in that state. At the end of the fourth
quarter, the loan portfolio in the three metro North Carolina
markets made up 58% of our organic loan portfolio (which excludes
our purchased residential mortgage loans), up from 52% a year
ago. Key drivers of growth were the Charlotte and Raleigh
metro areas with year over year loan portfolio increases of 30% and
109%, respectively.
For the full year, total deposits grew $153.1 million, or 9%,
reflecting the enhanced deposit focus during the year. Low
cost core deposits, consisting of non-CD deposits, grew $120.1
million during 2015 to $1.33 billion, from $1.21 billion at
December 31, 2014. Noninterest-bearing deposits grew $62.6
million, or 19%, in 2015 as a result of growth in commercial
relationships and investments in treasury management products.
Net Interest Income
Fourth quarter net interest income was $17.5 million, an
increase of $0.7 million, or 4%, as compared to $16.7 million in
the fourth quarter of last year, as a result of a $246.7 million
increase in average loans and securities, offset by a decrease in
net loan yield of 43 basis points from lower rate origination, the
fixed/variable loan mix and a $0.2 million reduction in purchased
impaired loan accretion. Net interest income was $0.2 million
higher as compared to the third quarter of 2015, on an increase in
average loans and securities of $70.7 million, offset by the impact
of a 12 basis point decline in net loan yield in the fourth quarter
driven by reduced new loan origination yields and the
fixed/variable loan mix. Accretion, net of contractual
interest collected, on purchased impaired loans was $0.5 million in
the fourth quarter of 2015, compared to $0.5 million and $0.7
million in the third quarter of 2015 and the fourth quarter of
2014, respectively.
Our net interest margin was 3.29% for the fourth quarter of
2015, down 20 basis points from the fourth quarter of 2014, and
down 8 basis points from the third quarter of this year. The
decline in net interest margin as compared to the fourth quarter of
2014 was the result of the decline in net loan yields discussed
above, offset by an improved asset mix as we grew average loans by
$203.4 million (15%) and reduced lower yielding cash balances by
$43.4 million, and a 2 basis point decline in the cost of interest
bearing liabilities. The decrease in the net interest margin
in the fourth quarter of 2015 from the prior quarter was the result
of the decline in loan yields discussed above and a 2 basis point
increase in the average cost of interest bearing deposits as a
result of CD maturity extension and promotional activity in our
money market deposit portfolio, offset by an improved asset mix as
we grew average loans by $61.1 million. The deposit portfolio
continues to perform to our expectations, including the deposit
portfolio acquired from CertusBank, N.A. at the end of June.
The cost of interest-bearing deposits was 48 basis points
during the fourth quarter of 2015, an increase of 2 basis points
from the third quarter of 2015 and 1 basis point from the fourth
quarter of 2014. The cost of all deposit funding was 39 basis
points in the fourth quarter of 2015, unchanged from the fourth
quarter of 2014, and 2 basis points higher than the third quarter
of 2015.
Net interest income was $68.4 million for the full year 2015, an
increase of $4.6 million, or 7%, compared to $63.8 million in 2014,
as a result of a $147.7 million, or 6%, increase in average earning
assets during the year and an improving asset mix with 72% of
average earning assets in loans in 2015, up from 68% in 2014.
Offsetting these improvements were a 12 basis point decline
in loan yield excluding accretion and a 9 basis point decline in
loan yield from a $0.8 million reduction in non-cash loan accretion
as a result of expected runoff in the purchased impaired loan
portfolio. The Company’s net interest margin was 3.40% in
2015, down 3 basis points from 2014.
Asset Quality and Provision for Loan Losses
Nonperforming assets, including nonaccruing loans, loans over 90
days delinquent and still accruing not accounted for under
purchased impaired loan accounting, and OREO and repossessed loan
collateral, continued to decline during the fourth quarter.
These assets fell to $35.4 million, or 1.5% of total assets, at the
end of the fourth quarter, compared to $45.7 million, or 2.1% of
total assets, at the end of the fourth quarter a year ago.
OREO and repossessed loan collateral fell during the third quarter
to $16.6 million, and have been reduced by $3.8 million, or 19%,
compared to the same quarter last year. For the fourth
quarter, we had OREO write-downs, net of gains on the sale of OREO,
of $626 thousand.
The allowance for loan losses was $15.2 million, or 0.98% of
loans held for investment, at the end of the fourth quarter,
compared to $17.2 million, or 1.13% at the end of the previous
quarter. Recovery of provision for loan losses was $1.0
million in the fourth quarter compared to recoveries of provision
of $0.1 million and $1.3 million in the third quarter of 2015 and
the fourth quarter of 2014, respectively. Net charge-offs in
the fourth quarter were $1.0 million, and fourth quarter annualized
net charge-offs as a percentage of average loans were 0.26%,
compared to an annualized net recovery of 0.04% in the fourth
quarter of 2014.
Recovery of provision for loan losses was $3.0 million for full
year 2015 compared to a recovery of provision for loan losses of
$5.4 million for full year 2014 as asset quality continued to
improve. The Company had $2.2 million in net charge-offs in
full year 2015, compared to $1.1 million in full year 2014.
The full year 2015 net charge-offs as a percentage of average loans
held for investment were 0.15%, compared to 0.08% in full year
2014.
Noninterest Income
Total noninterest income was $5.0 million in the fourth quarter.
Total noninterest income increased $0.4 million, or 10%, as
compared to $4.5 million in the fourth quarter of last year, and
was unchanged from the third quarter of 2015 which included a
nonrecurring $0.3 million bargain purchase gain on the CertusBank
branch acquisition. For the fourth quarter, core noninterest
income, which excludes nonrecurring items and gains and losses on
securities sales, was also $5.0 million, a 15%, or $0.7 million,
increase from the comparable quarter in 2014, and an increase of
$0.3 million, or 6%, from last quarter.
Mortgage and SBA loan income increased by 82% in the fourth
quarter from the same quarter in 2014, to $0.4 million, driven by
$5.3 million in SBA loan origination, a 68% increase in mortgage
loan origination and a 55% increase in mortgage loans originated
for sale to investors. During the quarter, we originated
$66.6 million of mortgage loans, including $26.4 million of loans
for sale to investors. Production from our retail non-branch
channel was $18.3 million in the quarter, a 345% increase from the
same quarter last year.
Fourth quarter total service charges were $0.2 million, or 13%,
higher than the same quarter last year on increased overdraft
activity in the deposit portfolio and other service charge changes
during 2015. Cardholder and merchant services income grew 7%
over the same quarter last year on increased transaction volume.
Trust and investment services income in the fourth quarter grew 6%
from the comparable quarter last year, principally as a result of
increased assets under management and increased securities sales
commissions.
Core noninterest income increased $1.5 million, or 9%, in full
year 2015 to $17.9 million, compared to $16.4 million in full year
2014. Mortgage and SBA loan income increased by 81% from full
year 2014, to $1.6 million, driven by $6.5 million in SBA loan
origination, a 72% increase in mortgage loan origination and a 65%
increase in mortgage loans originated for sale to investors.
During 2015, we originated $254.0 million of mortgage loans,
including $106.8 million of loans for sale to investors.
Production from our retail non-branch channel was $77.1 million in
2015, a 732% increase from 2014. Total service charges,
including service charges on deposits and other service charges,
grew by $0.4 million, or 5%, and cardholder and merchant services
income grew by $0.2 million, or 4%, on increased activity
volumes.
Noninterest Expense
Noninterest expense increased by $1.8 million, or 9%, as
compared to the same quarter last year, primarily from $2.0 million
in non-core merger expenses and $1.1 million in restricted stock
award accelerated vesting expense, offset by $1.6 million in branch
closure cost accruals recorded in the fourth quarter of 2014.
Core noninterest expense, which excludes nonrecurring expenses, was
$19.1 million, an increase of $0.2 million, or 1% from the fourth
quarter of 2014. Pre-credit and nonrecurring (“PCNR”)
noninterest expense, which excludes credit related expenses (OREO
and loan collection expenses) in addition to nonrecurring expenses,
was $18.1 million in the fourth quarter, a decrease of $0.1 million
from the fourth quarter of 2014.
