TowneBank (the “Bank” or “Company”) (NASDAQ:TOWN) today reported
record earnings for the quarter ended June 30, 2018, of
$34.80 million, or $0.48 per diluted share, compared to the
$26.21 million or $0.42, per diluted share for the quarter
ended June 30, 2017. Excluding acquisition-related expenses,
earnings for the quarter ended June 30, 2018 were
$35.51 million (non-GAAP), or $0.49 (non-GAAP) per
diluted share, compared to $24.77 million (non-GAAP) or $0.40
(non-GAAP), per diluted share for the quarter ended June 30, 2017.
“We are pleased to report another record quarter, highlighted by
a 14.6% increase in top-line revenue growth and a strong operating
performance,” said G. Robert Aston, Jr., Executive Chairman.
“Second quarter results included strong loan growth of 16%,
annualized. Credit quality remained strong and our return on
average assets was 1.32%.”
Highlights for the Second Quarter of
2018 Compared to the Second Quarter of 2017:
- Total revenues were $137.06 million, an increase of
$17.46 million, or 14.60%.
- Loans held for investment increased $1.83 billion, or
30.69%, from June 30, 2017, and $304.81 million, or 4.08%,
from March 31, 2018, or 16.37% on an annualized basis.
Excluding loans acquired in the Paragon merger of
$1.43 billion, loans increased $393.40 million, or 6.61%
from June 30, 2017.
- Total deposits were $7.99 billion, an increase of
$1.40 billion, or 21.16%.
- Noninterest bearing deposits increased by 17.03%, to
$2.60 billion, representing 32.50% of total deposits.
- Annualized return on common shareholders' equity of 9.62% and
annualized return of average tangible common shareholders' equity
of 15.36% (non-GAAP).
- Net interest margin of 3.69% and taxable equivalent net
interest margin of 3.71% (non-GAAP).
- Effective tax rate of 19.89% benefiting from the Tax Cuts and
Jobs Act of 2017.
- Expansion of the Towne footprint through the successful
acquisition in the second quarter of Michael R. Bare, LLC, by
TowneInsurance Agency, LLC. Additionally, Towne Vacations
Deep Creek, LLC, expanded its vacation offerings through merger
with Deep Creek Lodging Company, LLC. Both transactions
included the retention of the acquired/merged management
teams.
“In the second quarter, we capitalized on the growth
opportunities afforded us by our successful Paragon merger in
addition to continuing organic growth in our existing
footprint. We continue to identify market opportunities to
expand our reach in North Carolina with our unique brand of
Hometown Banking,” said J. Morgan Davis, President and Chief
Executive Officer.
Quarterly Net Interest Income Compared
to the Second Quarter of 2017:
- Net interest income was $86.82 million compared to $69.25
million at June 30, 2017.
- Taxable equivalent net interest margin was 3.71%, including
accretion of 23 basis points, compared to 3.84%, including
accretion of 31 basis points, for 2017. Second
quarter 2017 accretion income included a one-time positive
adjustment of $3.89 million, or 21 basis points.
- Total cost of deposits increased to 0.60% from 0.44% at
June 30, 2017.
- Average interest-earning assets totaled $9.44 billion at
June 30, 2018 compared to $7.32 billion at June 30, 2017,
an increase of 29.01%.
- Average loans held for investment represented 80.0% of average
earning assets at June 30, 2018 compared to 80.98% in the
second quarter of 2017.
- Average interest-bearing liabilities totaled $6.41 billion, an
increase of $1.58 billion from prior year.
The following table sets forth an estimate of the expected
effects of the aggregate acquisition accounting adjustments on
pre-tax net interest income for the periods shown (in
thousands):
| |
|
Discount Accretion (Premium
Amortization) |
| |
|
For the three months ended |
| |
|
September 30, |
|
December 31, |
|
March 31, |
|
June 30, |
| |
|
2018 |
|
2018 |
|
2019 |
|
2019 |
|
Assets: |
|
|
|
|
|
|
|
| Investment
Securities |
|
$ |
(72 |
) |
|
$ |
(71 |
) |
|
$ |
(72 |
) |
|
$ |
(71 |
) |
|
| Loans |
|
2,231 |
|
|
1,679 |
|
|
1,609 |
|
|
1,568 |
|
|
| |
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
| Deposits |
|
104 |
|
|
91 |
|
|
60 |
|
|
54 |
|
|
| |
|
|
|
|
|
|
|
|
| Total estimated
effect on net interest income |
|
$ |
2,055 |
|
|
$ |
1,517 |
|
|
$ |
1,477 |
|
|
$ |
1,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: This information is intended for informational
purposes only and is not necessarily indicative of future
results. |
| Actual results may differ due to factors
such as changes in estimated prepayment speeds or projected credit
loss rates. |
| |
Quarterly Provision for Loan
Losses:
- Recorded a provision for loan losses of $3.06 million compared
to $1.95 million in the prior quarter and $1.32 million one year
ago, driven by strong growth in loans held for investment during
the quarter.
- Net charge-offs were $0.26 million compared to $0.38 million
one year prior. The ratio of net charge-offs to average loans
on an annualized basis was 0.01% compared to 0.02% in the prior
quarter and 0.03% for the second quarter of 2017.
- The allowance for loan losses represented 0.64% of total loans
compared to 0.63% at March 31, 2018 and 0.74% at June 30,
2017. Loan loss reserve as a percentage of total loans,
excluding purchased loans, decreased to 0.84%, from 0.86% at March
31, 2018, and June 30, 2017. The allowance for loan losses
was 12.64 times nonperforming loans compared to 10.40 times at
March 31, 2018 and 4.58 times at June 30, 2017.
Quarterly Noninterest Income Compared to the Second
Quarter of 2017:
- Total noninterest income was $50.23 million compared to
$50.34 million, a decrease of $0.11 million. This
reflects a decrease of $2.85 million in residential mortgage
banking income, which was offset by an increase of
$0.33 million in service charges on deposit accounts and an
increase of $2.19 million in insurance commissions and other
title fees primarily related to increases in commercial line
commissions and the timing of revenue due to the adoption of the
new accounting guidance on revenue recognition.
- Residential mortgage banking income was $18.74 million
compared to $21.59 million in second quarter 2017. Loan
volume in the current quarter was $1.01 billion, with
purchases comprising $922.75 million and refinancing activity
accounting for $86.04 million. Loan volume in second
quarter 2017 was $1.08 billion, with purchase activity of
$961.29 million and refinancing activity of
$117.23 million. Lower volumes and continued pressure on
gain on sale margin led to the decline in revenue.
- Insurance segment total revenue increased 18.03% to
$17.58 million in second quarter. The change in the
timing of revenue recognition related to the adoption of new
accounting guidance resulted in an increase of insurance commission
revenue for the second quarter of approximately
$0.81 million.
- Property management fee revenue decreased $1.20 million,
or 22.69%, primarily related to a change in the timing of revenue
recognition due to the adoption of new accounting guidance on
revenue recognition. The change in accounting guidance
resulted in a decrease of property management fee income for the
second quarter of approximately $0.76 million.
Quarterly Noninterest Expense Compared
to the Second Quarter of 2017:
- Total noninterest expense was $89.22 million compared to
$78.12 million, an increase of $11.10 million, or
14.21%. This reflects increases of $5.86 million in
salary and benefits expense, which includes a non-recurring
retirement related adjustment of $1.11 million, $1.05 million in
outside processing expenses, $0.99 million in intangible
amortization expense, $0.94 million in professional fees, and
$0.60 million in software expense.
- Noninterest expense included operational expenses of entities
acquired subsequent to second quarter 2017 of $9.78 million,
primarily in our Banking and Insurance segments. Excluding
acquired entity expenses, noninterest expense was $79.45 million
for the quarter ended June 30, 2018.
Quarterly Income Taxes Compared to the
Second Quarter of 2017:
- Income tax expense was $8.64 million compared to
$12.24 million, one year prior. This represents an
effective tax rate of 19.89% compared to 31.83% in the second
quarter of 2017.
- The decrease in the effective tax rate from the prior year is
due to the Tax Cuts and Jobs Act of 2017, signed into law on
December 22, 2017. The reduction from 35% to 21% of the U.S.
federal corporate tax rate was among the key changes to U.S. tax
law, effective January 1, 2018.
Investment Securities:
- Total investment securities were $1.16 billion compared to
$1.34 billion at March 31, 2018 and $0.79 billion at
June 30, 2017. The weighted average duration of the
portfolio at June 30, 2018 was 3.02 years. The carrying value
of the available-for-sale portfolio included $20.60 million of
net unrealized losses compared to $17.95 million at
March 31, 2018 and $2.05 million in net unrealized losses
at June 30, 2017. The carrying value of the
held-to-maturity portfolio does not reflect $0.64 million in
net unrealized gains compared to $0.88 million in net
unrealized gains at March 31, 2018 and $2.45 million in net
unrealized gains at June 30, 2017.
Loans:
- Total loans held for investment were $7.77 billion at
June 30, 2018 compared to $7.47 billion at March 31,
2018 and $5.95 billion at June 30, 2017.
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
% Change |
| |
Q2 |
|
Q2 |
|
Q1 |
|
Q2 18 vs. |
|
Q2 18 vs. |
| (dollars in
thousands) |
2018 |
|
2017 |
|
2018 |
|
Q2 17 |
|
Q1 18 |
| Construction and land
development |
$ |
989,910 |
|
|
$ |
888,566 |
|
|
$ |
996,159 |
|
|
11.41 |
% |
|
(0.63 |
)% |
| Commercial real estate
- investment related properties |
1,935,013 |
|
|
1,339,270 |
|
|
1,853,737 |
|
|
44.48 |
% |
|
4.38 |
% |
| Commercial real estate
- owner occupied |
1,227,072 |
|
|
956,333 |
|
|
1,164,923 |
|
|
28.31 |
% |
|
5.34 |
% |
| Multifamily real
estate |
288,043 |
|
|
206,894 |
|
|
297,085 |
|
|
39.22 |
% |
|
(3.04 |
)% |
| 1-4 family residential
real estate |
1,596,264 |
|
|
1,227,389 |
|
|
1,566,449 |
|
|
30.05 |
% |
|
1.90 |
% |
| Commercial and
industrial business loans |
1,440,625 |
|
|
1,110,822 |
|
|
1,328,357 |
|
|
29.69 |
% |
|
8.45 |
% |
| Consumer loans and
other |
298,029 |
|
|
219,787 |
|
|
263,441 |
|
|
35.60 |
% |
|
13.13 |
% |
| Total |
$ |
7,774,956 |
|
|
$ |
5,949,061 |
|
|
$ |
7,470,151 |
|
|
30.69 |
% |
|
4.08 |
% |
|
|
Asset Quality:
- Nonperforming assets declined to $26.31 million, or 0.24%
of total assets, compared to $35.69 million, or 0.42%, at
June 30, 2017.
- Nonperforming loans were 0.05% of period end loans.
- Foreclosed property decreased to $20.13 million.
Deposits and Borrowings:
- Total deposits were $7.99 billion compared to $7.83 billion at
March 31, 2018, and $6.60 billion at June 30, 2017.
The increase in deposits includes $1.25 billion acquired in
the Paragon merger. Loans to deposits were 97.29% compared to
95.46% at March 31, 2018 and 90.20% at June 30,
2017.
- Non-interest bearing deposits were 32.50% of total deposits at
June 30, 2018 compared to 31.99% at March 31, 2018 and
33.65% at June 30, 2017.
- Total borrowings were $1.17 billion compared to $1.18 billion
and $0.56 billion at March 31, 2018 and June 30, 2017,
respectively.
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
% Change |
| |
Q2 |
|
Q2 |
|
Q1 |
|
Q2 18 vs. |
|
Q2 18 vs. |
| (dollars in
thousands) |
2018 |
|
2017 |
|
2018 |
|
Q2 17 |
|
Q1 18 |
| Noninterest-bearing
demand |
$ |
2,597,320 |
|
|
$ |
2,219,406 |
|
|
$ |
2,503,246 |
|
|
17.03 |
% |
|
3.76 |
% |
| Interest-bearing: |
|
|
|
|
|
|
|
|
|
| Demand
and money market accounts |
2,987,102 |
|
|
2,292,978 |
|
|
3,001,256 |
|
|
30.27 |
% |
|
(0.47 |
)% |
|
Savings |
305,334 |
|
|
318,714 |
|
|
309,077 |
|
|
(4.20 |
)% |
|
(1.21 |
)% |
|
Certificates of deposits |
2,101,455 |
|
|
1,764,671 |
|
|
2,011,843 |
|
|
19.08 |
% |
|
4.45 |
% |
| Total |
$ |
7,991,211 |
|
|
$ |
6,595,769 |
|
|
$ |
7,825,422 |
|
|
21.16 |
% |
|
2.12 |
% |
|
|
Capital:
- Common equity tier 1 capital ratio of 11.33%.
- Tier 1 leverage capital ratio of 10.00%.
- Tier 1 risk-based capital ratio of 11.36%.
- Total risk-based capital ratio of 14.71%.
- Book value was $20.22 compared to $19.90 at March 31, 2018
and $17.74 at June 30, 2017.
- Tangible book value was $13.50 compared to $13.34 at
March 31, 2018 and $12.81 at June 30, 2017.
| |
|
|
|
|
|
|
| |
|
Q2 |
|
Q2 |
|
Q1 |
| |
|
2018 |
|
2017 |
|
2018 |
| Common Equity Tier
1 |
|
11.33 |
% |
|
11.98 |
% |
|
11.65 |
% |
| Tier 1 |
|
11.36 |
% |
|
12.03 |
% |
|
11.68 |
% |
| Total |
|
14.71 |
% |
|
12.68 |
% |
|
15.27 |
% |
| Tier 1 Leverage
Ratio |
|
10.00 |
% |
|
10.43 |
% |
|
9.97 |
% |
| |
|
|
|
|
|
|
|
|
|
About TowneBank:As one of the top
community banks in Virginia and North Carolina, TowneBank operates
40 banking offices serving Chesapeake, Chesterfield County, Glen
Allen, Hampton, James City County, Mechanicsville, Newport News,
Norfolk, Portsmouth, Richmond, Suffolk, Virginia Beach,
Williamsburg, and York County in Virginia, along with Raleigh,
Cary, Charlotte, Moyock, Grandy, Camden County, Southern Shores,
Corolla and Nags Head in North Carolina. Towne also offers a
full range of financial services through its controlled divisions
and subsidiaries that include Towne Investment Group, Towne Wealth
Management, Towne Insurance Agency, Towne Benefits, TowneBank
Mortgage, TowneBank Commercial Mortgage, Berkshire Hathaway
HomeServices Towne Realty, Towne 1031 Exchange, LLC, and Towne
Vacations. Local decision-making is a hallmark of its
hometown banking strategy that is delivered through the leadership
of each group’s President and Board of Directors. With total
assets of $10.83 billion as of June 30, 2018, TowneBank
is one of the largest banks headquartered in Virginia.
