BIRMINGHAM, Ala., July 24, 2018 (GLOBE NEWSWIRE) -- National Commerce Corporation (Nasdaq:NCOM) (“NCC” or the “Company”), the parent company of National Bank of Commerce (“NBC”), today reported second quarter 2018 net income to common shareholders of $10.7 million, compared to $6.4 million for the second quarter of 2017. Diluted net earnings per share were $0.61 in the second quarter of 2018, compared to $0.52 in the first quarter of 2018 and $0.48 in the second quarter of 2017.
“We are pleased to report our second quarter results,” said Richard Murray, IV, President and Chief Executive Officer of the Company. “While we had good earnings performance, higher loan payoffs offset solid loan production during the quarter, resulting in lower overall loan growth. Our 4.8% annualized growth in average loans for the quarter is below our long-term expectation. However, we did have a good quarter of deposit growth. We also remain pleased with our asset quality.”
During the second quarter of 2018, the Company announced the execution of a definitive agreement to acquire Landmark Bancshares, Inc. (“Landmark”) and its wholly owned subsidiary, First Landmark Bank, headquartered in Marietta, Georgia. While all required regulatory approvals with respect to the transaction have been received, the transaction remains subject to the approval of Landmark’s shareholders and the satisfaction or waiver of certain other closing conditions. On July 1, 2018, the Company also successfully completed its previously announced acquisition of Premier Community Bank of Florida (“Premier”), headquartered in Bradenton, Florida. Because the acquisition of Premier occurred after the end of the quarter, the Company’s reported results for the second quarter do not include the results of operations of Premier.
Several important measures from the second quarter of 2018 are as follows:
- Net Interest Margin (taxable equivalent) of 4.77% for the second quarter of 2018, compared to 4.80% for the first quarter of 2018 and 4.34% for the second quarter of 2017. The second quarter 2018 margin decreased 0.03% compared to the first quarter of 2018. Loan yields during the second quarter of 2018 were higher due to an increase in interest rates during the second quarter of 2018. Excluding the impact of accretion from both periods, the 2018 second quarter margin would have been 4.50%, and the 2018 first quarter margin would have been 4.45%. The higher loan yields during the second quarter of 2018 compared to the 2018 first quarter were offset by an increase in the rate paid on interest-bearing liabilities of 0.17%.
- Return on Average Assets (“ROAA”) of 1.36% for the second quarter of 2018, compared to 1.18% for the first quarter of 2018 and 1.06% for the second quarter of 2017.
- Return on Average Tangible Common Equity (“ROATCE”) of 12.73% for the second quarter of 2018, compared to 11.27% for the first quarter of 2018 and 11.49% for the second quarter of 2017.
- Second quarter 2018 loan growth (excluding mortgage loans held-for-sale) of $16.5 million. Excluding factored receivables in the Company’s factoring subsidiary, Corporate Billing, LLC, second quarter 2018 loan growth was approximately $11.3 million.
- Deposits increased $92.2 million during the second quarter of 2018.
- $149.6 million in 2018 second quarter mortgage production, compared to $114.9 million during the first quarter of 2018 and $133.1 million during the second quarter of 2017.
- $309.5 million in 2018 second quarter purchased volume in the factoring division, compared to $283.0 million for the first quarter of 2018 and $251.0 million for the second quarter of 2017.
- Non-acquired non-performing assets of $1.0 million at June 30, 2018, a decrease from $1.1 million at March 31, 2018 and $1.2 million at June 30, 2017.
- Annualized net charge-offs of 0.11% of average loans outstanding for the second quarter of 2018, compared to net charge-offs of 0.08% for the first quarter of 2018 and 0.07% for the second quarter of 2017.
- Provision for loan losses of $856 thousand for the second quarter of 2018, compared to $1.3 million for the first quarter of 2018 and $1.2 million for the second quarter of 2017.
- Ending tangible book value per share of $19.86.
- Ending book value per share of $29.97.
The Company will host a live audio webcast conference call beginning at 8:30 a.m. Central Time on July 25, 2018 to discuss earnings and operating results for the 2018 second quarter. Investors may call in (toll free) by dialing (844) 296-8205 (conference ID 5084466). A replay of the conference call will be available until July 27, 2018 and can be accessed by dialing (855) 859-2056.
Investors who plan to participate in the live webcast of the conference call should access the webcast by visiting www.nationalbankofcommerce.com, and then clicking on the “Investor Relations” link under the “Learn More” tab located on that webpage. A replay of the webcast will be available on the website for one year. A copy of the news release will also be available at the same location.
Use of Non-GAAP Financial Measures
Some of the financial measures presented in this press release and included in the accompanying unaudited financial statements are not measures prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). These non-GAAP financial measures include tangible common equity, return on average tangible common equity, tangible book value per share, efficiency ratio and operating efficiency ratio. The Company’s management uses the non-GAAP financial measures set forth below in its analysis of the Company’s performance.
- “Tangible common equity” is defined as total shareholders’ equity less goodwill, other intangible assets and minority interest not included in intangible assets.
- “Average tangible common equity” is defined as the average of tangible common equity for the applicable period.
- “Return on average tangible common equity,” or ROATCE, is defined as net income available to common shareholders divided by average tangible common equity.
- “Tangible book value per share” is defined as tangible common equity divided by total common shares outstanding. This measure is important to investors interested in changes from period to period in book value per share, exclusive of changes in intangible assets.
The Company’s management believes that these measures, each of which utilizes the concept of tangible common equity rather than total common equity, provide useful information to management and investors because they eliminate the impact of goodwill and other intangible assets created in an acquisition. These measures are commonly used by investors when assessing financial institutions.
- “Efficiency ratio” is defined as noninterest expense divided by operating revenue (which is equal to net interest income plus noninterest income), excluding one-time gains and losses on sales of securities. This measure is important to investors looking for a measure of efficiency in productivity based on the amount of revenue generated for each dollar spent.
- “Operating efficiency ratio” is defined as noninterest expense divided by operating revenue, excluding one-time gains and losses on sales of securities and one-time gains and expenses related to merger and acquisition activities. This measure is important to investors looking for a measure of efficiency in productivity based on the amount of revenue generated for each dollar spent.
