Attached files
| file | filename |
|---|---|
| EX-99.1 - EXHIBIT 99.1 - Capital Bank Financial Corp. | exhibit991earningsreleasef.htm |
| 8-K - 8-K - Capital Bank Financial Corp. | a8-kx4q16earningsrelease.htm |
2016 Fourth Quarter Earnings
January 26, 2017
01/26/2017
Safe Harbor Statement
Forward-Looking Statements
Information in this press release contains forward-looking statements. Any statements about our expectations, beliefs, plans,
predictions, forecasts, objectives, assumptions or 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 "anticipate," "believes," "can,"
"could," "may," "predicts," "potential," "should," "will," "estimate," "plans," "projects," "continuing," "ongoing," "expects," "intends" and
similar words or phrases. Accordingly, these statements are only predictions and involve estimates, known and unknown risks,
assumptions and uncertainties that could cause actual results to differ materially from those expressed in them. Our actual results
could differ materially from those anticipated in such forward-looking statements as a result of several factors more fully described
under the caption "Risk Factors" in the annual report on Form 10-K and other periodic reports filed by us with the Securities and
Exchange Commission. Any or all of our forward-looking statements in this press release may turn out to be inaccurate. The
inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future
plans, estimates or expectations contemplated by us will be achieved. We have based these forward-looking statements largely on
our current expectations and projections about future events and financial trends that we believe may affect our financial condition,
results of operations, business strategy and financial needs. There are important factors that could cause our actual results, level of
activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed
or implied by the forward looking statements including, but not limited to: (1) changes in general economic and financial market
conditions; (2) changes in the regulatory environment; (3) economic conditions generally and in the financial services industry; (4)
changes in the economy affecting real estate values; (5) our ability to achieve loan and deposit growth; (6) the completion of future
acquisitions or business combinations and our ability to integrate any acquired businesses into our business model; (7) projected
population and income growth in our targeted market areas; (8) competitive pressures in our markets and industry; (9) our ability to
attract and retain key personnel; (10) changes in accounting policies or judgments and (11) volatility and direction of market interest
rates and a weakening of the economy which could materially impact credit quality trends and the ability to generate loans. All
forward-looking statements are necessarily only estimates of future results, and actual results may differ materially from expectations.
You are, therefore, cautioned not to place undue reliance on such statements, which should be read in conjunction with the other
cautionary statements that are included elsewhere in this press release. Further, any forward-looking statement speaks only as of the
date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or
circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.
2
01/26/2017
Southeastern Regional Bank in Attractive Growth Markets
Eight Acquisitions
3
One Southeastern Franchise
01/26/2017
■ Reported EPS of $0.24 and core EPS of $0.44
■ Generated ROA of 0.53%, and core ROA of 0.96%
■ Closed CommunityOne merger on October 26, 2016 and accelerated cost-
savings plan for full realization in 2Q
■ Managed balance sheet to year-end $9.9 billion in assets, in line with plan
■ Completed new payment platform roll-out, with launch of credit card and
merchant services
■ Reported efficiency ratio of 78% including merger charges, and improved
core efficiency ratio to 58%
■ Maintained conservative credit and interest-rate risk profile, leaving Capital
Bank exceptionally well-positioned for 2017
4
Fourth Quarter Highlights
Note: See reconciliation of core EPS, core ROA, and core efficiency ratio in appendix
