Attached files
| file | filename |
|---|---|
| 8-K - 8-K - STATE BANK FINANCIAL CORP | a12-4283_18k.htm |
Exhibit 99.1
Media Contact: David Rubinger 404.502.1240 / david@rubinger.com
Investor Relations Contact: David Black 404.266.4490 / david.black@statebt.com
State Bank Reports 2011 Net Income of $43 Million
ATLANTA, February 6, 2012 — State Bank Financial Corporation (NASDAQ: STBZ) today announced unaudited financial results for the quarter ended December 31, 2011 and the full year 2011. Net income for the fourth quarter was $9.1 million, bringing the full year 2011 net income to $43.0 million. Fully diluted earnings per share were $.28 for the quarter and $1.32 for the full year 2011.
“I am very pleased with the progress we made on strategic priorities in 2011. Our focus on lending in the communities we serve and growing core deposit relationships is clearly reflected in our financials. Results for the last two quarters of 2011 reflect some of the inherent volatility related to loss share accounting, but come together nicely to close out a really successful year,” said State Bank Chairman and CEO Joe Evans.
Loans not covered by loss share agreements with the Federal Deposit Insurance Corporation (FDIC) grew $50.7 million in the fourth quarter of 2011, and $358.2 million for the full year, in a challenging economic environment for organic loan growth. Noncovered loans comprised 48.6 percent of the total net loans at year end, up from 26.9 percent at December 31, 2010. Total assets at year-end 2011 were $2.75 billion.
Through growing noninterest-bearing deposits and actively managing interest-bearing deposits, State Bank’s cost of funds in the fourth quarter of 2011 was 60 basis points, a 19 basis point improvement from the third quarter and an 81 basis point improvement from the fourth quarter of 2010. Total deposits at year-end 2011 were $2.30 billion.
Tangible book value per share climbed $.26 in the quarter to $12.26 as of December 31, 2011. Shareholders’ equity at year-end was $397.3 million, and capital ratios remain strong, with the leverage ratio at 13.8 percent and total capital to risk weighted assets at 37.0 percent.
Also in the fourth quarter of 2011, State Bank and Trust Company, a wholly owned subsidiary of State Bank Financial Corporation, acquired substantially all of the assets and deposits of Piedmont Community Bank and Community Capital Bank in transactions facilitated by the FDIC.
Net interest income was $41.5 million in the fourth quarter of 2011, down from $45.5 million in the third quarter largely due to $7.5 million less accretion income on covered loans, which was partially offset by $2.4 million higher interest income on noncovered loans.
Interest expense was $3.6 million in the fourth quarter, down $1.0 million from the third quarter, a direct result of the company’s lower cost of funds, and despite growing total deposits $55.5 million in the fourth quarter.
Provision for loan losses on covered loans was $16.8 million in the fourth quarter, up from $2.8 million in the third quarter. This increase was primarily the result of revising the cash flow forecasts for loans secured by underperforming commercial real estate, subdivision lots and raw land with the benefit of the experience gained through the liquidation of more than $100 million of foreclosed properties in 2011. Observing that the actual sales in these property classes have been taking place at deeper discounts to their most recent appraised values than other property classes, management has applied what they believe to be a more appropriately conservative discount to current appraisals as terminal values in the cash flow model. Management believes this provision reflects an appropriate allocation of discounts among the various asset classes of acquired loans and is expected to result in a reduction of future losses recorded at the ultimate disposition of foreclosed real estate. Provision for loan losses on noncovered loans was $2.9 million in the fourth quarter, up from $1.1 million in the third quarter, reflecting continued organic loan growth.
Total noninterest income was $18.8 million in the fourth quarter compared to $6.7 million in the third quarter, driven by $14.9 million in gains on acquisitions occurring in the fourth quarter.
Noninterest expense for the fourth quarter was $27.2 million, up from $21.8 million in the third quarter, largely due to higher net other real estate owned costs and other expenses impacted by the fourth quarter acquisitions.
Detailed Results
Supplemental tables displaying financial results for fourth quarter 2011 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 4:00 p.m. EST. The dial in number is 1.800.684.2837. 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 & 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 $2.75 billion in assets as of December 31, 2011. State Bank has locations in Metro Atlanta and Bibb, Houston, Dooly, and Jones counties in Middle Georgia. State Bank Financial Corporation is headquartered in Atlanta and State Bank and Trust Company is headquartered in Macon, Georgia.
State Bank was named the top performing bank in the United States by Bank Director magazine’s 2011 Bank Performance Scorecard, a ranking of the 150 largest U.S. publicly-traded banks and thrifts based on 2010 calendar-year financials.
