Form 8-K COBIZ FINANCIAL INC For: Apr 26
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): April 26, 2018
CoBiz Financial Inc.
(Exact name of registrant as specified in its charter)
Commission file number 001-15955
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Colorado |
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84-0826324 |
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(State or other jurisdiction of incorporation or organization) |
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(IRS Employer Identification No.) |
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1401 Lawrence St., Ste. 1200 Denver, Colorado |
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80202 |
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(Address of principal executive offices) |
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(Zip Code) |
(303) 312 - 3400
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). |
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Emerging growth company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □ |
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Item 2.02. Results of Operations and Financial Condition.
On April 26, 2018, CoBiz Financial Inc. issued a release announcing its earnings for the first quarter 2018, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information in this report shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 8.01. Other Events
The Board of Directors of CoBiz Financial Inc. declared a $0.10 cash dividend on its common stock for the second quarter of 2018. This dividend will be paid on May 14, 2018 to shareholders of record on May 7, 2018.
Item 9.01. Financial Statements and Exhibits
(a) Not applicable
(b) Not applicable
(c) Not applicable
(d) Exhibits
99.1 Release issued on April 26, 2018
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
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CoBiz Financial Inc. |
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(Registrant) |
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Date: April 26, 2018 |
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/s/ Lyne Andrich |
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Lyne Andrich |
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EVP, CFO & COO |
3
4
Exhibit 99.1
CoBiz Financial Announces First Quarter 2018 Results
Denver -- CoBiz Financial Inc. (Company) (NASDAQ: COBZ), a financial services company with $3.8 billion in assets, reported financial results for the first quarter of 2018.
Financial Highlights
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· |
Based on higher profitability, the Company declared an increased quarterly dividend of $0.10 per share, an 81.8% increase from the prior quarterly dividend of $0.055. |
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· |
Net income of $13.0 million for the first quarter of 2018 compared to $8.6 million in the first quarter of 2017. The return on average assets increased to 1.38% in the first quarter of 2018 compared 0.96% in the prior-year quarter. |
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· |
Diluted earnings per share of $0.31 for the first quarter of 2018, compared to $0.20 in the first quarter of 2017. |
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· |
Net interest margin (NIM) was 3.93% for the first quarter of 2018, compared to 3.95% for the fourth quarter of 2017 and 3.77% for the first quarter of 2017. |
Financial Summary
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Quarter ended (unaudited) |
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1Q18 change vs. |
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(in thousands, except per share amounts) |
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1Q18 |
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4Q17 |
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1Q17 |
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4Q17 |
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1Q17 |
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Net interest income before provision |
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$ |
34,609 |
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$ |
34,722 |
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$ |
30,078 |
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$ |
(113) |
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(0.3) |
% |
$ |
4,531 |
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15.1 |
% |
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Provision for loan losses |
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(325) |
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945 |
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607 |
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(1,270) |
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(134.4) |
% |
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(932) |
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(153.5) |
% |
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Net interest income after provision |
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34,934 |
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33,777 |
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29,471 |
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1,157 |
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3.4 |
% |
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5,463 |
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18.5 |
% |
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Total noninterest income |
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8,961 |
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8,367 |
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8,328 |
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594 |
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7.1 |
% |
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633 |
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7.6 |
% |
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Total noninterest expense |
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28,570 |
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27,733 |
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27,114 |
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837 |
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3.0 |
% |
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1,456 |
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5.4 |
% |
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Net income before income taxes |
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15,325 |
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14,411 |
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10,685 |
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914 |
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6.3 |
% |
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4,640 |
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43.4 |
% |
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Provision for income taxes |
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2,344 |
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10,789 |
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2,071 |
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(8,445) |
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(78.3) |
% |
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273 |
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13.2 |
% |
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Net income |
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$ |
12,981 |
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$ |
3,622 |
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$ |
8,614 |
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$ |
9,359 |
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258.4 |
% |
$ |
4,367 |
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50.7 |
% |
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Diluted earnings per common share |
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$ |
0.31 |
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$ |
0.09 |
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$ |
0.20 |
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$ |
0.22 |
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244.4 |
% |
$ |
0.11 |
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55.0 |
% |
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KEY RATIOS |
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Net interest margin |
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3.93 |
% |
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3.95 |
% |
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3.77 |
% |
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Efficiency ratio - taxable equivalent * |
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64.07 |
% |
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61.56 |
% |
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67.33 |
% |
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Return on average assets |
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1.38 |
% |
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0.37 |
% |
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0.96 |
% |
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Return on average shareholders' equity |
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15.93 |
% |
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4.30 |
% |
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11.38 |
% |
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Noninterest income as a percentage of taxable equivalent operating revenue * |
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20.01 |
% |
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18.44 |
% |
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20.42 |
% |
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* See accompanying Reconciliation of Non-GAAP Measures to GAAP
The Tax Cuts and Jobs Act (TCJA) has impacted comparability to prior periods in the following areas: net interest income, NIM, the taxable equivalent efficiency ratio, the provision for income taxes, and net income.
1 | Page
Loans
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Quarter ended (unaudited) |
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1Q18 change vs. |
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(in thousands) |
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1Q18 |
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4Q17 |
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1Q17 |
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4Q17 |
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1Q17 |
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LOANS |
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Commercial |
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$ |
1,237,176 |
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$ |
1,250,571 |
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$ |
1,241,365 |
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$ |
(13,395) |
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(1.1) |
% |
$ |
(4,189) |
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(0.3) |
% |
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Owner-occupied real estate |
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488,344 |
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484,526 |
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473,775 |
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3,818 |
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0.8 |
% |
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14,569 |
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3.1 |
% |
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Investor real estate |
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759,587 |
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764,971 |
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723,476 |
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(5,384) |
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(0.7) |
% |
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36,111 |
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5.0 |
% |
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Construction & land |
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228,898 |
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264,401 |
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166,553 |
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(35,503) |
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(13.4) |
% |
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62,345 |
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37.4 |
% |
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Consumer |
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272,783 |
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282,149 |
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271,751 |
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(9,366) |
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(3.3) |
% |
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1,032 |
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0.4 |
% |
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Other |
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97,654 |
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98,945 |
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110,148 |
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(1,291) |
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(1.3) |
% |
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(12,494) |
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(11.3) |
% |
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Total loans |
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$ |
3,084,442 |
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$ |
3,145,563 |
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$ |
2,987,068 |
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$ |
(61,121) |
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(1.9) |
% |
$ |
97,374 |
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3.3 |
% |
•Loans at March 31, 2018 increased $97.4 million, or 3.3%, from March 31, 2017 and decreased $61.1 million from December 31, 2017. The decrease in the first quarter was impacted by elevated paydowns and maturities.
•Loans in the Arizona and Colorado markets increased $44.3 million and $53.0 million, respectively, from March 31, 2017. Compared to December 31, 2017, loans in the Arizona and Colorado markets decreased $19.7 million and $41.4 million, respectively.
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Quarter ended (unaudited) |
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(in thousands) |
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1Q18 |
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4Q17 |
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3Q17 |
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2Q17 |
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1Q17 |
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Loans - beginning balance |
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$ |
3,145,563 |
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$ |
3,121,698 |
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$ |
3,060,954 |
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$ |
2,987,068 |
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$ |
2,934,105 |
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New credit extended |
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131,528 |
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171,043 |
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148,467 |
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190,431 |
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151,241 |
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Credit advanced |
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118,626 |
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126,103 |
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131,460 |
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129,633 |
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113,458 |
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Paydowns and maturities |
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(310,160) |
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(272,678) |
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(219,172) |
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(245,976) |
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(211,630) |
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Gross loan charge-offs |
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(1,115) |
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(603) |
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(11) |
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(202) |
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(106) |
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Loans - ending balance |
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$ |
3,084,442 |
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$ |
3,145,563 |
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$ |
3,121,698 |
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$ |
3,060,954 |
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$ |
2,987,068 |
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Net change - loans outstanding |
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$ |
(61,121) |
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$ |
23,865 |
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$ |
60,744 |
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$ |
73,886 |
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$ |
52,963 |
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•New credit extensions and advances were $250.2 million in the first quarter of 2018, compared to $264.7 million in the first quarter of 2017 and $297.1 million in the quarter ended December 31, 2017 (linked-quarter).
