Exhibit 99.1

FCB Financial Holdings, Inc. Reports Record Third Quarter 2015 Financial Results

Weston, Fla. – FCB Financial Holdings, Inc. (NYSE:FCB) (the “Company”) today reported third quarter 2015 net income of $21.1 million, or $0.48 per share on a fully diluted basis, and record core net income of $21.0 million, or $0.48 per share on a fully diluted basis. Core net income rose 114% year-over-year and core net income per diluted share rose 91%. These resulted in both a ROA and core ROA of 126 basis points, and continue to reflect improvements on a sequential and year-over-year basis.

 

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Total net revenue of $63.8 million, up 32% year-over-year

 

•

Core EPS of $0.48 on a fully diluted basis

 

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Total loan portfolio grew sequentially at an annualized rate of 24%;

 

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New loan fundings of $362.6 million during the quarter;

 

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Total deposits grew sequentially at an annualized rate of 32%;

 

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Demand deposits grew to 21% of total deposits during the quarter;

 

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Core efficiency ratio improved to 46.3%;

 

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Core ROA of 126 basis points; and

 

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Tangible book value per share was $18.75;

The Company views certain non-recurring items, including but not limited to merger related and restructuring charges, gain/(loss) on investment securities and their corresponding tax effect, as core adjustments to net income. Core adjustments for the third quarter of 2015 include $23 thousand of severance and other operating expenses and $0.2 million of gain on investment securities.

The reconciliation of non-GAAP measures (including core net income, core efficiency ratio, core ROA, tangible book value and tangible book value per share), which the Company believes facilitate the assessment of its banking operations and peer comparability, are included in tabular form at the end of this release.

Kent Ellert, Chief Executive Officer and President of FCB Financial Holdings, Inc., commented, “We are pleased by our results this quarter highlighted by our organic growth, as new loans and deposits grew in concordance at over $350 million. This continued organic momentum coupled with operational discipline throughout the company produced our eleventh consecutive quarter of improving operating results.”

Loan Portfolio and Composition

During the quarter, the total loan portfolio, gross of the allowance for loan losses, grew by $278.4 million to $4.8 billion at September 30, 2015, an increase of 6% from $4.5 billion as of June 30, 2015 and 35% from $3.6 billion as of September 30, 2014.

The Bank’s new loan portfolio totaled $4.2 billion as of September 30, 2015, an increase of 9% from $3.8 billion as of June 30, 2015 and 55% from $2.7 billion as of September 30, 2014. Loan growth during the quarter was a result of $362.6 million of new loan fundings, consisting entirely of organic production. Organic loan production for the quarter consisted of $139.5 million of commercial and industrial, $109.6 million of commercial real estate and $113.5 million of residential and consumer. Due to the maturation of the organic residential lending platform, the Bank did not purchase any residential mortgages during the quarter. As of September 30, 2015 new loans made up 87% of our total loan portfolio as compared to 84% and 75% as of June 30, 2015 and September 30, 2014, respectively.

The Bank’s acquired loan portfolio totaled $647.1 million as of September 30, 2015, a decrease of 10% from $720.2 million as of June 30, 2015 and a decrease of 26% from $873.8 million as of September 30, 2014. The decrease in the current quarter was driven by net resolution activity totaling $34.2 million as well as scheduled loan amortization. As of September 30, 2015, acquired loans made up 13% of our total loan portfolio as compared to 16% and 25% as of June 30, 2015 and September 30, 2014, respectively.

 

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Asset Quality

The provision for loan losses of $0.7 million recorded for the third quarter of 2015 includes a $1.8 million provision for new loans and recoupment of valuation allowance of $1.1 million for the acquired loan portfolio due to better than expected performance on resolution of acquired loans. The provision for new loans served to increase the related allowance to $21.4 million, or 0.52% of the $4.2 billion in new loans outstanding. There were no new loan portfolio charge-offs in the third quarter of 2015 and a nonperforming new loan ratio of 0.01% as of September 30, 2015.

Deposits and Borrowings

Deposits totaled $4.8 billion as of September 30, 2015, an increase of 8% from $4.5 billion as of June 30, 2015 and an increase of 21% from $4.0 billion as of September 30, 2014. During the third quarter of 2015, demand deposits increased by $112.0 million, or 12%, from June 30, 2015 and increased by $497.7 million, or 95%, from September 30, 2014. Demand deposits represent 21% of total deposits as of September 30, 2015 as compared to 20% and 13% as of June 30, 2015 and September 30, 2014, respectively. The cost of deposits was 59 basis points for the quarter, representing a 2 basis point increase from the second quarter of 2015 and a 3 basis point decline from the third quarter of 2014.

