Attached files
| file | filename |
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| 8-K - 8-K - STATE BANK FINANCIAL CORP | a8kcoverpage123112.htm |
| EX-99.2 - EX-99.2 - STATE BANK FINANCIAL CORP | a4q12earningsslidesv3.htm |
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 Fourth Quarter and Full Year Financial Results
ATLANTA, January 30, 2013 - State Bank Financial Corporation (NASDAQ: STBZ) today announced unaudited financial results for the quarter and full year ended December 31, 2012. Net income for the fourth quarter was $9.3 million, compared to $3.4 million for the third quarter of 2012 and $9.1 million for the fourth quarter of 2011. Full year net income was $28.9 million compared to full year net income of $43.0 million in 2011. Fully diluted earnings per share was $.28 for the fourth quarter compared to $.10 in the third quarter of 2012 and $.28 in the fourth quarter of 2011. Year-to-date fully diluted earnings per share was $.88 compared to $1.32 in 2011.
Commenting on these results, Joe Evans, Chairman and CEO, said, "I remain very pleased with how the State Bank team is executing in our two primary businesses: managing our acquired covered assets with the expiration of loss share firmly in mind while concurrently building a dynamic banking franchise that will carry us into the future. Highlights for the quarter include successfully closing the Altera Payroll acquisition and continued solid growth in organic loans and transaction accounts. We significantly improved the quality of our client experience in 2012 and I am excited by the momentum we take into 2013."
Balance Sheet
Total assets at quarter-end were $2.68 billion, up from $2.64 billion at the end of the third quarter and down from $2.78 billion at the end of 2011. Loans not covered by loss share agreements with the FDIC grew $48.2 million in the fourth quarter of 2012 to $985.5 million and have grown $284.5 million in 2012. Noncovered loans now comprise 67.5% of State Bank's total gross loans. Total net loans were $1.4 billion, down $39.5 million from the third quarter and $53.6 million from the end of 2011 as covered loans continue to be resolved.
Total deposits at year-end were $2.15 billion, up from $2.12 billion at the end of the third quarter and down from $2.30 billion at year-end 2011. Noninterest-bearing deposits grew by $19.7 million, or 5.4%, from the third quarter and by $90.3 million, or 30.4%, since December 31, 2011. Noninterest-bearing deposits now make up 18.0% of total deposits.
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Tangible book value per share increased to $13.25 in the fourth quarter, up $.07 from the third quarter of 2012 and up $.99 from the fourth quarter of 2011. State Bank Financial Corporation continues to be well capitalized, finishing 2012 with a leverage ratio of 15.73% and a Tier I risk-based capital ratio of 29.66%.
Income Statement
Net interest income was $41.8 million in the fourth quarter of 2012, up from $34.2 million in the third quarter of 2012 and $41.5 million in the fourth quarter of 2011. The linked quarter increase closely tracked the change in accretion income on covered loans, which increased $7.4 million from the third quarter. This linked quarter increase in accretion was primarily due to more early payoffs and gains from a loan pool close out in the fourth quarter. Interest income on noncovered loans for the fourth quarter was $15.0 million, up from $14.7 million in the third quarter and $12.5 million in the fourth quarter of 2011. Yield on noncovered loans of 6.24% was down 24 basis points in the fourth quarter due to competitive pricing pressure as well as maturity and repayment of higher-yielding noncovered loans. Interest expense of $2.1 million in the fourth quarter was down $139 thousand from the third quarter of 2012 and down $1.5 million from the fourth quarter of 2011. Cost of funds for the fourth quarter was 39 basis points, a two basis point improvement from the third quarter of 2012 and a 21 basis point improvement from the fourth quarter of 2011.
Provision for loan losses on noncovered loans was $325 thousand in the fourth quarter, down from $1.1 million in the third quarter and $2.9 million in the fourth quarter of 2011. The organic loan portfolio continues to perform well, as year-to-date net charge-offs to total average noncovered loans were .06%. Provision for loan losses on covered loans was $3.0 million in the fourth quarter, down from $5.4 million in the third quarter and $16.8 million in the fourth quarter of 2011. The covered loan loss provision is directly related to impairments resulting from re-estimations of cash flows. The primary drivers of the changes in the cash flows in the fourth quarter were centered around residential loan pools and certain specifically reviewed loans.
Total noninterest income for the fourth quarter was $475 thousand, up from a negative $3.3 million in the third quarter of 2012 and down from $18.8 million in the fourth quarter of 2011. Noninterest income in the fourth quarter of 2011 included a $14.9 million gain on acquisitions. Fee income excluding the amortization of the indemnification asset was $4.7 million for the quarter, up from $3.0 million in the third quarter driven by higher service charges on deposits, a $225 thousand gain on sale of investment securities, a $680 thousand gain on FHLB stock redemptions and payroll fee income. Payroll fee income, a new line item on the income statement following the acquisition of substantially all of the operating assets of Altera Payroll Inc. on October 16, 2012, was $622 thousand in the quarter. Amortization of the indemnification asset negatively impacted noninterest income by $4.2 million in the fourth quarter compared to $6.3 million in the third quarter and accretion of the indemnification asset that benefited noninterest income by $122 thousand in the fourth quarter of 2011.
Noninterest expense for the fourth quarter was $24.8 million, up from $19.8 million in the third quarter and down from $27.2 million in the fourth quarter of 2011. Drivers of the linked-quarter increase were the acquisition of Altera Payroll, higher net cost of operations of other real estate owned, the strategic decision to increase staffing in Risk, Audit and Compliance, and an incentive accrual reversal that lowered third quarter expenses.
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Detailed Results
Supplemental tables displaying financial results for fourth quarter 2012, the previous four quarters and the full year 2012 are included with this press release.
