Attached files
| file | filename |
|---|---|
| 8-K - 8-K - COBIZ FINANCIAL INC | cobz-20160721x8k.htm |
CoBiz Financial Announces Second Quarter 2016 Results
Denver -- CoBiz Financial Inc. (Company) (NASDAQ: COBZ), a financial services company with $3.5 billion in assets, reported financial results for the second quarter of 2016.
Financial Highlights – Second Quarter 2016
•Net income available to common shareholders of $8.5 million for the second quarter of 2016, compared to $7.2 million in the second quarter of 2015.
•Diluted earnings per share of $0.21 for the second quarter of 2016, compared to $0.17 in the second quarter of 2015.
•Loans increased $317.6 million, or 12.7%, from June 30, 2015 and $96.8 million from March 31, 2016.
•Deposits increased $174.0 million, or 6.6%, from June 30, 2015 and $32.0 million from March 31, 2016.
•Resolution of an impaired credit resulted in a negative provision for loan losses of $1.7 million in the second quarter of 2016.
•Nonperforming assets (NPAs) to total assets of 0.32% at June 30, 2016, compared to 0.31% at June 30, 2015 and 0.40% at March 31, 2016.
Financial Summary
|
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|
Quarter ended (unaudited) |
|
|
2Q16 change vs. |
|
||||||||||||||
|
(in thousands, except per share amounts) |
|
2Q16 |
|
1Q16 |
|
2Q15 |
|
1Q16 |
|
2Q15 |
|
|||||||||
|
Net interest income before provision |
|
$ |
28,533 |
|
$ |
28,229 |
|
$ |
28,072 |
|
$ |
304 |
|
1.1 |
% |
$ |
461 |
|
1.6 |
% |
|
Provision for loan losses |
|
|
(1,652) |
|
|
370 |
|
|
1,057 |
|
|
(2,022) |
|
(546.5) |
% |
|
(2,709) |
|
(256.3) |
% |
|
Net interest income after provision |
|
|
30,185 |
|
|
27,859 |
|
|
27,015 |
|
|
2,326 |
|
8.3 |
% |
|
3,170 |
|
11.7 |
% |
|
Total noninterest income |
|
|
7,812 |
|
|
7,688 |
|
|
7,940 |
|
|
124 |
|
1.6 |
% |
|
(128) |
|
(1.6) |
% |
|
Total noninterest expense |
|
|
26,268 |
|
|
25,832 |
|
|
24,359 |
|
|
436 |
|
1.7 |
% |
|
1,909 |
|
7.8 |
% |
|
Net income before income taxes |
|
|
11,729 |
|
|
9,715 |
|
|
10,596 |
|
|
2,014 |
|
20.7 |
% |
|
1,133 |
|
10.7 |
% |
|
Provision for income taxes |
|
|
3,197 |
|
|
2,350 |
|
|
3,213 |
|
|
847 |
|
36.0 |
% |
|
(16) |
|
(0.5) |
% |
|
Net income |
|
|
8,532 |
|
|
7,365 |
|
|
7,383 |
|
|
1,167 |
|
15.8 |
% |
|
1,149 |
|
15.6 |
% |
|
Preferred stock dividends |
|
|
- |
|
|
- |
|
|
(144) |
|
|
- |
|
- |
% |
|
144 |
|
100.0 |
% |
|
Net income available to common shareholders |
|
$ |
8,532 |
|
$ |
7,365 |
|
$ |
7,239 |
|
$ |
1,167 |
|
15.8 |
% |
$ |
1,293 |
|
17.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share |
|
$ |
0.21 |
|
$ |
0.18 |
|
$ |
0.17 |
|
$ |
0.03 |
|
16.7 |
% |
$ |
0.04 |
|
23.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
KEY RATIOS |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
3.72 |
% |
|
3.73 |
% |
|
3.96 |
% |
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio - taxable equivalent * |
|
|
68.71 |
% |
|
68.63 |
% |
|
65.48 |
% |
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
1.01 |
% |
|
0.88 |
% |
|
0.96 |
% |
|
|
|
|
|
|
|
|
|
|
|
Return on average shareholders' equity |
|
|
12.19 |
% |
|
10.74 |
% |
|
9.26 |
% |
|
|
|
|
|
|
|
|
|
|
|
Noninterest income as a percentage of taxable equivalent operating revenue * |
|
|
20.44 |
% |
|
20.43 |
% |
|
21.26 |
% |
|
|
|
|
|
|
|
|
|
|
* See accompanying Reconciliation of Non-GAAP measures to GAAP
1 | Page
Loans
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
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|
|
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Quarter ended (unaudited) |
|
|
2Q16 change vs. |
|
||||||||||||||
|
(in thousands) |
|
2Q16 |
|
1Q16 |
|
2Q15 |
|
1Q16 |
|
2Q15 |
|
|||||||||
|
LOANS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
$ |
1,218,723 |
|
$ |
1,181,185 |
|
$ |
1,100,416 |
|
$ |
37,538 |
|
3.2 |
% |
$ |
118,307 |
|
10.8 |
% |
|
Owner-occupied real estate |
|
|
446,699 |
|
|
432,712 |
|
|
435,921 |
|
|
13,987 |
|
3.2 |
% |
|
10,778 |
|
2.5 |
% |
|
Investor real estate |
|
|
607,168 |
|
|
576,970 |
|
|
499,002 |
|
|
30,198 |
|
5.2 |
% |
|
108,166 |
|
21.7 |
% |
|
Construction & land |
|
|
184,620 |
|
|
208,701 |
|
|
203,262 |
|
|
(24,081) |
|
(11.5) |
% |
|
(18,642) |
|
(9.2) |
% |
|
Consumer |
|
|
258,773 |
|
|
258,345 |
|
|
212,730 |
|
|
428 |
|
0.2 |
% |
|
46,043 |
|
21.6 |
% |
|
Other |
|
|
97,720 |
|
|
58,975 |
|
|
44,782 |
|
|
38,745 |
|
65.7 |
% |
|
52,938 |
|
118.2 |
% |
|
Total loans |
|
$ |
2,813,703 |
|
$ |
2,716,888 |
|
$ |
2,496,113 |
|
$ |
96,815 |
|
3.6 |
% |
$ |
317,590 |
|
12.7 |
% |
•Loans at June 30, 2016 increased $317.6 million, or 12.7%, from June 30, 2015 and $96.8 million from March 31, 2016.
•Loans in the Arizona and Colorado markets increased $51.8 million and $45.0 million, respectively during the second quarter of 2016.
|
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Quarter ended (unaudited) |
|
|||||||||||||
|
(in thousands) |
|
2Q16 |
|
1Q16 |
|
4Q15 |
|
3Q15 |
|
2Q15 |
|
|||||
|
Loans - beginning balance |
|
$ |
2,716,888 |
|
$ |
2,699,205 |
|
$ |
2,621,053 |
|
$ |
2,496,113 |
|
$ |
2,449,542 |
|
|
New credit extended |
|
|
201,018 |
|
|
136,126 |
|
|
187,750 |
|
|
261,764 |
|
|
197,340 |
|
|
Credit advanced |
|
|
135,294 |
|
|
111,032 |
|
|
129,789 |
|
|
131,936 |
|
|
114,932 |
|
|
Paydowns & maturities |
|
|
(239,447) |
|
|
(223,102) |
|
|
(239,212) |
|
|
(268,673) |
|
|
(265,459) |
|
|
Gross loan charge-offs |
|
|
(50) |
|
|
(6,373) |
|
|
(175) |
|
|
(87) |
|
|
(242) |
|
|
Loans - ending balance |
|
$ |
2,813,703 |
|
$ |
2,716,888 |
|
$ |
2,699,205 |
|
$ |
2,621,053 |
|
$ |
2,496,113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change - loans outstanding |
|
$ |
96,815 |
|
$ |
17,683 |
|
$ |
78,152 |
|
$ |
124,940 |
|
$ |
46,571 |
|
•New credit extensions and advances increased in the second quarter of 2016 relative to the prior-year quarter and the quarter ended March 31, 2016 (linked-quarter).
•Commercial line utilization was 36.3% at June 30, 2016, compared to 36.3% and 33.8%, respectively, at June 30, 2015 and March 31, 2016.