Non-GAAP Financial Measures:This press release
contains financial information determined by methods other than in
accordance with GAAP. The Company's management uses these
non-GAAP financial measures in its analysis of the Company's
performance. These measures typically adjust GAAP performance
measures to exclude the effects of the amortization of intangibles
and include the tax benefit associated with revenue items that are
tax-exempt, as well as adjust income available to common
shareholders for certain significant activities or transactions
that are infrequent in nature. Management believes
presentations of these non-GAAP financial measures provide useful
supplemental information that is essential to a proper
understanding of the operating results of the Company’s core
businesses. These non-GAAP disclosures should not be viewed
as a substitute for operating results determined in accordance with
GAAP, nor are they necessarily comparable to non-GAAP performance
measures that may be presented by other companies. Reconciliations
of GAAP to non-GAAP disclosures are included as tables at the end
of this release.
Forward-Looking Statements:Certain statements
contained in this release constitute forward-looking statements
within the meaning of U.S. federal securities laws. These
forward-looking statements speak only as of the date of this
release, are based on current expectations, and involve a number of
assumptions. These include statements regarding TowneBank’s
future economic performance, financial condition, prospects,
growth, strategies and expectations, and objectives of management,
and are generally identified by the use of words such as “believe,”
“expect,” “intend,” “anticipate,” “estimate,” or “project” or
similar expressions. TowneBank intends such forward-looking
statements to be covered by the safe harbor provisions for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995 and is including this statement for
purposes of these safe harbor provisions. You should not place
undue reliance on forward-looking statements, which are subject to
assumptions that are subject to change. TowneBank’s ability to
predict results, or the actual effect of future plans or
strategies, is inherently uncertain. These forward-looking
statements are subject to a number of factors and uncertainties
that could cause actual results to differ from those indicated or
implied in the forward-looking statements and such differences may
be material. Factors which could have a material effect on
the operations and future prospects of TowneBank include but are
not limited to: changes in interest rates, general economic and
business conditions; legislative/regulatory changes; the monetary
and fiscal policies of the U.S. government, including policies of
the U.S. Treasury and the Board of Governors of the Federal Reserve
System; the quality and composition of TowneBank’s loan and
securities portfolios; demand for loan products; deposit flows;
competition; demand for financial services in TowneBank’s market
area; implementation of new technologies and the ability to develop
and maintain secure and reliable electronic systems; changes in the
securities markets; changes in accounting principles, policies and
guidelines; and other risk factors detailed from time to time in
filings made by TowneBank with the Federal Deposit Insurance
Corporation (the “FDIC”). TowneBank undertakes no obligation
to update or clarify these forward-looking statements, whether as a
result of new information, future events or otherwise.
Media contact:G. Robert Aston,
Jr., Executive Chairman, 757-638-6780J. Morgan Davis, President and
Chief Executive Officer, 757-673-1673
Investor contact:William B.
Littreal, Chief Financial Officer, 757-638-6813
| |
| TOWNEBANK |
| Selected Financial Highlights
(unaudited) |
| (dollars in thousands, except per share
data) |
|
|
|
|
|
|
|
|
|
Increase/ |
|
% Increase/ |
|
Three Months Ended June 30, |
2018 |
|
2017 |
|
(Decrease) |
|
(Decrease) |
| |
|
|
|
|
|
|
|
|
|
Results of Operations: |
|
|
|
|
|
|
|
| |
Net interest
income |
$ |
86,823 |
|
|
$ |
69,253 |
|
|
$ |
17,570 |
|
|
25.37 |
% |
| |
Noninterest income |
50,235 |
|
|
50,343 |
|
|
(108 |
) |
|
(0.21 |
)% |
| |
Total Revenue |
137,058 |
|
|
119,596 |
|
|
17,462 |
|
|
14.60 |
% |
| |
Acquisition-related
expenses |
797 |
|
|
1,281 |
|
|
(484 |
) |
|
(37.78 |
)% |
| |
Noninterest expenses,
excluding acquisition-related expenses |
88,424 |
|
|
76,838 |
|
|
11,586 |
|
|
15.08 |
% |
| |
Provision for loan
losses |
3,056 |
|
|
1,320 |
|
|
1,736 |
|
|
131.52 |
% |
| |
Income before income
tax and noncontrolling interest |
44,781 |
|
|
40,157 |
|
|
4,624 |
|
|
11.51 |
% |
| |
Provision for income
tax expense |
8,643 |
|
|
12,240 |
|
|
(3,597 |
) |
|
(29.39 |
)% |
| |
Net income |
36,138 |
|
|
27,917 |
|
|
8,221 |
|
|
29.45 |
% |
| |
Net income attributable
to noncontrolling interest |
(1,334 |
) |
|
(1,704 |
) |
|
370 |
|
|
(21.71 |
)% |
| |
Net income attributable
to TowneBank |
34,804 |
|
|
26,213 |
|
|
8,591 |
|
|
32.77 |
% |
| |
Net income available to
common shareholders |
34,804 |
|
|
26,213 |
|
|
8,591 |
|
|
32.77 |
% |
| |
Net income per common
share - basic |
0.48 |
|
|
0.42 |
|
|
0.06 |
|
|
14.29 |
% |
|
|
Net
income per common share - diluted |
0.48 |
|
|
0.42 |
|
|
0.06 |
|
|
14.29 |
% |
|
Period End Data: |
|
|
|
|
|
|
|
| |
Total assets |
$ |
10,831,653 |
|
|
$ |
8,427,042 |
|
|
$ |
2,404,611 |
|
|
28.53 |
% |
| |
Total assets -
tangible |
10,345,360 |
|
|
8,118,730 |
|
|
2,226,630 |
|
|
27.43 |
% |
| |
Earning assets |
9,751,972 |
|
|
7,590,796 |
|
|
2,161,176 |
|
|
28.47 |
% |
| |
Loans (net of unearned
income) |
7,774,956 |
|
|
5,949,061 |
|
|
1,825,895 |
|
|
30.69 |
% |
| |
Allowance for loan
losses |
49,535 |
|
|
44,131 |
|
|
5,404 |
|
|
12.25 |
% |
| |
Goodwill and other
intangibles |
486,294 |
|
|
308,312 |
|
|
177,982 |
|
|
57.73 |
% |
| |
Nonperforming
assets |
26,305 |
|
|
35,692 |
|
|
(9,387 |
) |
|
(26.30 |
)% |
| |
Noninterest bearing
deposits |
2,597,320 |
|
|
2,219,406 |
|
|
377,914 |
|
|
17.03 |
% |
| |
Interest bearing
deposits |
5,393,891 |
|
|
4,376,363 |
|
|
1,017,528 |
|
|
23.25 |
% |
| |
Total
deposits |
7,991,211 |
|
|
6,595,769 |
|
|
1,395,442 |
|
|
21.16 |
% |
| |
Total equity |
1,476,786 |
|
|
1,122,998 |
|
|
353,788 |
|
|
31.50 |
% |
| |
Total equity -
tangible |
990,492 |
|
|
814,686 |
|
|
175,806 |
|
|
21.58 |
% |
| |
Common equity |
1,462,761 |
|
|
1,110,681 |
|
|
352,080 |
|
|
31.70 |
% |
| |
Common equity -
tangible |
976,468 |
|
|
802,369 |
|
|
174,099 |
|
|
21.70 |
% |
| |
Book value per common
share |
20.22 |
|
|
17.74 |
|
|
2.48 |
|
|
13.98 |
% |
|
|
Book
value per common share - tangible |
13.50 |
|
|
12.81 |
|
|
0.69 |
|
|
5.39 |
% |
|
Daily Average Balances: |
|
|
|
|
|
|
|
| |
Total assets |
$ |
10,536,847 |
|
|
$ |
8,180,959 |
|
|
$ |
2,355,888 |
|
|
28.80 |
% |
| |
Total assets -
tangible |
10,056,639 |
|
|
7,873,036 |
|
|
2,183,603 |
|
|
27.74 |
% |
| |
Earning assets |
9,442,078 |
|
|
7,318,667 |
|
|
2,123,411 |
|
|
29.01 |
% |
| |
Loans (net of unearned
income), excluding nonaccrual loans |
7,552,983 |
|
|
5,926,336 |
|
|
1,626,647 |
|
|
27.45 |
% |
| |
Allowance for loan
losses |
47,745 |
|
|
43,501 |
|
|
4,244 |
|
|
9.76 |
% |
| |
Goodwill and other
intangibles |
480,208 |
|
|
307,923 |
|
|
172,285 |
|
|
55.95 |
% |
| |
Noninterest bearing
deposits |
2,493,211 |
|
|
2,081,819 |
|
|
411,392 |
|
|
19.76 |
% |
| |
Interest bearing
deposits |
5,230,807 |
|
|
4,186,319 |
|
|
1,044,488 |
|
|
24.95 |
% |
| |
Total
deposits |
7,724,018 |
|
|
6,268,138 |
|
|
1,455,880 |
|
|
23.23 |
% |
| |
Total equity |
1,461,815 |
|
|
1,115,008 |
|
|
346,807 |
|
|
31.10 |
% |
| |
Total equity -
tangible |
981,607 |
|
|
807,085 |
|
|
174,522 |
|
|
21.62 |
% |
| |
Common equity |
1,450,555 |
|
|
1,103,813 |
|
|
346,742 |
|
|
31.41 |
% |
|
|
Common
equity - tangible |
970,347 |
|
|
795,891 |
|
|
174,456 |
|
|
21.92 |
% |
| Key
Ratios: |
|
|
|
|
|
|
|
| |
Return on average
assets |
1.32 |
% |
|
1.29 |
% |
|
0.03 |
% |
|
2.33 |
% |
| |
Return on average
assets - tangible |
1.48 |
% |
|
1.40 |
% |
|
0.08 |
% |
|
5.71 |
% |
| |
Return on average
equity |
9.55 |
% |
|
9.43 |
% |
|
0.12 |
% |
|
1.27 |
% |
| |
Return on average
equity - tangible |
15.19 |
% |
|
13.67 |
% |
|
1.52 |
% |
|
11.12 |
% |
| |
Return on average
common equity |
9.62 |
% |
|
9.53 |
% |
|
0.09 |
% |
|
0.94 |
% |
| |
Return on average
common equity - tangible |
15.36 |
% |
|
13.87 |
% |
|
1.49 |
% |
|
10.74 |
% |
| |
Net interest
margin-fully tax equivalent (1) |
3.71 |
% |
|
3.84 |
% |
|
(0.13 |
)% |
|
(3.39 |
)% |
| |
Net interest
margin |
3.69 |
% |
|
3.80 |
% |
|
(0.11 |
)% |
|
(2.89 |
)% |
| |
Average earning
assets/total average assets |
89.61 |
% |
|
89.46 |
% |
|
0.15 |
% |
|
0.17 |
% |
| |
Average loans/average
deposits |
97.79 |
% |
|
94.55 |
% |
|
3.24 |
% |
|
3.43 |
% |
| |
Average noninterest
deposits/total average deposits |
32.28 |
% |
|
33.21 |
% |
|
(0.93 |
)% |
|
(2.80 |
)% |
| |
Allowance for loan
losses/period end loans |
0.64 |
% |
|
0.74 |
% |
|
(0.10 |
)% |
|
(13.51 |
)% |
| |
Nonperforming assets to
period end assets |
0.24 |
% |
|
0.42 |
% |
|
(0.18 |
)% |
|
(42.86 |
)% |
| |
Period end
equity/period end total assets |
13.63 |
% |
|
13.33 |
% |
|
0.30 |
% |
|
2.25 |
% |
| |
Efficiency ratio |
65.10 |
% |
|
65.32 |
% |
|
(0.22 |
)% |
|
(0.34 |
)% |
|
|
|
|
|
|
|
|
|
|
| (1)
Presented on a tax-equivalent basis |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| TOWNEBANK |
| Selected Financial Highlights
(unaudited) |
| (dollars in thousands, except per share
data) |
|
|
|
|
|
|
|
|
|
Increase/ |
|
% Increase/ |
| Six
Months Ended June 30, |
2018 |
|
2017 |
|
(Decrease) |
|
(Decrease) |
| |
|
|
|
|
|
|
|
|
|
Results of Operations: |
|
|
|
|
|
|
|
| |
Net interest
income |
$ |
163,168 |
|
|
$ |
129,533 |
|
|
$ |
33,635 |
|
|
25.97 |
% |
| |
Noninterest income |
100,167 |
|
|
95,228 |
|
|
4,939 |
|
|
5.19 |
% |
| |
Total Revenue |
263,335 |
|
|
224,761 |
|
|
38,574 |
|
|
17.16 |
% |
| |
Acquisition-related
expenses |
9,523 |
|
|
1,277 |
|
|
8,246 |
|
|
645.73 |
% |
| |
Noninterest expenses,
excluding acquisition-related expenses |