01/26/2017
■ 4Q16 includes CommunityOne for 67 days
■ NIM benefitted from 9 bps in loan recoveries
■ Provision includes $2.6 mm for New Loans
and $0.6 mm reversal of impairment on
legacy purchased
■ Non-interest income includes $0.5 mm from
new credit card and merchant services
products
■ Efficiency ratio of 78% includes merger
charges; core efficiency ratio down y/y and
under 60% target
5
Fourth Quarter Financial Summary
Note: See reconciliation of core net income, core EPS, core fee ratio, core efficiency ratio, core ROA, and core ROTCE in appendix
($ mm's except per share data, growth rates, and metrics)
4Q16 3Q16 4Q15
Net interest income 77.8$ 24% 25%
Provision 2.0 238% 82%
Non-interest income 17.0 38% 61%
Non-interest expense 74.0 56% 55%
Pretax income 18.9 -30% -21%
Net income 12.4 -33% -17%
Per share 0.24$ -43% -29%
Non-GAAP Adjustments 9.9 NM NM
Core net income 22.3 21% 22%
Per share 0.44$ 5% 7%
Key Metrics 4Q16 3Q16 4Q15
Net interest margin (NIM) 3.67% 3.58% 3.70%
Fee ratio 17.9% 16.5% 14.6%
Efficiency ratio 78.0% 63.4% 65.7%
ROA 0.53% 0.97% 0.82%
ROE 3.8% 7.2% 6.1%
Non-GAAP Core Metrics
Core fee ratio 16.3% 16.4% 14.5%
Core efficiency ratio 58.2% 61.1% 58.9%
Core ROA 0.96% 0.97% 1.00%
Core ROTCE 8.7% 8.4% 8.7%
% change
01/26/2017
6 Note: See reconciliation of core EPS, core ROA, and core efficiency ratio in appendix
Tangible Book Value Per Share
Non-GAAP Adjustments Detail
(In thousands)
Fourth Quarter Financial Summary (continued)
■ Conversion, merger, and restructuring
expenses running in line with plan
■ OCI change due to rising interest rates
during 4Q
■ CommunityOne purchase accounting in line
with original announcement
4Q16
Conversion, merger, severance, and restructuring 18,536$
Legal settlement 1,361
Tax adjustment (1,350)
Securities gains (1,894)
Total pre-tax 16,653
Tax effect of adjustments (6,775)
Total after-tax 9,878$
3Q16 20.53$
OCI (0.39)
CommunityOne purchase accounting (0.23)
Dividends (0.12)
Buybacks (0.11)
Other 0.09
Net Income 0.24
4Q16 20.01$
Original Current
TBV dilution per share $0.19 $0.23
Cost savings 39% mid-40%
Estimated merger/conversion expenses $25 mm $27 mm
Fully phased in timing 18 months 9 months
Estimated earn-back 2.3 years 2.0 years
01/26/2017
7 Note: See reconciliation of core ROA in appendix
On Track for 1.10% ROA by Year-end 2017
■ Fully phased-in cost savings from
CommunityOne expected to be
realized during Q2 17
■ NIM will compress due to run off in
accretable yield
■ Provision will increase due to fewer
impairment reversals from legacy
acquired loans
■ Other cost savings programs in place
and under development
■ Projections do not assume higher
interest rates in 2017
ROA 0.53%
1.10%+0.16%
-0.05%
-0.03%
+0.06%
Core ROA 0.96%
4
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Well Positioned for Higher Interest Rates
Asset & Liability Durations
Earnings Sensitivity
(In millions)
Note: Base case assumes static rates and balance sheet as of 11/30/2016. +75
bps case approximates consensus outlook with 3 rate hikes in the Federal Funds
Rate (occurring in June 2017, September 2017, and December 2017), and a
+125 bps increase in the 10 yr. US Treasury yield curve.
8
■ Consensus outlook for 75 bps in rate hikes
during 2017 would boost net income by
$1.6 mm in 2017 and $8.0 mm in 2018
■ Conservative asset sensitive position reflects
short-duration loan portfolio and high
proportion of core deposit funding
Loan Maturities
Note: Effective durations estimated as of 11/30/2016. Loan maturities as of 12/31/2016.
$1.1
$1.6
$2.1
$5.3
$8.0
$10.7
-
2
4
6
8
10
12
Base +25 bps +50 bps +75 bps +100 bps
2017 2018
Se uriti s 4.0
Loans 1.4
Non-interest Checking 6.1
NOW 3.7
Money Market 2.3
Savings 3.7
Time Deposits 1.1
Borrowings 0.0
0 - 1 yr. Fixed, 4%
1 - 3 yr. Fixed, 10%
3 - 5 yr. Fixed, 17%
5 - 7 yr. Fixed, 6%
7 - 10 yr. Fixed, 3%
10+ yr. Fixed, 8%
Variable Rate, 52%
01/26/2017
9
Well-positioned for Tax Reform
Effective Tax Rate
Impact of Changes in Federal Tax Rate
■ Reduced corporate tax rates would
significantly boost net income, due to high
effective tax rate
■ BOLI/assets was 0.73% for CBF vs.
