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Community bank earnings: CoBiz Financial, Tompkins Financial NPAs dip in Q4'16

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Community bank earnings: CoBiz Financial, Tompkins Financial NPAs dip in Q4'16

In this feature, S&P Global Market Intelligence takes a look at earnings releases from a handful of community banks from around the country.

Southwest

Denver-based CoBiz Financial Inc. reported net income of $8.7 million, or 21 cents per share, in the fourth quarter of 2016. In the year-ago period it was $4.4 million, or 11 cents per share.

The company's total nonperforming assets in the period were $8.4 million, down from $21.3 million in the fourth quarter of 2015. The quarter's provision for loan losses was $349,000, compared to $5.4 million a year ago.

The bank's fourth-quarter taxable equivalent efficiency ratio was 65.57%, down from 68.51% in the prior year. Meanwhile, net interest margin was 3.75%, up from 3.73% in the year-ago quarter.

West

Yuma, Ariz.-based TFB Bancorp Inc. posted fourth-quarter 2016 net income after tax of $328,000, down from $699,000 in the year-ago period.

The quarter's net interest income totaled $3.5 million, compared to $3.1 million in the same quarter a year ago. Noninterest income was $299,000, compared to $367,000 in the fourth quarter of 2015 and noninterest expense was $3.0 million, compared to $2.2 million in the previous year.

Loan loss provision for the quarter stood at $172,000, down from $202,000 in the year-ago quarter.

***

Opus Bank recorded a net loss of $19.0 million, or 55 cents per share, in the fourth quarter of 2016, compared to net income of $16.7 million, or 50 cents per share, in the fourth quarter of 2015.

The quarter's provision for loan losses was $69.5 million, up from $8.0 million in the previous year, driven by the addition of $27.2 million for loan risk rating migration, $22.1 million for additional specific reserves on impaired loans and $19.2 million of net charge-offs recorded on impaired loans.

Fourth-quarter net interest margin was 3.36%, compared to 3.52% in the third quarter and 3.86% in the fourth quarter of 2015.

On Jan. 29, the Irvine, Calif.-based company entered into purchase agreements with a limited number of institutional accredited investors, providing for the sale in a private placement of $53.0 million of its common stock at $18.50 per share, resulting in net proceeds of approximately $50.0 million. Closing of the transaction is subject to the receipt of a stock permit from the California Department of Business Oversight's division of financial institutions and customary closing conditions.

MidAtlantic

Ithaca, N.Y.-based Tompkins Financial Corp. reported fourth-quarter 2016 net income attributable to the company of $15.1 million, or 99 cents per share, up from $13.9 million, or 92 cents per share in the year-ago quarter.

Fourth-quarter net interest income was $46.4 million, up 6.8% from $43.4 million in the prior year, largely driven by $447.7 million of growth in average total loans. Noninterest income was $16.3 million, compared to $17.9 million in the year-ago period.

The company's nonperforming assets totaled $22.6 million, down from $24.5 million in the fourth quarter of 2015. On a tax-equivalent basis, net interest margin was 3.30%, compared to 3.31% in the previous period and 3.35% in the year-ago period.

Midwest

At Republic Bancorp Inc., fourth-quarter 2016 net income was $10.0 million, or 48 cents per class A common share, up from $7.4 million, or 36 cents per class A common share, in the year-ago period.

In the fourth quarter, the Louisville, Ky.-based company's return on average assets was 0.87% and return on average equity was 6.62%, compared to 0.73% and 5.13%, respectively, in the fourth quarter of 2015. Net interest margin was 3.77%, up from 3.32% in the prior-year period.

Net interest income for the period was $41.6 million, compared to $32.5 million a year ago. Meanwhile, the quarter's provision for loan losses stood at $5.0 million, up from $2.1 million in the fourth quarter of 2015.

Northeast

North Conway, N.H.-based Northway Financial Inc. reported net income of $4.0 million, or $1.46 per share, for the year ended Dec. 31, compared to $6.2 million, or $2.26 per share, for the year ended Dec. 31, 2015.

The company's total assets were $889.6 million, compared to $933.6 million a year ago. Net interest margin was 3.17%, down from 3.23% in 2015.

Additionally, interest and dividend income was $30.5 million at the end of the year, compared to $32.9 million at the end of 2015.