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
4Q11 Financial Supplement: Table 1
Condensed Consolidated Financial Summary Results
Quarterly (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
4Q11 Change vs. |
| |||||||||
|
(Dollars in thousands, except per share data) |
|
4Q11 |
|
3Q11 |
|
2Q11 |
|
1Q11 |
|
4Q10 |
|
3Q11 |
|
4Q10 |
| |||||||
|
INCOME STATEMENT HIGHLIGHTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Total interest income on invested funds |
|
$ |
3,154 |
|
$ |
3,040 |
|
$ |
2,768 |
|
$ |
2,577 |
|
$ |
2,456 |
|
$ |
114 |
|
$ |
698 |
|
|
Interest income on noncovered loans, including fees |
|
12,486 |
|
10,096 |
|
8,324 |
|
7,589 |
|
5,604 |
|
2,390 |
|
6,882 |
| |||||||
|
Accretion income on covered loans |
|
29,408 |
|
36,938 |
|
25,989 |
|
24,632 |
|
38,631 |
|
(7,530 |
) |
(9,223 |
) | |||||||
|
Total interest expense |
|
3,595 |
|
4,603 |
|
6,457 |
|
7,118 |
|
8,581 |
|
(1,008 |
) |
(4,986 |
) | |||||||
|
Net interest income |
|
41,453 |
|
45,471 |
|
30,624 |
|
27,680 |
|
38,110 |
|
(4,018 |
) |
3,343 |
| |||||||
|
Provision for loan losses |
|
19,636 |
|
3,875 |
|
2,044 |
|
961 |
|
2,108 |
|
15,761 |
|
17,528 |
| |||||||
|
Noninterest income |
|
18,783 |
|
6,689 |
|
7,835 |
|
8,064 |
|
11,502 |
|
12,094 |
|
7,281 |
| |||||||
|
Noninterest expense |
|
27,227 |
|
21,789 |
|
23,094 |
|
21,439 |
|
25,860 |
|
5,438 |
|
1,367 |
| |||||||
|
Earnings before income taxes |
|
13,373 |
|
26,496 |
|
13,321 |
|
13,344 |
|
21,644 |
|
(13,123 |
) |
(8,271 |
) | |||||||
|
Income tax expense |
|
4,284 |
|
9,392 |
|
4,739 |
|
5,113 |
|
8,153 |
|
(5,108 |
) |
(3,869 |
) | |||||||
|
Net earnings |
|
$ |
9,089 |
|
$ |
17,104 |
|
$ |
8,582 |
|
$ |
8,231 |
|
$ |
13,491 |
|
$ |
(8,015 |
) |
$ |
(4,402 |
) |
|
COMMON STOCK DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Basic earnings per share |
|
$ |
.29 |
|
$ |
.54 |
|
$ |
.27 |
|
$ |
.26 |
|
$ |
.43 |
|
$ |
(.25 |
) |
$ |
(.14 |
) |
|
Diluted earnings per share |
|
.28 |
|
.53 |
|
.26 |
|
.25 |
|
.41 |
|
(.25 |
) |
(.13 |
) | |||||||
|
Book value at period end per share |
|
12.52 |
|
12.27 |
|
11.85 |
|
11.62 |
|
11.37 |
|
.26 |
|
1.16 |
| |||||||
|
Tangible book value at period end per share |
|
12.26 |
|
12.00 |
|
11.57 |
|
11.34 |
|
11.08 |
|
.26 |
|
1.18 |
| |||||||
|
Market price at period end (1) |
|
15.11 |
|
12.62 |
|
16.37 |
|
16.90 |
|
14.50 |
|
2.49 |
|
.61 |
| |||||||
|
Period end shares outstanding |
|
31,721,236 |
|
31,721,236 |
|
31,611,581 |
|
31,610,904 |
|
31,610,904 |
|
— |
|
110,332 |
| |||||||
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Basic |
|
31,611,581 |
|
31,611,581 |
|
31,611,358 |
|
31,610,904 |
|
31,610,904 |
|
— |
|
677 |
| |||||||
|
Diluted |
|
32,586,069 |
|
32,413,101 |
|
32,717,755 |
|
32,622,623 |
|
32,535,141 |
|
172,968 |
|
50,928 |
| |||||||
|
AVERAGE BALANCE SHEET HIGHLIGHTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Noncovered loans, net of unearned income |
|
$ |
709,071 |
|
$ |
601,610 |
|
$ |
499,463 |
|
$ |
405,635 |
|
$ |
317,528 |
|
$ |
107,461 |
|
$ |
391,543 |
|
|
Covered loans |
|
818,901 |
|
768,878 |
|
825,879 |
|
890,107 |
|
891,524 |
|
50,023 |
|
(72,623 |
) | |||||||
|
Loans, net of unearned income |
|
1,527,972 |
|
1,370,488 |
|
1,325,342 |
|
1,295,742 |
|
1,209,052 |
|
157,484 |
|
318,920 |
| |||||||
|
Assets |
|
2,857,643 |
|
2,711,296 |
|
2,720,112 |
|
2,729,885 |
|
2,786,613 |
|
146,347 |
|
71,030 |
| |||||||
|
Deposits |
|
2,404,501 |
|
2,298,343 |
|
2,306,532 |
|
2,317,500 |
|
2,395,992 |
|
106,158 |
|
8,509 |
| |||||||
|
Liabilities |
|
2,461,147 |
|
2,332,119 |
|
2,348,973 |
|
2,365,361 |
|
2,436,126 |
|
129,028 |
|
25,021 |
| |||||||
|
Equity |
|
396,496 |
|
379,177 |
|
371,139 |
|
