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National Commerce Corporation Announces Second Quarter 2015 Earnings
Birmingham, AL (GLOBE NEWSWIRE) – National Commerce Corporation (NASDAQ:NCOM) (the “Company”) today reported second quarter 2015 net income to common shareholders of $2.3 million, compared with $1.1 million for the second quarter of 2014. Diluted net earnings per share were $0.24 for the second quarter of 2015, compared with $0.20 for the second quarter of 2014, representing a 20% increase.
“We are pleased with the first six months of the year,” said John H. Holcomb, III, Chairman and CEO of the Company. “Our growth continues to meet our expectations, and I am also encouraged by the growth we are experiencing in our United Legacy market area following the March conversion of United Legacy to our core operating system. While the year is off to a good start, we again remind ourselves that we have a lot of work ahead of us to continue to achieve our goals.”
Several important measures from the second quarter of 2015 are as follows:
•Net Interest Margin (tax-effected) of 4.22%, compared with 3.29% for the second quarter of 2014.
•Return on Average Assets of 0.75%, compared with 0.61% for the second quarter of 2014.
•Return on Average Tangible Common Equity of 6.35%, compared with 5.00% for the second quarter of 2014.
•Second quarter 2015 loan growth (excluding mortgage loans held for sale) of $49.9 million, representing a 21.7% annualized growth rate. Excluding factoring receivables, loans grew $44.5 million, representing a 20.9% annualized growth rate.
•Second quarter 2015 deposit growth of $51.3 million, representing a 20.6% annualized growth rate.
•$84.8 million in mortgage production, compared with $56.5 million for the second quarter of 2014.
•$189 million in purchased volume in the factoring division. Note that, because the Company entered the factoring business in the third quarter of 2014, no comparable figure is available for the second quarter of 2014.
•Increase in non-acquired non-performing assets to $4.2 million from $2.3 million at March 31, 2015.
•Annualized net charge-offs of 0.16%, compared to 0.13% for the second quarter of 2014.
•Ending tangible book value per share of $15.12.
•Ending book value per share of $18.50.
“I am also pleased about our recent announcement with Reunion Bank of Florida,” continued Holcomb. “We believe the cultural fit between our organizations is outstanding, and we are excited about adding the Reunion team and shareowners to the National Commerce family.”