•Commercial line utilization was 29.9% at March 31, 2018, compared to 32.9% and 32.5%, respectively, at March 31, 2017 and December 31, 2017.
Deposits
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Quarter ended (unaudited) |
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1Q18 change vs. |
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(in thousands) |
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1Q18 |
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4Q17 |
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1Q17 |
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4Q17 |
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1Q17 |
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DEPOSITS |
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Money market |
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$ |
866,108 |
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$ |
875,936 |
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$ |
910,089 |
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$ |
(9,828) |
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(1.1) |
% |
$ |
(43,981) |
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(4.8) |
% |
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Interest-bearing demand |
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736,929 |
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737,934 |
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704,659 |
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(1,005) |
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(0.1) |
% |
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32,270 |
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4.6 |
% |
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Savings |
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22,976 |
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21,453 |
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20,192 |
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1,523 |
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7.1 |
% |
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2,784 |
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13.8 |
% |
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Certificates of deposits under $100 |
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17,466 |
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17,715 |
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19,045 |
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(249) |
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(1.4) |
% |
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(1,579) |
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(8.3) |
% |
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Certificates of deposits $100 and over |
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61,968 |
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69,736 |
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81,611 |
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(7,768) |
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(11.1) |
% |
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(19,643) |
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(24.1) |
% |
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Reciprocal CDARS |
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23,530 |
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28,796 |
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41,200 |
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(5,266) |
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(18.3) |
% |
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(17,670) |
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(42.9) |
% |
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Total interest-bearing deposits |
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1,728,977 |
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1,751,570 |
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1,776,796 |
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(22,593) |
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(1.3) |
% |
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(47,819) |
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(2.7) |
% |
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Noninterest-bearing demand deposits |
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1,450,789 |
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1,473,650 |
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1,273,305 |
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(22,861) |
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(1.6) |
% |
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177,484 |
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13.9 |
% |
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Total deposits |
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$ |
3,179,766 |
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$ |
3,225,220 |
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$ |
3,050,101 |
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$ |
(45,454) |
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(1.4) |
% |
$ |
129,665 |
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4.3 |
% |
•Total deposits at March 31, 2018 increased $129.7 million, or 4.3%, from March 31, 2017 and decreased $45.5 million from December 31, 2017. The Company typically realizes a seasonal decrease in deposits in the first quarter due to estimated tax payments and ownership distributions by its customers.
•Noninterest-bearing demand deposits at March 31, 2018 increased $177.5 million from March 31, 2017, decreased $22.9 million from December 31, 2017 and were 45.6% of total deposits at March 31, 2018.
2 | Page
Credit Quality
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Quarter ended (unaudited) |
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(in thousands) |
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1Q18 |
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4Q17 |
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1Q17 |
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ALLOWANCE FOR LOAN LOSSES |
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Beginning allowance for loan losses |
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$ |
37,941 |
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$ |
36,850 |
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$ |
33,293 |
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Provision for loan losses |
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(325) |
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945 |
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607 |
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Net recoveries (charge-offs) |
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(820) |
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146 |
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311 |
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Ending allowance for loan losses |
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$ |
36,796 |
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$ |
37,941 |
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$ |
34,211 |
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CREDIT QUALITY |
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Nonaccrual loans |
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$ |
18,200 |
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$ |
7,517 |
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$ |
3,048 |
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Loans 90 days or more past due and accruing interest |
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- |
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348 |
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- |
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Total nonperforming loans |
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18,200 |
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7,865 |
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3,048 |
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OREO and repossessed assets |
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4,979 |
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|
5,079 |
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5,079 |
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Total nonperforming assets |
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$ |
23,179 |
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$ |
12,944 |
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$ |
8,127 |
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Performing renegotiated loans |
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$ |
41,400 |
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$ |
52,817 |
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$ |
23,324 |
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Classified loans |
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$ |
83,936 |
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$ |
74,674 |
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$ |
54,291 |
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ASSET QUALITY MEASURES |
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Nonperforming assets to total assets |
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0.61 |
% |
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0.34 |
% |
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0.22 |
% |
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Nonperforming loans to total loans |
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0.59 |
% |
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0.25 |
% |
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0.10 |
% |
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Nonperforming loans and OREO to total loans and OREO |
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0.75 |
% |
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0.41 |
% |
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0.27 |
% |
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Allowance for loan losses to total loans |
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1.19 |
% |
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1.21 |
% |
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1.15 |
% |
|
Allowance for loan losses to nonperforming loans |
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202.18 |
% |
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482.40 |
% |
|
1,122.41 |
% |
•Nonperforming assets (NPAs) of $23.2 million at March 31, 2018 increased $15.1 million from March 31, 2017 and increased $10.2 million from December 31, 2017. The increase was primarily due to $10.3 million of loans with one customer, with previously recorded allowances in the amount of $1.5 million, which became nonaccrual loans in the first quarter of 2018.
•The Company had net charge-offs of $0.8 million in the first quarter of 2018.
•A negative provision for loan losses of $0.3 million was recorded in the first quarter of 2018, primarily due to the decrease in the loan portfolio.
•The resulting allowance for loan losses was 1.19% of total loans at March 31, 2018.
Shareholders’ Equity
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Quarter ended (unaudited) |
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(in thousands, except per share amounts) |
|
1Q18 |
|
4Q17 |
|
1Q17 |
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EQUITY MEASURES |
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Common shareholders' equity |
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$ |
338,557 |
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$ |
329,284 |
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$ |
310,209 |
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Common shares outstanding at period end |
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42,366 |
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|
42,217 |
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|
41,731 |
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Book value per common share |
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$ |
7.99 |
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$ |
7.80 |
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$ |
7.43 |
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|
Tangible book value per common share * |
|
$ |
7.98 |
|
$ |
7.78 |
|
$ |
7.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity to tangible assets * |
|
|
8.86 |
% |
|
8.54 |
% |
|
8.28 |
% |
|
Tier 1 capital ratio |
|
|
** |
|
|
11.79 |
% |
|
11.46 |
% |
|
Total risk-based capital ratio |
|
|
** |
|
|
14.55 |
% |
|
14.30 |
% |
* See accompanying Reconciliation of Non-GAAP Measures to GAAP
** Ratios unavailable at the time of release
•On April 26, 2018, the Board of Directors of the Company declared a quarterly cash dividend of $0.10 per common share. The dividend will be paid on May 14, 2018 to shareholders of record on May 7, 2018.
Net Interest Income and Margin
•Net interest income (NII) on a taxable equivalent basis was $35.8 million for the first quarter of 2018, an increase of $3.4 million, or 10.3%, from the quarter ended March 31, 2017. Compared to the
3 | Page
quarter ended December 31, 2017, NII on a taxable equivalent basis decreased $1.2 million, or 3.2%. The TCJA reduced NII and the NIM on a taxable equivalent basis due to the decrease in the federal tax rate. Compared to the fourth quarter of 2017, NII and the NIM on taxable equivalent basis in the first quarter of 2018 decreased $1.1 million and 11 basis points, respectively, due to the change in the federal tax rate.
•The NIM was 3.93% for the first quarter of 2018, compared to 3.77% in the prior-year quarter and 3.95% in the linked-quarter.
•The average yield on interest-earning assets was 4.22% for the first quarter of 2018, compared to 4.06% in the prior-year quarter and 4.22% in the linked-quarter.
