CommunityOne Bancorp ("Company") (Nasdaq:COB), the holding company
for CommunityOne Bank, N.A. ("Bank"), today announced its unaudited
financial results for the quarter ended March 31, 2015. Highlights
include:
- Net income in 1Q 2015 was $2.5 million ($0.10 per
diluted share), a 97% increase from 1Q 2014. 4Q 2014 net income was
$144.6 million ($6.62 per diluted share), which included $142.5
million reversal of valuation allowance on deferred tax
assets.
- Net income before tax was $3.9 million in 1Q 2015, an
increase of 203% and 84% from 1Q 2014 and 4Q 2014,
respectively.
- Loan growth continued to be strong and diversified in
1Q 2015. Loans held for investment grew $38.1 million, an
annualized growth rate of 11%, and organic loans, which exclude
purchased residential mortgage pools, grew at a 16% annualized
growth rate.
- Year over year Charlotte MSA loan growth was 51%;
Raleigh/Durham MSA loan growth was 14%; Greensboro MSA loan growth
was 7%.
- Deposits grew at a 3% annualized rate during the
quarter. Low cost core deposits grew at a 4% annualized rate in 1Q
2015, and noninterest-bearing deposits grew by $13.6 million, a 17%
annualized rate.
- Announcement in March of the acquisition of certain
assets and deposits of the Lenoir and Granite Falls branches of
CertusBank, N.A., which we expect to close in 2Q
2015.
- Net interest income grew 8% over 1Q 2014 to $16.8
million. Net interest margin improved to 3.54% in the first
quarter, up 5 bps from the previous quarter and 11 bps from 1Q
2014.
- Strong credit performance continued through 1Q 2015,
with a net recovery of provision for loan losses of $1.1 million in
1Q 2015. Net charge-offs were $0.2 million in 1Q 2015, an
annualized charge-off rate of 6 basis points on average loans
during the quarter.
- Nonperforming assets fell 10% from 4Q 2014 and 30% from
a year ago, and were 1.9% of total assets at quarter
end.
- Mortgage loan income grew 167% from 1Q 2014 and 93%
from 4Q 2014.
- Noninterest expenses were $0.8 million (4%) lower than
1Q 2014, and fell $2.4 million (12%) from 4Q 2014, or by $0.9
million excluding 4Q 2014 branch closure expense
accruals.
"We continue to be very pleased with our broad based performance
improvements and I am excited about the accelerated growth we are
seeing in the major metro markets like Charlotte, Raleigh, and
Greensboro," noted Bob Reid, President and CEO.
"The CertusBank branch deposit acquisition in Lenoir and Granite
Falls will deliver well priced deposits to help fund our continued
loan growth, and demonstrates our commitment to opportunistically
add to our franchise with attractively priced M&A
transactions," said Dave Nielsen, Chief Financial Officer.
First Quarter Financial Results
Results of Operations
Net income after-tax was $2.5 million for the first quarter of
2015, compared to $144.6 million in the fourth quarter of 2014 and
$1.3 million in the first quarter of 2014. The fourth quarter of
2014 included the net income impact of the reversal of $142.5
million of deferred tax asset valuation allowance. Fully diluted
net income per share was $0.10 per share in the first quarter of
2015, compared to $6.62 per share and $0.06 per share in the fourth
quarter of 2014 and the first quarter of 2014, respectively.
Pre-credit and nonrecurring items ("PCNR") earnings, which exclude
taxes, credit costs and provision, and nonrecurring income and
expenses, were $3.5 million for the first quarter of 2015, and $0.6
million better than the $2.9 million in the fourth quarter of 2014,
and $1.8 million better than the $1.6 million in the first quarter
of 2014.
First quarter financial results, as compared to the same quarter
last year, included continued improvements in the asset quality of
the loan portfolio, resulting in a $1.1 million recovery of loan
loss provision. Net interest income grew $1.3 million (8%) from the
first quarter of 2014 on a $116.3 million increase in average loans
and securities and an increase in interest recoveries of $0.3
million. Noninterest income increased $0.1 million on a $0.3
million increase in mortgage loan income, offset by declines in
service charges. Noninterest expense fell by $0.8 million as
compared to the same quarter last year, primarily related to
reductions in branch operating costs, offset by increases in
personnel costs from origination personnel in the commercial and
mortgage areas.