As compared to the third quarter, noninterest expense increased
by $4.8 million, or 28%, primarily related to the merger related
and nonrecurring restricted stock award acceleration expenses noted
above, year-end bonus payments and associated payroll taxes, higher
OREO costs, and changes to retiree benefit plans that offset
personnel expenses last quarter. PCNR noninterest expense
increased by $1.1 million in the fourth quarter from the prior
quarter, primarily as a result of year-end bonus payments and
associated payroll taxes and changes to retiree benefit plans that
offset personnel expenses last quarter.
PCNR noninterest expense to average assets was 3.03% in the
fourth quarter, compared to 3.55% in the fourth quarter a year
ago. Average full time equivalent employees were 554, down
14, or 3%, from a year ago.
Total noninterest expense in full year 2015 fell $3.0 million,
or 4%, primarily on operating cost savings from the branch closures
in the first quarter of 2015, a reduction in loan collection costs,
and the reduction in net nonrecurring expenses from $4.2 million in
2014 to $3.1 million in 2015, partially offset by increased OREO
expenses. Core noninterest expense, which excludes
nonrecurring expenses, fell by 3%, or $2.0 million, to $72.4
million in 2015, compared to $74.4 million in 2014, primarily as a
result of declines in occupancy, furniture, equipment and data
processing expenses as a result of branch closures in the first
quarter of 2015, a $0.3 million decline in professional expenses
and a $0.3 million decline in FDIC charges from improved asset
quality.
Conference Call
A pre-recorded conference call will be held at 11:00 a.m.,
Eastern time this morning January 29th, 2016. Interested parties
should dial in five to ten minutes prior to the scheduled start
time to 1-866-235-9913. The webcast may be accessed via the
Investor Relations section of the Company’s website at
www.community1.com. The webcast replay will be available
until January 29, 2017. The teleconference replay will be
available one hour after the end of the conference through February
12, 2016. To access the teleconference replay, dial toll free
1-877-344-7529 and provide Conference ID Number 10077663.
About CommunityOne Bancorp
CommunityOne Bancorp is the Charlotte, North Carolina-based
bank holding company for CommunityOne Bank, N.A. Founded in 1907 as
First National Bank of Asheboro, CommunityOne has grown into a $2.4
billion community bank, operating 45 branches throughout central,
southern and western North Carolina, and Loan Production Offices in
Raleigh, NC, Winston-Salem, NC, and Charleston, SC. Through its
network of branches and LPOs, CommunityOne offers a variety of
consumer, mortgage and commercial banking services to retail and
business customers, including loans, deposits, treasury management,
wealth and online banking. CommunityOne Bancorp's shares are traded
on the NASDAQ stock market under the symbol, "COB."
Non-GAAP Financial Measures
Statements in this press release include certain non-GAAP
financial measures, which should be read along with the
accompanying tables that provide a reconciliation of these non-GAAP
financial measures to the most directly comparable GAAP
measures. The non-GAAP financial measures referenced in this
press release include: tangible shareholders’ equity, core net
income, core net income before tax, core noninterest income, core
return on average assets, core net income per share - diluted, core
noninterest expense, and PCNR noninterest expense. The
Company believes that these non-GAAP financial measures provide
information useful to investors in understanding our underlying
performance and business trends as they facilitate comparisons with
the performance of others in the financial services industry.
However, these non-GAAP financial measures should not be considered
an alternative to GAAP, and investors should consider the Company’s
performance and financial condition as reported under GAAP as well
as other relevant information when assessing the overall
performance and financial condition of the Company.
Forward Looking Statements
Information in this press release may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements
include projections, predictions, expectations, or beliefs about
events or results or otherwise are not statements of historical
facts, and usually can be identified by the use of forward-looking
terminology, such as “believes,” “expects,” or “are expected to,”
“plans,” “projects,” “goals,” “estimates,” “may,” “should,”
“could,” “would,” “intends to,” “outlook” or “anticipates,” or
variations of these and similar words, or by discussions of
strategies that involve risks and uncertainties that could cause
actual results to differ materially, including, without limitation,
our ability to continue to grow our business internally and through
acquisition and successful integration of any acquired entities
while controlling our costs; having the financial and management
resources in the amount, at the times and on the terms required to
support our future business; the accuracy of our assumptions and
judgments about the collectability of our loan portfolio, including
the creditworthiness of our borrowers and the value of real estate
and other assets, which could affect repayment of such borrowers'
outstanding loans; material changes in the quality of our loan
portfolio and the resulting credit related losses and expenses; the
accuracy of our assumptions relating to the establishment of our
ALL; adverse changes in the value of real estate in our market
areas; adverse changes in the housing markets, or an increase in
interest rates, either of which may reduce demand for mortgages;
changes in interest rates, spreads on earning assets and
interest-bearing liabilities, the shape of the yield curve and
interest rate sensitivity; a prolonged period of low interest
rates; declines in the value of our OREO; the accuracy of our
assumptions relating to our ability to use net operating loss
carryforwards to reduce future tax payments; the loss of one or
more members of executive management and our ability to recruit and
retain key lenders and other employees; less favorable general
economic conditions, either nationally or regionally; resulting in,
among other things, a reduced demand for our credit or other
services and thus reduced origination volume; increased competitive
pressures in the banking industry or in COB's markets affecting
pricing or product and service offerings; our ability to respond to
rapid technological developments and changes; disruptions in or
manipulations of our operating systems; information security and
cyber security risks impacting us or our vendors, including
“hacking” and “identity theft,” that could adversely affect our
business and our reputation; the loss or disruption of the services
provided by one or more of our critical vendors; our ability to
achieve our targeted reductions in costs and expenses; the impact
of laws and regulatory requirements, including the Basel III
capital rules, Bank Secrecy Act requirements, and regulations
required by the Dodd-Frank Act; changes in trade, monetary and
fiscal policies and laws, including interest rate policies of the
Federal Reserve Board; changes in accounting principles and
standards; and our success at managing the risks involved in the
foregoing.
Although the Company believes that its expectations with respect
to such forward-looking statements are based upon reasonable
assumptions within the bounds of its existing knowledge of its
business and operations, there can be no assurance that actual
results of the Company will not differ materially from those
expressed or implied by such forward-looking statements.
Factors that could cause actual events or results to differ
significantly from those described in the forward-looking
statements include, but are not limited to those described in the
cautionary language included under the headings “Risk Factors” and
in other sections of the Company’s filings with the SEC, including
its Annual Report on Form 10-K for the fiscal year ended December
31, 2014 and its quarterly reports on Form 10-Q. The forward
looking statements in this press release speak only as of the date
of the press release and the Company does not assume any obligation
to update them after such date.