•Items impacting NII and the NIM in the first quarter of 2018 were:
|
o |
Quarterly average loans increased $179.0 million, or 6.1%, from the prior-year quarter and decreased $35.5 million from the linked-quarter. |
|
o |
Interest on nonaccrual loans of $0.2 million was reversed in the first quarter of 2018, reducing the NIM by two basis points. |
|
o |
Quarterly average investments increased $29.2 million, or 5.4%, from the prior-year quarter and increased $17.5 million from the linked-quarter. |
|
o |
Quarterly average deposits increased $173.5 million, or 5.7%, from the prior-year quarter and decreased $73.2 million from the linked-quarter. |
|
o |
Including noninterest-bearing deposits, the Company’s deposit interest cost remained stable at 0.13% for the current, prior-year and linked quarters. |
|
o |
Quarterly average noninterest-bearing demand accounts increased $206.9 million, or 15.8%, from the prior-year quarter and decreased $10.5 million from the linked-quarter. |
|
o |
Quarterly average other short-term borrowings decreased $2.3 million from the prior-year quarter and increased $55.7 million from the linked-quarter. The shift in funding mix into short-term borrowings from core deposits contributed to the NIM decline in the first quarter of 2018 compared to the linked-quarter. |
Noninterest Income
|
|
|
Quarter ended (unaudited) |
|
|
1Q18 change vs. |
|
||||||||||||||
|
(in thousands) |
|
1Q18 |
|
4Q17 |
|
1Q17 |
|
4Q17 |
|
1Q17 |
|
|||||||||
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit service charges |
|
$ |
1,655 |
|
$ |
1,505 |
|
$ |
1,745 |
|
$ |
150 |
|
10.0 |
% |
$ |
(90) |
|
(5.2) |
% |
|
Investment advisory income |
|
|
1,655 |
|
|
1,639 |
|
|
1,531 |
|
|
16 |
|
1.0 |
% |
|
124 |
|
8.1 |
% |
|
Insurance income |
|
|
3,459 |
|
|
3,294 |
|
|
3,122 |
|
|
165 |
|
5.0 |
% |
|
337 |
|
10.8 |
% |
|
Other investments |
|
|
175 |
|
|
132 |
|
|
375 |
|
|
43 |
|
32.6 |
% |
|
(200) |
|
(53.3) |
% |
|
Derivative valuation |
|
|
156 |
|
|
(3) |
|
|
(57) |
|
|
159 |
|
nm |
% |
|
213 |
|
373.7 |
% |
|
Other income |
|
|
1,861 |
|
|
1,800 |
|
|
1,612 |
|
|
61 |
|
3.4 |
% |
|
249 |
|
15.4 |
% |
|
Total noninterest income |
|
$ |
8,961 |
|
$ |
8,367 |
|
$ |
8,328 |
|
$ |
594 |
|
7.1 |
% |
$ |
633 |
|
7.6 |
% |
•Noninterest income increased $0.6 million, or 7.6%, from the prior-year comparative quarter and $0.6 million, or 7.1%, from the linked-quarter.
•Noninterest income as a percentage of taxable equivalent operating revenue* was 20.0% for the first quarter of 2018, compared to 20.4% in the prior-year comparative quarter and 18.4% in the linked- quarter.
* See accompanying Reconciliation of Non-GAAP Measures to GAAP
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended (unaudited) |
|
|
1Q18 change vs. |
|
||||||||||||||
|
(in thousands) |
|
1Q18 |
|
4Q17 |
|
1Q17 |
|
4Q17 |
|
1Q17 |
|
|||||||||
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
$ |
19,747 |
|
$ |
19,212 |
|
$ |
19,120 |
|
$ |
535 |
|
2.8 |
% |
$ |
627 |
|
3.3 |
% |
|
Occupancy expenses, premises and equipment |
|
|
3,711 |
|
|
3,709 |
|
|
3,605 |
|
|
2 |
|
0.1 |
% |
|
106 |
|
2.9 |
% |
|
Amortization of intangibles |
|
|
56 |
|
|
150 |
|
|
150 |
|
|
(94) |
|
(62.7) |
% |
|
(94) |
|
(62.7) |
% |
|
Other operating expenses |
|
|
5,176 |
|
|
4,862 |
|
|
4,584 |
|
|
314 |
|
6.5 |
% |
|
592 |
|
12.9 |
% |
|
Net gain on securities, other assets and OREO |
|
|
(120) |
|
|
(200) |
|
|
(345) |
|
|
80 |
|
40.0 |
% |
|
225 |
|
65.2 |
% |
|
Total noninterest expense |
|
$ |
28,570 |
|
$ |
27,733 |
|
$ |
27,114 |
|
$ |
837 |
|
3.0 |
% |
$ |
1,456 |
|
5.4 |
% |
4 | Page
•Noninterest expense increased $1.5 million, or 5.4%, from the prior-year quarter and $0.8 million from the linked-quarter. The increase compared to the prior-year quarter was due to higher base salaries from an annual merit increase and an increase in consulting costs. The increase compared to the linked-quarter was due to an increase in payroll taxes from the annual FICA tax reset and consulting costs. The increase in consulting costs is related to technology initiatives for business intelligence and a data center relocation.
•The taxable equivalent efficiency ratio* was 64.1% for the first quarter of 2018, compared to 67.3% and 61.6%, respectively, for the prior-year and linked-quarters. The taxable equivalent efficiency ratio is directly impacted by the tax rate paid by the Company. The efficiency ratio increases with a decrease in tax rates, and decreases with an increase in tax rates. Although the TCJA benefits net income due to the reduction in the federal income tax rate from 35% to 21%, it increases the taxable equivalent efficiency ratio.
Provision for Income Taxes
|
· |
The effective tax rate was 15.3% in the first quarter of 2018, compared to 25.0% in fiscal 2017 (excluding a $7.1 million charge related to the TCJA). Eight percentage points of the 9.7 percentage point decrease in the rate relates to the TCJA that became effective in the first quarter of 2018. The remainder of the decrease resulted primarily from excess tax benefits on share-based compensation. |
|
· |
Prospectively, the Company estimates that its effective tax rate will be approximately 18%. |
Earnings Conference Call
In conjunction with this release, you are invited to listen to the Company's conference call on Friday, April 27, 2018 at 9:00 am MDT with Steve Bangert, Chairman and CEO of CoBiz Financial Inc. The call can be accessed via the Internet at https://www.webcaster4.com/Webcast/Page/989/25470 or by telephone at 877.493.9121 (conference ID # 9284825).
Explanation of the Company’s Use of Non-GAAP Financial Measures
This earnings release contains GAAP financial measures and non-GAAP financial measures where management believes it to be helpful in understanding our results of operations and reflects the basis on which management internally reviews financial performance and capital adequacy. The Company believes these non-GAAP measures are useful supplementary financial measures that enable investors to assess the performance of the Company’s operations and for comparison to the Company’s peers. However, you should not rely on non-GAAP financial measures alone as measures of our performance. Please see the accompanying Reconciliation of Non-GAAP Measures to GAAP for additional information.
Contact Information
CoBiz Financial Inc.
Lyne Andrich 303.312.3458
* See accompanying Reconciliation of Non-GAAP Measures to GAAP
5 | Page
About CoBiz Financial
CoBiz Financial (NASDAQ: COBZ) is a $3.8 billion financial services company that serves the complete financial needs of businesses, business owners and professionals in Colorado and Arizona. The Company provides banking services through Colorado Business Bank, Arizona Business Bank and CoBiz Private Bank; wealth planning and investment management through CoBiz Wealth; and property and casualty insurance brokerage and employee benefits through CoBiz Insurance.
