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Bear State Financial, Inc. Announces First Quarter 2015 Earnings

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Bear State Financial, Inc. (the “Company”) (NASDAQ:BSF) , today reported earnings of $2.3 million and earnings per diluted common share of $0.07 in the first quarter of 2015, compared to a loss of $277,000 or -$0.01 per diluted common share in the first quarter of 2014. Core earnings for the first quarter of 2015 were $2.8 million or $0.08 per diluted common share compared to a core loss of $96,000 or $0.00 per diluted common share in the first quarter of 2014.

On February 13, 2015, the Company consolidated its three subsidiary banks into a single charter forming Bear State Bank. The Company has begun experiencing significant operational and organizational improvements as a result of the charter consolidation, the benefits of which are expected to be realized in the second quarter of 2015.

The Company reported core earnings of $2.8 million in the first quarter of 2015, compared to a core loss of $96,000 in the first quarter of 2014. Non-core items during the first quarter of 2015 included merger, integration and rebranding expenses of approximately $960,000, related to the charter consolidation and a gain on sale of securities of $88,000. Collectively, the effect of all non-core items, net of taxes, decreased GAAP net income by approximately $538,000, or approximately $0.01 of diluted earnings per share.

Book value per common share was $5.19 at March 31, 2015, a 62% increase from $3.21 at March 31, 2014. Tangible book value per common share was $4.20 at March 31, 2015, a 31% increase from $3.21 at March 31, 2014.

FINANCIAL CONDITION

Total assets were $1.48 billion at March 31, 2015, a 160% increase compared to $569 million at March 31, 2014. Total deposits were $1.24 billion at March 31, 2015, a 153% increase compared to $489 million at March 31, 2014. The increase in both assets and deposits was primarily due to the merger with First National Security Company (“First National”) on June 13, 2014. Total loans were $1.04 billion at March 31, 2015, an increase of $643 million, or 162%, compared to the same period in 2014.

Total stockholders’ equity was $173 million at March 31, 2015, a 142% increase from $72 million at March 31, 2014. Tangible common stockholders’ equity was $140 million at March 31, 2015, a 94% increase from $72 million at March 31, 2014. Book value per common share was $5.19 at March 31, 2015, a 62% increase from $3.21 at March 31, 2014. Tangible book value per common share was $4.20 at March 31, 2015, a 31% increase from $3.21 at March 31, 2014. The Company’s ratio of total stockholders’ equity to total assets decreased to 11.72% at March 31, 2015, compared to 12.57% at March 31, 2014. The calculation of the Company’s tangible book value per common share, tangible common stockholders’ equity and the reconciliation of such non-GAAP financial measures to the most comparable GAAP measures are included in the schedules accompanying this release.

RESULTS OF OPERATIONS

First quarter 2015 core earnings totaled $2.8 million or $0.08 per diluted common share, compared to a loss of $96,000 or $0.00 per diluted common share in the first quarter of 2014. The core return on average assets measured 0.76% and -0.07%; core return on average equity measured 6.58 % and -0.54%; and core return on average tangible equity measured 8.14% and -0.54%, each for the first quarters of 2015 and 2014, respectively.

The Company recognized first quarter 2015 GAAP net income of $2.3 million or $0.07 per diluted common share. GAAP net income includes what the company considers “non-core items,” which are items that we do not consider indicative of our core operating performance and which are not necessarily comparable from year to year. The reconciliation of GAAP net income and core income, together with related financial measures and ratios is included in the schedules accompanying this release. Non-core items decreased GAAP net income by $538,000 or $0.01 per diluted common share in the most recent quarter. In the first quarter of 2014, the Company reported a loss of $277,000 or -$0.01 per diluted common share on a GAAP basis. The GAAP net income resulted in a GAAP return on average assets of 0.61% in the first quarter of 2015, compared to -0.20% in the first quarter of 2014.

Net interest income for the first quarter of 2015 was $12.6 million compared to $3.9 million for the same period in 2014. Interest income for the first quarter of 2015 was $14.1 million compared to $4.8 million for the same period in 2014. The increase in interest income for the first quarter of 2015 compared to the same period in 2014 was primarily related to increases in the average balances of loans receivable and investment securities as a result of the merger with First National. Interest expense for the first quarter of 2015 was $1.5 million compared to $891,000 for the same period in 2014. The increase in interest expense for the first quarter of 2015 compared to the same period in 2014 was primarily due to an increase in the average balance of deposit accounts as a result of the First National merger.

