STATE BANK FINANCIAL CORP - FORM 8-K - EX-99.1

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8-K - 8-K - STATE BANK FINANCIAL CORP	a8kcoverpage.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 First Quarter Financial Results;

Core Trends Reflect Progress on Strategic Priorities

ATLANTA, April 30, 2012 - 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			1.26
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 total average 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-bearing deposits in other financial institutions	.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.

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