The Company’s management believes that these non-GAAP financial measures provide useful information to management and investors that is supplementary to the Company’s financial condition, results of operations and cash flows computed in accordance with GAAP; however, the Company acknowledges that the non-GAAP financial measures have a number of limitations. As such, the Company cautions readers that these disclosures should not be viewed as a substitute for results determined in accordance with GAAP, and that these disclosures are not necessarily comparable to non-GAAP financial measures that other companies use. These non-GAAP financial measures exclude various items detailed in the attached “Non-GAAP Reconciliation.”
About National Commerce Corporation
National Commerce Corporation (Nasdaq:NCOM), a Delaware corporation, is a financial holding company headquartered in Birmingham, Alabama. Its wholly-owned subsidiary, National Bank of Commerce, provides a broad array of financial services for commercial and consumer customers through seven full-service banking offices in Alabama, twenty-five full-service banking offices in Florida and two full-service banking offices in the Atlanta, Georgia metro area. National Bank of Commerce conducts business under a number of trade names unique to its local markets, including United Legacy Bank, Reunion Bank of Florida, Private Bank of Buckhead, Private Bank of Decatur, PrivatePlus Mortgage, Patriot Bank, FirstAtlantic Bank and Premier Community Bank of Florida.
Additionally, National Bank of Commerce owns a majority stake in Corporate Billing, LLC, a transaction-based finance company headquartered in Decatur, Alabama that provides factoring, invoicing, collection and accounts receivable management services to transportation companies and automotive parts and service providers throughout the United States and parts of Canada.
National Commerce Corporation files periodic reports with the U.S. Securities and Exchange Commission (the “SEC”). Copies of its filings may be obtained through the SEC’s website at www.sec.gov or at www.nationalbankofcommerce.com. More information about National Commerce Corporation and National Bank of Commerce may be obtained at www.nationalbankofcommerce.com.
Forward-Looking Statements
Certain statements contained in this press release that are not statements of historical fact constitute forward-looking statements for which NCC claims the protection of the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995 (the “Act”), notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in NCC’s future filings with the SEC, in press releases and in oral and written statements made by NCC or with NCC’s approval that are not statements of historical fact and that constitute forward-looking statements within the meaning of the Act. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statements of NCC’s plans, objectives and expectations or those of its management or Board of Directors, including those relating to products or services; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Words such as “believes,” “anticipates,” “expects,” “intends,” “targeted,” “continue,” “remain,” “will,” “should,” “may” and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements are subject to various risks and uncertainties, including those risks and uncertainties described under the heading “Risk Factors” in NCC’s Annual Report on Form 10-K for the year ended December 31, 2017 and described in any subsequent reports that NCC has filed with the SEC. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements, and these statements should not be relied upon as predictions of future events. NCC undertakes no obligation to update any forward-looking statements or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. In that respect, NCC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.
| NATIONAL COMMERCE CORPORATION | |||||||||||||||||||
| Unaudited Financial Highlights | |||||||||||||||||||
| (In thousands, except share and per share amounts and percentages or as otherwise noted) | |||||||||||||||||||
| For the Three Months Ended | |||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
| 2018 | 2018 | 2017 | 2017 | 2017 | |||||||||||||||
| Earnings Summary | |||||||||||||||||||
| Interest income | $ | 37,713 | $ | 36,320 | $ | 30,224 | $ | 28,202 | $ | 26,466 | |||||||||
| Interest expense | 4,310 | 3,420 | 2,824 | 2,561 | 2,513 | ||||||||||||||
| Net interest income | 33,403 | 32,900 | 27,400 | 25,641 | 23,953 | ||||||||||||||
| Provision for loan losses | 856 | 1,318 | 1,478 | 1,105 | 1,155 | ||||||||||||||
| Gain (loss) on sale of securities | 2 | 191 | (119 | ) | - | 28 | |||||||||||||
| Other noninterest income (1) | 4,673 | 4,517 | 4,744 | 4,546 | 5,072 | ||||||||||||||
| Merger/conversion-related expenses (2) | 542 | 2,396 | 1,172 | 417 | 344 | ||||||||||||||