Deposits and Customer Repurchase Agreements
|
|
|
Quarter ended (unaudited) |
|
|
2Q16 change vs. |
|
||||||||||||||
|
(in thousands) |
|
2Q16 |
|
1Q16 |
|
2Q15 |
|
1Q16 |
|
2Q15 |
|
|||||||||
|
DEPOSITS AND CUSTOMER REPURCHASE AGREEMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Money market |
|
$ |
853,815 |
|
$ |
834,152 |
|
$ |
770,076 |
|
$ |
19,663 |
|
2.4 |
% |
$ |
83,739 |
|
10.9 |
% |
|
Interest-bearing demand |
|
|
591,355 |
|
|
600,415 |
|
|
618,272 |
|
|
(9,060) |
|
(1.5) |
% |
|
(26,917) |
|
(4.4) |
% |
|
Savings |
|
|
19,097 |
|
|
18,165 |
|
|
19,384 |
|
|
932 |
|
5.1 |
% |
|
(287) |
|
(1.5) |
% |
|
Certificates of deposits under $100 |
|
|
19,836 |
|
|
21,078 |
|
|
22,487 |
|
|
(1,242) |
|
(5.9) |
% |
|
(2,651) |
|
(11.8) |
% |
|
Certificates of deposits $100 and over |
|
|
89,008 |
|
|
92,161 |
|
|
105,111 |
|
|
(3,153) |
|
(3.4) |
% |
|
(16,103) |
|
(15.3) |
% |
|
Reciprocal CDARS |
|
|
49,210 |
|
|
36,816 |
|
|
42,424 |
|
|
12,394 |
|
33.7 |
% |
|
6,786 |
|
16.0 |
% |
|
Total interest-bearing deposits |
|
|
1,622,321 |
|
|
1,602,787 |
|
|
1,577,754 |
|
|
19,534 |
|
1.2 |
% |
|
44,567 |
|
2.8 |
% |
|
Noninterest-bearing demand deposits |
|
|
1,184,023 |
|
|
1,171,577 |
|
|
1,054,632 |
|
|
12,446 |
|
1.1 |
% |
|
129,391 |
|
12.3 |
% |
|
Total deposits |
|
|
2,806,344 |
|
|
2,774,364 |
|
|
2,632,386 |
|
|
31,980 |
|
1.2 |
% |
|
173,958 |
|
6.6 |
% |
|
Customer repurchase agreements |
|
|
37,908 |
|
|
39,141 |
|
|
58,328 |
|
|
(1,233) |
|
(3.2) |
% |
|
(20,420) |
|
(35.0) |
% |
|
Total deposits and customer repurchase agreements |
|
$ |
2,844,252 |
|
$ |
2,813,505 |
|
$ |
2,690,714 |
|
$ |
30,747 |
|
1.1 |
% |
$ |
153,538 |
|
5.7 |
% |
•Total deposits at June 30, 2016 increased $174.0 million from June 30, 2015 and $32.0 million from March 31, 2016.
•Noninterest-bearing demand accounts increased $129.4 million from June 30, 2015 and $12.4 million from March 31, 2016 and were 42.2% of total deposits at June 30, 2016.
2 | Page
Credit Quality
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended (unaudited) |
|
|||||||
|
(in thousands) |
|
2Q16 |
|
1Q16 |
|
2Q15 |
|
|||
|
ALLOWANCE FOR LOAN AND CREDIT LOSSES |
|
|
|
|
|
|
|
|
|
|
|
Beginning allowance for loan losses |
|
$ |
35,285 |
|
$ |
40,686 |
|
$ |
32,502 |
|
|
Provision for loan losses |
|
|
(1,652) |
|
|
370 |
|
|
1,057 |
|
|
Net recovery (charge-off) |
|
|
711 |
|
|
(5,771) |
|
|
273 |
|
|
Ending allowance for loan losses |
|
$ |
34,344 |
|
$ |
35,285 |
|
$ |
33,832 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY |
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
5,994 |
|
$ |
8,244 |
|
$ |
4,075 |
|
|
Loans 90 days or more past due and accruing interest |
|
|
- |
|
|
- |
|
|
- |
|
|
Total nonperforming loans |
|
|
5,994 |
|
|
8,244 |
|
|
4,075 |
|
|
OREO and repossessed assets |
|
|
5,079 |
|
|
5,079 |
|
|
5,786 |
|
|
Total nonperforming assets |
|
$ |
11,073 |
|
$ |
13,323 |
|
$ |
9,861 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing renegotiated loans |
|
$ |
27,240 |
|
$ |
26,523 |
|
$ |
29,806 |
|
|
Classified loans |
|
$ |
58,163 |
|
$ |
60,700 |
|
$ |
46,277 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY MEASURES |
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total assets |
|
|
0.32 |
% |
|
0.40 |
% |
|
0.31 |
% |
|
Nonperforming loans to total loans |
|
|
0.21 |
% |
|
0.30 |
% |
|
0.16 |
% |
|
Nonperforming loans and OREO to total loans and OREO |
|
|
0.39 |
% |
|
0.49 |
% |
|
0.39 |
% |
|
Allowance for loan and credit losses to total loans |
|
|
1.22 |
% |
|
1.30 |
% |
|
1.36 |
% |
|
Allowance for loan and credit losses to nonperforming loans |
|
|
572.97 |
% |
|
428.01 |
% |
|
830.23 |
% |
•NPAs decreased $2.3 million from March 31, 2016 to $11.1 million at June 30, 2016.
•During the second quarter of 2016, an $11.2 million Commercial & Industrial (C&I) credit previously disclosed as impaired and placed on nonaccrual during the fourth quarter of 2015, was resolved. Resolution of this credit in 2016 included principal payments of $5.7 million and a net charge-off of $5.5 million, of which $6.0 million was charged-off in the first quarter of 2016 and $0.5 million was recovered in the second quarter of 2016.
•The Company had net recoveries of $0.7 million in the second quarter of 2016, including the $0.5 million noted above.
•A negative provision for loan losses of $1.7 million was recorded in the second quarter of 2016, as a result of the resolution of the aforementioned C&I credit.
•The resulting Allowance was 1.22% of total loans, and the coverage of Allowance to nonperforming loans was 573.0% at June 30, 2016.
Shareholders’ Equity and Long-Term Debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended (unaudited) |
|
|||||||
|
(in thousands, except per share amounts) |
|
2Q16 |
|
1Q16 |
|
2Q15 |
|
|||
|
EQUITY MEASURES |
|
|
|
|
|
|
|
|
|
|
|
Common shareholders' equity |
|
$ |
286,052 |
|
$ |
277,811 |
|
$ |
265,307 |
|
|
Total shareholders' equity |
|
|
286,052 |
|
|
277,811 |
|
|
322,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding at period end |
|
|
41,433 |
|
|
41,355 |
|
|
41,028 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common share |
|
$ |
6.90 |
|
$ |
6.72 |
|
$ |
6.47 |
|
|
Tangible book value per common share * |
|
$ |
6.86 |
|
$ |
6.67 |
|
$ |
6.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity to tangible assets * |
|
|
8.23 |
% |
|
8.23 |
% |
|
8.32 |
% |
|
Tangible equity to tangible assets * |
|
|
8.23 |
% |
|
8.23 |
% |
|
10.13 |
% |
|
Tier 1 capital ratio |
|
|
** |
|
|
10.52 |
% |
|
13.30 |
% |
|
Total-risk based capital ratio |
|
|
** |
|
|
13.66 |
% |
|
16.47 |
% |
* See accompanying Reconciliation of Non-GAAP measures to GAAP
** Ratios unavailable at the time of release.
3 | Page
•The Company used the net proceeds from the issuance of $60.0 million of subordinated notes (Notes) in June 2015 to redeem its Small Business Lending Fund (SBLF) preferred stock in July 2015. The SBLF shares were included in Tier 1 capital, whereas the Notes qualify as Tier 2 capital. As a result of these transactions, total regulatory capital did not change significantly, but shareholders’ equity decreased.
•On July 21, 2016, the Board of Directors of the Company declared a quarterly cash dividend of $0.05 per common share. The dividend will be paid on August 8, 2016 to shareholders of record on August 1, 2016.
Net Interest Income and Margin
•Net interest income on a tax-equivalent basis (NII) was $30.4 million for the second quarter of 2016, a 1.5% increase from the quarter ended March 31, 2016.
•From the quarter ended June 30, 2015, NII increased $1.0 million. The prior-year quarter comparison was impacted by interest expense of $0.9 million related to the Notes included in NII for the second quarter of 2016, compared to $0.1 million in the prior-year quarter.