Net Interest Margin and Net Interest Income

The net interest margin for the third quarter of 2015 was 3.62%, an increase of 19 basis points from the second quarter of 2015 and an increase of 13 basis points from the third quarter of 2014. The increase from the second quarter of 2015 was due primarily to an increase in yield on the acquired loan portfolio resulting from better than expected cash flow performance.

Net interest income totaled $56.8 million in the third quarter of 2015, an increase of 13% from $50.2 million in the second quarter of 2015 and an increase of 24% from $45.9 million in the third quarter of 2014. Interest income totaled $65.0 million for the third quarter of 2015, an increase of 13% from $57.4 million in the second quarter of 2015 and an increase of 21% from $53.7 million in the third quarter of 2014. Interest income from new loans increased by $4.6 million, or 16%, from the second quarter of 2015 due to continued growth in the new loan portfolio. Interest income on acquired loans increased by $2.9 million, or 19%, from the second quarter as balance runoff was more than offset by better than expected cash flow performance. Interest expense was $8.3 million for the third quarter of 2015, an increase of 14% from $7.2 million in the second quarter of 2015 and an increase 6% from $7.8 million in the third quarter of 2014. The increase from the second quarter of 2015 was a result of an increase of $317.1 million of average interest-bearing liabilities coupled with increased costs associated with the addition of longer duration deposits.

Noninterest Income and Noninterest Expense

Noninterest income totaled $7.1 million for the third quarter of 2015 as compared to $14.2 million for the second quarter of 2015 and $2.4 million for the third quarter of 2014. The primary components of noninterest income for the quarter were loan and other fees and income from resolution of acquired assets of $1.8 million and $2.2 million, respectively. The Company continues to realize resolution of acquired asset income and gain on sales of other real estate owned stemming from its acquired asset portfolio. As a result of the early termination of the FDIC loss share agreements, the Company recognized all recoveries and gain on sales related to what were previously “covered assets” in its consolidated statement of income as these amounts are no longer shared with the FDIC.

Noninterest expense totaled $30.7 million for the third quarter of 2015, a decrease of 4% from $32.0 million in the second quarter of 2015 and 37% from $49.0 million in the third quarter of 2014. For the quarter, the Company recorded non-core expenses of $23 thousand consisting of severance expense of $3 thousand and other operating expenses of $20 thousand.

 

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Financial Position

Capital ratios continue to be strong and well in excess of regulatory requirements. Our tangible common equity, Tier 1 leverage, and total risk-based capital ratios were 11.3%, 11.5% and 14.1% for the third quarter of 2015 respectively, compared to 11.8%, 12.3% and 15.0% for the second quarter of 2015, respectively. Stockholders’ equity totaled $855.9 million as of September 30, 2015, a decrease of 0.2% from $857.5 million as of June 30, 2015 as net income of $21.1 million was offset by $26.5 million in treasury stock repurchases. During the quarter, the Company repurchased 808,903 shares at a weighted average price of $32.75. Tangible book value per common share is $18.75 as of September 30, 2015.

Conference Call

The Company will host a conference call today, Thursday, October 22, 2015 at 5:00 p.m. Eastern Time. Presentation materials related to the conference call are available on the Company’s website, www.floridacommunitybank.com, by navigating to Investor Relations.

The number to call for this interactive teleconference is (855) 238-8125, and please ask to join the FCB Financial Holdings, Inc. or FCB teleconference. Please dial in 10 minutes prior to the beginning of the call.

A telephonic replay of the conference call will be available through November 22, 2015, by dialing (877) 344-7529 and entering pass code 10073638.

The live broadcast of the conference call will also be available online at the Company’s website by following the link to Investor Relations. An on-line replay of the call will be available at the Company’s website for 90 days.

Forward-Looking Statements

This release may contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements about our expectations, beliefs, plans, strategies, predictions, forecasts, objectives or assumptions of future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipates,” “believes,” “expects,” “can,” “could,” “may,” “predicts,” “potential,” “opportunity,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “seeks,” “intends” and similar words or phrases. Accordingly, these statements involve estimates, known and unknown risks, assumptions and uncertainties that could cause actual strategies, actions or results to differ materially from those expressed in them, and are not guarantees of timing, future results or other events or performance. Because forward-looking statements are necessarily only estimates of future strategies, actions or results, based on management’s current expectations, assumptions and estimates on the date hereof, and there can be no assurance that actual strategies, actions or results will not differ materially from expectations, you are cautioned not to place undue reliance on such statements. Additional information regarding certain risks, uncertainties and other factors that could cause actual strategies, actions and results to differ materially from those contemplated in forward-looking statements is included from time to time in our filings with the SEC, including under the heading “Risk Factors” in our recent Annual Report on Form 10-K. Any forward-looking statement speaks only as of the date on which it is made, and FCB Financial Holdings, Inc. undertakes no obligation to update any forward-looking statement, whether to reflect events or circumstances after the date on which the statement is made, to reflect new information or the occurrence of unanticipated events, or otherwise.