364,524 |
|
350,487 |
|
17,319 |
|
46,009 |
| |||||||
|
Tangible common equity |
|
387,784 |
|
370,545 |
|
362,274 |
|
355,407 |
|
341,093 |
|
17,239 |
|
46,691 |
| |||||||
|
KEY METRICS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Annualized return on average assets |
|
1.26 |
% |
2.50 |
% |
1.27 |
% |
1.22 |
% |
1.92 |
% |
(1.24 |
)% |
(.66 |
)% | |||||||
|
Annualized return on average equity |
|
9.09 |
|
17.90 |
|
9.27 |
|
9.16 |
|
15.27 |
|
(8.81 |
) |
(6.18 |
) | |||||||
|
Yield on earning assets |
|
8.37 |
|
9.36 |
|
7.27 |
|
7.09 |
|
9.09 |
|
(.99 |
) |
(.72 |
) | |||||||
|
Cost of funds |
|
.60 |
|
.79 |
|
1.12 |
|
1.24 |
|
1.41 |
|
(.19 |
) |
(.81 |
) | |||||||
|
Rate on interest-bearing liabilities |
|
.69 |
|
.89 |
|
1.25 |
|
1.38 |
|
1.56 |
|
(.20 |
) |
(.87 |
) | |||||||
|
Net interest margin |
|
7.70 |
|
8.50 |
|
6.00 |
|
5.65 |
|
7.42 |
|
(.80 |
) |
.28 |
| |||||||
|
Average equity to average assets |
|
13.87 |
|
13.99 |
|
13.64 |
|
13.35 |
|
12.58 |
|
(.12 |
) |
1.29 |
| |||||||
|
Leverage ratio |
|
13.76 |
|
14.16 |
|
13.49 |
|
13.16 |
|
12.77 |
|
(.40 |
) |
.99 |
| |||||||
|
Tier I risk-based capital ratio |
|
35.70 |
|
33.78 |
|
34.80 |
|
39.24 |
|
43.56 |
|
1.92 |
|
(7.86 |
) | |||||||
|
Total risk-based capital ratio |
|
37.02 |
|
35.03 |
|
35.46 |
|
39.93 |
|
44.23 |
|
1.99 |
|
(7.21 |
) | |||||||
|
Efficiency ratio |
|
45.15 |
|
41.73 |
|
59.96 |
|
59.89 |
|
52.07 |
|
3.42 |
|
(6.92 |
) | |||||||
|
Average loans to average deposits |
|
63.55 |
|
59.63 |
|
57.46 |
|
55.91 |
|
50.46 |
|
3.92 |
|
13.09 |
| |||||||
|
Noninterest-bearing deposits to total deposits |
|
12.93 |
|
11.70 |
|
10.85 |
|
10.12 |
|
9.27 |
|
1.23 |
|
3.66 |
| |||||||
|
Nonperforming loans to total noncovered loans (2): |
|
.31 |
|
.36 |
|
.64 |
|
1.23 |
|
1.19 |
|
(.05 |
) |
(.88 |
) | |||||||
|
Nonperforming assets to loans + ORE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Noncovered |
|
.48 |
|
.52 |
|
.77 |
|
1.25 |
|
1.21 |
|
(.04 |
) |
(.73 |
) | |||||||
|
Covered |
|
9.42 |
|
10.95 |
|
11.21 |
|
12.82 |
|
14.30 |
|
(1.53 |
) |
(4.88 |
) | |||||||
(1) In 2010, STBZ common stock was considered a “grey market” security. Trades in grey market stocks are reported by broker-dealers to their Self Regulatory Organization (SRO) and the SRO distributes the trade data to market data vendors and financial websites so investors can track price and volume information. The market price reported for the fourth quarter of 2010 was obtained from the SRO trade data and reflects the last trade on December 28, 2010 as there were no trades on December 31, 2010. All other market prices were obtained from NASDAQ.
(2) 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
4Q11 Financial Supplement: Table 2
Condensed Consolidated Balance Sheet
Quarterly (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
4Q11 Change vs. |
| |||||||||
|
(Dollars in thousands) |
|
4Q11 |
|
3Q11 |
|
2Q11 |
|
1Q11 |
|
4Q10 |
|
3Q11 |
|
4Q10 |
| |||||||
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Cash and amounts due from depository institutions |
|
$ |
13,747 |
|
$ |
8,237 |
|
$ |
9,181 |
|
$ |
10,371 |
|
$ |
25,843 |
|
$ |
5,510 |
|
$ |
(12,096 |
) |
|
Interest-bearing deposits in other financial institutions |
|
206,785 |
|
353,760 |
|
363,309 |
|
292,145 |
|
360,646 |
|
(146,975 |
) |
(153,861 |
) | |||||||
|
Cash and cash equivalents |
|
220,532 |
|
361,997 |
|
372,490 |
|
302,516 |
|
386,489 |
|
(141,465 |
) |
(165,957 |
) | |||||||
|
Investment securities available for sale |
|
349,929 |
|
350,225 |
|
349,387 |
|
385,637 |
|
405,581 |
|
(296 |
) |
(55,652 |
) | |||||||
|
Federal Home Loan Bank stock |
|
8,802 |
|
8,882 |
|
10,604 |
|
14,142 |
|
14,593 |