•The Net Interest Margin (NIM) was 3.72% for the second quarter of 2016, a decline of 24 basis points from the prior-year quarter, but relatively stable with the linked-quarter NIM of 3.73%.
|
o |
The Notes were responsible for 10 basis points of the year-over-year decline in NIM. The Notes did not impact the linked-quarter comparison. |
•Supporting the growth in NII was an increase in the earning asset base and improved deposit composition.
|
o |
Quarterly average loans increased $310.3 million, or 12.6%, from the prior-year quarter, and $76.3 million from the linked-quarter. |
|
o |
Quarterly average deposits increased $213.0 million, or 8.2%, from the prior-year quarter, and $93.0 million from the linked-quarter. |
|
o |
Average noninterest-bearing demand accounts increased $193.3 million, or 18.9%, from the prior-year quarter and $61.5 million from the linked-quarter. |
Noninterest Income
|
|
|
Quarter ended (unaudited) |
|
|
2Q16 change vs. |
|
||||||||||||||
|
(in thousands) |
|
2Q16 |
|
1Q16 |
|
2Q15 |
|
1Q16 |
|
2Q15 |
|
|||||||||
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit service charges |
|
$ |
1,470 |
|
$ |
1,485 |
|
$ |
1,455 |
|
$ |
(15) |
|
(1.0) |
% |
$ |
15 |
|
1.0 |
% |
|
Investment advisory income |
|
|
1,430 |
|
|
1,450 |
|
|
1,471 |
|
|
(20) |
|
(1.4) |
% |
|
(41) |
|
(2.8) |
% |
|
Insurance income |
|
|
3,112 |
|
|
3,050 |
|
|
3,137 |
|
|
62 |
|
2.0 |
% |
|
(25) |
|
(0.8) |
% |
|
Equity method investments |
|
|
420 |
|
|
494 |
|
|
556 |
|
|
(74) |
|
(15.0) |
% |
|
(136) |
|
(24.5) |
% |
|
Interest rate swaps |
|
|
(163) |
|
|
(293) |
|
|
52 |
|
|
130 |
|
44.4 |
% |
|
(215) |
|
(413.5) |
% |
|
Other income |
|
|
1,543 |
|
|
1,502 |
|
|
1,269 |
|
|
41 |
|
2.7 |
% |
|
274 |
|
21.6 |
% |
|
Total noninterest income |
|
$ |
7,812 |
|
$ |
7,688 |
|
$ |
7,940 |
|
$ |
124 |
|
1.6 |
% |
$ |
(128) |
|
(1.6) |
% |
•Noninterest income was $7.8 million for the second quarter of 2016, compared to $7.9 million in the prior-year quarter and $7.7 million in the linked-quarter.
•Noninterest income as a percentage of taxable equivalent operating revenue was 20.4% for both the second quarter of 2016 and the linked-quarter, compared to 21.3% for the prior-year quarter.
4 | Page
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended (unaudited) |
|
|
2Q16 change vs. |
|
||||||||||||||
|
(in thousands) |
|
2Q16 |
|
1Q16 |
|
2Q15 |
|
1Q16 |
|
2Q15 |
|
|||||||||
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
$ |
17,152 |
|
$ |
16,660 |
|
$ |
16,216 |
|
$ |
492 |
|
3.0 |
% |
$ |
936 |
|
5.8 |
% |
|
Stock-based compensation expense |
|
|
832 |
|
|
969 |
|
|
739 |
|
|
(137) |
|
(14.1) |
% |
|
93 |
|
12.6 |
% |
|
Occupancy expenses, premises and equipment |
|
|
3,517 |
|
|
3,490 |
|
|
3,258 |
|
|
27 |
|
0.8 |
% |
|
259 |
|
7.9 |
% |
|
Amortization of intangibles |
|
|
150 |
|
|
150 |
|
|
150 |
|
|
- |
|
- |
% |
|
- |
|
- |
% |
|
Other operating expenses |
|
|
4,610 |
|
|
4,560 |
|
|
4,091 |
|
|
50 |
|
1.1 |
% |
|
519 |
|
12.7 |
% |
|
Net (gain) loss on OREO, repossessed assets and other |
|
|
7 |
|
|
3 |
|
|
(95) |
|
|
4 |
|
133.3 |
% |
|
102 |
|
107.4 |
% |
|
Total noninterest expense |
|
$ |
26,268 |
|
$ |
25,832 |
|
$ |
24,359 |
|
$ |
436 |
|
1.7 |
% |
$ |
1,909 |
|
7.8 |
% |
•Total noninterest expense increased $1.9 million, or 7.8%, from the prior-year quarter and $0.4 million, or 1.7%, from the linked-quarter.
|
o |
Health insurance costs were $1.5 million in the second quarter of 2016, an increase of $0.6 million from $0.9 million in the prior-year quarter. The Company self-insures a portion of its employee health costs and recognized an increase in claims during the second quarter of 2016. |
•The efficiency ratio was 68.7% for the second quarter of 2016, compared to 65.5% and 68.6%, respectively, for the prior-year and linked-quarters.
Earnings Conference Call
In conjunction with this release, you are invited to listen to the Company's conference call on Friday, July 22, 2016, at 9:00 am MDT with Steve Bangert, chairman and CEO of CoBiz Financial Inc. The call can be accessed via the Internet at https://www.webcaster4.com/Webcast/Page/989/15694 or by telephone at 877.493.9121 (conference ID # 31044812). International callers may dial: 973.582.2750.
Explanation of the Company’s Use of Non-GAAP Financial Measures
This earnings release contains GAAP financial measures and non-GAAP financial measures where management believes it to be helpful in understanding our results of operations and reflects the basis on which management internally reviews financial performance and capital adequacy. We believe these measures provide important supplemental information to investors. However, you should not rely on non-GAAP financial measures alone as measures of our performance. Please see the accompanying Reconciliation of Non-GAAP Measures to GAAP for additional information.
Contact Information
CoBiz Financial Inc.
Lyne Andrich 303.312.3458
5 | Page
About CoBiz Financial
CoBiz Financial (NASDAQ:COBZ) is a $3.5 billion financial services company that serves the complete financial needs of businesses, business owners and professionals in Colorado and Arizona. The Company provides banking services through Colorado Business Bank, Arizona Business Bank and CoBiz Private Bank; wealth planning and investment management through CoBiz Wealth Management; and property and casualty insurance brokerage and employee benefits through CoBiz Insurance.
Forward-Looking Information
This release contains forward-looking statements that describe CoBiz's future plans, strategies and expectations. Forward-looking statements include statements about future performance and results of operations. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate" or words of similar meaning, or future or conditional verbs such as "would”, "could", “should” or "may." Forward-looking statements speak only as of the date they are made. All forward-looking statements are based on assumptions and involve risks and uncertainties, many of which are beyond our control and which may cause our actual results, performance or achievements to differ materially from the results, performance or achievements contemplated by the forward-looking statements. Such risks and uncertainties include, among other things:
•Risks and uncertainties described in our reports filed with the Securities and Exchange Commission, including our most recent Form 10-K.
•Competitive pressures among depository and other financial institutions nationally and in our market areas may increase significantly.
•Adverse changes in the economy or business conditions, either nationally or in our market areas, could increase credit-related losses and expenses and/or limit growth.
•Increases in defaults by borrowers and other delinquencies could result in increases in our provision for losses on loans and related expenses.
•Our ability to manage growth effectively could adversely affect our results of operations and prospects.
•Fluctuations in interest rates and market prices could reduce our net interest margin and asset valuations and increase our expenses.
•The consequences of continued bank acquisitions and mergers in our market areas, resulting in fewer but much larger and financially stronger competitors, could increase competition for financial services to our detriment.
•Changes in legislative or regulatory requirements applicable to us and our subsidiaries and implementation of current legislative or regulatory requirements could increase costs, limit certain operations and adversely affect results of operations.
•Changes in tax requirements, including tax rate changes, new tax laws and revised tax law interpretations may increase our tax expense or adversely affect our customers' businesses.
In light of these risks, uncertainties and assumptions, you should not place undue reliance on any forward-looking statements in this release. We undertake no obligation to publicly update or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise.
6 | Page
CoBiz Financial Inc.
