State Bank Reports First Quarter Financial Results; Core Trends Reflect Progress on Strategic Priorities

News provided by

State Bank Financial Corporation

Apr 30, 2012, 07:00 ET

ATLANTA, April 30, 2012 /PRNewswire/ -- State Bank Financial Corporation (NASDAQ: STBZ) today announced unaudited financial results for the quarter ended March 31, 2012.  Net income for the first quarter was $5.1 million.  Fully diluted earnings per share were $.16 for the quarter. 

"I am very pleased with the core operating trends for the quarter, as we had solid organic loan growth, improved deposit mix, lower cost of funding, better credit trends and lower noninterest expense.  However, the income statement continues to reflect the inherent volatility related to loss share accounting.  Specifically, net income was negatively impacted by a seven million dollar charge to reduce our FDIC indemnification asset as a direct result of lower expected losses in our loans covered by loss share agreements.  Despite short-term earnings noise, I remain extremely satisfied with how we are executing on our strategic plan," said State Bank Chairman and CEO Joe Evans.

Total assets at quarter-end were $2.68 billion, compared to $2.78 billion at the end of the fourth quarter, primarily due to a decrease in the Federal Deposit Insurance Corporation (FDIC) receivable. Total net loans were $1.48 billion, up $35.3 million from the fourth quarter.  Loans not covered by loss share agreements with the FDIC grew $53.6 million in the first quarter of 2012.  At $754.6 million at March 31, 2012, noncovered loans comprised 48.8% of total gross loans.

Total deposits at quarter-end were $2.19 billion, down from $2.30 billion at the end of the fourth quarter. This decrease was the purposeful result of continued active management of higher cost interest-bearing deposits.  Noninterest-bearing deposits grew by $15.8 million, or 5.3%, in the first quarter.  Cost of funds for the quarter was 52 basis points, an eight basis point improvement from the fourth quarter of 2011.    

Tangible book value per share climbed to $12.62 in the first quarter, up $.36, or 2.9% from the fourth quarter.  State Bank Financial Corporation remains well capitalized, finishing the quarter with a leverage ratio of 15.06% and Tier I risk-based capital ratio of 33.29%.

Net interest income was $35.5 million in the first quarter of 2012, down from $41.5 million in the fourth quarter of 2011 largely due to $5.9 million less accretion income on covered loans.  The lower accretion was driven by changing assumptions in our reforecasting of cash flows, specifically the lengthening of the accretion period, rather than negative credit migration trends.     

Provision for loan losses on noncovered loans was $1.5 million in the first quarter, down from $2.9 million in the fourth quarter, the result of continued stable credit quality metrics in that portfolio.  Provision for loan losses on covered loans was a negative $1.3 million in the first quarter, down from $16.8 million provided in the fourth quarter.  This negative provision reflects improved covered loan performance.

Total noninterest income was a negative $3.8 million in the first quarter compared to $18.8 million of total noninterest income in the fourth quarter of 2011.  This significant change was due to several factors.  Total noninterest income in the fourth quarter included $14.9 million in gains on acquisitions.  Accretion of the indemnification asset was $131,000 in the fourth quarter of 2011 compared to a negative $7.0 million of amortization in the first quarter of 2012.  While detrimental to near-term earnings, this change reflects a more positive view of covered loan asset quality, and therefore fewer claims planned to be made to the FDIC.  The amortization of the indemnification asset is linked with increased accretion income on covered loans that are experiencing improving credit quality trends, and such amounts are expected to decline over time unless asset quality trends further improve.

Noninterest expense for the first quarter was $23.2 million, down from $27.2 million in the fourth quarter of 2011 largely due to lower incentive compensation expense, lower net other real estate owned costs and lower costs related to our two October 2011 FDIC-assisted acquisitions.

Detailed Results

Supplemental tables displaying financial results for first quarter 2012 and the previous four quarters are included with this press release.

Conference Call

State Bank Chairman and CEO Joe Evans, Vice Chairman, President and Chief Credit Officer Kim Childers, and Chief Financial Officer Tom Callicutt will discuss financial and business results for the quarter on a conference call today at 11:00 a.m. EDT.  The dial in number is 1.800.670.8085.  Please dial in 10 minutes prior to the start of the call to register. You will be asked to provide your name and affiliation/company to join the call. A replay of the conference call will be available shortly after the call's completion at http://www.snl.com/IRWebLinkX/presentations.aspx?iid=4249236.