Quarterly Results of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
thousands, except per share data) |
|
4Q 2015 |
|
3Q 2015 |
|
2Q 2015 |
|
1Q 2015 |
|
4Q 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income |
|
|
|
|
|
|
|
|
|
|
Interest
and fees on loans |
|
$ |
16,594 |
|
|
$ |
16,395 |
|
|
$ |
16,006 |
|
|
$ |
15,873 |
|
|
$ |
15,871 |
|
Interest
and dividends on investment securities |
|
3,306 |
|
|
|
3,219 |
|
|
|
3,116 |
|
|
|
3,224 |
|
|
|
3,242 |
|
Other
interest income |
|
|
232 |
|
|
|
216 |
|
|
|
208 |
|
|
|
171 |
|
|
|
158 |
|
|
Total
interest income |
|
|
20,132 |
|
|
|
19,830 |
|
|
|
19,330 |
|
|
|
19,268 |
|
|
|
19,271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
1,876 |
|
|
|
1,726 |
|
|
|
1,732 |
|
|
|
1,731 |
|
|
|
1,741 |
|
Retail
repurchase agreements |
|
|
6 |
|
|
|
7 |
|
|
|
5 |
|
|
|
4 |
|
|
|
5 |
|
Federal
Home Loan Bank advances |
|
|
499 |
|
|
|
507 |
|
|
|
488 |
|
|
|
469 |
|
|
|
516 |
|
Other
borrowed funds |
|
|
287 |
|
|
|
280 |
|
|
|
278 |
|
|
|
290 |
|
|
|
288 |
|
|
Total
interest expense |
|
|
2,668 |
|
|
|
2,520 |
|
|
|
2,503 |
|
|
|
2,494 |
|
|
|
2,550 |
|
Net
interest income before provision for loan losses |
|
17,464 |
|
|
|
17,310 |
|
|
|
16,827 |
|
|
|
16,774 |
|
|
|
16,721 |
|
Recovery of
provision for loan losses |
|
|
(992 |
) |
|
|
(64 |
) |
|
|
(788 |
) |
|
|
(1,137 |
) |
|
|
(1,323 |
) |
|
Net
interest income after provision for loan losses |
|
18,456 |
|
|
|
17,374 |
|
|
|
17,615 |
|
|
|
17,911 |
|
|
|
18,044 |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Income |
|
|
|
|
|
|
|
|
|
|
Service
charges on deposit accounts |
|
|
1,726 |
|
|
|
1,738 |
|
|
|
1,433 |
|
|
|
1,434 |
|
|
|
1,585 |
|
Mortgage
loan income |
|
|
439 |
|
|
|
381 |
|
|
|
314 |
|
|
|
465 |
|
|
|
241 |
|
Cardholder
and merchant services income |
|
1,385 |
|
|
|
1,253 |
|
|
|
1,218 |
|
|
|
1,125 |
|
|
|
1,298 |
|
Trust and
investment services |
|
|
416 |
|
|
|
376 |
|
|
|
403 |
|
|
|
322 |
|
|
|
394 |
|
Bank owned
life insurance |
|
|
268 |
|
|
|
381 |
|
|
|
268 |
|
|
|
250 |
|
|
|
350 |
|
Other
service charges, commissions and fees |
|
472 |
|
|
|
477 |
|
|
|
421 |
|
|
|
383 |
|
|
|
366 |
|
Securities
gains, net |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
220 |
|
Other
income |
|
|
277 |
|
|
|
394 |
|
|
|
96 |
|
|
|
55 |
|
|
|
89 |
|
|
Total
noninterest income |
|
|
4,983 |
|
|
|
5,000 |
|
|
|
4,153 |
|
|
|
4,034 |
|
|
|
4,543 |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Expense |
|
|
|
|
|
|
|
|
|
|
Personnel
expense |
|
|
12,767 |
|
|
|
9,984 |
|
|
|
10,462 |
|
|
|
10,594 |
|
|
|
10,717 |
|
Net
occupancy expense |
|
|
1,409 |
|
|
|
1,591 |
|
|
|
1,211 |
|
|
|
1,469 |
|
|
|
1,526 |
|
Furniture,
equipment and data processing expense |
|
2,017 |
|
|
|
2,113 |
|
|
|
1,875 |
|
|
|
1,989 |
|
|
|
2,078 |
|
Professional fees |
|
|
489 |
|
|
|
572 |
|
|
|
528 |
|
|
|
539 |
|
|
|
671 |
|
Stationery,
printing and supplies |
|
|
157 |
|
|
|
144 |
|
|
|
141 |
|
|
|
176 |
|
|
|
162 |
|
Advertising
and marketing |
|
|
112 |
|
|
|
114 |
|
|
|
134 |
|
|
|
186 |
|
|
|
274 |
|
Other real
estate owned expense |
|
|
889 |
|
|
|
556 |
|
|
|
506 |
|
|
|
360 |
|
|
|
572 |
|
Credit/debit card expense |
|
|
449 |
|
|
|
558 |
|
|
|
498 |
|
|
|
543 |
|
|
|
568 |
|
FDIC
insurance |
|
|
427 |
|
|
|
413 |
|
|
|
456 |
|
|
|
453 |
|
|
|
422 |
|
Merger-related expense |
|
|
1,986 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Loan
collection expense |
|
|
132 |
|
|
|
(76 |
) |
|
|
313 |
|
|
|
300 |
|
|
|
170 |
|
Core
deposit intangible amortization |
|
|
371 |
|
|
|
370 |
|
|
|
352 |
|
|
|
352 |
|
|
|
351 |
|
Other
expense |
|
|
1,021 |
|
|
|
1,088 |
|
|
|
1,351 |
|
|
|
1,047 |
|
|
|
2,935 |
|
|
Total
noninterest expense |
|
|
22,226 |
|
|
|
17,427 |
|
|
|
17,827 |
|
|
|
18,008 |
|
|
|
20,446 |
|
Income
before income taxes |
|
|
1,212 |
|
|
|
4,947 |
|
|
|
3,941 |
|
|
|
3,937 |
|
|
|
2,141 |
|
Income tax
expense (benefit) |
|
|
857 |
|
|
|
3,430 |
|
|
|
1,418 |
|
|
|
1,418 |
|
|
|
(142,475 |
) |
Net
Income |
|
$ |
356 |
|
|
$ |
1,517 |
|
|
$ |
2,523 |
|
|
$ |
2,519 |
|
|
$ |
144,616 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding - basic |
|
24,293 |
|
|
|
24,265 |
|
|
|
24,202 |
|
|
|
24,183 |
|
|
|
21,846 |
|
Weighted
average shares outstanding - diluted |
|
24,318 |
|
|
|
24,279 |
|
|
|
24,215 |
|
|
|
24,195 |
|
|
|
21,858 |
|
Net income
per share - basic |
$ |
0.01 |
|
|
$ |
0.06 |
|
|
$ |
0.10 |
|
|
$ |
0.10 |
|
|
$ |
6.62 |
|
Net income
per share - diluted |
|
0.01 |
|
|
|
0.06 |
|
|
|
0.10 |
|
|
|
0.10 |
|
|
|
6.62 |
|
Core net
income per share - diluted 1 |
|
0.11 |
|
|
|
0.12 |
|
|
|
0.10 |
|
|
|
0.10 |
|
|
|
0.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Non-GAAP
measure. See Quarterly Non-GAAP Measures table for reconciliation
to the most directly comparable GAAP measure. |
Quarterly Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
thousands) |
|
4Q 2015 |
|
3Q 2015 |
|
2Q 2015 |
|
1Q 2015 |
|
4Q 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
Cash and
due from banks |
|
$ |
23,852 |
|
|
$ |
23,725 |
|
|
$ |
24,892 |
|
|
$ |
25,715 |
|
|
$ |
29,202 |
|
Interest-bearing bank balances |
|
|
15,323 |
|
|
|
4,281 |
|
|
|
6,094 |
|
|
|
22,218 |
|
|
|
66,680 |
|
Investment
securities: |
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale |
|
|
390,434 |
|
|
|
375,929 |
|
|
|
381,367 |
|
|
|
367,842 |
|
|
|
350,040 |
|
|
Held-to-maturity |
|
|
147,967 |
|
|
|
152,670 |
|
|
|
156,648 |
|
|
|
140,559 |
|
|
|
142,461 |
|
Loans held
for sale |
|
|
5,403 |
|
|
|
4,089 |
|
|
|
2,767 |
|
|
|
7,571 |
|
|
|
2,796 |
|
Loans held
for investment |
|
|
1,543,795 |
|
|
|
1,522,455 |
|
|
|
1,445,853 |
|
|
|
1,395,911 |
|
|
|
1,357,788 |
|
|
Less:
Allowance for loan losses |
|
|
(15,195 |
) |
|
|
(17,188 |
) |
|
|
(17,989 |
) |
|
|
(19,008 |
) |
|
|
(20,345 |
) |
|
|
Net loans
held for investment |
|
|