Net interest margin measured 3.85% for the first quarter of 2015, compared to 3.08% for the same period in 2014. The Company’s net interest margin increased primarily as a result of an increase in yields on loans receivable resulting from loans acquired in the First National merger. The average cost of total interest-bearing liabilities decreased to 0.54% for the first quarter 2015, compared to 0.78% for the same period in 2014.

Noninterest income is generated primarily through deposit account fee income, profit on sale of loans, and earnings on life insurance policies. Total noninterest income for the three months ended March 31, 2015 increased from to $3.1 million from $1.2 million for the same period in 2014, a 158% increase. The increase was primarily due to an increase in deposit fee income and gain on sale of loans. The increase in deposit fee income was primarily due to an increase in deposit accounts resulting from the merger with First National. The increase in gain on sale of loans was due to an increase in the number of mortgage loans sold and the average profit on loans held for sale.

Total noninterest expense increased $6.9 million or 129% during the first quarter of 2015 compared to the first quarter of 2014. The variance in total noninterest expense were primarily related to expenses related to the First National merger. The Company’s core efficiency ratio improved to 71.88% in the first quarter of 2015 compared to 101.90% in the first quarter of 2014.

Nonperforming assets declined 18% to $14.6 million at March 31, 2015, compared to $18.0 million at March 31, 2014. The allowance for loan losses represented 1.32% of total loans at March 31, 2015, compared to 3.15% at March 31, 2014. The ratio of allowance for loan losses plus discount on acquired loans to total loans was 2.20% at March 31, 2015. The ratio of the allowance for loan losses to nonperforming loans was 138.60% at March 31, 2015, compared to 114.15% at March 31, 2014. Annualized net charge-offs as a percentage of average loans for the quarter ended March 31, 2015 was 0.08% compared to 0.23% for the quarter ended March 31, 2014. Provision for loan losses increased from $0 for the first quarter of 2014 to $300,000 for the first quarter of 2015. The increase in provision is attributable to loan growth at Bear State’s three banks and a migration of the First National renewed loans from the purchased loan portfolio to the originated loan portfolio.

About Bear State Financial, Inc.

Bear State Financial, Inc. is the parent company for Bear State Bank. Bear State Financial common stock is traded on the NASDAQ Global Market under the symbol BSF. For more information on Bear State Financial, please visit www.bearstatefinancial.com. Its principal subsidiary, Bear State Bank, is a community oriented financial institution providing a broad line of financial products to individuals and business customers. Bear State Bank operates 43 branches and three loan production offices throughout Arkansas and Southeast Oklahoma.

Non-GAAP Financial Measures

This release contains certain non-GAAP financial measures in addition to results presented in accordance with accounting principles generally accepted in the United States (“GAAP”). These non-GAAP measures provide supplemental perspectives on operating results, performance trends, and financial condition. They are not a substitute for GAAP measures; they should be read and used in conjunction with the Company’s GAAP financial information. In all cases, it should be understood that non-GAAP per share measures do not depict amounts that accrue directly to the benefit of shareholders. The Company utilizes the non-GAAP measure of core earnings which management believes is useful in evaluating operating trends, including components for core revenue and expense. These measures exclude amounts which the Company views as unrelated to its normalized operations. The Company also adjusts certain equity related measures to exclude intangible assets due to the importance of these measures to the investment community. A reconciliation of non-GAAP financial measures to GAAP measures is included in the accompanying financial tables.

Forward-Looking Statements

This press release contains statements about future events that constitute forward-looking statements within the meaning of the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, without limitation, statements regarding the Company’s operational integration project. Such forward-looking statements may be identified by reference to a future period or periods, or by the use of forward- looking terminology, such as “may,” “will,” “believe,” “expect,” or similar terms or variations on those terms, or the negative of those terms. Forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, those risks previously disclosed in the Company’s filings with the SEC, general economic conditions, changes in interest rates, regulatory considerations, competition, technological developments, retention and recruitment of qualified personnel, and market acceptance of Bear State Bank’s pricing, products and services, and with respect to the loans extended by Bear State Bank and real estate owned, market prices of the property securing loans and the costs of collection and sales. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company does not undertake and specifically declines any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