Forward-Looking Information
This release contains forward-looking statements that describe CoBiz's future plans, strategies and expectations. Forward-looking statements include statements about future performance and results of operations. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate" or words of similar meaning, or future or conditional verbs such as "would”, "could", “should” or "may." Forward-looking statements speak only as of the date they are made. All forward-looking statements are based on assumptions and involve risks and uncertainties, many of which are beyond our control and which may cause our actual results, performance or achievements to differ materially from the results, performance or achievements contemplated by the forward-looking statements. Such risks and uncertainties include, among other things:
•Risks and uncertainties described in our reports filed with the Securities and Exchange Commission, including our most recent Form 10-K.
•Competitive pressures among depository and other financial institutions nationally and in our market areas may increase significantly.
•Adverse changes in the economy or business conditions, either nationally or in our market areas, could increase credit-related losses and expenses and/or limit growth.
•Our ability to grow deposits while the number of physical branches have decreased in recent years.
•Increases in defaults by borrowers and other delinquencies could result in increases in our provision for losses on loans and related expenses.
•Our ability to manage growth effectively could adversely affect our results of operations and prospects.
•Fluctuations in interest rates and market prices could reduce our net interest margin and asset valuations and increase our expenses.
•Increased cybersecurity risk, including potential network breaches, business disruptions, or financial losses.
•The consequences of continued bank acquisitions and mergers in our market areas, resulting in fewer but much larger and financially stronger competitors, could increase competition for financial services to our detriment.
•Changes in legislative or regulatory requirements applicable to us and our subsidiaries and implementation of current legislative or regulatory requirements could increase costs, limit certain operations and adversely affect results of operations.
•Changes in tax requirements, including tax rate changes, new tax laws and revised tax law interpretations may change our tax expense or adversely affect our customers' businesses.
In light of these risks, uncertainties and assumptions, you should not place undue reliance on any forward-looking statements in this release. We undertake no obligation to publicly update or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise.
6 | Page
CoBiz Financial Inc.
March 31, 2018
(unaudited)
|
|
|
|
|
Three months ended March 31, |
|
||||||||
|
(in thousands, except per share amounts) |
|
|
|
|
|
2018 |
|
2017 |
|
||||
|
INCOME STATEMENT DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
|
|
|
|
|
$ |
37,777 |
|
$ |
33,081 |
|
|
Interest expense |
|
|
|
|
|
|
|
|
3,168 |
|
|
3,003 |
|
|
NET INTEREST INCOME BEFORE PROVISION |
|
|
|
|
|
|
|
|
34,609 |
|
|
30,078 |
|
|
Provision for loan losses |
|
|
|
|
|
|
|
|
(325) |
|
|
607 |
|
|
NET INTEREST INCOME AFTER PROVISION |
|
|
|
|
|
|
|
|
34,934 |
|
|
29,471 |
|
|
Noninterest income |
|
|
|
|
|
|
|
|
8,961 |
|
|
8,328 |
|
|
Noninterest expense |
|
|
|
|
|
|
|
|
28,570 |
|
|
27,114 |
|
|
INCOME BEFORE INCOME TAXES |
|
|
|
|
|
|
|
|
15,325 |
|
|
10,685 |
|
|
Provision for income taxes |
|
|
|
|
|
|
|
|
2,344 |
|
|
2,071 |
|
|
NET INCOME |
|
|
|
|
|
|
|
$ |
12,981 |
|
$ |
8,614 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER COMMON SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC |
|
|
|
|
|
|
|
$ |
0.31 |
|
$ |
0.21 |
|
|
DILUTED |
|
|
|
|
|
|
|
$ |
0.31 |
|
$ |
0.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY MEASURES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding at period end (in thousands) |
|
|
|
|
|
|
|
|
42,366 |
|
|
41,731 |
|
|
Book value per common share |
|
|
|
|
|
|
|
$ |
7.99 |
|
$ |
7.43 |
|
|
Tangible book value per common share * |
|
|
|
|
|
|
|
$ |
7.98 |
|
$ |
7.41 |
|
|
Tangible common equity to tangible assets * |
|
|
|
|
|
|
|
$ |
8.86% |
|
$ |
8.28% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* See accompanying Reconciliation of Non-GAAP Measures to GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERIOD END BALANCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
|
|
|
|
|
$ |
3,815,507 |
|
$ |
3,731,342 |
|
|
Investments |
|
|
|
|
|
|
|
|
582,251 |
|
|
572,106 |
|
|
Loans |
|
|
|
|
|
|
|
|
3,084,442 |
|
|
2,987,068 |
|
|
Intangible assets |
|
|
|
|
|
|
|
|
671 |
|
|
1,176 |
|
|
Deposits |
|
|
|
|
|
|
|
|
3,179,766 |
|
|
3,050,101 |
|
|
Subordinated debentures |
|
|
|
|
|
|
|
|
131,383 |
|
|
131,297 |
|
|
Common shareholders' equity |
|
|
|
|
|
|
|
|
338,557 |
|
|
310,209 |
|
|
Interest-earning assets |
|
|
|
|
|
|
|
|
3,680,507 |
|
|
3,587,619 |
|
|
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
2,000,446 |
|
|
2,122,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET AVERAGES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets |
|
|
|
|
|
|
|
$ |
3,821,262 |
|
$ |
3,633,308 |
|
|
Average investments |
|
|
|
|
|
|
|
|
568,379 |
|
|
539,195 |
|
|
Average loans |
|
|
|
|
|
|
|
|
3,108,017 |
|
|
2,929,024 |
|
|
Average deposits |
|
|
|
|
|
|
|
|
3,199,684 |
|
|
3,026,167 |
|
|
Average subordinated debentures |
|
|
|
|
|
|
|
|
131,371 |
|
|
131,286 |
|
|
Average shareholders' equity |
|
|
|
|
|
|
|
|
330,458 |
|
|
306,951 |
|
|
Average interest-earning assets |
|
|
|
|
|
|
|
|
3,692,875 |
|
|
3,492,768 |
|
|
Average interest-bearing liabilities |
|
|
|
|
|
|
|
|
1,954,837 |
|
|
1,991,616 |
|
7 | Page
CoBiz Financial Inc.