Conference Call
State Bank Chief Executive Officer Joe Evans, Chief Financial Officer Tom Callicutt, and Executive Risk Officer Kim Childers will discuss financial and business results for the quarter and the year on a conference call today at 11:00 a.m. EST. The dial in number is 1.800.618.8682. 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 in the Investors section on the company's website at www.statebt.com. A slide presentation for today's call is also available in the Investors section on the company's website at www.statebt.com.
About State Bank Financial Corporation and State Bank 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 December 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. State Bank was also ranked fourth among the 195 banks in the $1 billion-to-$5 billion-asset category of Bank Director magazine's 2012 Bank Performance Scorecard, a ranking of U.S. publicly traded banks and thrifts based on 2011 calendar-year financials.
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.
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State Bank Financial Corporation 4Q12 Financial Supplement: Table 1 Condensed Consolidated Financial Summary Results Quarterly (Unaudited) | ||||||||||||||||||||||||||||
4Q12 Change vs. | ||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | 4Q12 | 3Q12 | 2Q12 | 1Q12 | 4Q11 | 3Q12 | 4Q11 | |||||||||||||||||||||
INCOME STATEMENT HIGHLIGHTS | ||||||||||||||||||||||||||||
Total interest income on invested funds | $ | 2,611 | $ | 2,862 | $ | 3,027 | $ | 3,005 | $ | 3,154 | $ | (251 | ) | $ | (543 | ) | ||||||||||||
Interest income on noncovered loans, including fees | 14,993 | 14,679 | 13,722 | 11,834 | 12,486 | 314 | 2,507 | |||||||||||||||||||||
Accretion income on covered loans | 26,276 | 18,893 | 32,191 | 23,490 | 29,408 | 7,383 | (3,132 | ) | ||||||||||||||||||||
Total interest expense | 2,096 | 2,235 | 2,566 | 2,852 | 3,595 | (139 | ) | (1,499 | ) | |||||||||||||||||||
Net interest income | 41,784 | 34,199 | 46,374 | 35,477 | 41,453 | 7,585 | 331 | |||||||||||||||||||||
Provision for loan losses (noncovered loans) | 325 | 1,050 | 2,125 | 1,535 | 2,868 | (725 | ) | (2,543 | ) | |||||||||||||||||||
Provision for loan losses (covered loans) | 3,021 | 5,441 | 2,902 | (1,283 | ) | 16,768 | (2,420 | ) | (13,747 | ) | ||||||||||||||||||
Noninterest income | 475 | (3,254 | ) | (1,243 | ) | (3,778 | ) | 18,783 | 3,729 | (18,308 | ) | |||||||||||||||||
Noninterest expense | 24,782 | 19,835 | 22,426 | 23,213 | 27,227 | 4,947 | (2,445 | ) | ||||||||||||||||||||
Income before income taxes | 14,131 | 4,619 | 17,678 | 8,234 | 13,373 | 9,512 | 758 | |||||||||||||||||||||
Income tax expense | 4,790 | 1,261 | 6,647 | 3,096 | 4,284 | 3,529 | 506 | |||||||||||||||||||||
Net income | $ | 9,341 | $ | 3,358 | $ | 11,031 | $ | 5,138 | $ | 9,089 | $ | 5,983 | $ | 252 | ||||||||||||||
COMMON STOCK DATA | ||||||||||||||||||||||||||||
Basic earnings per share | $ | .29 | $ | .11 | $ | .35 | $ | .16 | $ | .29 | $ | .18 | $ | — | ||||||||||||||
Diluted earnings per share | .28 | .10 | .34 | .16 | .28 | .18 | — | |||||||||||||||||||||
Book value per share at period end | 13.67 | 13.42 | 13.24 | 12.88 | 12.52 | .25 | 1.15 | |||||||||||||||||||||
Tangible book value per share at period end | 13.25 | 13.18 | 12.99 | 12.62 | 12.26 | .07 | .99 | |||||||||||||||||||||
Market price at period end | 15.88 | 16.49 | 15.16 | 17.51 | 15.11 | (.61 | ) | .77 | ||||||||||||||||||||
Period end shares outstanding | 31,908,665 | 31,896,738 | 31,721,236 | 31,721,236 | 31,721,236 | 11,927 | 187,429 | |||||||||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||||||
Basic | 31,904,381 | 31,654,046 | 31,613,581 | 31,611,603 | 31,611,581 | 250,335 | 292,800 | |||||||||||||||||||||
Diluted | 33,179,198 | 32,808,726 | 32,776,553 | 32,777,121 | 32,586,069 | 370,472 | 593,129 | |||||||||||||||||||||
AVERAGE BALANCE SHEET HIGHLIGHTS | ||||||||||||||||||||||||||||
Noncovered loans, net of unearned income | $ | 955,153 | $ | 901,168 | $ | 840,428 | $ | 740,905 | $ | 709,071 | $ | 53,985 | $ | 246,082 | ||||||||||||||
Covered loans | 504,138 | 625,701 | 707,273 | 788,511 | 818,901 | (121,563 | ) | (314,763 | ) | |||||||||||||||||||