| Other noninterest expense (3) | 22,077 | 21,579 | 17,838 | 17,570 | 17,393 | ||||||||||||||
| Income before income taxes | 14,603 | 12,315 | 11,537 | 11,095 | 10,161 | ||||||||||||||
| Income tax expense | 3,303 | 2,776 | 3,890 | 3,828 | 3,281 | ||||||||||||||
| Deferred tax asset write-down | - | - | 6,231 | - | - | ||||||||||||||
| Total income tax expense | 3,303 | 2,776 | 10,121 | 3,828 | 3,281 | ||||||||||||||
| Net income before minority interest | 11,300 | 9,539 | 1,416 | 7,267 | 6,880 | ||||||||||||||
| Net income attributable to minority interest | 616 | 456 | 413 | 570 | 431 | ||||||||||||||
| Net income to common shareholders | $ | 10,684 | $ | 9,083 | $ | 1,003 | $ | 6,697 | $ | 6,449 | |||||||||
| Weighted average common and diluted shares outstanding | |||||||||||||||||||
| Basic | 17,236,525 | 17,209,551 | 14,783,597 | 14,300,974 | 13,190,582 | ||||||||||||||
| Diluted | 17,642,926 | 17,612,298 | 15,173,984 | 14,679,546 | 13,551,745 | ||||||||||||||
| Net earnings per common share | |||||||||||||||||||
| Basic | $ | 0.62 | $ | 0.53 | $ | 0.07 | $ | 0.47 | $ | 0.49 | |||||||||
| Diluted | $ | 0.61 | $ | 0.52 | $ | 0.07 | $ | 0.46 | $ | 0.48 | |||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
| Selected Performance Ratios | 2018 | 2018 | 2017 | 2017 | 2017 | ||||||||||||||
| Return on average assets (ROAA) (4) | 1.36 | % | 1.18 | % | 0.15 | % | 1.08 | % | 1.06 | % | |||||||||
| Return on average equity (ROAE) | 8.39 | 7.35 | 0.99 | 7.06 | 7.86 | ||||||||||||||
| Return on average tangible common equity | |||||||||||||||||||
| (ROATCE) | 12.73 | 11.27 | 1.41 | 9.94 | 11.49 | ||||||||||||||
| Net interest margin - taxable equivalent | 4.77 | 4.80 | 4.63 | 4.58 | 4.34 | ||||||||||||||
| Efficiency ratio | 59.40 | 64.08 | 59.14 | 59.59 | 61.11 | ||||||||||||||
| Operating efficiency ratio (3) | 57.98 | 57.67 | 55.49 | 58.20 | 59.92 | ||||||||||||||
| Noninterest income / average assets (annualized) | 0.60 | 0.59 | 0.72 | 0.73 | 0.83 | ||||||||||||||
| Noninterest expense / average assets (annualized) | 2.88 | 3.12 | 2.88 | 2.90 | 2.91 | ||||||||||||||
| Yield on loans | 5.74 | 5.66 | 5.45 | 5.45 | 5.38 | ||||||||||||||
| Cost of total deposits | 0.60 | % | 0.47 | % | 0.43 | % | 0.41 | % | 0.40 | % | |||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
| Factoring Metrics | 2018 | 2018 | 2017 | 2017 | 2017 | ||||||||||||||
| Recourse purchased volume | $ | 127,680 | $ | 115,970 | $ | 108,628 | $ | 104,304 | $ | 101,295 | |||||||||
| Non-recourse purchased volume | 181,835 | 167,015 | 158,565 | 155,157 | 149,740 | ||||||||||||||
| Total purchased volume | $ | 309,515 | $ | 282,985 | $ | 267,193 | $ | 259,461 | $ | 251,035 | |||||||||
| Average turn (days) | 42.85 | 42.25 | 43.59 | 41.11 | 38.47 | ||||||||||||||
| Net charge-offs / total purchased volume | 0.06 | % | 0.14 | % | 0.18 | % | 0.05 | % | 0.12 | % | |||||||||
| Average discount rate | 1.63 | % | 1.64 | % | 1.59 | % | 1.58 | % | 1.52 | % | |||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
| Mortgage Metrics | 2018 | 2018 | 2017 | 2017 | 2017 | ||||||||||||||
| Total production ($) | $ | 149,640 | $ | 114,850 | $ | 120,969 | $ | 122,656 | $ | 133,063 | |||||||||
| Refinance (%) | 17.0 | % | 27.8 | % | 22.1 | % | 23.6 | % | 24.0 | % | |||||||||
| Purchases (%) | 83.0 | % | 72.2 | % | 77.9 | % | 76.4 | % | 76.0 | % | |||||||||
| As of | |||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
| Balance Sheet Highlights | 2018 | 2018 | 2017 | 2017 | 2017 | ||||||||||||||
| Cash and cash equivalents | $ | 217,773 | $ | 132,825 | $ | 235,288 | $ | 134,549 | $ | 224,760 | |||||||||
| Total investment securities | 161,542 | 169,868 | 111,396 | 111,158 | 101,569 | ||||||||||||||
| Mortgage loans held-for-sale | 24,455 | 21,077 | 29,191 | 15,278 | 19,482 | ||||||||||||||
| Acquired purchased credit-impaired loans | 26,942 | 29,359 | 25,696 | 26,924 | 21,065 | ||||||||||||||
| Acquired non-purchased credit-impaired loans | 714,359 | 783,556 | 538,276 | 561,118 | 490,198 | ||||||||||||||
| Nonacquired loans held for investment (5) | 1,614,376 | 1,531,475 | 1,455,376 | 1,349,254 | 1,252,970 | ||||||||||||||
| CBI loans (factoring receivables) | 141,455 | 136,194 | 118,710 | 119,110 | 114,361 | ||||||||||||||
| Total gross loans held for investment | 2,497,132 | 2,480,584 | 2,138,058 | 2,056,406 | 1,878,594 | ||||||||||||||
| Allowance for loan losses | 15,997 | 15,839 | 14,985 | 14,264 | 13,407 | ||||||||||||||
| Total intangibles | 173,590 | 174,225 | 117,849 | 119,688 | 103,270 | ||||||||||||||
| Total assets | 3,214,367 | 3,113,766 | 2,737,676 | 2,549,134 | 2,418,052 | ||||||||||||||
| Total deposits | 2,643,713 | 2,551,517 | 2,285,831 | 2,097,373 | 2,004,528 | ||||||||||||||
| FHLB and other borrowings | 7,000 | 7,000 | 7,000 | 7,941 | 7,000 | ||||||||||||||
| Subordinated debt | 24,580 | 24,567 | 24,553 | 24,540 | 24,527 | ||||||||||||||
| Total liabilities | 2,697,563 | 2,608,040 | 2,337,718 | 2,150,541 | 2,054,792 | ||||||||||||||
