Attached files
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| EX-99.2 - INVESTOR PRESENTATION - Sunshine Bancorp, Inc. | d367742dex992.htm |
| 8-K - 8-K - Sunshine Bancorp, Inc. | d367742d8k.htm |
Exhibit 99.1
Press Release
For Immediate Release
Contact:
Brent Smith
SVP, Corporate Development
(813)659-8626
Sunshine Bancorp, Inc. Reports Record Earnings and 1st Quarter Results
Plant City, FL – April 17, 2017 –
Sunshine Bancorp, Inc. (the “Company”) (NASDAQ: SBCP), the holding company for Sunshine Bank (the “Bank”), has released its unaudited consolidated financial results for the first quarter of 2017.
Key Highlights from the 1st Quarter 2017
| • | Earnings of $0.21 per basic and diluted share |
| • | Year over year revenue growth of 90% |
| • | Annualized deposit growth of 22% led by non-interest bearing deposits |
| • | Year over year non-interest income growth of 61% |
| • | Maintained top tier credit metrics with NPAs to Assets at 0.06% |
The Company recognized net income of $1.6 million for the first quarter of 2017 compared to a net loss of $514,000 for the fourth quarter 2016 and net income of $154,000 for the first quarter 2016.
Total assets were $956.4 million at March 31, 2017 compared to $931.4 million at December 31, 2016 and $523.1 million at March 31, 2016. Net loans increased to $689.7 million at March 31, 2017 compared to $683.8 million at December 31, 2016 and $337.8 million at March 31, 2016. First quarter 2017 loan originations, including unfunded loans and commitments, were approximately $38 million as some of the originations were scheduled to fund subsequent to March 31, 2017.
Total deposits were $771.2 million at March 31, 2017 compared to $729.9 million at December 31, 2016 and $415.2 million at March 31, 2016. Annualized deposit growth for the first quarter of 2017 was 22% led by non-interest bearing deposit growth of $25.9 million or 48% annualized. The Bank’s deposit composition as of March 31, 2017 included 80% core deposits and 20% in time deposits with an average cost of 0.31%.
Andrew Samuel, President and CEO, commented, “We are excited to announce strong first quarter results. We continue to focus on building a top tier Florida franchise focused on relationship banking. The Company sees continued tailwinds resulting from our strategic focus on organic growth with an emphasis on non-interest bearing deposits and expanding the commercial loan segment of our loan portfolio.”
The Bank’s non-performing assets as of March 31, 2017 were $619,000 compared to $985,000 as of March 31, 2016. The Bank’s non-performing assets to total assets ratio as of March 31, 2017 was 0.06% compared to 0.19% as of March 31, 2016. In addition, the allowance for loan losses was 621% of non-performing loans at March 31, 2017.
Noninterest expenses for the first quarter 2017 totaled $6.1 million, compared to $4.5 million in the first quarter of 2016. The Company has fully integrated the Florida Bank of Commerce acquisition and has achieved its cost savings goals.
Revenue growth was $4.5 million year over year for the first quarter or 90%. This was led by net interest income for the first quarter 2017 of $7.6 million compared to $6.7 million during the fourth quarter of 2016 and $4.0 million during the first quarter of 2016. Additionally, revenue growth was supported by strong non-interest income growth of $408,000 year over year of 61%. Non-interest income growth was attributable to increases in deposit fees, SBA lending and wealth management revenue.
Stockholders’ equity increased to $114.1 million at March 31, 2017 compared to $112.1 million at December 31, 2016.
Page 2 of 6
Forward Looking Statements
This news release contains forward-looking statements within the meaning of the federal securities laws. Statements in this release that are not strictly historical are forward-looking and are based upon current expectations that may differ materially from actual results. These forward-looking statements, identified by words such as “will,” “expected,” “believe,” and “prospects,” involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the statements made herein. These risks and uncertainties involve general economic trends and changes in interest rates, increased competition, changes in consumer demand for financial services, the possibility of unforeseen events affecting the industry generally, the uncertainties associated with newly developed or acquired operations, and market disruptions. The Company undertakes no obligation to release revisions to these forward-looking statements publicly to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required to be reported under the rules and regulations of the Securities and Exchange Commission.
About Sunshine Bancorp, Inc.
Sunshine Bancorp, Inc. was formed in 2014 as the holding company for Sunshine Bank. The Bank was first organized in 1954 in Plant City. In 2014 after converting from the mutual form of organization to the stock form, the current name of Sunshine Bank was adopted. The Company provides financial services to individuals, families, and business customers from 18 branch locations stretching from the East Coast to the West Coast of Florida in Brevard, Hillsborough, Manatee, Orange, Osceola, Pasco, Polk, Sarasota, and Seminole Counties. The Company’s common stock is traded on the NASDAQ Capital Market under the symbol “SBCP.” For further information, visit the Company website www.mysunshinebank.com.
