State Bank Financial Corporation Reports Fourth Quarter And Full Year Financial Results

  • 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."

Operating Highlights

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.

The noncovered loan portfolio continues to perform well, as recoveries were greater than charge-offs in the fourth quarter of 2013, leading to no provision for loan losses on noncovered loans in the quarter. The provision on noncovered loans totaled $905 thousand in the third quarter of 2013 and $325 thousand in the fourth quarter of 2012. The provision on covered loans, net of the FDIC benefit, was a negative $98 thousand in the fourth quarter of 2013 compared to a negative $636 thousand in the third quarter of 2013 and positive $3.0 million in the fourth quarter of 2012.

Noninterest income excluding amortization of the FDIC receivable for loss share agreements, which we refer to as the indemnification asset, was $4.0 million for the fourth quarter of 2013, down from $4.5 million in the third quarter of 2013. The linked-quarter decrease was primarily due to no gain on the sale of securities in the fourth quarter of 2013 compared to $717 thousand in securities gains in the third quarter of 2013. Additionally, higher payroll fee income from Altera Payment Solutions offset declines in service charge and mortgage banking income. Total noninterest income for the fourth quarter of 2013, which includes amortization of the indemnification asset, was negative $27.4 million compared to negative $14.5 million in the third quarter of 2013 and negative $10.6 million in the fourth quarter of 2012.

Amortization of the indemnification asset negatively impacted noninterest income by $31.4 million in the fourth quarter of 2013 compared to $19.0 million in the third quarter of 2013 and $15.3 million in the fourth quarter of 2012. We are currently projecting $49 million of scheduled amortization of the indemnification asset with an estimated weighted average life of three quarters, versus $185 million of scheduled loan accretion income with an estimated weighted average life of nine quarters. The $185 million of accretable discount remaining at December 31, 2013 is $45 million lower than at the end of the third quarter of 2013 but remains $12 million higher than at year-end 2012 as covered loans have performed better than initial estimates.

Total noninterest expense for the fourth quarter of 2013 was $22.7 million, down $406 thousand from the third quarter of 2013 and down $2.1 million from the fourth quarter of 2012. Noninterest expense declined for the third consecutive quarter as ongoing efficiency and productivity initiatives continue to positively impact our expense run-rate. Salary and benefit costs declined $294 thousand in the quarter to $14.5 million driven by position elimination, net of reinvestments in revenue producing initiatives. Loan collection and OREO costs increased $359 thousand, although this expense is primarily related to timing of loss share asset resolution rather than any fundamental trend.

Financial Condition

Total assets at quarter-end were $2.60 billion, up from $2.53 billion at September 30, 2013 and down from $2.66 billion at December 31, 2012. Loan payoffs exceeded new originations in the fourth quarter of 2013 as loans not covered by loss share agreements with the FDIC decreased a net $41.4 million from the third quarter of 2013 but increased a net $138.0 million from year-end 2012. The linked-quarter decrease was due to slightly lower origination volume, the delay in a few meaningful closings to 2014 and the expected payoffs of several large commercial real estate loans. Average noncovered loans increased a net $4.1 million from the third quarter of 2013 and $189.0 million from year-end 2012. Noncovered loans comprise 81.4% of total gross loans at December 31, 2013. Total net loans were $1.35 billion, down $79.5 million from the third quarter of 2013 and $43.2 million from the fourth quarter of 2012 as loan payoffs combined with covered loan resolution continue to impact net loans.

Total deposits at quarter-end were $2.13 billion, up from $2.05 billion at the end of the third quarter of 2013 but down from $2.15 billion at the end of the fourth quarter of 2012. Noninterest-bearing deposits increased $47.9 million from the third quarter of 2013 due to period-end volatility. A meaningful portion of this year-end activity in demand deposits was concentrated in a few accounts and is known to be a short-term benefit. Period-end noninterest-bearing deposits made up 22.0% of total deposits at December 31, 2013. Average noninterest-bearing deposits increased $8.8 million from the third quarter of 2013 and $50.9 million from the fourth quarter of 2012.

Tangible book value per share was $13.24 at the end of the fourth quarter of 2013. State Bank Financial Corporation continues to be well capitalized, ending the quarter with a leverage ratio of 16.55% and a Tier I risk-based capital ratio of 27.89%.