About State Bank Financial Corporation and State and Trust Company

State Bank Financial Corporation (NASDAQ: STBZ) is the holding company for State Bank and Trust Company, one of Georgia's best-capitalized banks, with approximately $2.68 billion in assets as of March 31, 2012. State Bank has locations in Metro Atlanta and Middle Georgia. State Bank Financial Corporation is headquartered in Atlanta, Georgia and State Bank and Trust Company is headquartered in Macon, Georgia.

State Bank was named the best performing community bank in the United States for 2011 by SNL Financial LC for banks between $500 million and $5 billion in assets. 

Since 2009 State Bank has been an active acquirer of the assets and deposits of failed banks in Metro Atlanta and Middle Georgia. To date, State Bank has completed 12 transactions facilitated by the Federal Deposit Insurance Corporation.

To learn more about State Bank, visit www.statebt.com.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this news release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans, expectations and benefits of our strategic plan, and are thus prospective.  Such forward-looking statements are subject to risks, uncertainties, and other factors, such as a downturn in the economy, unanticipated losses related to the integration of, and accounting for, acquired assets and assumed liabilities in our FDIC-assisted transactions, access to funding sources, greater than expected noninterest expenses, volatile credit and financial markets both domestic and foreign, potential deterioration in real estate values, regulatory changes and excessive loan losses, any or all of which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements.  Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate.  Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized.  The inclusion of this forward-looking information should not be construed as a representation by our company or any person that future events, plans, or expectations contemplated by our company will be achieved.  We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.


State Bank Financial Corporation

1Q12 Financial Supplement: Table 1

Condensed Consolidated Financial Summary Results

Quarterly (Unaudited)


















1Q12 Change vs

(Dollars in thousands, except per share data)

1Q12

4Q11

3Q11

2Q11

1Q11

4Q11

1Q11

INCOME STATEMENT HIGHLIGHTS





















Total interest income on invested funds

$

3,005

$

3,154

$

3,040

$

2,768

$

2,577

$

(149)

$

428

Interest income on noncovered loans,

   including fees

11,834

12,486

10,096

9,174

6,739

(652)

5,095

Accretion income on covered loans

23,490

29,408

36,938

25,139

25,482

(5,918)

(1,992)

Total interest expense

2,852

3,595

4,603

6,457

7,118

(743)

(4,266)

Net interest income

35,477

41,453

45,471

30,624

27,680

(5,976)

7,797

Provision for loan losses (noncovered loans)

1,535

2,868

1,060

1,593

961

(1,333)

574

Provision for loan losses (covered loans)

(1,283)

16,768

2,815

451

-

(18,051)

(1,283)

Noninterest income

(3,778)

18,783

6,689

7,835

8,064

(22,561)

(11,842)

Noninterest expense

23,213

27,227

21,789

23,094

21,439

(4,014)

1,774

Earnings before income taxes

8,234

13,373

26,496

13,321

13,344

(5,139)

(5,110)

Income tax expense

3,096

4,284

9,392

4,739

5,113

(1,188)

(2,017)

Net earnings

$

5,138

$

9,089

$

17,104

$

8,582

$

8,231

$

(3,951)

$

(3,093)

COMMON STOCK DATA





















Basic earnings per share

$

.16

$

.29

$

.54

$

.27

$

.26

$

(.13)

$

(.10)

Diluted earnings per share

.16

.28

.53

.26

.25

(.12)

(.09)

Book value per share at period end

12.88

12.52

12.27

11.85

11.62

.36

1.25

Tangible book value per share at period end

12.62

12.26

12.00

11.57

11.34

.36

1.28

Market price at period end

17.51

15.11

12.62

16.37

16.90

2.40

.61

Period end shares outstanding

31,721,236

31,721,236

31,721,236

31,611,581

31,610,904

-

110,332

Weighted average shares outstanding:





