1,528,600 |
|
|
|
1,505,267 |
|
|
|
1,427,864 |
|
|
|
1,376,903 |
|
|
|
1,337,443 |
|
Premises
and equipment, net |
|
|
44,457 |
|
|
|
44,846 |
|
|
|
45,375 |
|
|
|
43,809 |
|
|
|
46,782 |
|
Other real
estate owned |
|
|
16,583 |
|
|
|
19,166 |
|
|
|
19,955 |
|
|
|
21,040 |
|
|
|
20,411 |
|
Core
deposit premiums and other intangibles |
|
5,208 |
|
|
|
5,443 |
|
|
|
5,393 |
|
|
|
5,500 |
|
|
|
5,681 |
|
Goodwill |
|
|
4,205 |
|
|
|
4,205 |
|
|
|
4,205 |
|
|
|
4,205 |
|
|
|
4,205 |
|
Bank owned
life insurance |
|
|
40,869 |
|
|
|
40,579 |
|
|
|
40,499 |
|
|
|
40,212 |
|
|
|
39,946 |
|
Deferred
tax asset, net |
|
|
141,716 |
|
|
|
139,917 |
|
|
|
145,229 |
|
|
|
144,223 |
|
|
|
146,432 |
|
Other
assets |
|
|
32,648 |
|
|
|
33,177 |
|
|
|
33,099 |
|
|
|
32,137 |
|
|
|
23,435 |
|
|
|
Total
Assets |
|
$ |
2,397,265 |
|
|
$ |
2,353,294 |
|
|
$ |
2,293,387 |
|
|
$ |
2,231,934 |
|
|
$ |
2,215,514 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
$ |
386,329 |
|
|
$ |
359,969 |
|
|
$ |
352,033 |
|
|
$ |
337,417 |
|
|
$ |
323,776 |
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand,
savings and money market deposits |
|
939,878 |
|
|
|
895,841 |
|
|
|
889,703 |
|
|
|
880,721 |
|
|
|
882,332 |
|
|
|
Time
deposits |
|
|
621,330 |
|
|
|
641,069 |
|
|
|
613,902 |
|
|
|
589,334 |
|
|
|
588,312 |
|
|
Total
deposits |
|
|
1,947,537 |
|
|
|
1,896,879 |
|
|
|
1,855,638 |
|
|
|
1,807,472 |
|
|
|
1,794,420 |
|
Retail
repurchase agreements |
|
|
7,219 |
|
|
|
16,753 |
|
|
|
11,424 |
|
|
|
7,837 |
|
|
|
9,076 |
|
Federal
Home Loan Bank advances |
|
|
93,681 |
|
|
|
90,244 |
|
|
|
80,708 |
|
|
|
68,221 |
|
|
|
68,234 |
|
Junior
subordinated debentures |
|
|
56,702 |
|
|
|
56,702 |
|
|
|
56,702 |
|
|
|
56,702 |
|
|
|
56,702 |
|
Long term
notes payable |
|
|
5,415 |
|
|
|
5,396 |
|
|
|
5,377 |
|
|
|
5,358 |
|
|
|
5,338 |
|
Other
liabilities |
|
|
13,673 |
|
|
|
12,680 |
|
|
|
13,752 |
|
|
|
15,392 |
|
|
|
14,828 |
|
|
Total
Liabilities |
|
|
2,124,227 |
|
|
|
2,078,654 |
|
|
|
2,023,601 |
|
|
|
1,960,982 |
|
|
|
1,948,598 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
Preferred
Stock, 10,000,000 authorized |
|
|
|
|
|
|
|
|
|
|
Series A,
$10.00 par value, 51,500 issued and no shares outstanding |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Series B,
no par value, 250,000 authorized, no shares issued or
outstanding |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
stock |
|
|
490,076 |
|
|
|
488,306 |
|
|
|
488,005 |
|
|
|
487,781 |
|
|
|
487,603 |
|
Accumulated
deficit |
|
|
(206,299 |
) |
|
|
(206,653 |
) |
|
|
(208,170 |
) |
|
|
(210,693 |
) |
|
|
(213,212 |
) |
Accumulated
other comprehensive loss |
|
(10,739 |
) |
|
|
(7,013 |
) |
|
|
(10,049 |
) |
|
|
(6,136 |
) |
|
|
(7,475 |
) |
|
Total
Shareholders' Equity |
|
|
273,038 |
|
|
|
274,640 |
|
|
|
269,786 |
|
|
|
270,952 |
|
|
|
266,916 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Liabilities and Shareholders' Equity |
$ |
2,397,265 |
|
|
$ |
2,353,294 |
|
|
$ |
2,293,387 |
|
|
$ |
2,231,934 |
|
|
$ |
2,215,514 |
|
Quarterly Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
thousands, except per share data) |
|
4Q 2015 |
|
3Q 2015 |
|
2Q 2015 |
|
1Q 2015 |
|
4Q 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement Data |
|
|
|
|
|
|
|
|
|
|
Net
interest income |
|
$ |
17,464 |
|
|
$ |
17,310 |
|
|
$ |
16,827 |
|
|
$ |
16,774 |
|
|
$ |
16,721 |
|
Recovery of
provision for loan losses |
|
|
(992 |
) |
|
|
(64 |
) |
|
|
(788 |
) |
|
|
(1,137 |
) |
|
|
(1,323 |
) |
Noninterest
income |
|
|
4,983 |
|
|
|
5,000 |
|
|
|
4,153 |
|
|
|
4,034 |
|
|
|
4,543 |
|
Noninterest
expense |
|
|
22,226 |
|
|
|
17,427 |
|
|
|
17,827 |
|
|
|
18,008 |
|
|
|
20,446 |
|
Income
before taxes |
|
|
1,212 |
|
|
|
4,947 |
|
|
|
3,941 |
|
|
|
3,937 |
|
|
|
2,141 |
|
Net
income |
|
|
356 |
|
|
|
1,517 |
|
|
|
2,523 |
|
|
|
2,519 |
|
|
|
144,616 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End Balances |
|
|
|
|
|
|
|
|
|
|
Assets |
|
$ |
2,397,265 |
|
|
$ |
2,353,294 |
|
|
$ |
2,293,387 |
|
|
$ |
2,231,934 |
|
|
$ |
2,215,514 |
|
Loans held
for sale |
|
|
5,403 |
|
|
|
4,089 |
|
|
|
2,767 |
|
|
|
7,571 |
|
|
|
2,796 |
|
Loans held
for investment |
|
|
1,543,795 |
|
|
|
1,522,455 |
|
|
|
1,445,853 |
|
|
|
1,395,911 |
|
|
|
1,357,788 |
|
Allowance
for loan losses |
|
|
(15,195 |
) |
|
|
(17,188 |
) |
|
|
(17,989 |
) |
|
|
(19,008 |
) |
|
|
(20,345 |
) |
Goodwill
and other intangible assets |
|
|
9,413 |
|
|
|
9,648 |
|
|
|
9,598 |
|
|
|
9,705 |
|
|
|
9,886 |
|
Deposits |
|
|
1,947,537 |
|
|
|
1,896,879 |
|
|
|
1,855,638 |
|
|
|
1,807,472 |
|
|
|
1,794,420 |
|
Borrowings |
|
|
163,017 |
|
|
|
169,095 |
|
|
|
154,211 |
|
|
|
138,118 |
|
|
|
139,350 |
|
Shareholders' equity |
|
|
273,038 |
|
|
|
274,640 |
|
|
|
269,786 |
|
|
|
270,952 |
|
|
|
266,916 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balances |
|
|
|
|
|
|
|
|
|
|
Assets |
|
$ |
2,388,160 |
|
|
$ |
2,320,627 |
|
|
$ |
2,246,949 |
|
|
$ |
2,202,247 |
|
|
$ |
2,042,109 |
|
Loans held
for sale |
|
|
5,771 |
|
|
|
3,584 |
|
|
|
3,981 |
|
|
|
2,781 |
|
|
|
1,997 |
|
Loans held
for investment |
|
|
1,538,487 |
|
|
|
1,479,587 |
|
|
|
1,406,827 |
|
|
|
1,376,053 |
|
|
|
1,338,877 |
|
Allowance
for loan losses |
|
|
(16,821 |
) |
|
|
(17,688 |
) |
|
|
(18,970 |
) |
|
|
(20,239 |
) |
|
|
(21,552 |
) |
Goodwill
and other intangible assets |
|
|
9,450 |
|
|
|
9,527 |
|
|
|
9,458 |
|
|
|
9,697 |
|
|
|
10,002 |
|
Deposits |
|
|
1,926,882 |
|
|
|
1,850,578 |
|
|
|
1,799,682 |
|
|
|
1,781,533 |
|
|
|
1,785,575 |
|
Borrowings |
|
|
173,284 |
|
|
|
184,942 |
|
|
|
161,996 |
|
|
|
138,757 |
|
|
|
144,315 |
|
Shareholders' equity |
|
|
275,426 |
|
|
|
271,757 |
|
|
|
271,229 |
|
|
|
268,799 |
|
|
|
99,445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per
Share Data |
|
|
|
|
|
|
|
|
|
|
Net income
per share - basic |
|
$ |
0.01 |
|
|
$ |
0.06 |
|
|
$ |
0.10 |
|
|
$ |