June 30, 2016
(unaudited)
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
|
||||||||
|
(in thousands, except per share amounts) |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
||||
|
INCOME STATEMENT DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
31,500 |
|
$ |
30,044 |
|
$ |
62,695 |
|
$ |
60,008 |
|
|
Interest expense |
|
|
2,967 |
|
|
1,972 |
|
|
5,933 |
|
|
3,935 |
|
|
NET INTEREST INCOME BEFORE PROVISION |
|
|
28,533 |
|
|
28,072 |
|
|
56,762 |
|
|
56,073 |
|
|
Provision for loan losses |
|
|
(1,652) |
|
|
1,057 |
|
|
(1,282) |
|
|
268 |
|
|
NET INTEREST INCOME AFTER PROVISION |
|
|
30,185 |
|
|
27,015 |
|
|
58,044 |
|
|
55,805 |
|
|
Noninterest income |
|
|
7,812 |
|
|
7,940 |
|
|
15,500 |
|
|
15,258 |
|
|
Noninterest expense |
|
|
26,268 |
|
|
24,359 |
|
|
52,100 |
|
|
49,722 |
|
|
INCOME BEFORE INCOME TAXES |
|
|
11,729 |
|
|
10,596 |
|
|
21,444 |
|
|
21,341 |
|
|
Provision for income taxes |
|
|
3,197 |
|
|
3,213 |
|
|
5,547 |
|
|
6,555 |
|
|
NET INCOME FROM CONTINUING OPERATIONS |
|
|
8,532 |
|
|
7,383 |
|
|
15,897 |
|
|
14,786 |
|
|
Loss from discontinued operations, net of tax |
|
|
- |
|
|
- |
|
|
- |
|
|
(71) |
|
|
NET INCOME |
|
$ |
8,532 |
|
$ |
7,383 |
|
$ |
15,897 |
|
$ |
14,715 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock dividends |
|
|
- |
|
|
(144) |
|
|
- |
|
|
(287) |
|
|
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS |
|
$ |
8,532 |
|
$ |
7,239 |
|
$ |
15,897 |
|
$ |
14,428 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER COMMON SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC |
|
$ |
0.21 |
|
$ |
0.17 |
|
$ |
0.39 |
|
$ |
0.35 |
|
|
DILUTED |
|
$ |
0.21 |
|
$ |
0.17 |
|
$ |
0.38 |
|
$ |
0.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY MEASURES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding at period end (in thousands) |
|
|
|
|
|
|
|
|
41,433 |
|
|
41,028 |
|
|
Book value per common share |
|
|
|
|
|
|
|
$ |
6.90 |
|
$ |
6.47 |
|
|
Tangible book value per common share * |
|
|
|
|
|
|
|
$ |
6.86 |
|
$ |
6.41 |
|
|
Tangible common equity to tangible assets * |
|
|
|
|
|
|
|
|
8.23 |
% |
|
8.32 |
% |
|
Tangible equity to tangible assets * |
|
|
|
|
|
|
|
|
8.23 |
% |
|
10.13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* See accompanying Reconciliation of Non-GAAP Measures to GAAP |
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERIOD END BALANCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
|
|
|
|
|
$ |
3,457,516 |
|
$ |
3,166,092 |
|
|
Investments |
|
|
|
|
|
|
|
|
477,617 |
|
|
493,292 |
|
|
Loans |
|
|
|
|
|
|
|
|
2,813,703 |
|
|
2,496,113 |
|
|
Intangible assets |
|
|
|
|
|
|
|
|
1,626 |
|
|
2,226 |
|
|
Deposits |
|
|
|
|
|
|
|
|
2,806,344 |
|
|
2,632,386 |
|
|
Subordinated debentures |
|
|
|
|
|
|
|
|
131,236 |
|
|
131,159 |
|
|
Common shareholders' equity |
|
|
|
|
|
|
|
|
286,052 |
|
|
265,307 |
|
|
Total shareholders' equity |
|
|
|
|
|
|
|
|
286,052 |
|
|
322,645 |
|
|
Interest-earning assets |
|
|
|
|
|
|
|
|
3,325,368 |
|
|
3,008,533 |
|
|
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
1,956,402 |
|
|
1,767,240 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET AVERAGES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets |
|
|
|
|
|
|
|
$ |
3,373,024 |
|
$ |
3,057,453 |
|
|
Average investments |
|
|
|
|
|
|
|
|
497,553 |
|
|
485,156 |
|
|
Average loans |
|
|
|
|
|
|
|
|
2,739,636 |
|
|
2,438,508 |
|
|
Average deposits |
|
|
|
|
|
|
|
|
2,754,991 |
|
|
2,542,304 |
|
|
Average subordinated debentures |
|
|
|
|
|
|
|
|
131,216 |
|
|
74,122 |
|
|
Average shareholders' equity |
|
|
|
|
|
|
|
|
278,739 |
|
|
316,230 |
|
|
Average interest-earning assets |
|
|
|
|
|
|
|
|
3,257,867 |
|
|
2,945,871 |
|
|
Average interest-bearing liabilities |
|
|
|
|
|
|
|
|
1,887,362 |
|
|
1,698,115 |
|
7 | Page
CoBiz Financial Inc.
June 30, 2016
(unaudited)
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
|
||||||||
|
(in thousands) |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
||||
|
PROFITABILITY MEASURES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
3.72 |
% |
|
3.96 |
% |
|
3.73 |
% |
|
4.01 |
% |
|
Efficiency ratio - taxable equivalent * |
|
|
68.71 |
% |
|
65.48 |
% |
|
68.67 |
% |
|
67.43 |
% |
|
Return on average assets |
|
|
1.01 |
% |
|
0.96 |
% |
|
0.95 |
% |
|
0.97 |
% |
|
Return on average shareholders' equity |
|
|
12.19 |
% |
|
9.26 |
% |
|
11.47 |
% |
|
9.38 |
% |
|
Noninterest income as a percentage of taxable equivalent operating revenue * |
|
|
20.44 |
% |
|
21.26 |
% |
|
20.43 |
% |
|
20.66 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
|
|
|
|
|
|
$ |
5,994 |
|
$ |
4,075 |
|
|
Loans 90 days or more past due and accruing interest |
|
|
|
|
|
|
|
|
- |
|
|
- |
|
|
Total nonperforming loans |
|
|
|
|
|
|
|
|
5,994 |
|
|
4,075 |
|
|
OREO & repossessed assets |
|
|
|
|
|
|
|
|
5,079 |
|
|
5,786 |
|
|
Total nonperforming assets |
|
|
|
|
|
|
|
$ |
11,073 |
|
$ |
9,861 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing renegotiated loans |
|
|
|
|
|
|
|
$ |
27,240 |
|
$ |
29,806 |
|
|
Classified loans |
|
|
|
|
|
|
|
$ |
58,163 |
|
$ |
46,277 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs |
|
|
|
|
|
|
|
$ |
(6,423) |
|
$ |
(1,034) |
|
|
Recoveries |
|
|
|
|
|
|
|
|
1,363 |
|
|
1,833 |
|
|
Net recoveries (charge-offs) |
|
|
|
|
|
|
|
$ |
(5,060) |
|
$ |
799 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total assets |
|
|
|
|
|
|
|
|
0.32 |
% |
|
0.31 |
% |
|
Nonperforming loans to total loans |
|
|
|
|
|
|
|
|
0.21 |
% |
|
0.16 |
% |
|
Nonperforming loans and OREO to total loans and OREO |
|
|
|
|
|
|
|
|
0.39 |
% |
|
0.39 |
% |
|
Allowance for loan and credit losses to total loans |
|
|
|
|
|
|
|
|
1.22 |
% |
|
1.36 |
% |
|
Allowance for loan and credit losses to nonperforming loans |
|
|
|
|
|
|
|
|
572.97 |
% |
|
830.23 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
NPAs as a |
|
|||||||
|
NONPERFORMING ASSETS BY MARKET |
|
Colorado |
|
Arizona |
|
Total |
|
in Category |
|
% |
|
||||
|
Commercial |
|
$ |
4,608 |
|
$ |
479 |
|
$ |
5,087 |
|
$ |
1,218,723 |
|
0.42 |
% |
|
Real estate - mortgage |
|
|
314 |
|
|
461 |
|
|
775 |
|
|
1,053,867 |
|
0.07 |
% |
|
Construction & land |
|
|
24 |
|
|
- |
|
|
24 |
|
|
184,620 |
|
0.01 |
% |
|
Consumer |
|
|
108 |
|
|
- |
|
|
108 |
|
|
258,773 |
|
0.04 |
% |
|
Other loans |
|
|
- |
|
|
- |
|
|
- |
|
|
97,720 |
|
- |
% |
|
OREO & repossessed assets |
|
|
4,903 |
|
|
176 |
|
|
5,079 |
|
|
5,079 |
|
- |
|
|
NPAs |
|
$ |
9,957 |
|
$ |
1,116 |
|
$ |
11,073 |
|
$ |
2,818,782 |
|
0.39 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans |
|
$ |
1,867,772 |
|
$ |
945,931 |
|
$ |
2,813,703 |
|
|
|
|
|
|
|
Total loans and OREO |
|
|
1,872,675 |
|
|
946,107 |
|
|
2,818,782 |
|
|
|
|
|
|
|
Nonperforming loans to loans |
|
|
0.27 |
% |
|
0.10 |
% |
|
0.21 |
% |
|
|
|
|
|
|
Nonperforming loans and OREO to total loans and OREO |
|
|
0.53 |
% |
|
0.12 |
% |
|
0.39 |
% |
|
|
|
|
|
8 | Page
CoBiz Financial Inc.
