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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Avenue Financial Holdings, Inc. | NASDAQ:AVNU | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 19.65 | 18.10 | 21.30 | 0 | 01:00:00 |
Loans Held for Investment Jump $111.7 Million in Latest Quarter
Total loans, including loans held-for-sale, rose 28.3% to a record $962.1 million at March 31, 2016, compared with $749.8 million at March 31, 2015. Total deposits increased 18.5% to a record $966.5 million in the first quarter of 2016, compared with total deposits of $815.9 million in the first quarter of 2015. Demand deposits rose 18.7% to $309.1 million and increased to 32.0% of total deposits at March 31, 2016 from $260.5 million at March 31, 2015. Total assets grew 15.9% to a record $1.21 billion in the first quarter of 2016, compared with $1.04 billion in the first quarter of 2015.
Balance Sheet Growth
($ millions) | ||||||||||||||
Q1 2016 | Q4 2015 | Quarterly %Change | Q1 2015 | Annual %Change | ||||||||||
Total Assets | $ | 1,205.2 | $ | 1,165.5 | 3.4 | % | $ | 1,039.8 | 15.9 | % | ||||
Loans held for investment | $ | 957.5 | $ | 845.8 | 13.2 | % | $ | 716.3 | 33.7 | % | ||||
Loans held for sale | $ | 4.6 | $ | 19.4 | -76.4 | % | $ | 33.5 | -86.3 | % | ||||
Total loans | $ | 962.1 | $ | 865.2 | 11.2 | % | $ | 749.8 | 28.3 | % | ||||
Cash surrender value of company owned life insurance | $ | 25.9 | $ | 25.7 | 0.7 | % | $ | 20.2 | 28.5 | % | ||||
Total Deposits | $ | 966.5 | $ | 969.6 | -0.3 | % | $ | 815.9 | 18.5 | % | ||||
Demand Deposits | $ | 309.1 | $ | 322.6 | -4.2 | % | $ | 260.5 | 18.7 | % | ||||
Revenue Growth and Profitability
($ millions, except EPS) | |||||||||||||||||||||
Q1 2016 | Q4 2015 | Quarterly % Change | Q1 2015 | Annual % Change | |||||||||||||||||
Net income available to common stockholders | $ | 1.41 | $ | 2.13 | -33.6 | % | $ | 1.42 | -0.6 | % | |||||||||||
Fully diluted EPS | $ | 0.14 | $ | 0.21 | -33.3 | % | $ | 0.15 | -6.7 | % | |||||||||||
Net interest income | $ | 9.01 | $ | 8.74 | 3.1 | % | 7.49 | 20.3 | % | ||||||||||||
Net interest margin | 3.28 | % | 3.30 | % | -2 | BP | 3.20 | % | 8 | BP | |||||||||||
Non-interest income | $ | 1.91 | $ | 1.70 | 12.4 | % | $ | 1.26 | 52.0 | % | |||||||||||
Provision for loan losses | $ | 0.77 | $ | 0.41 | 90.6 | % | $ | 0.15 | 402.6 | % | |||||||||||
Non-interest expense | $ | 8.01 | $ | 7.04 | 13.8 | % | $ | 6.41 | 25.0 | % | |||||||||||
Asset Quality
($ millions) | ||||||||||||||||||||||
Q1 2016 | Q4 2015 | Quarterly %Change | Q1 2015 | Annual %Change | ||||||||||||||||||
Non-performing assets | $ | 0.673 | $ | 1.058 | -36.3 | % | $ | 3.661 | -81.6 | % | ||||||||||||
Non-accruing loans | $ | 0.433 | $ | 0.550 | -21.3 | % | $ | 0.854 | -49.3 | % | ||||||||||||
Ratio of non-performing assets to total assets | 0.06 | % | 0.09 | % | -3 | BP | 0.35 | % | -29 | BP | ||||||||||||
Other real estate owned | $ | 0.240 | $ | 0.508 | -52.8 | % | $ | 2.807 | -91.4 | % | ||||||||||||
Net loan charge-offs (recoveries) | $ | (0.054 | ) | $ | (0.023 | ) | N/M | % | $ | 0.002 | N/M | % | ||||||||||
Allowance for loan losses | $ | 10.89 | $ | 10.06 | 8.2 | % | $ | 8.67 | 25.6 | % | ||||||||||||
About Avenue Financial Holdings, Inc.
