FCB Financial Holdings (FCB) Tops Q1 EPS by 4c

FCB Financial Holdings (NYSE: FCB) reported Q1 core EPS of $0.43, $0.04 better than the analyst estimate of $0.39.

Highlights:

• Net interest income of $48.9 million, up 27% year-over-year;
• Total loan portfolio grew sequentially at an annualized rate of 20%;
• New loan fundings of $397 million during the quarter;
• Demand deposits grew to 19% of total deposits during the quarter;
• Core efficiency ratio improved to 48.9%, down from 57.9% in the fourth quarter of 2014;
• Core ROA increased to 121 basis points, up from 84 basis points in the fourth quarter of 2014;
• Tangible book value per share was $18.30;
• On March 4, 2015, Florida Community Bank, N.A. (the “Bank”), a wholly-owned subsidiary of the Company, entered into agreements with the Federal Deposit Insurance Corporation (the “FDIC”) which terminated all existing loss share agreements with the FDIC, and the Bank made a payment of $14.8 million to the FDIC as consideration for the early termination of the loss share agreements; and
• As a result of early termination of loss share agreements with the FDIC, the company recorded a one-time charge of approximately $40.3 million on a tax effected basis, or $65.5 million on a pre-tax basis.

For earnings history and earnings-related data on FCB Financial Holdings (FCB) click here.

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