| Minority interest | 7,551 | 7,391 | 7,348 | 7,504 | 7,366 | ||||||||||||||
| Common stock | 172 | 172 | 148 | 148 | 141 | ||||||||||||||
| Total shareholders' equity | 516,804 | 505,726 | 399,958 | 398,593 | 363,260 | ||||||||||||||
| Tangible common equity | $ | 342,597 | $ | 331,044 | $ | 281,695 | $ | 278,335 | $ | 259,558 | |||||||||
| End of period common shares outstanding | 17,246,659 | 17,229,043 | 14,788,436 | 14,777,230 | 14,070,528 | ||||||||||||||
| As of and For the Three Months Ended | |||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
| Asset Quality Analysis | 2018 | 2018 | 2017 | 2017 | 2017 | ||||||||||||||
| Nonacquired | |||||||||||||||||||
| Nonaccrual loans | $ | 294 | $ | 367 | $ | 82 | $ | 70 | $ | 50 | |||||||||
| Other real estate and repossessed assets | 340 | - | - | 150 | - | ||||||||||||||
| Loans past due 90 days or more and still accruing | 408 | 723 | 677 | 1,690 | 1,172 | ||||||||||||||
| Total nonacquired nonperforming assets | $ | 1,042 | $ | 1,090 | $ | 759 | $ | 1,910 | $ | 1,222 | |||||||||
| Acquired | |||||||||||||||||||
| Nonaccrual loans | $ | 2,461 | $ | 2,412 | $ | 2,640 | $ | 2,625 | $ | 2,827 | |||||||||
| Other real estate and repossessed assets | 999 | 999 | 1,094 | 1,021 | - | ||||||||||||||
| Loans past due 90 days or more and still accruing | - | - | - | - | - | ||||||||||||||
| Total acquired nonperforming assets | $ | 3,460 | $ | 3,411 | $ | 3,734 | $ | 3,646 | $ | 2,827 | |||||||||
| Selected asset quality ratios | |||||||||||||||||||
| Nonperforming assets / Assets | 0.14 | % | 0.14 | % | 0.16 | % | 0.22 | % | 0.17 | % | |||||||||
| Nonperforming assets / (Loans + OREO + repossessed assets) | 0.18 | 0.18 | 0.21 | 0.27 | 0.22 | ||||||||||||||
| Net charge-offs (recoveries) to average loans (annualized) | 0.11 | 0.08 | 0.14 | 0.05 | 0.07 | ||||||||||||||
| Allowance for loan losses to total loans | 0.64 | 0.64 | 0.70 | 0.69 | 0.71 | ||||||||||||||
| Nonacquired nonperforming assets / (Nonacquired loans + | |||||||||||||||||||
| nonacquired OREO + nonacquired repossessed assets) (5) | 0.06 | 0.07 | 0.05 | 0.14 | 0.10 | ||||||||||||||
| Allowance for loan losses / (Nonacquired nonaccrual loans + | |||||||||||||||||||
| nonacquired loans past due 90 days or more and still accruing) | 2,278.77 | 1,453.12 | 1,974.31 | 810.45 | 1,097.14 | ||||||||||||||
| As of | |||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
| Additional Information - Allowance for Loan Losses | 2018 | 2018 | 2017 | 2017 | 2017 | ||||||||||||||
| Allowance for loan losses excluding CBI loans (factoring receivables) | 15,397 | 15,239 | 14,385 | 13,764 | 12,907 | ||||||||||||||
| Nonacquired loans held for investment (5) | 1,614,376 | 1,531,475 | 1,455,376 | 1,349,254 | 1,252,970 | ||||||||||||||
| Allowance for loan losses allocated to CBI loans (factoring receivables) | 600 | 600 | 600 | 500 | 500 | ||||||||||||||
| CBI loans (factoring receivables) | 141,455 | 136,194 | 118,710 | 119,110 | 114,361 | ||||||||||||||
| For the Three Months Ended | |||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
| Taxable Equivalent Yields/Rates | 2018 | 2018 | 2017 | 2017 | 2017 | ||||||||||||||
| Interest income: | |||||||||||||||||||
| Loans | 5.74 | % | 5.66 | % | 5.45 | % | 5.45 | % | 5.38 | % | |||||||||
| Mortgage loans held-for-sale | 3.71 | 4.85 | 2.96 | 3.56 | 3.72 | ||||||||||||||
| Interest on securities: | |||||||||||||||||||
| Taxable | 3.14 | 3.11 | 3.09 | 3.03 | 2.98 | ||||||||||||||
| Non-taxable | 4.23 | 4.06 | 4.81 | 4.86 | 4.91 | ||||||||||||||
| Cash balances in other banks | 1.80 | 1.55 | 1.37 | 1.32 | 1.09 | ||||||||||||||
| Funds sold | - | 1.38 | - | - | - | ||||||||||||||
| Total interest-earning assets | 5.38 | 5.29 | 5.10 | 5.04 | 4.79 | ||||||||||||||
| Interest expense: | |||||||||||||||||||
| Interest on deposits | 0.84 | 0.67 | 0.62 | 0.59 | 0.57 | ||||||||||||||
| Interest on FHLB and other borrowings | 3.99 | 4.00 | 3.82 | 3.95 | 4.01 | ||||||||||||||
| Interest on subordinated debt | 6.30 | 6.41 | 6.27 | 6.27 | 6.36 | ||||||||||||||
| Total interest-bearing liabilities | 0.93 | 0.76 | 0.73 | 0.70 | 0.68 | ||||||||||||||
| Net interest spread | 4.45 | 4.53 | 4.37 | 4.34 | 4.11 | ||||||||||||||
| Net interest margin | 4.77 | % | 4.80 | % | 4.63 | % | 4.58 | % | 4.34 | % | |||||||||
| As of | |||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
| 2018 | 2018 | 2017 | 2017 | 2017 | |||||||||||||||
| Shareholders' Equity and Capital Ratios | |||||||||||||||||||
| Tier 1 leverage ratio | 11.24 | % | 10.98 | % | 10.89 | % | 11.42 | % | 10.69 | % | |||||||||
| Tier 1 common capital ratio | 13.44 | 13.03 | 12.54 | 12.78 | 13.17 | ||||||||||||||
| Tier 1 risk-based capital ratio | 13.44 | 13.03 | 12.54 | 12.78 | 13.17 | ||||||||||||||
| Total risk-based capital ratio | 15.06 | 14.66 | 14.37 | 14.64 | 15.18 | ||||||||||||||
| Equity / Assets | 16.08 | 16.24 | 14.61 | 15.64 | 15.02 | ||||||||||||||