172,001 |
|
|
147,090 |
|
|
24,911 |
|
|
16.94 |
% |
| |
Provision for loan
losses |
5,009 |
|
|
3,861 |
|
|
1,148 |
|
|
29.73 |
% |
| |
Income before income
tax and noncontrolling interest |
76,802 |
|
|
72,533 |
|
|
4,269 |
|
|
5.89 |
% |
| |
Provision for income
tax expense |
14,720 |
|
|
21,626 |
|
|
(6,906 |
) |
|
(31.93 |
)% |
| |
Net income |
62,082 |
|
|
50,907 |
|
|
11,175 |
|
|
21.95 |
% |
| |
Net income attributable
to noncontrolling interest |
(2,572 |
) |
|
(2,727 |
) |
|
155 |
|
|
(5.68 |
)% |
| |
Net income attributable
to TowneBank |
59,510 |
|
|
48,180 |
|
|
11,330 |
|
|
23.52 |
% |
| |
Net income available to
common shareholders |
59,510 |
|
|
48,180 |
|
|
11,330 |
|
|
23.52 |
% |
| |
Net income per common
share - basic |
0.84 |
|
|
0.78 |
|
|
0.06 |
|
|
7.69 |
% |
|
|
Net
income per common share - diluted |
0.84 |
|
|
0.77 |
|
|
0.07 |
|
|
9.09 |
% |
|
Period End Data: |
|
|
|
|
|
|
|
| |
Total assets |
$ |
10,831,653 |
|
|
$ |
8,427,042 |
|
|
$ |
2,404,611 |
|
|
28.53 |
% |
| |
Total assets -
tangible |
10,345,360 |
|
|
8,118,730 |
|
|
2,226,630 |
|
|
27.43 |
% |
| |
Earning assets |
9,751,972 |
|
|
7,590,796 |
|
|
2,161,176 |
|
|
28.47 |
% |
| |
Loans (net of unearned
income) |
7,774,956 |
|
|
5,949,061 |
|
|
1,825,895 |
|
|
30.69 |
% |
| |
Allowance for loan
losses |
49,535 |
|
|
44,131 |
|
|
5,404 |
|
|
12.25 |
% |
| |
Goodwill and other
intangibles |
486,294 |
|
|
308,312 |
|
|
177,982 |
|
|
57.73 |
% |
| |
Nonperforming
assets |
26,305 |
|
|
35,692 |
|
|
(9,387 |
) |
|
(26.30 |
)% |
| |
Noninterest bearing
deposits |
2,597,320 |
|
|
2,219,406 |
|
|
377,914 |
|
|
17.03 |
% |
| |
Interest bearing
deposits |
5,393,891 |
|
|
4,376,363 |
|
|
1,017,528 |
|
|
23.25 |
% |
| |
Total
deposits |
7,991,211 |
|
|
6,595,769 |
|
|
1,395,442 |
|
|
21.16 |
% |
| |
Total equity |
1,476,786 |
|
|
1,122,998 |
|
|
353,788 |
|
|
31.50 |
% |
| |
Total equity -
tangible |
990,492 |
|
|
814,686 |
|
|
175,806 |
|
|
21.58 |
% |
| |
Common equity |
1,462,761 |
|
|
1,110,681 |
|
|
352,080 |
|
|
31.70 |
% |
| |
Common equity -
tangible |
976,468 |
|
|
802,369 |
|
|
174,099 |
|
|
21.70 |
% |
| |
Book value per common
share |
20.22 |
|
|
17.74 |
|
|
2.48 |
|
|
13.98 |
% |
|
|
Book
value per common share - tangible |
13.50 |
|
|
12.81 |
|
|
0.69 |
|
|
5.39 |
% |
|
Daily Average Balances: |
|
|
|
|
|
|
|
| |
Total assets |
$ |
10,194,507 |
|
|
$ |
8,091,161 |
|
|
$ |
2,103,346 |
|
|
26.00 |
% |
| |
Total assets -
tangible |
9,742,834 |
|
|
7,786,156 |
|
|
1,956,678 |
|
|
25.13 |
% |
| |
Earning assets |
9,122,147 |
|
|
7,248,947 |
|
|
1,873,200 |
|
|
25.84 |
% |
| |
Loans (net of unearned
income), excluding nonaccrual loans |
7,255,533 |
|
|
5,894,743 |
|
|
1,360,790 |
|
|
23.08 |
% |
| |
Allowance for loan
losses |
46,976 |
|
|
43,058 |
|
|
3,918 |
|
|
9.10 |
% |
| |
Goodwill and other
intangibles |
451,673 |
|
|
305,006 |
|
|
146,667 |
|
|
48.09 |
% |
| |
Noninterest bearing
deposits |
2,398,693 |
|
|
2,020,195 |
|
|
378,498 |
|
|
18.74 |
% |
| |
Interest bearing
deposits |
5,091,067 |
|
|
4,144,447 |
|
|
946,620 |
|
|
22.84 |
% |
| |
Total
deposits |
7,489,760 |
|
|
6,164,642 |
|
|
1,325,118 |
|
|
21.50 |
% |
| |
Total equity |
1,408,694 |
|
|
1,104,308 |
|
|
304,386 |
|
|
27.56 |
% |
| |
Total equity -
tangible |
957,021 |
|
|
799,303 |
|
|
157,718 |
|
|
19.73 |
% |
| |
Common equity |
1,397,841 |
|
|
1,093,128 |
|
|
304,713 |
|
|
27.88 |
% |
|
|
Common
equity - tangible |
946,167 |
|
|
788,122 |
|
|
158,045 |
|
|
20.05 |
% |
| Key
Ratios: |
|
|
|
|
|
|
|
| |
Return on average
assets |
1.18 |
% |
|
1.20 |
% |
|
(0.02 |
)% |
|
(1.67 |
)% |
| |
Return on average
assets - tangible |
1.32 |
% |
|
1.31 |
% |
|
0.01 |
% |
|
0.76 |
% |
| |
Return on average
equity |
8.52 |
% |
|
8.80 |
% |
|
(0.28 |
)% |
|
(3.18 |
)% |
| |
Return on average
equity - tangible |
13.47 |
% |
|
12.79 |
% |
|
0.68 |
% |
|
5.32 |
% |
| |
Return on average
common equity |
8.59 |
% |
|
8.89 |
% |
|
(0.30 |
)% |
|
(3.37 |
)% |
| |
Return on average
common equity - tangible |
13.62 |
% |
|
12.97 |
% |
|
0.65 |
% |
|
5.01 |
% |
| |
Net interest
margin-fully tax equivalent (1) |
3.63 |
% |
|
3.64 |
% |
|
(0.01 |
)% |
|
(0.27 |
)% |
| |
Net interest
margin |
3.61 |
% |
|
3.60 |
% |
|
0.01 |
% |
|
0.28 |
% |
| |
Average earning
assets/total average assets |
89.48 |
% |
|
89.59 |
% |
|
(0.11 |
)% |
|
(0.12 |
)% |
| |
Average loans/average
deposits |
96.87 |
% |
|
95.62 |
% |
|
1.25 |
% |
|
1.31 |
% |
| |
Average noninterest
deposits/total average deposits |
32.03 |
% |
|
32.77 |
% |
|
(0.74 |
)% |
|
(2.26 |
)% |
| |
Allowance for loan
losses/period end loans |
0.64 |
% |
|
0.74 |
% |
|
(0.10 |
)% |
|
(13.51 |
)% |
| |
Nonperforming assets to
period end assets |
0.24 |
% |
|
0.42 |
% |
|
(0.18 |
)% |
|
(42.86 |
)% |
| |
Period end
equity/period end total assets |
13.63 |
% |
|
13.33 |
% |
|
0.30 |
% |
|
2.25 |
% |
| |
Efficiency ratio |
68.93 |
% |
|
66.01 |
% |
|
2.92 |
% |
|
4.42 |
% |
|
|
|
|
|
|
|
|
|
|
| (1)
Presented on a tax-equivalent basis |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| TOWNEBANK |
| Selected Financial Highlights
(unaudited) |
| (dollars in thousands, except per share
data) |
|
|
|
|
|
June 30, |
|
March 31, |
|
Increase/ |
|
% Increase/ |
|
Three Months Ended |
2018 |
|
2018 |
|
(Decrease) |
|
(Decrease) |
| |
|
|
|
|
|
|
|
|
|
Results of Operations: |
|
|
|
|
|
|
|
| |
Net interest
income |
$ |
86,823 |
|
|
$ |
76,344 |
|
|
$ |
10,479 |
|
|
13.73 |
% |
| |
Noninterest income |
50,235 |
|
|
49,932 |
|
|
303 |
|
|
0.61 |
% |
| |
Total Revenue |
137,058 |
|
|
126,276 |
|
|
10,782 |
|
|
8.54 |
% |
| |
Acquisition-related
expenses |
797 |
|
|
8,726 |
|
|
(7,929 |
) |
|
(90.87 |
)% |
| |
Noninterest expenses,
excluding acquisition-related expenses |
88,424 |
|
|
83,577 |
|
|
4,847 |
|
|
5.80 |
% |
| |
Provision for loan
losses |
3,056 |
|
|
1,953 |
|
|
1,103 |
|
|
56.48 |
% |
| |
Income before income
tax and noncontrolling interest |
44,781 |
|
|
32,020 |
|
|
12,761 |
|
|
39.85 |
% |
| |
Provision for income
tax expense |
8,643 |
|
|
6,077 |
|
|
2,566 |
|
|
42.22 |
% |
| |
Net income |
36,138 |
|
|
25,943 |
|
|
10,195 |
|
|
39.30 |
% |
| |
Net income attributable
to noncontrolling interest |
(1,334 |
) |
|
(1,238 |
) |
|
(96 |
) |
|
7.75 |
% |
| |
Net income attributable
to TowneBank |
34,804 |
|
|
24,705 |
|
|
10,099 |
|
|
40.88 |
% |
| |
Net income available to
common shareholders |
34,804 |
|
|
24,705 |
|
|
10,099 |
|
|
40.88 |
% |
| |
Net income per common
share - basic |
0.48 |
|
|
0.36 |
|
|
0.12 |
|
|
33.33 |
% |
|
|
Net
income per common share - diluted |
0.48 |
|
|
0.36 |
|
|
0.12 |
|
|
33.33 |
% |
|
Period End Data: |
|
|
|
|
|
|
|
| |
Total assets |
$ |
10,831,653 |
|
|
$ |
10,620,415 |
|
|
$ |
211,238 |
|
|
1.99 |
% |
| |
Total assets -
tangible |
10,345,360 |
|
|
10,146,133 |
|
|
199,227 |
|
|
1.96 |
% |
| |
Earning assets |
9,751,972 |
|
|
9,569,201 |
|
|
182,771 |
|
|
1.91 |
% |
| |
Loans (net of unearned
income) |
7,774,956 |
|
|
7,470,151 |
|
|
304,805 |
|
|
4.08 |
% |
| |
Allowance for loan
losses |
49,535 |
|
|
46,735 |
|
|
2,800 |
|
|
5.99 |
% |
| |
Goodwill and other
intangibles |
486,294 |
|
|
474,282 |
|
|
12,012 |
|
|
2.53 |
% |
| |
Nonperforming
assets |
26,305 |
|
|
28,479 |
|
|
(2,174 |
) |
|
(7.63 |
)% |
| |
Noninterest bearing
deposits |
2,597,320 |
|
|
2,503,246 |
|
|
94,074 |
|
|
3.76 |
% |
| |
Interest bearing
deposits |
5,393,891 |
|
|
5,322,176 |
|
|
71,715 |
|
|
1.35 |
% |
| |
Total
deposits |
7,991,211 |
|
|
7,825,422 |
|
|
165,789 |
|
|
2.12 |
% |
| |
Total equity |
1,476,786 |
|
|
1,449,350 |
|
|
27,436 |
|
|
1.89 |
% |
| |
Total equity -
tangible |
990,492 |
|
|
975,068 |
|
|
15,424 |
|
|
1.58 |
% |
| |
Common equity |
1,462,761 |
|
|
1,438,480 |
|
|
24,281 |
|
|
1.69 |
% |
| |
Common equity -
tangible |
976,468 |
|
|
964,198 |
|
|
12,270 |
|
|
1.27 |
% |
| |
Book value per common
share |
20.22 |
|
|
19.90 |
|
|
0.32 |
|
|
1.61 |
% |
|
|
Book
value per common share - tangible |
13.50 |
|
|
13.34 |
|
|
0.16 |
|
|
1.20 |
% |
|
Daily Average Balances: |
|
|
|
|
|
|
|
| |
Total assets |
$ |
10,536,847 |
|
|
$ |
9,848,364 |
|
|
$ |
688,483 |
|
|
6.99 |
% |
| |
Total assets -
tangible |
10,056,639 |
|
|
9,425,542 |
|
|
631,097 |
|
|
6.70 |
% |
| |
Earning assets |
9,442,078 |
|
|
8,809,558 |
|
|
632,520 |
|
|
7.18 |
% |
| |
Loans (net of unearned
income), excluding nonaccrual loans |
7,552,983 |
|
|
6,954,777 |
|
|
598,206 |
|
|
8.60 |
% |
| |
Allowance for loan
losses |
47,745 |
|
|
46,199 |
|
|
1,546 |
|
|
3.35 |
% |
| |
Goodwill and other
intangibles |
480,208 |
|
|
422,822 |
|
|
57,386 |
|
|
13.57 |
% |
| |
Noninterest bearing
deposits |
2,493,211 |
|
|
2,303,125 |
|
|
190,086 |
|
|
8.25 |
% |
| |
Interest bearing
deposits |
5,230,807 |
|
|
4,949,775 |
|
|
281,032 |
|
|
5.68 |
% |
| |
Total
deposits |
7,724,018 |
|
|
7,252,900 |
|
|
471,118 |
|
|
6.50 |
% |
| |
Total equity |
1,461,815 |
|
|
1,354,984 |
|
|
106,831 |
|
|
7.88 |
% |
| |
Total equity -
tangible |
981,607 |
|
|
932,161 |
|
|
49,446 |
|
|
5.30 |
% |
| |
Common equity |
1,450,555 |
|
|
1,344,541 |
|
|
106,014 |
|
|
7.88 |
% |
|
|
Common
equity - tangible |
970,347 |
|
|
921,719 |
|
|
48,628 |
|
|
5.28 |
% |
| Key
Ratios: |
|
|
|
|
|
|
|
| |
Return on average
assets |
1.32 |
% |
|
1.02 |
% |
|
0.30 |
% |
|
29.41 |
% |
| |
Return on average
assets - tangible |
1.48 |
% |
|
1.15 |
% |
|
0.33 |
% |
|
28.70 |
% |
| |
Return on average
equity |
9.55 |
% |
|
7.39 |
% |
|
2.16 |
% |
|
29.23 |
% |
| |
Return on average
equity - tangible |
15.19 |
% |
|
11.64 |
% |
|
3.55 |
% |
|
30.50 |
% |
| |
Return on average
common equity |
9.62 |
% |
|
7.45 |
% |
|
2.17 |
% |
|
29.13 |
% |
| |
Return on average
common equity - tangible |
15.36 |
% |
|
11.77 |
% |
|
3.59 |
% |
|
30.50 |
% |
| |
Net interest
margin-fully tax equivalent (1) |
3.71 |
% |
|
3.54 |
% |
|
0.17 |
% |
|
4.80 |
% |
| |
Net interest
margin |
3.69 |
% |
|
3.51 |
% |
|
0.18 |
% |
|
5.13 |
% |
| |
Average earning
assets/total average assets |
89.61 |
% |
|
89.45 |
% |
|
0.16 |
% |
|
0.18 |
% |
| |
Average loans/average
deposits |
97.79 |
% |
|
95.89 |
% |
|
1.90 |
% |
|
1.98 |
% |
| |
Average noninterest
deposits/total average deposits |