March 31, 2018
(unaudited)
|
|
|
|
|
Three months ended March 31, |
|
||||||||
|
(in thousands) |
|
|
|
|
|
2018 |
|
2017 |
|
||||
|
PROFITABILITY MEASURES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
|
|
|
|
|
|
3.93 |
% |
|
3.77 |
% |
|
Efficiency ratio - taxable equivalent * |
|
|
|
|
|
|
|
|
64.07 |
% |
|
67.33 |
% |
|
Return on average assets |
|
|
|
|
|
|
|
|
1.38 |
% |
|
0.96 |
% |
|
Return on average shareholders' equity |
|
|
|
|
|
|
|
|
15.93 |
% |
|
11.38 |
% |
|
Noninterest income as a percentage of taxable equivalent operating revenue * |
|
|
|
|
|
|
|
|
20.01 |
% |
|
20.42 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
|
|
|
|
|
|
$ |
18,200 |
|
$ |
3,048 |
|
|
Loans 90 days or more past due and accruing interest |
|
|
|
|
|
|
|
|
- |
|
|
- |
|
|
Total nonperforming loans |
|
|
|
|
|
|
|
|
18,200 |
|
|
3,048 |
|
|
OREO & repossessed assets |
|
|
|
|
|
|
|
|
4,979 |
|
|
5,079 |
|
|
Total nonperforming assets |
|
|
|
|
|
|
|
$ |
23,179 |
|
$ |
8,127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing renegotiated loans |
|
|
|
|
|
|
|
$ |
41,400 |
|
$ |
23,324 |
|
|
Classified loans |
|
|
|
|
|
|
|
$ |
83,936 |
|
$ |
54,291 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs |
|
|
|
|
|
|
|
$ |
(1,115) |
|
$ |
(106) |
|
|
Recoveries |
|
|
|
|
|
|
|
|
295 |
|
|
417 |
|
|
Net recoveries (charge-offs) |
|
|
|
|
|
|
|
$ |
(820) |
|
$ |
311 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total assets |
|
|
|
|
|
|
|
|
0.61 |
% |
|
0.22 |
% |
|
Nonperforming loans to total loans |
|
|
|
|
|
|
|
|
0.59 |
% |
|
0.10 |
% |
|
Nonperforming loans and OREO to total loans and OREO |
|
|
|
|
|
|
|
|
0.75 |
% |
|
0.27 |
% |
|
Allowance for loan losses to total loans |
|
|
|
|
|
|
|
|
1.19 |
% |
|
1.15 |
% |
|
Allowance for loan losses to nonperforming loans |
|
|
|
|
|
|
|
|
202.18 |
% |
|
1,122.41 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
NPAs as a |
|
|||||||
|
NONPERFORMING ASSETS BY MARKET |
|
Colorado |
|
Arizona |
|
Total |
|
in Category |
|
% |
|
||||
|
Commercial |
|
$ |
15,791 |
|
$ |
613 |
|
$ |
16,404 |
|
$ |
1,237,176 |
|
1.33 |
% |
|
Real estate - mortgage |
|
|
473 |
|
|
45 |
|
|
518 |
|
|
1,247,931 |
|
0.04 |
% |
|
Construction & land |
|
|
- |
|
|
- |
|
|
- |
|
|
228,898 |
|
- |
% |
|
Consumer |
|
|
1,254 |
|
|
- |
|
|
1,254 |
|
|
272,783 |
|
0.46 |
% |
|
Other loans |
|
|
24 |
|
|
- |
|
|
24 |
|
|
97,654 |
|
0.02 |
% |
|
OREO & repossessed assets |
|
|
4,803 |
|
|
176 |
|
|
4,979 |
|
|
4,979 |
|
- |
|
|
NPAs |
|
$ |
22,345 |
|
$ |
834 |
|
$ |
23,179 |
|
$ |
3,089,421 |
|
0.75 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans |
|
$ |
1,976,976 |
|
$ |
1,107,466 |
|
$ |
3,084,442 |
|
|
|
|
|
|
|
Total loans and OREO |
|
|
1,981,779 |
|
|
1,107,642 |
|
|
3,089,421 |
|
|
|
|
|
|
|
Nonperforming loans to loans |
|
|
0.89 |
% |
|
0.06 |
% |
|
0.59 |
% |
|
|
|
|
|
|
Nonperforming loans and OREO to total loans and OREO |
|
|
1.13 |
% |
|
0.08 |
% |
|
0.75 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* See accompanying Reconciliation of Non-GAAP Measures to GAAP |
|
|
|
|
|
|
|
|
|||||||
8 | Page
CoBiz Financial Inc.
March 31, 2018
(unaudited)
|
|
||||||||||||||||
|
|
|
Three months ended |
|
|||||||||||||
|
|
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
|||||
|
(in thousands, except per share amounts) |
|
2018 |
|
2017 |
|
2017 |
|
2017 |
|
2017 |
|
|||||
|
Interest income |
|
$ |
37,777 |
|
$ |
37,753 |
|
$ |
36,947 |
|
$ |
35,406 |
|
$ |
33,081 |
|
|
Interest expense |
|
|
3,168 |
|
|
3,031 |
|
|
3,178 |
|
|
3,401 |
|
|
3,003 |
|
|
Net interest income before provision |
|
|
34,609 |
|
|
34,722 |
|
|
33,769 |
|
|
32,005 |
|
|
30,078 |
|
|
Provision for loan losses |
|
|
(325) |
|
|
945 |
|
|
1,060 |
|
|
673 |
|
|
607 |
|
|
Net interest income after provision |
|
|
34,934 |
|
|
33,777 |
|
|
32,709 |
|
|
31,332 |
|
|
29,471 |
|
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit service charges |
|
$ |
1,655 |
|
$ |
1,505 |
|
$ |
1,660 |
|
$ |
1,714 |
|
$ |
1,745 |
|
|
Investment advisory income |
|
|
1,655 |
|
|
1,639 |
|
|
1,550 |
|
|
1,500 |
|
|
1,531 |
|
|
Insurance income |
|
|
3,459 |
|
|
3,294 |
|
|
3,338 |
|
|
3,427 |
|
|
3,122 |
|
|
Other investments |
|
|
175 |
|
|
132 |
|
|
355 |
|
|
372 |
|
|
375 |
|
|
Derivative valuation |
|
|
156 |
|
|
(3) |
|
|
(35) |
|
|
(80) |
|
|
(57) |
|
|
Other income |
|
|
1,861 |
|
|
1,800 |
|
|
2,127 |
|
|
1,378 |
|
|
1,612 |
|
|
Total noninterest income |
|
|
8,961 |
|
|
8,367 |
|
|
8,995 |
|
|
8,311 |
|
|
8,328 |
|
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
$ |
19,747 |
|
$ |
19,212 |
|
$ |
18,421 |
|
$ |
18,335 |
|
$ |
19,120 |
|
|
Occupancy expenses, premises and equipment |
|
|
3,711 |
|
|
3,709 |
|
|
3,666 |
|
|
3,685 |
|
|
3,605 |
|
|
Amortization of intangibles |
|
|
56 |
|
|
150 |
|
|
150 |
|
|
150 |
|
|
150 |
|
|
Other operating expenses |
|
|
5,176 |
|
|
4,862 |
|
|
4,149 |
|
|
4,453 |
|
|
4,584 |
|
|
Net (gain) loss on securities, other assets and OREO |
|
|
(120) |
|
|
(200) |
|
|
6 |
|
|
32 |
|
|
(345) |
|
|
Total noninterest expense |
|
|
28,570 |
|
|
27,733 |
|
|
26,392 |
|
|
26,655 |
|
|
27,114 |
|
|
Net income before income taxes |
|
|
15,325 |
|
|
14,411 |
|
|
15,312 |
|
|
12,988 |
|
|
10,685 |
|
|
Provision for income taxes |
|
|
2,344 |
|
|
10,789 |
|
|
4,119 |
|
|
3,499 |
|
|
2,071 |
|
|
Net income |
|
$ |
12,981 |
|
$ |
3,622 |
|
$ |
11,193 |
|
$ |
9,489 |
|
$ |
8,614 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.31 |
|
$ |
0.09 |
|
$ |
0.27 |
|
$ |
0.23 |
|
$ |
0.21 |
|
|
Diluted |
|
$ |
0.31 |
|
$ |
0.09 |
|
$ |
0.27 |
|
$ |
0.23 |
|
$ |
0.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY MEASURES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
3.93 |
% |
|
3.95 |
% |
|
3.91 |
% |
|
3.76 |
% |
|
3.77 |
% |
|
Efficiency ratio - taxable equivalent * |
|
|
64.07 |
% |
|
61.56 |
% |
|
58.61 |
% |
|
62.83 |
% |
|
67.33 |
% |
|
Return on average assets |
|
|
1.38 |
% |
|
0.37 |
% |
|
1.17 |
% |
|
1.01 |
% |
|
0.96 |
% |
|
Return on average shareholders' equity |
|
|
15.93 |
% |
|
4.30 |
% |
|
13.66 |
% |
|
12.10 |
% |
|
11.38 |
% |
|
Noninterest income as a percentage of taxable equivalent operating revenue * |
|
|
20.01 |
% |
|
18.44 |
% |
|
19.98 |
% |
|
19.61 |
% |
|
20.42 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY MEASURES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding at period end (in thousands) |
|
|
42,366 |
|
|
42,217 |
|
|
41,800 |
|
|
41,771 |
|
|
41,731 |
|
|
Diluted weighted average common shares outstanding (in thousands) |
|
|
41,963 |
|
|
41,908 |
|
|
41,781 |
|
|
41,713 |
|
|
41,584 |
|
|
Book value per common share |
|
$ |
7.99 |
|
$ |
7.80 |
|
$ |
7.87 |
|
$ |
7.65 |
|
$ |
7.43 |
|
|
Tangible book value per common share * |
|
$ |
7.98 |
|
$ |
7.78 |
|
$ |
7.85 |
|
$ |
7.62 |
|
$ |
7.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity to tangible assets * |
|
|
8.86 |
% |
|
8.54 |
% |
|
8.56 |
% |
|
8.37 |
% |
|
8.28 |
% |
|
Tier 1 capital ratio |
|
|
** |
% |
|
11.79 |
% |
|
11.65 |
% |
|
11.52 |
% |
|
11.46 |
% |
|
Total risk-based capital ratio |
|
|
** |
% |
|
14.55 |
% |
|
14.49 |
% |
|
14.36 |
% |
|
14.30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* See accompanying Reconciliation of Non-GAAP Measures to GAAP
** Ratios unavailable at the time of release
9 | Page
CoBiz Financial Inc.