| Tangible common equity to tangible assets | 11.27 | % | 11.26 | % | 10.75 | % | 11.46 | % | 11.21 | % | |||||||||
| Book value per share | $ | 29.97 | $ | 29.35 | $ | 27.05 | $ | 26.97 | $ | 25.82 | |||||||||
| Tangible book value per share | $ | 19.86 | $ | 19.21 | $ | 19.05 | $ | 18.84 | $ | 18.45 | |||||||||
| For the Three Months Ended | |||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
| 2018 | 2018 | 2017 | 2017 | 2017 | |||||||||||||||
| Detail of Noninterest Income | |||||||||||||||||||
| Service charges and fees on deposit accounts | $ | 1,029 | $ | 1,012 | $ | 733 | $ | 671 | $ | 640 | |||||||||
| Mortgage origination and fee income | 2,262 | 1,895 | 2,450 | 2,780 | 3,154 | ||||||||||||||
| Merchant sponsorship revenue | 675 | 720 | 592 | 622 | 602 | ||||||||||||||
| Income from bank-owned life insurance | 276 | 286 | 210 | 210 | 219 | ||||||||||||||
| Wealth management fees | 15 | 15 | 11 | 12 | 14 | ||||||||||||||
| (Loss) gain on sale of other real estate | (32 | ) | 171 | (66 | ) | 6 | 105 | ||||||||||||
| Gain (loss) on sale of investments | 2 | 191 | (119 | ) | - | 28 | |||||||||||||
| Other noninterest income | 448 | 418 | 814 | 245 | 338 | ||||||||||||||
| Total noninterest income | $ | 4,675 | $ | 4,708 | $ | 4,625 | $ | 4,546 | $ | 5,100 | |||||||||
| For the Three Months Ended | |||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
| 2018 | 2018 | 2017 | 2017 | 2017 | |||||||||||||||
| Detail of Noninterest Expense | |||||||||||||||||||
| Salaries and employee benefits | $ | 12,498 | $ | 12,460 | $ | 10,016 | $ | 9,804 | $ | 9,663 | |||||||||
| Commission-based compensation | 1,825 | 1,501 | 1,700 | 1,748 | 1,684 | ||||||||||||||
| Occupancy and equipment, net | 2,025 | 1,994 | 1,649 | 1,608 | 1,479 | ||||||||||||||
| Data processing expenses | 1,369 | 3,356 | 1,437 | 976 | 1,007 | ||||||||||||||
| Advertising and marketing expenses | 361 | 268 | 349 | 309 | 327 | ||||||||||||||
| Legal fees | 496 | 160 | 219 | 204 | 193 | ||||||||||||||
| FDIC insurance assessments | 226 | 281 | 145 | 351 | 408 | ||||||||||||||
| Property and casualty insurance premiums | 251 | 224 | 253 | 229 | 209 | ||||||||||||||
| Accounting and audit expenses | 332 | 335 | 209 | 288 | 294 | ||||||||||||||
| Consulting and other professional expenses | 568 | 538 | 888 | 510 | 517 | ||||||||||||||
| Telecommunications expenses | 227 | 229 | 217 | 203 | 169 | ||||||||||||||
| ORE, Repo asset and other collection expenses | 71 | 69 | 75 | 26 | 49 | ||||||||||||||
| Core deposit intangible amortization | 738 | 739 | 393 | 366 | 348 | ||||||||||||||
| Other noninterest expense | 1,632 | 1,821 | 1,460 | 1,365 | 1,390 | ||||||||||||||
| Total noninterest expense | $ | 22,619 | $ | 23,975 | $ | 19,010 | $ | 17,987 | $ | 17,737 | |||||||||
| As of | |||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
| Non-GAAP Reconciliation | 2018 | 2018 | 2017 | 2017 | 2017 | ||||||||||||||
| Total shareholders' equity | $ | 516,804 | $ | 505,726 | $ | 399,958 | $ | 398,593 | $ | 363,260 | |||||||||
| Less: intangible assets | 173,590 | 174,225 | 117,849 | 119,688 | 103,270 | ||||||||||||||
| Less: minority interest not included in intangible assets | 617 | 457 | 414 | 570 | 432 | ||||||||||||||
| Tangible common equity | $ | 342,597 | $ | 331,044 | $ | 281,695 | $ | 278,335 | $ | 259,558 | |||||||||
| Common shares outstanding at year or period end | 17,246,659 | 17,229,043 | 14,788,436 | 14,777,230 | 14,070,528 | ||||||||||||||
| Tangible book value per share | $ | 19.86 | $ | 19.21 | $ | 19.05 | $ | 18.84 | $ | 18.45 | |||||||||
| Total assets at end of period | $ | 3,214,367 | $ | 3,113,766 | $ | 2,737,676 | $ | 2,549,134 | $ | 2,418,052 | |||||||||
| Less: intangible assets | 173,590 | 174,225 | 117,849 | 119,688 | 103,270 | ||||||||||||||
| Adjusted total assets at end of period | $ | 3,040,777 | $ | 2,939,541 | $ | 2,619,827 | $ | 2,429,446 | $ | 2,314,782 | |||||||||
| Tangible common equity to tangible assets | 11.27 | % | 11.26 | % | 10.75 | % | 11.46 | % | 11.21 | % | |||||||||
| For the Three Months Ended | |||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
| 2018 | 2018 | 2017 | 2017 | 2017 | |||||||||||||||
| Non-GAAP Reconciliation | |||||||||||||||||||
| Total average shareholders' equity | $ | 510,958 | $ | 500,901 | $ | 402,317 | $ | 376,129 | $ | 328,886 | |||||||||
| Less: average intangible assets | 173,953 | 173,766 | 119,415 | 108,553 | 103,403 | ||||||||||||||
| Less: average minority interest not included | |||||||||||||||||||
| in intangible assets | 366 | 326 | 357 | 356 | 318 | ||||||||||||||
| Average tangible common equity | $ | 336,639 | $ | 326,809 | $ | 282,545 | $ | 267,220 | $ | 225,165 | |||||||||
| Net income to common shareholders | 10,684 | 9,083 | 1,003 | 6,697 | 6,449 | ||||||||||||||
| Return on average tangible common equity (ROATCE) | 12.73 | % | 11.27 | % | 1.41 | % | 9.94 | % | 11.49 | % | |||||||||
