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State Bank Reports Fourth Quarter And Full Year Financial Results

Stocks in this article: STBZ

ATLANTA, Jan. 30, 2013 (GLOBE NEWSWIRE) -- 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.   

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