Toggle SGML Header (+)


Section 1: 8-K (FORM 8-K)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 8-K
CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  October 26, 2017

Sunshine Bancorp, Inc.
(Exact name of registrant as specified in its charter)

Maryland
001-36539
30-0831760
(State or other jurisdiction of
incorporation or organization)
(Commission
File Number)
(IRS Employer
Identification No.)


102 West Baker Street, Plant City, Florida
33563
(Address of principal executive offices)
(Zip Code)


Registrant's telephone number, including area code:  (813) 752-6193

Not Applicable
(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Item 2.02 Results of Operation and Financial Condition.

On October 26, 2017, Sunshine Bancorp, Inc. (the "Company") issued a press release reporting its financial results at and for the three and nine months ended September 30, 2017.

The information in Exhibit 99.1 to this Current Report on Form 8-K shall not be deemed to be "filed" for purposes of Section 18 of the Securities and Exchange Act of 1934, or otherwise subject to the liabilities thereof, nor shall it be deemed to be incorporated by reference in any filing under the Securities and Exchange Act of 1934 or under the Securities Act of 1933, except to the extent specifically provided in any such filing.

Item 9.01 Financial Statements and Exhibits
 

(a)
No financial statements of businesses acquired are required.
(b)
No pro forma financial information is required.
(c)
Not Applicable.
(d)
Exhibits.
 
Exhibit 99.1
 



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
 
 
 

 
SUNSHINE BANCORP, INC.
   
   
   
DATE: October 26, 2017
By: /s/ John D. Finley
 
John D. Finley, Executive Vice President and
 
Chief Financial Officer
   

 








(Back To Top)

Section 2: EX-99.1 (PRESS RELEASE)



Press Release
For Immediate Release

Contact:
Brent Smith
SVP, Corporate Development
(813)659-8626

Sunshine Bancorp, Inc. Reports 3nd Quarter 2017 and Year to Date Results
Plant City, FL – October 26, 2017 –

Sunshine Bancorp, Inc. (the "Company") (NASDAQ: SBCP), the holding company for Sunshine Bank (the "Bank"), has released its unaudited consolidated financial results for the third quarter and nine months ended September 30, 2017.

Key Highlights from the 3nd Quarter 2017
-
Earnings of $0.20 per basic and diluted share
-
Total assets of $943.6 million
-
Maintained top tier credit metrics with NPAs to Assets at 0.12%

The Company recognized net income of $1.6 million for the third quarter of 2017 compared to net income of $1.8 million for the second quarter 2017 and net income of $244,000 for the third quarter 2016.  Net income was $5.0 million for the nine months ended September 30, 2017 compared to $471,000 for the nine months ended September 30, 2016.

Total assets were $943.6 million at September 30, 2017 compared to $955.9 million at June 30, 2017 and $931.4 million at December 31, 2016.  Net loans decreased to $701.4 million at September 30, 2017 compared to $703.9 million at June 30, 2017, but increased from $683.8 million at December 31, 2016.

Total deposits were $749.1 million at September 30, 2017 compared to $776.1 million at June 30, 2017 and $729.9 million at December 31, 2016.
 
Andrew Samuel, President and CEO, commented, "Our team has worked incredibly hard over the past few years to deliver on our goal of becoming a strong community bank in Central Florida.  We are excited with the announced merger with CenterState and feel the combination will create a partnership that allows for long term success for our customers and communities."

The Bank's non-performing assets as of September 30, 2017 were $1.1 million compared to $988,000 as of September 30, 2016.   The Bank's non-performing assets to total assets ratio as of September 30, 2017 was 0.12% compared to 0.18% as of September 30, 2016.


Net interest income for the third quarter 2017 was $8.2 million compared to $8.1 million during the second quarter of 2017 and $4.3 million during the third quarter of 2016.

Noninterest expenses for the third quarter 2017, including $295,000 in merger related expenses, totaled $6.7 million compared to $6.4 million in the second quarter of 2017 and $4.6 million during the third quarter of 2016, which included $207,000 in merger related expenses.

