Attached files
| file | filename |
|---|---|
| 8-K - 8-K - LegacyTexas Financial Group, Inc. | a8kq22017covererslides.htm |
| EX-99.1 - EXHIBIT 99.1 - LegacyTexas Financial Group, Inc. | ex991q22017earningsrelease.htm |
| EX-99.2 - EXHIBIT 99.2 - LegacyTexas Financial Group, Inc. | ex992q22017dividendannounc.htm |
July 19, 2017
EXHIBIT 99.3
Second Quarter 2017
Investor Presentation
2
Safe harbor statement
When used in filings by LegacyTexas Financial Group, Inc. (the "Company”) with the Securities and Exchange Commission (the “SEC”),
in the Company's press releases or other public or stockholder communications, and in oral statements made with the approval of an
authorized executive officer, the words or phrases “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,”
“project,” “intends” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties that could cause actual
results to differ materially from historical earnings and those presently anticipated or projected, including, among other things: the
expected cost savings, synergies and other financial benefits from acquisition or disposition transactions might not be realized
within the expected time frames or at all and costs or difficulties relating to integration matters might be greater than expected;
changes in economic conditions; legislative changes; changes in policies by regulatory agencies; fluctuations in interest rates; the
risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and
changes in estimates of the adequacy of the allowance for loan losses; the Company's ability to access cost-effective funding;
fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits
in the Company's market area; fluctuations in the price of oil, natural gas and other commodities; competition; changes in
management’s business strategies and other factors set forth in the Company's filings with the SEC.
The Company does not undertake - and specifically declines any obligation - to publicly release the result of any revisions which may
be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the
occurrence of anticipated or unanticipated events.
SECOND QUARTER 2017
3
Today’s presenters
SECOND QUARTER 2017
Kevin Hanigan
President and Chief Executive Officer
• CEO and President of LegacyTexas Financial Group, Inc.
• Former Chairman and Chief Executive Officer of Highlands Bancshares in 2010
• Former Chairman and Chief Executive Officer of Guaranty Bank in 2009
• 36+ years of Texas banking experience
Mays Davenport
Executive Vice President, Chief Financial Officer
• Former Executive Vice President at LegacyTexas Bank
• Senior management experience for retail branch, treasury management, human resources, marketing,
mortgage, and wealth advisory functions
• Certified Public Accountant, former national accounting and tax advisory firm experience
• 24+ years of Texas banking experience
4
Asset quality
• Record net income totaled $27.9 million, an increase of $9.7 million from Q1 2017 and $4.7
million from Q2 2016
• Company assets of $8.97 billion generated basic earnings per share for Q2 2017 of $0.60
• Loans held for investment3 grew $144.0 million from Q1 2017, while total deposits grew
$182.9 million for the same period
• Warehouse Purchase Program loans grew $409.8 million from Q1 2017
• Classified loans declined by $8.9 million from Q1 2017, while a $33.7 million decline in
classified energy loans drove a $33.4 million decrease in classified loans compared Q2 2016
• Non-performing loans down $8.2 million from Q1 2017
North Texas
Focused