|
8,802 |
|
(5,791 |
) | |||||||
|
Loans receivable: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Noncovered under FDIC loss sharing agreements |
|
701,029 |
|
650,312 |
|
546,154 |
|
412,998 |
|
342,849 |
|
50,717 |
|
358,180 |
| |||||||
|
Covered under FDIC loss sharing agreements, net |
|
812,154 |
|
770,102 |
|
814,361 |
|
891,190 |
|
934,967 |
|
42,052 |
|
(122,813 |
) | |||||||
|
Allowance for loan losses (noncovered loans) |
|
(10,207 |
) |
(7,670 |
) |
(6,914 |
) |
(6,214 |
) |
(5,351 |
) |
(2,537 |
) |
(4,856 |
) | |||||||
|
Allowance for loan losses (covered loans) |
|
(59,277 |
) |
(14,075 |
) |
— |
|
— |
|
— |
|
(45,202 |
) |
(59,277 |
) | |||||||
|
Net loans |
|
1,443,699 |
|
1,398,669 |
|
1,353,601 |
|
1,297,974 |
|
1,272,465 |
|
45,030 |
|
171,234 |
| |||||||
|
Mortgage loans held for sale |
|
6,229 |
|
1,661 |
|
2,516 |
|
859 |
|
3,542 |
|
4,568 |
|
2,687 |
| |||||||
|
Other real estate owned: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Noncovered under FDIC loss sharing agreements |
|
1,210 |
|
1,072 |
|
738 |
|
75 |
|
75 |
|
138 |
|
1,135 |
| |||||||
|
Covered under FDIC loss sharing agreements |
|
84,496 |
|
94,647 |
|
102,822 |
|
131,074 |
|
155,981 |
|
(10,151 |
) |
(71,485 |
) | |||||||
|
Premises and equipment, net |
|
36,760 |
|
36,832 |
|
35,741 |
|
32,157 |
|
31,908 |
|
(72 |
) |
4,852 |
| |||||||
|
Goodwill |
|
6,562 |
|
6,562 |
|
6,562 |
|
6,562 |
|
6,562 |
|
— |
|
— |
| |||||||
|
Core deposit intangible, net |
|
1,882 |
|
1,925 |
|
2,161 |
|
2,408 |
|
2,632 |
|
(43 |
) |
(750 |
) | |||||||
|
FDIC receivable for loss sharing agreements, net |
|
529,440 |
|
358,096 |
|
468,361 |
|
457,608 |
|
494,428 |
|
171,344 |
|
35,012 |
| |||||||
|
Other assets |
|
57,396 |
|
54,792 |
|
61,298 |
|
57,736 |
|
54,323 |
|
2,604 |
|
3,073 |
| |||||||
|
Total assets |
|
$ |
2,746,937 |
|
$ |
2,675,360 |
|
$ |
2,766,281 |
|
$ |
2,688,748 |
|
$ |
2,828,579 |
|
$ |
71,577 |
|
$ |
(81,642 |
) |
|
Liabilities and Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Noninterest-bearing deposits |
|
$ |
297,188 |
|
$ |
262,331 |
|
$ |
256,087 |
|
$ |
229,817 |
|
$ |
224,543 |
|
$ |
34,857 |
|
$ |
72,645 |
|
|
Interest-bearing deposits |
|
2,001,277 |
|
1,980,652 |
|
2,103,343 |
|
2,040,048 |
|
2,197,383 |
|
20,625 |
|
(196,106 |
) | |||||||
|
Total deposits |
|
2,298,465 |
|
2,242,983 |
|
2,359,430 |
|
2,269,865 |
|
2,421,926 |
|
55,482 |
|
(123,461 |
) | |||||||
|
Securities sold under agreements to repurchase |
|
4,749 |
|
6,145 |
|
4,831 |
|
5,371 |
|
5,246 |
|
(1,396 |
) |
(497 |
) | |||||||
|
Notes payable |
|
2,539 |
|
2,542 |
|
2,546 |
|
2,552 |
|
2,560 |
|
(3 |
) |
(21 |
) | |||||||
|
Other liabilities |
|
43,896 |
|
34,559 |
|
24,868 |
|
43,507 |
|
39,504 |
|
9,337 |
|
4,392 |
| |||||||
|
Total liabilities |
|
2,349,649 |
|
2,286,229 |
|
2,391,675 |
|
2,321,295 |
|
2,469,236 |
|
63,420 |
|
(119,587 |
) | |||||||
|
Total shareholders’ equity |
|
397,288 |
|
389,131 |
|
374,606 |
|
367,453 |
|
359,343 |
|
8,157 |
|
37,945 |
| |||||||
|
Total liabilities and shareholders’ equity |
|
$ |
2,746,937 |
|
$ |
2,675,360 |
|
$ |
2,766,281 |
|
$ |
2,688,748 |
|
$ |
2,828,579 |
|
$ |
71,577 |
|
$ |
(81,642 |
) |
|
Capital Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Average equity to average assets |
|
13.87 |
% |
13.99 |
% |
13.64 |
% |
13.35 |
% |
12.58 |
% |
(.12 |
)% |
1.29 |
% | |||||||
|
Leverage ratio |
|
13.76 |
|
14.16 |
|
13.49 |
|
13.16 |
|
12.77 |
|
(.40 |
) |
.99 |
| |||||||
|
Tier I risk-based capital ratio |
|
35.70 |
|
33.78 |
|
34.80 |
|
39.24 |
|
43.56 |
|
1.92 |
|
(7.86 |
) | |||||||
|
Total risk-based capital ratio |
|
37.02 |
|
35.03 |
|
35.46 |
|
39.93 |
|
44.23 |
|
1.99 |
|
(7.21 |
) | |||||||