Basic

31,611,603

31,611,581

31,611,581

31,611,358

31,610,904

22

699

Diluted

32,777,121

32,586,069

32,413,101

32,717,755

32,622,623

191,052

154,498

AVERAGE BALANCE SHEET

   HIGHLIGHTS





















Noncovered loans, net of unearned income

$

722,908

$

709,071

$

601,610

$

499,463

$

405,635

$

13,837

$

317,273

Covered loans

806,508

818,901

768,878

825,879

890,107

(12,393)

(83,599)

Loans, net of unearned income

1,529,416

1,527,972

1,370,488

1,325,342

1,295,742

1,444

233,674

Assets

2,660,418

2,857,643

2,711,296

2,720,112

2,729,885

(197,225)

(69,467)

Deposits

2,203,564

2,404,501

2,298,343

2,306,532

2,317,500

(200,937)

(113,936)

Liabilities

2,253,317

2,461,147

2,332,119

2,348,973

2,365,361

(207,830)

(112,044)

Equity 

407,101

396,496

379,177

371,139

364,524

10,605

42,577

Tangible common equity

398,751

387,784

370,545

362,274

355,407

10,967

43,344

KEY METRICS





















Return on average assets

.78

%

1.26

%

2.50

%

1.27

%

1.22

%

(.48)

%

(.44)

%

Return on average equity

5.08

9.09

17.90

9.27

9.16

(4.01)

(4.08)

Yield on earning assets

7.60

8.37

9.36

7.27

7.09

(.77)

.51

Cost of funds

.52

.60

.79

1.12

1.24

(.08)

(.72)

Rate on interest-bearing liabilities

.60

.69

.89

1.25

1.38

(.09)

(.78)

Net interest margin

7.03

7.70

8.50

6.00

5.65

(.67)

1.38

Average equity to average assets

15.30

13.87

13.99

13.64

13.35

1.43

1.95

Leverage ratio

15.06

13.76

14.16

13.49

13.16

1.30

1.90

Tier I risk-based capital ratio

33.29

35.70

33.78

34.80

39.24

(2.41)

(5.95)

Total risk-based capital ratio

34.60

37.02

35.03

35.46

39.93

(2.42)

(5.33)

Efficiency ratio

73.10

45.15

41.73

59.96

59.89

27.95

13.21

Average loans to average deposits

68.94

63.55

59.63

57.46

55.91

5.39

13.03

Noninterest-bearing deposits to total deposits

14.30

12.93

11.70

10.85

10.12

1.37

4.18

Nonperforming loans to total noncovered

   loans (1):

.52

.31

.36

.64

1.23

.21

(.71)

Nonperforming assets to loans + ORE:





















Noncovered

.64

.48

.52

.77

1.25

.16

(.61)

Covered

7.43

9.42

10.95

11.21

12.82

(1.99)

(5.39)
























(1) The ratio of nonperforming covered loans to total covered loans is not presented, as there are no covered loans classified as nonperforming.

































State Bank Financial Corporation





















1Q12 Financial Supplement: Table 2





















Condensed Consolidated Balance Sheet  





















Quarterly (Unaudited)






































1Q12 Change vs

(Dollars in thousands)

1Q12

 4Q11 

 3Q11 

 2Q11 

 1Q11 

4Q11

1Q11

Assets





















Cash and amounts due from depository

   institutions

$

11,287

$

13,747

$

8,237

$

9,181

$

10,371

$

(2,460)

$

916

Interest-bearing deposits in other financial

   institutions

199,031

206,785

353,760

363,309

292,145

(7,754)

(93,114)

Cash and cash equivalents

210,318

220,532

361,997

372,490

302,516

(10,214)

(92,198)

Investment securities available for sale

322,832

349,929

350,225

349,387

385,637

(27,097)

(62,805)

Federal Home Loan Bank stock

8,802

8,802

8,882

10,604

14,142

-

(5,340)

Loans receivable:





















Noncovered under FDIC loss share agreements

754,635

701,029

650,312

546,154

412,998

53,606

341,637

Covered under FDIC loss share agreements, net

792,158

812,154

770,102

814,361

891,190

(19,996)

(99,032)

Allowance for loan losses (noncovered loans)

(11,681)