• #1 deposit market share among all banks in affluent Collin County
• #2 deposit market share among Dallas-based banks1 in the attractive DFW market, which is
home to 22 companies on the 2017 Fortune 500 list
• DFW hosts a diverse business environment across a broad set of industries, with 42% of
employment in the service-providing sector and less than 1% in oil and gas2
Capital
Key franchise highlights
Profitability levered excess capital while maintaining strong capital levels
• TCE / TA4: 8.5%
• Estimated Tier 1 common risk-based capital5: 8.92%
Source: Company Documents
1 Includes banks headquartered in the Dallas-Fort Worth-Arlington MSA
2 Represents latest available data from the Bureau of Labor Statistics for the Dallas-Fort Worth-Arlington, TX MSA (i.e., data as of Q4 2016)
3 Excludes Warehouse Purchase Program loans and loans held for sale
4 See the section labeled "Supplemental Information - Non-GAAP Financial Measures"
5 Calculated at the Company level, which is subject to the capital adequacy requirements of the Federal Reserve
SECOND QUARTER 2017 – FRANCHISE HIGHLIGHTS
Profitability
5
Second quarter highlights
($ in millions except for per share data) Quarter ended
June 30,
2016
March 31,
2017
June 30,
2017 Linked Q ∆ YOY ∆
Selected balance sheet data
Gross loans held for investment1 $ 5,693.0 $ 6,265.3 $ 6,409.3 2.3 % 12.6 %
Total deposits 5,622.7 6,379.6 6,562.5 2.9 % 16.7 %
Selected profitability data
Net interest income $ 69.4 $ 76.5 $ 75.7 (1.1)% 9.2 %
NIM 3.81% 4.00% 3.77% -23bps -4bps
Non-interest income $ 13.7 $ 12.1 $ 12.3 1.6 % (10.2)%
Non-interest expense 39.6 39.8 39.6 (0.4)% (0.1)%
Net income 23.2 18.2 27.9 53.6 % 20.3 %
Core net income2 23.2 17.3 27.9 61.1 % 20.5 %
Basic EPS 0.50 0.39 0.60 53.8 % 20.0 %
Core EPS2 0.50 0.37 0.60 62.2 % 20.0 %
Source: Company Documents
1 Excludes Warehouse Purchase Program loans
2 See the section labeled "Supplemental Information- Non-GAAP Financial Measures“
SECOND QUARTER 2017 – QUARTERLY HIGHLIGHTS
6
Gross loans held for investment1 grew $144.0 million from March 31, 2017. Commercial real estate
and commercial and industrial loans at June 30, 2017 increased by $31.0 million and $91.3 million,
respectively, from March 31, 2017, while consumer real estate loans increased by $44.9 million for
the same period.
44.0%
25.0%
8.1%
4.2% 18.0%
0.7%
($ in millions)
Commercially focused loan portfolio
Source: Company Documents
1 Excludes Warehouse Purchase Program loans
2 Represents balance acquired on January 1, 2015
As of June 30, 20171
Total Loans HFI1
SECOND QUARTER 2017 – BALANCE SHEET
Commercial RE
C&I (ex-energy)
Energy
C&D
Consumer RE
Other Consumer
2
$5,067
Quarterly yield on loans held for investment1: 4.91%
Originated loans
Acquired from LegacyTexas Group, Inc.
2012Y 2013Y 2014Y 2015Y 2016Y 2017 Q2
$1,691
$2,050
$2,634
$3,667
$6,065
$6,409
$1,400
7
• Reserve-based energy portfolio at
June 30, 2017 consisted of 51% crude
oil reserves and 49% natural gas
reserves
• At June 30, 2017, 55 reserve-based
borrowers and 3 midstream borrowers
• $378 million, or 69%, of our
outstanding energy loans are backed by
private equity firms with significant
capital invested and additional equity
commitments available Permian
Bakken
Eagle Ford
Ark-La-Tex
Mid-Con
Energy lending
Source: Company documents for loans managed by Energy Finance group
R: 000
G: 048
B: 135
R: 111
G: 162
B: 135
SECOND QUARTER 2017 – ENERGY LENDING
Geographic Concentration of
Reserves
Texas Panhandle
Marcellus
Gulf of Mexico
Central/Southern
Louisiana
Other
17%
9%
3%
17%
11%
7%
10%
2%
5%
19%
8
2017 2018 2019
66%
39%