Use of Non-GAAP Financial Measures

Core net income, core efficiency ratio, core return-on-assets (“core ROA”), tangible book value and tangible book value per share are each non-GAAP financial measures used in this release. A reconciliation to what we believe to be the most directly comparable GAAP financial measures - net income in the case of core net income and core

 

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ROA, total net interest income, total noninterest income and total noninterest expense in the case of core efficiency ratio, and total shareholders’ equity in the case of tangible book value and tangible book value per share - appears in tabular form at the end of this release. The Company believes each of core net income, core efficiency ratio, and core ROA is useful for both investors and management to understand the effects of certain noninterest items and provides additional perspective on the Company’s performance over time and in comparison to the Company’s competitors. Neither core net income nor core ROA should be viewed as a substitute for net income, nor should core efficiency ratio be viewed as a substitute for total net interest income, total noninterest income and total noninterest expense. The Company believes that tangible book value and tangible book value per share are useful for both investors and management, among other things, as these are measures commonly used by financial institutions, regulators and investors to measure the capital adequacy of financial institutions. The Company believes these measures facilitate comparison of the quality and composition of the Company’s capital over time and in comparison to its competitors. These measures should not be viewed as a substitute for total stockholders’ equity.

These non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for financial results and analyses of results reported under GAAP, and should be read in conjunction with the Company’s financial statements prepared in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.

About FCB Financial Holdings, Inc.

With $6.9 billion in assets, Florida Community Bank (FCB) is the fourth largest Florida-based independent bank. Listed on the New York Stock Exchange, (NYSE: FCB), the bank serves the state with 49 full service banking centers. The presence of FCB blankets both Florida coasts from Daytona Beach to Miami-Dade, Naples through Tampa Bay, as well as the I-4 Corridor. FCB is among the most highly capitalized banks in the state with capital ratios exceeding the regulatory standard to be considered “well capitalized” by a wide margin. Complete information outlining the depth and breadth of the company is found at www.FloridaCommunityBank.com. Equal Housing Lender, Member FDIC.

 

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FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES

Consolidated Statements Of Income

(Unaudited)

 

		Three Months Ended
		September 30, 2015				June 30, 2015				March 31, 2015				December 31, 2014				September 30, 2014
		(Dollars in thousands, except share and per share data)
Interest income:
Interest and fees on loans		$	51,670			$	44,202			$	43,306			$	43,900			$	42,085
Interest and dividends on investment securities			13,315				13,169				12,110				12,451				11,530
Other interest income			38				40				33				53				37
Total interest income			65,023				57,411				55,449				56,404				53,652
Interest expense:
Interest on deposits			6,846				5,991				5,585				5,492				6,124
Interest on borrowings			1,408				1,246				980				1,133				1,633
Total interest expense			8,254				7,237				6,565				6,625				7,757
Net interest income			56,769				50,174				48,884				49,779				45,895
Provision for loan losses			675				2,470				1,349				3,112				2,805
Net interest income after provision for loan losses			56,094				47,704				47,535				46,667				43,090
Noninterest income:
Service charges and fees			823				778				757				780				738
Loan and other fees			1,783				1,906				2,497				2,270				1,238
Bank-owned life insurance income			1,101				1,097				1,097				1,168				1,151
FDIC loss share indemnification loss			—				—				(65,529	)			(5,324	)			(5,862	)
Income from resolution of acquired assets			2,225				2,898				3,372				1,061				1,109
Gain (loss) on sales of other real estate owned			228				5,605				1,565				200				(128	)
Gain (loss) on investment securities			166				761				1,007				2,377				2,785
Other noninterest income			746				1,107				1,145				2,912				1,319
Total noninterest income			7,072				14,152				(54,089	)			5,444				2,350
Noninterest expense:
Salaries and employee benefits			16,840				17,856				16,575				14,885				28,525
Occupancy and equipment expenses			3,368				3,806				3,277				3,248				3,606
Loan and other real estate related expenses			1,939				1,425				2,076				4,566				3,203
Professional services			1,166				1,189				1,406				1,242				1,203
Data processing and network			2,433				2,801				2,718				2,639				2,538
Regulatory assessments and insurance			1,919				2,092				2,119				1,679				2,466
Amortization of intangibles			400				407				424				425				426
Other operating expenses			2,641				2,471				2,055				2,779				6,992
Total noninterest expense			30,706				32,047				30,650				31,463				48,959
Income (loss) before income tax expense (benefit)			32,460				29,809				(37,204	)			20,648				(3,519	)
Income tax expense (benefit)			11,320				10,433				(20,330	)			7,548				(97	)
Net income (loss)		$	21,140			$	19,376			$	(16,874	)		$	13,100			$	(3,422	)
Earnings (loss) per share:
Basic		$	0.51			$	0.47			$	(0.41	)		$	0.32			$	(0.09	)
Diluted		$	0.48			$	0.45			$	(0.41	)		$	0.31			$	(0.09	)
Weighted average shares outstanding:
Basic			41,381,482				41,428,588				41,421,854				41,409,698				38,952,127
Diluted			43,798,378				43,106,131				41,421,854				42,154,781				38,952,127