Avenue Financial Holdings, Inc., headquartered in Nashville, Tennessee, was formed as a single-bank holding company in 2006 and operates primarily through its subsidiary, Avenue Bank. The Company’s operations are concentrated in the Nashville MSA, with the vision of building Nashville’s signature bank and serving clients who value creativity, expertise, and an exceptional level of personal service. Avenue Bank embodies Nashville’s creative spirit - redefining how clients experience banking through a unique “Concierge Banking” model. The bank provides a wide range of business and personal banking services, including mortgage loans, with a special emphasis on Commercial, Private Client, Healthcare, and Music & Entertainment banking. The Company serves clients through five locations (a corporate headquarters and four retail branches), a limited deposit courier service (mobile branch) for select commercial clients, and mobile and online banking services. The Company’s stock is traded on the NASDAQ Global Select Market under the ticker symbol “AVNU.”
Forward-Looking Statements
Certain statements in this press release contain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would,” and “outlook,” or the negative version of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.
You should not place undue reliance on any forward-looking statement. There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but are not limited to, the following: market and economic conditions (including interest rate environment, levels of public offerings, mergers and acquisitions, or M&A, and venture capital financing activities) and the associated impact on us; changes in management personnel; deterioration of our asset quality; our overall management of interest rate risk, including managing the sensitivity of our interest-earning assets and interest-bearing liabilities to interest rates, and the impact to earnings from a change in interest rates; our ability to execute our strategy and to achieve organic loan and deposit growth; the adequacy of reserves (including allowance for loan and lease losses) and the appropriateness of our methodology for calculating such reserves; volatility and direction of market interest rates; the sufficiency of our capital, including sources of capital (such as funds generated through retained earnings) and the extent to which capital may be used or required; our overall investment plans, strategies and activities, including our investment of excess cash/liquidity; operational, liquidity and credit risks associated with our business; increased competition in the financial services industry, nationally, regionally or locally, which may adversely affect pricing and terms; the level of client investment fees and associated margins; changes in the regulatory environment; changes in trade, monetary and fiscal policies and laws; governmental legislation and regulation, including changes in accounting regulation or standards, the nature and timing of the adoption and effectiveness of new requirements under the Dodd-Frank Act, Basel guidelines, capital requirements and other applicable laws and regulations; changes in interpretation of existing law and regulation; further government intervention in the U.S. financial system; and other factors that are discussed under the heading “Risk Factors” in our filings with the Securities and Exchange Commission.
The foregoing factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included in the Company’s Form 10-K and subsequent periodic reports filed with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New factors emerge from time to time, and it is not possible for us to predict which will arise. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement.
Additional Information and Where to Find It
In connection with the Company’s previously announced merger with Pinnacle Financial Partners, Inc. (“Pinnacle”) (the “Merger”), Pinnacle intends to file a registration statement on Form S-4 with the SEC to register the shares of the Pinnacle’s common stock that will be issued to the Company’s shareholders in connection with the Pinnacle merger. The registration statement will include a proxy statement/prospectus (that will be delivered to the Company’s shareholders in connection with their required approval of the Merger) and other relevant materials in connection with the Merger.
INVESTORS AND SECURITY HOLDERS ARE ENCOURAGED TO READ THE PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE MERGER BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, PINNACLE AND THE MERGER.
Investors and security holders may obtain free copies of these documents once they are available through the website maintained by the SEC at http://www.sec.gov. Free copies of the proxy statement/prospectus also may be obtained by directing a request by telephone or mail to Avenue Financial Holdings, Inc., 111 10th Avenue South, Suite 400, Nashville, TN 37203, Attention: Investor Relations (615) 252-2265 or Pinnacle Financial Partners Inc., 150 3rd Avenue South, Suite 980, Nashville, TN 37201, Attention: Investor Relations (615) 744-3742.