BEAR STATE FINANCIAL, INC.
SELECTED CONSOLIDATED FINANCIAL DATA – UNAUDITED
(In thousands, except share data)
March December September March
2015 2014 2014 2014

Balance sheet data, at quarter end:

Commercial real estate – mortgage loans $ 388,043 $ 415,155 $ 423,925 $ 202,965
Consumer real estate – mortgage loans 315,082 320,254 318,508 126,583
Farmland 50,244 47,199 48,892 2,570
Construction and land development 100,918 98,594 89,165 26,225
Commercial and industrial loans 152,913 139,871 149,073 34,240
Consumer and other 32,613 33,809 33,268 3,950
Total loans 1,039,813 1,054,882 1,062,831 396,533
Allowance for loan losses (13,762 ) (13,660 ) (12,964 ) (12,478 )
Investment securities 176,599 174,218 190,376 71,951
Goodwill 25,717 25,717 25,801
Core deposit intangible, net 7,182 7,338 7,494
Total assets 1,477,597 1,514,595 1,528,387 569,313
Noninterest-bearing deposits 176,924 180,136 169,962 22,025
Total deposits 1,236,258 1,263,797 1,277,306 488,717
Short term borrowings 5,576 12,083 12,081
FHLB advances 38,936 43,095 49,783 5,912
Other borrowings 18,706 18,163 19,519
Total stockholders’ equity 173,128 170,454 165,419 71,574

Balance sheet data, quarterly averages:

Total loans $ 1,045,946 $ 1,059,636 $ 1,045,076 $ 391,024
Investment securities 183,857 183,735 213,813 71,521
Total earning assets 1,325,125 1,350,646 1,309,259 509,016
Goodwill 25,717 25,773 25,612
Core deposit intangible, net 7,284 7,441 7,773
Total assets 1,504,716 1,525,455 1,493,527 556,426
Noninterest-bearing deposits 175,457 178,286 170,310 20,313
Interest-bearing deposits 1,072,255 1,106,867 1,096,212 456,275
Total deposits 1,247,712 1,285,153 1,266,522 476,588
Short term borrowings 11,902 11,992 14,763
FHLB Advances 50,206 37,942 47,559 5,923
Other borrowings 18,482 19,552 14,675
Total stockholders’ equity 172,811 166,793 145,737 71,813

Statement of operation data for the three months ended:

Interest income $ 14,106 $ 14,945 $ 16,223 $ 4,751
Interest expense 1,528 1,627 1,567 891
Net interest income 12,578 13,318 14,656 3,860
Provision for loan losses 300 758 600
Net interest income after provision for loan losses 12,278 12,560 14,056 3,860
Noninterest income 3,111 3,382 3,631 1,202
Noninterest expense 12,237 11,387 15,324 5,339
Income before taxes 3,152 4,555 2,363 (277 )
Income tax expense 885 (259 ) (20,312 )
Net income $ 2,267 $ 4,814 $ 22,675 $ (277 )
BEAR STATE FINANCIAL, INC.
SELECTED CONSOLIDATED FINANCIAL DATA – UNAUDITED
(In thousands, except share data)
March December September March
2015 2014 2014 2014

Common stock data:

Core earnings per share, diluted $ 0.08 $ 0.10 $ 0.12 $ (0.00 )
Net income per share, diluted $ 0.07 $ 0.14 $ 0.68 $ (0.01 )
Tangible book value per share $ 4.20 $ 4.12 $ 3.96 $ 3.21
Book value per share $ 5.19 $ 5.11 $ 4.96 $ 3.21
Diluted weighted average shares outstanding 33,551,776 33,508,230 33,432,486 22,268,376
End of period shares outstanding 33,375,753 33,365,845 33,366,345 22,273,346

Profitability and performance ratios:

Core return on average assets 0.76 % 0.89 % 1.09 % -0.07 %
Return on average assets 0.61 % 1.25 % 6.02 % -0.20 %
Core return on average equity 6.58 % 8.16 % 11.12 % -0.54 %
Core return on tangible equity 8.14 % 10.19 % 14.42 % -0.54 %
Return on average equity 5.32 % 11.45 % 61.73 % -1.56 %
Net interest margin 3.85 % 3.91 % 4.44 % 3.08 %
Noninterest income to total revenue 19.83 % 20.25 % 19.86 % 23.75 %
Noninterest income to average assets 0.84 % 0.88 % 0.96 % 0.88 %
Noninterest expense to average assets 3.30 % 2.96 % 4.07 % 3.89 %
Efficiency ratio(1) 71.88 % 66.54 % 77.62 % 101.90 %
Average loans to average deposits 83.83 % 82.45 % 82.52 % 82.05 %
Securities to total assets 11.95 % 11.50 % 12.46 % 12.64 %

