Slide 1: Cautionary Statement Regarding Forward Looking Statements
Cautionary Statement Regarding Forward Looking Statements Statements included in this report which are not historical in nature are intended to be, and are hereby identified as, forward looking statements for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934.
Slide 2: 3rd Quarter 2015 Highlights
Record Operating Earnings of $27.2 million $1.12 per diluted share Operating Return on Average Assets 1.29% Operating Return on Average Tangible Equity 16.92% Cash dividend of $0.26 per common share Net Income of $25.1 million, $1.04 per diluted share 3rd Quarter 2015 Highlights
Slide 3: 3rd Quarter 2015 Highlights
3rd Quarter 2015 Highlights Net Loan Growth – 6% Annualized Strong Non-Acquired Loan Growth - $206 million, 22% annualized Outpaced Acquired run-off by $87 million Non-Interest Bearing DDA Growth Increased $82 million – 18% annualized – Primarily from Branch acquisition Continued Asset Quality impro
Slide 4: 3rd Quarter 2015 Highlights
3rd Quarter 2015 Highlights Margin down 23 bp to 4.52% Non Interest Income : $ 29.8 million vs. $30.1 million linked quarter Fees on Deposit Accounts $ 19.2 Mortgage Banking $ 4.8 Wealth Management $ 5.5 Amortization of $(1.9) FDIC Indemnification Asset
Slide 5: Bank of America Branch Acquisitions
Closed August 21, 2015 Deposits $438.3 Million Loans $3.1 Fixed Assets $4.1 13 Branches/30 ATM’s 70,000 customers Modeled 15% deposits runoff vs. actual 24% Modeled $31.6 M deal value vs. actual $25.0 M 2016: Continue to expect mid-single digit EPS accretion Bank of America Branch Acquisitions
Slide 6: Net Interest Margin
Net Interest Margin See Endnotes (1) In Millions
Slide 7: Net Interest Margin
Net Interest Margin 5.00% $77.8 $75. .789 i 4.72% Guia) 4.75% 4.65% 4.63% 4.58% 7 4.52% 50% 4.47% 4.50' 4.41% 4.35% 4.00% 3Q 2014 4Q 2014 1Q 2015 2Q 2015 3Q 2015 Net Interest Margin NIM includes Amortization of Indemnification Asset sm income includes Amortization of IA $80.0 $75.0 $70.0 $60.0 In Mi
Slide 8: Operating Earnings Per Share
Operating Earnings Per Share See Endnotes (3)
Slide 9: Endnotes
Income reduced by amortization of Indemnification Asset and average balance increased for the average loan Indemnification Asset balance Efficiency ratio = NIE / Net Int Inc + Non Int Inc less securities gain/(loss) Operating efficiency ratio = same as above except exc’l one-time items from NIE Excl
Slide 10: Endnotes
Endnotes 1. Income reduced by amortization of Indemnification Indemnification Asset balance et and average balance increased for the average loan Efficiency ratio = NIE / Net Int Ine + Non Int Inc les Operating efficiency ratio ‘ame as above except exc'l one-time items from NIE 3. Excludes one-time