11%
57%
44%
18%
92% 89%
69%
86% 86%
67%
$3 $3 $3
$55 $54 $53
1 % of engineered PDP volumes
Source: Company documents for loans managed by Energy Finance group
• Reserve-based loans are almost exclusively first liens, with only a $5 million
commitment to a 2nd lien facility at June 30, 2017
• No unsecured commitments/exposure
• At June 30, 2017, only $1.7 million in outstanding loans to oil field service
companies, of which $387,000 are rated substandard
Energy lending
R: 000
G: 048
B: 135
R: 111
G: 162
B: 135
SECOND QUARTER 2017 – ENERGY LENDING
Hedging Percentages at June 30, 2017 compared to
March 31, 2017 with June 30, 2017 Weighted Average Prices1 SNC Breakout of
Reserve-Based Energy Loans
Non-LTXB
Led SNC
LTXB Led SNC Direct and Other
Participations
45%
11%
44%
March 31, 2017 June 30, 2017
Oil Oil
Gas Gas
9
Midstream Reserve-based Reserve %
2016 Q2 2016 Q3 2016 Q4 2017 Q1 2017 Q2
$489.1
$433.5
$527.2
$504.0 $515.5
$54.8
$53.9
$39.0
$43.1 $30.4
4.0%
3.3% 3.4% 3.4%
4.5%
2016 Q2 2016 Q3 2016 Q4 2017 Q1 2017 Q2
$106.1
$125.8
$141.8
$72.0
$59.6
$81.5
$76.8
$26.6
$214.2
$22.0
$224.6
$67.6
$209.4
$75.3
$147.3
$74.4
$134.0
Energy lending
Source: Company documents
Outstanding loan balances and related loan loss reservesCriticized and classified energy loansR: 000
G: 048
B: 135
R: 111
G: 162
B: 135
SECOND QUARTER 2017 – ENERGY LENDING
($ in millions)($ in millions)
Energy
reserves $21.9 $16.1 $19.2 $18.7 $24.6
• The allowance for loan losses allocated to energy loans at June 30, 2017 totaled $24.6
million.
• Criticized and classified energy loans at June 30, 2017 declined by $13.3 million from March
31, 2017.
Criticized Classified performing
Classified non-performing
10
Collateral Mix of Houston Portfolio
• Continued low LTV in Houston CRE portfolio - 63% for entire Houston portfolio, 69% for energy
corridor only
• Low loan price per square foot - energy corridor ranges $56-$126 with average of $93
• Only one Houston area loss since the 2003 inception of CRE lending in Houston, totaling only $34
thousand
35%
28%
35%
2%
Office
Retail
Multifamily
Other
Commercial Real Estate- Houston
Source: Company Documents
SECOND QUARTER 2017 – BALANCE SHEET
$ in thousands except % data
Total
Houston CRE
Portfolio
Energy Corridor
(all office)
Remainder
Houston
Portfolio
Outstanding Balance at June 30,
2017 $ 468,250 $ 83,974 $ 384,276
% of Houston CRE Portfolio 18% 82%
Weighted Average Debt Service
Coverage 1.57X 1.54X 1.58X
Weighted Average Yield on Debt 10.70% 10.45% 10.76%
11
Total deposits at June 30, 2017 increased by $182.9 million from March 31, 2017, which included
growth in all deposit categories. Time and non-interest-bearing demand deposits increased by
$83.1 million and $73.2 million, respectively, on a linked-quarter basis, while interest-bearing
demand and savings and money market balances increased by $20.5 million and $6.1 million,
respectively.
Core funded, low cost deposit base
Source: Company Documents
1 Represents balance acquired on January 1, 2015
($ in millions)
Total Deposits
Cost of deposits: 0.53%
SECOND QUARTER 2017 – BALANCE SHEET
As of June 30, 2017
23.2%
13.6%
40.9%
22.3%
Non-interest
bearing-demand
Interest-bearing
demand
Savings and money
market
Time
$5,227
1
Originated Deposits
Acquired from LegacyTexas Group, Inc.
Deposit Cost
2012Y 2013Y 2014Y 2015Y 2016Y 2017 Q2
$2,178 $2,265
$2,658
$3,599
$6,365 $6,563
$1,628
0.54%
0.43% 0.34% 0.29%
0.43% 0.53%
12
Solid net interest income growth
• Net interest income for Q2 2017 decreased $828,000 from Q1 2017 and increased $6.4 million from Q2 2016.
