CENTERSTATE BANK CORPORATION CSFL Income Statement

Centerstate bank corporation (CSFL)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Sep'10	Jun'10
Interest income:
Loans
160,675	167,685	166,479	167,676	116,285	116,754	101,555	97,642	89,930	59,982	59,122	56,619	44,249	44,085	41,445	40,977	37,118	35,508	35,134	36,786	34,268	33,505	33,519	28,509	25,729	22,086	22,963	21,790	21,435	20,498	20,445	21,029	19,620	17,148	16,164	16,254	16,327	14,409	13,034
Investment securities:
Taxable
12,534	11,665	11,741	12,740	12,286	11,834	10,145	10,325	10,419	5,988	5,648	5,961	5,001	4,397	4,693	4,768	5,062	4,480	3,895	3,803	4,282	3,631	3,073	3,809	3,478	2,844	2,560	2,097	2,388	2,212	2,653	3,064	3,368	3,650	3,132	3,945	3,569	4,203	4,307
Tax-exempt
1,737	1,739	1,731	1,713	1,716	1,682	1,601	1,559	1,557	1,394	1,400	1,328	1,202	1,134	1,053	942	780	707	728	667	539	424	338	337	336	339	362	372	357	361	361	350	351	381	353	341	347	367	361
Federal funds sold and other
1,813	2,783	3,974	3,124	1,995	1,911	1,362	1,103	1,253	1,058	887	836	651	539	512	622	538	403	355	369	396	459	417	424	239	210	149	228	198	194	149	144	151	145	188	165	134	127	138
Total interest income
176,759	183,872	183,925	185,253	132,282	132,181	114,663	110,629	103,159	68,422	67,057	64,744	51,103	50,155	47,703	47,309	43,498	41,098	40,112	41,625	39,485	38,019	37,347	33,079	29,782	25,479	26,034	24,487	24,378	23,265	23,608	24,587	23,490	21,324	19,837	20,705	20,377	19,106	17,840
Interest expense:
Deposits
19,836	22,276	24,463	23,037	13,323	12,360	9,096	6,668	5,136	3,385	3,178	2,619	1,897	1,892	1,821	1,740	1,481	1,351	1,339	1,369	1,447	1,523	1,799	1,523	1,337	1,225	1,246	1,330	1,383	1,546	1,748	2,004	2,231	2,577	2,731	2,982	3,209	4,085	3,957
Securities sold under agreement to repurchase
252	278	293	299	236	203	169	138	122	89	80	47	30	23	25	28	27	32	51	54	49	50	52	56	23	18	21	21	18	18	23	25	20	17	20	23	24	19	26
Federal funds purchased and other borrowings
2,321	1,300	3,680	2,679	3,978	3,289	2,966	2,771	2,419	977	866	728	537	397	240	250	267	186	150	154	132	34	6	5	6	5	5	6	5	9	6	7	8	9	9	12	19	23	30
Federal Home Loan Bank advances and other borrowings
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-3	4	111	87	16	17	46	48	104	102
Corporate and subordinated debentures
997	-	542	557	570	-	579	523	464	-	347	333	318	309	298	294	248	246	244	241	237	241	240	238	223	150	152	150	150	156	160	157	164	138	104	103	103	112	103
Total interest expense
23,406	25,947	28,978	26,572	18,107	16,499	12,810	10,100	8,141	4,803	4,471	3,727	2,782	2,621	2,384	2,312	2,023	1,819	1,784	1,818	1,865	1,848	2,097	1,822	1,589	1,398	1,424	1,507	1,556	1,726	1,941	2,304	2,510	2,757	2,881	3,166	3,403	4,343	4,218
Net interest income
153,353	157,925	154,947	158,681	114,175	115,682	101,853	100,529	95,018	63,619	62,586	61,017	48,321	47,534	45,319	44,997	41,475	39,279	38,328	39,807	37,620	36,171	35,250	31,257	28,193	24,081	24,610	22,980	22,822	21,539	21,667	22,283	20,980	18,567	16,956	17,539	16,974	14,763	13,622
Provision for credit losses
44,914	3,048	3,692	2,792	1,053	2,100	1,950	2,933	1,300	968	1,096	1,899	995	2,266	1,275	911	510	543	0	2,308	1,642	18	955	-106	-41	183	-1,273	1,374	-360	2,169	2,425	1,894	2,732	18,065	5,005	11,645	11,276	16,448	4,045