On October 25, 2017, the Office of the Comptroller of the Currency approved the merger of the Bank with and into CenterState Bank, N.A., the wholly owned subsidiary of CenterState Bank Corporation ("CenterState"). In addition, CenterState had previously obtained a waiver from the Federal Reserve Bank of Atlanta from the requirement to file an application under the Bank Holding Company Act for CenterState to acquire the Company. Pending the approval by the stockholders of the Company of the merger agreement, as well as satisfaction of other customary closing conditions described in the merger agreement, the Company expects that the merger will be completed in early January 2018. The stockholder meeting for the pending merger with CenterState is scheduled for November 17, 2017 at 9:00 a.m. in Plant City, Florida.

Forward Looking Statements
This news release contains forward-looking statements within the meaning of the federal securities laws. Statements in this release that are not strictly historical are forward-looking and are based upon current expectations that may differ materially from actual results. These forward-looking statements, identified by words such as "will," "expected," "believe," and "prospects," involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the statements made herein. These risks and uncertainties involve general economic trends and changes in interest rates, increased competition, changes in consumer demand for financial services, the possibility of unforeseen events affecting the industry generally, delays in completing the pending merger, the uncertainties associated with newly developed or acquired operations, and market disruptions. The Company undertakes no obligation to release revisions to these forward-looking statements publicly to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required to be reported under the rules and regulations of the Securities and Exchange Commission.

Additional Information About the Merger and Where to Find It
Investors are urged to review carefully and consider all public filings by CenterState and the Company with the SEC, including but not limited to their Annual Reports on Form 10-K, their proxy statements, their Quarterly Reports on Form 10-Q, and their Current Reports on Form 8-K. The documents filed with the SEC may be obtained free of charge at the SEC's website at www.sec.gov. The documents filed by CenterState with the SEC may also be obtained free of charge at CenterState's website at www.centerstatebanks.com or by requesting them in writing to CenterState Bank Corporation, Attention: Secretary, 1101 1st Street South, Winter Haven, FL 33880. The documents filed by the Company with the SEC may also be obtained free of charge at the Company's website at www.mysunshinebank.com or by requesting them in writing to Sunshine Bancorp, Inc., 102 West Baker Street, Plant City, Florida 33563, Attention: Secretary.


In connection with the merger, CenterState has filed a registration statement on Form S-4 with the SEC, which includes a proxy statement of the Company and a prospectus of CenterState. The definitive proxy statement/prospectus was sent to the stockholders of the Company on October 17, 2017 seeking the required stockholder approval.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. Before making any voting or investment decision,  stockholders of the Company are urged to read carefully the entire registration statement and proxy statement/prospectus, including any amendments thereto, because they contain important information about the proposed transaction. Free copies of these documents may be obtained as described above.

The Company and certain of its directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of the Company in connection with the merger. Information about the directors and executive officers of the Company and their ownership of the Company common stock is set forth in the proxy statement for the Company's 2017 annual meeting of stockholders, as filed with the SEC on Schedule 14A on March 30, 2017. Additional information regarding the interests of those participants and other persons who may be deemed participants in the transaction may be obtained by reading the proxy statement/prospectus regarding the proposed merger.

About Sunshine Bancorp, Inc.
Sunshine Bancorp, Inc. was formed in 2014 as the holding company for Sunshine Bank. The Bank was first organized in 1954 in Plant City, Florida.  In 2014 after converting from the mutual form of organization to the stock form, the current name of Sunshine Bank was adopted. The Company provides financial services to individuals, families, and business customers from 18 branch locations stretching from the East Coast to the West Coast of Florida in Brevard, Hillsborough, Manatee, Orange, Osceola, Pasco, Polk, Sarasota, and Seminole Counties. The Company's common stock is traded on the NASDAQ Capital Market under the symbol "SBCP." For further information, visit the Company website www.mysunshinebank.com.


