4 Community Banks Out-Earning the Big Guys

3. State Bank Financial Corp.

Shares of State Bank Financial Corp. (STBZ) of Atlanta, closed at $17.34 Thursday, returning 15% year-to-date, following a 4% return during 2011. The company's 2011 ROA was 1.56%.

The shares trade for 1.4 times tangible book value, and for 13 times the consensus 2013 EPS estimate of $1.34. The consensus 2012 earnings estimate is $1.37 a share.

The company had $2.7 billion in total assets as of Dec. 30. The company has acquired 12 failed institutions from the Federal Deposit Insurance Corp. since 2009.

The consensus estimate for State Bank Financial to report first-quarter earnings of 34 cents, increasing from 28 cents in the fourth quarter, and 25 cents during the first quarter of 2011.

BB&T analyst Blair Brantley on April 3 initiated his firm's coverage of State Bank Financial with a "Buy" rating and a $21 price target, saying the company was "not just a roll-up story," and was "well positioned to continue its dual operating strategy of managing FDIC acquisitions while growing a core bank in Atlanta and middle Georgia."

Brantley estimates that BB&T will report first-quarter EPS of 35 cents, and estimates the company will earn $1.43 a share for all of 2012, followed by 2013 EPS of $1.37.

Following its initial stage of "FDIC-assisted transactions to create a platform for core growth," Brantley said "the company has since grown new loans at an impressive pace while also adding a few smaller, financially attractive, in-market FDIC-assisted deals."

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

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