Latest Posts

Sunshine Bancorp, Inc. Reports Record Earnings and 1st Quarter Results

April 17, 2017

Press Release
For Immediate Release

Contact:
Brent Smith
SVP, Corporate Development
(813)659-8626

Sunshine Bancorp, Inc. Reports Record Earnings and 1st Quarter Results

Plant City, FL – April 17, 2017 –

Sunshine Bancorp, Inc. (the “Company”) (NASDAQ: SBCP), the holding company for Sunshine Bank (the “Bank”), has released its unaudited consolidated financial results for the first quarter of 2017.

Key Highlights from the 1st Quarter 2017

  • Earnings of $0.21 per basic and diluted share
  • Year over year revenue growth of 90%
  • Annualized deposit growth of 22% led by non-interest bearing deposits
  • Year over year non-interest income growth of 61%
  • Maintained top tier credit metrics with NPAs to Assets at 0.06%

The Company recognized net income of $1.6 million for the first quarter of 2017 compared to a net loss of $514,000 for the fourth quarter 2016 and net income of $154,000 for the first quarter 2016.

Total assets were $956.4 million at March 31, 2017 compared to $931.4 million at December 31, 2016 and $523.1 million at March 31, 2016. Net loans increased to $689.7 million at March 31, 2017 compared to $683.8 million at December 31, 2016 and $337.8 million at March 31, 2016. First quarter 2017 loan originations, including unfunded loans and commitments, were approximately $38 million as some of the originations were scheduled to fund subsequent to March 31, 2017.

Total deposits were $771.2 million at March 31, 2017 compared to $729.9 million at December 31, 2016 and $415.2 million at March 31, 2016. Annualized deposit growth for the first quarter of 2017 was 22% led by non-interest bearing deposit growth of $25.9 million or 48% annualized. The Bank’s deposit composition as of March 31, 2017 included 80% core deposits and 20% in time deposits with an average cost of 0.31%.

Andrew Samuel, President and CEO, commented, “We are excited to announce strong first quarter results. We continue to focus on building a top tier Florida franchise focused on relationship banking. The Company sees continued tailwinds resulting from our strategic focus on organic growth with an emphasis on non-interest bearing deposits and expanding the commercial loan segment of our loan portfolio.”

The Bank’s non-performing assets as of March 31, 2017 were $619,000 compared to $985,000 as of March 31, 2016. The Bank’s non-performing assets to total assets ratio as of March 31, 2017 was 0.06% compared to 0.19% as of March 31, 2016. In addition, the allowance for loan losses was 621% of non-performing loans at March 31, 2017.

Noninterest expenses for the first quarter 2017 totaled $6.1 million, compared to $4.5 million in the first quarter of 2016. The Company has fully integrated the Florida Bank of Commerce acquisition and has achieved its cost savings goals.

Revenue growth was $4.5 million year over year for the first quarter or 90%. This was led by net interest income for the first quarter 2017 of $7.6 million compared to $6.7 million during the fourth quarter of 2016 and $4.0 million during the first quarter of 2016. Additionally, revenue growth was supported by strong non-interest income growth of $408,000 year over year of 61%. Non-interest income growth was attributable to increases in deposit fees, SBA lending and wealth management revenue.

Stockholders’ equity increased to $114.1 million at March 31, 2017 compared to $112.1 million at December 31, 2016. 

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 Sheet
(Dollars in thousands, except per share information)
 
As of March 31, 2017 As of Dec. 31, 2016
(Unaudited)
Assets
Cash and due from banks

$             29,860

$         16,562

Interest-earning deposits in financial institutions

           30,628

21,386

Federal funds sold

           10,430

12,325

Cash and cash equivalents

           70,918

50,273

Time deposits with banks

             2,794

2,794

Securities available for sale

         109,943

109,668

Loans held for sale

                 865

443

Loans, net of allowance for loan losses of $3,643 and $3,274

         689,656

683,784

Premises and equipment, net

           25,627

25,920

Federal Home Loan Bank stock, at cost

             2,750

3,478

Cash surrender value of bank-owned life insurance

           22,618

22,462

Deferred income tax asset

             5,665

6,660

Goodwill and other intangibles

           22,069

22,308

Accrued interest receivable

             1,869

2,077

Other real estate owned

                   32

32

Other assets

             1,572

1,536

Total assets

$       956,378

$         931,435

Liabilities and Stockholders’ Equity
Liabilities:
Noninterest-bearing demand accounts

$           243,313

$         217,418

Interest-bearing demand and savings accounts

         377,045

354,327

Time deposits

         150,810

158,204

Total deposits

         771,168

729,949

Other borrowings

           54,179

71,867

Subordinated Notes

           11,000

11,000

Other liabilities

             5,977

6,518

Total liabilities

         842,324

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 8,038,905 at March 31, 2017 and 7,986,074 at December 31, 2016

80

80

Additional paid in capital

           94,478

94,302

Retained income

           23,433

21,803

Unearned employee stock ownership plan (“ESOP”) shares

           (3,047)

(3,047)

Accumulated other comprehensive income

               (890)