Net interest income after credit loss provision
108,439	154,877	151,255	155,889	113,122	113,582	99,903	97,596	93,718	62,651	61,490	59,118	47,326	45,268	44,044	44,086	40,965	38,736	38,328	37,499	35,978	36,153	34,295	31,363	28,234	23,898	25,883	21,606	23,182	19,370	19,242	20,389	18,248	502	11,951	5,894	5,698	-1,685	9,577
Non-interest income:
Correspondent banking capital markets revenue
26,424	22,125	19,914	10,362	7,972	8,728	7,258	6,008	6,890	5,453	5,823	6,868	5,376	7,016	6,381	8,049	7,371	5,254	4,943	7,334	5,694	4,888	4,184	4,192	3,136	3,070	2,909	4,904	6,140	6,450	8,606	9,966	7,784	6,661	7,999	5,759	4,470	11,828	7,372
Other correspondent banking related revenue
1,384	1,221	1,104	1,172	1,028	1,165	1,038	1,068	1,233	1,163	1,390	1,195	1,073	1,075	1,147	1,242	1,404	987	992	1,253	1,106	907	958	1,093	795	955	862	705	865	-	847	741	-	-	-	-	-	-	-
Small business administration loans revenue
1,403	1,785	1,411	1,252	688	497	1,020	1,027	988	333	249	179	14	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Debit, prepaid, ATM and merchant card related fees
3,667	3,082	3,923	6,376	5,018	5,149	3,869	3,498	3,727	2,319	2,127	2,324	2,265	2,009	2,017	2,182	2,046	1,730	1,659	1,823	1,701	1,637	1,612	1,495	1,506	1,394	1,399	1,342	1,285	1,376	1,160	1,172	915	1,111	713	714	656	458	465
Wealth management related revenue
831	878	801	875	607	725	676	640	616	856	914	891	893	815	892	795	735	913	940	990	970	925	993	1,104	1,217	1,172	1,179	1,130	1,070	1,150	1,000	950	660	483	557	322	439	318	361
FDIC indemnification income
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	96	633	27	359	667	1,080	213	421	1,268	185	3,333	1,396	628	2,025	2,199	1,229	564	-845	256	585	1,136	-	-
FDIC indemnification asset amortization
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	1,166	3,420	4,144	4,649	4,350	5,599	4,953	5,006	5,185	4,500	3,836	3,272	2,199	1,540	671	348	537	-	-	-	-	-	-
Loan related fees
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	200	-	199	306	165	128	117
Bank owned life insurance income
1,927	2,057	2,048	2,070	1,626	1,718	1,490	1,374	1,394	983	975	694	641	657	658	654	565	574	580	599	593	608	451	356	352	324	327	338	339	355	360	363	358	266	227	235	239	220	152
Gain on sale of residential loans held for sale
-	-	-	-	-	-	-	-	-	-	-	-	-	-	302	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
FDIC indemnification asset (amortization)/accretion
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-225	-47	468	225	-
Trading securities revenue
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	144	-	130	106	161	249	115
Bargain purchase gain
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	453	45,891	0	0	11,129	1,377	-
Net gain on sale of available for sale debt securities
-	13	0	-5	17	0	0	0	-22	-7	0	0	0	-	13	-	-	-	4	-	-	-	0	46	-	22	0	1,008	30	420	675	726	602	130	205	3,120	9	151	1,639
Other non-interest income
1,659	2,062	1,853	1,531	1,473	2,250	2,778	1,497	776	336	989	704	434	1,174	501	720	774	-147	641	444	439	638	605	338	409	262	190	231	302	-	464	147	-	-	-	-	478	455	283
Trust fees
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	208	-	-	-	-	-	-
Other non interest revenue and fees
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	811	-	555	701	-	-	-