(10,207)

(7,670)

(6,914)

(6,214)

(1,474)

(5,467)

Allowance for loan losses (covered loans)

(56,087)

(59,277)

(14,075)

-

-

3,190

(56,087)

Net loans

1,479,025

1,443,699

1,398,669

1,353,601

1,297,974

35,326

181,051

Mortgage loans held for sale

3,719

6,229

1,661

2,516

859

(2,510)

2,860

Other real estate owned:





















Noncovered under FDIC loss share agreements

957

1,210

1,072

738

75

(253)

882

Covered under FDIC loss share agreements

63,572

84,496

94,647

102,822

131,074

(20,924)

(67,502)

Premises and equipment, net

36,971

36,760

36,832

35,741

32,157

211

4,814

Goodwill

6,562

6,562

6,562

6,562

6,562

-

-

Core deposit intangible, net

1,636

1,882

1,925

2,161

2,408

(246)

(772)

FDIC receivable for loss share agreements, net

460,593

529,440

358,096

468,361

457,608

(68,847)

2,985

Other assets

81,661

86,793

54,792

61,298

57,736

(5,132)

23,925

Total assets

$

2,676,648

$

2,776,334

$

2,675,360

$

2,766,281

$

2,688,748

$

(99,686)

$

(12,100)

Liabilities and Shareholders' Equity





















Noninterest-bearing deposits

$

312,967

$

297,188

$

262,331

$

256,087

$

229,817

$

15,779

$

83,150

Interest-bearing deposits

1,875,908

2,001,277

1,980,652

2,103,343

2,040,048

(125,369)

(164,140)

Total deposits

2,188,875

2,298,465

2,242,983

2,359,430

2,269,865

(109,590)

(80,990)

Securities sold under agreements to repurchase

1,421

4,749

6,145

4,831

5,371

(3,328)

(3,950)

Notes payable

2,535

2,539

2,542

2,546

2,552

(4)

(17)

Other liabilities

75,314

73,293

34,559

24,868

43,507

2,021

31,807

Total liabilities

2,268,145

2,379,046

2,286,229

2,391,675

2,321,295

(110,901)

(53,150)

Total shareholders' equity

408,503

397,288

389,131

374,606

367,453

11,215

41,050

Total liabilities and shareholders' equity

$

2,676,648

$

2,776,334

$

2,675,360

$

2,766,281

$

2,688,748

$

(99,686)

$

(12,100)

Capital Ratios





















Average equity to average assets

15.30

%

13.87

%

13.99

%

13.64

%

13.35

%

1.43

%

1.95

%

Leverage ratio

15.06

13.76

14.16

13.49

13.16

1.30

1.90

Tier I risk-based capital ratio

33.29

35.70

33.78

34.80

39.24

(2.41)

(5.95)

Total risk-based capital ratio

34.60

37.02

35.03

35.46

39.93

(2.42)

(5.33)
























State Bank Financial Corporation





















1Q12 Financial Supplement: Table 3





















Condensed Consolidated Income Statement    


















Quarterly (Unaudited)



































1Q12 Change vs

(Dollars in thousands, except per share data)

1Q12

4Q11

3Q11

2Q11

1Q11

4Q11

1Q11

Total interest income on invested funds

$

3,005

$

3,154

$

3,040

$

2,768

$

2,577

$

(149)

$

428

Interest income on noncovered loans, including

   fees

11,834

12,486

10,096

9,174

6,739

(652)

5,095

Accretion income on covered loans

23,490

29,408

36,938

25,139

25,482

(5,918)

(1,992)

Total interest expense

2,852

3,595

4,603

6,457

7,118

(743)

(4,266)

Net interest income

35,477

41,453

45,471

30,624

27,680

(5,976)

7,797

Provision for loan losses (noncovered loans)

1,535

2,868

1,060

1,593

961

(1,333)

574

Provision for loan losses (covered loans)

(1,283)

16,768

2,815

451

-

(18,051)

(1,283)

Net interest income after provision for loan

   losses

35,225

21,817

41,596

28,580

26,719

13,408

8,506

Noninterest income:





















Accretion (amortization) of FDIC receivable for

   loss share agreements

(7,001)