State Bank Financial Corporation
4Q11 Financial Supplement: Table 3
Condensed Consolidated Income Statement
Quarterly (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
4Q11 Change vs. |
| |||||||||
|
(Dollars in thousands, except per share data) |
|
4Q11 |
|
3Q11 |
|
2Q11 |
|
1Q11 |
|
4Q10 |
|
3Q11 |
|
4Q10 |
| |||||||
|
Total interest income on invested funds |
|
$ |
3,154 |
|
$ |
3,040 |
|
$ |
2,768 |
|
$ |
2,577 |
|
$ |
2,456 |
|
$ |
114 |
|
$ |
698 |
|
|
Interest income on noncovered loans, including fees |
|
12,486 |
|
10,096 |
|
8,324 |
|
7,589 |
|
5,604 |
|
2,390 |
|
6,882 |
| |||||||
|
Accretion income on covered loans |
|
29,408 |
|
36,938 |
|
25,989 |
|
24,632 |
|
38,631 |
|
(7,530 |
) |
(9,223 |
) | |||||||
|
Total interest expense |
|
3,595 |
|
4,603 |
|
6,457 |
|
7,118 |
|
8,581 |
|
(1,008 |
) |
(4,986 |
) | |||||||
|
Net interest income |
|
41,453 |
|
45,471 |
|
30,624 |
|
27,680 |
|
38,110 |
|
(4,018 |
) |
3,343 |
| |||||||
|
Provision for loan losses (noncovered loans) |
|
2,868 |
|
1,060 |
|
1,593 |
|
961 |
|
2,108 |
|
1,808 |
|
760 |
| |||||||
|
Provision for loan losses (covered loans) |
|
16,768 |
|
2,815 |
|
451 |
|
— |
|
— |
|
13,953 |
|
16,768 |
| |||||||
|
Net interest income after provision for loan losses |
|
21,817 |
|
41,596 |
|
28,580 |
|
26,719 |
|
36,002 |
|
(19,779 |
) |
(14,185 |
) | |||||||
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Accretion of FDIC receivable for loss sharing agreements |
|
131 |
|
1,775 |
|
3,722 |
|
4,973 |
|
3,905 |
|
(1,644 |
) |
(3,774 |
) | |||||||
|
Service charges on deposits |
|
1,370 |
|
1,383 |
|
1,435 |
|
1,413 |
|
1,826 |
|
(13 |
) |
(456 |
) | |||||||
|
Mortgage banking income |
|
349 |
|
260 |
|
228 |
|
157 |
|
468 |
|
89 |
|
(119 |
) | |||||||
|
(Loss) gain on sale of investment securities |
|
(20 |
) |
(31 |
) |
— |
|
(3 |
) |
(5 |
) |
11 |
|
(15 |
) | |||||||
|
Gains on FHLB stock redemptions |
|
772 |
|
574 |
|
1,132 |
|
— |
|
— |
|
198 |
|
772 |
| |||||||
|
Gains on acquisitions |
|
14,890 |
|
— |
|
— |
|
— |
|
2,330 |
|
14,890 |
|
12,560 |
| |||||||
|
ATM income |
|
551 |
|
525 |
|
541 |
|
488 |
|
469 |
|
26 |
|
82 |
| |||||||
|
Other |
|
740 |
|
2,203 |
|
777 |
|
1,036 |
|
2,509 |
|
(1,463 |
) |
(1,769 |
) | |||||||
|
Total noninterest income |
|
18,783 |
|
6,689 |
|
7,835 |
|
8,064 |
|
11,502 |
|
12,094 |
|
7,281 |
| |||||||
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Salaries and employee benefits |
|
14,333 |
|
12,293 |
|
11,895 |
|
11,677 |
|
10,929 |
|
2,040 |
|
3,404 |
| |||||||
|
Occupancy and equipment |
|
2,795 |
|
2,008 |
|
1,997 |
|
1,892 |
|
2,161 |
|
787 |
|
634 |
| |||||||
|
Legal and professional fees |
|
1,342 |
|
1,758 |
|
1,574 |
|
1,843 |
|
1,407 |
|
(416 |
) |
(65 |
) | |||||||
|
Marketing |
|
935 |
|
844 |
|
936 |
|
760 |
|
952 |
|
91 |
|
(17 |
) | |||||||
|
Federal insurance premiums and other regulatory fees |
|
193 |
|
(33 |
) |
1,210 |
|
649 |
|
856 |
|
226 |
|
(663 |
) | |||||||
|
Net cost of operations of other real estate owned |
|
4,322 |
|
1,998 |
|
2,485 |
|
1,930 |
|
6,319 |
|
2,324 |
|
(1,997 |
) | |||||||
|
Data processing |
|
1,387 |
|
1,285 |
|
1,165 |
|
951 |
|
1,131 |
|
102 |
|
256 |
| |||||||
|
Core deposit intangible amortization expense |
|
241 |
|
236 |
|
247 |
|
224 |
|
427 |
|
5 |
|
(186 |
) | |||||||
|
Other |
|
1,679 |
|
1,400 |
|
1,585 |
|
1,513 |
|
1,678 |
|
279 |
|
1 |
| |||||||
|
Total noninterest expense |
|
27,227 |
|
21,789 |
|
23,094 |
|
21,439 |
|
25,860 |
|
5,438 |
|
1,367 |
| |||||||
|
Income before income taxes |
|
13,373 |
|
26,496 |
|
13,321 |
|
13,344 |
|
21,644 |
|
(13,123 |
) |
(8,271 |
) | |||||||
|
Income tax expense |
|
4,284 |
|
9,392 |
|
4,739 |
|
5,113 |
|
8,153 |
|
(5,108 |