Asset quality ratios:

Allowance for loan losses to total loans 1.32 % 1.29 % 1.22 % 3.15 %
Allowance for loan losses to non-performing loans 138.60 % 139.82 % 136.79 % 114.15 %
Nonperforming loans to total loans 0.95 % 0.93 % 0.89 % 2.76 %
Nonperforming assets to total assets 0.99 % 0.96 % 0.98 % 3.16 %
Annualized net charge offs to average total loans 0.08 % 0.22 % 0.01 % 0.23 %

Regulatory capital ratios:

Tier 1 leverage ratio 8.96 % 8.29 % 8.11 % 12.45 %
Common equity tier 1 capital ratio 11.39 % N/A N/A N/A
Tier I capital ratio 11.39 % 10.89 % 10.31 % 16.70 %
Total capital ratio 12.58 % 12.11 % 11.45 % 17.97 %
(1) Efficiency ratio is a non-GAAP ratio that is calculated by dividing core noninterest expense by the sum of net interest income and noninterest income. Other companies may define and calculate this data differently.

BEAR STATE FINANCIAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION – UNAUDITED
(In thousands, except share data)
ASSETS March 31,

2015

December 31,

2014

Cash and cash equivalents $ 82,416 $ 113,086
Interest-bearing time deposits in banks 11,923 12,421
Investment securities available for sale 176,599 174,218
Other investment securities, at cost 8,484 5,864
Loans receivable, net of allowance of $13,762 and $13,660, respectively 1,026,051 1,041,222
Loans held for sale 11,080 6,409
Accrued interest receivable 4,540 4,485
Real estate owned – net 4,719 4,792
Office properties and equipment – net 51,481 50,332
Cash surrender value of life insurance 45,269 44,130
Goodwill 25,717 25,717
Core deposit intangible – net 7,182 7,338
Deferred tax asset, net 19,564 20,697
Prepaid expenses and other assets 2,572 3,884
TOTAL $ 1,477,597 $ 1,514,595
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES:
Noninterest bearing deposits $ 176,924 $ 180,136
Interest bearing deposits 1,059,334 1,083,661
Total deposits 1,236,258 1,263,797
Short term borrowings 5,576 12,083
Other borrowings 57,642 61,258
Other liabilities 4,993 7,003
Total liabilities 1,304,469 1,344,141
STOCKHOLDERS’ EQUITY:
Preferred stock, $0.01 par value-5,000,000 shares authorized; none issued at March 31, 2015 and December 31, 2014
Common stock, $0.01 par value-100,000,000 shares authorized; 33,375,753 and 33,365,845 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively 334 334
Additional paid-in capital 169,543 169,543
Accumulated other comprehensive income 984 577
Retained earnings 2,267
Total stockholders’ equity 173,128 170,454
TOTAL $ 1,477,597 $ 1,514,595

BEAR STATE FINANCIAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS – UNAUDITED
(In thousands, except earnings per share)
Three Months Ended
March 31, March 31,
2015 2014
INTEREST INCOME:
Loans receivable $ 13,204 $ 4,135
Investment securities:
Taxable 298 225
Nontaxable 508 286
Other 96 105
Total interest income 14,106 4,751
INTEREST EXPENSE:
Deposits 1,304 869
Other borrowings 224 22
Total interest expense 1,528 891
NET INTEREST INCOME 12,578 3,860
PROVISION FOR LOAN LOSSES 300
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 12,278 3,860
NONINTEREST INCOME:
Net gain on sales of investment securities 88
Deposit fee income 1,739 625
Earnings on life insurance policies 367 200
Gain on sale of loans 637 304
Other 280 73
Total noninterest income 3,111 1,202
NONINTEREST EXPENSES:
Salaries and employee benefits 6,459 3,062
Net occupancy expense 1,434 585
Real estate owned, net 38 217
FDIC insurance 222 120
Amortization of intangible assets 156
Data processing 1,169 418
Professional fees 376 195
Advertising and public relations 680 103
Postage and supplies 235 91
Other 1,468 548
Total noninterest expenses 12,237 5,339
INCOME (LOSS) BEFORE INCOME TAXES 3,152 (277 )
INCOME TAX PROVISION 885
NET INCOME (LOSS) $ 2,267 $ (277 )
Basic earnings (loss) per common share $ 0.07 $ (0.01 )
Diluted earnings (loss) per common share $ 0.07 $ (0.01 )

BEAR STATE FINANCIAL, INC.

