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Montag, 27.01.2020 13:40 von PR Newswire | Aufrufe: 94

CenterState Bank Corporation Announces Fourth Quarter 2019 Results

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PR Newswire

WINTER HAVEN, Fla., Jan. 27, 2020

WINTER HAVEN, Fla., Jan. 27, 2020 /PRNewswire/ -- CenterState Bank Corporation (Nasdaq: CSFL) (the "Company" or "CenterState") announced fourth quarter 2019 results. Highlights for the period ended December 31, 2019 and selected performance metrics are set forth below.

Returns and Capital Management:

Return on Average Common Equity: 9.8% in the fourth quarter 2019 compared to 7.6% in the previous quarter; Return on Tangible Average Common Equity ("ROTCE") (non-GAAP⁽¹⁾) and adjusted ROTCE (non-GAAP⁽¹⁾) of 18.8% and 19.1%, respectively, for the fourth quarter 2019 compared to 14.6% and 17.8%, respectively, for the previous quarter
Book Value per Share: increased to $23.14 per share compared to $20.60 at December 31, 2018; tangible book value per share (non-GAAP⁽¹⁾) increased to $12.76 per share, an 11.0% increase compared to December 31, 2018, during a year in which the company repurchased 4.6% of its shares and closed its acquisition of National Commerce Corporation; tangible equity to tangible assets (non-GAAP⁽¹⁾) ended the year at 10.1%
Approval of Dividend Increase and Share Repurchase Plan: as announced on January 16, 2020, the Company's Board approved a 27.3% increase in its quarterly dividend to $0.14 per share and a repurchase authorization of up to 6.5 million shares

Net Income Growth:

Diluted Earnings per Share ("EPS"): $0.56 in the fourth quarter 2019 compared to $0.43 in the previous quarter; adjusted EPS (non-GAAP⁽¹⁾) of $0.57 in the fourth quarter 2019 compared to $0.53 in the previous quarter
Return on Average Assets ("ROAA"): ROAA and adjusted ROAA (non-GAAP⁽¹⁾) of 1.63% and 1.66%, respectively, for the fourth quarter 2019 compared to 1.27% and 1.57%, respectively, for the previous quarter
Efficiency Ratio (Non-GAAP⁽¹⁾): 54.3% reported, 52.1% adjusted for the fourth quarter 2019 compared to 62.3% and 51.9% in the previous quarter

Revenue Growth⁽²⁾:

Revenue: $208.3 million in the fourth quarter 2019, an increase of $4.8 million or 2.4%, from the previous quarter
Net Interest Margin, tax equivalent ("NIM") (Non-GAAP⁽¹⁾): NIM increased 6 bps to 4.25%; excluding all loan accretion, core NIM declined 0.06% from the previous quarter
Reduction in Deposit Costs: cost of deposits declined to 0.67% during the fourth quarter, a 0.07% decline from the prior quarter
Non-interest income⁽³⁾: 1.15% of average assets for the current quarter and 1.05% for the year, exceeding the Company's 1.0% target in spite of the Durbin impact beginning in the 2019 third quarter

Three Months Ended December 31,

Twelve Months Ended December 31,

2019

2018

2019

ARIVA.DE Börsen-Geflüster

Kurse

Centerstate Banks

0,00%

2018

Reported

Adjusted ⁽⁴⁾(Non-
GAAP)

Reported

Adjusted ⁽⁴⁾(Non-
GAAP)

Reported

Adjusted ⁽⁴⁾(Non-
GAAP)

Reported

Adjusted ⁽⁴⁾(Non-
GAAP)

Net income

$71,132

$72,231

$50,651

$51,913

$225,396

$256,220

$156,435

$182,571

Return on average assets

1.63%

1.66%

1.64%

1.68%

1.42%

1.61%

1.43%

1.67%

Return on average tangible equity (Non-GAAP)⁽¹⁾

18.8%

19.1%

19.8%

20.2%

16.2%

18.4%

17.7%

20.5%

Earnings per share diluted

$0.56

$0.57

$0.52

$0.54

$1.87

$2.13

$1.76

$2.06

Efficiency ratio, tax equivalent (Non-GAAP)⁽¹⁾

54.3%

52.1%

53.4%

50.3%

59.3%

51.9%

60.0%

51.4%


(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, gain on sale of deposits and amortization of intangible assets, which for the three and twelve months ended December 31, 2019, 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)

Condensed consolidated income statements (unaudited) are shown below for the periods indicated.

Three Months Ended

Twelve Months Ended

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

Dec. 31, 2019

Dec. 31, 2018

Interest income

Loans

$167,685

$166,479

$167,676

$116,285

$116,754

$618,125

$405,881

Investment securities

13,404

13,472

14,453

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