32.28 |
% |
|
31.75 |
% |
|
0.53 |
% |
|
1.67 |
% |
| |
Allowance for loan
losses/period end loans |
0.64 |
% |
|
0.63 |
% |
|
0.01 |
% |
|
1.59 |
% |
| |
Nonperforming assets to
period end assets |
0.24 |
% |
|
0.27 |
% |
|
(0.03 |
)% |
|
(11.11 |
)% |
| |
Period end
equity/period end total assets |
13.63 |
% |
|
13.65 |
% |
|
(0.02 |
)% |
|
(0.15 |
)% |
| |
Efficiency ratio |
65.10 |
% |
|
73.10 |
% |
|
(8.00 |
)% |
|
(10.94 |
)% |
|
|
|
|
|
|
|
|
|
|
| (1)
Presented on a tax-equivalent basis |
|
|
|
|
|
|
|
| TOWNEBANK |
| Average Balances, Yields and Rate Paid
(unaudited) |
| (dollars in thousands) |
|
|
|
|
Three Months Ended |
|
Three Months Ended |
|
Three Months Ended |
| |
June 30, 2018 |
|
March 31, 2018 |
|
June 30, 2017 |
| |
|
|
Interest |
|
Average |
|
|
|
Interest |
|
Average |
|
|
|
Interest |
|
Average |
| |
Average |
|
Income/ |
|
Yield/ |
|
Average |
|
Income/ |
|
Yield/ |
|
Average |
|
Income/ |
|
Yield/ |
| |
Balance |
|
Expense |
|
Rate |
|
Balance |
|
Expense |
|
Rate |
|
Balance |
|
Expense |
|
Rate |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loans (net of unearned
income and deferred costs), excluding
nonaccrual loans |
$ |
7,552,983 |
|
|
$ |
93,548 |
|
|
4.97 |
% |
|
$ |
6,954,777 |
|
|
$ |
81,910 |
|
|
4.78 |
% |
|
$ |
5,926,336 |
|
|
$ |
72,167 |
|
|
4.88 |
% |
| Taxable investment
securities |
987,693 |
|
|
5,787 |
|
|
2.34 |
% |
|
902,291 |
|
|
5,026 |
|
|
2.23 |
% |
|
578,593 |
|
|
2,801 |
|
|
1.88 |
% |
| Tax-exempt investment
securities |
82,839 |
|
|
719 |
|
|
3.47 |
% |
|
73,037 |
|
|
688 |
|
|
3.77 |
% |
|
48,560 |
|
|
370 |
|
|
3.05 |
% |
| Interest-bearing
deposits |
499,349 |
|
|
2,159 |
|
|
1.73 |
% |
|
640,350 |
|
|
2,362 |
|
|
1.53 |
% |
|
474,127 |
|
|
1,188 |
|
|
1.05 |
% |
| Loans held for
sale |
319,214 |
|
|
3,557 |
|
|
4.46 |
% |
|
239,103 |
|
|
2,379 |
|
|
3.98 |
% |
|
291,051 |
|
|
2,879 |
|
|
3.96 |
% |
| Total earning
assets |
9,442,078 |
|
|
105,770 |
|
|
4.49 |
% |
|
8,809,558 |
|
|
92,365 |
|
|
4.25 |
% |
|
7,318,667 |
|
|
79,405 |
|
|
4.35 |
% |
| Less: allowance
for loan losses |
(47,745 |
) |
|
|
|
|
|
(46,199 |
) |
|
|
|
|
|
(43,501 |
) |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total nonearning
assets |
1,142,514 |
|
|
|
|
|
|
1,085,005 |
|
|
|
|
|
|
905,793 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
assets |
$ |
10,536,847 |
|
|
|
|
|
|
$ |
9,848,364 |
|
|
|
|
|
|
$ |
8,180,959 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities and
Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing
deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Demand and money
market |
$ |
2,945,897 |
|
|
$ |
3,602 |
|
|
0.49 |
% |
|
$ |
2,774,347 |
|
|
$ |
2,969 |
|
|
0.43 |
% |
|
$ |
2,235,869 |
|
|
$ |
1,957 |
|
|
0.35 |
% |
| Savings |
306,937 |
|
|
941 |
|
|
1.23 |
% |
|
308,539 |
|
|
876 |
|
|
1.15 |
% |
|
318,323 |
|
|
815 |
|
|
1.03 |
% |
| Certificates of
deposit |
1,977,973 |
|
|
7,077 |
|
|
1.43 |
% |
|
1,866,889 |
|
|
5,641 |
|
|
1.23 |
% |
|
1,632,127 |
|
|
4,105 |
|
|
1.01 |
% |
| Total interest-bearing
deposits |
5,230,807 |
|
|
11,620 |
|
|
0.89 |
% |
|
4,949,775 |
|
|
9,486 |
|
|
0.78 |
% |
|
4,186,319 |
|
|
6,877 |
|
|
0.66 |
% |
| Borrowings |
927,216 |
|
|
3,827 |
|
|
1.65 |
% |
|
820,967 |
|
|
2,878 |
|
|
1.40 |
% |
|
641,748 |
|
|
2,551 |
|
|
1.57 |
% |
| Subordinated debt,
net |
249,966 |
|
|
2,986 |
|
|
4.78 |
% |
|
259,205 |
|
|
3,158 |
|
|
4.87 |
% |
|
— |
|
|
— |
|
|
— |
|
| Total interest-bearing
liabilities |
6,407,989 |
|
|
18,433 |
|
|
1.15 |
% |
|
6,029,947 |
|
|
15,522 |
|
|
1.04 |
% |
|
4,828,067 |
|
|
9,428 |
|
|
0.78 |
% |
| Demand deposits |
2,493,211 |
|
|
|
|
|
|
2,303,125 |
|
|
|
|
|
|
2,081,819 |
|
|
|
|
|
| Other
noninterest-bearing liabilities |
173,832 |
|
|
|
|
|
|
160,308 |
|
|
|
|
|
|
156,065 |
|
|
|
|
|
| Total
liabilities |
9,075,032 |
|
|
|
|
|
|
8,493,380 |
|
|
|
|
|
|
7,065,951 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shareholders’
equity |
1,461,815 |
|
|
|
|
|
|
1,354,984 |
|
|
|
|
|
|
1,115,008 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
liabilities and equity |
$ |
10,536,847 |
|
|
|
|
|
|
$ |
9,848,364 |
|
|
|
|
|
|
$ |
8,180,959 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income
(tax-equivalent basis) |
|
|
$ |
87,337 |
|
|
|
|
|
|
$ |
76,843 |
|
|
|
|
|
|
$ |
69,977 |
|
|
|
|
Reconcilement of Non-GAAP Financial Measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tax-equivalent
basis adjustment |
|
|
(514 |
) |
|
|
|
|
|
(499 |
) |
|
|
|
|
|
(724 |
) |
|
|
| Net interest income
(GAAP) |
|
|
$ |
86,823 |
|
|
|
|
|
|
$ |
76,344 |
|
|
|
|
|
|
$ |
69,253 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest rate spread
(1) |
|
|
|
|
3.34 |
% |
|
|
|
|
|
3.21 |
% |
|
|
|
|
|
3.57 |
% |
| Interest
expense as a percent of average earning assets |
|
|
|
0.78 |
% |
|
|
|
|
|
0.71 |
% |
|
|
|
|
|
0.52 |
% |
| Net
interest margin (tax equivalent basis) (2) |
|
|
|
3.71 |
% |
|
|
|
|
|
3.54 |
% |
|
|
|
|
|
3.84 |
% |
| Total cost of
deposits |
|
|
|
|
0.60 |
% |
|
|
|
|
|
0.53 |
% |
|
|
|
|
|
0.44 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Interest spread is the average yield earned on earning
assets less the average rate paid on interest-bearing
liabilities. Fully tax equivalent.(2) Net interest margin is
net interest income expressed as a percentage of average earning
assets. Fully tax equivalent.
| TOWNEBANK |
| Average Balances, Yields and Rate Paid
(unaudited) |
| (dollars in thousands) |
|
|
|
|
Six Months Ended |
|
Six Months Ended |
|
Six Months Ended June 30,
2018 |
| |
June 30, 2018 |
|
June 30, 2017 |
|
Compared with June 30, 2017 |
| |
|
|
Interest |
|
Average |
|
|
|
Interest |
|
Average |
|
|
|
|
| |
Average |
|
Income/ |
|
Yield/ |
|
Average |
|
Income/ |
|
Yield/ |
|
Increase |
|
Change due to |
| |
Balance |
|
Expense |
|
Rate |
|
Balance |
|
Expense |
|
Rate |
|
(Decrease) |
|
Rate |
|
Volume |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loans (net of unearned
income and deferred costs), excluding nonaccrual
loans |
$ |
7,255,533 |
|
|
$ |
175,458 |
|
|
4.88 |
% |
|
$ |
5,894,743 |
|
|
$ |
137,146 |
|
|
4.69 |
% |
|
$ |
38,312 |
|
|
$ |
5,586 |
|
|
$ |
32,726 |
|
| Taxable investment
securities |
945,229 |
|
|
10,811 |
|
|
2.29 |
% |
|
592,979 |
|
|
5,644 |
|
|
1.84 |
% |
|
5,167 |
|
|
1,310 |
|
|
3,857 |
|
| Tax-exempt investment
securities |
77,964 |
|
|
1,408 |
|
|
3.61 |
% |
|
49,522 |
|
|
746 |
|
|
3.01 |
% |
|
662 |
|
|
170 |
|
|
492 |
|
| Interest-bearing
deposits |
564,041 |
|
|
4,522 |
|
|
1.62 |
% |
|
472,391 |
|
|
2,074 |
|
|
0.92 |
% |
|
2,448 |
|
|
1,981 |
|
|
467 |
|
| Loans held for
sale |
279,380 |
|
|
5,936 |
|
|
4.25 |
% |
|
239,312 |
|
|
4,606 |
|
|
3.85 |
% |
|
1,330 |
|
|
509 |
|
|
821 |
|
| Total
earning assets |
9,122,147 |
|
|
198,135 |
|
|
4.38 |
% |
|
7,248,947 |
|
|
150,216 |
|
|
4.18 |
% |
|
47,919 |
|
|
9,556 |
|
|
38,363 |
|
| Less: allowance
for loan losses |
(46,976 |
) |
|
|
|
|
|
(43,058 |
) |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
nonearning assets |
1,119,336 |
|
|
|
|
|
|
885,272 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
assets |
$ |
10,194,507 |
|
|
|
|
|
|
$ |
8,091,161 |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities and
Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand and money market |
$ |
2,860,596 |
|
|
$ |
6,571 |
|
|
0.46 |
% |
|
$ |
2,254,288 |
|
|
$ |
3,822 |
|
|
0.34 |
% |
|
$ |
2,749 |
|
|
$ |
1,564 |
|
|
$ |
1,185 |
|
|
Savings |
307,734 |
|
|
1,817 |
|
|
1.19 |
% |
|
319,315 |
|
|
1,573 |
|
|
0.99 |
% |
|
244 |
|
|
304 |
|
|
(60 |
) |
| Certificates of
deposit |
1,922,737 |
|
|
12,718 |
|
|
1.33 |
% |
|
1,570,844 |
|
|
7,485 |
|
|
0.96 |
% |
|
5,233 |
|
|
3,317 |
|
|
1,916 |
|
| Total interest-bearing
deposits |
5,091,067 |
|
|
21,106 |
|
|
0.84 |
% |
|
4,144,447 |
|
|
12,880 |
|
|
0.63 |
% |
|
8,226 |
|
|
5,185 |
|
|
3,041 |
|
| Borrowings |
874,385 |
|
|
6,705 |
|
|
1.53 |
% |
|
682,401 |
|
|
6,354 |
|
|
1.85 |
% |
|
351 |
|
|
(1,243 |
) |
|
1,594 |
|
| Subordinated debt,
net |
254,560 |
|
|
6,143 |
|
|
4.83 |
% |
|
— |
|
|
— |
|
|
— |
% |
|
6,143 |
|
|
— |
|
|
6,143 |
|
| Total interest-bearing
liabilities |
6,220,012 |
|
|
33,954 |
|
|
1.10 |
% |
|
4,826,848 |
|
|
19,234 |
|
|
0.80 |
% |
|
14,720 |
|
|
3,942 |
|
|
10,778 |
|
| Demand deposits |
2,398,693 |
|
|
|
|
|
|
2,020,195 |
|
|
|
|
|
|
|
|
|
|
|
| Other
noninterest-bearing liabilities |
167,108 |
|
|
|
|
|
|
139,810 |
|
|
|
|
|
|
|
|
|
|
|
| Total
liabilities |
8,785,813 |
|
|
|
|
|
|
6,986,853 |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shareholders’
equity |
1,408,694 |
|
|
|
|
|
|
1,104,308 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
liabilities and equity |
$ |
10,194,507 |
|
|
|
|
|
|
$ |
8,091,161 |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income
(tax-equivalent basis) |
|
|
$ |
164,181 |
|
|
|
|
|
|
$ |
130,982 |
|
|
|
|
$ |
33,199 |
|
|
$ |
5,614 |
|
|
$ |
27,585 |
|
|
Reconcilement of Non-GAAP Financial Measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tax-equivalent
basis adjustment |
|
|
(1,013 |
) |
|
|
|
|
|
(1,449 |
) |
|
|
|
436 |
|
|
|
|
|
| Net interest income
(GAAP) |
|
|
$ |
163,168 |
|
|
|
|
|
|
$ |
129,533 |
|
|
|
|
$ |
33,635 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest rate spread
(1) |
|
|
|
|
3.28 |
% |
|
|
|
|
|
3.38 |
% |
|
|
|
|
|
|
| Interest expense as a
percent of average earning assets |
|
|
|
|
0.75 |
% |
|
|
|
|
|
0.54 |
% |
|
|
|
|
|
|
| Net interest margin
(tax equivalent basis) (2) |
|
|
|
|
3.63 |
% |
|
|
|
|
|
3.64 |
% |
|
|
|
|
|
|
| Total cost of
deposits |
|
|
|
|
0.57 |
% |
|
|
|
|
|
0.42 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1)
Interest spread is the average yield earned on earning assets less
the average rate paid on interest-bearing liabilities. Fully
tax equivalent. |
| (2) Net
interest margin is net interest income expressed as a percentage of
average earning assets. Fully tax equivalent. |
|
|
| TOWNEBANK |
| Consolidated Balance Sheets |
| (dollars in thousands, except share
data) |
| |
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
| |
2018 |
|
2017 |
|
2017 |
| |
(unaudited) |
|