Q1 2017 included amortization of a $4.7 million discount on a purchased energy loan that was not repeated
in Q2 2017.
• The net interest margin for the second quarter of 2017 was 3.77%, a 23 basis point decrease from the first
quarter of 2017 and a four basis point decrease from the second quarter of 2016.
Source: Company Documents
Net interest income and NIM
R: 000
G: 048
B: 135
R: 111
G: 162
B: 135
SECOND QUARTER 2017 – INCOME STATEMENT
Net interest income ($mm) NIM
2013Y 2014Y 2015Y 2016Y 2016 Q2 2017 Q2
$118 $133
$241
$282
$69 $76
3.71% 3.78% 4.00%
3.79% 3.81% 3.77%
13
Disciplined expense management
SECOND QUARTER 2017 – INCOME STATEMENT
($ in millions)
Note: Core (non-GAAP) non-interest income, non-interest expense and efficiency ratio are adjusted for the impact of infrequent or non-
recurring items. The reconciliation of non-GAAP measures, which the Company believes facilitates the assessment of its banking operations
and peer comparability, is included in tabular form at the end of this presentation.
Efficiency ratio remained low at 44.96% for Q2 2017, compared to 44.83% for Q1 2017, even as
Q1 2017 included amortization of a $4.7 million discount on a purchased energy loan. Non-
interest expense for Q2 2017 declined by $163,000 on a linked-quarter basis.
Net interest income Core non-interest income Core non-interest expense Core efficiency ratio
2014Y 2015Y 2016Y 2016 Q2 2017 Q2
$133
$241
$282
$69 $76
$21
$45 $48
$13 $12
$87
$150 $156
$40 $40
56.9%
52.5%
47.3% 48.4%
45.0%
14
Asset quality
Source: Company documents
1 Held for investment, excluding Warehouse Purchase Program loans
NCOs / average loans HFI¹NPAs / loans HFI1 + OREO
R: 000
G: 048
B: 135
R: 111
G: 162
B: 135
SECOND QUARTER 2017 – ASSET QUALITY
2013Y 2014Y 2015Y 2016Y 2017 Q2
1.10%
0.91% 0.89%
2.01%
1.75%
2013Y 2014Y 2015Y 2016Y 2017 Q2
0.10%
0.02%
0.09%
0.14%
0.11%
Total non-performing loans down $8.2 million from Q1 2017, with only $10.4 million, or 11%,
of total NPLs past due at June 30, 2017.
15
Total Classified Assets (including foreclosed assets)
Classified assets declined by $9.2 million from Q1 2017, while a $33.7 million decline in
classified energy loans drove a $33.5 million decrease in classified assets compared Q2
2016.
2016 Q2 2016 Q3 2016 Q4 2017 Q1 2017 Q2
$45.2 $52.6
$60.2
$40.9 $36.4
$10.5
$10.5
$22.7
$23.3
$19.5
$108.1
$163.8
$98.8
$161.9
$67.6
$150.5
$75.3
$139.5
$74.4
$130.3
Asset quality
Source: Company documents
R: 000
G: 048
B: 135
R: 111
G: 162
B: 135
SECOND QUARTER 2017 – ASSET QUALITY
($ in millions)
Oil and Gas
Corporate Healthcare Finance
All Other Loan Portfolios
16
Prudent capital management
Source: Company documents
1 See the section labeled "Supplemental Information- Non-GAAP Financial Measures“
2 Calculated at the Company level, which is subject to the capital adequacy requirements of the Federal Reserve
TCE / TA1 Tier 1 common risk-based2
Tier 1 leverage2
SECOND QUARTER 2017 – CAPITAL
2013Y 2014Y 2015Y 2016Y 2017 Q2
14.7% 13.0%
8.3% 8.6% 8.5%
2013Y 2014Y 2015Y 2016Y 2017 Q2
18.2%
15.1%
9.6% 9.1% 8.9%
2013Y 2014Y 2015Y 2016Y 2017 Q2
15.7% 13.9%
9.5% 8.7% 9.1%
17
Key investment highlights
One of the largest independent Texas financial services companies built
upon a strong customer focus and a long history of serving Texans
Commercially focused loan growth and disciplined expense management
Growth balanced with disciplined underwriting and risk management
Capital ratios remain strong; provides dry powder for robust organic growth
SECOND QUARTER 2017 – INVESTMENT HIGHLIGHTS
18
Looking ahead
Expand our Texas footprint and solidify our deep-rooted culture
Focus on growth – organically and through selective acquisitions
Diversify income sources
Prudent and focused expense management
Maintain asset quality
Strategic capital deployment
SECOND QUARTER 2017 – LOOKING AHEAD
19
Manifesto
We believe in our customers. Their goals. Their
dreams. Their ambitions for tomorrow.