 

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FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

 

		September 30, 2015				June 30, 2015				March 31, 2015				December 31, 2014				September 30, 2014
		(Dollars in thousands)
Assets:
Cash and due from banks		$	38,045			$	32,161			$	46,043			$	25,397			$	28,288
Interest-earning deposits in other banks			46,714				109,125				66,034				81,688				112,342
Investment securities:
Held to maturity securities			—				—				—				—				—
Available for sale securities, at fair value			1,467,819				1,430,149				1,447,776				1,359,098				1,771,321
Federal Home Loan Bank and other bank stock, at cost			65,955				70,505				65,289				66,891				71,217
Total investment securities			1,533,774				1,500,654				1,513,065				1,425,989				1,842,538
Loans held for sale			2,573				4,782				1,308				707				108
Loans:
New loans			4,158,997				3,807,547				3,354,452				3,103,417				2,686,043
Acquired loans			647,139				720,175				764,597				826,173				873,761
Allowance for loan losses			(27,394	)			(27,046	)			(24,513	)			(22,880	)			(20,440	)
Loans, net			4,778,742				4,500,676				4,094,536				3,906,710				3,539,364
FDIC Loss share indemnification asset			—				—				—				63,168				69,920
Due from Federal Deposit Insurance Corporation (“FDIC”)			—				—				—				1,735				104
Premises and equipment, net			37,351				37,641				38,291				38,962				39,256
Other real estate owned			40,405				42,654				75,017				74,527				78,512
Goodwill and other intangible assets			87,484				87,884				88,291				88,615				89,040
Deferred tax assets, net			78,090				76,720				69,656				47,441				41,257
Bank-owned life insurance			166,931				140,830				139,733				139,829				138,264
Other assets			78,580				74,071				85,109				62,860				75,951
Total assets		$	6,888,689			$	6,607,198			$	6,217,083			$	5,957,628			$	6,054,944
Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Transaction accounts:
Noninterest-bearing		$	618,741			$	621,845			$	595,389			$	593,025			$	525,152
Interest-bearing			2,678,410				2,586,491				2,411,142				2,308,657				2,221,250
Total transaction accounts			3,297,151				3,208,336				3,006,531				2,901,682				2,746,402
Time deposits			1,524,693				1,257,751				1,219,470				1,076,853				1,244,958
Total deposits			4,821,844				4,466,087				4,226,001				3,978,535				3,991,360
Borrowings			1,149,920				1,232,893				1,091,118				1,067,981				1,164,404
Other liabilities			61,047				50,739				53,130				59,459				63,453
Total liabilities			6,032,811				5,749,719				5,370,249				5,105,975				5,219,217
Stockholders’ Equity:
Class A common stock			39				37				37				36				36
Class B common stock			4				6				6				7				7
Additional paid-in capital			846,017				839,265				836,720				834,538				833,478
Retained earnings			58,786				37,646				18,270				35,144				22,044
Accumulated other comprehensive income (loss)			(2,905	)			78				10,552				679				(1,087	)
Treasury stock, at cost			(46,063	)			(19,553	)			(18,751	)			(18,751	)			(18,751	)
Total stockholders’ equity			855,878				857,479				846,834				851,653				835,727
Total liabilities and stockholders’ equity		$	6,888,689			$	6,607,198			$	6,217,083			$	5,957,628			$	6,054,944

 

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FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES

Key Metrics

(Unaudited)

 