As compared to the fourth quarter of last year, net interest
income grew $0.1 million on an increase in average loans and
securities of $46.9 million, offset by the impact of two fewer days
and a $0.1 million decline in interest recoveries in the first
quarter. Noninterest income fell $0.5 million from last quarter on
declines in service charges, cardholder and merchant services
revenue and $0.2 million in securities gains. More than offsetting
this decline, noninterest expense fell by $2.4 million in the
quarter, primarily related to branch closure accruals of $1.6
million taken in the fourth quarter of last year, and reductions in
the first quarter in personnel costs, professional fees and other
real estate owned ("OREO") costs.
Loan and Deposits
Loan growth was strong again this quarter across all business
lines, reflecting good loan demand in our metro markets, portfolio
growth across all our businesses, and the impact of personnel
additions and market expansion. Loans held for investment grew 3%
in the first quarter, an annualized growth rate of 11% and our
fourth consecutive quarter of double digit annualized growth. Loans
held for investment grew by $38.1 million in the first quarter to
$1.40 billion, compared to $1.36 billion at the end of the fourth
quarter. Excluding our purchased residential mortgage loan pools,
our total organic loan growth was even stronger at $45.9 million
during the quarter, an annualized growth rate of 16%. Pass rated
loans grew $51.0 million in the first quarter, an annualized growth
rate of 16%, reflecting continued improvement in the asset quality
of the loan portfolio.
Our loan growth performance was a result of the success of
investments in expanded commercial, real estate and residential
mortgage lending capacity made since 2011 in our metro markets of
Charlotte, Greensboro and Raleigh, the top three markets in terms
of population in North Carolina. At the end of the first quarter,
the loan portfolio in these metro markets made up 53% of our
organic loan portfolio (which excludes our purchased residential
mortgage loans), a 10% increase from the first quarter of 2014. Key
drivers of growth were the Charlotte and Raleigh metro areas with
year over year loan portfolio increases of 51% and 14%,
respectively. We also added three new residential mortgage loan
officers in our non-branch retail channel in Charlotte and Raleigh
in the first quarter. We expect these new hires will sustain our
accelerated pace of loan growth and enhance our mortgage loan
income in 2015.
Total deposits increased $13.1 million, or a 3% annualized rate,
in the first quarter, including the impact of 6 branch
consolidations completed in March. As a result of branch
consolidations and deposit growth, average deposits per branch have
increased 23% since the first quarter of 2014. During the quarter,
we also announced the purchase of certain assets and deposits of
the Lenoir and Granite Falls branches of CertusBank, N.A., and we
expect this transaction to close at the end of the second
quarter.
Total deposits were $1.81 billion at the end of the quarter. Low
cost core deposits, which exclude time deposits, grew $12.0 million
during the first quarter, an annualized growth rate of 4%.
Noninterest-bearing deposits grew $13.6 million, or 4%, in the
first quarter of 2015, an annualized growth rate of 17%, as a
result of new commercial relationships and the growth of our
treasury products.
Net Interest Income
First quarter net interest income was $16.8 million, an increase
of 8% as compared to $15.5 million in the first quarter of last
year, as a result of a $116.3 million increase in average loans and
securities and an increase in interest recoveries of $0.3 million.
Net interest income was $0.1 million higher as compared to the
fourth quarter of 2014, on an increase in average loans and
securities of $46.9 million, offset by the impact of two fewer days
in the quarter and a $0.1 million decline in interest recoveries in
the first quarter. Accretion, net of contractual interest
collected, on purchased impaired loans was $0.7 million in the
first quarter, compared to $0.7 million and $0.9 million in the
fourth quarter of 2014 and the first quarter of 2014,
respectively.
Our net interest margin was 3.54% for the first quarter of 2015,
up 11 basis points from the first quarter of 2014 and up 5 basis
points from the fourth quarter of 2014. The 11 basis point
increase in net interest margin as compared to the first quarter of
2014 was the result of an improved asset mix as we grew average
loans by $169.2 million (14%) and reduced lower yielding cash and
securities balances. The 5 basis point increase in the net
interest margin in the first quarter of 2015 over the fourth
quarter was the result of an improved asset mix as we grew both
average loans by $38.0 million and average investment securities by
$8.9 million while reducing low yielding cash balances by $26.8
million. The deposit portfolio continues to perform to our
expectations. The cost of interest-bearing deposits was 48
basis points during both the first quarters of 2014 and 2015, and
47 basis points during the fourth quarter of 2014. The cost
of all deposit funding was unchanged during the quarter at 39 basis
points.
