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C1 Financial reports Q4 2015 net income of USD1.4m.

BANKING AND CREDIT NEWS-February 5, 2016-C1 Financial reports Q4 2015 net income of USD1.4m


C1 Financial, Inc. (NYSE: BNK) has reported net income of USD1.4 million, or USD0.09 per diluted common share for the fourth quarter of 2015, compared to net income of USD5.0 million, or USD0.31 per diluted common share for the third quarter of 2015, and net income of USD1.3 million, or USD0.08 per diluted common share for the fourth quarter of 2014, the company said.

On November 9, 2015, C1 Financial and its wholly owned bank subsidiary, C1 Bank, entered into a definitive agreement and plan of merger with Bank of the Ozarks, Inc. and its wholly owned bank subsidiary, Bank of the Ozarks, whereby, subject to the terms and conditions of the agreement, OZRK will acquire C1 Financial and C1 Bank in an all-stock transaction valued at approximately USD402.5 million, or approximately USD25.00 per share of C1 Financial common stock, subject to potential adjustments as described in the agreement.

Total assets at the end of the fourth quarter 2015 were USD1.726 billion, USD13.0 million higher than at the end of third quarter 2015, primarily funded by deposit growth (USD13.9 million).

Net interest income was USD17.7 million for the fourth quarter 2015 and USD18.0 million for the third quarter 2015. Net interest margin for fourth quarter 2015 declined 24 bps to 4.51 percent from 4.75 percent in the third quarter 2015, mainly driven by a lower yield on average earning assets (primarily related to a normalized level of loan fees and reversal of interest income on nonaccrual loans).

Noninterest income for fourth quarter 2015 totaled USD1.8 million, USD364 thousand less when compared to 3Q15. The decrease was primarily due to a USD670 thousand gain on the early redemption of long-term Federal Home Loan Bank advances in the third quarter 2015, which was partially offset by a USD247 thousand increase in gains on sales of loans.

C1 Financial, Inc. is based in St. Petersburg, Florida and operates from 32 banking centers and one loan production office on the West Coast of Florida and in Miami-Dade, Broward and Orange Counties.

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Publication:M2 Banking & Credit News (BCN)
Article Type:Financial report
Date:Feb 5, 2016
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