June 30, 2016
(unaudited)
|
|
|
Three months ended |
|
|||||||||||||
|
|
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
|||||
|
(in thousands, except per share amounts) |
|
2016 |
|
2016 |
|
2015 |
|
2015 |
|
2015 |
|
|||||
|
Interest income |
|
$ |
31,500 |
|
$ |
31,195 |
|
$ |
31,081 |
|
$ |
30,177 |
|
$ |
30,044 |
|
|
Interest expense |
|
|
2,967 |
|
|
2,966 |
|
|
2,845 |
|
|
2,810 |
|
|
1,972 |
|
|
Net interest income before provision |
|
|
28,533 |
|
|
28,229 |
|
|
28,236 |
|
|
27,367 |
|
|
28,072 |
|
|
Provision for loan losses |
|
|
(1,652) |
|
|
370 |
|
|
5,390 |
|
|
762 |
|
|
1,057 |
|
|
Net interest income after provision |
|
|
30,185 |
|
|
27,859 |
|
|
22,846 |
|
|
26,605 |
|
|
27,015 |
|
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit service charges |
|
$ |
1,470 |
|
$ |
1,485 |
|
$ |
1,424 |
|
$ |
1,490 |
|
$ |
1,455 |
|
|
Investment advisory income |
|
|
1,430 |
|
|
1,450 |
|
|
1,388 |
|
|
1,478 |
|
|
1,471 |
|
|
Insurance income |
|
|
3,112 |
|
|
3,050 |
|
|
2,937 |
|
|
3,023 |
|
|
3,137 |
|
|
Equity method investments |
|
|
420 |
|
|
494 |
|
|
453 |
|
|
70 |
|
|
556 |
|
|
Interest rate swaps |
|
|
(163) |
|
|
(293) |
|
|
154 |
|
|
(156) |
|
|
52 |
|
|
Other income |
|
|
1,543 |
|
|
1,502 |
|
|
1,629 |
|
|
1,519 |
|
|
1,269 |
|
|
Total noninterest income |
|
|
7,812 |
|
|
7,688 |
|
|
7,985 |
|
|
7,424 |
|
|
7,940 |
|
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
$ |
17,152 |
|
$ |
16,660 |
|
$ |
17,095 |
|
$ |
15,916 |
|
$ |
16,216 |
|
|
Stock-based compensation expense |
|
|
832 |
|
|
969 |
|
|
713 |
|
|
707 |
|
|
739 |
|
|
Occupancy expenses, premises and equipment |
|
|
3,517 |
|
|
3,490 |
|
|
3,301 |
|
|
3,371 |
|
|
3,258 |
|
|
Amortization of intangibles |
|
|
150 |
|
|
150 |
|
|
150 |
|
|
150 |
|
|
150 |
|
|
Other operating expenses |
|
|
4,610 |
|
|
4,560 |
|
|
4,704 |
|
|
4,653 |
|
|
4,091 |
|
|
Net (gain) loss on securities, other assets and OREO |
|
|
7 |
|
|
3 |
|
|
(246) |
|
|
(59) |
|
|
(95) |
|
|
Total noninterest expense |
|
|
26,268 |
|
|
25,832 |
|
|
25,717 |
|
|
24,738 |
|
|
24,359 |
|
|
Net income before income taxes |
|
|
11,729 |
|
|
9,715 |
|
|
5,114 |
|
|
9,291 |
|
|
10,596 |
|
|
Provision for income taxes |
|
|
3,197 |
|
|
2,350 |
|
|
714 |
|
|
2,337 |
|
|
3,213 |
|
|
Net income |
|
$ |
8,532 |
|
$ |
7,365 |
|
$ |
4,400 |
|
$ |
6,954 |
|
$ |
7,383 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock dividends |
|
|
- |
|
|
- |
|
|
- |
|
|
(33) |
|
|
(144) |
|
|
Net income available to common shareholders |
|
$ |
8,532 |
|
$ |
7,365 |
|
$ |
4,400 |
|
$ |
6,921 |
|
$ |
7,239 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.21 |
|
$ |
0.18 |
|
$ |
0.11 |
|
$ |
0.17 |
|
$ |
0.17 |
|
|
Diluted |
|
$ |
0.21 |
|
$ |
0.18 |
|
$ |
0.11 |
|
$ |
0.17 |
|
$ |
0.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY MEASURES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
3.72 |
% |
|
3.73 |
% |
|
3.73 |
% |
|
3.72 |
% |
|
3.96 |
% |
|
Efficiency ratio - taxable equivalent * |
|
|
68.71 |
% |
|
68.63 |
% |
|
68.51 |
% |
|
68.25 |
% |
|
65.48 |
% |
|
Return on average assets |
|
|
1.01 |
% |
|
0.88 |
% |
|
0.53 |
% |
|
0.87 |
% |
|
0.96 |
% |
|
Return on average shareholders' equity |
|
|
12.19 |
% |
|
10.74 |
% |
|
6.37 |
% |
|
9.76 |
% |
|
9.26 |
% |
|
Noninterest income as a percentage of taxable equivalent operating revenue * |
|
|
20.44 |
% |
|
20.43 |
% |
|
21.07 |
% |
|
20.43 |
% |
|
21.26 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY MEASURES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding at period end (in thousands) |
|
|
41,433 |
|
|
41,355 |
|
|
41,122 |
|
|
41,067 |
|
|
41,028 |
|
|
Diluted weighted average common shares outstanding (in thousands) |
|
|
41,105 |
|
|
40,829 |
|
|
40,874 |
|
|
40,824 |
|
|
40,742 |
|
|
Book value per common share |
|
$ |
6.90 |
|
$ |
6.72 |
|
$ |
6.65 |
|
$ |
6.57 |
|
$ |
6.47 |
|
|
Tangible book value per common share * |
|
$ |
6.86 |
|
$ |
6.67 |
|
$ |
6.60 |
|
$ |
6.52 |
|
$ |
6.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity to tangible assets * |
|
|
8.23 |
% |
|
8.23 |
% |
|
8.11 |
% |
|
8.10 |
% |
|
8.32 |
% |
|
Tangible equity to tangible assets * |
|
|
8.23 |
% |
|
8.23 |
% |
|
8.11 |
% |
|
8.10 |
% |
|
10.13 |
% |
|
Tier 1 capital ratio |
|
|
** |
% |
|
10.52 |
% |
|
10.47 |
% |
|
11.05 |
% |
|
13.30 |
% |
|
Total risk based capital ratio |
|
|
** |
% |
|
13.66 |
% |
|
13.73 |
% |
|
14.13 |
% |
|
16.47 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* See accompanying Reconciliation of Non-GAAP Measures to GAAP
** Ratios unavailable at the time of release.
9 | Page
CoBiz Financial Inc.