Asset Quality and Provision for Loan Losses
Nonperforming assets, including nonaccruing loans, loans over 90
days delinquent and still accruing not accounted for under
purchased impaired loan accounting, and OREO and repossessed loan
collateral continued to decline during the first
quarter. These assets fell to $41.3 million, or 1.9% of total
assets at the end of the first quarter, compared to $45.7 million,
or 2.1% of total assets, at the end of the fourth quarter of
2014. OREO and repossessed loan collateral increased slightly
during the first quarter to $21.0 million, but have been reduced by
$3.6 million, or 15%, compared to the same quarter last
year. For the first quarter, we had net OREO write-downs, net
of gains on the sale of OREO, of $294 thousand.
The allowance for loan losses was $19.0 million, or 1.36% of
loans held for investment, at the end of the first quarter,
compared to $20.3 million, or 1.50% at the end of the previous
quarter. Recovery of provision for loan losses was $1.1
million in the first quarter compared to a recovery of provision of
$1.3 million and $0.7 million in the fourth and first quarters of
2014, respectively. The recovery of provision for loan losses
in the first quarter includes a $1.1 million recovery of provision
for loan losses in the non-purchased impaired loan portfolio as a
result of continued improvements in historical loss rates utilized
in our allowance for loan loss model, and a $43 thousand recovery
of provision for loan losses related to improvements in the cash
flow forecast during the quarter on the purchased impaired loan
portfolio.
The Company had net charge-offs in the first quarter of $0.2
million. First quarter annualized net charge-offs as a
percentage of average loans were 0.06%, compared to annualized net
recoveries 0.04% in the fourth quarter of 2014, and net charge-offs
of 0.08% for all of 2014.
Noninterest Income
For the first quarter, PCNR noninterest income was $4.0 million,
a $0.1 million increase from the comparable quarter in 2014, and a
decrease of $0.3 million from the previous quarter. Total
noninterest income was $4.0 million in the first quarter, compared
to $3.9 million in the comparable quarter last year and compared to
$4.5 million in the fourth quarter of 2014.
Mortgage loan income was very strong in the first quarter, up
167% and 93% over the first and fourth quarters of 2014,
respectively. Mortgage loan income was $465 thousand in the first
quarter, driven by 134% and 48% increases in mortgage loan
originations from the first and fourth quarters of 2014,
respectively. Production from our retail non-branch channel
was $14.0 million in the quarter, a 242% increase from the previous
quarter. During the quarter, we originated $58.4 million of
mortgage loans, including $23.7 million of loans for sale to
investors, an increase of 72 % from the first quarter of last year
and an increase of 32% from the fourth quarter.
Trust and investment services income in the first quarter fell
$36 thousand from the comparable quarter last year, principally as
a result of reduced sales activity in conjunction with the
conversion of existing accounts to a new broker dealer
platform. We expect this new broker dealer platform will
result in enhanced revenue sharing and fee income now that customer
conversion activities are complete.
First quarter service charges were $0.2 million lower than both
the first and fourth quarters of 2014 on weaker overdraft and NSF
activity in the deposit portfolio. Cardholder and merchant
services income was flat to the first quarter of last year, but
lower by $0.2 million than the fourth quarter on reduced activity
levels and the impact of vendor conversion activity in the merchant
platform during the quarter.
Noninterest Expense
Noninterest expense was reduced by $0.8 million from the first
quarter of 2014 primarily related to reductions in branch operating
costs, offset by increases in personnel costs from origination
personnel in the commercial and mortgage areas. As compared to
the fourth quarter of 2014, noninterest expense was $2.4 million
lower in the quarter, primarily related to branch closure accruals
of $1.6 million taken in the fourth quarter of last year, and
reductions in the first quarter in personnel costs, professional
fees and OREO costs. PCNR noninterest expense, which excludes
merger, OREO, collection, and other nonrecurring expenses, was
$17.3 million, a decrease of $0.4 million from the first quarter of
2014 for the reasons just noted. PCNR noninterest expense fell
by $0.8 million in the first quarter from the prior quarter,
primarily as a result of reductions in the first quarter in
personnel costs and professional fees. PCNR noninterest
expense to average assets fell to 3.15% during the first quarter
from 3.59% and 3.55% in the first and fourth quarters of 2014,
respectively. Average full time equivalent employees were 571,
1% lower than in the first quarter of last year. Ending FTEs
at March 31, 2015 were 554 as a result of the six branch closings
in late March, the impact of which will not be reflected in the
expense run rate until the second quarter of 2015.
