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. |
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| | | 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% | |
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(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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