Loans, net of unearned income | 1,459,291 | 1,526,869 | 1,547,701 | 1,529,416 | 1,527,972 | (67,578 | ) | (68,681 | ) | |||||||||||||||||||
Assets | 2,647,687 | 2,705,134 | 2,691,432 | 2,660,418 | 2,857,643 | (57,447 | ) | (209,956 | ) | |||||||||||||||||||
Deposits | 2,114,544 | 2,182,834 | 2,190,364 | 2,203,564 | 2,404,501 | (68,290 | ) | (289,957 | ) | |||||||||||||||||||
Liabilities | 2,212,053 | 2,274,855 | 2,271,111 | 2,253,317 | 2,461,147 | (62,802 | ) | (249,094 | ) | |||||||||||||||||||
Equity | 435,634 | 430,279 | 420,321 | 407,101 | 396,496 | 5,355 | 39,138 | |||||||||||||||||||||
Tangible common equity | 425,994 | 422,456 | 412,222 | 398,751 | 387,784 | 3,538 | 38,210 | |||||||||||||||||||||
KEY METRICS | ||||||||||||||||||||||||||||
Return on average assets | 1.40 | % | .50 | % | 1.65 | % | .78 | % | 1.26 | % | .90 | % | .14 | % | ||||||||||||||
Return on average equity | 8.53 | 3.14 | 10.56 | 5.08 | 9.09 | 5.39 | (.56 | ) | ||||||||||||||||||||
Yield on earning assets | 8.14 | 6.74 | 9.34 | 7.60 | 8.37 | 1.40 | (.23 | ) | ||||||||||||||||||||
Cost of funds | .39 | .41 | .47 | .52 | .60 | (.02 | ) | (.21 | ) | |||||||||||||||||||
Rate on interest-bearing liabilities | .48 | .49 | .55 | .60 | .69 | (.01 | ) | (.21 | ) | |||||||||||||||||||
Net interest margin | 7.76 | 6.33 | 8.85 | 7.03 | 7.70 | 1.43 | .06 | |||||||||||||||||||||
Average equity to average assets | 16.45 | 15.91 | 15.62 | 15.30 | 13.87 | .54 | 2.58 | |||||||||||||||||||||
Leverage ratio | 15.73 | 15.44 | 15.24 | 15.06 | 13.76 | .29 | 1.97 | |||||||||||||||||||||
Tier I risk-based capital ratio | 29.66 | 29.95 | 31.45 | 32.92 | 33.84 | (.29 | ) | (4.18 | ) | |||||||||||||||||||
Total risk-based capital ratio | 30.96 | 31.23 | 32.77 | 34.22 | 35.15 | (.27 | ) | (4.19 | ) | |||||||||||||||||||
Efficiency ratio (1) | 58.57 | 63.98 | 49.63 | 73.10 | 45.15 | (5.41 | ) | 13.42 | ||||||||||||||||||||
Average loans to average deposits | 69.01 | 69.95 | 70.66 | 69.41 | 63.55 | (.94 | ) | 5.46 | ||||||||||||||||||||
Noninterest-bearing deposits to total deposits | 18.03 | 17.31 | 15.85 | 14.30 | 12.93 | .72 | 5.10 | |||||||||||||||||||||
Nonperforming loans to total noncovered loans (2) | .49 | .58 | .52 | .49 | .31 | (.09 | ) | .18 | ||||||||||||||||||||
Nonperforming assets to loans + ORE: | ||||||||||||||||||||||||||||
Noncovered | .60 | .67 | .63 | .60 | .48 | (.07 | ) | .12 | ||||||||||||||||||||
Covered | 8.67 | 9.43 | 8.07 | 7.87 | 9.42 | (.76 | ) | (.75 | ) | |||||||||||||||||||
(1) Calculated on a fully tax-equivalent basis.
(2) The ratio of nonperforming covered loans to total covered loans is not presented, as there are no covered loans designated as nonperforming.
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State Bank Financial Corporation 4Q12 Financial Supplement: Table 2 Condensed Consolidated Balance Sheet Quarterly (Unaudited) | ||||||||||||||||||||||||||||
4Q12 Change vs. | ||||||||||||||||||||||||||||
(Dollars in thousands) | 4Q12 | 3Q12 | 2Q12 | 1Q12 | 4Q11 | 3Q12 | 4Q11 | |||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Cash and amounts due from depository institutions | $ | 11,902 | $ | 7,516 | $ | 6,921 | $ | 11,287 | $ | 13,747 | $ | 4,386 | $ | (1,845 | ) | |||||||||||||
Interest-bearing deposits in other financial institutions | 433,483 | 345,399 | 279,060 | 199,031 | 206,785 | 88,084 | 226,698 | |||||||||||||||||||||
Cash and cash equivalents | 445,385 | 352,915 | 285,981 | 210,318 | 220,532 | 92,470 | 224,853 | |||||||||||||||||||||
Investment securities available-for-sale | 303,901 | 311,323 | 280,662 | 322,832 | 349,929 | (7,422 | ) | (46,028 | ) | |||||||||||||||||||
Federal Home Loan Bank stock | 4,120 | 3,440 | 4,651 | 8,802 | 8,802 | 680 | (4,682 | ) | ||||||||||||||||||||
Loans receivable: | ||||||||||||||||||||||||||||
Noncovered under FDIC loss share agreements | 985,502 | 937,331 | 881,120 | 802,955 | 701,029 | 48,171 | 284,473 | |||||||||||||||||||||
Covered under FDIC loss share agreements, net | 474,713 | 553,006 | 687,451 | 743,838 | 812,154 | (78,293 | ) | (337,441 | ) | |||||||||||||||||||
