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September 01, 2015 1:29 AM 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

280 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: 57
Total Annual Compensation: $500.0K
Founder and Executive Vice President of Venture Capital Services & Global Treasury Management
Age: 56
Total Annual Compensation: $275.0K
Chief Financial Officer and Executive Vice President
Age: 46
Total Annual Compensation: $258.3K
Executive Vice President of Shared Services
Age: 52
Total Annual Compensation: $249.6K
Executive Vice President of Banking
Age: 48
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 Second Quarter and Six Months Ended June 30, 2015; Reports Impairment Charges for the Second Quarter Ended June 30, 2015; Provides Tax Rate Guidance for the Fiscal Year 2015

Square 1 Financial, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, total interest income $31,593,000 against $25,075,000 a year ago. Net interest income was $31,399,000 against $24,876,000 a year ago. Income before income tax expense was $14,966,000 against $11,498,000 a year ago. Net income available to common shareholders was $9,919,000 against $8,050,000 a year ago. Earnings per diluted share were $0.33 against $0.27 a year ago. Return on average common equity was 12.24% compared to 11.74% a year ago. Return on average assets was 1.14% compared to 1.22% a year ago. Adjusted operating revenue was $39,561,000 against $32,368,000 a year ago. Non-Gaap earnings per diluted share excluding merger costs were $0.36 against $0.27 a year ago. Non-Gaap net interest income (fully tax equivalent basis) was $32,725,000 against $25,863,000 a year ago. Non-Gaap net operating income before taxes was $15,496,000 against $12,617,000 a year ago. For the six months, total interest income $60,994,000 against $47,875,000 a year ago. Net interest income was $60,544,000 against $47,383,000 a year ago. Income before income tax expense was $26,539,000 against $22,597,000 a year ago. Net income available to common shareholders was $18,072,000 against $15,836,000 a year ago. Earnings per diluted share were $0.59 against $0.58 a year ago. Return on average assets was 1.09% against 1.27% a year ago. Return on average common equity was 11.47% against 13.63% a year ago. Tangible book value per share was $10.92 as of June 30, 2015. Non-GAAP earnings per diluted share excluding merger costs were $0.62 against $0.58 a year ago. Non-Gaap net interest income (fully tax equivalent basis) was $63,124,000 against $49,321,000 a year ago. Non-GAAP net operating income before taxes was $28,761,000 against $24,859,000 a year ago. For the quarter, net loan charge-offs were $3,460,000 against $688,000 a year ago or 0.92%, of average loans (annualized) for the second quarter of 2015. Projected annual effective tax rate for 2015 increased to 31.9% from an annual effective tax rate of 31.4% for 2014 due to an increase in the portion of taxable income to nontaxable income.

Square 1 Financial Inc. and PacWest Bancorp Faces Stockholder Class-Action Lawsuit to Block their Proposed Merger

Square 1 Financial Inc. and PacWest Bancorp are facing a stockholder class-action lawsuit seeking to block their proposed merger. The lawsuit filed by David Lakowitz, individually and on behalf of all others similarly situated public stockholders of Square 1 - accuses Square 1's board of breaching their fiduciary duties. It also accuses Square 1 and PacWest Bancorp, for aiding and abetting such. Filed May 6 in the U.S. District Court for the Middle District of North Carolina, the lawsuit claims that the merger consideration fails to adequately compensate Square 1 stockholders, noting Square 1's size, recent financial performance and expectations of continued growth. The plaintiff also noted that the merger consideration is not protected by a collar that would limit the downside risk of a fall in PacWest stock price. He also claims that the proposed merger is ‘the product of a flawed process that was designed to ensure the sale of Square 1 to PacWest on terms preferential to the defendants and other Square 1 insiders’ and which subvert the interests of public stockholders of Square 1.

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.

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Type
Date
Target
Merger/Acquisition
March 2, 2015
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