trending Market Intelligence /marketintelligence/en/news-insights/trending/s2pjoetvpny2ibjo1rz8gg2 content
BY CONTINUING TO USE THIS SITE, YOU ARE AGREEING TO OUR USE OF COOKIES. REVIEW OUR
PRIVACY & COOKIE NOTICE
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *

* Required

In this list

Community bank earnings: Fidelity Southern sees Q2'16 results impacted by noncash MSR impairment

Municipal-Run Fiber Tops 280000 Subscribers In 2018

The Essential Conference 2019 Highlight Reel

Mobile Payment Apps Driving Fintech Frenzy In India

Street Talk Episode 42: Banks losing consumer deposits to fintech, digital platforms, commercial might be next


Community bank earnings: Fidelity Southern sees Q2'16 results impacted by noncash MSR impairment

In this feature, S&PGlobal Market Intelligence takes a look at a handful of community banksreporting results for the three months ended June 30 around the country July 21.

Mid-Atlantic

Olney, Md.-based Sandy Spring Bancorp Inc. second-quarter netincome of $10.6 million, or 44 cents per share, compared to $10.3 million, or42 cents per share, for the second quarter of 2015.

The S&P Capital IQ consensus estimate for normalized EPSwas 45 cents for the latest quarter.

The company's NIM for the second quarter was 3.51%, comparedto 3.44% in the linked quarter and 3.42% for the second quarter a year ago.

During the second quarter, Sandy Spring Bancorp prepaid $35million in FHLB advances and extinguished $5 million in subordinateddebentures. The company noted in a news release that these transactions wereessentially neutral with respect to net income for the quarter, but they willhave a positive impact on future interest expense.

Midwest

Wichita,Kan.-based Equity BancsharesInc. reported net income allocable tocommon stockholders of $2.8 million, or 34 cents per share, for the secondquarter, compared to $2.5 million, or 40 cents per share, for the quarter endedJune 30, 2015.

The S&P Capital IQ consensus estimate for normalized EPSwas 38 cents for the latest quarter.

Second-quarter NIM, annualized, was 3.18%, compared to 3.33%in the first quarter and 3.89% for the second quarter of 2015. The companynoted that NIM excluding its "leverage" or "spread"opportunity was approximately 3.48% for the three months ended June 30, 2016.

Equity Bancshares recently entered into a pursuant to thatthe company will acquire Harrison, Ark.-based Thetransaction is expected to close in the fourth quarter, subject to customaryclosing conditions, including regulatory and shareholder approvals.


At Cincinnati-based First Financial Bancorp., net income was $22.6million, or 36 cents per share, compared to $18.9 million, or 31 cents pershare, for the second quarter of 2015.

The S&P Capital IQ consensus estimate for normalized EPSwas 34 cents for the latest quarter.

On a fully taxable equivalent basis, the company's NIM was3.67% in the second quarter, compared to 3.68% in the first quarter and 3.62%in the second quarter of 2015.

First Financial noted in a news release that its othernoninterest income included $2.4 million of previously unrealized income fromthe redemption of a limited partnership investment and about $200,000 in losseson sales of investment securities. The company's other noninterest expenseincluded about $200,000 of expenses related to branch consolidation activities.


South Bend, Ind.-based 1st Source Corp. disclosed net income of $14.5 million, or 56 cents pershare, for the second quarter, compared to $15.6 million, or 59 cents pershare, in the year-ago period.

The S&P Capital IQ consensus estimate for normalized EPSwas 55 cents for the latest quarter.

The company said results for the second quarter of 2016 werenegatively impacted by a reduction in net interest recoveries of $1.4 million,a higher provision for loan and leases losses of $1.2 million and by the write-downof an available-for-sale equity investment. These negatives were partiallyoffset by gains of $1.0 million on a Volcker Rule required liquidation of apartnership investment.

The quarter's NIM was 3.45%, a decrease of 19 basis pointsfrom the 3.64% for the same period in 2015 and remained unchanged from thefirst quarter.

During 2016, the company repurchased $8.0 million of commonstock in several open market transactions, according to a news release.

Northeast

SouthBurlington, Vt.-based MerchantsBancshares Inc. reported second-quarter net incomeof $4.4 million, or 63 cents per share, compared to $3.1 million, or 49 centsper share, for the same period in 2015.

The S&P Capital IQ consensus estimate for normalized EPSwas 57 cents for the recent quarter.

The taxable equivalent NIM for the second quarter was 3.08%,compared to 3.02% for the first quarter and 2.95% for the second quarter of2015.

Southeast

Weston,Fla.-based FCB Financial HoldingsInc. reported second-quarter net income of $23.5million, or 55 cents per share, compared to $19.4 million, or 45 cents pershare, in the year-ago second quarter.