AVERAGE CONSOLIDATED BALANCE SHEETS and NET INTEREST ANALYSIS – UNAUDITED

(In thousands)

Three Months Ended March 31,
2015

2014

Average

Balance

Interest

Average

Yield/

Cost

Average

Balance

Interest

Average

Yield/

Cost

(Dollars in Thousands)
Interest-earning assets:
Loans receivable(1) $ 1,045,946 $ 13,204 5.12 % $ 391,024 $ 4,135 4.29 %
Investment securities(2) 183,857 806 1.78 71,521 511 2.90
Other interest-earning assets 95,322 96 0.41 46,471 105 0.91
Total interest-earning assets 1,325,125 14,106 4.32 509,016 4,751 3.78
Noninterest-earning assets 179,591 47,410
Total assets $ 1,504,716 $ 556,426
Interest-bearing liabilities:
Deposits $ 1,072,255 1,304 0.49 $ 456,275 869 0.77
Other borrowings 80,590 224 1.13 5,923 22 1.51
Total interest-bearing liabilities 1,152,845 1,528 0.54 462,198 891 0.78
Noninterest-bearing deposits 175,457 20,313
Noninterest-bearing liabilities 3,603 2,102
Total liabilities 1,331,905 484,613
Stockholders’ equity 172,811 71,813

Total liabilities and stockholders’ equity

$ 1,504,716 $ 556,426
Net interest income $ 12,578 $ 3,860
Net earning assets $ 172,280 $ 46,818
Interest rate spread 3.78 % 3.00 %
Net interest margin 3.85 % 3.08 %

Ratio of interest-earning assets to Interest-bearing liabilities

114.94 % 110.13 %

(1) Includes nonaccrual loans.

(2) Includes FHLB of Dallas and Federal Reserve Bank stock.

BEAR STATE FINANCIAL, INC.

ASSET QUALITY ANALYSIS – UNAUDITED

(In thousands)

March 31, 2015 December 31, 2014

Net (2)

% Total
Assets

Net (2)

% Total
Assets

Increase

(Decrease)

Nonaccrual Loans:
One- to four-family residential $ 4,946 0.34 % $ 4,959 0.33 % $ (13 )
Nonfarm nonresidential 3,050 0.21 % 3,113 0.21 % (63 )
Farmland 731 0.05 % 734 0.05 % (3 )
Construction and land development 599 0.04 % 624 0.04 % (25 )
Commercial 536 0.03 % 306 0.02 % 230
Consumer 67 34 33
Total nonaccrual loans 9,929 0.67 % 9,770 0.65 % 159
Accruing loans 90 days or more past due 353 0.02 % (353 )
Real estate owned 4,719 0.32 % 4,792 0.31 % (73 )
Total nonperforming assets 14,648 0.99 % 14,915 0.98 % (267 )
Performing restructured loans 332 0.02 % 566 0.04 % (234 )

Total nonperforming assets and performing restructured loans (1)

$ 14,980 1.01 % $ 15,481 1.02 % $ (501 )

(1) The table does not include substandard loans which were judged not to be impaired totaling $25.3 million at March 31, 2015 and $24.9 million at December 31, 2014 or acquired ASC 310-30 purchased credit impaired loans which are considered performing at March 31, 2015.

(2) Loan balances are presented net of undisbursed loan funds, partial charge-offs and interest payments recorded as reductions in principal balances for financial reporting purposes.