And since 1952, we’ve been doing whatever it takes to support them as they
advance in business and in life.
We are responsive, accountable, trusted, experts at what we do. And we
listen. Because we believe that true understanding is the first step toward
bold, meaningful results.
Fueled by an independent spirit, inspired by the ingenuity of our customers
and grounded by the values of our community, we are a family like no other.
We are LegacyTexas.
SECOND QUARTER 2017 – OUR VISION
Appendix
21
Supplemental Information – Non-GAAP Financial Measures (unaudited)
Reconciliation of Core (non-GAAP) to GAAP Net Income and Earnings per Share (net of tax):
At or For the Quarter Ended
June 30,
2017
March 31,
2017
December 31,
2016
September 30,
2016
June 30,
2016
(Dollars in thousands, except per share amounts)
GAAP net income available to common shareholders 1 $ 27,837 $ 18,111 $ 25,174 $ 27,084 $ 23,114
Distributed and undistributed earnings to participating securities 1 98 79 131 133 103
Net (gain) on sale of insurance subsidiary operations — — — — (39)
(Gain) loss on sale of branch locations and land — (847) — — —
Loss on sale of FHA loan portfolio — — — 969 —
Core (non-GAAP) net income $ 27,935 $ 17,343 $ 25,305 $ 28,186 $ 23,178
Average shares for basic earnings per share 46,596,467 46,453,658 46,346,053 46,227,734 46,135,999
GAAP basic earnings per share $ 0.60 $ 0.39 $ 0.54 $ 0.59 $ 0.50
Core (non-GAAP) basic earnings per share 0.60 0.37 0.55 0.61 0.50
Average shares for diluted earnings per share 47,005,554 47,060,306 46,873,215 46,546,532 46,352,141
GAAP diluted earnings per share $ 0.59 $ 0.38 $ 0.54 $ 0.58 $ 0.50
Core (non-GAAP) diluted earnings per share 0.59 0.37 0.54 0.61 0.50
1 Unvested share-based awards that contain nonforfeitable rights to dividends (whether paid or unpaid) are participating securities and are
included in the computation of GAAP earnings per share pursuant to the two-class method described in ASC 260-10-45-60B.