Corenet income for the latest quarter was $24.2 million, or 56 cents per share.Core adjustments for the quarter included a $1.0 million expense related to therestructuring of employment contracts and severance expense and $324,000 gainon sale of investment securities, according to a news release.

The S&P Capital IQ consensus estimate for normalized EPSwas 55 cents for the latest quarter.

The company's second-quarter NIM was 3.51%, compared to3.65% for the linked quarter and 3.43% for the second quarter of 2015.


Charlotte,N.C.-based Capital Bank FinancialCorp. reported net income for the second quarter of $17.4 million, or 40cents per share, compared to $13.0 million, or 28 cents per share, in theyear-ago quarter.

Corenet income was $18.2 million, or 42 cents per share, for the second quarter of2016. Core adjustments for the quarter included $400,000 of non-tax deductiblemerger-related expenses, $900,000 of tax deductible merger-related expenses and$100,000 of gains on sales of investment securities.

TheS&P Capital IQ consensus estimate for normalized EPS in the second quarterwas 38 cents.

The company's NIM for the second quarter was 3.62%, comparedto 3.64% for the linked quarter and 3.94% for the second quarter of 2015.


Atlanta-based Fidelity Southern Corp. second-quarter net income of$6.6 million, or 26 cents per share, compared to $12.5 million, or 52 cents pershare, in the year-ago period.

The quarter's EPS was impacted by 21 cents due to thenoncash mortgage servicing rights impairment. recorded $8.6 million inMSR impairment during the quarter, an increase of $11.2 million compared to thesame period in 2015.

The S&P Capital IQ consensus estimate fornormalized EPS was 45 cents for the period.

"The impairment to our mortgage servicing rightsgrew to over $22 million which makes the strong growth of the company all themore impressive. All facets of the company grew including production, deposits,revenue, and loans portfolioed and serviced," Chairman Jim Miller said ina news release. He added that the company's strategy of branchingopportunistically, with emphasis on continuing to build out Atlanta, as well asJacksonville, Orlando and Bradenton-Sarasota, Fla., is still in place. BothMacon and Savannah, Ga., also remain targets.

Southwest

Denver-basedCoBiz Financial Inc.reported second-quarternet income available to common shareholders of $8.5 million, or 21 cents pershare, compared to $7.2 million, or 17 cents per share, for the year-agoquarter.

The S&P Capital IQ consensus estimate for normalized EPSin the second quarter was 19 cents.

In a news release, the company noted that resolution of animpaired credit resulted in a negative provision for loan losses of $1.7million in the second quarter.

CoBizFinancial's board declared July 21 a quarterly of 5 cents per commonshare, payable Aug. 8 to shareholders of record Aug. 1.


GreenwoodVillage, Colo.-based NationalBank Holdings Corp. disclosed second-quarter net income of $4.5 million, or15 cents per share, compared to a net loss of $1.3 million, or 4 cents pershare, for the year-ago second quarter.

The S&P Capital IQ consensus estimate for normalized EPSwas 19 cents for the latest quarter.

Share buybacks during the second quarter totaled 555,000shares, or $11.0 million, at a weighted average price of $19.77. Year-to-dateshare buybacks through July 20 totaled 1.8 million shares, or $34.6 million, ata weighted average price of $19.68, according to a news release.


AtOklahoma City-based BancFirstCorp., second-quarternet income was $17.5 million, or $1.10 per share, compared to $18.6 million, or$1.17 per share, for the same quarter a year ago.

TheS&P Capital IQ consensus estimate for normalized EPS was $1.04 for thelatest quarter.

Thecompany's NIM for the second quarter was 3.28%, compared to 3.25% for thelinked quarter and 3.07% for the second quarter of 2015.


Abilene,Texas-based First FinancialBankshares Inc. reported net income for the second quarter of 2016 of$26.8 million, or 41 cents per share, compared to $25.3 million, or 39 centsper share, for the same quarter last year.

TheS&P Capital IQ consensus estimate for normalized EPS was 39 cents for thelatest quarter.

On ataxable equivalent basis, the company's second-quarter NIM was 4.12%, comparedto 4.15% in the linked quarter and 4.07% in the second quarter of 2015.

West

Irvine,Calif.-based Banc of CaliforniaInc. disclosed second-quarter net income available to commonstockholders of $21.4 million, or 43 cents per share, compared to $13.1million, or 32 cents per share, in the 2015 second quarter. Excluding $2.7million of debt extinguishment costs related to the redemption of senior notes,EPS for the 2016 second quarter amounted to 46 cents.

TheS&P Capital IQ consensus estimate for normalized EPS was 40 cents for thelatest quarter.

Onan annualized basis, the company's NIM was 3.39% for the second quarter of2016, compared to 3.39% for the linked quarter and 3.64% for the second quarterof 2015.