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Sunshine Bancorp, Inc.
Consolidated Balance Sheet
(Dollars in thousands, except per share information)
| As of March 31, 2017 |
As of December 31, 2016 |
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| (Unaudited) | ||||||||
| Assets |
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| Cash and due from banks |
$ | 29,860 | $ | 16,562 | ||||
| Interest-earning deposits in financial institutions |
30,628 | 21,386 | ||||||
| Federal funds sold |
10,430 | 12,325 | ||||||
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| Cash and cash equivalents |
70,918 | 50,273 | ||||||
| Time deposits with banks |
2,794 | 2,794 | ||||||
| Securities available for sale |
109,943 | 109,668 | ||||||
| Loans held for sale |
865 | 443 | ||||||
| Loans, net of allowance for loan losses of $3,643 and $3,274 |
689,656 | 683,784 | ||||||
| Premises and equipment, net |
25,627 | 25,920 | ||||||
| Federal Home Loan Bank stock, at cost |
2,750 | 3,478 | ||||||
| Cash surrender value of bank-owned life insurance |
22,618 | 22,462 | ||||||
| Deferred income tax asset |
5,665 | 6,660 | ||||||
| Goodwill and other intangibles |
22,069 | 22,308 | ||||||
| Accrued interest receivable |
1,869 | 2,077 | ||||||
| Other real estate owned |
32 | 32 | ||||||
| Other assets |
1,572 | 1,536 | ||||||
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| Total assets |
$ | 956,378 | $ | 931,435 | ||||
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| Liabilities and Stockholders’ Equity |
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| Liabilities: |
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| Noninterest-bearing demand accounts |
$ | 243,313 | $ | 217,418 | ||||
| Interest-bearing demand and savings accounts |
377,045 | 354,327 | ||||||
| Time deposits |
150,810 | 158,204 | ||||||
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| Total deposits |
771,168 | 729,949 | ||||||
| Other borrowings |
54,179 | 71,867 | ||||||
| Subordinated Notes |
11,000 | 11,000 | ||||||
| Other liabilities |
5,977 | 6,518 | ||||||
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| Total liabilities |
842,324 | 819,334 | ||||||
| Stockholders’ equity: |
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| Preferred stock, $0.01 par value, 5,000,000 authorized; none outstanding |
— | — | ||||||
| Common stock, $0.01 par value, 50,000,000 shares authorized; issued and outstanding of 8,038,905 at March 31, 2017 and 7,986,074 at December 31, 2016 |
80 | 80 | ||||||
| Additional paid in capital |
94,478 | 94,302 | ||||||
| Retained income |
23,433 | 21,803 | ||||||
| Unearned employee stock ownership plan (“ESOP”) shares |
(3,047 | ) | (3,047 | ) | ||||
| Accumulated other comprehensive income |
(890 | ) | (1,037 | ) | ||||
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| Total stockholders’ equity |
114,054 | 112,101 | ||||||
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| Total liabilities and stockholders’ equity |
$ | 956,378 | $ | 931,435 | ||||
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Sunshine Bancorp, Inc.
Consolidated Statement of Operations
(Dollars in thousands, except per share information)
| Three months Ended | ||||||||
| March 31, | ||||||||
| 2017 | 2016 | |||||||
| (Unaudited) | ||||||||
| Interest income: |
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| Loans |
$ | 7,930 | $ | 4,055 | ||||
| Securities |
427 | 221 | ||||||
| Other |
131 | 78 | ||||||
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| Total interest income |
8,488 | 4,354 | ||||||
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| Interest Expense: |
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| Deposits |
597 | 315 | ||||||
| Borrowed funds |
254 | 25 | ||||||
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| Total interest expense |
851 | 340 | ||||||
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| Net interest income |
7,637 | 4,014 | ||||||
| Provision for loan losses |
— | — | ||||||
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| Net interest income after provision for loan losses |
7,637 | 4,014 | ||||||
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| Noninterest income: |
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| Fees and service charges on deposit accounts |
465 | 326 | ||||||
| Gain on sale of other real estate owned |
— | — | ||||||
| Mortgage Broker Fees |