Detailed Results

Supplemental tables displaying financial results for the fourth quarter of 2013, the previous four quarters and full year 2013 are included with this press release.

Conference Call

State Bank Chief Executive Officer Joe Evans, Chief Financial Officer Tom Callicutt and Executive Risk Officer Kim Childers will discuss financial and business results for the quarter on a conference call today at 10:00 a.m. EST. The dial in number is 1.800.908.8386. Please dial in 10 minutes prior to the start of the call to register. You will be asked to provide your name and affiliation/company to join the call. A replay of the conference call will be available shortly after the call's completion in the Investors section on the company's website at www.statebt.com. A slide presentation for today's call is also available in the Investors section on the company's website.

About State Bank Financial Corporation and State Bank and Trust Company

State Bank Financial Corporation (Nasdaq:STBZ) is the holding company for State Bank and Trust Company, one of Georgia's best-capitalized banks, with approximately $2.6 billion in assets as of December 31, 2013. State Bank has locations in Metro Atlanta and Middle Georgia.

To learn more about State Bank, visit www.statebt.com

The State Bank Financial Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=14370

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this news release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans, expectations and benefits of our strategic plan, including projections and expectations of future growth, amortization and accretion, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties, and other factors, such as a downturn in the economy, unanticipated losses related to the integration of, and accounting for, acquired assets and assumed liabilities in our FDIC-assisted transactions, access to funding sources, greater than expected noninterest expenses, volatile credit and financial markets both domestic and foreign, potential deterioration in real estate values, regulatory changes and excessive loan losses, any or all of which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by our company or any person that future events, plans, or expectations contemplated by our company will be achieved. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. See Item 1A, Risk Factors, in our Annual Report on Form 10-K for the year ended December 31, 2012, for a description of some of the important factors that may affect actual outcomes.
State Bank Financial Corporation              
4Q13 Financial Supplement: Table 1              
Condensed Consolidated Financial Summary Results              
Quarterly (Unaudited)              
            4Q13 Change vs.
(Dollars in thousands, except per share  amounts) 4Q13 3Q13 2Q13 1Q13 4Q12 3Q13 4Q12
Income Statement Highlights              
Total interest income on invested funds  $ 2,416  $ 2,587  $ 2,693  $ 2,502  $ 2,585  $ (171)  $ (169)
Interest income on noncovered loans, including fees 15,861 15,800 15,141 14,374 15,053 61 808
Accretion income on covered loans 48,065 27,978 25,787 20,636 27,839 20,087 20,226
Total interest expense 1,961 1,981 1,995 1,996 2,096 (20) (135)
Net interest income 64,381 44,384 41,626 35,516 43,381 19,997 21,000
Provision for loan losses (noncovered loans) 905 665 350 325 (905) (325)
Provision for loan losses (covered loans) (98) (636) (1,288) (2,385) 3,021 538 (3,119)
Amortization of FDIC receivable for loss share agreements (31,372) (18,971) (20,762) (16,779) (15,260) (12,401) (16,112)
Noninterest income 3,955 4,471 4,224 4,121 4,641 (516) (686)
Noninterest expense 22,718 23,124 25,461 26,664 24,783 (406) (2,065)
Income (loss) before income taxes 14,344 6,491 250 (1,771) 4,633 7,853 9,711
Income tax expense (benefit) 4,927 2,142 113 (615) 1,418 2,785 3,509
Net income (loss)  $ 9,417  $ 4,349  $ 137  $ (1,156)  $ 3,215  $ 5,068  $ 6,202
Per Common Share Data              
Basic net income (loss) per share  $ .29  $ .14  —  $ (.04)  $ .10  $ .15  $ .19
Diluted net income (loss) per share .28 .13 (.04) .10 .15 .18
Cash dividends declared per share .03 .03 .03 .03 .03
Book value per share at period end 13.62 13.36 13.34 13.38 13.48 .26 .14
Tangible book value per share at period end 13.24 12.97 12.94 12.96 13.06 .27 .18
Market price at period end 18.19 15.87 15.03 16.37 15.88 2.32 2.31
Period end shares outstanding 32,094,145 32,076,645 31,926,331 31,918,665 31,908,665 17,500 185,480
Weighted Average Shares Outstanding:              
Basic 32,086,781 31,998,901 31,918,677 31,908,776 31,904,381 87,880 182,400
Diluted 33,519,550 33,296,650 33,124,681 31,908,776 33,179,198 222,900 340,352
Average Balance Sheet Highlights              
Noncovered loans, net of unearned income  $ 1,144,116  $ 1,140,052  $ 1,083,549  $ 1,007,094  $ 955,153  $ 4,064  $ 188,963
Covered loans 258,600 305,487 351,955 419,204 499,828 (46,887) (241,228)
Loans, net of unearned income 1,402,716 1,445,539 1,435,504 1,426,298 1,454,981 (42,823) (52,265)
Assets 2,559,725 2,561,802 2,644,241 2,627,041 2,643,661 (2,077) (83,936)
Deposits 2,089,202 2,077,170 2,147,653 2,115,382 2,114,544 12,032 (25,342)
Liabilities 2,130,231 2,134,590 2,217,002 2,197,455 2,212,404 (4,359) (82,173)
Equity 429,494 427,212 427,239 429,586 431,257 2,282 (1,763)
Tangible common equity 417,030 414,516 414,181 416,155 421,617 2,514 (4,587)
Key Metrics (1)              
Return on average assets 1.46% .67% .02% (.18)% .48% .79% .98%
Return on average equity 8.70 4.04 .13 (1.09) 2.97 4.66 5.73
Yield on earning assets 11.61 8.31 7.76 6.95 8.48 3.30 3.13
Cost of funds .37 .38 .37 .38 .39 (.01) (.02)
Rate on interest-bearing liabilities .47 .47 .46 .47 .48 (.01)
Net interest margin 11.26 7.95 7.40 6.58 8.09 3.31 3.17
Average equity to average assets 16.78 16.68 16.16 16.35 16.31 .10 .47
Leverage ratio 16.55 16.20 15.57 15.51 15.49 .35 1.06
Tier I risk-based capital ratio 27.89 26.18 25.88 28.17 29.25 1.71 (1.36)
Total risk-based capital ratio 29.15 27.44 27.14 29.45 30.54 1.71 (1.39)
Efficiency ratio 61.26 77.13 101.08 116.14 75.42 (15.87) (14.16)
Average loans to average deposits 67.14 69.59 66.84 67.43 68.81 (2.45) (1.67)
Noninterest-bearing deposits to total deposits 22.00 20.50 20.22 19.07 18.03 1.50 3.97
Nonperforming loans to total noncovered loans (2) .21 .25 .33 .42 .49 (.04) (.28)
Nonperforming assets to loans + ORE:              
Noncovered .29 .33 .42 .44 .60 (.04) (.31)
Covered 15.22 15.11 13.56 10.67 8.67 .11 6.55
(1)  Income calculated on a fully tax-equivalent basis.              
(2)  The ratio of nonperforming covered loans to total covered loans is not presented, as there are no covered loans designated as nonperforming.        
               