June 30, 2016
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At |
|
|||||||||||||
|
|
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
|||||
|
(in thousands) |
|
2016 |
|
2016 |
|
2015 |
|
2015 |
|
2015 |
|
|||||
|
PERIOD END BALANCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
3,457,516 |
|
$ |
3,357,000 |
|
$ |
3,351,767 |
|
$ |
3,307,772 |
|
$ |
3,166,092 |
|
|
Investments |
|
|
477,617 |
|
|
495,012 |
|
|
512,812 |
|
|
513,864 |
|
|
493,292 |
|
|
Loans |
|
|
2,813,703 |
|
|
2,716,888 |
|
|
2,699,205 |
|
|
2,621,053 |
|
|
2,496,113 |
|
|
Intangible assets |
|
|
1,626 |
|
|
1,776 |
|
|
1,926 |
|
|
2,076 |
|
|
2,226 |
|
|
Deposits |
|
|
2,806,344 |
|
|
2,774,364 |
|
|
2,741,712 |
|
|
2,707,413 |
|
|
2,632,386 |
|
|
Subordinated debentures |
|
|
131,236 |
|
|
131,216 |
|
|
131,197 |
|
|
131,178 |
|
|
131,159 |
|
|
Common shareholders' equity |
|
|
286,052 |
|
|
277,811 |
|
|
273,536 |
|
|
269,969 |
|
|
265,307 |
|
|
Total shareholders' equity |
|
|
286,052 |
|
|
277,811 |
|
|
273,536 |
|
|
269,969 |
|
|
322,645 |
|
|
Interest-earning assets |
|
|
3,325,368 |
|
|
3,229,226 |
|
|
3,230,664 |
|
|
3,171,849 |
|
|
3,008,533 |
|
|
Interest-bearing liabilities |
|
|
1,956,402 |
|
|
1,879,671 |
|
|
1,872,033 |
|
|
1,883,026 |
|
|
1,767,240 |
|
|
LOANS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
$ |
1,218,723 |
|
$ |
1,181,185 |
|
$ |
1,175,379 |
|
$ |
1,173,950 |
|
$ |
1,100,416 |
|
|
Real estate - mortgage |
|
|
1,053,867 |
|
|
1,009,682 |
|
|
1,016,268 |
|
|
918,191 |
|
|
934,923 |
|
|
Construction & land |
|
|
184,620 |
|
|
208,701 |
|
|
201,281 |
|
|
229,284 |
|
|
203,262 |
|
|
Consumer |
|
|
258,773 |
|
|
258,345 |
|
|
253,317 |
|
|
244,994 |
|
|
212,730 |
|
|
Other |
|
|
97,720 |
|
|
58,975 |
|
|
52,960 |
|
|
54,634 |
|
|
44,782 |
|
|
Gross loans |
|
|
2,813,703 |
|
|
2,716,888 |
|
|
2,699,205 |
|
|
2,621,053 |
|
|
2,496,113 |
|
|
Less allowance for loan losses |
|
|
(34,344) |
|
|
(35,285) |
|
|
(40,686) |
|
|
(34,899) |
|
|
(33,832) |
|
|
Total net loans |
|
$ |
2,779,359 |
|
$ |
2,681,603 |
|
$ |
2,658,519 |
|
$ |
2,586,154 |
|
$ |
2,462,281 |
|
|
Gross Loans - Colorado |
|
$ |
1,867,772 |
|
$ |
1,822,739 |
|
$ |
1,845,292 |
|
$ |
1,798,543 |
|
$ |
1,744,418 |
|
|
Gross Loans - Arizona |
|
$ |
945,931 |
|
$ |
894,149 |
|
$ |
853,913 |
|
$ |
822,510 |
|
$ |
751,695 |
|
|
DEPOSITS AND CUSTOMER REPURCHASE AGREEMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Money market |
|
$ |
853,815 |
|
$ |
834,152 |
|
$ |
804,777 |
|
$ |
832,131 |
|
$ |
770,076 |
|
|
Interest-bearing demand |
|
|
591,355 |
|
|
600,415 |
|
|
585,524 |
|
|
572,848 |
|
|
618,272 |
|
|
Savings |
|
|
19,097 |
|
|
18,165 |
|
|
18,078 |
|
|
18,540 |
|
|
19,384 |
|
|
Certificates of deposits under $100 |
|
|
19,836 |
|
|
21,078 |
|
|
21,515 |
|
|
22,220 |
|
|
22,487 |
|
|
Certificates of deposits $100 and over |
|
|
89,008 |
|
|
92,161 |
|
|
94,260 |
|
|
100,958 |
|
|
105,111 |
|
|
Reciprocal CDARS |
|
|
49,210 |
|
|
36,816 |
|
|
37,223 |
|
|
32,969 |
|
|
42,424 |
|
|
Total interest-bearing deposits |
|
|
1,622,321 |
|
|
1,602,787 |
|
|
1,561,377 |
|
|
1,579,666 |
|
|
1,577,754 |
|
|
Noninterest-bearing demand deposits |
|
|
1,184,023 |
|
|
1,171,577 |
|
|
1,180,335 |
|
|
1,127,747 |
|
|
1,054,632 |
|
|
Total deposits |
|
|
2,806,344 |
|
|
2,774,364 |
|
|
2,741,712 |
|
|
2,707,413 |
|
|
2,632,386 |
|
|
Customer repurchase agreements |
|
|
37,908 |
|
|
39,141 |
|
|
47,459 |
|
|
62,182 |
|
|
58,328 |
|
|
Total deposits and customer repurchase agreements |
|
$ |
2,844,252 |
|
$ |
2,813,505 |
|
$ |
2,789,171 |
|
$ |
2,769,595 |
|
$ |
2,690,714 |
|
|
BALANCE SHEET AVERAGES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets |
|
|
3,394,960 |
|
|
3,351,087 |
|
|
3,298,242 |
|
|
3,181,097 |
|
|
3,076,682 |
|
|
Average investments |
|
|
487,309 |
|
|
507,797 |
|
|
512,638 |
|
|
513,469 |
|
|
483,867 |
|
|
Average loans |
|
|
2,777,790 |
|
|
2,701,483 |
|
|
2,651,689 |
|
|
2,539,774 |
|
|
2,467,522 |
|
|
Average deposits |
|
|
2,801,499 |
|
|
2,708,483 |
|
|
2,738,796 |
|
|
2,631,887 |
|
|
2,588,477 |
|
|
Average subordinated debentures |
|
|
131,225 |
|
|
131,206 |
|
|
131,187 |
|
|
131,167 |
|
|
76,056 |
|
|
Average shareholders' equity |
|
|
281,617 |
|
|
275,863 |
|
|
274,196 |
|
|
282,686 |
|
|
319,664 |
|
|
Average interest-earning assets |
|
|
3,286,863 |
|
|
3,228,872 |
|
|
3,183,463 |
|
|
3,080,460 |
|
|
2,975,133 |
|
|
Average interest-bearing liabilities |
|
|
1,883,198 |
|
|
1,891,527 |
|
|
1,835,549 |
|
|
1,804,693 |
|
|
1,729,251 |
|
|
ALLOWANCE FOR LOAN AND CREDIT LOSSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning allowance for loan losses |
|
$ |
35,285 |
|
$ |
40,686 |
|
$ |
34,899 |
|
$ |
33,832 |
|
$ |
32,502 |
|
|
Provision for loan losses |
|
|
(1,652) |
|
|
370 |
|
|
5,390 |
|
|
762 |
|
|
1,057 |
|
|
Net recovery (charge-off) |
|
|
711 |
|
|
(5,771) |
|
|
397 |
|
|
305 |
|
|
273 |
|
|
Ending allowance for loan losses |
|
$ |
34,344 |
|
$ |
35,285 |
|
$ |
40,686 |
|
$ |
34,899 |
|
$ |
33,832 |
|
|
CREDIT QUALITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
5,994 |
|
$ |
8,244 |
|
$ |
15,717 |
|
$ |
4,881 |
|
$ |
4,075 |
|
|
Loans 90 days or more past due and accruing interest |
|
|
- |
|
|
- |
|
|
505 |
|
|
- |
|
|
- |
|
|
Total nonperforming loans |
|
|
5,994 |
|
|
8,244 |
|
|
16,222 |
|
|
4,881 |
|
|
4,075 |
|
|
OREO and repossessed assets |
|
|
5,079 |
|
|
5,079 |
|
|
5,079 |
|
|
5,481 |
|
|
5,786 |
|
|
Total nonperforming assets |
|
$ |
11,073 |
|
$ |
13,323 |
|
$ |
21,301 |
|
$ |
10,362 |
|
$ |
9,861 |
|
|
Performing renegotiated loans |
|
$ |
27,240 |
|
$ |
26,523 |
|
$ |
28,196 |
|
$ |
29,567 |
|
$ |
29,806 |
|
|
Classified loans |
|
$ |
58,163 |
|
$ |
60,700 |
|
$ |
51,078 |
|
$ |
41,190 |
|
$ |
46,277 |
|
|
ASSET QUALITY MEASURES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total assets |
|
|
0.32 |
% |
|
0.40 |
% |
|
0.64 |
% |
|
0.31 |
% |
|
0.31 |
% |
|
Nonperforming loans to total loans |
|
|
0.21 |
% |
|
0.30 |
% |
|
0.60 |
% |
|
0.19 |
% |
|
0.16 |
% |
|
Nonperforming loans and OREO to total loans and OREO |
|
|
0.39 |
% |
|
0.49 |
% |
|
0.79 |
% |
|
0.39 |
% |
|
0.39 |
% |
|
Allowance for loan and credit losses to total loans |
|
|
1.22 |
% |
|
1.30 |
% |
|
1.51 |
% |
|
1.33 |
% |
|
1.36 |
% |
|
Allowance for loan and credit losses to nonperforming loans |
|
|
572.97 |
% |
|
428.01 |
% |
|
250.81 |
% |
|
715.00 |
% |
|
830.23 |
% |
10 | Page
CoBiz Financial Inc.
