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.