NasdaqGS:CSFL

Stock Analysis Report

Executive Summary

CenterState Bank Corporation operates as the holding company for CenterState Bank, N.A.


Snowflake Analysis

Flawless balance sheet established dividend payer.


Similar Companies

Share Price & News

How has CenterState Bank's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: CSFL has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-0.4%

CSFL

-1.2%

US Banks

-1.1%

US Market


1 Year Return

-10.9%

CSFL

10.3%

US Banks

17.9%

US Market

Return vs Industry: CSFL underperformed the US Banks industry which returned 10.3% over the past year.

Return vs Market: CSFL underperformed the US Market which returned 17.9% over the past year.


Shareholder returns

CSFLIndustryMarket
7 Day-0.4%-1.2%-1.1%
30 Day1.4%-0.3%1.4%
90 Day-7.3%-0.9%6.9%
1 Year-9.2%-10.9%13.5%10.3%20.3%17.9%
3 Year-1.7%-5.5%24.0%15.1%47.8%38.3%
5 Year112.9%101.7%73.8%54.1%71.9%53.0%

Price Volatility Vs. Market

How volatile is CenterState Bank's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is CenterState Bank undervalued compared to its fair value and its price relative to the market?

37.9%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: CSFL ($23.66) is trading below our estimate of fair value ($38.11)

Significantly Below Fair Value: CSFL is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: CSFL is poor value based on its PE Ratio (12.6x) compared to the Banks industry average (12.6x).

PE vs Market: CSFL is good value based on its PE Ratio (12.6x) compared to the US market (18.2x).


Price to Earnings Growth Ratio

PEG Ratio: CSFL is poor value based on its PEG Ratio (1.6x)


Price to Book Ratio

PB vs Industry: CSFL is good value based on its PB Ratio (1x) compared to the US Banks industry average (1.2x).


Next Steps

Future Growth

How is CenterState Bank forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

7.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CSFL's forecast earnings growth (7.8% per year) is above the savings rate (1.7%).

Earnings vs Market: CSFL's earnings (7.8% per year) are forecast to grow slower than the US market (14.1% per year).

High Growth Earnings: CSFL's earnings are forecast to grow, but not significantly.

Revenue vs Market: CSFL's revenue (4.4% per year) is forecast to grow slower than the US market (7.6% per year).

High Growth Revenue: CSFL's revenue (4.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: CSFL's Return on Equity is forecast to be low in 3 years time (8.4%).


Next Steps

Past Performance

How has CenterState Bank performed over the past 5 years?

46.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: CSFL has high quality earnings.

Growing Profit Margin: CSFL's current net profit margins (30.4%) are lower than last year (30.7%).


Past Earnings Growth Analysis

Earnings Trend: CSFL's earnings have grown significantly by 46.7% per year over the past 5 years.

Accelerating Growth: CSFL's earnings growth over the past year (44.1%) is below its 5-year average (46.7% per year).

Earnings vs Industry: CSFL earnings growth over the past year (44.1%) exceeded the Banks industry 12.2%.


Return on Equity

High ROE: CSFL's Return on Equity (7.8%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is CenterState Bank's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: CSFL has a low level of unsold assets or inventory.

Debt Coverage by Assets: CSFL's debt is not covered by short term assets (assets are 1x debt).


Financial Institutions Analysis

Asset Level: CSFL's level of assets compared to its equity is low.

Allowance for Bad Loans: CSFL has a sufficient allowance for bad loans.

Low Risk Liabilities: CSFL's liabilities are made up of primarily low risk sources of funding.

Loan Level: CSFL has an acceptable proportion of non-loan assets held.

Low Risk Deposits: CSFL's loans are broadly funded by customer deposits.

Level of Bad Loans: CSFL has an appropriate level of bad loans (0.32%)


Next Steps

Dividend

What is CenterState Bank's current dividend yield, its reliability and sustainability?

2.37%

Current Dividend Yield


Dividend Yield vs Market

company2.4%marketbottom25%1.4%markettop25%3.7%industryaverage2.9%forecastin3Years2.7%

Current dividend yield vs market & industry

Notable Dividend: CSFL's dividend (2.37%) is higher than the bottom 25% of dividend payers in the US market (1.45%).

High Dividend: CSFL's dividend (2.37%) is low compared to the top 25% of dividend payers in the US market (3.73%).


Stability and Growth of Payments

Stable Dividend: CSFL's dividends per share have been stable in the past 10 years.