Conference Call
A pre-recorded conference call will be held at 11:00 a.m.,
Eastern time this morning April 30th, 2015. Interested parties
should dial in five to ten minutes prior to the scheduled start
time to 1-866-235-9913. The webcast may be accessed via the
Investor Relations section of the Company's website at
www.community1.com. The webcast replay will be available until
April 30, 2016. The teleconference replay will be available
one hour after the end of the conference through May 15,
2015. To access the teleconference replay, dial toll free in
the U.S. to 1-877-344-7529 or outside the U.S. to 1-412-317-0088
and provide Conference ID Number 10064253.
About CommunityOne Bancorp
CommunityOne Bancorp is the Charlotte, North Carolina-based
bank holding company for CommunityOne Bank, N.A. Founded in 1907 as
First National Bank of Asheboro, CommunityOne has grown into a $2.2
billion community bank, operating 44 branches throughout central,
southern and western North Carolina, and Loan Production Offices in
Raleigh and Winston-Salem. Through its network of branches and
LPOs, CommunityOne offers a variety of consumer, mortgage and
commercial banking services to retail and business customers,
including loans, deposits, cash management, wealth and online
banking. CommunityOne Bancorp's shares are traded on the NASDAQ
stock market under the symbol, "COB."
Non-GAAP Financial Measures
Statements in this press release include certain non-GAAP
financial measures, which should be read along with the
accompanying tables that provide a reconciliation of these non-GAAP
financial measures to the most directly comparable GAAP
measures. The non-GAAP financial measures referenced in this
press release include: tangible shareholders' equity, PCNR
earnings, PCNR noninterest expense, and PCNR noninterest
income. The Company believes that these non-GAAP financial
measures provide information useful to investors in understanding
our underlying performance and business trends as they facilitate
comparisons with the performance of others in the financial
services industry. However, these non-GAAP financial measures
should not be considered an alternative to GAAP, and investors
should consider the Company's performance and financial condition
as reported under GAAP as well as other relevant information when
assessing the overall performance and financial condition of the
Company.
Forward Looking Statements
Information in this press release may constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements
include projections, predictions, expectations, or beliefs about
events or results or otherwise are not statements of historical
facts, and usually can be identified by the use of forward-looking
terminology, such as "believes," "expects," or "are expected to,"
"plans," "projects," "goals," "estimates," "may," "should,"
"could," "would," "intends to," "outlook" or "anticipates," or
variations of these and similar words, or by discussions of
strategies that involve risks and uncertainties that could cause
actual results to differ materially, including, without limitation,
our ability to continue to grow our business internally and through
acquisition and successful integration of any acquired entities
while controlling our costs; having the financial and management
resources in the amount, at the times and on the terms required to
support our future business; the accuracy of our assumptions and
judgments about the collectability of our loan portfolio, including
the creditworthiness of our borrowers and the value of real estate
and other assets, which could affect repayment of such borrowers'
outstanding loans; material changes in the quality of our loan
portfolio and the resulting credit related losses and expenses; the
accuracy of our assumptions relating to the establishment of our
ALL; adverse changes in the value of real estate in our market
areas; adverse changes in the housing markets, or an increase in
interest rates, either of which may reduce demand for mortgages;
changes in interest rates, spreads on earning assets and
interest-bearing liabilities, the shape of the yield curve and
interest rate sensitivity; a prolonged period of low interest
rates; declines in the value of our OREO; the accuracy of our
assumptions relating to our ability to use net operating loss
carryforwards to reduce future tax payments; the loss of one or
more members of executive management and our ability to recruit and
retain key lenders and other employees; less favorable general
economic conditions, either nationally or regionally; resulting in,
among other things, a reduced demand for our credit or other
services and thus reduced origination volume; increased competitive
pressures in the banking industry or in COB's markets affecting
pricing or product and service offerings; our ability to respond to
rapid technological developments and changes; disruptions in or
manipulations of our operating systems; information security risks
impacting us or our vendors, including "hacking" and "identity
theft," that could adversely affect our business and our
reputation; the loss or disruption of the services provided by one
or more of our critical vendors; our ability to achieve our
targeted reductions in costs and expenses; the impact of laws and
regulatory requirements, including the Basel III capital rules,
Bank Secrecy Act requirements, and regulations required by the
Dodd-Frank Act; changes in trade, monetary and fiscal policies and
laws, including interest rate policies of the Federal Reserve
Board; changes in accounting principles and standards; and our
success at managing the risks involved in the foregoing.