(unaudited) |
|
(audited) |
|
ASSETS |
|
|
|
|
|
| Cash and due from
banks |
$ |
440,054 |
|
|
$ |
474,819 |
|
|
$ |
504,095 |
|
| Interest-bearing
deposits in financial institutions |
17,749 |
|
|
24,321 |
|
|
17,094 |
|
|
Total Cash and Cash
Equivalents |
457,803 |
|
|
499,140 |
|
|
521,189 |
|
| Securities available
for sale, at fair value |
1,057,663 |
|
|
698,842 |
|
|
866,138 |
|
| Securities held to
maturity, at amortized cost |
53,954 |
|
|
63,937 |
|
|
61,304 |
|
| Other securities |
5,206 |
|
|
1,512 |
|
|
1,516 |
|
| Federal Home Loan Bank
stock, at amortized cost |
46,393 |
|
|
29,586 |
|
|
29,595 |
|
|
Total Securities |
1,163,216 |
|
|
793,877 |
|
|
958,553 |
|
| Mortgage loans held for
sale |
396,185 |
|
|
388,523 |
|
|
313,256 |
|
| Loans, net of unearned
income and deferred costs: |
|
|
|
|
|
| Real
estate-residential 1-4 family |
1,596,264 |
|
|
1,227,389 |
|
|
1,217,349 |
|
| Real
estate-commercial |
3,162,085 |
|
|
2,295,603 |
|
|
2,283,541 |
|
| Real
estate-construction and development |
989,910 |
|
|
888,566 |
|
|
930,426 |
|
| Real
estate-multi-family |
288,043 |
|
|
206,894 |
|
|
198,720 |
|
|
Commercial |
1,440,625 |
|
|
1,110,822 |
|
|
1,087,157 |
|
| Consumer
and other loans |
298,029 |
|
|
219,787 |
|
|
229,772 |
|
| Loans,
net of unearned income and deferred costs |
7,774,956 |
|
|
5,949,061 |
|
|
5,946,965 |
|
|
Less: allowance for loan losses |
(49,535 |
) |
|
(44,131 |
) |
|
(45,131 |
) |
|
Net Loans |
7,725,421 |
|
|
5,904,930 |
|
|
5,901,834 |
|
| Premises and equipment,
net |
207,997 |
|
|
199,926 |
|
|
194,900 |
|
| Goodwill |
425,625 |
|
|
268,246 |
|
|
270,250 |
|
| Other intangible
assets, net |
60,669 |
|
|
40,066 |
|
|
38,568 |
|
| Bank-owned life
insurance policies |
233,682 |
|
|
192,339 |
|
|
195,775 |
|
| Other assets |
161,055 |
|
|
139,995 |
|
|
127,851 |
|
| TOTAL
ASSETS |
$ |
10,831,653 |
|
|
$ |
8,427,042 |
|
|
$ |
8,522,176 |
|
| |
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
| Deposits: |
|
|
|
|
|
|
Noninterest-bearing demand |
$ |
2,597,320 |
|
|
$ |
2,219,406 |
|
|
$ |
2,157,338 |
|
|
Interest-bearing: |
|
|
|
|
|
| Demand
and money market accounts |
2,987,102 |
|
|
2,292,978 |
|
|
2,225,211 |
|
|
Savings |
305,334 |
|
|
318,714 |
|
|
315,889 |
|
|
Certificates of deposit |
2,101,455 |
|
|
1,764,671 |
|
|
1,749,782 |
|
|
Total Deposits |
7,991,211 |
|
|
6,595,769 |
|
|
6,448,220 |
|
| Advances from the
Federal Home Loan Bank |
873,622 |
|
|
527,219 |
|
|
526,923 |
|
| Subordinated debt,
net |
247,563 |
|
|
— |
|
|
247,196 |
|
| Repurchase agreements
and other borrowings |
50,981 |
|
|
28,571 |
|
|
24,850 |
|
|
Total Borrowings |
1,172,166 |
|
|
555,790 |
|
|
798,969 |
|
| Other liabilities |
191,490 |
|
|
152,485 |
|
|
132,482 |
|
| TOTAL
LIABILITIES |
9,354,867 |
|
|
7,304,044 |
|
|
7,379,671 |
|
| Preferred stock |
|
|
|
|
|
|
Authorized and unissued shares - 2,000,000 |
— |
|
|
— |
|
|
— |
|
| Common stock, $1.667
par: 90,000,000 shares authorized |
|
|
|
|
|
|
72,354,504; 62,619,045; and 62,629,001 shares issued at |
|
|
|
|
|
|
June 30, 2018 and 2017 and December 31, 2017, respectively |
120,615 |
|
|
104,386 |
|
|
104,403 |
|
| Capital surplus |
1,031,965 |
|
|
747,867 |
|
|
749,800 |
|
| Retained earnings |
328,125 |
|
|
260,783 |
|
|
282,729 |
|
| Common stock issued to
deferred compensation trust, at cost |
|
|
|
|
|
|
758,041; 697,606; and 729,919 shares at |
|
|
|
|
|
|
June 30, 2018 and 2017 and December 31, 2017, respectively |
(13,500 |
) |
|
(11,492 |
) |
|
(12,524 |
) |
| Deferred compensation
trust |
13,500 |
|
|
11,492 |
|
|
12,524 |
|
| Accumulated other
comprehensive loss |
(17,944 |
) |
|
(2,355 |
) |
|
(5,692 |
) |
| TOTAL
SHAREHOLDERS’ EQUITY |
1,462,761 |
|
|
1,110,681 |
|
|
1,131,240 |
|
| Noncontrolling
interest |
14,025 |
|
|
12,317 |
|
|
11,265 |
|
| TOTAL
EQUITY |
1,476,786 |
|
|
1,122,998 |
|
|
1,142,505 |
|
| TOTAL
LIABILITIES AND EQUITY |
$ |
10,831,653 |
|
|
$ |
8,427,042 |
|
|
$ |
8,522,176 |
|
|
|
| TOWNEBANK |
| Consolidated Statements of Income
(unaudited) |
| (dollars in thousands, except per share
data) |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
Three Months Ended |
|
Six Months Ended |
| |
June 30, |
|
June 30, |
| |
2018 |
|
2017 |
|
2018 |
|
2017 |
| INTEREST
INCOME: |
|
|
|
|
|
|
|
| Loans,
including fees |
$ |
93,150 |
|
|
$ |
71,443 |
|
|
$ |
174,682 |
|
|
$ |
135,698 |
|
|
Investment securities |
6,390 |
|
|
3,171 |
|
|
11,982 |
|
|
6,389 |
|
|
Interest-bearing deposits in financial institutions and
federal funds sold |
2,159 |
|
|
1,188 |
|
|
4,522 |
|
|
2,074 |
|
| Mortgage
loans held for sale |
3,557 |
|
|
2,879 |
|
|
5,936 |
|
|
4,606 |
|
|
Total interest income |
105,256 |
|
|
78,681 |
|
|
197,122 |
|
|
148,767 |
|
| INTEREST
EXPENSE: |
|
|
|
|
|
|
|
|
Deposits |
11,620 |
|
|
6,877 |
|
|
21,106 |
|
|
12,879 |
|
| Advances
from the Federal Home Loan Bank |
3,764 |
|
|
2,521 |
|
|
6,602 |
|
|
6,294 |
|
|
Subordinated capital debentures |
2,986 |
|
|
— |
|
|
6,143 |
|
|
— |
|
|
Repurchase agreements and other borrowings, net of capitalized
interest |
63 |
|
|
30 |
|
|
103 |
|
|
61 |
|
|
Total interest expense |
18,433 |
|
|
9,428 |
|
|
33,954 |
|
|
19,234 |
|
| Net interest
income |
86,823 |
|
|
69,253 |
|
|
163,168 |
|
|
129,533 |
|
| |
|
|
|
|
|
|
|
| PROVISION FOR
LOAN LOSSES |
3,056 |
|
|
1,320 |
|
|
5,009 |
|
|
3,861 |
|
|
Net interest income after provision for loan
losses |
83,767 |
|
|
67,933 |
|
|
158,159 |
|
|
125,672 |
|
| NONINTEREST
INCOME: |
|
|
|
|
|
|
|
|
Residential mortgage banking income, net |
18,745 |
|
|
21,594 |
|
|
36,348 |
|
|
39,226 |
|
| Insurance
commissions and other title fees and income, net |
15,087 |
|
|
12,902 |
|
|
28,459 |
|
|
27,702 |
|
| Real
estate brokerage and property management income, net |
6,910 |
|
|
7,629 |
|
|
17,340 |
|
|
12,623 |
|
| Service
charges on deposit accounts |
2,969 |
|
|
2,644 |
|
|
5,852 |
|
|
5,115 |
|
| Credit
card merchant fees, net |
1,443 |
|
|
1,298 |
|
|
2,611 |
|
|
2,416 |
|
| Bank
owned life insurance |
1,633 |
|
|
1,421 |
|
|
3,165 |
|
|
2,896 |
|
| Other
income |
3,448 |
|
|
2,856 |
|
|
6,389 |
|
|
5,251 |
|
|
Gain/(loss) on investment securities |
— |
|
|
(1 |
) |
|
3 |
|
|
(1 |
) |
|
Total noninterest income |
50,235 |
|
|
50,343 |
|
|
100,167 |
|
|
95,228 |
|
| NONINTEREST
EXPENSE: |
|
|
|
|
|
|
|
| Salaries
and employee benefits |
50,324 |
|
|
44,464 |
|
|
101,108 |
|
|
84,383 |
|
|
Occupancy |
6,802 |
|
|
6,658 |
|
|
13,279 |
|
|
13,342 |
|
| Furniture
and equipment |
3,546 |
|
|
3,563 |
|
|
7,244 |
|
|
6,906 |
|
| Other
expenses |
28,549 |
|
|
23,434 |
|
|
59,893 |
|
|
43,736 |
|
|
Total noninterest expense |
89,221 |
|
|
78,119 |
|
|
181,524 |
|
|
148,367 |
|
| Income before
income tax expense and noncontrolling interest |
44,781 |
|
|
40,157 |
|
|
76,802 |
|
|
72,533 |
|
| Provision for
income tax expense |
8,643 |
|
|
12,240 |
|
|
14,720 |
|
|
21,626 |
|
| Net
income |
$ |
36,138 |
|
|
$ |
27,917 |
|
|
$ |
62,082 |
|
|
$ |
50,907 |
|
| Net income
attributable to noncontrolling interest |
(1,334 |
) |
|
(1,704 |
) |
|
(2,572 |
) |
|
(2,727 |
) |
| Net income
attributable to TowneBank |
$ |
34,804 |
|
|
$ |
26,213 |
|
|
$ |
59,510 |
|
|
$ |
48,180 |
|
| Net income
available to common shareholders |
$ |
34,804 |
|
|
$ |
26,213 |
|
|
$ |
59,510 |
|
|
$ |
48,180 |
|
| Per common
share information |
|
|
|
|
|
|
|
| Basic
earnings |
$ |
0.48 |
|
|
$ |
0.42 |
|
|
$ |
0.84 |
|
|
$ |
0.78 |
|
| Diluted
earnings |
$ |
0.48 |
|
|
$ |
0.42 |
|
|
$ |
0.84 |
|
|
$ |
0.77 |
|
| Cash
dividends declared |
$ |
0.16 |
|
|
$ |
0.14 |
|
|
$ |
0.30 |
|
|
$ |
0.27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOWNEBANK |
| Consolidated Balance Sheets - Five Quarter
Trend |
| (dollars in thousands, except share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
| |
2018 |
|
2018 |
|
2017 |
|
2017 |
|
2017 |
| |
(unaudited) |
|
(unaudited) |
|
(audited) |
|
(unaudited) |
|
(unaudited) |
|
ASSETS |
|
|
|
|
|
|
|
|
|
| Cash and due from
banks |
$ |
440,054 |
|
|
$ |
479,453 |
|
|
$ |
504,095 |
|
|
$ |
651,425 |
|
|
$ |
474,819 |
|
| Interest-bearing
deposits in financial institutions |
17,749 |
|
|
17,728 |
|
|
17,094 |
|
|
17,246 |
|
|
24,321 |
|
|
Total Cash and Cash
Equivalents |
457,803 |
|
|
497,181 |
|
|
521,189 |
|
|
668,671 |
|
|
499,140 |
|
| Securities available
for sale, at fair value |
1,057,663 |
|
|
1,237,179 |
|
|
866,138 |
|
|
829,971 |
|
|
698,842 |
|
| Securities held to
maturity, at amortized cost |
53,954 |
|
|
55,283 |
|
|
61,304 |
|
|
62,487 |
|
|
63,937 |
|
| Other securities |
5,206 |
|
|
5,002 |
|
|
1,516 |
|
|
1,512 |
|
|
1,512 |
|
| Federal Home Loan Bank
stock, at amortized cost |
46,393 |
|
|
46,400 |
|
|
29,595 |
|
|
29,586 |
|
|
29,586 |
|
|
Total Securities |
1,163,216 |
|
|
1,343,864 |
|
|
958,553 |
|
|
923,556 |
|
|
793,877 |
|
| Mortgage loans held for
sale |
396,185 |
|
|
293,731 |
|
|
313,256 |
|
|
318,595 |
|
|
388,523 |
|
| Loans, net of unearned
income and deferred costs |
7,774,956 |
|
|
7,470,151 |
|
|
5,946,965 |
|
|
5,910,479 |
|
|
5,949,061 |
|
|
Less: allowance for loan losses |
(49,535 |
) |
|
(46,735 |
) |
|
(45,131 |
) |
|
(44,398 |
) |
|
(44,131 |
) |
|
Net Loans |
7,725,421 |
|
|
7,423,416 |
|
|
5,901,834 |
|
|
5,866,081 |
|
|
5,904,930 |
|
| Premises and equipment,
net |
207,997 |
|
|
207,126 |
|
|
194,900 |
|
|
196,975 |
|
|
199,926 |
|
| Goodwill |
425,625 |
|
|
416,789 |
|
|
270,250 |
|
|
270,901 |
|
|
268,246 |
|
| Other intangible
assets, net |
60,669 |
|
|
57,493 |
|
|
38,568 |
|
|
39,751 |
|
|
40,066 |
|
| Bank-owned life
insurance policies |
233,682 |
|
|
232,039 |
|
|
195,775 |
|
|
193,823 |
|
|
192,339 |
|
| Other assets |
161,055 |
|
|
148,776 |
|
|
127,851 |
|
|
136,441 |
|
|
139,995 |
|
| TOTAL
ASSETS |
$ |
10,831,653 |
|
|
$ |
10,620,415 |
|
|
$ |
8,522,176 |
|
|
$ |
8,614,794 |
|
|
$ |
8,427,042 |
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
| Deposits: |
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand |
$ |
2,597,320 |
|
|
$ |
2,503,246 |
|
|
$ |
2,157,338 |
|
|
$ |
2,212,047 |
|
|
$ |
2,219,406 |
|
|
Interest-bearing: |
|
|
|
|
|
|
|
|
|
|
Demand and money market accounts |
2,987,102 |
|
|
3,001,256 |
|
|