March 31, 2018
(unaudited)
|
|
|
At |
|
|||||||||||||
|
|
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
|||||
|
(in thousands) |
|
2018 |
|
2017 |
|
2017 |
|
2017 |
|
2017 |
|
|||||
|
PERIOD END BALANCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
3,815,507 |
|
$ |
3,846,272 |
|
$ |
3,836,843 |
|
$ |
3,803,490 |
|
$ |
3,731,342 |
|
|
Investments |
|
|
582,251 |
|
|
539,416 |
|
|
549,748 |
|
|
568,181 |
|
|
572,106 |
|
|
Loans |
|
|
3,084,442 |
|
|
3,145,563 |
|
|
3,121,698 |
|
|
3,060,954 |
|
|
2,987,068 |
|
|
Deposits |
|
|
3,179,766 |
|
|
3,225,220 |
|
|
3,177,532 |
|
|
3,072,639 |
|
|
3,050,101 |
|
|
Common shareholders' equity |
|
|
338,557 |
|
|
329,284 |
|
|
329,090 |
|
|
319,470 |
|
|
310,209 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET AVERAGES |
||||||||||||||||
|
Average assets |
|
$ |
3,821,262 |
|
$ |
3,862,902 |
|
$ |
3,795,822 |
|
$ |
3,772,484 |
|
$ |
3,633,308 |
|
|
Average investments |
|
|
568,379 |
|
|
550,853 |
|
|
564,690 |
|
|
575,363 |
|
|
539,195 |
|
|
Average loans |
|
|
3,108,017 |
|
|
3,143,543 |
|
|
3,072,370 |
|
|
3,036,949 |
|
|
2,929,024 |
|
|
Average deposits |
|
|
3,199,684 |
|
|
3,272,895 |
|
|
3,154,343 |
|
|
3,012,706 |
|
|
3,026,167 |
|
|
Average shareholders' equity |
|
|
330,458 |
|
|
334,404 |
|
|
325,136 |
|
|
314,669 |
|
|
306,951 |
|
|
Average interest-earning assets |
|
|
3,692,875 |
|
|
3,716,903 |
|
|
3,656,949 |
|
|
3,633,412 |
|
|
3,492,768 |
|
|
Average interest-bearing liabilities |
|
|
1,954,837 |
|
|
1,971,962 |
|
|
2,027,857 |
|
|
2,115,642 |
|
|
1,991,616 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOANS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
$ |
1,237,176 |
|
$ |
1,250,571 |
|
$ |
1,251,815 |
|
$ |
1,272,304 |
|
$ |
1,241,365 |
|
|
Real estate - mortgage |
|
|
1,247,931 |
|
|
1,249,497 |
|
|
1,258,906 |
|
|
1,228,945 |
|
|
1,197,251 |
|
|
Construction & land |
|
|
228,898 |
|
|
264,401 |
|
|
215,172 |
|
|
162,318 |
|
|
166,553 |
|
|
Consumer |
|
|
272,783 |
|
|
282,149 |
|
|
287,300 |
|
|
287,790 |
|
|
271,751 |
|
|
Other |
|
|
97,654 |
|
|
98,945 |
|
|
108,505 |
|
|
109,597 |
|
|
110,148 |
|
|
Total gross loans |
|
|
3,084,442 |
|
|
3,145,563 |
|
|
3,121,698 |
|
|
3,060,954 |
|
|
2,987,068 |
|
|
Less allowance for loan losses |
|
|
(36,796) |
|
|
(37,941) |
|
|
(36,850) |
|
|
(35,625) |
|
|
(34,211) |
|
|
Total net loans |
|
$ |
3,047,646 |
|
$ |
3,107,622 |
|
$ |
3,084,848 |
|
$ |
3,025,329 |
|
$ |
2,952,857 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross loans - Colorado |
|
$ |
1,976,976 |
|
$ |
2,018,415 |
|
$ |
2,014,676 |
|
$ |
1,963,177 |
|
$ |
1,923,932 |
|
|
Gross loans - Arizona |
|
$ |
1,107,466 |
|
$ |
1,127,148 |
|
$ |
1,107,022 |
|
$ |
1,097,777 |
|
$ |
1,063,136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPOSITS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market |
|
$ |
866,108 |
|
$ |
875,936 |
|
$ |
925,589 |
|
$ |
898,615 |
|
$ |
910,089 |
|
|
Interest-bearing demand |
|
|
736,929 |
|
|
737,934 |
|
|
721,600 |
|
|
696,971 |
|
|
704,659 |
|
|
Savings |
|
|
22,976 |
|
|
21,453 |
|
|
21,210 |
|
|
22,748 |
|
|
20,192 |
|
|
Certificates of deposits under $100 |
|
|
17,466 |
|
|
17,715 |
|
|
18,445 |
|
|
18,748 |
|
|
19,045 |
|
|
Certificates of deposits $100 and over |
|
|
61,968 |
|
|
69,736 |
|
|
76,266 |
|
|
79,103 |
|
|
81,611 |
|
|
Reciprocal CDARS |
|
|
23,530 |
|
|
28,796 |
|
|
40,630 |
|
|
42,046 |
|
|
41,200 |
|
|
Total interest-bearing deposits |
|
|
1,728,977 |
|
|
1,751,570 |
|
|
1,803,740 |
|
|
1,758,231 |
|
|
1,776,796 |
|
|
Noninterest-bearing demand deposits |
|
|
1,450,789 |
|
|
1,473,650 |
|
|
1,373,792 |
|
|
1,314,408 |
|
|
1,273,305 |
|
|
Total deposits |
|
$ |
3,179,766 |
|
$ |
3,225,220 |
|
$ |
3,177,532 |
|
$ |
3,072,639 |
|
$ |
3,050,101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR LOAN LOSSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning allowance for loan losses |
|
$ |
37,941 |
|
$ |
36,850 |
|
$ |
35,625 |
|
$ |
34,211 |
|
$ |
33,293 |
|
|
Provision for loan losses |
|
|
(325) |
|
|
945 |
|
|
1,060 |
|
|
673 |
|
|
607 |
|
|
Net recovery (charge-off) |
|
|
(820) |
|
|
146 |
|
|
165 |
|
|
741 |
|
|
311 |
|
|
Ending allowance for loan losses |
|
$ |
36,796 |
|
$ |
37,941 |
|
$ |
36,850 |
|
$ |
35,625 |
|
$ |
34,211 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
18,200 |
|
$ |
7,517 |
|
$ |
4,863 |
|
$ |
3,830 |
|
$ |
3,048 |
|
|
Loans 90 days or more past due and accruing interest |
|
|
- |
|
|
348 |
|
|
20 |
|
|
664 |
|
|
- |
|
|
Total nonperforming loans |
|
|
18,200 |
|
|
7,865 |
|
|
4,883 |
|
|
4,494 |
|
|
3,048 |
|
|
OREO and repossessed assets |
|
|
4,979 |
|
|
5,079 |
|
|
5,079 |
|
|
5,079 |
|
|
5,079 |
|
|
Total nonperforming assets |
|
$ |
23,179 |
|
$ |
12,944 |
|
$ |
9,962 |
|
$ |
9,573 |
|
$ |
8,127 |
|
|
Performing renegotiated loans |
|
$ |
41,400 |
|
$ |
52,817 |
|
$ |
33,205 |
|
$ |
31,482 |
|
$ |
23,324 |
|
|
Classified loans |
|
$ |
83,936 |
|
$ |
74,674 |
|
$ |
54,355 |
|
$ |
50,587 |
|
$ |
54,291 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY MEASURES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total assets |
|
|
0.61 |
% |
|
0.34 |
% |
|
0.26 |
% |
|
0.25 |
% |
|
0.22 |
% |
|
Nonperforming loans to total loans |
|
|
0.59 |
% |
|
0.25 |
% |
|
0.16 |
% |
|
0.15 |
% |
|
0.10 |
% |
|
Nonperforming loans and OREO to total loans and OREO |
|
|
0.75 |
% |
|
0.41 |
% |
|
0.32 |
% |
|
0.31 |
% |
|
0.27 |
% |
|
Allowance for loan losses to total loans |
|
|
1.19 |
% |
|
1.21 |
% |
|
1.18 |
% |
|
1.16 |
% |
|
1.15 |
% |
|
Allowance for loan losses to nonperforming loans |
|
|
202.18 |
% |
|
482.40 |
% |
|
754.66 |
% |
|
792.72 |
% |
|
1,122.41 |
% |
10 | Page
CoBiz Financial Inc.