Although the Company believes that its expectations with respect
to such forward-looking statements are based upon reasonable
assumptions within the bounds of its existing knowledge of its
business and operations, there can be no assurance that actual
results of the Company will not differ materially from those
expressed or implied by such forward-looking
statements. Factors that could cause actual events or results
to differ significantly from those described in the forward-looking
statements include, but are not limited to those described in the
cautionary language included under the headings "Risk Factors" and
in other sections of the Company's filings with the SEC, including
its Annual Report on Form 10-K for the fiscal year ended December
31, 2014 and its quarterly reports on Form 10-Q. The forward
looking statements in this press release speak only as of the date
of the press release and the Company does not assume any obligation
to update them after such date.
Quarterly Results of
Operations |
|
|
|
|
|
|
|
|
|
|
|
(in thousands, except per share data) |
1Q 2015 |
4Q 2014 |
3Q 2014 |
2Q 2014 |
1Q 2014 |
|
|
|
|
|
|
Interest Income |
|
|
|
|
|
Interest and fees on loans |
$ 15,873 |
$ 15,871 |
$ 14,855 |
$ 14,376 |
$ 14,081 |
Interest and dividends on investment
securities |
3,224 |
3,242 |
3,400 |
3,731 |
3,695 |
Other interest income |
171 |
158 |
140 |
156 |
151 |
Total interest income |
19,268 |
19,271 |
18,395 |
18,263 |
17,927 |
|
|
|
|
|
|
Interest Expense |
|
|
|
|
|
Deposits |
1,731 |
1,741 |
1,725 |
1,741 |
1,702 |
Retail repurchase agreements |
4 |
5 |
5 |
3 |
3 |
Federal Home Loan Bank advances |
469 |
516 |
521 |
514 |
469 |
Other borrowed funds |
290 |
288 |
296 |
287 |
274 |
Total interest expense |
2,494 |
2,550 |
2,547 |
2,545 |
2,448 |
Net interest income before provision for loan
losses |
16,774 |
16,721 |
15,848 |
15,718 |
15,479 |
Recovery of provision for loan losses |
(1,137) |
(1,323) |
(1,679) |
(1,685) |
(684) |
Net interest income after provision for
loan losses |
17,911 |
18,044 |
17,527 |
17,403 |
16,163 |
|
|
|
|
|
|
Noninterest Income |
|
|
|
|
|
Service charges on deposit accounts |
1,434 |
1,585 |
1,583 |
1,619 |
1,564 |
Mortgage loan income |
465 |
241 |
205 |
261 |
174 |
Cardholder and merchant services income |
1,125 |
1,298 |
1,183 |
1,209 |
1,113 |
Trust and investment services |
322 |
394 |
344 |
399 |
358 |
Bank owned life insurance |
250 |
350 |
273 |
278 |
252 |
Other service charges, commissions and
fees |
383 |
366 |
290 |
332 |
352 |
Securities gains, net |
-- |
220 |
34 |
720 |
-- |
Other income |
55 |
89 |
73 |
75 |
130 |
Total noninterest income |
4,034 |
4,543 |
3,985 |
4,893 |
3,943 |
|
|
|
|
|
|
Noninterest Expense |
|
|
|
|
|
Personnel expense |
10,594 |
10,717 |
12,616 |
9,956 |
10,393 |
Net occupancy expense |
1,469 |
1,526 |
1,521 |
1,512 |
1,553 |
Furniture, equipment and data processing
expense |
1,989 |
2,078 |
2,208 |
2,047 |
2,003 |
Professional fees |
539 |
671 |
699 |
467 |
633 |
Stationery, printing and supplies |
176 |
162 |
149 |
173 |
162 |
Advertising and marketing |
186 |
274 |
142 |
147 |
153 |
Other real estate owned expense
(recovery) |
360 |
572 |
(29) |
954 |
261 |
Credit/debit card expense |
543 |
568 |
520 |
604 |
595 |
FDIC insurance |
453 |
422 |
412 |
595 |
639 |
Loan collection expense |
300 |