		Three Months Ended
		September 30, 2015				June 30, 2015				March 31, 2015				December 31,  2014				September 30, 2014
Performance Ratios
Interest rate spread			3.49	%			3.28	%			3.42	%			3.50	%			3.36	%
Net interest margin			3.62	%			3.43	%			3.58	%			3.62	%			3.49	%
Return on average assets			1.26	%			1.22	%			-1.13	%			0.87	%			-0.24	%
Return on average equity			9.73	%			8.99	%			-7.97	%			6.15	%			-1.70	%
Efficiency ratio (company level)			47.47	%			49.19	%			-580.71	%			56.97	%			101.48	%
Average interest-earning assets to average interest bearing liabilities			120.40	%			121.22	%			121.55	%			119.64	%			118.11	%
Loans receivable to deposits			99.67	%			101.38	%			97.47	%			98.77	%			89.19	%
Yield on interest-earning assets			4.12	%			3.88	%			4.00	%			4.08	%			4.05	%
Cost of interest-bearing liabilities			0.63	%			0.60	%			0.58	%			0.58	%			0.69	%
Asset and Credit Quality Ratios - Total loans
Nonperforming loans to loans receivable			0.36	%			0.39	%			0.40	%			0.49	%			0.62	%
Nonperforming assets to total assets			0.84	%			0.91	%			1.47	%			1.58	%			1.66	%
Covered loans to total gross loans			0.00	%			0.00	%			0.00	%			6.96	%			8.05	%
ALL to nonperforming assets			47.43	%			44.83	%			26.77	%			24.36	%			20.35	%
ALL to total gross loans			0.57	%			0.60	%			0.60	%			0.58	%			0.57	%
Asset and Credit Quality Ratios - New Loans
Nonperforming new loans to new loans receivable			0.01	%			0.00	%			0.00	%			0.00	%			0.00	%
New loan ALL to total gross new loans			0.52	%			0.51	%			0.52	%			0.52	%			0.53	%
Asset and Credit Quality Ratios - Acquired Loans
Nonperforming acquired loans to acquired loans receivable			2.61	%			2.45	%			2.16	%			2.34	%			2.51	%
Covered acquired loans to total gross acquired loans			0.00	%			0.00	%			0.00	%			33.09	%			32.78	%
Acquired loan ALL to total gross acquired loans			0.92	%			1.04	%			0.94	%			0.83	%			0.72	%
Capital Ratios (Company)
Average equity to average total assets			13.0	%			13.5	%			14.2	%			14.2	%			13.9	%
Tangible average equity to tangible average assets			11.8	%			12.3	%			12.9	%			12.9	%			12.6	%
Tangible common equity ratio (1)			11.3	%			11.8	%			12.4	%			13.0	%			12.5	%
Tier 1 leverage ratio			11.5	%			12.3	%			12.6	%			12.8	%			13.1	%
Tier 1 risk-based capital ratio			13.6	%			14.5	%			15.6	%			17.0	%			17.2	%
Total risk-based capital ratio			14.1	%			15.0	%			16.1	%			17.6	%			17.7	%
Capital Ratios (Bank)
Average equity to average total assets			11.5	%			11.8	%			11.8	%			11.7	%			11.8	%
Tangible common equity ratio			10.0	%			10.2	%			10.6	%			10.4	%			10.1	%
Tier 1 leverage ratio			10.3	%			10.7	%			10.7	%			10.4	%			10.6	%
Tier 1 risk-based capital ratio			12.2	%			13.0	%			13.4	%			13.9	%			14.0	%
Total risk-based capital ratio			12.8	%			13.5	%			13.9	%			14.5	%			14.6	%

 

(1)	See Reconciliation of Non-GAAP Financial Measures - Tangible Book Value

 

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FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES

Loan Composition

(Unaudited)

 

		As of
		September 30,				June 30,				March 31,				December 31,				September 30,
		2015				2015				2015				2014				2014
		(Dollars in thousands)
New Loans:
Commercial real estate		$	991,451			$	942,424			$	903,629			$	853,074			$	721,676
Owner-occupied commercial real estate			452,991				400,438				325,972				281,703				261,549
1-4 single family residential			1,326,180				1,248,625				1,044,480				922,657				734,608
Construction, land and development			430,690				349,659				248,623				232,601				160,899
Home equity loans and lines of credit			28,185				22,798				20,459				11,826				12,774
Total real estate loans		$	3,229,497			$	2,963,944			$	2,543,163			$	2,301,861			$	1,891,506
Commercial and industrial			925,285				837,270				805,233				795,000				792,093
Consumer			4,215				6,333				6,056				6,556				2,444
Total new loans		$	4,158,997			$	3,807,547			$	3,354,452			$	3,103,417			$	2,686,043
Acquired ASC 310-30 Loans:
Commercial real estate		$	259,411			$	286,337			$	309,758			$	336,935			$	364,753
1-4 single family residential			69,915				76,849				77,685				86,308				90,752
Construction, land and development			32,996				55,453				56,403				66,700				71,053
Total real estate loans		$	362,322			$	418,639			$	443,846			$	489,943			$	526,558
Commercial and industrial			46,233				58,045				63,441				67,498				72,948
Consumer			2,434				2,524				2,588				2,803				2,936
Total Acquired ASC 310-30 Loans		$	410,989			$	479,208			$	509,875			$	560,244			$	602,442
Acquired Non-ASC 310-30 Loans:
Commercial real estate		$	60,804			$	62,473			$	69,917			$	70,146			$	68,578
Owner-occupied commercial real estate			19,699				19,860				13,287				14,842				16,640
1-4 single family residential			86,832				86,754				97,450				102,279				105,561
Construction, land and development			6,319				8,610				9,801				9,729				9,744
Home equity loans and lines of credit			50,566				52,971				52,762				54,704				56,170
Total real estate loans		$	224,220			$	230,668			$	243,217			$	251,700			$	256,693
Commercial and industrial			11,504				9,654				10,825				13,548				13,817
Consumer			426				645				680				681				809
Total Acquired Non-ASC 310-30 Loans			236,150				240,967				254,722				265,929				271,319
Total loans		$	4,806,136			$	4,527,722			$	4,119,049			$	3,929,590			$	3,559,804

