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23.04.2020 23:05
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CenterState Bank Corporation Announces First Quarter 2020 Results
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PR Newswire
WINTER HAVEN, Fla., April 23, 2020
WINTER HAVEN, Fla., April 23, 2020 /PRNewswire/ -- CenterState Bank Corporation (Nasdaq: CSFL) (the "Company" or "CenterState") announced first quarter 2020 results. Highlights for the period ended March 31, 2020 and selected performance metrics are set forth below.
| Earnings Highlights: The Company reported first quarter 2020 net income of $35.4 million compared to $71.1 million for the fourth quarter 2019. Diluted Earnings per Share ("EPS") was $0.28 in the first quarter 2020 compared to $0.56 in the fourth quarter 2019. Return on Average Assets ("ROAA") for the current quarter was 0.82% compared to 1.63% for the fourth quarter 2019 while Return on Tangible Average Common Equity ("ROTCE") (non-GAAP(1)) and adjusted ROTCE (non-GAAP(1)) for the current quarter were each 9.9% compared to 18.8% and 19.1%, respectively, for the fourth quarter 2019.
During the current quarter, the Company repurchased a total of 1.45 million shares or 1.2% of its outstanding shares, resulting in Tangible Book Value per share ("TBV") (non-GAAP(1)) of $12.68 and Tangible Common Equity ("TCE") ratio of 9.1%, after the adoption of CECL on January 1, 2020 and higher Q1 2020 provision for credit losses for loans held for investment and credit loss expense for unfunded commitments. |
- Other Financial Results:
- Adjusted pre-tax pre-provision income (non-GAAP(1)): $90.4 million for the current quarter compared to $95.0 for the fourth quarter 2019 on record revenue(2) of $209.1 million, up $889 or 0.4% from fourth quarter 2019
- Net Interest Margin, tax equivalent ("NIM") (Non-GAAP(1)): decreased 8 bps to 4.17% from the fourth quarter 2019; core NIM excluding all loan accretion (Non-GAAP(1)) of 3.74%, a decrease of 3 bps from the fourth quarter 2019 reflecting, in part, the declining interest rate environment and volatility following the onset of the COVID-19 pandemic
- Non-interest income(3): 1.29% of average assets for the current quarter compared with 1.15% in the fourth quarter 2019
- Efficiency ratio (Non-GAAP(1)): 58.5% reported, 54.9% adjusted for the first quarter 2020 compared to 54.3% and 52.1%, respectively, in the fourth quarter 2019
- Loan growth: loan growth of $43.3 million or 1% annualized
- Deposit growth: non-CD deposits growth of $348 million or 13% annualized; DDA growth of $271 million or 17% annualized
- CECL and Provision for Credit Losses:
- CECL adopted January 1, 2020, with initial Allowance for Credit Losses ("ACL") of $115.3 million, and a $6.0 million reserve for unfunded commitments (reported as other liability on the balance sheet); reflects a combined $80.7 million increase in these reserves at adoption compared to fiscal year-end 2019 levels; the March 31, 2020 ending ACL and reserve for unfunded commitments increased by $125.2 million over the balance at December 31, 2019
- $44.9 million provision for credit losses on loans during the first quarter of 2020, bringing the ACL to $158.7 million, reflecting an increase of 37.7% above the level at adoption; $1.0 million provision for credit losses on unfunded commitments leaving a $7.1 million reserve for unfunded commitments; total expense for reserve build of $45.9 million during the quarter, the vast majority of which was associated with the effects of COVID-19
- Net charge-off of $1,444 in the first quarter 2020 compared to $4,384 in the fourth quarter 2019
- Small Business Administration ("SBA") Paycheck Protection Program ("PPP"): In April 2020, the Company generated over 6,700 loans for a total loan amount over $1.1 billion in the SBA system through April 16, 2020
- Quarterly Dividend Declaration: On April 23rd, 2020, the Board of Directors declared a quarterly cash dividend on the Company's common stock of $0.14 per share. The dividend is payable on May 15th, 2020 to shareholders of record as of May 8th, 2020
| | | | | | | | | | | | |
| | | | Three Months Ended March 31, | | |||||||
| | | | 2020 | | | 2019 | | ||||
| | | | | | Adjusted (4) | | | | | Adjusted (4) | |
| | | | Reported | | (Non-GAAP) | | | Reported | | (Non-GAAP) | |
| | Net income | | $35,432 | | $35,491 | | | $44,643 | | $49,463 | |
| | ROAA | | 0.82% | | 0.82% | | | 1.47% | | 1.63% | |
| | ROTCE (Non-GAAP)(1) and adjusted ROTCE (Non-GAAP)(1) | | 9.9% | | 9.9% | | | 16.8% | | 18.5% | |
| | EPS (diluted) | | $0.28 | | $0.28 | | | $0.46 | | $0.51 | |
| | Efficiency ratio, tax equivalent (Non-GAAP)(1) | | 58.5% | | 54.9% | | | 58.7% | | 52.3% | |
| | | | | | | | | | | | |
| | |
| (1) | See reconciliation tables starting on page 9, Explanation of Certain Unaudited Non-GAAP Financial Measures. |
| (2) | Revenue is defined as net interest income plus non-interest income. |
| (3) | Non-interest income excludes gain or loss on sale of available for sale securities. |
| (4) | Performance metrics presented above are adjusted for gain or loss on sale of available for sale securities, merger-related expenses, deferred tax asset write down and other tax benefit adjustments, and amortization of intangible assets, which for the three months ended March 31, 2020, represent direct severance, system terminations, and legal and professional fees, that are not duplicative of current operations, and other items. See reconciliation tables starting on page 9, Explanation of Certain Unaudited Non-GAAP Financial Measures. |
| Condensed Consolidated Income Statement (unaudited) | |||||||||||
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| Condensed consolidated income statements (unaudited) are shown below for the periods indicated. | |||||||||||
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| | | Three Months Ended | | ||||||||
| | | Mar. 31, 2020 | | Dec. 31, 2019 | | Sep. 30, 2019 | | Jun. 30, 2019 | | Mar. 31, 2019 | |
| Interest income | | | | | | | | | | | |
| Loans | | $160,675 | | $167,685 | | $166,479 | | $167,676 | | $116,285 | |
| Investment securities | | 14,271 | | 13,404 | | 13,472 | | 14,453 | | 14,002 | |
| Federal Funds sold and other | | 1,813 | | 2,783 | | 3,974 | | 3,124 | | 1,995 | |
| Total interest income | | 176,759 | | 183,872 | | 183,925 | | 185,253 | | 132,282 | |
| Interest expense | | | | | | | | | | | |
| Deposits | | 19,836 | | 22,276 | | 24,463 | | 23,037 | | 13,323 | |
| Securities sold under agreement to repurchase | | 252 | | 278 | | 293 | | 299 | | 236 | |
| Other borrowed funds | | 2,321 | | 2,364 Werbung Mehr Nachrichten zur Centerstate Banks Aktie kostenlos abonnieren
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