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10 Well-Run, Profitable Banks (Update 3)

5. State Bank Financial Corp.

Shares of State Bank Financial (STBZ) of Atlanta closed at $15.11 Friday, returning 4% in 2011.

The company's third-quarter efficiency ratio was 37.84, according to SNL Financial.

State Bank Financial on Oct. 21 purchased the failed Community Capital Bank of Jonesboro, Ga., from the FDIC, picking up two branches and roughly $181 million in assets, with the FDIC covering 80% of losses on $141.3 million of the acquired assets. That deal followed the purchase of the failed Piedmont Community Bank of Gray, Ga., which had $201.7 million in assets and two branches, with the FDIC agreeing to cover 80% of losses on $163.2 million of the acquired assets.

State Bank Financial earned $17.1 million, or 53 cents a share, in the third quarter, increasing from $10.8 million, or 34 cents, a year earlier, with the increase mainly reflecting growth through previous government-assisted acquisitions.

The third-quarter ROA was 2.52%, according to SNL.

FIG Partners analyst Christopher Marinac rates State Bank Financial "Outperform," with an $18.50 price target, saying after the two October acquisitions that the company's "build-up of both Cash and Retained Capital remains tremendous, which enables tangible book value to grow significantly during the next several quarters into 2013." Marinac also said "the company has the capacity to pay cash dividends as well as execute on share repurchases when prudent, both of which serve to justify a stronger stock price."

The analyst estimates that the company will earn $1.17 a share in 2012.

The shares trade for 10 times the consensus 2012 EPS estimate of $1.49, among analysts polled by FactSet, and for 1.3 times their Sept. 30 tangible book value of $12.04, according to SNL Financial.

All three analysts covering State Bank Financial Corp. rate the shares a buy.

Interested in more on State Bank Financial? See TheStreet Ratings' report card for this stock.

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