0.10 |
|
|
$ |
6.62 |
|
Net income
per share - diluted |
|
|
0.01 |
|
|
|
0.06 |
|
|
|
0.10 |
|
|
|
0.10 |
|
|
|
6.62 |
|
Core net
income per share - diluted 1 |
|
|
0.11 |
|
|
|
0.12 |
|
|
|
0.10 |
|
|
|
0.10 |
|
|
|
0.11 |
|
Book value
(Shareholders' Equity) |
|
|
11.24 |
|
|
|
11.31 |
|
|
|
11.14 |
|
|
|
11.20 |
|
|
|
11.04 |
|
Tangible
book value (Tangible Shareholders' Equity) 1 |
|
10.85 |
|
|
|
10.91 |
|
|
|
10.75 |
|
|
|
10.80 |
|
|
|
10.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios |
|
|
|
|
|
|
|
|
|
|
Return on
average assets |
|
|
0.06 |
% |
|
|
0.26 |
% |
|
|
0.45 |
% |
|
|
0.46 |
% |
|
|
28.10 |
% |
Core return
on average assets 1 |
|
|
0.45 |
% |
|
|
0.50 |
% |
|
|
0.45 |
% |
|
|
0.46 |
% |
|
|
0.45 |
% |
Return on
average tangible assets |
|
|
0.06 |
% |
|
|
0.26 |
% |
|
|
0.45 |
% |
|
|
0.47 |
% |
|
|
28.23 |
% |
Return on
average equity |
|
|
0.51 |
% |
|
|
2.21 |
% |
|
|
3.73 |
% |
|
|
3.80 |
% |
|
|
576.95 |
% |
Net
interest margin (tax equivalent) |
|
|
3.29 |
% |
|
|
3.37 |
% |
|
|
3.43 |
% |
|
|
3.54 |
% |
|
|
3.49 |
% |
PCNR
noninterest expense to average assets 1 |
|
3.03 |
% |
|
|
2.92 |
% |
|
|
3.03 |
% |
|
|
3.15 |
% |
|
|
3.55 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Ratios |
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses to loans held for investment |
|
0.98 |
% |
|
|
1.13 |
% |
|
|
1.24 |
% |
|
|
1.36 |
% |
|
|
1.50 |
% |
Net
annualized charge-offs (recoveries) to average loans held
for investment |
|
0.26 |
% |
|
|
0.20 |
% |
|
|
0.07 |
% |
|
|
0.06 |
% |
|
|
(0.04 |
%) |
Nonperforming assets to total assets |
|
|
1.5 |
% |
|
|
1.6 |
% |
|
|
1.7 |
% |
|
|
1.9 |
% |
|
|
2.1 |
% |
Classified
assets to Tier 1 + ALL |
|
|
33 |
% |
|
|
34 |
% |
|
|
36 |
% |
|
|
39 |
% |
|
|
41 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital and Other Ratios |
|
|
|
|
|
|
|
|
|
|
CommunityOne Bancorp leverage capital |
|
8.19 |
% |
|
|
8.43 |
% |
|
|
8.50 |
% |
|
|
8.47 |
% |
|
|
9.78 |
% |
CommunityOne Bank, N.A. leverage capital |
|
9.30 |
% |
|
|
9.53 |
% |
|
|
9.67 |
% |
|
|
9.69 |
% |
|
|
9.94 |
% |
CommunityOne Bancorp common equity Tier 1 |
|
11.20 |
% |
|
|
11.64 |
% |
|
|
11.85 |
% |
|
|
11.86 |
% |
|
N/A |
Loans held
for investment to deposits |
|
|
79 |
% |
|
|
80 |
% |
|
|
78 |
% |
|
|
77 |
% |
|
|
76 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Non-GAAP
measure. See Quarterly Non-GAAP Measures table for reconciliation
to the most directly comparable GAAP measure. |
Annual Results of Operations |
(in
thousands, except per share data) |
|
|
|
|
|
|
2015 |
|
|
|
2014 |
|
|
|
2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income |
|
|
|
|
|
|
|
|
|
|
Interest
and fees on loans |
|
|
|
|
|
$ |
64,868 |
|
|
$ |
59,183 |
|
|
$ |
60,147 |
|
Interest
and dividends on investment securities |
|
|
|
|
|
12,865 |
|
|
|
14,068 |
|
|
|
14,180 |
|
Other
interest income |
|
|
|
|
|
|
827 |
|
|
|
605 |
|
|
|
665 |
|
|
Total
interest income |
|
|
|
|
|
|
78,560 |
|
|
|
73,856 |
|
|
|
74,992 |
|
Interest Expense |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
7,065 |
|
|
|
6,909 |
|
|
|
8,070 |
|
Retail
repurchase agreements |
|
|
|
|
|
|
22 |
|
|
|
16 |
|
|
|
21 |
|
Federal
Home Loan Bank advances |
|
|
|
|
|
|
1,963 |
|
|
|
2,020 |
|
|
|
1,376 |
|
Other
borrowed funds |
|
|
|
|
|
|
1,135 |
|
|
|
1,145 |
|
|
|
1,092 |
|
|
Total
interest expense |
|
|
|
|
|
|
10,185 |
|
|
|
10,090 |
|
|
|
10,559 |
|
Net
interest income before provision for loan losses |
|
|
|
|
|
68,375 |
|
|
|
63,766 |
|
|
|
64,433 |
|
Provision
for (recovery of) loan losses |
|
|
|
|
|
|
(2,981 |
) |
|
|
(5,371 |
) |
|
|
523 |
|
|
Net
interest income after provision for loan losses |
|
|
|
|
|
71,356 |
|
|
|
69,137 |
|
|
|
63,910 |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Income |
|
|
|
|
|
|
|
|
|
|
Service
charges on deposit accounts |
|
|
|
|
|
|
6,331 |
|
|
|
6,351 |
|
|
|
6,714 |
|
Mortgage
loan income |
|
|
|
|
|
|
1,599 |
|
|
|
881 |
|
|
|
2,319 |
|
Cardholder
and merchant services income |
|
|
|
|
|
4,981 |
|
|
|
4,803 |
|
|
|
4,531 |
|
Trust and
investment services |
|
|
|
|
|
|
1,517 |
|
|
|
1,495 |
|
|
|
1,305 |
|
Bank owned
life insurance |
|
|
|
|
|
|
1,167 |
|
|
|
1,153 |
|
|
|
1,073 |
|
Other
service charges, commissions and fees |
|
|
|
|
|
1,753 |
|
|
|
1,340 |
|
|
|
1,315 |
|
Securities
gains, net |
|
|
|
|
|
|
- |
|
|
|
974 |
|
|
|
2,772 |
|
Other
income |
|
|
|
|
|
|
822 |
|
|
|
367 |
|
|
|
385 |
|
|
Total
noninterest income |
|
|
|
|
|
|
18,170 |
|
|
|
17,364 |
|
|
|
20,414 |
|
Noninterest Expense |
|
|
|
|
|
|
|
|
|
|
Personnel
expense |
|
|
|
|
|
|
43,807 |
|
|
|
43,682 |
|
|
|
40,661 |
|
Net
occupancy expense |
|
|
|
|
|
|
5,680 |
|
|
|
6,112 |
|
|
|
6,391 |
|
Furniture,
equipment and data processing expense |
|
|
|
|
|
7,994 |
|
|
|
8,336 |
|
|
|
8,638 |
|
Professional fees |
|
|
|
|
|
|
2,128 |
|
|
|
2,470 |
|
|
|
3,100 |
|
Stationery,
printing and supplies |
|
|
|
|
|
|
618 |
|
|
|
646 |
|
|
|
644 |
|
Advertising
and marketing |
|
|
|
|
|
|
546 |
|
|
|
716 |
|
|
|
1,135 |
|
Other real
estate owned expense |
|
|
|
|
|
|
2,311 |
|
|
|
1,758 |
|
|
|
4,138 |
|
Credit/debit card expense |
|
|
|
|
|
|
2,048 |
|
|
|
2,287 |
|
|
|
2,143 |
|
FDIC
insurance |
|
|
|
|
|
|
1,749 |
|
|
|
2,068 |
|
|
|
2,643 |
|
Merger-related expense |
|
|
|
|
|
|
1,986 |
|
|
|
- |
|
|
|
3,498 |
|
Loan
collection expense |
|
|
|
|
|
|
669 |
|
|
|
1,576 |
|
|
|
4,333 |
|
Core
deposit intangible amortization |
|
|
|
|
|
|
1,445 |
|
|
|
1,407 |
|
|
|
1,407 |
|
Other
expense |
|
|
|
|
|
|
4,507 |
|
|
|
7,477 |
|
|
|
5,750 |
|
|
Total
noninterest expense |
|
|
|
|
|
|
75,488 |
|
|
|
78,535 |
|
|
|
84,481 |
|
Income
before income taxes |
|
|
|
|
|
|
14,038 |
|
|
|
7,966 |
|
|
|
(157 |
) |
Income tax
expense (benefit) |
|
|
|
|
|
|
7,124 |
|
|
|
(142,492 |
) |
|
|
1,326 |
|
Net
Income (Loss) |
|
|
|
|
|
$ |
6,914 |
|
|
$ |