| Efficiency ratio: | |||||||||||||||||||
| Net interest income | $ | 33,403 | $ | 32,900 | $ | 27,400 | $ | 25,641 | $ | 23,953 | |||||||||
| Total noninterest income | 4,675 | 4,708 | 4,625 | 4,546 | 5,100 | ||||||||||||||
| Less: Gain (loss) on sale of securities | 2 | 191 | (119 | ) | - | 28 | |||||||||||||
| Operating revenue | $ | 38,076 | $ | 37,417 | $ | 32,144 | $ | 30,187 | $ | 29,025 | |||||||||
| Expenses: | |||||||||||||||||||
| Total noninterest expenses | $ | 22,619 | $ | 23,975 | $ | 19,010 | $ | 17,987 | $ | 17,737 | |||||||||
| Efficiency ratio | 59.40 | % | 64.08 | % | 59.14 | % | 59.59 | % | 61.11 | % | |||||||||
| Operating efficiency ratio: | |||||||||||||||||||
| Net interest income | $ | 33,403 | $ | 32,900 | $ | 27,400 | $ | 25,641 | $ | 23,953 | |||||||||
| Total noninterest income | 4,675 | 4,708 | 4,625 | 4,546 | 5,100 | ||||||||||||||
| Less: Gain (loss) on sale of securities | 2 | 191 | (119 | ) | - | 28 | |||||||||||||
| Operating revenue | $ | 38,076 | $ | 37,417 | $ | 32,144 | $ | 30,187 | $ | 29,025 | |||||||||
| Expenses: | |||||||||||||||||||
| Total noninterest expenses | $ | 22,619 | $ | 23,975 | $ | 19,010 | $ | 17,987 | $ | 17,737 | |||||||||
| Less: merger/conversion-related expenses | 542 | 2,396 | 1,172 | 417 | 344 | ||||||||||||||
| Adjusted noninterest expenses | $ | 22,077 | $ | 21,579 | $ | 17,838 | $ | 17,570 | $ | 17,393 | |||||||||
| Operating efficiency ratio | 57.98 | % | 57.67 | % | 55.49 | % | 58.20 | % | 59.92 | % | |||||||||
| (1) Excludes securities gains | |||||||||||||||||||
| (2) After-tax impact of merger conversion-related expenses of $445, $1,826, $815, $340 and $248, respectively, for the periods presented | |||||||||||||||||||
| (3) Excludes merger/conversion-related expenses | |||||||||||||||||||
| (4) Net income to common shareholders / average assets | |||||||||||||||||||
| (5) Excludes CBI loans (factoring receivables) | |||||||||||||||||||
| NATIONAL COMMERCE CORPORATION | ||||||
| Unaudited Consolidated Balance Sheets | ||||||
| (In thousands, except share and per share data) | ||||||
| Assets | ||||||
| June 30, 2018 | December 31, 2017 | |||||
| Cash and due from banks | $ | 51,360 | $ | 36,246 | ||
| Interest-bearing deposits with banks | 166,413 | 199,042 | ||||
| Cash and cash equivalents | 217,773 | 235,288 | ||||
| Investment securities held-to-maturity (fair value of $24,690 and $25,932 at June 30, 2018 | ||||||
| and December 31, 2017, respectively) | 24,948 | 25,562 | ||||
| Investment securities available-for-sale | 136,594 | 85,834 | ||||
| Other investments | 13,154 | 11,350 | ||||
| Mortgage loans held-for-sale | 24,455 | 29,191 | ||||
| Loans, net of unearned income | 2,497,132 | 2,138,058 | ||||
| Less: allowance for loan losses | 15,997 | 14,985 | ||||
| Loans, net | 2,481,135 | 2,123,073 | ||||
| Premises and equipment, net | 67,841 | 52,455 | ||||
| Accrued interest receivable | 7,537 | 6,157 | ||||
| Bank-owned life insurance | 42,420 | 31,584 | ||||
| Other real estate | 1,339 | 1,094 | ||||
| Deferred tax assets, net | 14,958 | 12,041 | ||||
| Goodwill | 164,360 | 113,394 | ||||
| Core deposit intangible, net | 9,230 | 4,455 | ||||
| Other assets | 8,623 | 6,198 | ||||
| Total assets | $ | 3,214,367 | $ | 2,737,676 | ||
| Liabilities and Shareholders’ Equity | ||||||
| Deposits: | ||||||
| Noninterest-bearing demand | $ | 802,273 | $ | 697,144 | ||
| Interest-bearing demand | 518,370 | 362,266 | ||||
| Savings and money market | 982,026 | 951,846 | ||||
| Time | 341,044 | 274,575 | ||||
| Total deposits | 2,643,713 | 2,285,831 | ||||
| Federal Home Loan Bank advances and other borrowings | 7,000 | 7,000 | ||||
| Subordinated debt | 24,580 | 24,553 | ||||
| Accrued interest payable | 900 | 900 | ||||
| Other liabilities | 21,370 | 19,434 | ||||
| Total liabilities | 2,697,563 | 2,337,718 | ||||
| Shareholders’ equity: | ||||||
| Preferred stock, 250,000 shares authorized, no shares issued or outstanding | - | - | ||||
| Common stock, $0.01 par value, 30,000,000 shares authorized, 17,246,659 and 14,788,436 | ||||||
| shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively | 172 | 148 | ||||
| Additional paid-in capital | 447,061 | 347,999 | ||||
| Retained earnings | 63,756 | 43,989 | ||||
| Accumulated other comprehensive income | (1,736 | ) | 474 | |||
| Total shareholders' equity attributable to National Commerce Corporation | 509,253 | 392,610 | ||||
| Noncontrolling interest | 7,551 | 7,348 | ||||
| Total shareholders' equity | 516,804 | 399,958 | ||||
| Total liabilities and shareholders' equity | $ | 3,214,367 | $ | 2,737,676 | ||
| NATIONAL COMMERCE CORPORATION | ||||||||||||
| Unaudited Consolidated Statements of Earnings | ||||||||||||
| (In thousands, except share and per share data) | ||||||||||||
| For the Three Months Ended | For the Six Months Ended | |||||||||||
| June 30, | June 30, | |||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||