2,225,211 |
|
|
2,253,746 |
|
|
2,292,978 |
|
|
Savings |
305,334 |
|
|
309,077 |
|
|
315,889 |
|
|
320,028 |
|
|
318,714 |
|
|
Certificates of deposit |
2,101,455 |
|
|
2,011,843 |
|
|
1,749,782 |
|
|
1,762,641 |
|
|
1,764,671 |
|
|
Total Deposits |
7,991,211 |
|
|
7,825,422 |
|
|
6,448,220 |
|
|
6,548,462 |
|
|
6,595,769 |
|
| Advances from the
Federal Home Loan Bank |
873,622 |
|
|
873,773 |
|
|
526,923 |
|
|
527,072 |
|
|
527,219 |
|
| Subordinated debt,
net |
247,563 |
|
|
257,723 |
|
|
247,196 |
|
|
247,128 |
|
|
— |
|
| Repurchase agreements
and other borrowings |
50,981 |
|
|
52,509 |
|
|
24,850 |
|
|
23,195 |
|
|
28,571 |
|
|
Total Borrowings |
1,172,166 |
|
|
1,184,005 |
|
|
798,969 |
|
|
797,395 |
|
|
555,790 |
|
| Other liabilities |
191,490 |
|
|
161,638 |
|
|
132,482 |
|
|
128,086 |
|
|
152,485 |
|
| TOTAL
LIABILITIES |
9,354,867 |
|
|
9,171,065 |
|
|
7,379,671 |
|
|
7,473,943 |
|
|
7,304,044 |
|
| Preferred stock |
|
|
|
|
|
|
|
|
|
|
Authorized shares - 2,000,000 |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
| Common stock, $1.667
par value |
120,615 |
|
|
120,472 |
|
|
104,403 |
|
|
104,387 |
|
|
104,386 |
|
| Capital surplus |
1,031,965 |
|
|
1,028,985 |
|
|
749,800 |
|
|
748,444 |
|
|
747,867 |
|
| Retained earnings |
328,125 |
|
|
304,896 |
|
|
282,729 |
|
|
279,165 |
|
|
260,783 |
|
| Common stock issued to
deferred compensation |
|
|
|
|
|
|
|
|
|
| trust, at
cost |
(13,500 |
) |
|
(12,612 |
) |
|
(12,524 |
) |
|
(12,304 |
) |
|
(11,492 |
) |
| Deferred compensation
trust |
13,500 |
|
|
12,612 |
|
|
12,524 |
|
|
12,304 |
|
|
11,492 |
|
| Accumulated other
comprehensive loss |
(17,944 |
) |
|
(15,873 |
) |
|
(5,692 |
) |
|
(2,408 |
) |
|
(2,355 |
) |
| TOTAL
SHAREHOLDERS’ EQUITY |
1,462,761 |
|
|
1,438,480 |
|
|
1,131,240 |
|
|
1,129,588 |
|
|
1,110,681 |
|
| Noncontrolling
interest |
14,025 |
|
|
10,870 |
|
|
11,265 |
|
|
11,263 |
|
|
12,317 |
|
| TOTAL
EQUITY |
1,476,786 |
|
|
1,449,350 |
|
|
1,142,505 |
|
|
1,140,851 |
|
|
1,122,998 |
|
| TOTAL
LIABILITIES AND EQUITY |
$ |
10,831,653 |
|
|
$ |
10,620,415 |
|
|
$ |
8,522,176 |
|
|
$ |
8,614,794 |
|
|
$ |
8,427,042 |
|
|
|
| TOWNEBANK |
| Consolidated Statements of Income - Five
Quarter Trend (unaudited) |
| (dollars in thousands, except per share
data) |
|
|
|
| |
|
| |
Three Months Ended |
| |
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
| |
2018 |
|
2018 |
|
2017 |
|
2017 |
|
2017 |
| INTEREST
INCOME: |
|
|
|
|
|
|
|
|
|
| Loans,
including fees |
$ |
93,150 |
|
|
$ |
81,533 |
|
|
$ |
69,332 |
|
|
$ |
68,969 |
|
|
$ |
71,443 |
|
|
Investment securities |
6,390 |
|
|
5,592 |
|
|
3,598 |
|
|
3,076 |
|
|
3,171 |
|
|
Interest-bearing deposits in financial institutions and federal
funds sold |
2,159 |
|
|
2,362 |
|
|
2,661 |
|
|
2,745 |
|
|
1,188 |
|
| Mortgage
loans held for sale |
3,557 |
|
|
2,379 |
|
|
2,874 |
|
|
3,081 |
|
|
2,879 |
|
|
Total interest income |
105,256 |
|
|
91,866 |
|
|
78,465 |
|
|
77,871 |
|
|
78,681 |
|
| INTEREST
EXPENSE: |
|
|
|
|
|
|
|
|
|
|
Deposits |
11,620 |
|
|
9,486 |
|
|
8,102 |
|
|
7,810 |
|
|
6,877 |
|
| Advances
from the Federal Home Loan Bank |
3,764 |
|
|
2,838 |
|
|
1,791 |
|
|
1,750 |
|
|
2,521 |
|
|
Subordinated capital debentures |
2,986 |
|
|
3,158 |
|
|
2,880 |
|
|
2,368 |
|
|
— |
|
|
Repurchase agreements and other borrowings |
63 |
|
|
40 |
|
|
28 |
|
|
20 |
|
|
30 |
|
|
Total interest expense |
18,433 |
|
|
15,522 |
|
|
12,801 |
|
|
11,948 |
|
|
9,428 |
|
| Net interest
income |
86,823 |
|
|
76,344 |
|
|
65,664 |
|
|
65,923 |
|
|
69,253 |
|
| |
|
|
|
|
|
|
|
|
|
| PROVISION FOR
LOAN LOSSES |
3,056 |
|
|
1,953 |
|
|
869 |
|
|
696 |
|
|
1,320 |
|
|
Net interest income after provision for
loan losses |
83,767 |
|
|
74,391 |
|
|
64,795 |
|
|
65,227 |
|
|
67,933 |
|
| NONINTEREST
INCOME: |
|
|
|
|
|
|
|
|
|
|
Residential mortgage banking income, net |
18,745 |
|
|
17,604 |
|
|
17,537 |
|
|
19,087 |
|
|
21,594 |
|
| Insurance
commissions and other title fees and income, net |
15,087 |
|
|
13,372 |
|
|
12,115 |
|
|
12,116 |
|
|
12,902 |
|
| Real
estate brokerage and property management income, net |
6,910 |
|
|
10,429 |
|
|
4,823 |
|
|
10,042 |
|
|
7,629 |
|
| Service
charges on deposit accounts |
2,969 |
|
|
2,883 |
|
|
2,809 |
|
|
2,670 |
|
|
2,644 |
|
| Credit
card merchant fees, net |
1,443 |
|
|
1,168 |
|
|
1,204 |
|
|
1,388 |
|
|
1,298 |
|
| Bank
owned life insurance |
1,633 |
|
|
1,532 |
|
|
1,941 |
|
|
1,425 |
|
|
1,421 |
|
| Other
income |
3,448 |
|
|
2,941 |
|
|
3,048 |
|
|
2,688 |
|
|
2,856 |
|
| Net
gain/(loss) on investment securities |
— |
|
|
3 |
|
|
— |
|
|
— |
|
|
(1 |
) |
|
Total noninterest income |
50,235 |
|
|
49,932 |
|
|
43,477 |
|
|
49,416 |
|
|
50,343 |
|
| NONINTEREST
EXPENSE: |
|
|
|
|
|
|
|
|
|
| Salaries
and employee benefits |
50,324 |
|
|
50,784 |
|
|
41,965 |
|
|
43,101 |
|
|
44,464 |
|
| Occupancy
expense |
6,802 |
|
|
6,477 |
|
|
6,878 |
|
|
6,635 |
|
|
6,658 |
|
| Furniture
and equipment |
3,546 |
|
|
3,698 |
|
|
3,456 |
|
|
3,710 |
|
|
3,563 |
|
| Other
expenses |
28,549 |
|
|
31,344 |
|
|
21,361 |
|
|
20,740 |
|
|
23,434 |
|
|
Total noninterest expense |
89,221 |
|
|
92,303 |
|
|
73,660 |
|
|
74,186 |
|
|
78,119 |
|
| Income before
income tax expense and noncontrolling interest |
44,781 |
|
|
32,020 |
|
|
34,612 |
|
|
40,457 |
|
|
40,157 |
|
| Provision for
income tax expense |
8,643 |
|
|
6,077 |
|
|
21,325 |
|
|
11,862 |
|
|
12,240 |
|
| Net
income |
36,138 |
|
|
25,943 |
|
|
13,287 |
|
|
28,595 |
|
|
27,917 |
|
| Net income
attributable to noncontrolling interest |
(1,334 |
) |
|
(1,238 |
) |
|
(954 |
) |
|
(1,445 |
) |
|
(1,704 |
) |
| Net income
attributable to TowneBank |
$ |
34,804 |
|
|
$ |
24,705 |
|
|
$ |
12,333 |
|
|
$ |
27,150 |
|
|
$ |
26,213 |
|
| Net income
available to common shareholders |
$ |
34,804 |
|
|
$ |
24,705 |
|
|
$ |
12,333 |
|
|
$ |
27,150 |
|
|
$ |
26,213 |
|
| Per common
share information |
|
|
|
|
|
|
|
|
|
| Basic
earnings |
$ |
0.48 |
|
|
$ |
0.36 |
|
|
$ |
0.20 |
|
|
$ |
0.44 |
|
|
$ |
0.42 |
|
| Diluted
earnings |
$ |
0.48 |
|
|
$ |
0.36 |
|
|
$ |
0.20 |
|
|
$ |
0.44 |
|
|
$ |
0.42 |
|
| Basic
weighted average shares outstanding |
71,787,980 |
|
|
68,983,745 |
|
|
62,239,028 |
|
|
62,210,834 |
|
|
62,145,045 |
|
| Diluted
weighted average shares outstanding |
71,949,590 |
|
|
69,156,809 |
|
|
62,462,629 |
|
|
62,410,591 |
|
|
62,364,260 |
|
| Cash
dividends declared |
$ |
0.16 |
|
|
$ |
0.14 |
|
|
$ |
0.14 |
|
|
$ |
0.14 |
|
|
$ |
0.14 |
|
|
|
|
|
|
|
|
|
|
|
|
| TOWNEBANK |
| Banking Segment Financial
Information |
| (dollars in thousands) |
| |
|
|
|
|
|
| |
|
|
Increase/(Decrease) |
| |
Three Months Ended |
|
June 30, 2018 |
|
June 30, 2018 |
| |
June 30, |
|
March 31, 2018 |
|
June 30, 2017 |
|
March 31, 2018 |
| |
2018 |
|
2017 |
|
|
Amount |
|
Percent |
|
Amount |
|
Percent |
| Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest
income |
$ |
83,686 |
|
|
$ |
66,434 |
|
|
$ |
74,042 |
|
|
$ |
17,252 |
|
|
25.97 |
% |
|
$ |
9,644 |
|
|
13.03 |
% |
|
Service charges on deposit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
accounts |
2,969 |
|
|
2,644 |
|
|
2,883 |
|
|
325 |
|
|
12.29 |
% |
|
86 |
|
|
2.98 |
% |
| Credit
card merchant fees |
1,443 |
|
|
1,297 |
|
|
1,168 |
|
|
146 |
|
|
11.26 |
% |
|
275 |
|
|
23.54 |
% |
| Other
income |
4,062 |
|
|
3,362 |
|
|
3,959 |
|
|
700 |
|
|
20.82 |
% |
|
103 |
|
|
2.60 |
% |
| Total
noninterest income |
8,474 |
|
|
7,303 |
|
|
8,010 |
|
|
1,171 |
|
|
16.03 |
% |
|
464 |
|
|
5.79 |
% |
| Total revenue |
92,160 |
|
|
73,737 |
|
|
82,052 |
|
|
18,423 |
|
|
24.98 |
% |
|
10,108 |
|
|
12.32 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Provision for loan
losses |
3,056 |
|
|
1,320 |
|
|
1,953 |
|
|
1,736 |
|
|
131.52 |
% |
|
1,103 |
|
|
56.48 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Salaries
and employee benefits |
27,840 |
|
|
23,163 |
|
|
30,202 |
|
|
4,677 |
|
|
20.19 |
% |
|
(2,362 |
) |
|
(7.82 |
)% |
| Occupancy
expense |
4,274 |
|
|
3,828 |
|
|
4,016 |
|
|
446 |
|
|
11.65 |
% |
|
258 |
|
|
6.42 |
% |
| Furniture
and equipment |
2,491 |
|
|
2,372 |
|
|
2,532 |
|
|
119 |
|
|
5.02 |
% |
|
(41 |
) |
|
(1.62 |
)% |
|
Advertising and marketing |
1,523 |
|
|
1,207 |
|
|
1,171 |
|
|
316 |
|
|
26.18 |
% |
|
352 |
|
|
30.06 |
% |
|
Charitable contributions |
2,264 |
|
|
1,647 |
|
|
1,485 |
|
|
617 |
|
|
37.46 |
% |
|
779 |
|
|
52.46 |
% |
| Outside
processing |
1,994 |
|
|
1,112 |
|
|
1,403 |
|
|
882 |
|
|
79.32 |
% |
|
591 |
|
|
42.12 |
% |
|
Foreclosed property expenses |
214 |
|
|
141 |
|
|
211 |
|
|
73 |
|
|
51.77 |
% |
|
3 |
|
|
1.42 |
% |
| FDIC and
other insurance |
1,085 |
|
|
1,131 |
|
|
1,043 |
|
|
(46 |
) |
|
(4.07 |
)% |
|
42 |
|
|
4.03 |
% |
|
Professional fees |
1,762 |
|
|
748 |
|
|
1,436 |
|
|
1,014 |
|
|
135.56 |
% |
|
326 |
|
|
22.70 |
% |
| Telephone
and postage |
940 |
|
|
963 |
|
|
796 |
|
|
(23 |
) |
|
(2.39 |
)% |
|
144 |
|
|
18.09 |
% |
| Other
expenses |
7,111 |
|
|
5,661 |
|
|
14,424 |
|
|
1,450 |
|
|
25.61 |
% |
|
(7,313 |
) |
|
(50.70 |
)% |
| Total expenses |
51,498 |
|
|
41,973 |
|
|
58,719 |
|
|
9,525 |
|
|
22.69 |
% |
|
(7,221 |
) |
|
(12.30 |
)% |
| Income before income
tax, corporate allocation and
noncontrolling interest |
37,606 |
|
|
30,444 |
|
|
21,380 |
|
|
7,162 |
|
|
23.53 |
% |
|
16,226 |
|
|
75.89 |
% |
| Corporate
allocation |
476 |
|
|
410 |
|
|
456 |
|
|
66 |
|
|
16.10 |
% |
|
20 |
|
|
4.39 |
% |
| Income before income
tax provision and noncontrolling
interest |
38,082 |
|
|
30,854 |
|
|
21,836 |
|
|
7,228 |
|
|
23.43 |
% |
|
16,246 |
|
|
74.40 |
% |
| Provision for income
tax expense |
7,142 |
|
|
9,307 |
|
|
3,881 |
|
|
(2,165 |
) |
|
(23.26 |
)% |
|
3,261 |
|
|
84.02 |
% |
| Net income |
30,940 |
|
|
21,547 |
|
|
17,955 |
|
|
9,393 |
|
|
43.59 |
% |
|
12,985 |
|
|
72.32 |
% |
| Noncontrolling
interest |
(6 |
) |
|
(1 |
) |
|
(2 |
) |
|
(5 |
) |
|
500.00 |
% |
|
(4 |
) |
|
200.00 |
% |
| Net income attributable
to TowneBank |
$ |
30,934 |
|
|
$ |
21,546 |
|
|
$ |
17,953 |
|
|
$ |
9,388 |
|
|
43.57 |
% |
|
$ |
12,981 |
|
|
72.31 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Efficiency ratio |
55.88 |
% |
|
56.92 |
% |
|
71.56 |
% |
|
(1.04 |
)% |
|
(1.83 |