Total other income
55,790	50,329	48,488	37,943	29,300	32,396	27,104	22,589	23,038	16,958	16,741	16,974	14,502	17,156	15,681	16,971	14,561	9,666	8,130	10,573	9,081	7,535	6,559	6,372	5,760	5,197	8,607	9,863	10,279	12,740	16,335	16,541	13,645	55,603	12,245	13,218	20,906	17,122	12,159
Net interest income after loan loss provision
108,439	-	-	-	113,122	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-interest expense:
Salaries, wages and employee benefits
77,077	72,973	71,352	67,516	48,393	48,044	41,698	40,683	41,893	29,698	28,515	28,317	22,882	24,049	22,418	22,959	21,455	18,977	18,916	19,925	19,580	18,710	18,799	17,185	15,681	14,550	14,345	15,234	16,240	15,721	17,706	19,050	17,461	15,975	14,944	13,820	13,506	16,009	12,510
Occupancy expense
7,346	7,267	7,729	7,752	5,602	5,633	5,428	4,968	4,868	3,324	3,422	3,191	2,840	2,649	2,532	2,477	2,147	2,725	2,586	2,566	2,080	2,686	3,038	2,479	1,960	1,944	1,924	1,942	1,892	1,909	2,246	2,481	2,061	2,027	2,036	2,114	2,094	1,633	1,488
Depreciation of premises and equipment
4,045	4,151	3,887	3,550	2,850	2,752	2,439	2,322	2,275	1,884	1,842	1,837	1,684	1,659	1,629	1,588	1,497	1,442	1,438	1,403	1,433	1,483	1,542	1,563	1,478	1,560	1,364	1,455	1,497	1,530	1,465	1,416	1,267	1,196	1,016	996	999	971	706
Supplies, stationary and printing
861	858	806	822	748	816	588	558	536	430	392	434	354	320	341	380	299	338	382	351	365	383	375	334	227	280	268	285	288	245	261	303	315	301	314	366	304	248	283
Marketing expenses
2,158	1,958	1,765	1,797	2,020	1,903	1,493	1,425	1,414	1,044	955	1,078	852	909	700	826	690	668	630	481	538	746	746	619	620	681	722	586	528	655	716	609	584	692	611	760	728	615	596
Data processing expense
5,617	5,242	5,182	5,525	3,656	3,621	2,729	3,453	4,505	2,185	2,006	2,419	1,826	1,814	1,761	1,765	1,527	704	1,153	1,127	1,695	1,466	1,673	1,306	1,039	962	1,026	912	884	1,131	890	962	1,005	915	848	1,625	1,292	726	664
Legal, audit and other professional fees
2,682	2,958	2,364	2,106	1,442	2,599	1,301	1,332	931	970	854	932	888	901	904	949	903	750	779	690	735	816	1,099	1,376	775	951	1,176	844	783	755	551	601	620	853	559	623	694	1,554	750
Amortization of intangibles
4,535	4,552	4,229	4,435	2,814	2,989	2,480	2,240	2,309	1,129	1,133	1,042	762	-	756	814	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Credit loss expense for unfunded commitments
1,027	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Core deposit intangible ("CDI") amortization
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	643	-	579	603	628	651	656	472	331	237	246	250	253	284	294	299	278	219	194	201	190	142	102
Postage and delivery
1,160	1,138	941	963	925	816	711	746	688	507	512	491	428	420	423	486	355	337	348	336	368	394	386	365	268	266	266	267	285	279	282	264	323	206	293	200	231	198	125
ATM and debit card and merchant card related expenses
1,598	1,362	1,382	1,304	1,453	1,657	972	860	764	644	746	741	615	831	607	816	596	495	515	450	433	484	466	468	474	414	435	428	511	377	312	256	262	556	335	424	316	365	313
Bank regulatory expenses
1,807	723	635	2,074	1,616	1,299	1,367	1,209	1,010	767	666	891	727	779	863	968	810	606	774	883	910	909	916	753	631	565	588	635	581	448	623	658	700	559	617	645	800	819	688