(1,037)

Total stockholders’ equity

         114,054

112,101

Total liabilities and stockholders’ equity

$       956,378

$         931,435

 

 
 

Sunshine Bancorp, Inc.
Consolidated Statement of Operations
(Dollars in thousands, except per share information)

Three months Ended
March 31,
 
2017 2016
Interest income: (Unaudited)  
Loans $     7,930 $   4,055
Securities            427          221
Other            131            78
Total interest income        8,488      4,354
Interest Expense:
Deposits            597          315
Borrowed funds            254            25
Total interest expense            851          340
Net interest income        7,637      4,014
Provision for loan losses              –            –
Net interest income after provision for loan losses        7,637      4,014
Noninterest income:
Fees and service charges on deposit accounts            465          326
Gain on sale of other real estate owned              –            –
Mortgage Broker Fees              59            47
Gain on sale of securities              –            26
Income from bank-owned life insurance            182            95
Other            369          173
         Total noninterest income        1,075          667
Noninterest expenses:
Salaries and employee benefits        3,649      2,576
Occupancy and equipment            724          576
Data and item processing services            540          341
Professional fees            213          171
Advertising and promotion                6            45
Stationery and supplies              47            46
FDIC Deposit insurance              75          102
Other            859          621
Total noninterest expenses        6,113      4,478
Income before income taxes        2,599          203
Income tax (benefit) expense            969            49
Net income $     1,630 $     154
Basic earnings per share $     0.21 $   0.04
Diluted earnings per share $      0.21 $    0.04

 

Three Month Periods Ended *
3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016
Operating Highlights (Unaudited)
Net Income $     1,630 $     (514) $       244 $           73 $         154
Net interest income        7,637        6,720        4,306        3,873      4,014
Provision for loan losses              –                –                  –            350                –
Non-Interest Income        1,075            701          669          1,149        667
Non-Interest Expense        6,113        7,972        4,602        4,563        4,478
Financial Condition Data:
Total Assets $ 956,378 $ 931,435 $ 563,992 $ 514,729 $ 523,067
Loans, Net    689,656    683,784    395,994      371,538      337,784
Deposits:
Noninterest-bearing demand accounts    243,313    217,418      85,304        92,342      101,490
Interest-bearing demand and savings accounts    377,045    354,327    234,697      199,121      207,410
Time deposits    150,810      158,204    118,766      103,852      106,300
Total Deposits 771,168 729,949 438,767 395,315 415,200
Selected Ratios
Net interest margin 3.63% 3.78% 3.69% 3.53% 3.64%
Annualized return on average assets 0.8% (0.3%) 0.2% 0.1% 0.1%
Annualized return on average equity 5.8% (2.1%) 1.4% 0.4% 0.9%
Capital Ratios **
Total Capital Ratio 12.9% 12.7% 15.8% 15.4% 15.6%
Tier 1 capital ratio 12.4% 12.2% 15.2% 14.7% 14.9%
Common equity tier 1 capital ratio 12.4% 12.2% 15.2% 14.7% 14.9%
Leverage ratio 10.1% 10.0% 13.6% 12.1% 11.3%
Asset Quality Ratios
Non-performing assets $         619 $         323 $         988 $     1,324 $         985
Non-performing assets to total assets 0.06% 0.03% 0.18% 0.26% 0.19%
Non-performing loans to total loans 0.08% 0.04% 0.24% 0.35% 0.28%
Allowance for loan losses(AFLL) $       3,643 $     3,274 $     2,846 $     2,895 $     2,532
AFLL to total loans 0.53% 0.47% 0.71% 0.77% 0.74%
AFLL to   non-performing loans 620.6% 1125.1% 297.7% 224.1% 265.7%
* Dollars in thousands
** Capital Ratios for Sunshine Bank only

 

 

 

Categorized in:

This post was written by Elevate, Inc.

Comments are closed here.

Get Connected

Join our networks and stay in touch!

Read Our Testimonials

Hear what our customers have to say

“Elevate, Inc. is consistently delivering new strategies for personal and professional growth and has a management team that is more plugged into the community than none I have ever seen. Aakash Patel is the guy to know if you want to speak with that government leader, that radio show, that newspaper—he’s the one!”

‘H’John Mejia - Host - InTheZoneTV

"Bravo to the team at Elevate, Inc. who are consistently proactive in providing connections for the betterment of our business.  Well known and respected in the industry, Elevate has been instrumental in creating new connections with the media and with industry leaders.”

Jason Ashton - CallPass Tech/CallPass M2M Solutions Inc

“Aakash Patel is one of the most talented, thoughtful, and thorough professionals I’ve ever worked with. Intensity and passion for creating useful, stable solutions is unmatched. Every project shines brighter when Aakash Patel is involved.”

Niki Patel, Owner - Ikin Development, Inc

"The team at Elevate, Inc. is excellent at making sustainable, long-term relationships. Through Elevate, I have been connected to incredible business leaders as well as innovators that have assisted in the growth and development of Carmel Kitchen."

Alex Sullivan, Partner - Carmel Kitchen