Sunshine Bancorp, Inc. (the “Company”) (NASDAQ: SBCP), the
holding company for Sunshine Bank (the “Bank”), has released its
unaudited consolidated financial results for the second quarter and
six months ended June 30, 2017.
Key Highlights from the 2nd Quarter
2017
- Earnings of $0.23 per basic and
diluted share
- Total assets of $956
million
- Annualized loan growth of
8%
- Maintained top tier credit metrics
with NPAs to Assets at 0.08%
The Company recognized net income of $1.8 million for the second
quarter of 2017 compared to net income of $1.6 million in the first
quarter 2017 and net income of $73,000 for the second quarter 2016.
Net income was $3.4 million for the six months ended June 30, 2017
compared to $227,000 for the six months ended June 30, 2016.
Total assets were $955.9 million at June 30, 2017 compared to
$956.4 million at March 31, 2017 and $931.4 million at December 31,
2016. Net loans increased to $703.9 million at June 30, 2017
compared to $689.7 million at March 31, 2017 and $683.8 million at
December 31, 2016. The Commercial Real Estate to Total Risk Based
Capital ratio at June 30, 2017 was below 265%. The Company
continues to deliver on the organizational focus around
relationship banking.
Total deposits were $776.1 million at June 30, 2017 compared to
$771.2 million at March 31, 2017 and $729.9 million at December 31,
2016. The Company continues to maintain a low cost of funds led by
strong core deposit funding. Despite a slower second quarter,
deposit growth annualized year to date was 12%.
Andrew Samuel, President and CEO, commented, “We are thrilled to
announce another strong quarter of financial results. We continue
to focus on delivering uncompromised service to our clients and the
credit for our success goes to our great employees. Our team has
worked incredibly hard over the past few years to deliver on our
goal of creating a dynamic community banking franchise in Central
Florida.”
The Bank’s non-performing assets as of June 30, 2017 were
$739,000 compared to $988,000 as of June 30, 2016. The Bank’s
non-performing assets to total assets ratio as of June 30, 2017 was
0.08% compared to 0.18% as of June 30, 2016. In addition, the
allowance for loan losses was 519.1% of non-performing loans at
June 30, 2017.
Net interest income for the second quarter 2017 was $8.1 million
compared to $7.6 million during the first quarter of 2017 and $3.9
million during the second quarter of 2016. The net interest margin
for the six months ended June 30, 2017 was 3.76% compared to 3.57%
for the six months ended June 30, 2016. The net interest margin
benefited from the recent increases in the short-term interest
rates, a decrease in the use of borrowed funds, and an increase in
loans as a percentage of interest earning assets. The average loan
yield has remained stable decreasing five basis points to 4.73% for
the six months ended June 30, 2017 and increasing eight basis
points to 4.79% for the three months ended June 30, 2017 from the
comparable prior year period. Deposit costs remained constant with
the average cost of deposits at 0.30% for the six months ended June
30, 2017 and 0.30% for the six months ended June 30, 2016.
Noninterest expenses for the second quarter 2017 totaled $6.4
million compared to $6.1 million in the first quarter of 2017.
Noninterest expense remained stable during the second quarter 2017
with noninterest expense to average assets of 2.7% annualized,
compared to 2.6% annualized in the first quarter 2017.
Forward Looking Statements
This news release contains forward-looking statements within the
meaning of the federal securities laws. Statements in this release
that are not strictly historical are forward-looking and are based
upon current expectations that may differ materially from actual
results. These forward-looking statements, identified by words such
as “will,” “expected,” “believe,” and “prospects,” involve risks
and uncertainties that could cause actual results to differ
materially from those anticipated by the statements made herein.
