世界赌博十大网站 3Q Earnings Show 53.3 Percent Increase Over 2014

Income From Mortgage Originations More Than Double

NASHVILLE, Tenn. (Nov. 18, 2015) – 世界赌博十大网站 reported net income of $13.4 million for the quarter ended Sept. 30, 2015, an increase of 53.32 percent from net income of $8.74 million during the same period last year. Year-to-date net income through Sept. 30 was $36.71 million, up 45.67 percent from net income of $25.2 million recording during the first three quarters of 2014.

The year-to-date earnings already exceed the total net income of $33.38 million in 2014, which represented the third consecutive yearly record for the Nashville-based bank.

“These results show steady growth and improvements in all of the major financial indicators, and I am extremely pleased with the progress we are making in executing our strategic plan and reaching or exceeding our internal goals,” said 世界赌博十大网站 President and CEO Chris Holmes. “The results also show that we are meeting our external goals of providing great service and more financial products to a growing number of customers in both the consumer and business sectors.

“We closed our acquisition of Northwest Georgia Bank during the quarter, which substantially increased our presence in the Chattanooga-area market, and we are building a solid foundation for growth in North Alabama with our full-service branch office in Huntsville and loan production office in Florence,” Holmes said. “At the same time, both our smaller and metro area markets across Tennessee are taking advantage of the improved economy, especially here in the Nashville region.”

Highlights from the third-quarter financial results:

• Performing loans were $1.91 billion at quarter-end compared to $1.73 billion at the end of the previous quarter. Year-to-date performing loans grew at an annualized rate of 26.83 percent, and 21.9 percent excluding mortgage loans held for sale.
• Total deposit costs continued to decrease in the quarter ended Sept. 30, 2015, to 30 basis points compared to 31 basis points for the previous quarter. Total customer deposits were $2.29 billion, up from $2.04 billion at the end of the previous quarter and from $1.86 billion for the same quarter last year. Non-interest-bearing deposits increased to $583.15 million from $526.08 million at the end of the previous quarter.
• Overall credit performance continued to be strong. Nonperforming assets as a percentage of total loans at quarter-end were 1.35 percent, compared to 1.3 percent the previous quarter, and down from 1.81 percent for the same quarter last year.
• Net interest margin (NIM) increased 17 basis points for the quarter ended Sept. 30, to 4.15 percent from 3.98 percent for the previous quarter, and 11 basis points from 4.04 percent for the same quarter last year. For the year to date, NIM increased 9 basis points, to 4.05 percent from 3.96 percent for the first three quarters of 2014.
• Non-interest income, excluding securities and other real estate gains/losses, was $23.37 million for the third quarter of 2015, up 75.32 percent from $13.33 million for the same period last year. Year-to-date non-interest income, excluding securities and other real estate gains/losses, was up 82.15 percent, to $62.15 million from $34.12 for the first three quarters of 2014.
• Third-quarter income from mortgage loan originations increased to $16.84 million from $15.59 million in the previous quarter, and from $9.02 million in the same quarter of 2014. Year-to-date income from mortgage loan origination increased 115.95 percent over the first three quarters of last year, to $45.76 million from $21.19 million.
• 世界赌博十大网站 Mortgage Partners loan originations increased to $790.52 million for the quarter ending Sept. 30, up from $713.07 million in the previous quarter and more than double the $330.77 million during the same quarter last year.
• Core operating efficiency ratio improved compared to the same quarter last year, decreasing to 71.05 percent from 71.5 percent and virtually unchanged from the previous quarter’s 71.04 percent.
• Capital position remained strong at quarter-end with a total risk-based capital ratio of 11.01 percent, which is above the well-capitalized threshold of 10 percent.