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State Bank Reports First Quarter Financial Results; Positive Fundamental Trends Obscured By Timing Of Revenue Recognition

Stocks in this article: STBZ

ATLANTA, April 25, 2013 (GLOBE NEWSWIRE) -- State Bank Financial Corporation (Nasdaq:STBZ) today announced unaudited financial results for the quarter ended March 31, 2013. Net loss for the first quarter was $1.2 million, compared to net income of $3.2 million for the fourth quarter of 2012 and net income of $5.1 million for the first quarter of 2012. Fully diluted loss per share was $.04 for the first quarter compared to fully diluted earnings per share of $.09 in the fourth quarter of 2012 and fully diluted earnings per share of $.16 in the first quarter of 2012.

Commenting on the results, Joe Evans, Chairman and CEO, said, "Financial results for the quarter again reflected solid operating trends in both our core franchise and in the resolution of our assets covered by loss share. In our traditional banking operations, organic loans grew to more than $1 billion, demand deposits grew to more than $400 million, and our cost of funds was down to 38 basis points in the quarter. In our loss share covered part of the bank, positive trends are somewhat obscured by timing differences between slower recognition of income from increased accretable discount and the more rapid recognition of indemnification asset amortization, both of which directly result from higher than expected collections. This timing disconnect will continue to impact earnings until our larger loss share agreements expire in 2014. Further, expenses were elevated in the quarter as we recognized severance costs related to efficiency actions that will have a meaningful positive impact on our future earnings."

Tom Wiley, Vice Chairman and President, added, "I am very pleased with our continued progress in prudently growing organic loans and our momentum in attracting and deepening core deposit relationships. Operating efficiency is very much front of mind, and the decisions we are making today are positioning our company for long-term sustainable profitability."

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