State Bank Financial Corporation              
4Q13 Financial Supplement: Table 2              
Condensed Consolidated Balance Sheets              
Quarterly (Unaudited)              
            4Q13 Change vs.
(Dollars in thousands) 4Q13 3Q13 2Q13 1Q13 4Q12 3Q13 4Q12
Assets              
Cash and amounts due from depository institutions  $ 8,518  $ 7,888  $ 6,783  $ 7,680  $ 9,974  $ 630  $ (1,456)
Interest-bearing deposits in other financial institutions 590,231 399,267 430,937 459,494 433,483 190,964 156,748
Cash and cash equivalents 598,749 407,155 437,720 467,174 443,457 191,594 155,292
Investment securities available-for-sale 387,048 374,838 370,146 351,565 303,901 12,210 83,147
Loans receivable:              
Noncovered under FDIC loss share agreements 1,123,475 1,164,854 1,123,122 1,051,455 985,502 (41,379) 137,973
               
Covered under FDIC loss share agreements 257,494 290,077 333,683 396,831 474,713 (32,583) (217,219)
Allowance for loan losses (noncovered loans) (16,656) (16,427) (15,805) (15,122) (14,660) (229) (1,996)
Allowance for loan losses (covered loans) (17,409) (12,075) (17,630) (28,706) (55,478) (5,334) 38,069
               