131

1,775

3,722

4,973

(7,132)

(11,974)

Service charges on deposits

1,212

1,370

1,383

1,435

1,413

(158)

(201)

Mortgage banking income

302

349

260

228

157

(47)

145

Gain (loss) on sale of investment securities

93

(20)

(31)

-

(3)

113

96

Gains on FHLB stock redemptions

-

772

574

1,132

-

(772)

-

Gains on acquisitions

-

14,890

-

-

-

(14,890)

-

ATM income

585

551

525

541

488

34

97

Other

1,031

740

2,203

777

1,036

291

(5)

Total noninterest income

(3,778)

18,783

6,689

7,835

8,064

(22,561)

(11,842)

Noninterest expense:





















Salaries and employee benefits

12,963

14,333

12,293

11,895

11,677

(1,370)

1,286

Occupancy and equipment

2,457

2,795

2,008

1,997

1,892

(338)

565

Legal and professional fees

1,517

1,342

1,758

1,574

1,843

175

(326)

Marketing

264

935

844

936

760

(671)

(496)

Federal insurance premiums and other regulatory

   fees

418

193

(33)

1,210

649

225

(231)

Net cost of operations of other real estate owned

2,078

4,322

1,998

2,485

1,930

(2,244)

148

Data processing

1,864

1,387

1,285

1,165

951

477

913

Core deposit intangible amortization expense

245

241

236

247

224

4

21

Other

1,407

1,679

1,400

1,585

1,513

(272)

(106)

Total noninterest expense

23,213

27,227

21,789

23,094

21,439

(4,014)

1,774

Income before income taxes

8,234

13,373

26,496

13,321

13,344

(5,139)

(5,110)

Income tax expense

3,096

4,284

9,392

4,739

5,113

(1,188)

(2,017)

Net income

$

5,138

$

9,089

$

17,104

$

8,582

$

8,231

$

(3,951)

$

(3,093)

Basic earnings per share

$

.16

$

.29

$

.54

$

.27

$

.26

$

(.13)

$

(.10)

Diluted earnings per share

.16

.28

.53

.26

.25

(.12)

(.09)

Weighted average common shares outstanding:





















Basic

31,611,603

31,611,581

31,611,581

31,611,358

31,610,904

22

699

Diluted

32,777,121

32,586,069

32,413,101

32,717,755

32,622,623

191,052

154,498
























State Bank Financial Corporation













1Q12 Financial Supplement: Table 4













Condensed Consolidated Composition of Loans and Deposits     













Quarterly (Unaudited)






































1Q12 Change vs

(Dollars in thousands)

1Q12

4Q11

3Q11

2Q11

1Q11

4Q11

1Q11

Composition of Loans





















Noncovered loans:





















Construction, land & land development

$

197,840

$

162,382

$

139,433

$

112,846

$

90,257

$

35,458

$

107,583

Other commercial real estate

321,905

307,814

292,559

274,153

198,690

14,091

123,215

Total commercial real estate

519,745

470,196

431,992

386,999

288,947

49,549

230,798

Commercial & industrial

36,235

35,817

36,253

40,754

37,077

418

(842)

Owner-occupied real estate

143,469

139,128

124,885

69,612

48,679

4,341

94,790

Total commercial & industrial

179,704

174,945

161,138

110,366

85,756

4,759

93,948

Residential real estate

33,971

33,738

29,293

26,510

23,298

233

10,673

Consumer & other

21,215

22,150

27,889

22,279

14,997

(935)

6,218

   Total noncovered loans

754,635

701,029

650,312

546,154

412,998

53,606

341,637

Covered loans:





















Construction, land & land development

190,489

190,110

184,242

202,420

244,949

379

(54,460)

Other commercial real estate

229,964

233,575

229,548

233,557

166,868

(3,611)

63,096

Total commercial real estate

420,453

423,685

413,790

435,977

411,817

(3,232)

8,636

Commercial & industrial

34,507

38,174

39,855

49,277

71,131

(3,667)

(36,624)

Owner-occupied real estate

137,302

143,523

118,324

126,603

201,901

(6,221)

(64,599)

Total commercial & industrial

171,809

181,697

158,179

175,880

273,032

(9,888)