59 | 47 | ||||||
| Gain on sale of securities |
— | 26 | ||||||
| Income from bank-owned life insurance |
182 | 95 | ||||||
| Other |
369 | 173 | ||||||
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| Total noninterest income |
1,075 | 667 | ||||||
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| Noninterest expenses: |
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| Salaries and employee benefits |
3,649 | 2,576 | ||||||
| Occupancy and equipment |
724 | 576 | ||||||
| Data and item processing services |
540 | 341 | ||||||
| Professional fees |
213 | 171 | ||||||
| Advertising and promotion |
6 | 45 | ||||||
| Stationery and supplies |
47 | 46 | ||||||
| FDIC Deposit insurance |
75 | 102 | ||||||
| Other |
859 | 621 | ||||||
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| Total noninterest expenses |
6,113 | 4,478 | ||||||
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| Income before income taxes |
2,599 | 203 | ||||||
| Income tax (benefit) expense |
969 | 49 | ||||||
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| Net income |
$ | 1,630 | $ | 154 | ||||
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| Basic earnings per share |
$ | 0.21 | $ | 0.04 | ||||
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| Diluted earnings per share |
$ | 0.21 | $ | 0.04 | ||||
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| Three Month Periods Ended * | ||||||||||||||||||||
| 3/31/2017 | 12/31/2016 | 9/30/2016 | 6/30/2016 | 3/31/2016 | ||||||||||||||||
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| (Unaudited) | ||||||||||||||||||||
| Operating Highlights |
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| Net Income |
$ | 1,630 | $ | (514 | ) | $ | 244 | $ | 73 | $ | 154 | |||||||||
| Net interest income |
7,637 | 6,720 | 4,306 | 3,873 | 4,014 | |||||||||||||||
| Provision for loan losses |
— | — | — | 350 | — | |||||||||||||||
| Non-Interest Income |
1,075 | 701 | 669 | 1,149 | 667 | |||||||||||||||
| Non-Interest Expense |
6,113 | 7,972 | 4,602 | 4,563 | 4,478 | |||||||||||||||
| Financial Condition Data: |
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| Total Assets |
$ | 956,378 | $ | 931,435 | $ | 563,992 | $ | 514,729 | $ | 523,067 | ||||||||||
| Loans, Net |
689,656 | 683,784 | 395,994 | 371,538 | 337,784 | |||||||||||||||
| Deposits: |
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| Noninterest-bearing demand accounts |
243,313 | 217,418 | 85,304 | 92,342 | 101,490 | |||||||||||||||
| Interest-bearing demand and savings accounts |
377,045 | 354,327 | 234,697 | 199,121 | 207,410 | |||||||||||||||
| Time deposits |
150,810 | 158,204 | 118,766 | 103,852 | 106,300 | |||||||||||||||
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| Total Deposits |
771,168 | 729,949 | 438,767 | 395,315 | 415,200 | |||||||||||||||
| Selected Ratios |
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| Net interest margin |
3.63 | % | 3.78 | % | 3.69 | % | 3.53 | % | 3.64 | % | ||||||||||
| Annualized return on average assets |
0.8 | % | (0.3 | %) | 0.2 | % | 0.1 | % | 0.1 | % | ||||||||||
| Annualized return on average equity |
5.8 | % | (2.1 | %) | 1.4 | % | 0.4 | % | 0.9 | % | ||||||||||
| Capital Ratios ** |
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| Total Capital Ratio |
12.9 | % | 12.7 | % | 15.8 | % | 15.4 | % | 15.6 | % | ||||||||||
| Tier 1 capital ratio |
12.4 | % | 12.2 | % | 15.2 | % | 14.7 | % | 14.9 | % | ||||||||||
| Common equity tier 1 capital ratio |
12.4 | % | 12.2 | % | 15.2 | % | 14.7 | % | 14.9 | % | ||||||||||
| Leverage ratio |
10.1 | % | 10.0 | % | 13.6 | % | 12.1 | % | 11.3 | % | ||||||||||
| Asset Quality Ratios |
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| Non-performing assets |
$ | 619 | $ | 323 | $ | 988 | $ | 1,324 | $ | 985 | ||||||||||
| Non-performing assets to total assets |
0.06 | % | 0.03 | % | 0.18 | % | 0.26 | % | 0.19 | % | ||||||||||
| Non-performing loans to total loans |
0.08 | % | 0.04 | % | 0.24 | % | 0.35 | % | 0.28 | % | ||||||||||
| Allowance for loan losses(AFLL) |
$ | 3,643 | $ | 3,274 | $ | 2,846 | $ | 2,895 | $ | 2,532 | ||||||||||
| AFLL to total loans |
0.53 | % | 0.47 | % | 0.71 | % | 0.77 | % | 0.74 | % | ||||||||||
| AFLL to non-performing loans |
620.6 | % | 1125.1 | % | 297.7 | % | 224.1 | % | 265.7 | % | ||||||||||
| * | Dollars in thousands |
| ** | Capital Ratios for Sunshine Bank only |
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