Allowance for loan losses (noncovered loans) | (14,660 | ) | (14,330 | ) | (13,317 | ) | (11,681 | ) | (10,207 | ) | (330 | ) | (4,453 | ) | ||||||||||||||
Allowance for loan losses (covered loans) | (55,478 | ) | (46,411 | ) | (67,346 | ) | (56,087 | ) | (59,277 | ) | (9,067 | ) | 3,799 | |||||||||||||||
Net loans | 1,390,077 | 1,429,596 | 1,487,908 | 1,479,025 | 1,443,699 | (39,519 | ) | (53,622 | ) | |||||||||||||||||||
Mortgage loans held for sale | 4,853 | 2,130 | 1,907 | 3,719 | 6,229 | 2,723 | (1,376 | ) | ||||||||||||||||||||
Other real estate owned: | ||||||||||||||||||||||||||||
Noncovered under FDIC loss share agreements | 1,115 | 892 | 976 | 957 | 1,210 | 223 | (95 | ) | ||||||||||||||||||||
Covered under FDIC loss share agreements | 45,062 | 57,595 | 60,334 | 63,572 | 84,496 | (12,533 | ) | (39,434 | ) | |||||||||||||||||||
Premises and equipment, net | 35,364 | 38,282 | 38,298 | 36,971 | 36,760 | (2,918 | ) | (1,396 | ) | |||||||||||||||||||
Goodwill | 10,381 | 6,562 | 6,562 | 6,562 | 6,562 | 3,819 | 3,819 | |||||||||||||||||||||
Other intangibles, net | 3,188 | 1,103 | 1,360 | 1,636 | 1,882 | 2,085 | 1,306 | |||||||||||||||||||||
FDIC receivable for loss share agreements, net | 367,927 | 355,741 | 419,786 | 460,593 | 529,440 | 12,186 | (161,513 | ) | ||||||||||||||||||||
Other assets | 73,430 | 84,165 | 81,804 | 81,661 | 86,793 | (10,735 | ) | (13,363 | ) | |||||||||||||||||||
Total assets | $ | 2,684,803 | $ | 2,643,744 | $ | 2,670,229 | $ | 2,676,648 | $ | 2,776,334 | $ | 41,059 | $ | (91,531 | ) | |||||||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||||||||||||||
Noninterest-bearing deposits | $ | 387,450 | $ | 367,762 | $ | 343,214 | $ | 312,967 | $ | 297,188 | $ | 19,688 | $ | 90,262 | ||||||||||||||
Interest-bearing deposits | 1,760,986 | 1,756,536 | 1,821,922 | 1,875,908 | 2,001,277 | 4,450 | (240,291 | ) | ||||||||||||||||||||
Total deposits | 2,148,436 | 2,124,298 | 2,165,136 | 2,188,875 | 2,298,465 | 24,138 | (150,029 | ) | ||||||||||||||||||||
Securities sold under agreements to repurchase | 4,755 | 607 | 2,845 | 1,421 | 4,749 | 4,148 | 6 | |||||||||||||||||||||
Notes payable | 2,523 | 2,527 | 2,531 | 2,535 | 2,539 | (4 | ) | (16 | ) | |||||||||||||||||||
Other liabilities | 92,747 | 88,114 | 79,663 | 75,314 | 73,293 | 4,633 | 19,454 | |||||||||||||||||||||
Total liabilities | 2,248,461 | 2,215,546 | 2,250,175 | 2,268,145 | 2,379,046 | 32,915 | (130,585 | ) | ||||||||||||||||||||
Total shareholders’ equity | 436,342 | 428,198 | 420,054 | 408,503 | 397,288 | 8,144 | 39,054 | |||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,684,803 | $ | 2,643,744 | $ | 2,670,229 | $ | 2,676,648 | $ | 2,776,334 | $ | 41,059 | $ | (91,531 | ) | |||||||||||||
Capital Ratios | ||||||||||||||||||||||||||||
Average equity to average assets | 16.45 | % | 15.91 | % | 15.62 | % | 15.30 | % | 13.87 | % | .54 | % | 2.58 | % | ||||||||||||||
Leverage ratio | 15.73 | 15.44 | 15.24 | 15.06 | 13.76 | .29 | 1.97 | |||||||||||||||||||||
Tier I risk-based capital ratio | 29.66 | 29.95 | 31.45 | 32.92 | 33.84 | (.29 | ) | (4.18 | ) | |||||||||||||||||||
Total risk-based capital ratio | 30.96 | 31.23 | 32.77 | 34.22 | 35.15 | (.27 | ) | (4.19 | ) | |||||||||||||||||||
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State Bank Financial Corporation 4Q12 Financial Supplement: Table 3 Condensed Consolidated Income Statement Quarterly (Unaudited) | ||||||||||||||||||||||||||||
4Q12 Change vs. | ||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | 4Q12 | 3Q12 | 2Q12 | 1Q12 | 4Q11 | 3Q12 | 4Q11 | |||||||||||||||||||||
Total interest income on invested funds | $ | 2,611 | $ | 2,862 | $ | 3,027 | $ | 3,005 | $ | 3,154 | $ | (251 | ) | $ | (543 | ) | ||||||||||||
Interest income on noncovered loans, including fees | 14,993 | 14,679 | 13,722 | 11,834 | 12,486 | 314 | 2,507 | |||||||||||||||||||||
Accretion income on covered loans | 26,276 | 18,893 | 32,191 | 23,490 | 29,408 | 7,383 | (3,132 | ) | ||||||||||||||||||||
Total interest expense | 2,096 | 2,235 | 2,566 | 2,852 | 3,595 | (139 | ) | (1,499 | ) | |||||||||||||||||||
Net interest income | 41,784 | 34,199 | 46,374 | 35,477 | 41,453 | 7,585 | 331 | |||||||||||||||||||||