1.36% for peer median
■ Municipal holdings/assets was 0.22%
for CBF vs. 1.97% for peer median
■ DTA would be impacted by lower tax rates,
but impact on regulatory capital would be
limited
Note: CBF and peer data as of 3Q16 YTD per SNL and peer 10Q filings. Peer median is based on the peer group noted in the chart above.
34.9%
0%
5%
10%
15%
20%
25%
30%
35%
40%
CF
R
HB
HC
TR
MK
ST
BA VL
Y
PR
K
BX
S
PB
CT PB UB
SI
BK
U
PN
FP IBK
C
SS
B
CB
F
FC
B
OZ
RK
NY
CB
YD
KN
HO
MB
1. Decrease in DTA for federal tax rates at 25% and 15% is based on a 10%
and 20% reduction in the 12/31/2016 DTA balance, respectfully.
2. Decrease in Tier 1 capital for federal tax rates at 25% and 15% is equal to
20% of the corresponding decrease in DTA at the respective federal tax rate.
Tier 1 capital is preliminary.
Current
Balance 25% 15%
2017 CBF Consensus EPS $1.85 + $0.30 + $0.58
DTA1 $150.3 mm - $15.0 mm - $30.1 mm
Tier 1 Capital2 $1,101.7 mm - $3.0 mm - $6.0 mm
Federal Tax Rate at:
01/26/2017
Note: Includes loan purchases of $29 mm, $8 mm, $16 mm, $126 mm, and $32 mm in 4Q15, 1Q16, 2Q16, 3Q16, and 4Q16, respectively. 10
Consistent High-Quality Loan Production
New Loans by Product
(In millions)
New Loans by Geography
(In millions)
■ Sold $100 mm in syndicated loans and ran off indirect portfolio by $27 mm. Excluding sales/run-off
and CommunityOne acquisition, portfolio growth was 7% annualized during the quarter.
■ Carolinas loan production now includes CommunityOne
212
145
230
152 148
98
89
133
123
165
126
62
110
196 132
65
$501
$296
$473 $471
$445
4Q15 1Q16 2Q16 3Q16 4Q16
Commercial CRE Consumer Auto
145
75
139
213
116
199
141
183
138
241
157
80
151
120 88
$501
$296
$473 $471
$445
4Q15 1Q16 2Q16 3Q16 4Q16
Florida Carolinas Tennessee
01/26/2017
Note: Core deposits include noninterest demand, NOW, savings & money market, and excludes brokered deposits. 11
Strong Core Deposit Growth
Deposit Balances
(In millions)
Cost of Deposits
■ Excluding CommunityOne acquisition, core deposits grew 11% annualized during the quarter and
10% y/y
■ Cost of deposits down 1 bp y/y due to growth in core deposits offsetting shrinkage in CDs
1,121 1,191 1,172 1,207
1,590
1,383 1,402 1,457 1,464
1,930
1,459 1,583 1,509
1,568
2,148
1,897 1,764 1,670
1,794
2,213
4Q15 1Q16 2Q16 3Q16 4Q16
Noninterest demand NOW
Savings & Money Market Time / Other
$7,881
$5,860 $5,940 $5,807
$6,033
27%
28%
24%
21%
0.40%
0.42% .41% 0.41%
0.39%
0.15%
0.17% 0.18%
0.19% 0.19%
0.40%
0.42% 0.42% 0.41% 0.41%
4Q15 1Q16 2Q16 3Q16 4Q16
Total Core Deposits Contractual Deposits
01/26/2017
Note: See reconciliation of contractual net interest margin in appendix 12
Net Interest Margin Grows 9 bps to 3.67%
Net Interest Margin (NIM) NIM Drivers
Yields and Cost of Funds
3.70% 3.64% 3.62% 3.58% 3.67%
3.21% 3.16% 3.25% 3.11% 3.27%
4Q15 1Q16 2Q16 3Q16 4Q16
GAAP NIM Contractual NIM
0.47% 0.51% 0.50% 0.51% 0.49%
4.55% 4.52% 4.48% 4.40% 4.54%
2.25% 2.32% 2.35% 2.43% 2.39%
4Q15 1Q16 2Q16 3Q16 4Q16
Loans
Investments
Cost of
Funds
3.58%
3.67%+0.09% +0.01%
-0.01%
3Q16 Loan
Recovery
Rate
Increase
Other 4Q16
01/26/2017
Note: See reconciliation of core non-interest income in appendix 13
Non-interest Income up Sequentially
Non-interest Income
(In millions)
Non-interest Income Detail
(In millions)
