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Fourth quarter 2013 net income of $9.4 million, or $.28 per diluted share
Covered loan balances decreased $217 million, or 46%, in 2013
Deposit funding mix continues to improve, contributing to low cost of funds
ATLANTA, Jan. 30, 2014 (GLOBE NEWSWIRE) -- State Bank Financial Corporation (Nasdaq:STBZ) today announced unaudited financial results for the quarter and full year ended December 31, 2013. Net income for the fourth quarter of 2013 was $9.4 million, compared to $4.3 million for the third quarter of 2013 and $3.2 million for the fourth quarter of 2012. Full year net income for 2013 was $12.7 million compared to $22.7 million for full year 2012. Fully diluted earnings per share were $.28 in the fourth quarter of 2013 compared to $.13 in the third quarter of 2013 and $.10 in the fourth quarter of 2012. Fully diluted earnings per share were $.38 for full year 2013 compared to $.69 for full year 2012.
Joe Evans, Chairman and CEO, commented, "I could not be more pleased with what our team accomplished in 2013. Quantitatively, it was a year of effectively replacing covered assets with organic assets, improving deposit mix, strong asset quality metrics and improving efficiency. While less visible to outside observers, but perhaps more important, I am extremely pleased with the way our organization matured over the past year. As we move into 2014, I am highly confident that we have the people and processes in place as we transition through the expiration of loss share and plan to safely and profitably grow State Bank going forward."
Net interest income was $64.4 million in the fourth quarter of 2013, up from $44.4 million in the third quarter of 2013 and $43.4 million in the fourth quarter of 2012. Accretion income on covered loans was $48.1 million in the fourth quarter of 2013, which was a $20.1 million increase from the third quarter of 2013 due to gains from loan pools closing out in the fourth quarter of 2013. Interest income on noncovered loans for the fourth quarter of 2013 was $15.9 million, up from $15.8 million in the prior quarter and $15.1 million in the fourth quarter of 2012. The yield on noncovered loans increased slightly versus the prior quarter, up one basis point to 5.53% in the fourth quarter of 2013. Interest expense of $2.0 million in the fourth quarter of 2013 was down slightly versus the prior quarter and down from $2.1 million in the fourth quarter of 2012. Cost of funds for the fourth quarter of 2013 of 37 basis points improved one basis point from the prior quarter and two basis points from the fourth quarter of 2012.