170 |
198 |
551 |
657 |
Core deposit intangible amortization |
352 |
351 |
352 |
352 |
352 |
Other expense |
1,047 |
2,935 |
1,227 |
1,910 |
1,405 |
Total noninterest expense |
18,008 |
20,446 |
20,015 |
19,268 |
18,806 |
Income before income taxes |
3,937 |
2,141 |
1,497 |
3,028 |
1,300 |
Income tax expense (benefit) |
1,418 |
(142,475) |
(276) |
236 |
23 |
Net Income |
$ 2,519 |
$ 144,616 |
$ 1,773 |
$ 2,792 |
$ 1,277 |
|
|
|
|
|
|
Weighted average shares outstanding -
basic |
24,183 |
21,846 |
21,739 |
21,889 |
21,936 |
Weighted average shares outstanding -
diluted |
24,195 |
21,858 |
21,747 |
21,900 |
21,936 |
Net income per share - basic |
$ 0.10 |
$ 6.62 |
$ 0.08 |
$ 0.13 |
$ 0.06 |
Net income per share - diluted |
0.10 |
6.62 |
0.08 |
0.13 |
0.06 |
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Balance
Sheets |
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
1Q 2015 |
4Q 2014 |
3Q 2014 |
2Q 2014 |
1Q 2014 |
|
|
|
|
|
|
Assets |
|
|
|
|
|
Cash and due from banks |
$ 25,715 |
$ 29,202 |
$ 26,411 |
$ 30,377 |
$ 31,591 |
Interest-bearing bank balances |
22,218 |
66,680 |
33,669 |
40,100 |
73,360 |
Investment securities: |
|
|
|
|
|
Available-for-sale |
367,842 |
350,040 |
363,296 |
399,110 |
402,468 |
Held-to-maturity |
140,559 |
142,461 |
144,684 |
147,055 |
149,060 |
Loans held for sale |
7,571 |
2,796 |
2,268 |
1,765 |
1,961 |
Loans held for investment |
1,395,911 |
1,357,788 |
1,318,117 |
1,269,865 |
1,219,785 |
Less: Allowance for loan losses |
(19,008) |
(20,345) |
(21,525) |
(23,975) |
(26,039) |
Net loans held for investment |
1,376,903 |
1,337,443 |
1,296,592 |
1,245,890 |
1,193,746 |
Premises and equipment, net |
43,809 |
46,782 |
47,416 |
47,855 |
48,172 |
Other real estate owned |
21,040 |
20,411 |
20,289 |
21,871 |
24,624 |
Core deposit premiums and other
intangibles |
5,500 |
5,681 |
5,986 |
6,296 |
6,597 |
Goodwill |
4,205 |
4,205 |
4,205 |
4,205 |
4,205 |
Bank-owned life insurance |
40,212 |
39,946 |
40,797 |
40,504 |
40,210 |
Deferred tax asset, net |
144,223 |
146,432 |
5,564 |
5,188 |
8,153 |
Other assets |
32,137 |
23,435 |
24,616 |
23,297 |
24,334 |
Total Assets |
$ 2,231,934 |
$ 2,215,514 |
$ 2,015,793 |
$ 2,013,513 |
$ 2,008,481 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
Deposits: |
|
|
|
|
|
Noninterest-bearing demand deposits |
$ 337,417 |
$ 323,776 |
$ 317,981 |
$ 321,829 |
$ 315,515 |
Interest-bearing deposits: |
|
|
|
|
|
Demand, savings and money market
deposits |
880,721 |
882,332 |
859,003 |
850,514 |
879,419 |
Time deposits |
589,334 |
588,312 |
581,946 |
591,422 |
572,996 |
Total deposits |
1,807,472 |
1,794,420 |
1,758,930 |
1,763,765 |
1,767,930 |
Retail repurchase agreements |
7,837 |
9,076 |
12,217 |
8,333 |
5,152 |
Federal Home Loan Bank advances |
68,221 |
68,234 |
73,246 |
73,259 |
73,271 |
Junior subordinated debentures |
56,702 |
56,702 |
56,702 |
56,702 |
56,702 |
Long term notes payable |
5,358 |
5,338 |
5,319 |
5,300 |
5,281 |
Other liabilities |
15,392 |
14,828 |
14,889 |
13,457 |
14,814 |
Total Liabilities |
1,960,982 |
1,948,598 |
1,921,303 |
1,920,816 |
1,923,150 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
Preferred Stock, 10,000,000 authorized |
|
|
|
|
|
Series A, $10.00 par value, 51,500 issued
and no shares outstanding |
-- |
-- |
-- |
-- |
-- |
Series B, no par value, 250,000