Net loans 1,346,904 1,426,429 1,423,370 1,404,458 1,390,077 (79,525) (43,173)
Mortgage loans held for sale 897 885 753 2,386 4,853 12 (3,956)
Other real estate owned:              
Noncovered under FDIC loss share agreements 965 974 1,097 276 1,115 (9) (150)
Covered under FDIC loss share agreements 46,222 51,651 52,345 47,401 45,062 (5,429) 1,160
Premises and equipment, net 33,318 33,988 34,856 35,379 35,364 (670) (2,046)
Goodwill 10,381 10,381 10,381 10,381 10,381
Other intangibles, net 1,986 2,150 2,449 2,819 3,188 (164) (1,202)
FDIC receivable for loss share agreements 103,160 156,549 210,557 258,848 355,325 (53,389) (252,165)
Other assets 71,075 62,101 64,023 60,619 68,311 8,974 2,764
               
Total assets  $ 2,600,705  $ 2,527,101  $ 2,607,697  $ 2,641,306  $ 2,661,034  $ 73,604  $ (60,329)
Liabilities and Shareholders' Equity              
Noninterest-bearing deposits  $ 468,138  $ 420,269  $ 429,960  $ 409,717  $ 387,450  $ 47,869  $ 80,688
Interest-bearing deposits 1,660,187 1,629,642 1,696,124 1,738,473 1,760,986 30,545 (100,799)
               
Total deposits 2,128,325 2,049,911 2,126,084 2,148,190 2,148,436 78,414 (20,111)
Securities sold under agreements to repurchase 1,216 1,082 3,576 3,959 4,755 134 (3,539)
Notes payable 5,682 5,690 5,698 3,861 2,523 (8) 3,159
Other liabilities 28,299 41,825 46,413 58,360 75,104 (13,526) (46,805)
               
Total liabilities 2,163,522 2,098,508 2,181,771 2,214,370 2,230,818 65,014 (67,296)
Total shareholders' equity 437,183 428,593 425,926 426,936 430,216 8,590 6,967
               
Total liabilities and shareholders' equity  $ 2,600,705  $ 2,527,101  $ 2,607,697  $ 2,641,306  $ 2,661,034  $ 73,604  $ (60,329)
Capital Ratios              
Average equity to average assets 16.78% 16.79% 16.16% 16.35% 16.32% (.01)% .46%
Leverage ratio 16.55 16.20 15.57 15.51 15.49 .35 1.06
Tier I risk-based capital ratio 27.89 26.18 25.88 28.17 29.25 1.71 (1.36)
Total risk-based capital ratio 29.15 27.44 27.14 29.45 30.54 1.71 (1.39)
               
State Bank Financial Corporation              
4Q13 Financial Supplement: Table 3              
Condensed Consolidated Income Statements              
Quarterly (Unaudited)              
            4Q13 Change vs.
(Dollars in thousands, except per share  amounts) 4Q13 3Q13 2Q13 1Q13 4Q12 3Q13 4Q12
Total interest income on invested funds  $ 2,416  $ 2,587  $ 2,693  $ 2,502  $ 2,585  $ (171)  $ (169)
Interest income on noncovered loans, including fees 15,861 15,800 15,141 14,374 15,053 61 808
Accretion income on covered loans 48,065 27,978 25,787 20,636 27,839 20,087 20,226
Total interest expense 1,961 1,981 1,995 1,996 2,096 (20) (135)
Net interest income 64,381 44,384 41,626 35,516 43,381 19,997 21,000
Provision for loan losses (noncovered loans) 905 665 350 325 (905) (325)
Provision for loan losses (covered loans) (98) (636) (1,288) (2,385) 3,021 538 (3,119)
Net interest income after provision for loan losses 64,479 44,115 42,249 37,551 40,035 20,364 24,444
Noninterest Income:              
Amortization of FDIC receivable for loss share agreements (31,372) (18,971) (20,762) (16,779) (15,260) (12,401) (16,112)
Service charges on deposits 1,304 1,353 1,284 1,215 1,408 (49) (104)
Mortgage banking income 153 260 289 306 363 (107) (210)
Gain on sale of investment securities 717 364 225 (717) (225)
Gain on FHLB stock redemptions 680 (680)
Payroll fee income 879 727 705 832 622 152 257
ATM income 604 604 635 605 619 (15)
Other 1,015 810 1,311 799 724 205 291
Total noninterest income (27,417) (14,500) (16,538) (12,658) (10,619) (12,917) (16,798)
Noninterest Expense:              
Salaries and employee benefits 14,500 14,794 15,547 17,395 15,134 (294) (634)
Occupancy and equipment 2,330 2,431 2,550 2,456 2,500 (101) (170)
Legal and professional fees 1,154 954 1,280 1,601 1,669 200 (515)
Marketing 369 457 350 328 968 (88) (599)
Federal insurance premiums and other regulatory fees 303 939 604 469 673 (636) (370)
Loan collection and OREO costs 733 374 1,944 1,288 929 359 (196)
Data processing 1,595 1,551 1,504 1,437 1,272 44 323
Amortization of intangibles 164 299 369 370 251 (135) (87)
Other 1,570 1,325 1,313 1,320 1,387 245 183
Total noninterest expense 22,718 23,124 25,461 26,664 24,783 (406) (2,065)
Income (Loss) Before Income Taxes 14,344 6,491 250 (1,771) 4,633 7,853 9,711
Income tax expense (benefit) 4,927 2,142 113 (615) 1,418 2,785 3,509
Net Income (Loss)  $ 9,417  $ 4,349  $ 137  $ (1,156)  $ 3,215  $ 5,068  $ 6,202
Basic Net Income (Loss) Per Share  $ .29  $ .14 $ —  $ (.04)  $ .10  $ .15  $ .19
Diluted Net Income (Loss) Per Share .28 .13 (.04) .10 .15 .18
Weighted Average Shares Outstanding:              
Basic 32,086,781 31,998,901 31,918,677 31,908,776 31,904,381 87,880 182,400
Diluted 33,519,550 33,296,650 33,124,681 31,908,776 33,179,198 222,900 340,352
       