BEAR STATE FINANCIAL, INC.
CALCULATION OF RETURN ON AVERAGE TANGIBLE COMMON STOCKHOLDERS’ EQUITY – UNAUDITED
(in thousands)
For the Quarter ending
3/31/2015 12/31/2014 9/30/2014 3/31/2014
Net income available to common stockholders $ 2,267 $ 4,814 $ 22,675 $ (277 )
Average common stockholders’ equity 172,811 166,793 145,737 71,813
Less Average Intangible Assets:
Goodwill (25,717 ) (25,773 ) (25,612 )
Core Deposit Intangible, net of accumulated amortization (7,284 ) (7,441 ) (7,773 )
Average tangible common stockholders’ equity $ 139,810 $ 133,579 $ 112,352 $ 71,813
Annualized return on average tangible common stockholders’ equity 6.6 % 14.3 % 80.1 % -1.6 %
BEAR STATE FINANCIAL, INC.
CALCULATION OF RATIO OF TANGIBLE BOOK VALUE PER COMMON SHARE – UNAUDITED
(in thousands)
For the period ending
3/31/2015 12/31/2014 9/30/2014 3/31/2014
Total common stockholder’s equity 173,128 170,454 165,419 71,574
Less intangible assets:
Goodwill (25,717 ) (25,717 ) (25,801 )
Core Deposit Intangible, net of accumulated amortization (7,182 ) (7,338 ) (7,494 )
Total intangibles (32,899 ) (33,055 ) (33,295 )
Total tangible common stockholder’s equity $ 140,229 $ 137,399 $ 132,124 $ 71,574
Common Shares Outstanding 33,376 33,366 33,366 22,273
Tangible book value per common share $ 4.20 $ 4.12 $ 3.96 $ 3.21
BEAR STATE FINANCIAL, INC.
RECONCILIATION OF NON-GAAP SELECTED CONSOLIDATED FINANCIAL DATA – UNAUDITED
(In thousands, except share data)
March December September March
2015 2014 2014 2014
Net income (loss) $ 2,267 $ 4,814 $ 22,675 $ (277 )
Adj: Gain on sale of securities, net (88 ) (1 ) (30 )
Adj: Merger, acquisition and integration expenses 565 55 477 20
Adj: Rebranding expenses 395 219
Adj: Pension plan payment
Adj: Real estate owned provision 653 161
Adj. Data processing termination fees 3,035
Adj: Deferred tax asset valuation allowance reversal (1,550 ) (21,142 )
Tax Effect of Adjustments (334 ) (105 ) (1,583 )
Total core income (A) $ 2,805 $ 3,432 $ 4,085 $ (96 )
Total revenue $ 15,689 $ 16,700 $ 18,287 $ 5,062
Adj: Gain on sale of securities, net (88 ) (1 ) (30 )
Total core revenue $ 15,601 $ 16,699 $ 18,257 $ 5,062
Total non-interest expense $ 12,237 $ 11,387 $ 15,324 $ 5,339
Less: Merger, acquisition and integration expenses (565 ) (55 ) (477 ) (20 )
Less: Rebranding Expenses (395 ) (219 )
Less: Pension plan payment
Less: Real estate owned provision (653 ) (161 )
Less: Data processing termination fees
Core noninterest expense $ 11,277 $ 11,113 $ 14,194 $ 5,158
Total average assets (B) $ 1,504,716 $ 1,525,455 $ 1,493,527 $ 556,426
Total average stockholders’ equity (C) 172,811 166,793 145,737 71,813
Total average tangible stockholders’ equity (D) 139,810 133,579 112,352 71,813
Total tangible stockholders’ equity, period end (E) 140,229 137,399 132,124 71,574
Total common shares outstanding, period-end (F) 33,375,753 33,365,845 33,366,345 22,273,346
Average diluted shares outstanding (G) 33,551,776 33,508,230 33,432,486 22,268,363
Core earnings per share, diluted (A/G)

$

0.08

$

0.10 $ 0.12 $ (0.00 )
Tangible book value per share, period-end (E/F)

$

4.20 $ 4.12 $ 3.96 $ 3.21
Core return on average assets (A/B) 0.76 % 0.89 % 1.09 % -0.07 %
Core return on average equity (A/C) 6.58 % 8.16 % 11.12 % -0.54 %
Core return on average tangible equity (A/D) 8.14 % 10.19 % 14.42 % -0.54 %
Efficiency ratio(1) 71.88 % 66.54 % 77.62 % 101.90 %

(1) Efficiency ratio is a non-GAAP ratio that is calculated by dividing core noninterest expense by the sum of net interest income and noninterest income. Other companies may define and calculate this data differently.

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