LAKE HAVASU CITY, Ariz., Feb. 1, 2013 (GLOBE NEWSWIRE) -- State Bank Corp. (OTCBB:SBAZ) ("Company"), the holding company for Mohave State Bank ("Bank"), today announced net income of $358,000 or $0.06 per diluted share, for the quarter ended December 31, 2012, as compared to a net income of $137,000, or $0.02 per diluted share, for the same period of 2011, an increase of 161 percent. For the year ended December 31, 2012, the Company reported net income of $1.02 million, or $0.18 per diluted share, as compared to net income of $542,000, or $0.10 per diluted share, in the same period of 2011, an increase of 88 percent.
Fourth Quarter 2012 Highlights include:
- Net Income increased 161 percent in the fourth quarter of 2012 from the same period of 2011.
- Net credit losses fell to $8,000 in the fourth quarter of 2012, the lowest level in over five years.
- OREO related expense decreased by 44 percent in the fourth quarter of 2012 from the same period of 2011.
- Mortgage Department originated and sold a record 280 closed loans totaling $44.2 million in 2012.
- The Bank's Tier 1 Leverage Capital Ratio reached 10 percent.
- The Bank added Jason Anderson and Ruben Fontanes to its Board of Directors.
"By nearly all measures, 2012 was an outstanding year. The Company continues to make solid progress toward its recovery goals," commented Brian M. Riley, President & CEO. "While we are pleased to see improving economic conditions within the communities we serve, the dedication and persistence of our banking professionals has really made the difference."With real estate values continuing to stabilize and the credit environment improving, the Company was not required to provide any additional loan loss reserves during the fourth quarter. The Company provided $470,000 to its loan loss reserve during 2012. Net credit losses during the fourth quarter of 2012 were $8,000 as compared to $259,000 for the same period of 2011.