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May 03, 2015 7:27 PM ET

Banks

Company Overview of Square 1 Financial, Inc.

Company Overview

Square 1 Financial, Inc. operates as the holding company for Square 1 Bank that provides a range of banking and financial products and services to the entrepreneurial community, and venture capital and private equity firms in the United States. The company’s deposit products include checking, money market and certificates of deposit. It also offers commercial lending products, including commercial loans, revolving lines of credit, equipment loans, asset-based loans, credit cards, and capital call loans; and real estate secured, government-guaranteed, and construction loans. In addition, the company provides investment products, foreign exchange, bill pay, wires, ACH, letters of credit, and l...

406 Blackwell Street

Suite 240

Durham, NC 27701

United States

Founded in 2004

270 Employees

Phone:

866-355-0468

Key Executives for Square 1 Financial, Inc.

Chief Executive Officer, President, Director, Chairman of Square 1 Bank, Chief Executive Officer of Square 1 Bank and President of Square 1 Bank
Age: 56
Total Annual Compensation: $500.0K
Founder and Executive Vice President of Venture Capital Services & Global Treasury Management
Age: 55
Total Annual Compensation: $275.0K
Chief Financial Officer and Executive Vice President
Age: 45
Total Annual Compensation: $258.3K
Executive Vice President of Shared Services
Age: 51
Total Annual Compensation: $249.6K
Executive Vice President of Banking
Age: 47
Total Annual Compensation: $223.6K
Compensation as of Fiscal Year 2014.

Square 1 Financial, Inc. Key Developments

Square 1 Financial, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015

Square 1 Financial, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported net income of $8,153,000 or $0.27 diluted per share against $7,848,000 or $0.31 diluted per share for the same period a year ago. Total interest income was $29,401,000 against $22,800,000 for the same period a year ago. GAAP income before taxes was $11,573,000 against $11,099,000 for the same period a year ago. Non-GAAP net operating income before taxes was $13,265,000 against $12,241,000 for the same period a year ago.

Square 1 Financial Mulls Acquisition

Square 1 Financial, Inc. (NasdaqGS:SQBK) is seeking acquisition. Square 1 Financial, said in Sec Form 10 K, “The capital plan, approved annually by the Board of Directors, considers capital needs for the foreseeable future and allocates capital to both existing and future business activities. Expected future use or activities for which capital may be set aside include balance sheet growth and associated relative increases in market or credit exposure, investment activity, potential product and business expansions, acquisitions and strategic or infrastructure investments.”

Square 1 Financial, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Net Charge Offs for the Fourth Quarter Ended December 31, 2014

Square 1 Financial, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported total interest income of $29,748,000 against $22,588,000 a year ago. Net interest income was $29,583,000 against $22,241,000 a year ago. Income before income tax expense was $14,225,000 against $10,135,000 a year ago. Net income available to common shareholders was $9,532,000 against $6,880,000 a year ago. Diluted earnings per share were $0.32 against $0.29 a year ago. GAAP income before taxes was $14,225,000 against $10,135,000 a year ago. Non-GAAP net operating income before taxes was $15,658,000 against $11,420,000 a year ago. Non-GAAP net interest income (fully tax equivalent basis) was $30,753,000 against $23,170,000 a year ago. Return on average assets was 1.25% against 1.15% a year ago. Return on average common equity was 12.57% against 14.95% a year ago. For the full year, the company reported total interest income of $104,581,000 against $77,662,000 a year ago. Net interest income was $103,774,000 against $76,334,000 a year ago. Income before income tax expense was $49,826,000 against $34,421,000 a year ago. Net income available to common shareholders was $34,120,000 against $22,133,000 a year ago. Diluted earnings per share were $1.18 against $0.93 a year ago. GAAP income before taxes was $49,826,000 against $32,421,000 a year ago. Non-GAAP net operating income before taxes was $54,993,000 against $36,092,000 a year ago. Non-GAAP net interest income (fully tax equivalent basis) was $107,942,000 against $79,404,000 a year ago. Book value per common share was $10.48 against $7.80 a year ago. Tangible book value per common share was $10.47 against $7.77 a year ago. Return on average assets was 1.25% against 1.06% a year ago. Return on average common equity was 12.88% against 12.44% a year ago. For the quarter, the company reported net charge offs of $3,910,000 against $3,674,000 a year ago.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
March 2, 2015
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