June 30, 2016
(unaudited)
|
|
|
For the three months ended, |
|
||||||||||||||||||||||
|
|
|
June 30, 2016 |
|
March 31, 2016 |
|
June 30, 2015 |
|
||||||||||||||||||
|
|
|
|
|
|
Interest |
|
Average |
|
|
|
|
Interest |
|
Average |
|
|
|
|
Interest |
|
Average |
|
|||
|
|
|
Average |
|
earned |
|
yield |
|
Average |
|
earned |
|
yield |
|
Average |
|
earned |
|
yield |
|
||||||
|
(in thousands) |
|
balance |
|
or paid |
|
or cost |
|
balance |
|
or paid |
|
or cost |
|
balance |
|
or paid |
|
or cost |
|
||||||
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and other |
|
$ |
21,764 |
|
$ |
25 |
|
0.45 |
% |
$ |
19,592 |
|
$ |
27 |
|
0.55 |
% |
$ |
23,744 |
|
$ |
15 |
|
0.25 |
% |
|
Investment securities |
|
|
487,309 |
|
|
3,364 |
|
2.76 |
% |
|
507,797 |
|
|
3,590 |
|
2.83 |
% |
|
483,867 |
|
|
3,350 |
|
2.77 |
% |
|
Loans |
|
|
2,777,790 |
|
|
29,985 |
|
4.27 |
% |
|
2,701,483 |
|
|
29,295 |
|
4.29 |
% |
|
2,467,522 |
|
|
28,014 |
|
4.49 |
% |
|
Total interest-earning assets |
|
$ |
3,286,863 |
|
$ |
33,374 |
|
4.02 |
% |
$ |
3,228,872 |
|
$ |
32,912 |
|
4.04 |
% |
$ |
2,975,133 |
|
$ |
31,379 |
|
4.18 |
% |
|
Noninterest-earning assets |
|
|
108,097 |
|
|
|
|
|
|
|
122,215 |
|
|
|
|
|
|
|
101,549 |
|
|
|
|
|
|
|
Total assets |
|
$ |
3,394,960 |
|
|
|
|
|
|
$ |
3,351,087 |
|
|
|
|
|
|
$ |
3,076,682 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market |
|
$ |
844,471 |
|
$ |
567 |
|
0.27 |
% |
$ |
806,301 |
|
$ |
543 |
|
0.27 |
% |
$ |
738,879 |
|
$ |
514 |
|
0.28 |
% |
|
Interest-bearing demand |
|
|
565,028 |
|
|
216 |
|
0.15 |
% |
|
575,072 |
|
|
206 |
|
0.14 |
% |
|
622,334 |
|
|
200 |
|
0.13 |
% |
|
Savings |
|
|
17,920 |
|
|
2 |
|
0.04 |
% |
|
17,998 |
|
|
3 |
|
0.07 |
% |
|
18,097 |
|
|
2 |
|
0.04 |
% |
|
Certificates of deposit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reciprocal |
|
|
44,945 |
|
|
21 |
|
0.19 |
% |
|
37,013 |
|
|
15 |
|
0.16 |
% |
|
52,391 |
|
|
31 |
|
0.24 |
% |
|
Under $100 |
|
|
21,094 |
|
|
20 |
|
0.38 |
% |
|
21,108 |
|
|
20 |
|
0.38 |
% |
|
23,008 |
|
|
23 |
|
0.40 |
% |
|
$100 and over |
|
|
90,280 |
|
|
113 |
|
0.50 |
% |
|
94,741 |
|
|
118 |
|
0.50 |
% |
|
109,321 |
|
|
142 |
|
0.52 |
% |
|
Total interest-bearing deposits |
|
$ |
1,583,738 |
|
$ |
939 |
|
0.24 |
% |
$ |
1,552,233 |
|
$ |
905 |
|
0.23 |
% |
$ |
1,564,030 |
|
$ |
912 |
|
0.23 |
% |
|
Other borrowings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities sold under agreements to repurchase |
|
|
34,754 |
|
|
5 |
|
0.06 |
% |
|
46,615 |
|
|
7 |
|
0.06 |
% |
|
61,626 |
|
|
9 |
|
0.06 |
% |
|
Other short-term borrowings |
|
|
133,481 |
|
|
183 |
|
0.54 |
% |
|
161,473 |
|
|
215 |
|
0.53 |
% |
|
27,539 |
|
|
19 |
|
0.27 |
% |
|
Long-term debt |
|
|
131,225 |
|
|
1,840 |
|
5.55 |
% |
|
131,206 |
|
|
1,839 |
|
5.54 |
% |
|
76,056 |
|
|
1,032 |
|
5.37 |
% |
|
Total interest-bearing liabilities |
|
$ |
1,883,198 |
|
$ |
2,967 |
|
0.63 |
% |
$ |
1,891,527 |
|
$ |
2,966 |
|
0.62 |
% |
$ |
1,729,251 |
|
$ |
1,972 |
|
0.45 |
% |
|
Noninterest-bearing demand accounts |
|
|
1,217,761 |
|
|
|
|
|
|
|
1,156,250 |
|
|
|
|
|
|
|
1,024,447 |
|
|
|
|
|
|
|
Total deposits and interest-bearing liabilities |
|
|
3,100,959 |
|
|
|
|
|
|
|
3,047,777 |
|
|
|
|
|
|
|
2,753,698 |
|
|
|
|
|
|
|
Other noninterest-bearing liabilities |
|
|
12,384 |
|
|
|
|
|
|
|
27,447 |
|
|
|
|
|
|
|
3,320 |
|
|
|
|
|
|
|
Total liabilities |
|
|
3,113,343 |
|
|
|
|
|
|
|
3,075,224 |
|
|
|
|
|
|
|
2,757,018 |
|
|
|
|
|
|
|
Total equity |
|
|
281,617 |
|
|
|
|
|
|
|
275,863 |
|
|
|
|
|
|
|
319,664 |
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
3,394,960 |
|
|
|
|
|
|
$ |
3,351,087 |
|
|
|
|
|
|
$ |
3,076,682 |
|
|
|
|
|
|
|
Net interest income - taxable equivalent |
|
|
|
|
$ |
30,407 |
|
|
|
|
|
|
$ |
29,946 |
|
|
|
|
|
|
$ |
29,407 |
|
|
|
|
Net interest spread |
|
|
|
|
|
|
|
3.39 |
% |
|
|
|
|
|
|
3.42 |
% |
|
|
|
|
|
|
3.73 |
% |
|
Net interest margin |
|
|
|
|
|
|
|
3.72 |
% |
|
|
|
|
|
|
3.73 |
% |
|
|
|
|
|
|
3.96 |
% |
|
Ratio of average interest-earning assets to average interest-bearing liabilities |
|
|
174.54 |
% |
|
|
|
|
|
|
170.70 |
% |
|
|
|
|
|
|
172.05 |
% |
|
|
|
|
|
11 | Page
|
|
|
For the six months ended June 30, |
|
||||||||||||||
|
|
|
2016 |
|
2015 |
|
||||||||||||
|
|
|
|
|
|
Interest |
|
Average |
|
|
|
|
Interest |
|
Average |
|
||
|
|
|
Average |
|
earned |
|
yield |
|
Average |
|
earned |
|
yield |
|
||||
|
(in thousands) |
|
balance |
|
or paid |
|
or cost |
|
balance |
|
or paid |
|
or cost |
|
||||
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and other |
|
$ |
20,678 |
|
$ |
52 |
|
0.50 |
% |
$ |
22,207 |
|
$ |
27 |
|
0.24 |
% |
|
Investment securities |
|
|
497,553 |
|
|
6,954 |
|
2.80 |
% |
|
485,156 |
|
|
6,877 |
|
2.83 |
% |
|
Loans |
|
|
2,739,636 |
|
|
59,280 |
|
4.28 |
% |
|
2,438,508 |
|
|
55,611 |
|
4.54 |
% |
|
Total interest-earning assets |
|
$ |
3,257,867 |
|
$ |
66,286 |
|
4.03 |
% |
$ |
2,945,871 |
|
$ |
62,515 |
|
4.22 |
% |
|
Noninterest-earning assets |
|
|
115,157 |
|
|
|
|
|
|
|
111,582 |
|
|
|
|
|
|
|
Total assets |
|
$ |
3,373,024 |
|
|
|
|
|
|
$ |
3,057,453 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market |
|
$ |
825,386 |
|
$ |
1,110 |
|
0.27 |
% |
$ |
710,472 |
|
$ |
1,003 |
|
0.28 |
% |
|
Interest-bearing demand |
|
|
570,050 |
|
|
422 |
|
0.15 |
% |
|
591,790 |
|
|
394 |
|
0.13 |
% |
|
Savings |
|
|
17,959 |
|
|
5 |
|
0.06 |
% |
|
17,118 |
|
|
4 |
|
0.05 |
% |
|
Certificates of deposit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reciprocal |
|
|
40,979 |
|
|
36 |
|
0.18 |
% |
|
54,461 |
|
|
65 |
|
0.24 |
% |
|
Under $100 |
|
|
21,101 |
|
|
40 |
|
0.38 |
% |
|
23,371 |
|
|
47 |
|
0.41 |
% |
|
$100 and over |
|
|
92,510 |
|
|
231 |
|
0.50 |
% |
|
114,632 |
|
|
293 |
|
0.52 |
% |
|
Total interest-bearing deposits |
|
$ |
1,567,985 |
|
$ |
1,844 |
|
0.24 |
% |
$ |
1,511,844 |
|