State Bank Financial Corporation      
4Q13 Financial Supplement: Table 4      
Condensed Consolidated Income Statements      
Year to Date (Unaudited)      
  Years Ended December 31  
(Dollars in thousands, except per share amounts) 2013 2012 YTD Change
Total interest income on invested funds  $ 10,198  $ 11,390  $ (1,192)
Interest income on noncovered loans, including fees 61,176 55,460 5,716
Accretion income on covered loans 122,466 102,413 20,053
Total interest expense 7,933 9,749 (1,816)
Net interest income 185,907 159,514 26,393
Provision for loan losses (noncovered loans) 1,920 5,035 (3,115)
Provision for loan losses (covered loans) (4,407) 10,081 (14,488)
Net interest income after provision for loan losses 188,394 144,398 43,996
Noninterest Income:      
Amortization of FDIC receivable for loss share agreements (87,884) (32,569) (55,315)
Service charges on deposits 5,156 5,117 39
Mortgage banking income 1,008 1,231 (223)
Gain on sale of investment securities 1,081 318 763
Gains on FHLB stock redemptions 1,215 (1,215)
Payroll fee income 3,143 622 2,521
ATM income 2,448 2,425 23
Other 3,935 1,643 2,292
Total noninterest income (71,113) (19,998) (51,115)
Noninterest Expense:      
Salaries and employee benefits 62,236 54,536 7,700
Occupancy and equipment 9,767 9,845 (78)
Legal and professional fees 4,989 6,624 (1,635)
Marketing 1,504 2,171 (667)
Federal insurance premiums and other regulatory fees 2,315 1,824 491
Loan collection and OREO costs 4,339 1,960 2,379
Data processing 6,087 5,668 419
Amortization of intangibles 1,202 1,029 173
Other 5,528 5,579 (51)
Total noninterest expense 97,967 89,236 8,731
Income Before Income Taxes 19,314 35,164 (15,850)
Income tax expense 6,567 12,422 (5,855)
Net Income  $ 12,747  $ 22,742  $ (9,995)
Basic Net Income Per Share  $ .40  $ .72  $ (.32)
Diluted Net Income Per Share .38 .69 (.31)
Weighted Average Shares Outstanding:      
Basic 31,978,844 31,696,358 282,486
Diluted 33,290,565 32,890,274 400,291
               