■ 4Q results include $0.5 mm from new credit card and merchant services products launched late last
year
$10.6
$2.6
$11.9 $12.4
$17.0
$10.5
$11.7 $11.8
$12.3
$15.1
4Q15 1Q16 2Q16 3Q16 4Q16
Non-interest Income Core Non-interest Income
4Q15 3Q16 4Q16
Services charges on deposits 4.9$ 4.8$ 5.9$
Debit card income 3.0 3.4 4.2
Fees on mortgage loans sold 0.9 1.3 1.4
Investment advisory and trust fees 0.6 0.3 0.6
FDIC indemnification asset expense (1.5) - -
Securites gains 0.1 0.1 1.9
Other 2.6 2.5 3.0
Non-interest Income 10.6$ 12.4$ 17.0$
Less: Securities gains (0.1) (0.1) (1.9)
Non-GAAP Core Non-interest Income 10.5$ 12.3$ 15.1$
01/26/2017
Note: See reconciliation of core efficiency ratio and core non-interest expense in appendix 14
Focused on Efficiency & Merger Cost Savings
Efficiency Ratio Non-interest Expense Detail
(In millions)
■ CommunityOne cost savings now expected to be fully realized during 2Q
42.8 45.0 43.3 45.8
54.1
$47.8 $46.9
$44.5
$47.5
$74.0
4Q15 1Q16 2Q16 3Q16 4Q16
Core Non-interest Expense Non-GAAP Adjustments
78.0%
58.2%
50%
55%
60%
65%
70%
75%
80%
85%
Efficiency Ratio Core Efficiency Ratio
Target 60%
01/26/2017
15
Liquidity and Capital Ratios Remain Strong
Tier 1 Leverage Ratio Liquidity Portfolio
Loan/Deposit Ratio
*4Q16 capital ratio is preliminary
■ Acquisition of CommunityOne reduced tier 1
leverage ratio to 12.2% and loan-to-deposit
ratio to 94.0%
■ Repurchased 0.4 mm shares following
merger closing, bringing cumulative
repurchases to 12.7 mm shares since IPO,
which represents 25% of current outstanding
shares
■ Reinvested CommunityOne securities
portfolio at closing and maintained duration
of 4.1 years at year-end
12.7%
12.5%
12.6%
12.9%
12.2%
4Q15 1Q16 2Q16 3Q16 4Q16*
Cash / Equivalents, 18.3%
U.S. Agency Securities, 0.7%
Equity Securities and Mutual
Funds, 0.2%
Corporate bonds, 7.3%
Municipal bonds,
1.2%
Industrial Revenue, 0.2%
MBS -
GSE,
72.2%
96.1%
94.9%
98.9%
98.4%
94.0%
4Q15 1Q16 2Q16 3Q16 4Q16
01/26/2017
Credit Metrics
New Loan Portfolio Performing Strongly
Net Charge-offs (NCOs) Past Dues & Nonaccruals
16
0.22% 0.12% 0.15% 0.12%
0.24%
4Q15 1Q16 2Q16 3Q16 4Q16
0.11% 0.09%
0.17%
0.11%
0.23%
0.11% 0.11% 0.12%
0.18% 0.18%
4Q15 1Q16 2Q16 3Q16 4Q16
Past Due Non-Accruals4Q15 3Q16 4Q16
riticized 0.51% 0.25% 0.57%
Classified Performing 0.31% 0.71% 0.37%
Classified Nonperforming 0.11% 0.18% 0.18%
Total Criticized/Classified 0.93% 1.14% 1.11%
Reserves / Loans 0.48% 0.43% 0.41%
Reserves / NCOs 2.21x 3.39x 1.72x
Reserves / Nonaccruals 4.32x 2.28x 2.27x
01/26/2017
Legacy Credit Expenses
(In thousands)
Special Assets Remain at Low Levels
Nonperforming Loans / Total Loans
17
Special Assets
(In millions)
■ $61 mm transferred from CommunityOne to
Special Assets portfolio
2.6%
1.2% 1.2% 1.1% 1.0%
2014 2015 1Q16 2Q16 3Q16 4Q16
1.0%
349
225 201 213 195 232
78
53 49
44 46
53
$427
$278
$249 $257 $241
$285
2014 Q415 1Q16 2 6 3Q16 4Q16
Loans REO
4Q15 3 4Q16
Provision (reversal) on legacy loans (1,161)$ 48$ (638)$
FDIC indemnification asset expense 1,526 - -
OREO valuation expense 341 742 677
(Gains) losses on sales of OREO (801) (159) (150)
Foreclosed asset related expense 405 397 513
Loan workout expense 650 206 327
Salaries and employee benefits 549 511 510