SUNSHINE BANCORP, INC.
Consolidated Balance Sheets
(Dollars in thousands, except per share amounts)

   
As of
September 30, 2017
   
As of
December 31, 2016
 
Assets
 
(Unaudited)
       
Cash and due from banks
 
$
32,656
   
$
16,562
 
Interest-earning deposits in financial institutions
   
10,328
     
21,386
 
Federal funds sold
   
19,020
     
1 2,325
 
Cash and cash equivalents
   
62,004
     
50,273
 
Time deposits with banks
   
590
     
2,794
 
Securities available for sale
   
99,104
     
109,668
 
Loans held for sale
   
533
     
443
 
Loans, net of allowance for loan losses of $3,698 and $3,274
   
701,406
     
683,784
 
Premises and equipment, net
   
25,180
     
25,920
 
Federal Home Loan Bank stock, at cost
   
2,877
     
3,478
 
Cash surrender value of bank-owned life insurance
   
22,946
     
22,462
 
Deferred income tax asset
   
4,641
     
6,660
 
Goodwill and other intangibles
   
22,056
     
22,308
 
Accrued interest receivable
   
2,080
     
2,077
 
Other assets
   
216
     
1,568
 
Total assets
 
$
943,633
   
$
931,435
 
                 
Liabilities and Stockholders' Equity
               
Liabilities:
               
Noninterest-bearing demand accounts
 
$
234,351
   
$
217,418
 
Interest-bearing demand and savings accounts
   
371,121
     
354,327
 
Time deposits
   
143,578
     
158,204
 
Total deposits
   
749,050
     
729,949
 
Other borrowings
   
56,884
     
71,867
 
Subordinated Notes
   
11,000
     
11,000
 
Other liabilities
   
8,425
     
6,518
 
Total liabilities
   
825,359
     
819,334
 
                 
Stockholders' equity:
               
Preferred stock, $0.01 par value, 5,000,000 authorized; none outstanding
   
     
 
Common stock, $0.01 par value, 50,000,000 shares authorized; issued and outstanding of 8,026,354 at September 30, 2017 and 7,986,074 shares at December 31, 2016
   
80
     
80
 
Additional paid in capital
   
95,086
     
94,302
 
Retained income
   
26,810
     
21,803
 
Unearned employee stock ownership plan ("ESOP") shares
   
(3,047
)
   
(3,047
)
Accumulated other comprehensive loss
   
(655
)
   
(1,037
)
Total stockholders' equity
   
118,274
     
112,101
 
Total liabilities and stockholders' equity
 
$
943,633
   
$
931,435
 



SUNSHINE BANCORP, INC.
Consolidated Statements of Income (Unaudited)
(Dollars in thousands, except per share amounts)

   
Three months Ended
   
Nine months Ended
 
   
September 30,
   
September 30,
 
   
2017
   
2016
   
2017
   
2016
 
Interest income:
                       
Loans
 
$
8,602
   
$
4,582
   
$
24,817
   
$
12,678
 
Securities
   
446
     
222
     
1,320
     
684
 
Other
   
127
     
43
     
357
     
164
 
Total interest income
   
9,175
     
4,847
     
26,494
     
13,526
 
Interest Expense:
                               
Deposits
   
665
     
349
     
1,785
     
962
 
Borrowed funds
   
262
     
192
     
759
     
372
 
Total interest expense
   
927
     
541
     
2,544
     
1,334
 
Net interest income
   
8,248
     
4,306
     
23,950
     
12,192
 
Provision for loan losses
   
     
     
     
350
 
Net interest income after provision for loan losses
   
8,248
     
4,306
     
23,950
     
11,842
 
Noninterest income:
                               
Fees and service charges on deposit accounts
   
579
     
314
     
1,587
     
952
 
Mortgage Broker Fees
   
65
     
42
     
245
     
112
 
Gain on sale of securities
   
     
77
     
     
208
 
Gain on sale of premise
   
     
     
     
563
 
Income from bank-owned life insurance
   
195
     
97
     
565
     
289
 
Other
   
97
     
139
     
762
     
361
 
          Total noninterest income
   
936
     
669
     
3,159
     
2,485
 
Noninterest expenses:
                               