State Bank Financial Corporation              
4Q13 Financial Supplement: Table 5              
Condensed Consolidated Composition of Loans and Deposits at Period Ends              
Quarterly (Unaudited)              
            4Q13 Change vs.
(Dollars in thousands) 4Q13 3Q13 2Q13 1Q13 4Q12 3Q13 4Q12
Composition of Loans              
Noncovered loans:              
Construction, land & land development  $ 251,043  $ 285,855  $ 295,756  $ 265,055  $ 230,448  $ (34,812)  $ 20,595
Other commercial real estate 550,474 552,579 508,620 486,287 457,729 (2,105) 92,745
Total commercial real estate 801,517 838,434 804,376 751,342 688,177 (36,917) 113,340
Commercial & industrial 30,145 27,573 33,908 35,944 35,390 2,572 (5,245)
Owner-occupied real estate 174,858 181,882 186,652 176,426 172,445 (7,024) 2,413
Total commercial & industrial 205,003 209,455 220,560 212,370 207,835 (4,452) (2,832)
Residential real estate 66,835 63,386 53,962 45,433 43,179 3,449 23,656
Consumer & other 50,120 53,579 44,224 42,310 46,311 (3,459) 3,809
Total noncovered loans 1,123,475 1,164,854 1,123,122 1,051,455 985,502 (41,379) 137,973
Covered loans:              
Construction, land & land development 35,383 40,268 51,660 58,802 81,288 (4,885) (45,905)
Other commercial real estate 67,573 77,040 91,246 115,194 139,010 (9,467) (71,437)
Total commercial real estate 102,956 117,308 142,906 173,996 220,298 (14,352) (117,342)
Commercial & industrial 4,271 6,378 8,059 10,811 14,859 (2,107) (10,588)
Owner-occupied real estate 54,436 55,723 67,568 80,239 86,612 (1,287) (32,176)
Total commercial & industrial 58,707 62,101 75,627 91,050 101,471 (3,394) (42,764)
Residential real estate 95,240 109,806 114,036 131,254 142,032 (14,566) (46,792)
Consumer & other 591 862 1,114 531 10,912 (271) (10,321)
Total covered loans 257,494 290,077 333,683 396,831 474,713 (32,583) (217,219)
Total loans  $ 1,380,969  $ 1,454,931  $ 1,456,805  $ 1,448,286  $ 1,460,215  $ (73,962)  $ (79,246)
Composition of Deposits              
Noninterest-bearing demand deposits $ 468,138 $ 420,269 $ 429,960 $ 409,717 $ 387,450 $ 47,869 $ 80,688
Interest-bearing transaction accounts 367,983 304,085 351,289 333,336 355,651 63,898 12,332
Savings and money market deposits 892,136 908,410 911,415 959,912 949,631 (16,274) (57,495)
Time deposits less than $100,000 168,611 177,634 186,874 194,098 201,658 (9,023) (33,047)
Time deposits $100,000 or greater 124,827 132,538 139,671 144,501 147,363 (7,711) (22,536)
Brokered and wholesale time deposits 106,630 106,975 106,875 106,626 106,683 (345) (53)
Total deposits  $ 2,128,325  $ 2,049,911  $ 2,126,084  $ 2,148,190  $ 2,148,436  $ 78,414  $ (20,111)
               
State Bank Financial Corporation              
4Q13 Financial Supplement: Table 6              
Condensed Consolidated Asset Quality Data              
Quarterly (Unaudited)              
            4Q13 Change vs.
(Dollars in thousands) 4Q13 3Q13 2Q13 1Q13 4Q12 3Q13 4Q12
Nonperforming noncovered assets:              
Nonaccrual loans  $ 1,391  $ 1,972  $ 2,695  $ 3,413  $ 2,621  $ (581)  $ (1,230)
Troubled debt restructurings 947 956 973 970 2,171 (9) (1,224)
Total nonperforming noncovered loans 2,338 2,928 3,668 4,383 4,792 (590) (2,454)
Other real estate owned 965 974 1,097 276 1,115 (9) (150)
Total nonperforming noncovered assets 3,303 3,902 4,765 4,659 5,907 (599) (2,604)
Nonperforming covered assets:              
Other real estate owned (1)  $ 46,222  $ 51,651  $ 52,345  $ 47,401  $ 45,062  $ (5,429)  $ 1,160
Noncovered assets:              
Charge-offs  $ 67  $ 330  $ 8  $ 12  $ 2  $ (263)  $ 65
Recoveries 296 47 26 124 7 249 289
Net charge-offs (recoveries)  $ (229)  $ 283  $ (18)  $ (112)  $ (5)  $ (512)  $ (224)
Ratios:              
Annualized QTD net charge-offs (recoveries) to total average noncovered loans (.08)% .10% (.01)% (.05)% —% (.18)% (.08)%
Nonperforming loans to total noncovered loans (2) .21 .25 .33 .42 .49 (.04) (.28)
Nonperforming assets to loans + ORE:              
Noncovered .29 .33 .42 .44 .60 (.04) (.31)
Covered 15.22 15.11 13.56 10.67 8.67 .11 6.55
Allowance for loan losses to loans:              
Noncovered 1.48 1.41 1.41 1.44 1.49 .07 (.01)
Covered 6.76 4.16 5.28 7.23 11.69 2.60 (4.93)
               