This communication shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
The Company and Pinnacle, and certain of their respective directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from the shareholders of the Company in respect of the Merger. Certain information about the directors and executive officers of the Company is set forth in its Annual Report on Form 10-K for the year ended December 31, 2015, which was filed with the SEC on March 29, 2016. Certain information about the directors and executive officers of Pinnacle is set forth in its Annual Report on Form 10-K for the year ended December 31, 2015, which was filed with the SEC on February 29, 2016 and its proxy statement for its 2016 annual meeting of shareholders, which was filed with the SEC on March 10, 2016, and its Current Report on Form 8-K, which was filed with the SEC on April 1, 2016. Other information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the proxy statement/prospectus and other relevant documents filed with the SEC when they become available.
AVENUE FINANCIAL HOLDINGS, INC. AND SUBSIDIARY | ||||||||||||
Consolidated Balance Sheets | ||||||||||||
(unaudited) | ||||||||||||
March 31, | December 31, | March 31, | ||||||||||
2016 | 2015 | 2015 | ||||||||||
(unaudited) | ||||||||||||
(Dollars in Thousands, Except Share Data) | ||||||||||||
Assets | ||||||||||||
Cash and due from banks | $ | 24,671 | 34,479 | 31,137 | ||||||||
Federal funds sold | 1,220 | 675 | - | |||||||||
Cash and cash equivalents | 25,891 | 35,154 | 31,137 | |||||||||
Interest-bearing time deposits in banks | 216 | 216 | 215 | |||||||||
Securities available-for-sale, at fair value | 163,215 | 209,574 | 218,118 | |||||||||
Securities held-to-maturity (fair value of $11,981, $11,964, and $2,831 as of March 31, 2016, December 31, 2015 and March 31, 2015, respectively) | 11,913 | 11,937 | 2,715 | |||||||||
Mortgage loans held-for-sale | 4,583 | 19,441 | 33,484 | |||||||||
Loans, net of deferred fees | 957,517 | 845,821 | 716,253 | |||||||||
Less allowance for loan losses | (10,889 | ) | (10,061 | ) | (8,669 | ) | ||||||
Net loans | 946,628 | 835,760 | 707,584 | |||||||||
Accrued interest receivable | 2,654 | 2,778 | 2,318 | |||||||||
Federal Home Loan Bank stock, at cost | 3,320 | 3,320 | 3,320 | |||||||||
Premises and equipment, net | 7,368 | 7,659 | 6,180 | |||||||||
Other real estate owned | 240 | 508 | 2,807 | |||||||||
Deferred tax assets | 7,852 | 9,021 | 7,482 | |||||||||
Cash surrender value of company owned life insurance | 25,925 | 25,740 | 20,179 | |||||||||
Goodwill | 2,966 | 2,966 | 2,966 | |||||||||
Other assets | 2,433 | 1,380 | 1,338 | |||||||||
Total assets | $ | 1,205,204 | 1,165,454 | 1,039,843 | ||||||||
Liabilities and Stockholders’ Equity | ||||||||||||
Liabilities: | ||||||||||||
Deposits: | ||||||||||||
Noninterest-bearing demand deposits | $ | 231,103 | 245,338 | 200,316 | ||||||||
Interest-bearing demand deposits | 77,976 | 77,271 | 60,135 | |||||||||
Savings and money market accounts | 479,487 | 520,342 | 398,768 | |||||||||
Time | 177,930 | 126,652 | 156,666 | |||||||||
Total deposits | 966,496 | 969,603 | 815,885 | |||||||||
Accrued interest payable | 563 | 521 | 539 | |||||||||
Federal funds purchased | 3,001 | - | 2,716 | |||||||||
Federal Home Loan Bank advances | 105,500 | 68,000 | 99,300 | |||||||||
Subordinated debt | 19,628 | 19,617 | 19,585 | |||||||||
Other liabilities | 11,506 | 13,299 | 12,276 | |||||||||
Total liabilities | 1,106,694 | 1,071,040 | 950,301 | |||||||||
Commitments and Contingent Liabilities | ||||||||||||
Stockholders’ equity: | ||||||||||||
Common Stock, no par value. Authorized 100,000,000 shares: issued and outstanding 10,354,750, 10,306,055 and 10,227,340 shares at March 31, 2016, December 31, 2015 and March 31, 2015, respectively | 91,817 | 90,884 | 89,948 | |||||||||
Additional paid-in-capital | 1,074 | 1,209 | 1,499 | |||||||||
Accumulated profit (deficit) | 6,365 | 4,952 | (548 | ) | ||||||||
Accumulated other comprehensive loss | (746 | ) | (2,631 | ) | (1,357 | ) | ||||||
Total stockholders’ equity | 98,510 | 94,414 | 89,542 | |||||||||
Total liabilities and stockholders’ equity | $ | 1,205,204 | 1,165,454 | 1,039,843 | ||||||||
This information is preliminary and based on company data available at the time of the presentation.