Total legacy credit expense 1,509$ 1,745$ 1,239$
01/26/2017
Owner
Occupied
CRE
$1,321
18%
C&I
$1,469
20%
1-4 Resi
$1,715
23%
Jr. Lien /
HELOC
$508
7%
Consumer
Loans
$449
6%
Other
$228
3%
CRE Concentration well within Regulatory Guidelines
Non-owner Occupied CRE
$1,131
15%
Other C&D
$328
4%
Multifamily
$118
2%
1-4 C&D
$140
2%
Commercial
Real Estate
Loans
18
■ Total CRE was 150% of total risk based
capital
■ Construction & development loans were 41%
of total risk based capital
Portfolio by Loan Type
(In millions)
01/26/2017
19
Appendix
01/26/2017
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 measures used in this report. A reconciliation to the most directly comparable GAAP financial measures - net
income in the case of core net income and core ROA, total non-interest income and total non-interest 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 core net income, the core efficiency ratio and core ROA are useful for
both investors and management to understand the effects of certain non-interest items and provide an alternative view of the
Company's performance over time and in comparison to the Company's competitors. These measures should not be viewed as a
substitute for net income. The Company believes that tangible book value and tangible book value per share are useful for both
investors and management 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 shareholders' equity.
The Company uses these non-GAAP measures for various purposes, including measuring performance for incentive compensation
and as a basis for strategic planning and forecasting.
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 analysis of results reported under GAAP. These non-GAAP measures may not be
comparable to similarly titled measures reported by other companies.
20
GAAP and Non-GAAP Disclosures
01/26/2017
Diversified Loan Portfolio
Commercial Loans by Industry Commercial Real Estate Portfolio by Collateral
22
1-4 Resi
Construction,
26%
Office, 13%
Retail, 11%
Warehouse/
Industrial, 9%
Multifamily, 8%
Mixed Use,
8%
Hotel/Motel,
7%
Commercial
Land, 4%
1-4 Resi Land, 3%
Other CRE, 3%
Restaurant, 3%
Assisted Living, 2% Other, 2%
Retail
Trade,
14%
Manufacturing,
12%
Real Estate,
Rental, &
Leasing, 11%
Health Care &
Social Assistance,
8%Other Services
(except Public
Administration), 8%
Wholesale
Trade, 8%
Finance &
Insurance, 6%
Transportation &
Warehousing, 6%
Accommodation
& Food Services,
5%
Other, 5%
Professional,
Scientific, & Technical
Services, 5%
Construction, 3%
Educational
Services, 3%
Administrative, Support,
Waste Management, &
Remediation Services, 3%
Arts, Entertainment, &
Recreation, 2% Mining,
Quarrying, Oil
& Gas
Extraction, 2%
01/26/2017
23
Reconciliation of Core Noninterest Income / Expense
$ 000's
4Q16 3Q16 2Q16 1Q16 4Q15
Net interest income $77,819 $62,627 $61,515 $61,367 $62,078
Reported non-interest income 17,016 12,370 11,922 2,566 10,597
Less: Securities gains 1,894 71 117 40 54
Termination of loss share – – – (9,178) –
Core non-interest income $15,122 $12,299 $11,805 $11,704 $10,543
Reported non-interest expense $73,994 $47,530 $44,536 $46,938 $47,756
Less: Severance expense 7 – – 75 –
Conversion costs and merger 18,245 331 881 1,107 31
Legal merger non deductible 280 61 355 580 673