$ |
1,806 |
|
0.24 |
% |
|
Other borrowings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities sold under agreements to repurchase |
|
|
40,684 |
|
|
12 |
|
0.06 |
% |
|
58,186 |
|
|
19 |
|
0.06 |
% |
|
Other short-term borrowings |
|
|
147,477 |
|
|
398 |
|
0.53 |
% |
|
53,963 |
|
|
70 |
|
0.26 |
% |
|
Long term-debt |
|
|
131,216 |
|
|
3,679 |
|
5.55 |
% |
|
74,122 |
|
|
2,040 |
|
5.47 |
% |
|
Total interest-bearing liabilities |
|
$ |
1,887,362 |
|
$ |
5,933 |
|
0.63 |
% |
$ |
1,698,115 |
|
$ |
3,935 |
|
0.46 |
% |
|
Noninterest-bearing demand accounts |
|
|
1,187,006 |
|
|
|
|
|
|
|
1,030,460 |
|
|
|
|
|
|
|
Total deposits and interest-bearing liabilities |
|
|
3,074,368 |
|
|
|
|
|
|
|
2,728,575 |
|
|
|
|
|
|
|
Other noninterest-bearing liabilities |
|
|
19,917 |
|
|
|
|
|
|
|
12,648 |
|
|
|
|
|
|
|
Total liabilities |
|
|
3,094,285 |
|
|
|
|
|
|
|
2,741,223 |
|
|
|
|
|
|
|
Total equity |
|
|
278,739 |
|
|
|
|
|
|
|
316,230 |
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
3,373,024 |
|
|
|
|
|
|
$ |
3,057,453 |
|
|
|
|
|
|
|
Net interest income - taxable equivalent |
|
|
|
|
$ |
60,353 |
|
|
|
|
|
|
$ |
58,580 |
|
|
|
|
Net interest spread |
|
|
|
|
|
|
|
3.40 |
% |
|
|
|
|
|
|
3.76 |
% |
|
Net interest margin |
|
|
|
|
|
|
|
3.73 |
% |
|
|
|
|
|
|
4.01 |
% |
|
Ratio of average interest-earning assets to average interest-bearing liabilities |
|
|
172.61 |
% |
|
|
|
|
|
|
173.48 |
% |
|
|
|
|
|
12 | Page
CoBiz Financial Inc.
June 30, 2016
(unaudited)
Reconciliation of Non-GAAP Measures to GAAP
(in thousands, except per share amounts)
The Company believes these non-GAAP measures are useful to obtain an understanding of the operating results of the Company’s core business and reflect the basis on which management internally reviews financial performance and capital adequacy. These non-GAAP measures are not a substitute for operating results determined in accordance with GAAP nor do they necessarily conform to non-GAAP performance measures that may be presented by other companies.
The following table includes non-GAAP financial measures related to tangible equity, tangible common equity and tangible assets. The table below has been adjusted to exclude intangible assets and preferred stock.
|
|
|
|
At |
|
|||||||||||||
|
|
|
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
|||||
|
|
|
|
2016 |
|
2016 |
|
2015 |
|
2015 |
|
2015 |
|
|||||
|
|
Shareholders' equity as reported - GAAP |
|
$ |
286,052 |
|
$ |
277,811 |
|
$ |
273,536 |
|
$ |
269,969 |
|
$ |
322,645 |
|
|
|
Intangible assets |
|
|
(1,626) |
|
|
(1,776) |
|
|
(1,926) |
|
|
(2,076) |
|
|
(2,226) |
|
|
A |
Tangible equity - non-GAAP |
|
|
284,426 |
|
|
276,035 |
|
|
271,610 |
|
|
267,893 |
|
|
320,419 |
|
|
|
Preferred stock |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(57,338) |
|
|
B |
Tangible common equity - non-GAAP |
|
$ |
284,426 |
|
$ |
276,035 |
|
$ |
271,610 |
|
$ |
267,893 |
|
$ |
263,081 |
|
|
|
Total assets as reported - GAAP |
|
$ |
3,457,516 |
|
$ |
3,357,000 |
|
$ |
3,351,767 |
|
$ |
3,307,772 |
|
$ |
3,166,092 |
|
|
|
Intangible assets |
|
|
(1,626) |
|
|
(1,776) |
|
|
(1,926) |
|
|
(2,076) |
|
|
(2,226) |
|
|
C |
Total tangible assets - non-GAAP |
|
$ |
3,455,890 |
|
$ |
3,355,224 |
|
$ |
3,349,841 |
|
$ |
3,305,696 |
|
$ |
3,163,866 |
|
|
D |
Common shares outstanding |
|
|
41,433 |
|
|
41,355 |
|
|
41,122 |
|
|
41,067 |
|
|
41,028 |
|
|
B / C |
Tangible common equity to tangible assets - non-GAAP |
|
|
8.23 |
% |
|
8.23 |
% |
|
8.11 |
% |
|
8.10 |
% |
|
8.32 |
% |
|
A / C |
Tangible equity to tangible assets - non-GAAP |
|
|
8.23 |
% |
|
8.23 |
% |
|
8.11 |
% |
|
8.10 |
% |
|
10.13 |
% |
|
B / D |
Tangible book value per common share - non-GAAP |
|
$ |
6.86 |
|
$ |
6.67 |
|
$ |
6.60 |
|
$ |
6.52 |
|
$ |
6.41 |
|
The following tables include non-GAAP financial measures used in the computation of the efficiency ratio and the ratio of noninterest income to taxable equivalent operating revenue. The efficiency ratio equals noninterest expense adjusted to exclude gains and losses on other real estate owned (OREO), other assets and investments, divided by the sum of tax equivalent net interest income and noninterest income. To calculate tax equivalent net interest income, the interest earned on tax exempt loans and investment securities has been adjusted to reflect the amount that would have been earned had these investments been subject to normal income taxation.
|
|
|
|
Three months ended |
|
|||||||||||||
|
|
|
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
|||||
|
|
(in thousands) |
|
2016 |
|
2016 |
|
2015 |
|
2015 |
|
2015 |
|
|||||
|
|
Noninterest expense - GAAP |
|
$ |
26,268 |
|
$ |
25,832 |
|
|
25,717 |
|
|
24,738 |
|
|
24,359 |
|
|
|
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (gain) loss on securities, other assets and OREO |
|
|
(7) |
|
|
(3) |
|
|
246 |
|
|
59 |
|
|
95 |
|
|
E |
Adjusted noninterest expense - non-GAAP |
|
$ |
26,261 |
|
$ |
25,829 |
|
$ |
25,963 |
|
$ |
24,797 |
|
$ |
24,454 |
|
|
|
Net interest income - GAAP |
|
$ |
28,533 |
|
$ |
28,229 |
|
$ |
28,236 |
|
$ |
27,367 |
|
$ |
28,072 |
|
|
F |
Noninterest income - GAAP |
|
|
7,812 |
|
|
7,688 |
|
|
7,985 |
|
|
7,424 |
|
|
7,940 |
|
|
|
Operating revenue |
|
|
36,345 |
|
|
35,917 |
|
|
36,221 |
|
|
34,791 |
|
|
36,012 |
|
|
|
Taxable equivalent adjustment |
|
|
1,874 |
|
|
1,717 |
|
|
1,673 |
|
|
1,542 |
|
|
1,335 |
|
|
G |
Operating revenue - taxable equivalent - non-GAAP |
|
$ |
38,219 |
|
$ |
37,634 |
|
$ |
37,894 |
|
$ |
36,333 |
|
$ |
37,347 |
|
|
E / G |
Efficiency ratio - taxable equivalent - non-GAAP |
|
|
68.71 |
% |
|
68.63 |
% |
|
68.51 |
% |
|
68.25 |
% |
|
65.48 |
% |
|
F / G |
Noninterest income as a percentage of taxable equivalent operating revenue - non-GAAP |
|
|
20.44 |
% |
|
20.43 |
% |
|
21.07 |
% |
|
20.43 |
% |
|
21.26 |
% |
13 | Page