) |
(3,869 |
) | |||||||
|
Net income |
|
$ |
9,089 |
|
$ |
17,104 |
|
$ |
8,582 |
|
$ |
8,231 |
|
$ |
13,491 |
|
$ |
(8,015 |
) |
$ |
(4,402 |
) |
|
Basic earnings per share |
|
$ |
.29 |
|
$ |
.54 |
|
$ |
.27 |
|
$ |
.26 |
|
$ |
.43 |
|
$ |
(.25 |
) |
$ |
(.14 |
) |
|
Diluted earnings per share |
|
.28 |
|
.53 |
|
.26 |
|
.25 |
|
.41 |
|
(.25 |
) |
(.13 |
) | |||||||
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Basic |
|
31,611,581 |
|
31,611,581 |
|
31,611,358 |
|
31,610,904 |
|
31,610,904 |
|
— |
|
677 |
| |||||||
|
Diluted |
|
32,586,069 |
|
32,413,101 |
|
32,717,755 |
|
32,622,623 |
|
32,535,141 |
|
172,968 |
|
50,928 |
| |||||||
State Bank Financial Corporation
4Q11 Financial Supplement: Table 4
Condensed Consolidated Composition of Loans and Deposits
Quarterly (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
4Q11 Change vs. |
| |||||||||
|
(Dollars in thousands) |
|
4Q11 |
|
3Q11 |
|
2Q11 |
|
1Q11 |
|
4Q10 |
|
3Q11 |
|
4Q10 |
| |||||||
|
Composition of Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Noncovered loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Residential real estate |
|
$ |
38,616 |
|
$ |
32,472 |
|
$ |
26,510 |
|
$ |
23,298 |
|
$ |
23,255 |
|
$ |
6,144 |
|
$ |
15,361 |
|
|
Commercial real estate - construction |
|
121,539 |
|
111,255 |
|
112,846 |
|
90,257 |
|
70,543 |
|
10,284 |
|
50,996 |
| |||||||
|
Commercial real estate - other |
|
483,684 |
|
443,649 |
|
343,765 |
|
247,369 |
|
196,243 |
|
40,035 |
|
287,441 |
| |||||||
|
Commercial and industrial |
|
31,108 |
|
31,315 |
|
40,754 |
|
37,077 |
|
38,919 |
|
(207 |
) |
(7,811 |
) | |||||||
|
Consumer and other |
|
26,082 |
|
31,621 |
|
22,279 |
|
14,997 |
|
13,889 |
|
(5,539 |
) |
12,193 |
| |||||||
|
Total noncovered loans |
|
701,029 |
|
650,312 |
|
546,154 |
|
412,998 |
|
342,849 |
|
50,717 |
|
358,180 |
| |||||||
|
Covered loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Residential real estate |
|
189,468 |
|
182,367 |
|
189,695 |
|
189,267 |
|
191,444 |
|
7,101 |
|
(1,976 |
) | |||||||
|
Commercial real estate - construction |
|
189,331 |
|
179,753 |
|
202,420 |
|
244,949 |
|
264,858 |
|
9,578 |
|
(75,527 |
) | |||||||
|
Commercial real estate - other |
|
376,849 |
|
353,417 |
|
360,160 |
|
368,769 |
|
372,775 |
|
23,432 |
|
4,074 |
| |||||||
|
Commercial and industrial |
|
38,784 |
|
40,380 |
|
49,277 |
|
71,131 |
|
87,590 |
|
(1,596 |
) |
(48,806 |
) | |||||||
|
Consumer and other |
|
17,722 |
|
14,185 |
|
12,809 |
|
17,074 |
|
18,300 |
|
3,537 |
|
(578 |
) | |||||||
|
Total covered loans |
|
812,154 |
|
770,102 |
|
814,361 |
|
891,190 |
|
934,967 |
|
42,052 |
|
(122,813 |
) | |||||||
|
Total Loans |
|
$ |
1,513,183 |
|
$ |
1,420,414 |
|
$ |
1,360,515 |
|
$ |
1,304,188 |
|
$ |
1,277,816 |
|
$ |
92,769 |
|
$ |
235,367 |
|
|
Composition of Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Noninterest-bearing demand deposits |
|
$ |
297,188 |
|
$ |
262,331 |
|
$ |
256,087 |
|
$ |
229,817 |
|
$ |
224,543 |
|
$ |
34,857 |
|
$ |
72,645 |
|
|
Interest-bearing transaction accounts |
|
359,020 |
|
286,130 |
|
278,184 |
|
244,419 |
|
293,660 |
|
72,890 |
|
65,360 |
| |||||||
|
Savings and money market accounts |
|
1,140,552 |
|
1,234,359 |
|
1,323,414 |
|
1,248,126 |
|
1,276,798 |
|
(93,807 |
) |
(136,246 |
) | |||||||
|
Time deposits less than $100,000 |
|
274,415 |
|
245,377 |
|
272,250 |
|
298,633 |
|
326,630 |
|
29,038 |
|
(52,215 |
) | |||||||
|
Time deposits $100,000 or greater |
|
213,200 |
|
198,790 |
|
210,861 |
|
226,373 |
|
249,027 |
|
14,410 |
|
(35,827 |
) | |||||||
|
Brokered and wholesale time deposits |
|
14,090 |
|
15,996 |
|
18,634 |
|
22,497 |
|
51,268 |
|
(1,906 |
) |
(37,178 |
) | |||||||
|
Total deposits |