Provision for loan losses (noncovered loans) | 325 | 1,050 | 2,125 | 1,535 | 2,868 | (725 | ) | (2,543 | ) | |||||||||||||||||||
Provision for loan losses (covered loans) | 3,021 | 5,441 | 2,902 | (1,283 | ) | 16,768 | (2,420 | ) | (13,747 | ) | ||||||||||||||||||
Net interest income after provision for loan losses | 38,438 | 27,708 | 41,347 | 35,225 | 21,817 | 10,730 | 16,621 | |||||||||||||||||||||
Noninterest income: | ||||||||||||||||||||||||||||
Accretion (amortization) of FDIC receivable for loss share agreements | (4,199 | ) | (6,291 | ) | (4,007 | ) | (7,011 | ) | 122 | 2,092 | (4,321 | ) | ||||||||||||||||
Service charges on deposits | 1,408 | 1,298 | 1,199 | 1,212 | 1,370 | 110 | 38 | |||||||||||||||||||||
Mortgage banking income | 363 | 255 | 311 | 302 | 349 | 108 | 14 | |||||||||||||||||||||
Gain (loss) on sale of investment securities | 225 | — | — | 93 | (20 | ) | 225 | 245 | ||||||||||||||||||||
Gains on FHLB stock redemptions | 680 | 101 | 434 | — | 772 | 579 | (92 | ) | ||||||||||||||||||||
Gains on acquisitions | — | — | — | — | 14,890 | — | (14,890 | ) | ||||||||||||||||||||
Payroll fee income | 622 | — | — | — | — | 622 | 622 | |||||||||||||||||||||
ATM income | 619 | 611 | 610 | 585 | 551 | 8 | 68 | |||||||||||||||||||||
Other | 757 | 772 | 210 | 1,041 | 749 | (15 | ) | 8 | ||||||||||||||||||||
Total noninterest income | 475 | (3,254 | ) | (1,243 | ) | (3,778 | ) | 18,783 | 3,729 | (18,308 | ) | |||||||||||||||||
Noninterest expense: | ||||||||||||||||||||||||||||
Salaries and employee benefits | 15,134 | 12,811 | 13,628 | 12,963 | 14,333 | 2,323 | 801 | |||||||||||||||||||||
Occupancy and equipment | 2,500 | 2,469 | 2,419 | 2,457 | 2,795 | 31 | (295 | ) | ||||||||||||||||||||
Legal and professional fees | 1,669 | 1,265 | 2,173 | 1,517 | 1,342 | 404 | 327 | |||||||||||||||||||||
Marketing | 968 | 573 | 366 | 264 | 935 | 395 | 33 | |||||||||||||||||||||
Federal insurance premiums and other regulatory fees | 673 | 378 | 355 | 418 | 193 | 295 | 480 | |||||||||||||||||||||
Net cost of operations of other real estate owned | 928 | (484 | ) | 458 | 2,078 | 4,322 | 1,412 | (3,394 | ) | |||||||||||||||||||
Data processing | 1,272 | 1,196 | 1,336 | 1,864 | 1,387 | 76 | (115 | ) | ||||||||||||||||||||
Amortization of intangibles | 251 | 256 | 276 | 246 | 241 | (5 | ) | 10 | ||||||||||||||||||||
Other | 1,387 | 1,371 | 1,415 | 1,406 | 1,679 | 16 | (292 | ) | ||||||||||||||||||||
Total noninterest expense | 24,782 | 19,835 | 22,426 | 23,213 | 27,227 | 4,947 | (2,445 | ) | ||||||||||||||||||||
Income before income taxes | 14,131 | 4,619 | 17,678 | 8,234 | 13,373 | 9,512 | 758 | |||||||||||||||||||||
Income tax expense | 4,790 | 1,261 | 6,647 | 3,096 | 4,284 | 3,529 | 506 | |||||||||||||||||||||
Net income | $ | 9,341 | $ | 3,358 | $ | 11,031 | $ | 5,138 | $ | 9,089 | $ | 5,983 | $ | 252 | ||||||||||||||
Basic earnings per share | $ | .29 | $ | .11 | $ | .35 | $ | .16 | $ | .29 | $ | .18 | $ | — | ||||||||||||||
Diluted earnings per share | .28 | .10 | .34 | .16 | .28 | .18 | — | |||||||||||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||||||||||||||
Basic | 31,904,381 | 31,654,046 | 31,613,581 | 31,611,603 | 31,611,581 | 250,335 | 292,800 | |||||||||||||||||||||
Diluted | 33,179,198 | 32,808,726 | 32,776,553 | 32,777,121 | 32,586,069 | 370,472 | 593,129 | |||||||||||||||||||||
6
State Bank Financial Corporation 4Q12 Financial Supplement: Table 4 Condensed Consolidated Income Statement Annually (Unaudited) | ||||||||||||
For the twelve months ended | YTD Change | |||||||||||
(Dollars in thousands, except per share data) | 2012 | 2011 | ||||||||||
Total interest income on invested funds | $ | 11,505 | $ | 11,539 | $ | (34 | ) | |||||
Interest income on noncovered loans, including fees | 55,228 | 38,495 | 16,733 | |||||||||
Accretion income on covered loans | 100,850 | 116,967 | (16,117 | ) | ||||||||
Total interest expense | 9,749 | 21,773 | (12,024 | ) | ||||||||
Net interest income | 157,834 | 145,228 | 12,606 | |||||||||
Provision for loan losses (noncovered loans) | 5,035 | 6,482 | (1,447 | ) | ||||||||
Provision for loan losses (covered loans) | 10,081 | 20,034 | (9,953 | ) | ||||||||