| Interest and dividend income: | ||||||||||||
| Interest and fees on loans | $ | 35,713 | $ | 24,987 | $ | 70,136 | $ | 48,580 | ||||
| Interest and dividends on taxable investment securities | 1,212 | 606 | 2,382 | 1,177 | ||||||||
| Interest on non-taxable investment securities | 192 | 197 | 380 | 397 | ||||||||
| Interest on interest-bearing deposits and federal funds sold | 596 | 676 | 1,135 | 1,211 | ||||||||
| Total interest income | 37,713 | 26,466 | 74,033 | 51,365 | ||||||||
| Interest expense: | ||||||||||||
| Interest on deposits | 3,852 | 2,054 | 6,813 | 4,064 | ||||||||
| Interest on borrowings | 72 | 70 | 143 | 141 | ||||||||
| Interest on subordinated debt | 386 | 389 | 774 | 777 | ||||||||
| Total interest expense | 4,310 | 2,513 | 7,730 | 4,982 | ||||||||
| Net interest income | 33,403 | 23,953 | 66,303 | 46,383 | ||||||||
| Provision for loan losses | 856 | 1,155 | 2,174 | 1,311 | ||||||||
| Net interest income after provision for loan losses | 32,547 | 22,798 | 64,129 | 45,072 | ||||||||
| Other income: | ||||||||||||
| Service charges and fees on deposit accounts | 1,029 | 640 | 2,041 | 1,307 | ||||||||
| Mortgage origination and fee income | 2,262 | 3,154 | 4,157 | 6,299 | ||||||||
| Merchant sponsorship revenue | 675 | 602 | 1,395 | 1,346 | ||||||||
| Income from bank-owned life insurance | 276 | 219 | 562 | 435 | ||||||||
| Wealth management fees | 15 | 14 | 30 | 24 | ||||||||
| Gain (loss) on other real estate | (32 | ) | 105 | 139 | 104 | |||||||
| Gain on sale of investment securities available-for-sale | 2 | 28 | 193 | 28 | ||||||||
| Other | 448 | 338 | 866 | 997 | ||||||||
| Total other income | 4,675 | 5,100 | 9,383 | 10,540 | ||||||||
| Other expense: | ||||||||||||
| Salaries and employee benefits | 12,498 | 9,663 | 24,958 | 19,736 | ||||||||
| Commission-based compensation | 1,825 | 1,684 | 3,326 | 3,407 | ||||||||
| Occupancy and equipment, net | 2,025 | 1,479 | 4,019 | 2,952 | ||||||||
| Core deposit intangible amortization | 738 | 348 | 1,477 | 696 | ||||||||
| Other operating expense | 5,533 | 4,563 | 12,814 | 9,407 | ||||||||
| Total other expense | 22,619 | 17,737 | 46,594 | 36,198 | ||||||||
| Earnings before income taxes | 14,603 | 10,161 | 26,918 | 19,414 | ||||||||
| Income tax expense | 3,303 | 3,281 | 6,079 | 6,122 | ||||||||
| Net earnings | 11,300 | 6,880 | 20,839 | 13,292 | ||||||||
| Less: Net earnings attributable to noncontrolling interest | 616 | 431 | 1,072 | 924 | ||||||||
| Net earnings attributable to National Commerce Corporation | $ | 10,684 | $ | 6,449 | $ | 19,767 | $ | 12,368 | ||||
| Weighted average common and diluted shares outstanding | ||||||||||||
| Basic | 17,236,525 | 13,190,582 | 17,223,112 | 13,046,611 | ||||||||
| Diluted | 17,642,926 | 13,551,745 | 17,633,029 | 13,422,704 | ||||||||
| Basic earnings per common share | $ | 0.62 | $ | 0.49 | $ | 1.15 | $ | 0.95 | ||||
| Diluted earnings per common share | $ | 0.61 | $ | 0.48 | $ | 1.12 | $ | 0.92 | ||||
| NATIONAL COMMERCE CORPORATION | |||||||||||||||||||||||||||||||
| Average Balance Sheets and Net Interest Analysis | |||||||||||||||||||||||||||||||
| For the Three Months Ended | |||||||||||||||||||||||||||||||
| (Dollars in thousands) | June 30, 2018 | March 31, 2018 | December 31, 2017 | September 30, 2017 | June 30, 2017 | ||||||||||||||||||||||||||
| Interest-earning assets | Average Balance | Interest Income/ Expense | Average Yield/ Rate | Average Balance | Interest Income/ Expense | Average Yield/ Rate | Average Balance | Interest Income/ Expense | Average Yield/ Rate | Average Balance | Interest Income/ Expense | Average Yield/ Rate | Average Balance | Interest Income/ Expense | Average Yield/ Rate | ||||||||||||||||
| Loans | $ | 2,480,578 | $ | 35,501 | 5.74 | % | $ | 2,451,352 | $ | 34,220 | 5.66 | % | $ | 2,091,443 | $ | 28,704 | 5.45 | % | $ | 1,937,115 | $ | 26,634 | 5.45 | % | $ | 1,849,258 | $ | 24,823 | 5.38 | % | |
| Mortgage loans held-for-sale | 23,247 | 215 | 3.71 | 17,402 | 208 | 4.85 | 18,237 | 136 | 2.96 | 16,811 | 151 | 3.56 | 18,321 | 170 | 3.72 | ||||||||||||||||
| Securities: | |||||||||||||||||||||||||||||||
| Taxable securities | 155,062 | 1,212 | 3.14 | 152,748 | 1,170 | 3.11 | 97,175 | 756 | 3.09 | 90,969 | 694 | 3.03 | 81,645 | 606 | 2.98 | ||||||||||||||||
| Tax-exempt securities | 24,393 | 257 | 4.23 | 25,169 | 252 | 4.06 | 25,005 | 303 | 4.81 | 25,286 | 310 | 4.86 | 25,573 | 313 | 4.91 | ||||||||||||||||
| Cash balances in other banks | 132,868 | 596 | 1.80 | 138,358 | 529 | 1.55 | 128,606 | 443 | 1.37 | 159,973 | 533 | 1.32 | 249,361 | 676 | 1.09 | ||||||||||||||||
| Funds sold | - | - | 0.00 | 2,946 | 10 | 1.38 | - | - | 0.00 | - | - | 0.00 | - | - | 0.00 | ||||||||||||||||
| Total interest-earning assets | 2,816,148 | $ | 37,781 | 5.38 | 2,787,975 | $ | 36,389 | 5.29 | 2,360,466 | $ | 30,342 | 5.10 | 2,230,154 | $ | 28,322 | 5.04 | 2,224,158 | $ | 26,588 | 4.79 | |||||||||||