authorized, no shares issued or outstanding |
-- |
-- |
-- |
-- |
-- |
Common stock |
487,781 |
487,603 |
462,357 |
462,206 |
462,037 |
Accumulated deficit |
(210,693) |
(213,212) |
(357,828) |
(359,601) |
(362,393) |
Accumulated other comprehensive loss |
(6,136) |
(7,475) |
(10,039) |
(9,908) |
(14,313) |
Total Shareholders' Equity |
270,952 |
266,916 |
94,490 |
92,697 |
85,331 |
Total Liabilities and Shareholders'
Equity |
$ 2,231,934 |
$ 2,215,514 |
$ 2,015,793 |
$ 2,013,513 |
$ 2,008,481 |
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
(in thousands, except per share data) |
1Q 2015 |
4Q 2014 |
3Q 2014 |
2Q 2014 |
1Q 2014 |
|
|
|
|
|
|
Income Statement Data |
|
|
|
|
|
Net interest income |
$ 16,774 |
$ 16,721 |
$ 15,848 |
$ 15,718 |
$ 15,479 |
Recovery of provision for loan losses |
(1,137) |
(1,323) |
(1,679) |
(1,685) |
(684) |
Noninterest income |
4,034 |
4,543 |
3,985 |
4,893 |
3,943 |
Noninterest expense |
18,008 |
20,446 |
20,015 |
19,268 |
18,806 |
Income before taxes |
3,937 |
2,141 |
1,497 |
3,028 |
1,300 |
Net income |
2,519 |
144,616 |
1,773 |
2,792 |
1,277 |
|
|
|
|
|
|
Period End Balances |
|
|
|
|
|
Assets |
$ 2,231,934 |
$ 2,215,514 |
$ 2,015,793 |
$ 2,013,513 |
$ 2,008,481 |
Loans held for sale |
7,571 |
2,796 |
2,268 |
1,765 |
1,961 |
Loans held for investment |
1,395,911 |
1,357,788 |
1,318,117 |
1,269,865 |
1,219,785 |
Allowance for loan losses |
(19,008) |
(20,345) |
(21,525) |
(23,975) |
(26,039) |
Goodwill |
4,205 |
4,205 |
4,205 |
4,205 |
4,205 |
Deposits |
1,807,472 |
1,794,420 |
1,758,930 |
1,763,765 |
1,767,930 |
Borrowings |
138,118 |
139,350 |
147,484 |
143,594 |
140,406 |
Shareholders' equity |
270,952 |
266,916 |
94,490 |
92,697 |
85,331 |
|
|
|
|
|
|
Average Balances |
|
|
|
|
|
Assets |
$ 2,202,247 |
$ 2,042,109 |
$ 2,004,071 |
$ 1,997,909 |
$ 1,979,036 |
Loans held for sale |
2,781 |
1,997 |
1,446 |
1,664 |
1,298 |
Loans held for investment |
1,376,053 |
1,338,877 |
1,288,272 |
1,237,183 |
1,208,416 |
Allowance for loan losses |
(20,239) |
(21,552) |
(24,110) |
(26,544) |
(26,942) |
Goodwill |
4,205 |
4,205 |
4,205 |
4,205 |
4,205 |
Deposits |
1,781,533 |
1,785,575 |
1,753,380 |
1,755,127 |
1,739,354 |
Borrowings |
138,757 |
144,315 |
144,830 |
141,390 |
142,244 |
Shareholders' equity |
268,799 |
99,445 |
93,051 |
88,140 |
83,776 |
|
|
|
|
|
|
Per Share Data |
|
|
|
|
|
Net income per share - basic |
$ 0.10 |
$ 6.62 |
$ 0.08 |
$ 0.13 |
$ 0.06 |
Net income per share - diluted |
0.10 |
6.62 |
0.08 |
0.13 |
0.06 |
Book value (Shareholders' Equity) |
11.20 |
11.04 |
4.35 |
4.26 |
3.88 |
Tangible book value (Tangible Shareholders'
Equity) 1 |
10.80 |
10.63 |
3.88 |
3.78 |
3.39 |
|
|
|
|
|
|
Performance Ratios |
|
|
|
|
|
Return on average assets |
0.46% |
28.10% |
0.35% |
0.56% |
0.26% |
Pre-tax return on average assets |
0.73% |
0.42% |
0.30% |
0.61% |
0.27% |
Return on average equity |
3.8% |
577.0% |
7.6% |
12.7% |
6.2% |
Net interest margin (tax equivalent) |
3.54% |
3.49% |
3.38% |
3.40% |
3.43% |
PCNR noninterest expense to average
assets1 |
3.15% |
3.55% |
3.55% |
3.47% |
3.59% |
|
|
|
|
|
|
Asset Quality Ratios |
|
|
|
|
|
Allowance for loan losses to loans held for
investment |
1.36% |
1.50% |
1.63% |
1.89% |
2.13% |
Net annualized charge-offs (recoveries) to
average loans |
0.06% |
(0.04%) |
0.24% |
0.12% |
0.02% |