|
$ |
2,298,465 |
|
$ |
2,242,983 |
|
$ |
2,359,430 |
|
$ |
2,269,865 |
|
$ |
2,421,926 |
|
$ |
55,482 |
|
$ |
(123,461 |
) |
State Bank Financial Corporation
4Q11 Financial Supplement: Table 5
Condensed Consolidated Asset Quality Data
Quarterly (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
4Q11 Change vs. |
| |||||||||
|
(Dollars in thousands) |
|
4Q11 |
|
3Q11 |
|
2Q11 |
|
1Q11 |
|
4Q10 |
|
3Q11 |
|
4Q10 |
| |||||||
|
Nonperforming noncovered assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Nonaccrual loans |
|
$ |
1,905 |
|
$ |
2,088 |
|
$ |
3,478 |
|
$ |
5,099 |
|
$ |
4,079 |
|
$ |
(183 |
) |
$ |
(2,174 |
) |
|
Accruing loans 90 days or more past due |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||
|
Troubled debt restructurings |
|
256 |
|
259 |
|
— |
|
— |
|
— |
|
(3 |
) |
256 |
| |||||||
|
Total nonperforming noncovered loans |
|
2,161 |
|
2,347 |
|
3,478 |
|
5,099 |
|
4,079 |
|
(186 |
) |
(1,918 |
) | |||||||
|
Other real estate owned |
|
1,210 |
|
1,072 |
|
738 |
|
75 |
|
75 |
|
138 |
|
1,135 |
| |||||||
|
Total nonperforming noncovered assets |
|
3,371 |
|
3,419 |
|
4,216 |
|
5,174 |
|
4,154 |
|
(48 |
) |
(783 |
) | |||||||
|
Nonperforming covered assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Other real estate owned (1) |
|
$ |
84,496 |
|
$ |
94,647 |
|
$ |
102,822 |
|
$ |
131,074 |
|
$ |
155,981 |
|
$ |
(10,151 |
) |
$ |
(71,485 |
) |
|
Noncovered assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Year-to-date charge-offs |
|
$ |
1,744 |
|
$ |
1,390 |
|
$ |
1,077 |
|
$ |
98 |
|
$ |
1,209 |
|
$ |
354 |
|
$ |
535 |
|
|
Year-to-date recoveries |
|
118 |
|
95 |
|
86 |
|
— |
|
81 |
|
23 |
|
37 |
| |||||||
|
Year-to-date net charge-offs |
|
$ |
1,626 |
|
$ |
1,295 |
|
$ |
991 |
|
$ |
98 |
|
$ |
1,128 |
|
$ |
331 |
|
$ |
498 |
|
|
Annualized YTD net charge-offs to total noncovered loans |
|
.23 |
% |
.27 |
% |
.37 |
% |
.10 |
% |
.33 |
% |
(.04 |
)% |
(.10 |
)% | |||||||
|
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Nonperforming loans to total noncovered loans (2): |
|
.31 |
% |
.36 |
% |
.64 |
% |
1.23 |
% |
1.19 |
% |
(.05 |
)% |
(.88 |
)% | |||||||
|
Nonperforming assets to loans + ORE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Noncovered |
|
.48 |
|
.52 |
|
.77 |
|
1.25 |
|
1.21 |
|
(.04 |
) |
(.73 |
) | |||||||
|
Covered |
|
9.42 |
|
10.95 |
|
11.21 |
|
12.82 |
|
14.30 |
|
(1.53 |
) |
(4.88 |
) | |||||||
|
Allowance for loan losses to loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Noncovered |
|
1.46 |
|
1.18 |
|
1.27 |
|
1.50 |
|
1.56 |
|
.28 |
|
(.10 |
) | |||||||
|
Covered |
|
7.30 |
|
1.83 |
|
— |
|
— |
|
— |
|
5.47 |
|
7.30 |
| |||||||
(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
4Q11 Financial Supplement: Table 6
Condensed Consolidated Average Balances and Yield Analysis
Quarterly (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
4Q11 Change vs. |
| |||||||||
|
(Dollars in thousands) |
|
4Q11 |
|
3Q11 |
|
2Q11 |
|
1Q11 |
|
4Q10 |
|
3Q11 |
|
4Q10 |
| |||||||
|
Selected Average Balances |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Interest-earning assets |
|
$ |
261,853 |
|
$ |
389,013 |
|
$ |
340,966 |
|
$ |
282,665 |
|
$ |
405,365 |
|
$ |
(127,160 |
) |
$ |
(143,512 |
) |
|
Taxable investment securities |
|
365,388 |
|
353,426 |
|
373,404 |
|
403,649 |
|
416,077 |
|
11,962 |
|
(50,689 |
) | |||||||
|
Nontaxable investment securities, tax equivalent basis |
|
11,267 |
|
11,823 |
|
10,540 |
|
10,291 |
|
9,141 |
|
(556 |
) |
2,126 |
| |||||||
|
Noncovered loans receivable (1) |
|
709,071 |
|
601,610 |
|
499,463 |
|
405,635 |
|
317,528 |
|
107,461 |
|
391,543 |
| |||||||
|
Covered loans receivable |
|
818,901 |
|
768,878 |
|
825,879 |
|