Gain on sale of repossessed real estate (“OREO”)
-1	-	213	63	-47	-	294	745	154	-	38	58	104	258	558	554	158	-530	282	-27	1,528	667	577	-379	-77	-706	-1,852	-563	-1	-1,839	153	229	272	183	307	-463	518	153	-3
Valuation write down of OREO
95	165	65	57	108	18	170	107	187	70	141	310	161	220	237	392	22	191	237	390	389	1,016	329	885	1,020	161	3,184	1,680	987	1,433	1,735	835	255	2,092	1,389	1,235	2,035	1,273	428
(Gain) loss on repossessed assets other than real estate
-8	43	3	-84	13	128	-9	-6	25	-4	-13	1	-7	13	-4	31	6	-7	15	0	-1	79	-17	-19	2	16	39	104	242	-52	37	40	98	56	218	82	21	171	126
Foreclosure related expenses
856	870	940	850	561	759	821	676	559	587	437	623	605	649	512	742	489	592	423	730	589	308	646	1,092	729	931	680	787	793	1,685	1,919	1,094	942	976	1,052	2,008	987	803	276
Merger related expenses
3,051	159	16,994	15,739	6,365	1,668	10,395	14,140	8,709	2,718	0	9,458	870	272	0	0	11,172	-	169	-	-	848	3,450	4,897	2,347	-	183	-	0	55	177	614	1,868	6,247	579	469	401	-	-
Impairment on bank property held for sale
31	808	506	315	107	80	247	891	1,449	12	0	430	77	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Branch closure and efficiency initiatives
-	-	-	-	-	-	-	-	-	-	-	-	-	-	616	-38	456	-	12	-	-	-417	-6	29	3,158	-	-	-	0	-	-	-	-	-	-	-	-	-	-
Loss on termination of FDIC loss share agreements
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	17,560	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other expenses
8,833	8,381	8,469	7,331	5,753	5,478	4,803	4,753	4,028	3,722	3,052	2,672	2,583	1,980	2,658	2,448	2,384	2,499	2,181	2,576	2,389	2,264	1,979	1,932	1,590	1,684	1,552	1,401	1,327	1,544	2,339	1,947	1,775	1,671	1,475	1,424	1,533	1,850	1,546
Total other expenses
122,772	113,409	127,036	121,989	84,473	79,520	77,339	79,612	75,996	49,011	44,622	54,809	38,043	38,184	36,395	37,049	62,853	32,086	30,855	32,538	30,603	32,091	35,534	36,153	32,403	26,449	29,850	27,373	27,090	28,530	31,706	31,658	30,086	34,724	26,787	26,529	26,649	27,530	20,598
Income before provision for income taxes
41,457	91,797	72,707	71,843	57,949	66,458	49,668	40,573	40,760	30,598	33,609	21,283	23,785	24,240	23,330	24,008	-7,327	16,316	15,603	15,534	14,456	11,597	5,320	1,582	1,591	2,646	4,640	4,096	6,371	3,580	3,871	5,272	1,807	21,381	-2,591	-7,417	-45	-12,093	1,138
Provision for income taxes
6,025	20,665	17,006	16,721	13,306	15,807	11,683	8,410	5,124	28,686	11,559	6,050	7,185	8,213	7,946	8,274	-2,523	5,920	5,687	5,656	5,308	4,316	1,727	545	538	846	1,531	1,338	1,795	1,344	1,229	1,558	494	7,299	-599	-3,071	-210	-4,422	234
Net income
35,432	71,132	55,701	55,122	44,643	-	37,985	32,163	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings attributable to noncontrolling interest
-	-	603	599	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income attributable to CenterState Bank Corporation
-	-	55,098	54,523	-	50,651	37,985	32,163	35,636	1,912	22,050	15,233	16,600	16,027	15,384	15,734	-4,804	10,396	9,916	9,878	9,148	7,281	3,593	1,037	1,053	1,800	3,109	2,758	4,576	2,236	2,642	3,714	1,313	14,082	-1,992	-4,346	165	-7,671	904
Net income
35,432	-	-	-	44,643	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Unrealized available for sale debt securities holding gain, net of taxes of $13,268 and $7,322, respectively