(101,223)

Residential real estate

183,174

189,109

182,021

189,695

189,267

(5,935)

(6,093)

Consumer & other

16,722

17,663

16,112

12,809

17,074

(941)

(352)

Total covered loans

792,158

812,154

770,102

814,361

891,190

(19,996)

(99,032)

Total Loans

$

1,546,793

$

1,513,183

$

1,420,414

$

1,360,515

$

1,304,188

$

33,610

$

242,605

Composition of Deposits





















Noninterest-bearing demand deposits

$

312,967

$

297,188

$

262,331

$

256,087

$

229,817

$

15,779

$

83,150

Interest-bearing transaction accounts

316,738

359,020

286,130

278,184

244,419

(42,282)

72,319

Savings and money market accounts

1,103,151

1,140,552

1,234,359

1,323,414

1,248,126

(37,401)

(144,975)

Time deposits less than $100,000

249,047

274,415

245,377

272,250

298,633

(25,368)

(49,586)

Time deposits $100,000 or greater

196,197

213,200

198,790

210,861

226,373

(17,003)

(30,176)

Brokered and wholesale time deposits

10,775

14,090

15,996

18,634

22,497

(3,315)

(11,722)

Total deposits

$

2,188,875

$

2,298,465

$

2,242,983

$

2,359,430

$

2,269,865

$

(109,590)

$

(80,990)
























State Bank Financial Corporation





















1Q12 Financial Supplement: Table 5





















Condensed Consolidated Asset Quality Data    





















Quarterly (Unaudited)






































1Q12 Change vs

(Dollars in thousands)

1Q12

4Q11

3Q11

2Q11

1Q11

4Q11

1Q11

Nonperforming noncovered assets:





















Nonaccrual loans

$

3,561

$

1,905

$

2,088

$

3,478

$

5,099

$

1,656

$

(1,538)

Troubled debt restructurings

335

256

259

-

-

79

335

Total nonperforming noncovered loans

3,896

2,161

2,347

3,478

5,099

1,735

(1,203)

Other real estate owned  

957

1,210

1,072

738

75

(253)

882

Total nonperforming noncovered assets

4,853

3,371

3,419

4,216

5,174

1,482

(321)

Nonperforming covered assets:





















Other real estate owned  (1)

$

63,572

$

84,496

$

94,647

$

102,822

$

131,074

$

(20,924)

$

(67,502)

Noncovered assets:





















Year-to-date charge-offs

$

68

$

1,744

$

1,390

$

1,077

$

98

$

(1,676)

$

(30)

Year-to-date recoveries

7

118

95

86

-

(111)

7

Year-to-date net charge-offs

$

61

$

1,626

$

1,295

$

991

$

98

$

(1,565)

$

(37)

Annualized YTD net charge-offs to

   average total noncovered loans

.03

%

.23

%

.29

%

.40

%

.10

%

(.20)

%

(.07)

%

Ratios:





















Nonperforming loans to total noncovered loans (2):

.52

%

.31

%

.36

%

.64

%

1.23

%

.21

%

(.71)

%

Nonperforming assets to loans + ORE:





















Noncovered

.64

.48

.52

.77

1.25

.16

(.61)

Covered

7.43

9.42

10.95

11.21

12.82

(1.99)

(5.39)

Allowance for loan losses to loans:





















Noncovered

1.55

1.46

1.18

1.27

1.50

.09

.05

Covered

7.08

7.30

1.83

-

-

(.22)

7.08























(1)  Total nonperforming assets for covered assets consist of other real estate only. There are no covered loans classified as nonperforming. 






(2)  The ratio of nonperforming loans to total loans is disclosed for noncovered loans only because there are no covered loans classified as nonperforming.






