890,107 |
|
891,524 |
|
50,023 |
|
(72,623 |
) | |||||||
|
Total earning assets |
|
2,166,480 |
|
2,124,750 |
|
2,050,252 |
|
1,992,347 |
|
2,039,635 |
|
41,730 |
|
126,845 |
| |||||||
|
Total nonearning assets |
|
691,163 |
|
586,546 |
|
669,860 |
|
737,538 |
|
746,978 |
|
104,617 |
|
(55,815 |
) | |||||||
|
Total assets |
|
2,857,643 |
|
2,711,296 |
|
2,720,112 |
|
2,729,885 |
|
2,786,613 |
|
146,347 |
|
71,030 |
| |||||||
|
Interest-bearing transaction accounts |
|
309,991 |
|
268,364 |
|
235,218 |
|
244,476 |
|
265,506 |
|
41,627 |
|
44,485 |
| |||||||
|
Savings & money market deposits |
|
1,204,433 |
|
1,294,561 |
|
1,301,519 |
|
1,267,305 |
|
1,250,699 |
|
(90,128 |
) |
(46,266 |
) | |||||||
|
Time deposits less than $100,000 |
|
322,617 |
|
258,196 |
|
294,247 |
|
325,471 |
|
373,152 |
|
64,421 |
|
(50,535 |
) | |||||||
|
Time deposits $100,000 or greater |
|
261,114 |
|
216,408 |
|
234,893 |
|
249,261 |
|
279,963 |
|
44,706 |
|
(18,849 |
) | |||||||
|
FHLB advances |
|
4,566 |
|
— |
|
— |
|
— |
|
— |
|
4,566 |
|
4,566 |
| |||||||
|
Notes payable |
|
2,541 |
|
2,545 |
|
2,550 |
|
2,557 |
|
28 |
|
(4 |
) |
2,513 |
| |||||||
|
Securities sold under agreements to repurchase |
|
4,030 |
|
4,098 |
|
2,345 |
|
3,576 |
|
3,665 |
|
(68 |
) |
365 |
| |||||||
|
Total interest-bearing liabilities |
|
2,109,292 |
|
2,044,172 |
|
2,070,772 |
|
2,092,646 |
|
2,173,013 |
|
65,120 |
|
(63,721 |
) | |||||||
|
Noninterest-bearing demand deposits |
|
306,346 |
|
260,814 |
|
240,655 |
|
230,987 |
|
226,672 |
|
45,532 |
|
79,674 |
| |||||||
|
Other liabilities |
|
45,509 |
|
27,133 |
|
37,546 |
|
41,728 |
|
36,441 |
|
18,376 |
|
9,068 |
| |||||||
|
Total shareholders’ equity |
|
396,496 |
|
379,177 |
|
371,139 |
|
364,524 |
|
350,487 |
|
17,319 |
|
46,009 |
| |||||||
|
Net Interest Margins (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Interest-earning assets |
|
.32 |
% |
.25 |
% |
.22 |
% |
.28 |
% |
.25 |
% |
.07 |
% |
.07 |
% | |||||||
|
Taxable investment securities |
|
3.07 |
|
3.02 |
|
2.67 |
|
2.29 |
|
2.01 |
|
.05 |
|
1.06 |
| |||||||
|
Nontaxable investment securities, tax equivalent basis (3) |
|
6.59 |
|
5.76 |
|
6.04 |
|
6.22 |
|
6.06 |
|
.83 |
|
.53 |
| |||||||
|
Noncovered loans receivable |
|
6.99 |
|
6.66 |
|
6.92 |
|
7.59 |
|
7.00 |
|
.33 |
|
(.01 |
) | |||||||
|
Covered loans receivable |
|
14.57 |
|
19.06 |
|
12.37 |
|
11.22 |
|
17.19 |
|
(4.49 |
) |
(2.62 |
) | |||||||
|
Total earning assets |
|
8.37 |
|
9.36 |
|
7.27 |
|
7.09 |
|
9.09 |
|
(.99 |
) |
(.72 |
) | |||||||
|
Interest-bearing transaction accounts |
|
.12 |
|
.21 |
|
.26 |
|
.31 |
|
.40 |
|
(.09 |
) |
(.28 |
) | |||||||
|
Savings & money market deposits |
|
.54 |
|
.71 |
|
1.02 |
|
1.18 |
|
1.50 |
|
(.17 |
) |
(.96 |
) | |||||||
|
Time deposits less than $100,000 |
|
1.17 |
|
1.75 |
|
2.21 |
|
2.22 |
|
2.14 |
|
(.58 |
) |
(.97 |
) | |||||||
|
Time deposits $100,000 or greater |
|
1.38 |
|
1.76 |
|
2.22 |
|
2.26 |
|
2.23 |
|
(.38 |
) |
(.85 |
) | |||||||
|
FHLB advances |
|
.94 |
|
— |
|
— |
|
— |
|
— |
|
.94 |
|
.94 |
| |||||||
|
Notes payable |
|
8.39 |
|
8.77 |
|
9.81 |
|
11.35 |
|
— |
|
(.38 |
) |
8.39 |
| |||||||
|
Securities sold under agreements to repurchase |
|
.27 |
|
.10 |
|
.21 |
|
1.49 |
|
.24 |
|
.17 |
|
.03 |
| |||||||
|
Total interest-bearing liabilities |
|
.69 |
|
.89 |
|
1.25 |
|
1.38 |
|
1.56 |
|
(.20 |
) |
(.87 |
) | |||||||
|
Net interest spread |
|
7.68 |
|
8.47 |
|
6.02 |
|
5.71 |
|
7.53 |
|
(.79 |
) |
.15 |
| |||||||
|
Net interest margin |
|
7.70 |
|
8.50 |
|
6.00 |
|
5.65 |
|
7.42 |
|
(.80 |
) |
.28 |
| |||||||
(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 $65 for 4Q11, $60 for 3Q11, $56 for 2Q11, $55 for 1Q11, and $49 for 4Q10.