150,458 |
|
|
$ |
(1,483 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding -
basic |
|
|
|
|
|
24,236 |
|
|
|
21,852 |
|
|
|
21,731 |
|
Weighted average shares outstanding -
diluted |
|
|
|
|
|
24,252 |
|
|
|
21,864 |
|
|
|
21,731 |
|
Net income (loss) per share -
basic |
|
|
|
|
$ |
0.29 |
|
|
$ |
6.89 |
|
|
$ |
(0.07 |
) |
Net income (loss) per share -
diluted |
|
|
|
|
|
0.29 |
|
|
|
6.88 |
|
|
|
(0.07 |
) |
Core net income per share - diluted
1 |
|
|
|
|
|
0.44 |
|
|
|
0.34 |
|
|
|
0.04 |
|
1 Non-GAAP
measure. See Annual Non-GAAP Measures table for reconciliation to
the most directly comparable GAAP measure. |
Annual Balance Sheets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
thousands) |
|
|
|
|
|
|
2015 |
|
|
|
2014 |
|
|
|
2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
Cash and
due from banks |
|
|
|
|
|
$ |
23,852 |
|
|
$ |
29,202 |
|
|
$ |
31,917 |
|
Interest-bearing bank balances |
|
|
|
|
|
|
15,323 |
|
|
|
66,680 |
|
|
|
35,513 |
|
Investment
securities: |
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale |
|
|
|
|
|
|
390,434 |
|
|
|
350,040 |
|
|
|
414,614 |
|
|
Held-to-maturity |
|
|
|
|
|
|
147,967 |
|
|
|
142,461 |
|
|
|
151,795 |
|
Loans held
for sale |
|
|
|
|
|
|
5,403 |
|
|
|
2,796 |
|
|
|
1,836 |
|
Loans held
for investment |
|
|
|
|
|
|
1,543,795 |
|
|
|
1,357,788 |
|
|
|
1,212,248 |
|
|
Less:
Allowance for loan losses |
|
|
|
|
|
|
(15,195 |
) |
|
|
(20,345 |
) |
|
|
(26,785 |
) |
|
|
Net loans
held for investment |
|
|
|
|
|
|
1,528,600 |
|
|
|
1,337,443 |
|
|
|
1,185,463 |
|
Premises
and equipment, net |
|
|
|
|
|
|
44,457 |
|
|
|
46,782 |
|
|
|
50,889 |
|
Other real
estate owned |
|
|
|
|
|
|
16,583 |
|
|
|
20,411 |
|
|
|
28,395 |
|
Core
deposit premiums and other intangibles |
|
|
|
|
|
5,208 |
|
|
|
5,681 |
|
|
|
6,914 |
|
Goodwill |
|
|
|
|
|
|
4,205 |
|
|
|
4,205 |
|
|
|
4,205 |
|
Bank owned
life insurance |
|
|
|
|
|
|
40,869 |
|
|
|
39,946 |
|
|
|
39,940 |
|
Deferred
tax asset, net |
|
|
|
|
|
|
141,716 |
|
|
|
146,432 |
|
|
|
10,215 |
|
Other
assets |
|
|
|
|
|
|
32,648 |
|
|
|
23,435 |
|
|
|
23,336 |
|
|
|
Total
Assets |
|
|
|
|
|
$ |
2,397,265 |
|
|
$ |
2,215,514 |
|
|
$ |
1,985,032 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
|
|
|
|
$ |
386,329 |
|
|
$ |
323,776 |
|
|
$ |
290,461 |
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand,
savings and money market deposits |
|
|
|
|
|
939,878 |
|
|
|
882,332 |
|
|
|
875,970 |
|
|
|
Time
deposits |
|
|
|
|
|
|
621,330 |
|
|
|
588,312 |
|
|
|
582,274 |
|
|
Total
deposits |
|
|
|
|
|
|
1,947,537 |
|
|
|
1,794,420 |
|
|
|
1,748,705 |
|
Retail
repurchase agreements |
|
|
|
|
|
|
7,219 |
|
|
|
9,076 |
|
|
|
6,917 |
|
Federal
Home Loan Bank advances |
|
|
|
|
|
|
93,681 |
|
|
|
68,234 |
|
|
|
73,283 |
|
Junior
subordinated debentures |
|
|
|
|
|
|
56,702 |
|
|
|
56,702 |
|
|
|
56,702 |
|
Long term
notes payable |
|
|
|
|
|
|
5,415 |
|
|
|
5,338 |
|
|
|
5,263 |
|
Other
liabilities |
|
|
|
|
|
|
13,673 |
|
|
|
14,828 |
|
|
|
13,801 |
|
|
Total
Liabilities |
|
|
|
|
|
|
2,124,227 |
|
|
|
1,948,598 |
|
|
|
1,904,671 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
Preferred
Stock, 10,000,000 authorized |
|
|
|
|
|
|
|
|
|
|
Series A,
$10.00 par value, 51,500 issued and no shares outstanding |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Series B,
no par value, 250,000 authorized, no shares issued or
outstanding |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Common
stock |
|
|
|
|
|
|
490,076 |
|
|
|
487,603 |
|
|
|
461,636 |
|
Accumulated
deficit |
|
|
|
|
|
|
(206,299 |
) |
|
|
(213,212 |
) |
|
|
(363,670 |
) |
Accumulated
other comprehensive loss |
|
|
|
|
|
(10,739 |
) |
|
|
(7,475 |
) |
|
|
(17,605 |
) |
|
Total
Shareholders' Equity |
|
|
|
|
|
|
273,038 |
|
|
|
266,916 |
|
|
|
80,361 |
|
|
|
Total
Liabilities and Shareholders' Equity |
|
|
|
|
$ |
2,397,265 |
|
|
$ |
2,215,514 |
|
|
$ |
1,985,032 |
|
Annual Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
thousands, except share and per share data) |
|
|
|
|
|
2015 |
|
|
|
2014 |
|
|
|
2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement Data |
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
|
|
|
|
$ |
68,375 |
|
|
$ |
63,766 |
|
|
$ |
64,433 |
|
Provision for (recovery
of) loan losses |
|
|
|
|
|
(2,981 |
) |
|
|
(5,371 |
) |
|
|
523 |
|
Noninterest income |
|
|
|
|
|
|
18,170 |
|
|
|
17,364 |
|
|
|
20,414 |
|
Noninterest
expense |
|
|
|
|
|
|
75,488 |
|
|
|
78,535 |
|
|
|
84,481 |
|
Income before income
taxes |
|
|
|
|
|
|
14,038 |
|
|
|
7,966 |
|
|
|
(157 |
) |
Net income (loss) |
|
|
|
|
|
|
6,914 |
|
|
|
150,458 |
|
|
|
(1,483 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End Balances |
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
$ |
2,397,265 |
|
|
$ |
2,215,514 |
|
|
$ |
1,985,032 |
|
Loans held for
sale |
|
|
|
|
|
|
5,403 |
|
|
|
2,796 |
|
|
|
1,836 |
|
Loans held for
investment |
|
|
|
|
|
|
1,543,795 |
|
|
|
1,357,788 |
|
|
|
1,212,248 |
|
Allowance for loan
losses |
|
|
|
|
|
|
(15,195 |
) |
|
|
(20,345 |
) |
|
|
(26,785 |
) |
Goodwill and other
intangible assets |
|
|
|
|
|
|
9,413 |
|
|
|
9,886 |
|
|
|
11,119 |
|
Deposits |
|
|
|
|
|
|
1,947,537 |
|
|
|
1,794,420 |
|
|
|
1,748,705 |
|
Borrowings |
|
|
|
|
|
|
163,017 |
|
|
|
139,350 |
|
|
|
142,165 |
|
Shareholders'
equity |
|
|
|
|
|
|
273,038 |
|
|
|
266,916 |
|
|
|
80,361 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balances |
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
$ |
2,290,090 |
|
|
$ |
2,005,948 |
|
|
$ |
2,047,146 |
|
Loans held
for sale |
|
|
|
|
|
|
4,036 |
|
|
|
1,603 |
|
|
|
3,693 |
|
Loans held
for investment |
|
|
|
|
|
|
1,450,764 |
|
|
|
1,268,599 |
|
|
|
1,158,985 |
|
Allowance
for loan losses |
|
|
|
|
|
|
(18,418 |
) |
|
|
(24,770 |
) |
|
|
(27,596 |
) |
Goodwill
and other intangible assets |
|
|
|
|
|
|
9,532 |
|
|
|
10,476 |
|
|
|
11,412 |
