Q1 Adjusted Revenue Reaches $251.3M, Beating Expectations
Reports Q1 adjusted revenue $251.3M, consensus $248.95M. Q4 net interest margin, fully tax equivalent, was 3.98% vs. 4.02% last quarter. Tangible book value per share of $15.74 was a 2.8% decrease from linked quarter. Archie Brown, CEO, commented, "I am very pleased with our record earnings performance for Q4. Adjusted EPS were 80c, leading to an adjusted return on assets of 1.52%, an adjusted return on tangible common equity ratio of 20.3%. The net interest margin, which declined slightly from Q3, has proven resilient as the reduction in funding costs negated most of the impact of short term rate reductions. Balance sheet trends were solid for the quarter with loan growth of 4% on an annualized basis and total average deposits increasing by approximately 7% on an annualized basis, excluding the impact from the Westfield acquisition. I am especially pleased with our robust noninterest income. Total adjusted fee income was $77.3M and increased 5% compared to the linked quarter. Wealth Management and foreign exchange income both increased by double-digit percentages, while leasing and mortgage income also remained strong. While adjusted noninterest expenses increased by 6% from the linked quarter, most of the increase was driven by the Westfield acquisition."