Restructuring expense 4 (113) 5 142 33
Contract termination – – – – 4,215
Legal settlement 1,361 1,500 – – –
Core non-interest expense $54,097 $45,751 $43,295 $45,034 $42,804
Core Fee Ratio* 16.3% 16.4% 16.1% 16.0% 14.5%
Efficiency Ratio** 78.0% 63.4% 60.6% 73.4% 65.7%
Core Efficiency Ratio*** 58.2% 61.1% 59.1% 61.6% 58.9%
* Core Fee Ratio: Core non-interest income / (Net interest income + Core non-interest income)
** Efficiency Ratio: Non-interest expense / (Net interest income + Non-interest income)
***Core Efficiency Ratio: Core non-interest expense / (Net interest income + Core non-interest income)
01/26/2017
24
Reconciliation of Core Net Income
$ 000's Quarter Quarter Quarter Quarter Quarter Quarter
Ended Ended Ended Ended Ended Ended
4Q16 4Q16 3Q16 3Q16 4Q15 4Q15
12,434$ 12,434$ 18,488$ 18,488$ 15,021$ 15,021$
Pre-Tax After-tax Pre-Tax After-tax Pre-Tax After-tax
Non-Interest Income
Security gains* (1,894) (1,170) (71) (44) (54) (33)
Non-Interest Expense
Severance expense * 7 4 - - - -
Restructuring expense* 4 3 (113) (70) 32 20 -
Conversion costs and merger tax deductible* 18,245 11,270 331 205 33 20
Legal merger non deductible 280 280 61 61 673 673
Contract Termination - - - - 4,215 2,594
Tax adjustment (1,350) (1,350) (1,067) (1,067) - -
Legal settlement* 1,361 841 1,500 927 - -
Tax effect of adjustments* (6,775) NA (629) NA (1,625) NA
22,312$ 22,312$ 18,500$ 18,500$ 18,295$ 18,295$
Diluted shares 50,387 43,909 44,550
Core Net Income per share $0.44 $0.42 $0.41
Average Assets $9,329,334 $7,592,776 $7,332,516
Tangible Common Equity $1,023,177 $883,031 $836,643
ROA** 0.53% 0.97% 0.82%
Core ROA*** 0.96% 0.97% 1.00%
Core ROTCE**** 8.7% 8.4% 8.7%
* Tax effected at an income tax rate of 38%
** ROA: Annualized net income / average assets
*** Core ROA: Annualized core net income / average assets
**** Core ROTCE: Annualized core net income / tangible common equity
Core Net Income
Net income
Adjustments
01/26/2017
25
Tangible Book Value
(In thousands, except per share data)
December 31, 2016
Total common shareholders' equity $1,292,047
Less: Goodwill and core deposit intangibles, net of taxes 256,176
Tangible book value* $1,035,871
Common shares outstanding 51,765
Tangible book value per share $20.01
* Tangible book value is equal to book value less goodwill and core deposit intangibles, net of related deferred tax
liabilities.
01/26/2017
1. Includes effects of tax equivalent adjustments
2. Excludes purchase accounting adjustments
26
Contractual Net Interest Margin
$ 000's Average Earning Net Interest Net Interest
Assets Income1 Margin
December 31, 2016
Reported 8,499,594 78,376 3.67%
Purchase Accounting Impact (41,663) 8,633 0.40%
Contractual Net Interest Margin2 3.27%
September 30, 2016
Reported 7,009,363 63,083 3.58%
Purchase Accounting Impact (33,558) 8,307 0.47%
Contractual Net Interest Margin2 3.11%
June 30, 2016
Reported 6,876,936 61,950 3.62%
Purchase Accounting Impact (39,114) 6,438 0.37%
Contractual Net Interest Margin2 3.25%
March 31, 2016
Reported 6,832,335 61,786 3.64%
Purchase Accounting Impact (44,537) 8,171 0.48%
Contractual Net Interest Margin2 3.16%
December 31, 2015
Reported 6,698,720 62,491 3.70%
Purchase Accounting Impact (50,768) 8,460 0.49%
Contractual Net Interest Margin2 3.21%