)% |
|
(15.68 |
)% |
|
(21.91 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOWNEBANK |
| Banking Segment Financial
Information |
| (dollars in thousands) |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
Six Months Ended |
|
Increase/(Decrease) |
| |
June 30, |
|
2018 over 2017 |
| |
2018 |
|
2017 |
|
Amount |
|
Percent |
| Revenue |
|
|
|
|
|
|
|
| Net interest
income |
$ |
157,729 |
|
|
$ |
124,878 |
|
|
$ |
32,851 |
|
|
26.31 |
% |
| Service
charges on deposit accounts |
5,852 |
|
|
5,115 |
|
|
737 |
|
|
14.41 |
% |
| Credit
card merchant fees |
2,611 |
|
|
2,416 |
|
|
195 |
|
|
8.07 |
% |
| Other
income |
8,020 |
|
|
6,468 |
|
|
1,552 |
|
|
24.00 |
% |
| Total
noninterest income |
16,483 |
|
|
13,999 |
|
|
2,484 |
|
|
17.74 |
% |
| Total revenue |
174,212 |
|
|
138,877 |
|
|
35,335 |
|
|
25.44 |
% |
| |
|
|
|
|
|
|
|
| Provision for loan
losses |
5,009 |
|
|
3,861 |
|
|
1,148 |
|
|
29.73 |
% |
| |
|
|
|
|
|
|
|
| Expenses |
|
|
|
|
|
|
|
| Salaries
and employee benefits |
58,042 |
|
|
43,228 |
|
|
14,814 |
|
|
34.27 |
% |
| Occupancy
expense |
8,291 |
|
|
7,955 |
|
|
336 |
|
|
4.22 |
% |
| Furniture
and equipment |
5,022 |
|
|
4,646 |
|
|
376 |
|
|
8.09 |
% |
|
Advertising and marketing |
2,695 |
|
|
2,249 |
|
|
446 |
|
|
19.83 |
% |
|
Charitable contributions |
3,749 |
|
|
2,960 |
|
|
789 |
|
|
26.66 |
% |
| Outside
processing |
3,397 |
|
|
2,266 |
|
|
1,131 |
|
|
49.91 |
% |
|
Foreclosed property expenses |
425 |
|
|
271 |
|
|
154 |
|
|
56.83 |
% |
| FDIC and
other insurance |
2,128 |
|
|
2,118 |
|
|
10 |
|
|
0.47 |
% |
|
Professional fees |
3,198 |
|
|
2,028 |
|
|
1,170 |
|
|
57.69 |
% |
| Telephone
and postage |
1,736 |
|
|
1,868 |
|
|
(132 |
) |
|
(7.07 |
)% |
| Other
expenses |
21,534 |
|
|
10,734 |
|
|
10,800 |
|
|
100.61 |
% |
| Total expenses |
110,217 |
|
|
80,323 |
|
|
29,894 |
|
|
37.22 |
% |
| Income before income
tax, corporate allocation and noncontrolling
interest |
58,986 |
|
|
54,693 |
|
|
4,293 |
|
|
7.85 |
% |
| Corporate
allocation |
932 |
|
|
895 |
|
|
37 |
|
|
4.13 |
% |
| Income before income
tax provision and noncontrolling interest |
59,918 |
|
|
55,588 |
|
|
4,330 |
|
|
7.79 |
% |
| Provision for income
tax expense |
11,023 |
|
|
16,072 |
|
|
(5,049 |
) |
|
(31.41 |
)% |
| Net income |
48,895 |
|
|
39,516 |
|
|
9,379 |
|
|
23.73 |
% |
| Noncontrolling
interest |
(8 |
) |
|
(3 |
) |
|
(5 |
) |
|
166.67 |
% |
| Net income attributable
to TowneBank |
$ |
48,887 |
|
|
$ |
39,513 |
|
|
$ |
9,374 |
|
|
23.72 |
% |
| |
|
|
|
|
|
|
|
| Efficiency ratio |
63.27 |
% |
|
57.84 |
% |
|
5.43 |
% |
|
9.39 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
| TOWNEBANK |
| Realty Segment Financial
Information |
| (dollars in thousands) |
| |
|
|
|
|
|
| |
|
|
Increase/(Decrease) |
| |
Three Months Ended |
|
June 30, 2018 |
|
June 30, 2018 |
| |
June 30, |
|
March 31, |
|
June 30, 2017 |
|
March 31, 2018 |
| |
2018 |
|
2017 |
|
2018 |
|
Amount |
|
Percent |
|
Amount |
|
Percent |
| Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage brokerage income, net |
$ |
19,344 |
|
|
$ |
21,730 |
|
|
$ |
17,661 |
|
|
$ |
(2,386 |
) |
|
(10.98 |
)% |
|
$ |
1,683 |
|
|
9.53 |
% |
| Real
estate brokerage income, net |
2,818 |
|
|
2,337 |
|
|
1,698 |
|
|
481 |
|
|
20.58 |
% |
|
1,120 |
|
|
65.96 |
% |
| Title
insurance and settlement fees |
579 |
|
|
582 |
|
|
315 |
|
|
(3 |
) |
|
(0.52 |
)% |
|
264 |
|
|
83.81 |
% |
| Property
management fees, net |
4,092 |
|
|
5,293 |
|
|
8,731 |
|
|
(1,201 |
) |
|
(22.69 |
)% |
|
(4,639 |
) |
|
(53.13 |
)% |
| Income
from unconsolidated subsidiary |
100 |
|
|
250 |
|
|
94 |
|
|
(150 |
) |
|
(60.00 |
)% |
|
6 |
|
|
6.38 |
% |
| Net
interest and other income |
3,342 |
|
|
3,229 |
|
|
2,546 |
|
|
113 |
|
|
3.50 |
% |
|
796 |
|
|
31.26 |
% |
| Total revenue |
30,275 |
|
|
33,421 |
|
|
31,045 |
|
|
(3,146 |
) |
|
(9.41 |
)% |
|
(770 |
) |
|
(2.48 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Salaries
and employee benefits |
15,403 |
|
|
15,206 |
|
|
13,877 |
|
|
197 |
|
|
1.30 |
% |
|
1,526 |
|
|
11.00 |
% |
| Occupancy
expense |
1,964 |
|
|
2,269 |
|
|
1,894 |
|
|
(305 |
) |
|
(13.44 |
)% |
|
70 |
|
|
3.70 |
% |
| Furniture
and equipment |
835 |
|
|
999 |
|
|
980 |
|
|
(164 |
) |
|
(16.42 |
)% |
|
(145 |
) |
|
(14.80 |
)% |
|
Amortization of intangible assets |
672 |
|
|
718 |
|
|
672 |
|
|
(46 |
) |
|
(6.41 |
)% |
|
— |
|
|
— |
% |
| Other
expenses |
8,158 |
|
|
7,509 |
|
|
6,294 |
|
|
649 |
|
|
8.64 |
% |
|
1,864 |
|
|
29.62 |
% |
| Total expenses |
27,032 |
|
|
26,701 |
|
|
23,717 |
|
|
331 |
|
|
1.24 |
% |
|
3,315 |
|
|
13.98 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income before income
tax, corporate allocation and noncontrolling
interest |
3,243 |
|
|
6,720 |
|
|
7,328 |
|
|
(3,477 |
) |
|
(51.74 |
)% |
|
(4,085 |
) |
|
(55.75 |
)% |
| Corporate
allocation |
(293 |
) |
|
(266 |
) |
|
(289 |
) |
|
(27 |
) |
|
10.15 |
% |
|
(4 |
) |
|
1.38 |
% |
| Income before income
tax provision and noncontrolling interest |
2,950 |
|
|
6,454 |
|
|
7,039 |
|
|
(3,504 |
) |
|
(54.29 |
)% |
|
(4,089 |
) |
|
(58.09 |
)% |
| Provision for income
tax expense |
633 |
|
|
1,889 |
|
|
1,559 |
|
|
(1,256 |
) |
|
(66.49 |
)% |
|
(926 |
) |
|
(59.40 |
)% |
| Net income |
2,317 |
|
|
4,565 |
|
|
5,480 |
|
|
(2,248 |
) |
|
(49.24 |
)% |
|
(3,163 |
) |
|
(57.72 |
)% |
| Noncontrolling
interest |
(891 |
) |
|
(1,361 |
) |
|
(622 |
) |
|
470 |
|
|
(34.53 |
)% |
|
(269 |
) |
|
43.25 |
% |
| Net income attributable
to TowneBank |
$ |
1,426 |
|
|
$ |
3,204 |
|
|
$ |
4,858 |
|
|
$ |
(1,778 |
) |
|
(55.49 |
)% |
|
$ |
(3,432 |
) |
|
(70.65 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Efficiency ratio |
89.29 |
% |
|
79.89 |
% |
|
76.40 |
% |
|
9.40 |
% |
|
11.77 |
% |
|
12.89 |
% |
|
16.87 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOWNEBANK |
| Realty Segment Financial
Information |
| (dollars in thousands) |
| |
|
|
| |
Six Months Ended |
|
Increase/(Decrease) |
| |
June 30, |
|
2018 over 2017 |
| |
2018 |
|
2017 |
|
Amount |
|
Percent |
| Revenue |
|
|
|
|
|
|
|
|
Residential mortgage brokerage income, net |
$ |
37,005 |
|
|
$ |
39,505 |
|
|
$ |
(2,500 |
) |
|
(6.33 |
)% |
| Real
estate brokerage income, net |
4,517 |
|
|
3,797 |
|
|
720 |
|
|
18.96 |
% |
| Title
insurance and settlement fees |
895 |
|
|
936 |
|
|
(41 |
) |
|
(4.38 |
)% |
| Property
management fees, net |
12,823 |
|
|
8,826 |
|
|
3,997 |
|
|
45.29 |
% |
| Income
from unconsolidated subsidiary |
194 |
|
|
374 |
|
|
(180 |
) |
|
(48.13 |
)% |
| Net
interest and other income |
5,887 |
|
|
5,431 |
|
|
456 |
|
|
8.40 |
% |
| Total revenue |
61,321 |
|
|
58,869 |
|
|
2,452 |
|
|
4.17 |
% |
| |
|
|
|
|
|
|
|
| Expenses |
|
|
|
|
|
|
|
| Salaries
and employee benefits |
29,280 |
|
|
28,900 |
|
|
380 |
|
|
1.31 |
% |
| Occupancy
expense |
3,858 |
|
|
4,233 |
|
|
(375 |
) |
|
(8.86 |
)% |
| Furniture
and equipment |
1,816 |
|
|
1,868 |
|
|
(52 |
) |
|
(2.78 |
)% |
|
Amortization of intangible assets |
1,343 |
|
|
1,277 |
|
|
66 |
|
|
5.17 |
% |
| Other
expenses |
14,452 |
|
|
13,500 |
|
|
952 |
|
|
7.05 |
% |
| Total expenses |
50,749 |
|
|
49,778 |
|
|
971 |
|
|
1.95 |
% |
| |
|
|
|
|
|
|
|
| Income before income
tax, corporate allocation and noncontrolling
interest |
10,572 |
|
|
9,091 |
|
|
1,481 |
|
|
16.29 |
% |
| Corporate
allocation |
(582 |
) |
|
(574 |
) |
|
(8 |
) |
|
1.39 |
% |
| Income before income
tax provision and noncontrolling interest |
9,990 |
|
|
8,517 |
|
|
1,473 |
|
|
17.29 |
% |
| Provision for income
tax expense |
2,192 |
|
|
2,516 |
|
|
(324 |
) |
|
(12.88 |
)% |
| Net income |
7,798 |
|
|
6,001 |
|
|
1,797 |
|
|
29.95 |
% |
| Noncontrolling
interest |
(1,512 |
) |
|
(1,872 |
) |
|
360 |
|
|
(19.23 |
)% |
| Net income attributable
to TowneBank |
$ |
6,286 |
|
|
$ |
4,129 |
|
|
$ |
2,157 |
|
|
52.24 |
% |
| |
|
|
|
|
|
|
|
| Efficiency ratio |
82.76 |
% |
|
84.56 |
% |
|
(1.80 |
)% |
|
(2.13 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
| TOWNEBANK |
| Insurance Segment Financial
Information |
| (dollars in thousands) |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
Increase/(Decrease) |
| |
Three Months Ended |
|
June 30, 2018 |
|
June 30, 2018 |
| |
June 30, |
|
March 31, |
|
June 30, 2017 |
|
March 31, 2018 |
| |
2018 |
|
2017 |
|
2018 |
|
Amount |
|
Percent |
|
Amount |
|
Percent |
| Commission and fee
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Property
and casualty |
$ |
11,059 |
|
|
$ |
9,271 |
|
|
$ |
9,356 |
|
|
$ |
1,788 |
|
|
19.29 |
% |
|
$ |
1,703 |
|
|
18.20 |
% |
| Employee
benefits |
3,454 |
|
|
3,280 |
|
|
3,196 |
|
|
174 |
|
|
5.30 |
% |
|
258 |
|
|
8.07 |
% |
| Travel
insurance |
1,389 |
|
|
1,159 |
|
|
1,768 |
|
|
230 |
|
|
19.84 |
% |
|
(379 |
) |
|
(21.44 |
)% |
|
Specialized benefit services |
171 |
|
|
158 |
|
|
169 |
|
|
13 |
|
|
8.23 |
% |
|
2 |
|
|
1.18 |
% |
| Total commissions and
fees |
16,073 |
|
|
13,868 |
|
|
14,489 |
|
|
2,205 |
|
|
15.90 |
% |
|
1,584 |
|
|
10.93 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contingency and bonus
revenue |
1,433 |
|
|
948 |
|
|
1,133 |
|
|
485 |
|
|
51.16 |
% |
|
300 |
|
|
26.48 |
% |
| Other income |
71 |
|
|
76 |
|
|
70 |
|
|
(5 |
) |
|
(6.58 |
)% |
|
1 |
|
|
1.43 |
% |
| Total revenue |
17,577 |
|
|
14,892 |
|
|
15,692 |
|
|
2,685 |
|
|
18.03 |
% |
|
1,885 |
|
|
12.01 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Employee commission
expense |
2,954 |
|
|
2,454 |
|
|
2,513 |
|
|
500 |
|
|
20.37 |
% |
|
441 |
|
|
17.55 |
% |
| Revenue, net of
commission expense |
14,623 |
|
|
12,438 |
|
|
13,179 |
|
|
2,185 |
|
|
17.57 |
% |
|
1,444 |
|
|
10.96 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Salaries and employee
benefits |
7,081 |
|
|
6,095 |
|
|
6,705 |
|
|
986 |
|
|
16.18 |
% |
|
376 |
|
|
5.61 |
% |
| Occupancy expense |
563 |
|
|
562 |
|
|
567 |
|
|
1 |
|
|
0.18 |
% |
|
(4 |
) |
|
(0.71 |
)% |
| Furniture and
equipment |
220 |
|
|
192 |
|
|
185 |
|
|
28 |
|
|
14.58 |
% |
|
35 |
|
|
18.92 |
% |
| Amortization of
intangible assets |
794 |
|
|
704 |
|
|
702 |
|
|
90 |
|
|
12.78 |
% |
|
92 |
|
|
13.11 |
% |
| Other expenses |
2,033 |
|
|
1,892 |
|
|
1,708 |
|
|
141 |
|
|
7.45 |
% |
|
325 |
|
|
19.03 |
% |
| Total operating