|
Deposits |
|
|
|
|
|
|
1,840,096 |
|
|
|
1,758,471 |
|
|
|
1,809,575 |
|
Borrowings |
|
|
|
|
|
|
164,894 |
|
|
|
143,206 |
|
|
|
131,710 |
|
Shareholders' equity |
|
|
|
|
|
|
271,821 |
|
|
|
91,151 |
|
|
|
85,576 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per
Share Data |
|
|
|
|
|
|
|
|
|
|
Net income
(loss) per share - basic |
|
|
|
|
|
$ |
0.29 |
|
|
$ |
6.89 |
|
|
$ |
(0.07 |
) |
Net income
(loss) per share - diluted |
|
|
|
|
|
|
0.29 |
|
|
|
6.88 |
|
|
|
(0.07 |
) |
Core net
income per share - diluted 1 |
|
|
|
|
|
|
0.44 |
|
|
|
0.34 |
|
|
|
0.04 |
|
Book value
(Shareholders' equity) |
|
|
|
|
|
|
11.24 |
|
|
|
11.04 |
|
|
|
3.68 |
|
Tangible
book value (Tangible shareholders' equity) 1 |
|
|
|
|
|
10.85 |
|
|
|
10.63 |
|
|
|
3.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios |
|
|
|
|
|
|
|
|
|
|
Return on
average assets |
|
|
|
|
|
|
0.30 |
% |
|
|
7.50 |
% |
|
|
(0.07 |
%) |
Core return
on average assets |
|
|
|
|
|
|
0.47 |
% |
|
|
0.37 |
% |
|
|
0.04 |
% |
Return on
average tangible assets1 |
|
|
|
|
|
|
0.3 |
% |
|
|
7.6 |
% |
|
|
(0.1 |
%) |
Return on
average equity |
|
|
|
|
|
|
2.5 |
% |
|
|
165.1 |
% |
|
|
(1.7 |
%) |
Return on
average tangible equity1 |
|
|
|
|
|
|
2.71 |
% |
|
|
207.66 |
% |
|
|
(2.14 |
%) |
Net
interest margin (tax equivalent) |
|
|
|
|
|
|
3.40 |
% |
|
|
3.43 |
% |
|
|
3.44 |
% |
PCNR
noninterest expense to average assets 1 |
|
|
|
|
|
3.03 |
% |
|
|
3.54 |
% |
|
|
3.50 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Ratios |
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses to loans held for investment |
|
|
|
|
|
0.98 |
% |
|
|
1.50 |
% |
|
|
2.21 |
% |
Net
annualized charge-offs (recoveries) to average loans held
for investment |
|
|
|
|
|
0.15 |
% |
|
|
0.08 |
% |
|
|
0.26 |
% |
Nonperforming assets to total assets |
|
|
|
|
|
|
1.5 |
% |
|
|
2.1 |
% |
|
|
3.2 |
% |
Classified
assets to Tier 1 + ALL |
|
|
|
|
|
|
33 |
% |
|
|
41 |
% |
|
|
85 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital and Other Ratios |
|
|
|
|
|
|
|
|
|
|
CommunityOne Bancorp leverage capital |
|
|
|
|
|
8.19 |
% |
|
|
9.78 |
% |
|
|
5.96 |
% |
CommunityOne Bank, N.A. leverage capital |
|
|
|
|
|
9.30 |
% |
|
|
9.94 |
% |
|
|
7.49 |
% |
CommunityOne Bancorp common equity Tier 1 |
|
|
|
|
|
11.20 |
% |
|
N/A |
|
N/A |
Loans held
for investment to deposits |
|
|
|
|
|
|
79 |
% |
|
|
76 |
% |
|
|
69 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Non-GAAP
measure. See Annual Non-GAAP Measures table for reconciliation to
the most directly comparable GAAP measure. |
Quarterly Non-GAAP Measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
thousands) |
|
4Q
2015 |
|
3Q
2015 |
|
2Q
2015 |
|
1Q
2015 |
|
4Q
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book Value (Shareholders' Equity) |
|
$ |
273,038 |
|
|
$ |
274,640 |
|
|
$ |
269,786 |
|
|
$ |
270,952 |
|
|
$ |
266,916 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
(4,205 |
) |
|
|
(4,205 |
) |
|
|
(4,205 |
) |
|
|
(4,205 |
) |
|
|
(4,205 |
) |
|
Core
deposit and other intangibles |
|
|
(5,208 |
) |
|
|
(5,443 |
) |
|
|
(5,393 |
) |
|
|
(5,500 |
) |
|
|
(5,681 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Book Value (Tangible Shareholders' Equity)
(Non-GAAP) |
$ |
263,625 |
|
|
$ |
264,992 |
|
|
$ |
260,188 |
|
|
$ |
261,247 |
|
|
$ |
257,030 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Expense |
|
$ |
22,226 |
|
|
$ |
17,427 |
|
|
$ |
17,827 |
|
|
$ |
18,008 |
|
|
$ |
20,446 |
|
Less
nonrecurring: |
|
|
|
|
|
|
|
|
|
|
|
Branch
closure and restructuring expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,566 |
|
|
Merger-related expense |
|
|
1,986 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
RSA
acceleration |
|
|
1,142 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core Noninterest Expense (Non-GAAP) 4 |
$ |
19,098 |
|
|
$ |
17,427 |
|
|
$ |
17,827 |
|
|
$ |
18,008 |
|
|
$ |
18,880 |
|
Less credit
related items: |
|
|
|
|
|
|
|
|
|
|
|
Other real
estate owned expense |
|
|
889 |
|
|
|
556 |
|
|
|
506 |
|
|
|
360 |
|
|
|
572 |
|
|
Loan
collection expense |
|
|
132 |
|
|
|
(76 |
) |
|
|
313 |
|
|
|
300 |
|
|
|
170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PCNR Noninterest Expense (Non-GAAP) 3 |
$ |
18,077 |
|
|
$ |
16,947 |
|
|
$ |
17,008 |
|
|
$ |
17,348 |
|
|
$ |
18,138 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Income |
|
$ |
4,983 |
|
|
$ |
5,000 |
|
|
$ |
4,153 |
|
|
$ |
4,034 |
|
|
$ |
4,543 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less
nonrecurring: |
|
|
|
|
|
|
|
|
|
|
|
Bargain
purchase gain |
|
|
- |
|
|
|
316 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Securities
gains, net |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core Noninterest Income (Non-GAAP) 4 |
$ |
4,983 |
|
|
$ |
4,684 |
|
|
$ |
4,153 |
|
|
$ |
4,034 |
|
|
$ |
4,323 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income Before Tax |
|
$ |
1,212 |
|
|
$ |
4,947 |
|
|
$ |
3,941 |
|
|
$ |
3,937 |
|
|
$ |
2,141 |
|
|
|
|
|
|
|
|
|
|
|
|
Less
nonrecurring: |
|
|
|
|
|
|
|
|
|
|
|
Securities
gains, net |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
220 |
|
|
Branch
closure and restructuring expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,566 |
) |
|
RSA
acceleration |
|
|
(1,142 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Merger-related expense |
|
|
(1,986 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Bargain
purchase gain |
|
|
- |
|
|
|
316 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Total
nonrecurring items |
|
|
(3,128 |
) |
|
|
316 |
|
|
|
- |
|
|
|
- |
|
|
|
(1,346 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core Net Income Before Tax (Non-GAAP) 4 |
$ |
4,340 |
|
|
$ |
4,631 |
|
|
$ |
3,941 |
|
|
$ |
3,937 |
|
|
$ |
3,487 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Expense (Benefit) |
|
|
857 |
|
|
|
3,430 |
|
|
|