State Bank Financial Corporation





















1Q12 Financial Supplement: Table 6





















Condensed Consolidated Average Balances and Yield Analysis


















Quarterly (Unaudited)






































1Q12 Change vs

(Dollars in thousands)

1Q12

4Q11

3Q11

2Q11

1Q11

4Q11

1Q11

Selected Average Balances





















Interest-bearing deposits in other

   financial institutions

$

158,949

$

261,853

$

389,013

$

340,966

$

282,665

$

(102,904)

$

(123,716)

Taxable investment securities

333,661

365,388

353,426

373,404

403,649

(31,727)

(69,988)

Nontaxable investment securities, tax

   equivalent basis

10,199

11,267

11,823

10,540

10,291

(1,068)

(92)

Noncovered loans receivable (1)

722,908

709,071

601,610

499,463

405,635

13,837

317,273

Covered loans receivable

806,508

818,901

768,878

825,879

890,107

(12,393)

(83,599)

   Total earning assets

2,032,225

2,166,480

2,124,750

2,050,252

1,992,347

(134,255)

39,878

   Total nonearning assets

628,193

691,163

586,546

669,860

737,538

(62,970)

(109,345)

   Total assets

2,660,418

2,857,643

2,711,296

2,720,112

2,729,885

(197,225)

(69,467)

Interest-bearing transaction accounts

310,662

309,991

268,364

235,218

244,476

671

66,186

Savings & money market deposits

1,115,877

1,204,433

1,294,561

1,301,519

1,267,305

(88,556)

(151,428)

Time deposits less than $100,000

262,116

322,617

258,196

294,247

325,471

(60,501)

(63,355)

Time deposits $100,000 or greater

214,205

261,114

216,408

234,893

249,261

(46,909)

(35,056)

FHLB advances

-

4,566

-

-

-

(4,566)

-

Notes payable

2,537

2,541

2,545

2,550

2,557

(4)

(20)

Securities sold under agreements to

   repurchase

3,564

4,030

4,098

2,345

3,576

(466)

(12)

   Total interest-bearing liabilities

1,908,961

2,109,292

2,044,172

2,070,772

2,092,646

(200,331)

(183,685)

Noninterest-bearing demand deposits

300,704

306,346

260,814

240,655

230,987

(5,642)

69,717

Other liabilities

43,652

45,509

27,133

37,546

41,728

(1,857)

1,924

Total shareholders' equity

407,101

396,496

379,177

371,139

364,524

10,605

42,577

Net Interest Margins (2)





















Interest-earning assets

.26

%

.32

%

.25

%

.22

%

.28

%

(.06)

%

(.02)

%

Taxable investment securities

3.37

3.07

3.02

2.67

2.29

.30

1.08

Nontaxable investment securities, tax

   equivalent basis (3)

6.31

6.59

5.77

6.05

6.19

(.28)

.12

Noncovered loans receivable

6.58

6.99

6.66

7.37

6.74

(.41)

(.16)

Covered loans receivable

11.71

14.57

19.06

12.21

11.61

(2.86)

.10

   Total earning assets

7.60

8.37

9.36

7.27

7.09

(.77)

.51

Interest-bearing transaction accounts

.13

.12

.21

.26

.31

.01

(.18)

Savings & money market deposits

.50

.54

.71

1.02

1.18

(.04)

(.68)

Time deposits less than $100,000

1.12

1.17

1.75

2.21

2.22

(.05)

(1.10)

Time deposits $100,000 or greater

1.08

1.38

1.77

2.22

2.26

(.30)

(1.18)

FHLB advances

-

.94

-

-

-

(.94)

-

Notes payable

8.72

8.39

8.73

9.75

11.42

.33

(2.70)

Securities sold under agreements to

   repurchase

.11

.27

.10

.17

1.47

(.16)

(1.36)

   Total interest-bearing liabilities

.60

.69

.89

1.25

1.38

(.09)

(.78)

   Net interest spread

7.00

7.68

8.47

6.02

5.71

(.68)

1.29

   Net interest margin

7.03

7.70

8.50

6.00

5.65

(.67)

1.38























(1) Includes nonaccruing loans.





















(2) Annualized for the applicable period.





















(3) Reflects taxable equivalent adjustments using the statutory tax rate of 35% in adjusting interest on tax-exempt securities to fully taxable basis. The taxable equivalent






      adjustments included above amount to $56 for 1Q12, $65 for 4Q11, $60 for 3Q11, $56 for 2Q11, and $55 for 1Q11.




































SOURCE State Bank Financial Corporation

21%

more press release views with 
Request a Demo