Net interest income after provision for loan losses | 142,718 | 118,712 | 24,006 | |||||||||
Noninterest income: | ||||||||||||
Accretion (amortization) of FDIC receivable for loss share agreements | (21,508 | ) | 10,257 | (31,765 | ) | |||||||
Service charges on deposits | 5,117 | 5,601 | (484 | ) | ||||||||
Mortgage banking income | 1,231 | 994 | 237 | |||||||||
Gain (loss) on sale of investment securities | 318 | (54 | ) | 372 | ||||||||
Gains on FHLB stock redemptions | 1,215 | 2,478 | (1,263 | ) | ||||||||
Gains on acquisitions | — | 14,890 | (14,890 | ) | ||||||||
Payroll fee income | 622 | — | 622 | |||||||||
ATM income | 2,425 | 2,105 | 320 | |||||||||
Other | 2,780 | 5,100 | (2,320 | ) | ||||||||
Total noninterest income | (7,800 | ) | 41,371 | (49,171 | ) | |||||||
Noninterest expense: | ||||||||||||
Salaries and employee benefits | 54,536 | 50,198 | 4,338 | |||||||||
Occupancy and equipment | 9,845 | 8,692 | 1,153 | |||||||||
Legal and professional fees | 6,624 | 6,517 | 107 | |||||||||
Marketing | 2,171 | 3,475 | (1,304 | ) | ||||||||
Federal insurance premiums and other regulatory fees | 1,824 | 2,019 | (195 | ) | ||||||||
Net cost of operations of other real estate owned | 2,980 | 10,735 | (7,755 | ) | ||||||||
Data processing | 5,668 | 4,788 | 880 | |||||||||
Amortization of intangibles | 1,029 | 948 | 81 | |||||||||
Other | 5,579 | 6,177 | (598 | ) | ||||||||
Total noninterest expense | 90,256 | 93,549 | (3,293 | ) | ||||||||
Income before income taxes | 44,662 | 66,534 | (21,872 | ) | ||||||||
Income tax expense | 15,794 | 23,528 | (7,734 | ) | ||||||||
Net income | $ | 28,868 | $ | 43,006 | $ | (14,138 | ) | |||||
Basic earnings per share | $ | .91 | $ | 1.36 | $ | (.45 | ) | |||||
Diluted earnings per share | .88 | 1.32 | (.44 | ) | ||||||||
Weighted average common shares outstanding: | ||||||||||||
Basic | 31,696,358 | 31,611,303 | 85,055 | |||||||||
Diluted | 32,890,274 | 32,623,056 | 267,218 | |||||||||
7
State Bank Financial Corporation 4Q12 Financial Supplement: Table 5 Condensed Consolidated Composition of Loans and Deposits Quarterly (Unaudited) | ||||||||||||||||||||||||||||
4Q12 Change vs. | ||||||||||||||||||||||||||||
(Dollars in thousands) | 4Q12 | 3Q12 | 2Q12 | 1Q12 | 4Q11 | 3Q12 | 4Q11 | |||||||||||||||||||||
Composition of Loans | ||||||||||||||||||||||||||||
Noncovered loans: | ||||||||||||||||||||||||||||
Construction, land & land development | $ | 230,448 | $ | 249,739 | $ | 253,980 | $ | 212,165 | $ | 162,382 | $ | (19,291 | ) | $ | 68,066 | |||||||||||||
Other commercial real estate | 457,729 | 411,574 | 356,476 | 339,084 | 307,814 | 46,155 | 149,915 | |||||||||||||||||||||
Total commercial real estate | 688,177 | 661,313 | 610,456 | 551,249 | 470,196 | 26,864 | 217,981 | |||||||||||||||||||||
Commercial & industrial | 35,390 | 33,817 | 35,186 | 38,021 | 35,817 | 1,573 | (427 | ) | ||||||||||||||||||||
Owner-occupied real estate | 172,445 | 163,327 | 154,533 | 152,552 | 139,128 | 9,118 | 33,317 | |||||||||||||||||||||
Total commercial & industrial | 207,835 | 197,144 | 189,719 | 190,573 | 174,945 | 10,691 | 32,890 | |||||||||||||||||||||
Residential real estate | 43,179 | 41,514 | 41,449 | 39,356 | 33,738 | 1,665 | 9,441 | |||||||||||||||||||||
Consumer & other | 46,311 | 37,360 | 39,496 | 21,777 | 22,150 | 8,951 | 24,161 | |||||||||||||||||||||
Total noncovered loans | 985,502 | 937,331 | 881,120 | 802,955 | 701,029 | 48,171 | 284,473 | |||||||||||||||||||||
Covered loans: | ||||||||||||||||||||||||||||
Construction, land & land development | 81,288 | 98,546 | 136,200 | 176,164 | 190,110 | (17,258 | ) | (108,822 | ) | |||||||||||||||||||
Other commercial real estate | 139,010 | 165,148 | 208,975 | 212,783 | 233,575 | (26,138 | ) | (94,565 | ) | |||||||||||||||||||
Total commercial real estate | 220,298 | 263,694 | 345,175 | 388,947 | 423,685 | (43,396 | ) | (203,387 | ) | |||||||||||||||||||
Commercial & industrial | 14,859 | 21,281 | 29,298 | 32,722 | 38,174 | (6,422 | ) | (23,315 | ) | |||||||||||||||||||
Owner-occupied real estate | 86,612 | 100,151 | 118,848 | 128,219 | 143,523 | (13,539 | ) | (56,911 | ) | |||||||||||||||||||