1,418 |
|
|
|
1,418 |
|
|
|
(142,475 |
) |
|
|
|
|
|
|
|
|
|
|
Less
nonrecurring tax items and adjustments: |
|
|
|
|
|
|
|
|
|
|
Tax effect
of nonrecurring items 1 |
|
|
(765 |
) |
|
|
114 |
|
|
|
- |
|
|
|
- |
|
|
|
(444 |
) |
|
DTA
valuation allowance release and revaluation |
|
- |
|
|
|
1,607 |
|
|
|
- |
|
|
|
- |
|
|
|
(142,475 |
) |
|
Income tax
at effective rate 2 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(707 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core Income Tax Expense (Non-GAAP) 4 |
$ |
1,622 |
|
|
$ |
1,709 |
|
|
$ |
1,418 |
|
|
$ |
1,418 |
|
|
$ |
1,151 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core Net Income (Non-GAAP) 4 |
|
$ |
2,719 |
|
|
$ |
2,922 |
|
|
$ |
2,523 |
|
|
$ |
2,519 |
|
|
$ |
2,336 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
Tax effected at an income tax rate of 33% in 2014 and 36% in
2015. Nonrecurring items in 4Q 2015 include $1.0 mm of
nondeductible expenses. |
2
Projected income tax expense at 33%. In 2014 all tax items resulted
in changes to the DTA valuation allowance. |
|
|
|
|
3
Pre-credit and nonrecurring ("PCNR") expense excludes credit
related and nonrecurring expenses. |
|
|
|
|
|
|
4
Core measures exclude nonrecurring items. |
|
|
|
|
|
|
|
|
|
Annual
Non-GAAP Measures |
|
|
|
|
|
|
|
|
|
(in
thousands) |
|
|
|
|
|
|
2015 |
|
|
|
2014 |
|
|
|
2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book Value (Shareholders' Equity) |
|
|
|
|
|
$ |
273,038 |
|
|
$ |
266,916 |
|
|
$ |
80,361 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
|
|
|
|
(4,205 |
) |
|
|
(4,205 |
) |
|
|
(4,205 |
) |
|
Core
deposit and other intangibles |
|
|
|
|
|
|
(5,208 |
) |
|
|
(5,681 |
) |
|
|
(6,914 |
) |
Tangible Book Value (Tangible Shareholders' Equity)
(Non-GAAP) |
|
|
|
$ |
263,625 |
|
|
$ |
257,030 |
|
|
$ |
69,242 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Expense |
|
|
|
|
|
$ |
75,488 |
|
|
$ |
78,535 |
|
|
$ |
84,481 |
|
Less
nonrecurring : |
|
|
|
|
|
|
|
|
|
|
|
Branch
closure and restructuring expenses |
|
|
|
|
|
- |
|
|
|
1,756 |
|
|
|
675 |
|
|
CEO
severance expense |
|
|
|
|
|
|
- |
|
|
|
2,060 |
|
|
|
- |
|
|
US Treasury
sale expenses |
|
|
|
|
|
|
- |
|
|
|
409 |
|
|
|
- |
|
|
Rebranding
expense |
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
616 |
|
|
Mortgage
and litigation recovery |
|
|
|
|
|
|
- |
|
|
|
(68 |
) |
|
|
(487 |
) |
|
RSA
acceleration |
|
|
|
|
|
|
1,142 |
|
|
|
- |
|
|
|
- |
|
|
Merger-related expense |
|
|
|
|
|
|
1,986 |
|
|
|
- |
|
|
|
3,498 |
|
Core Noninterest Expense (Non-GAAP) 4 |
|
|
|
|
$ |
72,360 |
|
|
$ |
74,378 |
|
|
$ |
80,179 |
|
Less credit
related items: |
|
|
|
|
|
|
|
|
|
|
|
Other real
estate owned expense |
|
|
|
|
|
|
2,311 |
|
|
|
1,758 |
|
|
|
4,138 |
|
|
Loan
collection expense |
|
|
|
|
|
|
669 |
|
|
|
1,576 |
|
|
|
4,333 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PCNR Noninterest Expense (Non-GAAP) 3 |
|
|
|
|
$ |
69,380 |
|
|
$ |
71,044 |
|
|
$ |
71,708 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Income |
|
|
|
|
|
$ |
18,170 |
|
|
$ |
17,364 |
|
|
$ |
20,414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less
nonrecurring: |
|
|
|
|
|
|
|
|
|
|
|
Bargain
purchase gain |
|
|
|
|
|
|
316 |
|
|
|
- |
|
|
|
- |
|
|
Securities
gains, net |
|
|
|
|
|
|
- |
|
|
|
974 |
|
|
|
2,772 |
|
Core Noninterest Income (Non-GAAP) 4 |
|
|
|
|
$ |
17,854 |
|
|
$ |
16,390 |
|
|
$ |
17,642 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income (Loss) Before Tax |
|
|
|
|
|
$ |
14,038 |
|
|
$ |
7,966 |
|
|
$ |
(157 |
) |
Less
nonrecurring: |
|
|
|
|
|
|
|
|
|
|
|
Gain on
sales of securities |
|
|
|
|
|
|
- |
|
|
|
974 |
|
|
|
2,772 |
|
|
Branch
closure and restructuring expenses |
|
|
|
|
|
- |
|
|
|
(1,756 |
) |
|
|
(675 |
) |
|
CEO
severance expense |
|
|
|
|
|
|
- |
|
|
|
(2,060 |
) |
|
|
- |
|
|
Bargain
purchase gain |
|
|
|
|
|
|
316 |
|
|
|
- |
|
|
|
- |
|
|
US Treasury
sale expenses |
|
|
|
|
|
|
- |
|
|
|
(409 |
) |
|
|
- |
|
|
Rebranding
expense |
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
(616 |
) |
|
Mortgage
and litigation recovery |
|
|
|
|
|
|
- |
|
|
|
68 |
|
|
|
487 |
|
|
Merger-related expense |
|
|
|
|
|
|
(1,986 |
) |
|
|
- |
|
|
|
(3,498 |
) |
|
RSA
acceleration |
|
|
|
|
|
|
(1,142 |
) |
|
|
- |
|
|
|
- |
|
Total
nonrecurring items |
|
|
|
|
|
|
(2,812 |
) |
|
|
(3,183 |
) |
|
|
(1,530 |
) |
Core Net Income Before Tax (Non-GAAP) 4 |
|
|
|
|
$ |
16,850 |
|
|
$ |
11,149 |
|
|
$ |
1,373 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Expense (Benefit) |
|
|
|
|
|
|
7,124 |
|
|
|
(142,492 |
) |
|
|
1,326 |
|
Less
nonrecurring tax items and adjustments: |
|
|
|
|
|
|
|
|
|
|
Tax effect
of nonrecurring items 1 |
|
|
|
|
|
|
(651 |
) |
|
|
(1,051 |
) |
|
|
(505 |
) |
|
DTA
valuation allowance release and revaluation |
|
|
|
|
|
1,607 |
|
|
|
(142,492 |
) |
|
|
1,326 |
|
|
Income tax
at effective rate 2 |
|
|
|
|
|
|
- |
|
|
|
(2,629 |
) |
|
|
52 |
|
Core Income Tax Expense (Non-GAAP) 4 |
|
|
|
|
$ |
6,168 |
|
|
$ |
3,680 |
|
|
$ |
453 |
|
Core Net Income (Non-GAAP) 4 |
|
|
|
|
|
$ |
10,682 |
|
|
$ |
7,469 |
|
|
$ |
920 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
Tax effected at an income tax rate of 33% in 2013 & 2014, and
36% in 2015. Nonrecurring items in 2015 includes $1.0mm in
nondeductible expenses. |
2
Projected income tax expense at 33%. In 2013 and 2014 all tax items
resulted in changes to the DTA valuation allowance. |
|
|
3
Pre-credit and nonrecurring ("PCNR") expense excludes credit
related and nonrecurring expenses. |
|
|
|
|
|
|
4
Core measures exclude nonrecurring items. |
|
|
|
|
|
|
|
|
|
For more information:
David L. Nielsen, CFO, 980.819.6220
investorrelations@community1.com
Grafico Azioni Communityone Bancorp (MM) (NASDAQ:COB)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Communityone Bancorp (MM) (NASDAQ:COB)
Storico
Da Giu 2023 a Giu 2024