March 31, 2018
(unaudited)
|
|
|
For the three months ended, |
|
||||||||||||||||||||||
|
|
|
March 31, 2018 |
|
December 31, 2017 |
|
March 31, 2017 |
|
||||||||||||||||||
|
|
|
|
|
|
Interest |
|
Average |
|
|
|
|
Interest |
|
Average |
|
|
|
|
Interest |
|
Average |
|
|||
|
|
|
Average |
|
earned |
|
yield |
|
Average |
|
earned |
|
yield |
|
Average |
|
earned |
|
yield |
|
||||||
|
(in thousands) |
|
balance |
|
or paid |
|
or cost |
|
balance |
|
or paid |
|
or cost |
|
balance |
|
or paid |
|
or cost |
|
||||||
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and other |
|
$ |
16,479 |
|
$ |
79 |
|
1.92 |
% |
$ |
22,507 |
|
$ |
69 |
|
1.20 |
% |
$ |
24,549 |
|
$ |
56 |
|
0.91 |
% |
|
Investment securities |
|
|
568,379 |
|
|
3,993 |
|
2.81 |
% |
|
550,853 |
|
|
3,769 |
|
2.74 |
% |
|
539,195 |
|
|
3,796 |
|
2.82 |
% |
|
Loans |
|
|
3,108,017 |
|
|
34,910 |
|
4.49 |
% |
|
3,143,543 |
|
|
36,201 |
|
4.51 |
% |
|
2,929,024 |
|
|
31,608 |
|
4.32 |
% |
|
Total interest-earning assets |
|
$ |
3,692,875 |
|
$ |
38,982 |
|
4.22 |
% |
$ |
3,716,903 |
|
$ |
40,039 |
|
4.22 |
% |
$ |
3,492,768 |
|
$ |
35,460 |
|
4.06 |
% |
|
Noninterest-earning assets |
|
|
128,387 |
|
|
|
|
|
|
|
145,999 |
|
|
|
|
|
|
|
140,540 |
|
|
|
|
|
|
|
Total assets |
|
$ |
3,821,262 |
|
|
|
|
|
|
$ |
3,862,902 |
|
|
|
|
|
|
$ |
3,633,308 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market |
|
$ |
875,376 |
|
$ |
615 |
|
0.28 |
% |
$ |
925,412 |
|
$ |
639 |
|
0.27 |
% |
$ |
900,608 |
|
$ |
592 |
|
0.27 |
% |
|
Interest-bearing demand |
|
|
678,492 |
|
|
260 |
|
0.16 |
% |
|
678,982 |
|
|
286 |
|
0.17 |
% |
|
651,655 |
|
|
245 |
|
0.15 |
% |
|
Savings |
|
|
22,419 |
|
|
3 |
|
0.05 |
% |
|
21,396 |
|
|
3 |
|
0.06 |
% |
|
18,949 |
|
|
2 |
|
0.04 |
% |
|
Certificates of deposit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reciprocal |
|
|
28,181 |
|
|
15 |
|
0.22 |
% |
|
32,226 |
|
|
16 |
|
0.20 |
% |
|
43,725 |
|
|
21 |
|
0.19 |
% |
|
Under $100 |
|
|
17,579 |
|
|
16 |
|
0.37 |
% |
|
18,078 |
|
|
17 |
|
0.37 |
% |
|
19,470 |
|
|
17 |
|
0.35 |
% |
|
$100 and over |
|
|
64,857 |
|
|
78 |
|
0.49 |
% |
|
73,562 |
|
|
92 |
|
0.50 |
% |
|
85,891 |
|
|
110 |
|
0.52 |
% |
|
Total interest-bearing deposits |
|
$ |
1,686,904 |
|
$ |
987 |
|
0.24 |
% |
$ |
1,749,656 |
|
$ |
1,053 |
|
0.24 |
% |
$ |
1,720,298 |
|
$ |
987 |
|
0.23 |
% |
|
Other borrowings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities sold under agreements to repurchase |
|
|
48,910 |
|
|
8 |
|
0.07 |
% |
|
59,035 |
|
|
9 |
|
0.06 |
% |
|
50,093 |
|
|
8 |
|
0.06 |
% |
|
Other short-term borrowings |
|
|
87,652 |
|
|
339 |
|
1.55 |
% |
|
31,922 |
|
|
112 |
|
1.37 |
% |
|
89,939 |
|
|
176 |
|
0.78 |
% |
|
Long-term debt |
|
|
131,371 |
|
|
1,834 |
|
5.58 |
% |
|
131,349 |
|
|
1,857 |
|
5.53 |
% |
|
131,286 |
|
|
1,832 |
|
5.58 |
% |
|
Total interest-bearing liabilities |
|
$ |
1,954,837 |
|
$ |
3,168 |
|
0.65 |
% |
$ |
1,971,962 |
|
$ |
3,031 |
|
0.60 |
% |
$ |
1,991,616 |
|
$ |
3,003 |
|
0.61 |
% |
|
Noninterest-bearing demand accounts |
|
|
1,512,780 |
|
|
|
|
|
|
|
1,523,239 |
|
|
|
|
|
|
|
1,305,869 |
|
|
|
|
|
|
|
Total deposits and interest-bearing liabilities |
|
|
3,467,617 |
|
|
|
|
|
|
|
3,495,201 |
|
|
|
|
|
|
|
3,297,485 |
|
|
|
|
|
|
|
Other noninterest-bearing liabilities |
|
|
23,187 |
|
|
|
|
|
|
|
33,297 |
|
|
|
|
|
|
|
28,872 |
|
|
|
|
|
|
|
Total liabilities |
|
|
3,490,804 |
|
|
|
|
|
|
|
3,528,498 |
|
|
|
|
|
|
|
3,326,357 |
|
|
|
|
|
|
|
Total shareholders' equity |
|
|
330,458 |
|
|
|
|
|
|
|
334,404 |
|
|
|
|
|
|
|
306,951 |
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
3,821,262 |
|
|
|
|
|
|
$ |
3,862,902 |
|
|
|
|
|
|
$ |
3,633,308 |
|
|
|
|
|
|
|
Net interest income - taxable equivalent |
|
|
|
|
$ |
35,814 |
|
|
|
|
|
|
$ |
37,008 |
|
|
|
|
|
|
$ |
32,457 |
|
|
|
|
Net interest spread |
|
|
|
|
|
|
|
3.57 |
% |
|
|
|
|
|
|
3.62 |
% |
|
|
|
|
|
|
3.45 |
% |
|
Net interest margin |
|
|
|
|
|
|
|
3.93 |
% |
|
|
|
|
|
|
3.95 |
% |
|
|
|
|
|
|
3.77 |
% |
|
Ratio of average interest-earning assets to average interest-bearing liabilities |
|
|
188.91 |
% |
|
|
|
|
|
|
188.49 |
% |
|
|
|
|
|
|
175.37 |
% |
|
|
|
|
|
11 | Page
CoBiz Financial Inc.