 

Page 8 of 15

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FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES

Deposit Composition

(Unaudited)

 

		As of
		September 30,				June 30,				March 31,				December 31,				September 30,
		2015				2015				2015				2014				2014
		(Dollars in thousands)
Noninterest-bearing demand deposits		$	618,741			$	621,845			$	595,389			$	593,025			$	525,152
Interest-bearing demand deposits			404,085				288,990				196,192				122,380				—
Interest-bearing NOW accounts			350,602				414,795				439,400				374,399				526,013
Savings and money market accounts			1,923,723				1,882,706				1,775,550				1,811,878				1,695,237
Time deposits			1,524,693				1,257,751				1,219,470				1,076,853				1,244,958
Total deposits		$	4,821,844			$	4,466,087			$	4,226,001			$	3,978,535			$	3,991,360

 

Page 9 of 15

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FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES

Quarterly Average Balances and Yields

(Unaudited)

 

		Three Months Ended September 30,												Three Months Ended June 30,
		2015												2015
		Average Balance (1)				Interest/ Expense (2)				Annualized Yield/Rate(3)				Average Balance (1)				Interest/ Expense (2)				Annualized Yield/Rate(3)
		(Dollars in thousands)
Interest-earning assets:
Interest-earning deposits in other banks		$	79,951			$	38				0.19	%		$	75,166			$	40				0.21	%
New loans			3,950,873				33,823				3.35	%			3,476,829				29,257				3.33	%
Acquired loans (4)			685,403				17,847				10.42	%			730,895				14,945				8.18	%
Investment securities			1,499,640				13,315				3.47	%			1,591,279				13,169				3.27	%
Total interest-earning assets			6,215,867				65,023				4.12	%			5,874,169				57,411				3.88	%
Non-earning assets:
FDIC loss share indemnification asset			—												—
Noninterest-earning assets			434,393												450,904
Total assets		$	6,650,260											$	6,325,073
Interest-bearing liabilities:
Interest-bearing demand deposits		$	369,381			$	431				0.46	%		$	212,164			$	226				0.43	%
Interest-bearing NOW accounts			397,831				342				0.34	%			415,206				349				0.34	%
Savings and money market accounts			1,895,582				2,569				0.54	%			1,794,967				2,333				0.52	%
Time deposits			1,380,658				3,504				1.01	%			1,242,071				3,083				1.00	%
FHLB advances and other borrowings			1,119,429				1,408				0.49	%			1,181,419				1,246				0.42	%
Total interest-bearing liabilities		$	5,162,881			$	8,254				0.63	%		$	4,845,827			$	7,237				0.60	%
Noninterest-bearing liabilities and shareholders’ equity:
Noninterest-bearing demand deposits		$	578,699											$	576,905
Other liabilities			46,709												47,213
Stockholders’ equity			861,971												855,128
Total liabilities and stockholders’ equity		$	6,650,260											$	6,325,073
Net interest income						$	56,769											$	50,174
Net interest spread											3.49	%											3.28	%
Net interest margin											3.62	%											3.43	%

 

(1)	Average balances presented are derived from daily average balances.

(2)	Interest income is presented on an actual basis and does not include taxable equivalent adjustments.

(3)	Average rates are presented on an annualized basis.

(4)	Includes loans on non-accrual status.

 

Page 10 of 15

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FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES

Quarterly Average Balances and Yields

(Unaudited)

 