AVENUE FINANCIAL HOLDINGS, INC. AND SUBSIDIARY | |||||||||||
Consolidated Statements of Income | |||||||||||
(unaudited) | |||||||||||
Three Months Ended | |||||||||||
March 31, | December 31, | March 31, | |||||||||
2016 | 2015 | 2015 | |||||||||
(Dollars in Thousands, Except Per Share Data) | |||||||||||
Interest and dividend income: | |||||||||||
Loans, including fees | $ | 9,369 | 8,961 | 7,670 | |||||||
Taxable securities | 951 | 937 | 919 | ||||||||
Tax-exempt securities | 298 | 302 | 216 | ||||||||
Federal Funds sold and other | 35 | 34 | 30 | ||||||||
Total interest and dividend income | 10,653 | 10,234 | 8,835 | ||||||||
Interest expense: | |||||||||||
Deposits | 1,036 | 932 | 761 | ||||||||
Subordinated debt | 348 | 348 | 348 | ||||||||
Obligation under capital lease agreement | 71 | 71 | 73 | ||||||||
Other borrowings | 187 | 144 | 160 | ||||||||
Total interest expense | 1,642 | 1,495 | 1,342 | ||||||||
Net interest income | 9,011 | 8,739 | 7,493 | ||||||||
Provision for loan losses | 774 | 406 | 154 | ||||||||
Net interest income after provision for loan losses | 8,237 | 8,333 | 7,339 | ||||||||
Noninterest income: | |||||||||||
Customer service fees | 751 | 662 | 672 | ||||||||
Mortgage banking income from sales, net of commissions | 300 | 339 | 205 | ||||||||
Increase in cash surrender value of life insurance | 185 | 186 | 143 | ||||||||
Net gain on sales of bulk mortgage loans | 256 | 257 | 236 | ||||||||
Net gain on sale of Small Business Administration loans | 189 | 231 | - | ||||||||
Net gain on sale of available-for-sale securities | 228 | 24 | - | ||||||||
Total noninterest income | 1,909 | 1,699 | 1,256 | ||||||||
Noninterest expenses: | |||||||||||
Salaries and employee benefits | 4,409 | 4,211 | 3,914 | ||||||||
Equipment and occupancy | 762 | 730 | 774 | ||||||||
Data processing | 369 | 400 | 428 | ||||||||
Advertising, promotion, and public relations | 199 | 210 | 183 | ||||||||
Legal and accounting | 421 | 314 | 276 | ||||||||
Merger related expenses | 801 | - | - | ||||||||
FDIC insurance and other regulatory assessments | 214 | 196 | 192 | ||||||||
Other real estate expense (income) | 3 | 15 | (40 | ) | |||||||
Other expenses | 829 | 963 | 681 | ||||||||
Total noninterest expenses | 8,007 | 7,039 | 6,408 | ||||||||
Income before taxes | 2,139 | 2,993 | 2,187 | ||||||||
Income tax expense | 726 | 864 | 733 | ||||||||
Net income | 1,413 | 2,129 | 1,454 | ||||||||
Preferred stock dividends | - | - | (32 | ) | |||||||
Net income available to common stockholders | $ | 1,413 | 2,129 | 1,422 | |||||||
Per share information: | |||||||||||
Basic net income per common share available to common stockholders | $ | 0.14 | 0.21 | 0.15 | |||||||
Diluted net income per common share available to common stockholders | $ | 0.14 | 0.21 | 0.15 | |||||||
Weighted average common shares outstanding: | |||||||||||
Basic | 10,152,331 | 10,095,077 | 9,319,312 | ||||||||
Diluted | 10,340,515 | 10,257,393 | 9,435,365 | ||||||||
This information is preliminary and based on company data available at the time of the presentation.