Growing Dividend: CSFL's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (23.4%), CSFL's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: CSFL's dividends in 3 years are forecast to be well covered by earnings (31.3% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

2.8yrs

Average management tenure


CEO

John Corbett (50yo)

4.6yrs

Tenure

US$2,443,374

Compensation

Mr. John C. Corbett has been the Chief Executive Officer and President of CenterState Bank Corporation since July 20, 2015. Mr. Corbett has been the Chief Executive Officer and President of Centerstate Ban ...


CEO Compensation Analysis

Compensation vs Market: John's total compensation ($USD2.44M) is below average for companies of similar size in the US market ($USD4.87M).

Compensation vs Earnings: John's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
John Corbett
President4.6yrsUS$2.44m0.082% $2.4m
Stephen Young
Executive VP & COO3.8yrsUS$1.35m0.045% $1.3m
Jennifer Idell
Executive VP & Chief Administrative Officer0.8yrsUS$790.34k0.012% $358.1k
William Matthews
CFO & Executive VP0.8yrsno data0.073% $2.2m
Beth DeSimone
Chief Risk Officer2.8yrsno data0.0026% $77.0k
Daniel Bockhorst
Executive VP & Chief Credit Officer2.1yrsUS$766.61k0.037% $1.1m
Ed Kofman
Managing Director To Head The Loan Trading & Hedge Desk6yrsno datano data
Shaun Merriman
President of West Florida Region0yrsno datano data
Nathan Goodnight
Senior Vice President of the Correspondent Division2.4yrsno datano data
Jerry Ball
CEO & President of Valrico State Bank23.1yrsno datano data

2.8yrs

Average Tenure

54yo

Average Age

Experienced Management: CSFL's management team is considered experienced (2.8 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
John Corbett
President4.6yrsUS$2.44m0.082% $2.4m
Thomas Oakley
Independent Director18.1yrsUS$71.42k0.17% $4.9m
Ernest Pinner
Non-Executive Chairman of the Board16.1yrsUS$1.12m0.18% $5.4m
James Bingham
Independent Director21.1yrsUS$89.72k0.094% $2.8m
Griffin Greene
Independent Director7.8yrsUS$81.22k0.050% $1.5m
Charles McPherson
Vice Chairman & Independent Lead Director0yrsUS$89.87k0.028% $840.8k
George Nunez
Independent Director16.1yrsUS$104.62k0.013% $380.3k
Michael Ciferri
Independent Director6yrsUS$80.17k0.25% $7.4m
Charles Carlton
Independent Director11.8yrsUS$76.62k0.14% $4.1m
Mark Thompson
Director2.1yrsUS$820.30k0.020% $591.7k

11.8yrs

Average Tenure

67.5yo

Average Age

Experienced Board: CSFL's board of directors are seasoned and experienced ( 11.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: CSFL insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 36.6%.


Top Shareholders

Company Information

CenterState Bank Corporation's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: CenterState Bank Corporation
  • Ticker: CSFL
  • Exchange: NasdaqGS
  • Founded: 1999
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: US$2.962b
  • Shares outstanding: 125.17m
  • Website: https://www.centerstatebank.com

Number of Employees


Location

  • CenterState Bank Corporation
  • 1101 First Street South
  • Suite 202
  • Winter Haven
  • Florida
  • 33880
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CSFLNasdaqGS (Nasdaq Global Select)YesCommon StockUSUSDJan 2001

Biography

CenterState Bank Corporation operates as the holding company for CenterState Bank, N.A. that provides various consumer and commercial banking services to individuals, businesses, and industries. The company accepts various deposit products, such as savings, demand, negotiable order of withdrawal, and money market deposit accounts, as well as certificates of deposit and time deposits. Its loan products include real estate loans to individuals and businesses for the purchase, improvement of, or investment in real estate; construction of single-family residential and commercial units; and development of single-family residential building lots. The company’s loan products also comprise commercial loans to small-to-medium sized businesses for working capital, equipment purchases, and various other business purposes; and consumer loans consisting of loans to individuals for various consumer purposes, as well as business purpose loans. It also offers mutual funds, annuities, and other investment products. In addition, the company sells fixed income securities; and provides hedging, loan brokerage, correspondent bank deposits, safe-keeping, bond accounting, asset/liability consulting, international wires, clearing and corporate checking account, and other correspondent banking related services. As of December 31, 2018, it operated 126 full service banking offices throughout Florida, Georgia, and Alabama; 1 loan production office in Florida; and 1 loan production office in Macon, Georgia. The company was formerly known as CenterState Banks, Inc. and changed its name to CenterState Bank Corporation in September 2017. CenterState Bank Corporation was founded in 1999 and is headquartered in Winter Haven, Florida. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/23 00:04
End of Day Share Price2020/02/21 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.