		Three Months Ended September 30,
		2015												2014
		Average Balance (1)				Interest/ Expense (2)				Annualized Yield/Rate(3)				Average Balance (1)				Interest/ Expense (2)				Annualized Yield/Rate(3)
		(Dollars in thousands)
Interest-earning assets:
Interest-earning deposits in other banks		$	79,951			$	38				0.19	%		$	76,682			$	37				0.19	%
New loans			3,950,873				33,823				3.35	%			2,440,992				21,866				3.51	%
Acquired loans (4)			685,403				17,847				10.42	%			903,941				20,219				8.95	%
Investment securities			1,499,640				13,315				3.47	%			1,800,988				11,530				2.51	%
Total interest-earning assets			6,215,867				65,023				4.12	%			5,222,603				53,652				4.05	%
Non-earning assets:
FDIC loss share indemnification asset			—												75,191
Noninterest-earning assets			434,393												440,293
Total assets		$	6,650,260											$	5,738,087
Interest-bearing liabilities:
Interest-bearing demand deposits		$	369,381			$	431				0.46	%		$	—			$	—				0.00	%
Interest-bearing NOW accounts			397,831				342				0.34	%			396,361				347				0.35	%
Savings and money market accounts			1,895,582				2,569				0.54	%			1,721,444				2,790				0.64	%
Time deposits			1,380,658				3,504				1.01	%			1,358,610				2,987				0.87	%
FHLB advances and other borrowings			1,119,429				1,408				0.49	%			945,519				1,633				0.68	%
Total interest-bearing liabilities		$	5,162,881			$	8,254				0.63	%		$	4,421,934			$	7,757				0.69	%
Noninterest-bearing liabilities and shareholders’ equity:
Noninterest-bearing demand deposits		$	578,699											$	459,189
Other liabilities			46,709												57,797
Stockholders’ equity			861,971												799,167
Total liabilities and stockholders’ equity		$	6,650,260											$	5,738,087
Net interest income						$	56,769											$	45,895
Net interest spread											3.49	%											3.36	%
Net interest margin											3.62	%											3.49	%

 

(1)	Average balances presented are derived from daily average balances.

(2)	Interest income is presented on an actual basis and does not include taxable equivalent adjustments.

(3)	Average rates are presented on an annualized basis.

(4)	Includes loans on non-accrual status.

 

Page 11 of 15

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FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES

Average Balances and Yields

(Unaudited)

 

		Nine Months Ended September 30,
		2015												2014
		Average Balance (1)				Interest/ Expense (2)				Annualized Yield/Rate(3)				Average Balance (1)				Interest/ Expense (2)				Annualized Yield/Rate(3)
		(Dollars in thousands)
Interest-earning assets:
Interest-earning deposits in other banks		$	77,826			$	111				0.19	%		$	99,923			$	158				0.21	%
New loans			3,538,684				89,665				3.34	%			2,116,530				56,722				3.53	%
Acquired loans (4)			737,216				49,513				8.95	%			902,262				58,048				8.58	%
Investment securities			1,524,992				38,594				3.34	%			1,677,454				32,094				2.52	%
Total interest-earning assets			5,878,718				177,883				4.00	%			4,796,169				147,022				4.06	%
Non-earning assets:
FDIC loss share indemnification asset			14,520												79,996
Noninterest-earning assets			447,102												400,034
Total assets		$	6,340,340											$	5,276,199
Interest-bearing liabilities:
Interest-bearing demand deposits		$	241,975			$	789				0.44	%		$	—			$	—				0.00	%
Interest-bearing NOW accounts			401,805				1,026				0.34	%			203,949				426				0.28	%
Savings and money market accounts			1,844,735				7,357				0.53	%			1,687,648				7,237				0.57	%
Time deposits			1,257,259				9,250				0.98	%			1,411,376				9,603				0.91	%
FHLB advances and other borrowings			1,111,569				3,634				0.43	%			761,555				4,363				0.76	%
Total interest-bearing liabilities		$	4,857,343			$	22,056				0.61	%		$	4,064,528			$	21,629				0.71	%
Noninterest-bearing liabilities and shareholders’ equity:
Noninterest-bearing demand deposits		$	575,004											$	411,180
Other liabilities			49,279												48,955
Stockholders’ equity			858,714												751,536
Total liabilities and stockholders’ equity		$	6,340,340											$	5,276,199
Net interest income						$	155,827											$	125,393
Net interest spread											3.39	%											3.35	%
Net interest margin											3.54	%											3.49	%

 

(1)	Average balances presented are derived from daily average balances.

(2)	Interest income is presented on an actual basis and does not include taxable equivalent adjustments.

(3)	Average rates are presented on an annualized basis.

(4)	Includes loans on non-accrual status.

 

Page 12 of 15

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FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES

Reconciliation of Non-GAAP Financial Measures - Core Net Income

(Unaudited)

 