March 31, 2018
(unaudited)
Reconciliation of Non-GAAP Measures to GAAP
(in thousands, except per share amounts)
The Company believes these non-GAAP financial measures enable investors to obtain an understanding of the operating results of the Company’s core business and reflect the basis on which management internally reviews financial performance and capital adequacy. These non-GAAP financial measures are not a substitute for operating results determined in accordance with GAAP nor do they necessarily conform to non-GAAP financial measures that may be presented by other companies.
The following tables include non-GAAP financial measures related to tangible common equity, tangible assets and tangible book value per common share. Shareholders' equity and total assets have been adjusted to exclude intangible assets.
|
|
|
|
At |
|
|||||||||||||
|
|
|
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
|||||
|
|
(in thousands, except per share amounts) |
|
2018 |
|
2017 |
|
2017 |
|
2017 |
|
2017 |
|
|||||
|
|
Shareholders' equity as reported - GAAP |
|
$ |
338,557 |
|
$ |
329,284 |
|
$ |
329,090 |
|
$ |
319,470 |
|
$ |
310,209 |
|
|
|
Intangible assets |
|
|
(671) |
|
|
(726) |
|
|
(876) |
|
|
(1,026) |
|
|
(1,176) |
|
|
A |
Tangible common equity - non-GAAP |
|
$ |
337,886 |
|
$ |
328,558 |
|
$ |
328,214 |
|
$ |
318,444 |
|
$ |
309,033 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets as reported - GAAP |
|
$ |
3,815,507 |
|
$ |
3,846,272 |
|
$ |
3,836,843 |
|
$ |
3,803,490 |
|
$ |
3,731,342 |
|
|
|
Intangible assets |
|
|
(671) |
|
|
(726) |
|
|
(876) |
|
|
(1,026) |
|
|
(1,176) |
|
|
B |
Total tangible assets - non-GAAP |
|
$ |
3,814,836 |
|
$ |
3,845,546 |
|
$ |
3,835,967 |
|
$ |
3,802,464 |
|
$ |
3,730,166 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C |
Common shares outstanding |
|
|
42,366 |
|
|
42,217 |
|
|
41,800 |
|
|
41,771 |
|
|
41,731 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A / B |
Tangible common equity to tangible assets - non-GAAP |
|
|
8.86 |
% |
|
8.54 |
% |
|
8.56 |
% |
|
8.37 |
% |
|
8.28 |
% |
|
A / C |
Tangible book value per common share - non-GAAP |
|
$ |
7.98 |
|
$ |
7.78 |
|
$ |
7.85 |
|
$ |
7.62 |
|
$ |
7.41 |
|
The following table includes non-GAAP financial measures used in the computation of the efficiency ratio and the ratio of noninterest income to taxable equivalent operating revenue. The efficiency ratio equals noninterest expense adjusted to exclude gains and losses on securities, other assets and other real estate owned (OREO), divided by taxable equivalent operating revenue, which equals the sum of tax equivalent net interest income and noninterest income. To calculate tax equivalent net interest income, the interest earned on tax exempt loans and investment securities has been adjusted to reflect the amount that would have been earned had these investments been subject to normal income taxation.
|
|
|
|
Three months ended |
|
|||||||||||||
|
|
|
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
|||||
|
|
(in thousands) |
|
2018 |
|
2017 |
|
2017 |
|
2017 |
|
2017 |
|
|||||
|
|
Noninterest expense - GAAP, adjusted for: |
|
$ |
28,570 |
|
$ |
27,733 |
|
$ |
26,392 |
|
$ |
26,655 |
|
$ |
27,114 |
|
|
|
Net (gain) loss on securities, other assets and OREO |
|
|
(120) |
|
|
(200) |
|
|
6 |
|
|
32 |
|
|
(345) |
|
|
D |
Adjusted noninterest expense - non-GAAP |
|
$ |
28,690 |
|
$ |
27,933 |
|
$ |
26,386 |
|
$ |
26,623 |
|
$ |
27,459 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income - GAAP |
|
$ |
34,609 |
|
$ |
34,722 |
|
$ |
33,769 |
|
$ |
32,005 |
|
$ |
30,078 |
|
|
E |
Noninterest income - GAAP |
|
|
8,961 |
|
|
8,367 |
|
|
8,995 |
|
|
8,311 |
|
|
8,328 |
|
|
|
Operating revenue |
|
|
43,570 |
|
|
43,089 |
|
|
42,764 |
|
|
40,316 |
|
|
38,406 |
|
|
|
Taxable equivalent adjustment |
|
|
1,205 |
|
|
2,286 |
|
|
2,258 |
|
|
2,056 |
|
|
2,379 |
|
|
F |
Operating revenue - taxable equivalent - non-GAAP |
|
$ |
44,775 |
|
$ |
45,375 |
|
$ |
45,022 |
|
$ |
42,372 |
|
$ |
40,785 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
D / F |
Efficiency ratio - taxable equivalent - non-GAAP |
|
|
64.07 |
% |
|
61.56 |
% |
|
58.61 |
% |
|
62.83 |
% |
|
67.33 |
% |
|
E / F |
Noninterest income as a percentage of taxable equivalent operating revenue - non-GAAP |
|
|
20.01 |
% |
|
18.44 |
% |
|
19.98 |
% |
|
19.61 |
% |
|
20.42 |
% |
12 | Page
Pre-tax, Adjusted Earnings (PTAE) is a non-GAAP measure and is calculated as net income adjusted on a taxable equivalent basis less provisions for income taxes and loan losses and further adjusted to exclude gains and losses on securities, other assets and OREO. To calculate taxable equivalent net income, the interest earned on tax exempt loans and investment securities has been adjusted to reflect the amount that would have been earned had these investments been subject to normal income taxation. The Company believes that PTAE is a useful financial measure that enables investors and others to assess the Company's ability to generate capital to cover credit losses and is a reflection of earnings generated by the core business. The following table is a reconciliation of PTAE to its most comparable GAAP measure.
|
|
|
|
Three months ended March 31, |
|
Change |
|
||||||||
|
|
(in thousands) |
|
2018 |
|
2017 |
|
Amount |
|
% |
|
||||
|
|
Net income - GAAP, adjusted for: |
|
$ |
12,981 |
|
$ |
8,614 |
|
$ |
4,367 |
|
|
50.7 |
% |
|
|
Taxable equivalent adjustment |
|
|
1,205 |
|
|
2,379 |
|
|
(1,174) |
|
|
(49.3) |
% |
|
|
Provision for income taxes |
|
|
2,344 |
|
|
2,071 |
|
|
273 |
|
|
13.2 |
% |
|
|
Provision for loan losses |
|
|
(325) |
|
|
607 |
|
|
(932) |
|
|
(153.5) |
% |
|
|
Net (gain) loss on securities, other assets and other real estate owned |
|
|
(120) |
|
|
(345) |
|
|
225 |
|
|
65.2 |
% |
|
|
Pre-tax, Adjusted Earnings (PTAE) - non-GAAP |
|
$ |
16,085 |
|
$ |
13,326 |
|
$ |
2,759 |
|
|
20.7 |
% |
13 | Page