These risks and uncertainties involve general economic trends and
changes in interest rates, increased competition, changes in
consumer demand for financial services, the possibility of
unforeseen events affecting the industry generally, the
uncertainties associated with newly developed or acquired
operations, and market disruptions. The Company undertakes no
obligation to release revisions to these forward-looking statements
publicly to reflect events or circumstances after the date hereof
or to reflect the occurrence of unforeseen events, except as
required to be reported under the rules and regulations of the
Securities and Exchange Commission.
About Sunshine Bancorp, Inc.
Sunshine Bancorp, Inc. was formed in 2014 as the holding company
for Sunshine Bank. The Bank was first organized in 1954 in Plant
City. In 2014 after converting from the mutual form of organization
to the stock form, the current name of Sunshine Bank was adopted.
The Company provides financial services to individuals, families,
and business customers from 18 branch locations stretching from the
East Coast to the West Coast of Florida in Brevard, Hillsborough,
Manatee, Orange, Osceola, Pasco, Polk, Sarasota, and
Seminole Counties. The Company’s common stock is traded on the
NASDAQ Capital Market under the symbol “SBCP.” For further
information, visit the Company website www.mysunshinebank.com.
SUNSHINE BANCORP, INC. Consolidated Balance Sheets
(Dollars in thousands) As of As
of June 30, 2017 December 31, 2016 Assets
(Unaudited) Cash and due from banks $ 32,311 $ 16,562
Interest-earning deposits in financial institutions 21,264 21,386
Federal funds sold 10,039 12,325 Cash and cash
equivalents 63,614 50,273 Time deposits with banks 835 2,794
Securities available for sale 106,456 109,668 Loans held for sale
844 443 Loans, net of allowance for loan losses of $3,670 and
$3,274 703,863 683,784 Premises and equipment, net 25,153 25,920
Federal Home Loan Bank stock, at cost 2,452 3,478 Cash surrender
value of bank-owned life insurance 22,779 22,462 Deferred income
tax asset 4,573 6,660 Goodwill and other intangibles 22,155 22,308
Accrued interest receivable 2,035 2,077 Other real estate owned 32
32 Other assets 1,094 1,536
Total assets
$ 955,885 $ 931,435
Liabilities and Stockholders’ Equity Liabilities:
Noninterest-bearing demand accounts $ 238,762 $ 217,418
Interest-bearing demand and savings accounts 378,420 354,327 Time
deposits 158,871 158,204 Total deposits 776,053
729,949 Other borrowings 45,887 71,867 Subordinated Notes 11,000
11,000 Other liabilities 6,437 6,518
Total
liabilities 839,377 819,334
Stockholders’ equity: Preferred stock, $0.01 par value,
5,000,000 authorized; none outstanding — — Common stock, $0.01 par
value, 50,000,000 shares authorized; issued and outstanding of
8,021,650 at June 30, 2017 and 7,986,074 shares at December 31,
2016 80 80 Additional paid in capital 94,902 94,302 Retained income
25,234 21,803 Unearned employee stock ownership plan (“ESOP”)
shares (3,047) (3,047) Accumulated other comprehensive income
(loss) (661) (1,037)
Total stockholders’
equity 116,508 112,101
Total liabilities and
stockholders’ equity $ 955,885 $
931,435
SUNSHINE BANCORP, INC. Consolidated Statements of Income
(Unaudited) (Dollars in thousands, except per share
amounts) Three months Ended Six months
Ended June 30, June 30, 2017