Total commercial & industrial | 101,471 | 121,432 | 148,146 | 160,941 | 181,697 | (19,961 | ) | (80,226 | ) | |||||||||||||||||||
Residential real estate | 142,032 | 156,368 | 180,167 | 177,790 | 189,109 | (14,336 | ) | (47,077 | ) | |||||||||||||||||||
Consumer & other | 10,912 | 11,512 | 13,963 | 16,160 | 17,663 | (600 | ) | (6,751 | ) | |||||||||||||||||||
Total covered loans | 474,713 | 553,006 | 687,451 | 743,838 | 812,154 | (78,293 | ) | (337,441 | ) | |||||||||||||||||||
Total loans | $ | 1,460,215 | $ | 1,490,337 | $ | 1,568,571 | $ | 1,546,793 | $ | 1,513,183 | $ | (30,122 | ) | $ | (52,968 | ) | ||||||||||||
Composition of Deposits | ||||||||||||||||||||||||||||
Noninterest-bearing demand deposits | $ | 387,450 | $ | 367,762 | $ | 343,214 | $ | 312,967 | $ | 297,188 | $ | 19,688 | $ | 90,262 | ||||||||||||||
Interest-bearing transaction accounts | 355,651 | 324,305 | 331,550 | 316,738 | 359,020 | 31,346 | (3,369 | ) | ||||||||||||||||||||
Savings and money market accounts | 949,631 | 960,714 | 1,016,619 | 1,103,151 | 1,140,552 | (11,083 | ) | (190,921 | ) | |||||||||||||||||||
Time deposits less than $100,000 | 201,658 | 208,769 | 222,402 | 249,047 | 274,415 | (7,111 | ) | (72,757 | ) | |||||||||||||||||||
Time deposits $100,000 or greater | 147,363 | 157,414 | 170,844 | 196,197 | 213,200 | (10,051 | ) | (65,837 | ) | |||||||||||||||||||
Brokered and wholesale time deposits | 106,683 | 105,334 | 80,507 | 10,775 | 14,090 | 1,349 | 92,593 | |||||||||||||||||||||
Total deposits | $ | 2,148,436 | $ | 2,124,298 | $ | 2,165,136 | $ | 2,188,875 | $ | 2,298,465 | $ | 24,138 | $ | (150,029 | ) | |||||||||||||
8
State Bank Financial Corporation 4Q12 Financial Supplement: Table 6 Condensed Consolidated Asset Quality Data Quarterly (Unaudited) | ||||||||||||||||||||||||||||
4Q12 Change vs. | ||||||||||||||||||||||||||||
(Dollars in thousands) | 4Q12 | 3Q12 | 2Q12 | 1Q12 | 4Q11 | 3Q12 | 4Q11 | |||||||||||||||||||||
Nonperforming noncovered assets: | ||||||||||||||||||||||||||||
Nonaccrual loans | $ | 2,621 | $ | 4,117 | $ | 4,197 | $ | 3,561 | $ | 1,905 | $ | (1,496 | ) | $ | 716 | |||||||||||||
Troubled debt restructurings | 2,171 | 1,297 | 347 | 335 | 256 | 874 | 1,915 | |||||||||||||||||||||
Total nonperforming noncovered loans | 4,792 | 5,414 | 4,544 | 3,896 | 2,161 | (622 | ) | 2,631 | ||||||||||||||||||||
Other real estate owned | 1,115 | 892 | 976 | 957 | 1,210 | 223 | (95 | ) | ||||||||||||||||||||
Total nonperforming noncovered assets | 5,907 | 6,306 | 5,520 | 4,853 | 3,371 | (399 | ) | 2,536 | ||||||||||||||||||||
Nonperforming covered assets: | ||||||||||||||||||||||||||||
Other real estate owned (1) | $ | 45,062 | $ | 57,595 | $ | 60,334 | $ | 63,572 | $ | 84,496 | $ | (12,533 | ) | $ | (39,434 | ) | ||||||||||||
Noncovered assets: | ||||||||||||||||||||||||||||
Year-to-date charge-offs | $ | 669 | $ | 667 | $ | 555 | $ | 68 | $ | 1,744 | $ | 2 | $ | (1,075 | ) | |||||||||||||
Year-to-date recoveries | 87 | 80 | 5 | 7 | 118 | 7 | (31 | ) | ||||||||||||||||||||
Year-to-date net charge-offs | $ | 582 | $ | 587 | $ | 550 | $ | 61 | $ | 1,626 | $ | (5 | ) | $ | (1,044 | ) | ||||||||||||
Ratios: | ||||||||||||||||||||||||||||
Annualized YTD net charge-offs to total average noncovered loans | .06 | % | .09 | % | .13 | % | .03 | % | .23 | % | (.03 | )% | (.17 | )% | ||||||||||||||
Nonperforming loans to total noncovered loans (2) | .49 | .58 | .52 | .49 | .31 | (.09 | ) | .18 | ||||||||||||||||||||
Nonperforming assets to loans + ORE: | ||||||||||||||||||||||||||||
Noncovered | .60 | .67 | .63 | .60 | .48 | (.07 | ) | .12 | ||||||||||||||||||||
Covered | 8.67 | 9.43 | 8.07 | 7.87 | 9.42 | (.76 | ) | (.75 | ) | |||||||||||||||||||
Allowance for loan losses to loans: | ||||||||||||||||||||||||||||
Noncovered | 1.49 | 1.53 | 1.51 | 1.45 | 1.46 | (.04 | ) | .03 | ||||||||||||||||||||
Covered | 11.69 | 8.39 | 9.80 | 7.54 | 7.30 | 3.30 | 4.39 | |||||||||||||||||||||
(1) Total nonperforming assets for covered assets consist of other real estate only. There are no covered loans designated as nonperforming.
(2) The ratio of nonperforming loans to total loans is disclosed for noncovered loans only because there are no covered loans designated as nonperforming.