Average Balance Sheets and Net Interest Analysis | |||||||||||||||||||
On a Fully Taxable-Equivalent Basis | |||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||
2016 | 2015 | ||||||||||||||||||
Average Balance | Interest Earned / Paid | Average Yield / Rate | Average Balance | Interest Earned / Paid | Average Yield / Rate | ||||||||||||||
(In thousands, except Average Yields and Rates) | |||||||||||||||||||
Assets: | |||||||||||||||||||
Interest earning assets: | |||||||||||||||||||
Interest-bearing time deposits in banks | $ | 216 | - | 0.75 | % | $ | 211 | - | 0.77 | % | |||||||||
Investments (1) (3) | 221,585 | 1,437 | 2.61 | 224,903 | 1,276 | 2.30 | |||||||||||||
Federal funds sold | 539 | 1 | 0.53 | 359 | - | 0.28 | |||||||||||||
Loans held-for-sale | 15,215 | 127 | 3.36 | 35,498 | 307 | 3.51 | |||||||||||||
Total loans (2) | 886,790 | 9,242 | 4.19 | 701,471 | 7,361 | 4.26 | |||||||||||||
Total interest earning assets | 1,124,345 | 10,807 | 3.87 | 962,442 | 8,944 | 3.77 | |||||||||||||
Allowance for loan losses | (10,179 | ) | (8,725 | ) | |||||||||||||||
Non-interest earning assets | 77,916 | 64,264 | |||||||||||||||||
Total assets | $ | 1,192,082 | $ | 1,017,981 | |||||||||||||||
Interest bearing liabilities: | |||||||||||||||||||
Interest bearing deposits: | |||||||||||||||||||
Checking | $ | 72,707 | 65 | 0.36 | % | $ | 56,560 | 49 | 0.35 | % | |||||||||
Savings | 18,378 | 5 | 0.11 | 13,734 | 4 | 0.11 | |||||||||||||
Money market | 476,772 | 584 | 0.49 | 392,335 | 386 | 0.40 | |||||||||||||
Time deposits | 157,962 | 382 | 0.97 | 161,739 | 322 | 0.81 | |||||||||||||
Federal funds purchased | 5,623 | 11 | 0.79 | 4,847 | 7 | 0.60 | |||||||||||||
Subordinated debt | 19,622 | 348 | 7.10 | 19,581 | 348 | 7.11 | |||||||||||||
Other borrowings | 97,849 | 247 | 1.01 | 88,053 | 226 | 1.04 | |||||||||||||
Total interest bearing liabilities | 848,913 | 1,642 | 0.78 | 736,849 | 1,342 | 0.74 | |||||||||||||
Non-interest bearing checking | 237,394 | 179,199 | |||||||||||||||||
Other liabilities | 9,103 | 7,667 | |||||||||||||||||
Stockholders' equity | 96,672 | 94,266 | |||||||||||||||||
Total liabilities and stockholders' equity | $ | 1,192,082 | $ | 1,017,981 | |||||||||||||||
Net interest spread | 3.09 | % | 3.03 | % | |||||||||||||||
Net interest margin | 3.28 | 3.20 | |||||||||||||||||
(1) Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 34%. | |||||||||||||||||||
(2) Non-accrual loans are included in average loan balances in all periods. Loan fees of $248,000 and $199,000 are included in interest income in 2016 and 2015, respectively | |||||||||||||||||||
(3) Unrealized gains/(losses) of $712,000 and 301,000 are excluded from the yield calculation in 2016 and 2015, respectively. | |||||||||||||||||||
This information is preliminary and based on company data available at the time of the presentation.
Contact: Barbara J. Zipperian Chief Financial Officer (615) 736-7786
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