2016 2017 2016 Interest income: Loans $
8,285 $ 4,041 $ 16,215 $ 8,096 Securities 447 241 874 462 Other
99 43 230 121
Total interest
income 8,831 4,325 17,319 8,679
Interest Expense: Deposits 543 304 1,140 619 Borrowed funds
223 148 477 173
Total interest expense
766 452 1,617 792 Net interest income
8,065 3,873 15,702 7,887 Provision for loan losses —
350 — 350
Net interest income after provision for
loan losses 8,065 3,523 15,702
7,537 Noninterest income: Fees and service charges on deposit
accounts 543 312 1,008 638 Mortgage Broker Fees 121 22 180 69 Gain
on sale of securities — 105 — 131 Gain on sale of premise — 563 —
563 Income from bank-owned life insurance 188 97 370 192 Other
296 50 665 223
Total noninterest
income 1,148 1,149 2,223 1,816
Noninterest expenses: Salaries and employee benefits 3,676 2,442
7,325 5,018 Occupancy and equipment 705 586 1,429 1,162 Data and
item processing services 561 396 1,101 737 Professional fees 254
248 467 419 Advertising and promotion 8 22 14 67 Stationery and
supplies 58 55 105 101 FDIC Deposit insurance 102 100 177 202
Merger Related — 95 — 95 Other 1,074 619 1,933
1,240
Total noninterest expenses 6,438
4,563 12,551 9,041 Income before income taxes 2,775
109 5,374 312 Income taxes 974 36 1,943
85
Net income $ 1,801 $ 73 $ 3,431 $ 227 Basic
earnings per share $ 0.23 $ 0.01 $ 0.44 $ 0.05 Diluted earnings per
share $ 0.23 $ 0.01 $ 0.43 $ 0.05 Three Month Periods Ended
* 6/30/2017 3/31/2017
12/31/2016 9/30/2016
6/30/2016
Operating Highlights (Unaudited) Net Income $
1,801 $ 1,630 $ (514) $ 244 $ 73 Net interest income $ 8,065 $
7,637 $ 6,720 $ 4,306 $ 3,873 Provision for loan losses $ — $ — $ —
$ — $ 350 Non-Interest Income $ 1,148 $ 1,075 $ 701 $ 669 $ 1,149
Non-Interest Expense $ 6,438 $ 6,113 $ 7,972 $ 4,602 $ 4,563
Financial Condition Data: Total Assets $ 955,885 $ 956,378 $
931,435 $ 563,992 $ 514,729 Loans, Net $ 703,863 $ 689,656 $
683,784 $ 395,994 $ 371,538 Deposits: Noninterest-bearing demand
accounts $ 238,762 $ 243,313 $ 217,418 $ 85,304 $ 92,342
Interest-bearing demand and savings accounts 378,420 377,045
354,327 234,697 199,121 Time deposits 158,871 150,810
158,204 118,766 103,852 Total Deposits $
776,053 $ 771,168 $ 729,949 $ 438,767 $ 395,315
Selected
Ratios Net interest margin 3.86% 3.65% 3.78% 3.53% 3.53%
Annualized return on average assets 0.8% 0.8% (0.3%) 0.2% 0.1%
Annualized return on average equity 6.3% 5.8% (2.1%) 1.4% 0.4%
Capital Ratios ** Total Capital Ratio 13.4% 12.9%
12.7% 15.8% 15.4% Tier 1 capital ratio 12.9% 12.4% 12.2% 15.2%
14.7% Common equity tier 1 capital ratio 12.9% 12.4% 12.2% 15.2%
14.7% Leverage ratio 10.6% 10.1% 10.0% 13.6% 12.1%
Asset Quality Ratios Non-performing assets $ 739 $ 619 $ 323
$ 988 $ 1,324 Non-performing assets to total assets 0.08% 0.06%
0.03% 0.18% 0.26% Non-performing loans to total loans 0.10% 0.08%
0.04% 0.24% 0.35% Allowance for loan losses(AFLL) $ 3,670 $ 3,643 $
3,274 $ 2,846 $ 2,895 AFLL to total loans 0.52% 0.53% 0.47% 0.71%
0.77% AFLL to non-performing loans 519.1% 620.6% 1125.1% 297.7%
224.1% * Dollars in thousands ** Capital Ratios for Sunshine
Bank only
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version on businesswire.com: http://www.businesswire.com/news/home/20170726005692/en/
Sunshine Bancorp, Inc.Brent Smith, 813-659-8626SVP, Corporate
Development
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