9
State Bank Financial Corporation 4Q12 Financial Supplement: Table 7 Condensed Consolidated Average Balances and Yield Analysis Quarterly (Unaudited) | ||||||||||||||||||||||||||||
4Q12 Change vs. | ||||||||||||||||||||||||||||
(Dollars in thousands) | 4Q12 | 3Q12 | 2Q12 | 1Q12 | 4Q11 | 3Q12 | 4Q11 | |||||||||||||||||||||
Selected Average Balances | ||||||||||||||||||||||||||||
Interest-bearing deposits in other financial institutions | $ | 371,873 | $ | 333,882 | $ | 258,178 | $ | 158,949 | $ | 261,853 | $ | 37,991 | $ | 110,020 | ||||||||||||||
Taxable investment securities | 302,634 | 280,432 | 292,678 | 333,661 | 365,388 | 22,202 | (62,754 | ) | ||||||||||||||||||||
Nontaxable investment securities, tax equivalent basis | 12,173 | 12,263 | 12,469 | 10,199 | 11,267 | (90 | ) | 906 | ||||||||||||||||||||
Noncovered loans receivable (1) | 955,153 | 901,168 | 840,428 | 740,905 | 709,071 | 53,985 | 246,082 | |||||||||||||||||||||
Covered loans receivable | 504,138 | 625,701 | 707,273 | 788,511 | 818,901 | (121,563 | ) | (314,763 | ) | |||||||||||||||||||
Total earning assets | 2,145,971 | 2,153,446 | 2,111,026 | 2,032,225 | 2,166,480 | (7,475 | ) | (20,509 | ) | |||||||||||||||||||
Total nonearning assets | 501,716 | 551,688 | 580,406 | 628,193 | 691,163 | (49,972 | ) | (189,447 | ) | |||||||||||||||||||
Total assets | 2,647,687 | 2,705,134 | 2,691,432 | 2,660,418 | 2,857,643 | (57,447 | ) | (209,956 | ) | |||||||||||||||||||
Interest-bearing transaction accounts | 315,541 | 321,328 | 323,126 | 310,662 | 309,991 | (5,787 | ) | 5,550 | ||||||||||||||||||||
Savings & money market deposits | 954,260 | 997,939 | 1,052,130 | 1,115,877 | 1,204,433 | (43,679 | ) | (250,173 | ) | |||||||||||||||||||
Time deposits less than $100,000 | 205,048 | 215,048 | 237,154 | 262,116 | 322,617 | (10,000 | ) | (117,569 | ) | |||||||||||||||||||
Time deposits $100,000 or greater | 259,019 | 264,222 | 247,466 | 214,205 | 261,114 | (5,203 | ) | (2,095 | ) | |||||||||||||||||||
FHLB advances | — | — | — | — | 4,566 | — | (4,566 | ) | ||||||||||||||||||||
Notes payable | 2,525 | 2,529 | 2,533 | 2,537 | 2,541 | (4 | ) | (16 | ) | |||||||||||||||||||
Securities sold under agreements to repurchase | 5,352 | 2,448 | 2,776 | 3,564 | 4,030 | 2,904 | 1,322 | |||||||||||||||||||||
Total interest-bearing liabilities | 1,741,745 | 1,803,514 | 1,865,185 | 1,908,961 | 2,109,292 | (61,769 | ) | (367,547 | ) | |||||||||||||||||||
Noninterest-bearing demand deposits | 380,676 | 384,297 | 330,488 | 300,704 | 306,346 | (3,621 | ) | 74,330 | ||||||||||||||||||||
Other liabilities | 89,632 | 87,044 | 75,438 | 43,652 | 45,509 | 2,588 | 44,123 | |||||||||||||||||||||
Shareholders’ equity | 435,634 | 430,279 | 420,321 | 407,101 | 396,496 | 5,355 | 39,138 | |||||||||||||||||||||
Total liabilities and shareholders' equity | 2,647,687 | 2,705,134 | 2,691,432 | 2,660,418 | 2,857,643 | (57,447 | ) | (209,956 | ) | |||||||||||||||||||
Interest Margins (2) | ||||||||||||||||||||||||||||
Interest-bearing deposits in other financial institutions | .27 | % | .22 | % | .24 | % | .26 | % | .32 | % | .05 | % | (.05 | )% | ||||||||||||||
Taxable investment securities | 2.96 | 3.65 | 3.80 | 3.37 | 3.07 | (.69 | ) | (.11 | ) | |||||||||||||||||||
Nontaxable investment securities, tax equivalent basis (3) | 5.26 | 5.28 | 5.41 | 6.33 | 6.59 | (.02 | ) | (1.33 | ) | |||||||||||||||||||
Noncovered loans receivable | 6.24 | 6.48 | 6.57 | 6.42 | 6.99 | (.24 | ) | (.75 | ) | |||||||||||||||||||
Covered loans receivable | 20.73 | 12.01 | 18.31 | 11.98 | 14.57 | 8.72 | 6.16 | |||||||||||||||||||||
Total earning assets | 8.14 | % | 6.74 | % | 9.34 | % | 7.60 | % | 8.37 | % | 1.40 | % | (.23 | )% | ||||||||||||||
Interest-bearing transaction accounts | .11 | .12 | .12 | .13 | .12 | (.01 | ) | (.01 | ) | |||||||||||||||||||
Savings & money market deposits | .45 | .46 | .51 | .50 | .54 | (.01 | ) | (.09 | ) | |||||||||||||||||||
Time deposits less than $100,000 | .62 | .67 | .86 | 1.12 | 1.17 | (.05 | ) | (.55 | ) | |||||||||||||||||||
Time deposits $100,000 or greater | .83 | .85 | .95 | 1.08 | 1.38 | (.02 | ) | (.55 | ) | |||||||||||||||||||
FHLB advances | — | — | — | — | .94 | — | (.94 | ) | ||||||||||||||||||||
Notes payable | 8.67 | 8.49 | 8.32 | 8.72 | 8.39 | .18 | .28 | |||||||||||||||||||||
Securities sold under agreements to repurchase | .07 | .10 | .10 | .11 | .27 | (.03 | ) | (.20 | ) | |||||||||||||||||||
Total interest-bearing liabilities | .48 | .49 | .55 | .60 | .69 | (.01 | ) | (.21 | ) | |||||||||||||||||||
Net interest spread | 7.66 | 6.25 | 8.78 | 7.00 | 7.68 | 1.41 | (.02 | ) | ||||||||||||||||||||
Net interest margin | 7.76 | % | 6.33 | % | 8.85 | % | 7.03 | % | 7.70 | % | 1.43 | % | .06 | % | ||||||||||||||
(1) The above amount includes nonaccrual loans of $3,337 for 4Q12, $4,114 for 3Q12, $4,053 for 2Q12, $3,340 for 1Q12, and $2,562 for 4Q11.
(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 4Q12, $57 for 3Q12, $59 for 2Q12, $56 for 1Q12, and $65 for 4Q11.
10