At or For the Year Ended
December 31,
2016
December 31,
2015
December 31,
2014
December 31,
2013
December 31,
2012
GAAP net income available to common shareholders 1 $ 97,324 $ 70,382 $ 30,942 $ 31,294 $ 35,135
Distributed and undistributed earnings to participating securities 1 497 534 336 394 106
Merger and acquisition costs — 1,009 7,071 431 2,621
Net (gain) on sale of insurance subsidiary operations (39) — — — —
(Gain) loss on sale of branch locations and land (2,529) (190) — — —
Loss on sale of FHA loan portfolio 969 — — — —
Valuation adjustment on mortgage servicing rights — 121 — — —
One-time payroll and severance costs — — 234 436 777
Costs relating to sale of ViewPoint Mortgage — — – – 227
Goodwill impairment — — – – 532
Core (non-GAAP) net income $ 96,222 $ 71,856 $ 38,583 $ 32,555 $ 39,398
Average shares for basic earnings per share 46,184,074 45,847,284 37,919,065 37,589,548 35,879,704
GAAP basic earnings per share $ 2.11 $ 1.54 $ 0.82 $ 0.83 $ 0.98
Core (non-GAAP) basic earnings per share 2.08 1.57 1.02 0.87 1.10
Average shares for diluted earnings per share 46,484,967 46,125,447 38,162,094 37,744,786 35,998,345
GAAP diluted earnings per share $ 2.09 $ 1.53 $ 0.81 $ 0.83 $ 0.98
Core (non-GAAP) diluted earnings per share 2.07 1.56 1.01 0.86 1.09
22
Supplemental Information – Non-GAAP Financial Measures (unaudited)
At or For the Quarter Ended
June 30,
2017
March 31,
2017
December 31,
2016
September 30,
2016
June 30,
2016
(Dollars in thousands, except per share amounts)
Reconciliation of Core (non-GAAP) to GAAP Non-Interest Income (gross of tax):
GAAP non-interest income $ 12,325 $ 12,130 $ 12,277 $ 11,277 $ 13,722
Net (gain) on sale of insurance subsidiary operations — — — — (1,181)
(Gain) loss on sale of branch locations and land — (1,304) — — —
Loss on sale of FHA loan portfolio — — — 1,491 —
Core (non-GAAP) non-interest income $ 12,325 $ 10,826 $ 12,277 $ 12,768 $ 12,541
Reconciliation of Core (non-GAAP) to GAAP Efficiency Ratio (gross of tax):
GAAP efficiency ratio:
Non-interest expense $ 39,589 $ 39,752 $ 39,548 $ 39,674 $ 39,613
Net interest income plus non-interest income 88,045 88,678 86,361 84,757 83,076
Efficiency ratio- GAAP basis 44.96% 44.83% 45.79% 46.81% 47.68%
Core (non-GAAP) efficiency ratio:
GAAP non-interest expense $ 39,589 $ 39,752 $ 39,548 $ 39,674 $ 39,613
Net interest income plus core (non-GAAP) non-interest income 88,045 87,374 86,361 86,248 81,895
Efficiency ratio- core (non-GAAP) basis 44.96% 45.50% 45.79% 46.00% 48.37%
23
Supplemental Information – Non-GAAP Financial Measures (unaudited)
At or For the Year Ended December 31,
2016 2015 2014
Reconciliation of Core (non-GAAP) to GAAP Non-Interest Income and Expense (gross of tax):
GAAP non-interest income $ 51,931 $ 44,815 $ 20,743
Net (gain) on sale of insurance subsidiary operations (1,181) — —
(Gain) loss on sale of branch locations and land (3,891) (293) —
Loss on sale of FHA loan portfolio 1,491 — —
Valuation adjustment on mortgage servicing rights — 186 —
Core (non-GAAP) non-interest income $ 48,350 $ 44,708 $ 20,743
GAAP non-interest expense $ 156,377 $ 151,555 $ 98,092
Merger and acquisition costs — (1,553) (10,291)
One-time payroll and severance costs — — (360)
Core (non-GAAP) non-interest expense $ 156,377 $ 150,002 $ 87,441
Reconciliation of Core (non-GAAP) to GAAP Efficiency Ratio (gross of tax):
Net interest income $ 282,269 $ 241,077 $ 133,007
GAAP efficiency ratio:
Non-interest expense $ 156,377 $ 151,555 $ 98,092
Net interest income plus non-interest income 334,200 285,892 153,750