Salaries and employee benefits
   
3,876
     
2,423
     
11,201
     
7,440
 
Occupancy and equipment
   
691
     
544
     
2,120
     
1,706
 
Data and item processing services
   
649
     
440
     
1,750
     
1,177
 
Professional fees
   
161
     
246
     
628
     
665
 
Advertising and promotion
   
9
     
13
     
23
     
80
 
Stationery and supplies
   
18
     
64
     
123
     
165
 
FDIC Deposit insurance
   
68
     
96
     
245
     
298
 
Merger Related
   
295
     
207
     
295
     
302
 
Other
   
909
     
569
     
2,842
     
1,809
 
Total noninterest expenses
   
6,676
     
4,602
     
19,227
     
13,642
 
Income before income taxes
   
2,508
     
373
     
7,882
     
685
 
Income taxes
   
932
     
129
     
2,875
     
214
 
Net income
 
$
1,576
   
$
244
   
$
5,007
   
$
471
 
                                 
Basic earnings per share
 
$
0.20
   
$
0.05
   
$
0.65
   
$
0.09
 
Diluted earnings per share
 
$
0.20
   
$
0.05
   
$
0.63
   
$
0.09
 



   
Three Month Periods Ended *
 
   
9/30/2017
   
6/30/2017
   
3/31/2017
   
12/31/2016
   
9/30/2016
 
Operating Highlights
 
(Unaudited)
 
Net Income (loss)
 
$
1,576
   
$
1,801
   
$
1,630
   
$
(514
)
 
$
244
 
Net interest income
 
$
8,248
   
$
8,065
   
$
7,637
   
$
6,720
   
$
4,306
 
Provision for loan losses
 
$
   
$
   
$
   
$
   
$
 
Non-Interest Income
 
$
936
   
$
1,148
   
$
1,075
   
$
701
   
$
669
 
Non-Interest Expense
 
$
6,676
   
$
6,438
   
$
6,113
   
$
7,972
   
$
4,602
 
                                         
Financial Condition Data:
                                       
Total Assets
 
$
943,633
   
$
955,885
   
$
956,378
   
$
931,435
   
$
563,992
 
Loans, Net
 
$
701,406
   
$
703,863
   
$
689,656
   
$
683,784
   
$
395,994
 
Deposits:
                                       
Noninterest-bearing demand accounts
 
$
234,351
   
$
238,762
   
$
243,313
   
$
217,418
   
$
85,304
 
Interest-bearing demand and savings accounts
 
$
371,121
     
378,420
     
377,045
     
354,327
     
234,697
 
Time deposits
 
$
143,578
     
158,871
     
150,810
     
158,204
     
118,766
 
Total Deposits
 
$
749,050
   
$
776,053
   
$
771,168
   
$
729,949
   
$
438,767
 
                                         
Selected Ratios
                                       
Net interest margin
   
3.92
%
   
3.86
%
   
3.65
%
   
3.78
%
   
3.53
%
Annualized return on average assets
   
0.7
%
   
0.8
%
   
0.8
%
   
(0.3
%)
   
0.2
%
Annualized return on average equity
   
5.4
%
   
6.3
%
   
5.8
%
   
(2.1
%)
   
1.4
%
                                         
Capital Ratios **
                                       
Total Capital Ratio
   
13.1
%
   
13.4
%
   
12.9
%
   
12.7
%
   
15.8
%
Tier 1 capital ratio
   
12.6
%
   
12.9
%
   
12.4
%
   
12.2
%
   
15.2
%
Common equity tier 1 capital ratio
   
12.6
%
   
12.9
%
   
12.4
%
   
12.2
%
   
15.2
%
Leverage ratio
   
10.4
%
   
10.6
%
   
10.1
%
   
10.0
%
   
13.6
%
                                         
                                         
Asset Quality Ratios
                                       
Non-performing assets
 
$
1,107
   
$
739
   
$
619
   
$
323
   
$
988
 
Non-performing assets to total assets
   
0.12
%
   
0.08
%
   
0.06
%
   
0.03
%
   
0.18
%
Non-performing loans to total loans
   
0.16
%
   
0.10
%
   
0.08
%
   
0.04
%
   
0.24
%
Allowance for loan losses(AFLL)
 
$
3,698
   
$
3,670
   
$
3,643
   
$
3,274
   
$
2,846
 
AFLL to total loans
   
0.52
%
   
0.52
%
   
0.53
%
   
0.47
%
   
0.71
%
AFLL to  non-performing loans
   
334.1
%
   
519.1
%
   
620.6
%
   
1125.1
%
   
297.7
%
                                         
* Dollars in thousands
                                       
** Capital Ratios for Sunshine Bank only
                                       


(Back To Top)