		Three Months Ended
		September 30, 2015				June 30, 2015				March 31, 2015				December 31, 2014				September 30, 2014
		(Dollars in thousands)
Net Income (loss)		$	21,140			$	19,376			$	(16,874	)		$	13,100			$	(3,422	)
Pre-tax Adjustments
Noninterest income
Less: Gain (loss) on investment securities			166				761				1,007				2,377				2,785
FDIC loss share indemnification loss			—				—				(65,529	)			—				—
Noninterest expense
Salaries and employee benefits			3				(17	)			185				1				15,379
Occupancy and equipment			—				—				—				—				—
Loan and other real estate related expenses			—				—				—				—				—
Professional services			—				45				245				—				—
Data processing and network fees			—				—				2				—				—
Regulatory assessments and insurance			—				—				—				—				—
Amortization of intangibles			—				—				—				—				—
Other operating expenses			20				203				64				(6	)			4,895
Taxes
Tax Effect of adjustments (1)			50				186				(30,065	)			1,881				(4,254	)
Core Net Income		$	21,047			$	19,031			$	18,079			$	12,599			$	9,813
Average assets		$	6,650,260			$	6,325,073			$	6,038,970			$	5,953,704			$	5,738,087
ROA (2)			1.26	%			1.23	%			-1.13	%			0.87	%			-0.24	%
Core ROA (3)			1.26	%			1.21	%			1.21	%			0.84	%			0.68	%

 

(1)	Tax effected at marginal income tax rate of 39% except for non tax deductible and discreet items. Core tax rate of 35% in 2015.

(2)	Return on assets: Annualized net income / average assets

(3)	Core return on assets: Annualized core net income / average assets

 

Page 13 of 15

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FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES

Reconciliation of Non-GAAP Financial Measures - Core Efficiency Ratio

(Unaudited)

 

		Three Months Ended
		September 30, 2015				June 30, 2015				March 31, 2015				December 31, 2014				September 30, 2014
		(Dollars in thousands)
Reported: Net interest income		$	56,769			$	50,174			$	48,884			$	49,779			$	45,895
FTE adjustment			1,043				986				777				711				475
Core net interest income		$	57,812			$	51,160			$	49,661			$	50,490			$	46,370
Reported: Noninterest income		$	7,072			$	14,152			$	(54,089	)		$	5,444			$	2,350
FTE adjustment			704				701				702				747				736
Less: Gain (loss) on investment securities			166				761				1,007				2,377				2,785
FDIC loss share indemnification loss			—				—				(65,529	)			—				—
Core noninterest income (loss)		$	7,610			$	14,092			$	11,135			$	3,814			$	301
Reported: Noninterest expense		$	30,706			$	32,047			$	30,650			$	31,463			$	48,959
Less:
Salaries and employee benefits			3				(17	)			185				1				15,379
Occupancy and equipment			—				—				—				—				—
Loan and other real estate related expenses			—				—				—				—				—
Professional services			—				45				245				—				—
Data processing and network fees			—				—				2				—				—
Regulatory assessments and insurance			—				—				—				—				—
Amortization of intangibles			—				—				—				—				—
Other operating expenses			20				203				64				(6	)			4,895
Core noninterest expense		$	30,683			$	31,816			$	30,154			$	31,468			$	28,685
Efficiency ratio (1)			47.47	%			49.19	%			-580.71	%			56.97	%			101.48	%
Core efficiency ratio (2)			46.29	%			48.14	%			48.90	%			57.95	%			61.46	%

 

(1)	Efficiency ratio: Noninterest expense less amortization of intangibles / (noninterest income + net interest income)

(2)	Core efficiency ratio: Core noninterest expense less amortization of intangibles / (core noninterest income + core net interest income)

 

 

Page 14 of 15

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FCB FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES

Reconciliation of Non-GAAP Measures - Tangible Book Value Per Share

(Unaudited)

 

		September 30,				June 30,				March 31,				December 31,				September 30,
		2015				2015				2015				2014				2014
		(Dollars in thousands, except share and per share data)
Total assets		$	6,888,689			$	6,607,198			$	6,217,083			$	5,957,628			$	6,054,944
Less:
Goodwill and other intangible assets			87,484				87,884				88,291				88,615				89,040
Tangible assets		$	6,801,205			$	6,519,314			$	6,128,792			$	5,869,013			$	5,965,904
Total stockholders’ equity		$	855,878			$	857,479			$	846,834			$	851,653			$	835,727
Less:
Goodwill and other intangible assets			87,484				87,884				88,291				88,615				89,040
Tangible stockholders’ equity		$	768,394			$	769,595			$	758,543			$	763,038			$	746,687
Shares outstanding			40,984,200				41,423,199				41,443,031				41,409,698				41,409,698
Tangible book value per share		$	18.75			$	18.58			$	18.30			$	18.43			$	18.03
Average assets		$	6,650,260			$	6,325,073			$	6,038,970			$	5,953,704			$	5,738,087
Average equity			861,971				855,128				859,011				844,572				799,167
Average goodwill and other intangible assets			87,701				88,091				88,536				88,835				89,276
Tangible average equity to tangible average assets			11.8	%			12.3	%			12.9	%			12.9	%			12.6	%
Tangible common equity ratio			11.3	%			11.8	%			12.4	%			13.0	%			12.5	%

For questions please contact:

Matthew Paluch

305-668-5420

IR@fcb1923.com

 

Page 15 of 15