| Noninterest-earning assets | 333,297 | 328,605 | 255,239 | 228,231 | 218,088 | ||||||||||||||||||||||||||
| Total assets | $ | 3,149,445 | $ | 3,116,580 | $ | 2,615,705 | $ | 2,458,385 | $ | 2,442,246 | |||||||||||||||||||||
| Interest-bearing liabilities | |||||||||||||||||||||||||||||||
| Interest-bearing transaction accounts | $ | 517,769 | $ | 632 | 0.49 | % | $ | 423,537 | $ | 322 | 0.31 | % | $ | 331,876 | $ | 277 | 0.33 | % | $ | 314,925 | $ | 207 | 0.26 | % | $ | 341,238 | $ | 243 | 0.29 | % | |
| Savings and money market deposits | 975,986 | 2,182 | 0.90 | 1,038,751 | 1,816 | 0.71 | 884,660 | 1,381 | 0.62 | 827,526 | 1,233 | 0.59 | 821,130 | 1,138 | 0.56 | ||||||||||||||||
| Time deposits | 342,890 | 1,038 | 1.21 | 327,011 | 823 | 1.02 | 285,669 | 707 | 0.98 | 273,630 | 661 | 0.96 | 290,097 | 673 | 0.93 | ||||||||||||||||
| Federal Home Loan Bank and other borrowed money | 7,243 | 72 | 3.99 | 7,200 | 71 | 4.00 | 7,381 | 71 | 3.82 | 7,228 | 72 | 3.95 | 7,000 | 70 | 4.01 | ||||||||||||||||
| Subordinated debt | 24,574 | 386 | 6.30 | 24,560 | 388 | 6.41 | 24,547 | 388 | 6.27 | 24,533 | 388 | 6.27 | 24,520 | 389 | 6.36 | ||||||||||||||||
| Total interest-bearing liabilities | 1,868,462 | $ | 4,310 | 0.93 | 1,821,059 | $ | 3,420 | 0.76 | 1,534,133 | $ | 2,824 | 0.73 | 1,447,842 | $ | 2,561 | 0.70 | 1,483,985 | $ | 2,513 | 0.68 | |||||||||||
| Noninterest-bearing deposits | 746,940 | 772,358 | 657,786 | 615,130 | 612,910 | ||||||||||||||||||||||||||
| Total funding sources | 2,615,402 | 2,593,417 | 2,191,919 | 2,062,972 | 2,096,895 | ||||||||||||||||||||||||||
| Noninterest-bearing liabilities | 23,085 | 22,262 | 21,469 | 19,284 | 16,465 | ||||||||||||||||||||||||||
| Shareholders' equity | 510,958 | 500,901 | 402,317 | 376,129 | 328,886 | ||||||||||||||||||||||||||
| $ | 3,149,445 | $ | 3,116,580 | $ | 2,615,705 | $ | 2,458,385 | $ | 2,442,246 | ||||||||||||||||||||||
| Net interest rate spread | 4.45 | % | 4.53 | % | 4.37 | % | 4.34 | % | 4.11 | % | |||||||||||||||||||||
| Net interest income/margin (taxable equivalent) | 33,471 | 4.77 | % | 32,969 | 4.80 | % | 27,518 | 4.63 | % | 25,761 | 4.58 | % | 24,075 | 4.34 | % | ||||||||||||||||
| Tax equivalent adjustment | 68 | 69 | 118 | 120 | 122 | ||||||||||||||||||||||||||
| Net interest income/margin | $ | 33,403 | 4.76 | % | $ | 32,900 | 4.79 | % | $ | 27,400 | 4.61 | % | $ | 25,641 | 4.56 | % | $ | 23,953 | 4.32 | % | |||||||||||
| AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS | |||||||||||||
| For the Six Months Ended | |||||||||||||
| (Dollars in thousands, except yields and rates) | June 30, 2018 | June 30, 2017 | |||||||||||
| Interest-earning assets | Average Balance | Interest Income/ Expense | Average Yield/ Rate | Average Balance | Interest Income/ Expense | Average Yield/ Rate | |||||||
| Loans | $ | 2,466,046 | $ | 69,720 | 5.70 | % | $ | 1,821,404 | $ | 48,201 | 5.34 | % | |
| Mortgage loans held for sale | 20,341 | 423 | 4.19 | 20,055 | 392 | 3.94 | |||||||
| Securities: | |||||||||||||
| Taxable securities | 153,912 | 2,382 | 3.12 | 84,836 | 1,177 | 2.80 | |||||||
| Tax-exempt securities | 24,778 | 508 | 4.13 | 25,698 | 630 | 4.94 | |||||||
| Cash balances in other banks | 135,598 | 1,125 | 1.67 | 253,991 | 1,211 | 0.96 | |||||||
| Funds sold | 1,465 | 10 | 1.38 | - | - | 0.00 | |||||||
| Total interest-earning assets | 2,802,140 | $ | 74,168 | 5.34 | 2,205,984 | $ | 51,611 | 4.72 | |||||
| Non-interest earning assets | 330,963 | 219,041 | |||||||||||
| Total assets | $ | 3,133,103 | $ | 2,425,025 | |||||||||
| Interest-bearing liabilities | |||||||||||||
| Interest-bearing transactions accounts | $ | 470,913 | $ | 954 | 0.41 | % | $ | 336,824 | $ | 460 | 0.28 | % | |
| Savings and money market deposits | 1,007,195 | 3,998 | 0.80 | 812,879 | 2,234 | 0.55 | |||||||
| Time deposits | 334,994 | 1,861 | 1.12 | 298,205 | 1,370 | 0.93 | |||||||
| Federal Home Loan Bank and other borrowed money | 7,222 | 143 | 3.99 | 8,002 | 141 | 3.55 | |||||||
| Subordinated debt | 24,567 | 774 | 6.35 | 24,514 | 777 | 6.39 | |||||||
| Total interest-bearing liabilities | 1,844,891 | $ | 7,730 | 0.84 | 1,480,424 | $ | 4,982 | 0.68 | |||||
| Non-interest bearing deposits | 759,579 | 606,937 | |||||||||||
| Total funding sources | 2,604,470 | 2,087,361 | |||||||||||
| Non-interest bearing liabilities | 22,676 | 16,692 | |||||||||||
| Shareholders' equity | 505,957 | 320,972 | |||||||||||
| $ | 3,133,103 | $ | 2,425,025 | ||||||||||
| Net interest rate spread | 4.50 | % | 4.04 | % | |||||||||
| Net interest income/margin (taxable equivalent) | 66,438 | 4.78 | % | 46,629 | 4.26 | % | |||||||
| Tax equivalent adjustment | 135 | 246 | |||||||||||
| Net interest income/margin | $ | 66,303 | 4.77 | % | $ | 46,383 | 4.24 | % | |||||
Contact:
National Commerce Corporation
William E. Matthews, V Lowell Womack, Jr.
Vice Chairman and Chief Financial Officer Director of Financial Reporting
(205) 313-8100 (205) 313-8100