Efficiency ratio- GAAP basis 46.79% 53.01% 63.80%
Core (non-GAAP) efficiency ratio:
Core (non-GAAP) non-interest expense $ 156,377 $ 150,002 $ 87,441
Net interest income plus core (non-GAAP) non-interest income 330,619 285,785 153,750
Efficiency ratio- core (non-GAAP) basis 47.30% 52.49% 56.87%
24
Supplemental Information – Non-GAAP Financial Measures (unaudited)
Calculation of Tangible Book Value and Tangible Equity to Tangible Assets:
At or For the Quarter Ended
June 30, 2017 March 31, 2017 December 31, 2016 September 30, 2016 June 30, 2016
Calculation of Tangible Book Value per share: (Dollars in thousands, except per share amounts)
Total shareholders' equity $ 925,283 $ 899,917 $ 885,365 $ 866,845 $ 843,304
Less: Goodwill (178,559) (178,559) (178,559) (178,559) (178,559)
Less: Identifiable intangible assets, net (524) (585) (665) (752) (838)
Total tangible shareholders' equity $ 746,200 $ 720,773 $ 706,141 $ 687,534 $ 663,907
Shares outstanding at end of period 48,009,379 47,940,133 47,876,198 47,773,160 47,670,440
Book value per share- GAAP $ 19.27 $ 18.77 $ 18.49 $ 18.15 $ 17.69
Tangible book value per share- Non-GAAP 15.54 15.03 14.75 14.39 13.93
Calculation of Tangible Equity to Tangible Assets:
Total assets $ 8,970,375 $ 8,436,542 $ 8,362,255 $ 8,440,010 $ 8,057,005
Less: Goodwill (178,559) (178,559) (178,559) (178,559) (178,559)
Less: Identifiable intangible assets, net (524) (585) (665) (752) (838)
Total tangible assets $ 8,791,292 $ 8,257,398 $ 8,183,031 $ 8,260,699 $ 7,877,608
Equity to assets- GAAP 10.31% 10.67% 10.59% 10.27% 10.47%
Tangible equity to tangible assets- Non-GAAP 8.49% 8.73% 8.63% 8.32% 8.43%
At or For the Year Ended
December 31, 2015 December 31, 2014 December 31, 2013 December 31, 2012
Calculation of Tangible Book Value per share:
Total shareholders' equity $ 804,076 $ 568,223 $ 544,460 $ 520,871
Less: Goodwill (180,776) (29,650) (29,650) (29,650)
Less: Identifiable intangible assets, net (1,030) (813) (1,239) (1,653)
Total tangible shareholders' equity $ 622,270 $ 537,760 $ 513,571 $ 489,568
Shares outstanding at end of period 47,645,826 40,014,851 39,938,816 39,612,911
Book value per share- GAAP $ 16.88 $ 14.20 $ 13.63 $ 13.15
Tangible book value per share- Non-GAAP 13.06 13.44 12.86 12.36
Calculation of Tangible Equity to Tangible Assets:
Total assets $ 7,691,940 $ 4,164,114 $ 3,525,232 $ 3,663,058
Less: Goodwill (180,776) (29,650) (29,650) (29,650)
Less: Identifiable intangible assets, net (1,030) (813) (1,239) (1,653)
Total tangible assets $ 7,510,134 $ 4,133,651 $ 3,494,343 $ 3,631,755
Equity to assets- GAAP 10.45% 13.65% 15.44% 14.22%
Tangible equity to tangible assets- Non-GAAP 8.29% 13.01% 14.70% 13.48%
25
Supplemental Information – Non-GAAP Financial Measures (unaudited)
At or For the Quarter Ended
June 30, 2017 March 31, 2017 December 31, 2016 September 30, 2016 June 30, 2016
(Dollars in thousands, except per share amounts)
Calculation of Return on Average Assets and Return on Average Equity Ratios (GAAP and core)
Net income $ 27,935 $ 18,190 $ 25,305 $ 27,217 $ 23,217
Core (non-GAAP) net income 27,935 17,343 25,305 28,186 23,178
Average total equity 914,564 900,118 880,250 860,142 835,752
Average total assets 8,491,696 8,172,072 8,445,209 8,176,612 7,739,015
Return on average common shareholders' equity 12.22% 8.08% 11.50% 12.66% 11.11%
Core (non-GAAP) return on average common
shareholders' equity 12.22 7.71 11.50 13.11 11.09
Return on average assets 1.32 0.89 1.20 1.33 1.20
Core (non-GAAP) return on average assets 1.32 0.85 1.20 1.38 1.20