39,729	1,294	7,550	15,039	21,571	15,467	-7,354	-5,046	-18,499	-5,490	-620	5,717	3,199	-16,082	232	3,277	2,569	-3,602	1,869	-3,536	1,014	3,126	-665	4,976	1,128	-913	-1,608	-6,799	-1,812	-2,075	2,443	2,635	94	-	-	-	-	-	-
Unrealized interest rate swap holding loss, net of taxes of ($1,917) and $0, respectively
-5,740	-	-1,388	-306	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Less: reclassified adjustments for gain included in net income, net income tax expense of $0 and $4, respectively
-	10	-8	4	13	0	-32	32	-16	-	-	-	-	0	8	0	0	-	2	-	-	0	0	28	0	13	620	0	18	1,012	421	453	-375	-	-	-	-	-	-
Net change in accumulated other comprehensive income
33,989	2,365	6,162	14,737	21,558	-	-7,354	-5,046	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total comprehensive income
69,421	73,497	61,863	69,859	66,201	-	30,631	27,117	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Comprehensive income attributable to noncontrolling interest
-	-	603	599	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net unrealized gain (loss) on available for sale debt securities,net of income taxes
-	-	-	-	-	-	-	-	-18,483	-	-620	5,717	3,199	-16,082	224	3,277	2,569	-1,960	1,867	-3,536	1,014	3,126	-665	4,948	1,128	-926	-1,608	-7,419	-1,830	-2,337	2,022	2,182	-281	-1,443	1,950	1,798	492	-	-
Total comprehensive income attributable to CenterState Bank Corporation
-	-	61,260	69,260	-	66,118	30,631	27,117	17,153	-3,574	21,430	20,950	19,799	-55	15,608	19,011	-2,235	8,436	11,783	6,342	10,162	10,407	2,928	5,985	2,181	874	1,501	-4,661	2,746	-101	4,664	5,896	1,032	12,639	-42	-2,548	657	-8,124	2,622
Earnings per share:
Basic
0.28	0.56	0.43	0.42	0.47	0.54	0.43	0.38	0.43	0.01	0.37	0.26	0.33	0.34	0.32	0.33	-0.10	0.23	0.22	0.22	0.20	0.18	0.08	0.03	0.03	0.07	0.10	0.09	0.15	0.08	0.09	0.12	0.04	0.46	-0.07	-0.14	0.01	-0.27	0.03
Diluted
0.28	0.56	0.43	0.42	0.46	0.53	0.43	0.38	0.42	0.01	0.36	0.26	0.32	0.34	0.32	0.32	-0.10	0.22	0.22	0.21	0.20	0.17	0.08	0.03	0.03	0.07	0.10	0.09	0.15	0.08	0.09	0.12	0.04	0.46	-0.07	-0.14	0.01	-0.27	0.03
Common shares used in the calculation of earnings per share:
Common shares used in the calculation of earnings per share:
Basic
124,798	125,559	127,839	129,847	95,740	95,741	87,813	83,870	83,139	60,133	59,906	58,306	50,632	47,690	47,820	47,781	46,343	45,239	45,200	45,161	45,127	45,216	45,061	38,665	34,465	30,112	30,109	30,098	30,089	30,079	30,077	30,072	30,065	30,041	30,039	30,037	30,020	28,789	25,802
Diluted
125,341	126,408	128,738	130,767	96,500	96,616	88,810	85,006	84,600	61,470	61,115	59,369	51,407	49,366	48,602	48,453	46,343	45,933	45,826	45,737	45,657	45,615	45,413	39,051	34,862	30,316	30,243	30,161	30,159	30,197	30,142	30,140	30,088	30,032	30,039	30,037	30,047	28,789	25,967
Mortgage Banking Revenue [Member]
Non interest income
10,973	9,113	9,444	6,803	4,193	4,204	3,188	2,616	2,602	-	-	-	231	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Service Charges on Deposit Accounts [Member]
Non interest income
7,522	7,993	7,990	7,507	6,678	7,349	5,787	4,861	4,834	-	-	-	3,575	3,729	3,770	3,329	2,736	2,576	2,488	2,420	2,261	2,451	2,496	2,333	2,262	2,313	2,244	2,081	1,819	1,825	1,695	1,595	1,483	1,714	1,629	1,417	1,556	1,713	1,655