Nonperforming assets to total assets |
1.9% |
2.1% |
2.4% |
2.7% |
2.9% |
Classified assets to Tier 1 + ALL |
39% |
41% |
62% |
68% |
78% |
|
|
|
|
|
|
Capital and Other
Ratios |
|
|
|
|
|
CommunityOne Bancorp leverage capital |
8.47% |
9.78% |
6.48% |
6.35% |
6.20% |
CommunityOne Bank, N.A. leverage capital |
9.69% |
9.94% |
7.97% |
7.86% |
7.74% |
CommunityOne Bancorp common equity Tier
1 |
11.86% |
N/A |
N/A |
N/A |
N/A |
Loans held for investment to deposits |
77% |
76% |
75% |
72% |
69% |
|
|
|
|
|
|
1 Non-GAAP measure. See Quarterly
Non-GAAP Measures table for reconciliation to the most directly
comparable GAAP measure. |
N/A - Not available |
|
|
|
|
|
|
|
|
|
|
|
Quarterly Non-GAAP
Measures |
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
1Q 2015 |
4Q 2014 |
3Q 2014 |
2Q 2014 |
1Q 2014 |
|
|
|
|
|
|
Book Value (Shareholders'
Equity) |
$ 270,952 |
$ 266,916 |
$ 94,490 |
$ 92,697 |
$ 85,331 |
Less: |
|
|
|
|
|
Goodwill |
(4,205) |
(4,205) |
(4,205) |
(4,205) |
(4,205) |
Core deposit and other intangibles |
(5,500) |
(5,681) |
(5,986) |
(6,296) |
(6,597) |
Tangible Book Value (Tangible
Shareholders' Equity) (Non-GAAP) |
$ 261,247 |
$ 257,030 |
$ 84,299 |
$ 82,196 |
$ 74,529 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ 2,519 |
$ 144,616 |
$ 1,773 |
$ 2,792 |
$ 1,277 |
|
|
|
|
|
|
Less taxes, credit costs and nonrecurring
items: |
|
|
|
|
|
Income tax benefit (expense) |
(1,418) |
142,475 |
276 |
(236) |
(23) |
Securities gains, net |
-- |
220 |
34 |
720 |
-- |
Other real estate owned expense |
(360) |
(572) |
29 |
(954) |
(261) |
Recovery of provision for loan
losses |
1,137 |
1,323 |
1,679 |
1,685 |
684 |
Mortgage and litigation accruals |
-- |
-- |
-- |
(7) |
75 |
US Treasury sale expenses |
-- |
-- |
-- |
(409) |
-- |
Loan collection expense |
(300) |
(170) |
(198) |
(551) |
(657) |
Branch closure and restructuring
expenses |
-- |
(1,566) |
-- |
(7) |
(183) |
Executive severance |
-- |
-- |
(2,060) |
-- |
-- |
|
|
|
|
|
|
PCNR Earnings
(Non-GAAP) |
$ 3,460 |
$ 2,906 |
$ 2,013 |
$ 2,551 |
$ 1,642 |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Expense |
$ 18,008 |
$ 20,446 |
$ 20,015 |
$ 19,268 |
$ 18,806 |
|
|
|
|
|
|
Less credit costs and nonrecurring
items: |
|
|
|
|
|
Other real estate owned expense |
(360) |
(572) |
29 |
(954) |
(261) |
Mortgage and litigation accruals |
-- |
-- |
-- |
(7) |
75 |
Loan collection expense |
(300) |
(170) |
(198) |
(551) |
(657) |
Branch closure and restructuring
expenses |
-- |
(1,566) |
-- |
(7) |
(183) |
US Treasury sale expenses |
-- |
-- |
-- |
(409) |
-- |
Executive severance |
-- |
-- |
(2,060) |
-- |
-- |
|
|
|
|
|
|
PCNR Noninterest Expense
(Non-GAAP) |
$ 17,348 |
$ 18,138 |
$ 17,786 |
$ 17,340 |
$ 17,780 |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Income |
$ 4,034 |
$ 4,543 |
$ 3,985 |
$ 4,893 |
$ 3,943 |
|
|
|
|
|
|
Less nonrecurring items: |
|
|
|
|
|
Securities gains, net |
-- |
220 |
34 |
720 |
-- |
|
|
|
|
|
|
PCNR Noninterest Income
(Non-GAAP) |
$ 4,034 |
$ 4,323 |
$ 3,951 |
$ 4,173 |
$ 3,943 |
CONTACT: David L. Nielsen, CFO, 980.819.6220
investorrelations@community1.com
Kim Graham, 980.819.6278
kim.graham@community1.com
Communityone Bancorp (MM) (NASDAQ:COB)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Communityone Bancorp (MM) (NASDAQ:COB)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024