expenses |
10,691 |
|
|
9,445 |
|
|
9,867 |
|
|
1,246 |
|
|
13.19 |
% |
|
824 |
|
|
8.35 |
% |
| Income before income
tax, corporate allocation and
noncontrolling interest |
3,932 |
|
|
2,993 |
|
|
3,312 |
|
|
939 |
|
|
31.37 |
% |
|
620 |
|
|
18.72 |
% |
| Corporate
allocation |
(183 |
) |
|
(144 |
) |
|
(167 |
) |
|
(39 |
) |
|
27.08 |
% |
|
(16 |
) |
|
9.58 |
% |
| Income before income
tax provision and noncontrolling
interest |
3,749 |
|
|
2,849 |
|
|
3,145 |
|
|
900 |
|
|
31.59 |
% |
|
604 |
|
|
19.21 |
% |
| Provision for income
tax expense |
868 |
|
|
1,044 |
|
|
637 |
|
|
(176 |
) |
|
(16.86 |
)% |
|
231 |
|
|
36.26 |
% |
| Net income |
2,881 |
|
|
1,805 |
|
|
2,508 |
|
|
1,076 |
|
|
59.61 |
% |
|
373 |
|
|
14.87 |
% |
| Noncontrolling
interest |
(437 |
) |
|
(342 |
) |
|
(614 |
) |
|
(95 |
) |
|
27.78 |
% |
|
177 |
|
|
(28.83 |
)% |
| Net income attributable
to TowneBank |
$ |
2,444 |
|
|
$ |
1,463 |
|
|
$ |
1,894 |
|
|
$ |
981 |
|
|
67.05 |
% |
|
$ |
550 |
|
|
29.04 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Efficiency ratio |
73.11 |
% |
|
75.94 |
% |
|
74.87 |
% |
|
(2.83 |
)% |
|
(3.73 |
)% |
|
(1.76 |
)% |
|
(2.35 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOWNEBANK |
| Insurance Segment Financial
Information |
| (dollars in thousands) |
| |
|
|
|
|
|
|
| |
Six Months Ended |
|
Increase/(Decrease) |
| |
June 30, |
|
2018 over 2017 |
| |
2018 |
|
2017 |
|
Amount |
|
Percent |
| Commission and fee
income |
|
|
|
|
|
|
|
| Property
and casualty |
$ |
20,416 |
|
|
$ |
17,728 |
|
|
$ |
2,688 |
|
|
15.16 |
% |
| Employee
benefits |
6,650 |
|
|
6,254 |
|
|
396 |
|
|
6.33 |
% |
| Travel
insurance |
3,157 |
|
|
2,786 |
|
|
371 |
|
|
13.32 |
% |
|
Specialized benefit services |
340 |
|
|
323 |
|
|
17 |
|
|
5.26 |
% |
| Total commissions and
fees |
30,563 |
|
|
27,091 |
|
|
3,472 |
|
|
12.82 |
% |
| |
|
|
|
|
|
|
|
| Contingency and bonus
revenue |
2,566 |
|
|
4,488 |
|
|
(1,922 |
) |
|
(42.83 |
)% |
| Other income |
141 |
|
|
162 |
|
|
(21 |
) |
|
(12.96 |
)% |
| Total revenue |
33,270 |
|
|
31,741 |
|
|
1,529 |
|
|
4.82 |
% |
| |
|
|
|
|
|
|
|
| Employee commission
expense |
5,468 |
|
|
4,726 |
|
|
742 |
|
|
15.70 |
% |
| Revenue, net of
commission expense |
27,802 |
|
|
27,015 |
|
|
787 |
|
|
2.91 |
% |
| |
|
|
|
|
|
|
|
| Salaries and employee
benefits |
13,786 |
|
|
12,255 |
|
|
1,531 |
|
|
12.49 |
% |
| Occupancy expense |
1,130 |
|
|
1,154 |
|
|
(24 |
) |
|
(2.08 |
)% |
| Furniture and
equipment |
406 |
|
|
392 |
|
|
14 |
|
|
3.57 |
% |
| Amortization of
intangible assets |
1,497 |
|
|
1,401 |
|
|
96 |
|
|
6.85 |
% |
| Other expenses |
3,739 |
|
|
3,064 |
|
|
675 |
|
|
22.03 |
% |
| Total operating
expenses |
20,558 |
|
|
18,266 |
|
|
2,292 |
|
|
12.55 |
% |
| Income before income
tax, corporate allocation and noncontrolling
interest |
7,244 |
|
|
8,749 |
|
|
(1,505 |
) |
|
(17.20 |
)% |
| Corporate
allocation |
(350 |
) |
|
(321 |
) |
|
(29 |
) |
|
9.03 |
% |
| Income before income
tax provision and noncontrolling interest |
6,894 |
|
|
8,428 |
|
|
(1,534 |
) |
|
(18.20 |
)% |
| Provision for income
tax expense |
1,505 |
|
|
3,038 |
|
|
(1,533 |
) |
|
(50.46 |
)% |
| Net income |
5,389 |
|
|
5,390 |
|
|
(1 |
) |
|
(0.02 |
)% |
| Noncontrolling
interest |
(1,052 |
) |
|
(852 |
) |
|
(200 |
) |
|
23.47 |
% |
| Net income attributable
to TowneBank |
$ |
4,337 |
|
|
$ |
4,538 |
|
|
$ |
(201 |
) |
|
(4.43 |
)% |
| |
|
|
|
|
|
|
|
| Efficiency ratio |
73.94 |
% |
|
67.61 |
% |
|
6.33 |
% |
|
9.36 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
| TOWNEBANK |
| Reconcilement of Non-GAAP Financial
Measures |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended |
|
Six Months Ended |
| |
June 30, |
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
| |
2018 |
|
2017 |
|
2018 |
|
2018 |
|
2017 |
| |
|
|
|
|
|
|
|
|
|
| Return on average
assets (GAAP) |
1.32 |
% |
|
1.29 |
% |
|
1.02 |
% |
|
1.18 |
% |
|
1.20 |
% |
| Impact of excluding
average goodwill and other intangibles and
amortization |
0.16 |
% |
|
0.11 |
% |
|
0.13 |
% |
|
0.14 |
% |
|
0.11 |
% |
| Return on average
tangible assets (non-GAAP) |
1.48 |
% |
|
1.40 |
% |
|
1.15 |
% |
|
1.32 |
% |
|
1.31 |
% |
| |
|
|
|
|
|
|
|
|
|
| Return on average
equity (GAAP) |
9.55 |
% |
|
9.43 |
% |
|
7.39 |
% |
|
8.52 |
% |
|
8.80 |
% |
| Impact of excluding
average goodwill and other intangibles and
amortization |
5.64 |
% |
|
4.24 |
% |
|
4.25 |
% |
|
4.95 |
% |
|
3.99 |
% |
| Return on average
tangible equity (non-GAAP) |
15.19 |
% |
|
13.67 |
% |
|
11.64 |
% |
|
13.47 |
% |
|
12.79 |
% |
| |
|
|
|
|
|
|
|
|
|
| Return on average
common equity (GAAP) |
9.62 |
% |
|
9.53 |
% |
|
7.45 |
% |
|
8.59 |
% |
|
8.89 |
% |
| Impact of excluding
average goodwill and other intangibles and
amortization |
5.74 |
% |
|
4.34 |
% |
|
4.32 |
% |
|
5.03 |
% |
|
4.08 |
% |
| Return on average
tangible common equity(non-GAAP) |
15.36 |
% |
|
13.87 |
% |
|
11.77 |
% |
|
13.62 |
% |
|
12.97 |
% |
| |
|
|
|
|
|
|
|
|
|
| Book value (GAAP) |
$ |
20.22 |
|
|
$ |
17.74 |
|
|
$ |
19.90 |
|
|
$ |
20.22 |
|
|
$ |
17.74 |
|
| Impact of excluding
average goodwill and other intangibles and
amortization |
(6.72 |
) |
|
(4.93 |
) |
|
(6.56 |
) |
|
(6.72 |
) |
|
(4.93 |
) |
| Tangible book value
(non-GAAP) |
$ |
13.50 |
|
|
$ |
12.81 |
|
|
$ |
13.34 |
|
|
$ |
13.50 |
|
|
$ |
12.81 |
|
| |
|
|
|
|
|
|
|
|
|
| TOWNEBANK |
| Reconcilement of Non-GAAP Financial
Measures |
| (dollars in thousands, except per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| Reconcilement
of GAAP Earnings to OperatingEarnings Excluding Certain Items
AffectingComparability |
|
Three Months Ended |
| |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
| |
|
2018 |
|
2018 |
|
2017 |
|
2017 |
|
2017 |
| |
|
|
|
|
|
|
|
|
|
|
| Net income (GAAP) |
|
$ |
34,804 |
|
|
$ |
24,705 |
|
|
$ |
12,333 |
|
|
$ |
27,150 |
|
|
$ |
26,213 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Purchase accounting
corrections |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(3,889 |
) |
| |
|
|
|
|
|
|
|
|
|
|
| Acquisition-related
expenses |
|
797 |
|
|
8,726 |
|
|
526 |
|
|
466 |
|
|
1,281 |
|
| Total charges |
|
797 |
|
|
8,726 |
|
|
526 |
|
|
466 |
|
|
(2,608 |
) |
| Income tax expense -tax
reform legislation |
|
— |
|
|
— |
|
|
10,112 |
|
|
— |
|
|
— |
|
| Income tax expense
(benefit) - other items |
|
(93 |
) |
|
(1,639 |
) |
|
(98 |
) |
|
(117 |
) |
|
1,167 |
|
| Income tax expense
(benefit) |
|
(93 |
) |
|
(1,639 |
) |
|
10,014 |
|
|
(117 |
) |
|
1,167 |
|
| Total charges, net of
taxes |
|
704 |
|
|
7,087 |
|
|
10,540 |
|
|
349 |
|
|
(1,441 |
) |
| Operating earnings,
excluding certain items affecting comparability
(non-GAAP) |
|
$ |
35,508 |
|
|
$ |
31,792 |
|
|
$ |
22,873 |
|
|
$ |
27,499 |
|
|
$ |
24,772 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Weighted average
diluted shares |
|
71,949,590 |
|
|
69,156,809 |
|
|
62,462,629 |
|
|
62,410,561 |
|
|
62,364,260 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Diluted EPS (GAAP) |
|
$ |
0.48 |
|
|
$ |
0.36 |
|
|
$ |
0.20 |
|
|
$ |
0.44 |
|
|
$ |
0.42 |
|
| Diluted EPS, excluding
certain items affecting comparability (non-GAAP) |
|
$ |
0.49 |
|
|
$ |
0.46 |
|
|
$ |
0.37 |
|
|
$ |
0.44 |
|
|
$ |
0.40 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Average assets |
|
$ |
10,536,847 |
|
|
$ |
9,848,364 |
|
|
$ |
8,579,705 |
|
|
$ |
8,570,019 |
|
|
$ |
8,180,959 |
|
| Average tangible
equity |
|
$ |
981,607 |
|
|
932,161 |
|
|
$ |
839,942 |
|
|
$ |
824,787 |
|
|
$ |
807,085 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Return on average
assets, excluding certain items affecting
comparability (non-GAAP) |
|
1.35 |
% |
|
1.31 |
% |
|
1.06 |
% |
|
1.27 |
% |
|
1.21 |
% |
| Return on average
tangible equity, excluding certainitems affecting comparability
(non-GAAP) |
|
15.48 |
% |
|
14.72 |
% |
|
11.37 |
% |
|
13.84 |
% |
|
12.96 |
% |
| Return on average
common tangible equity, excludingcertain items affecting
comparability (non-GAAP) |
|
15.66 |
% |
|
14.89 |
% |
|
10.36 |
% |
|
14.03 |
% |
|
13.14 |
% |
| Efficiency ratio,
excluding certain items affecting comparability
(non-GAAP) |
|
64.52 |
% |
|
66.19 |
% |
|
67.01 |
% |
|
63.92 |
% |
|
66.41 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOWNEBANK |
| Reconcilement of Non-GAAP Financial
Measures |
| (dollars in thousands, except per share
data) |
|
|
|
|
|
|
| |
|
|
|
|
| Reconcilement
of GAAP Earnings to Operating Earnings ExcludingCertain Items
Affecting Comparability |
|
Six months ended |
| |
|
June 30, |
|
June 30, |
| |
|
2018 |
|
2017 |
| |
|
|
|
|
| Net income (GAAP) |
|
$ |
59,510 |
|
|
$ |
48,180 |
|
| |
|
|
|
|
| Purchase accounting
corrections |
|
— |
|
|
(3,889 |
) |
| |
|
|
|
|
| Acquisition-related
expenses |
|
9,523 |
|
|
1,276 |
|
| Total charges |
|
9,523 |
|
|
(2,613 |
) |
| Income tax expense
(benefit) - other items |
|
(1,732 |
) |
|
1,242 |
|
| Income tax expense
(benefit) |
|
(1,732 |
) |
|
1,242 |
|
| Total charges, net of
taxes |
|
7,791 |
|
|
(1,371 |
) |
| Operating earnings,
excluding certain items affecting comparability
(non-GAAP) |
|
$ |
67,301 |
|
|
$ |
46,809 |
|
| |
|
|
|
|
| Weighted average
diluted shares |
|
70,551,537 |
|
|
62,351,215 |
|
| |
|
|
|
|
| Diluted EPS (GAAP) |
|
$ |
0.84 |
|
|
$ |
0.77 |
|
| Diluted EPS, excluding
certain items affecting comparability (non-GAAP) |
|
$ |
0.95 |
|
|
$ |
0.75 |
|
| |
|
|
|
|
| Average assets |
|
$ |
10,194,507 |
|
|
$ |
8,091,161 |
|
| Average tangible
equity |
|
$ |
957,021 |
|
|
$ |
799,303 |
|
| |
|
|
|
|
| Return on average
assets, excluding certain items affecting
comparability (non-GAAP) |
|
1.33 |
% |
|
1.16 |
% |
| Return on average
tangible equity, excluding certain items affectingcomparability
(non-GAAP) |
|
15.11 |
% |
|
12.44 |
% |
| Return on average
common tangible equity, excluding certain itemsaffecting
comparability (non-GAAP) |
|
15.29 |
% |
|
12.62 |
% |
| Efficiency ratio,
excluding certain items affecting comparability
(non-GAAP) |
|
65.32 |
% |
|
66.60 |
% |
| |
|
|
|
|
|
|
TowneBank (NASDAQ:TOWN)
Historical Stock Chart
From Mar 2024 to Apr 2024
TowneBank (NASDAQ:TOWN)
Historical Stock Chart
From Apr 2023 to Apr 2024