(1) Total nonperforming assets for covered assets consist of other real estate only. There are no covered loans designated as nonperforming.  
(2) The ratio of nonperforming covered loans to total covered loans is not presented, as there are no covered loans designated as nonperforming.
               
State Bank Financial Corporation              
4Q13 Financial Supplement: Table 7              
Condensed Consolidated Average Balances and Yield Analysis              
Quarterly (Unaudited)              
            4Q13 Change vs.
(Dollars in thousands) 4Q13 3Q13 2Q13 1Q13 4Q12 3Q13 4Q12
Selected Average Balances              
Interest-bearing deposits in other financial institutions  $ 489,046  $ 398,391  $ 465,823  $ 447,929  $ 371,873  $ 90,655  $ 117,173
Taxable investment securities 374,416 369,485 352,955 314,510 302,102 4,931 72,314
Nontaxable investment securities 5,559 5,836 6,436 7,089 9,028 (277) (3,469)
Noncovered loans receivable (1) 1,144,116 1,140,052 1,083,549 1,007,094 955,153 4,064 188,963
Covered loans receivable 258,600 305,487 351,955 419,204 499,828 (46,887) (241,228)
Total earning assets 2,271,737 2,219,251 2,260,718 2,195,826 2,137,984 52,486 133,753
Total nonearning assets 287,988 342,551 383,523 431,215 505,677 (54,563) (217,689)
Total assets 2,559,725 2,561,802 2,644,241 2,627,041 2,643,661 (2,077) (83,936)
Interest-bearing transaction accounts 338,502 320,168 360,221 324,342 315,541 18,334 22,961
Savings & money market deposits 909,999 908,275 936,819 956,517 954,260 1,724 (44,261)
Time deposits less than $100,000 173,061 181,865 190,795 197,893 204,821 (8,804) (31,760)
Time deposits $100,000 or greater 129,384 137,147 142,364 145,329 152,534 (7,763) (23,150)
Brokered and wholesale time deposits 106,676 106,918 106,818 106,641 106,712 (242) (36)
Notes payable 5,686 5,695 5,026 2,536 2,525 (9) 3,161
Securities sold under agreements to repurchase 675 2,438 5,083 3,388 5,352 (1,763) (4,677)
Total interest-bearing liabilities 1,663,983 1,662,506 1,747,126 1,736,646 1,741,745 1,477 (77,762)
Noninterest-bearing deposits 431,580 422,797 410,636 384,660 380,676 8,783 50,904
Other liabilities 34,668 49,287 59,240 76,149 89,983 (14,619) (55,315)
Shareholders' equity 429,494 427,212 427,239 429,586 431,257 2,282 (1,763)
Total liabilities and shareholders' equity 2,559,725 2,561,802 2,644,241 2,627,041 2,643,661 (2,077) (83,936)
Interest Margins (2)              
Interest-bearing deposits in other financial institutions .27% .31% .27% .23% .27% (.04)% —%
Taxable investment securities 2.16 2.39 2.65 2.83 2.97 (.23) (.81)
Nontaxable investment securities, tax-equivalent basis (3) 4.92 4.89 4.86 5.09 5.29 .03 (.37)
Noncovered loans receivable, tax-equivalent basis (4) 5.53 5.52 5.63 5.82 6.29 .01 (.76)
Covered loans receivable 73.74 36.34 29.39 19.96 22.16 37.40 51.58
Total earning assets 11.61% 8.31% 7.76% 6.95% 8.48% 3.30% 3.13%
Interest-bearing transaction accounts .11 .11 .10 .12 .11
Savings & money market deposits .43 .42 .42 .43 .45 .01 (.02)
Time deposits less than $100,000 .55 .57 .59 .59 .62 (.02) (.07)
Time deposits $100,000 or greater .67 .71 .72 .74 .75 (.04) (.08)
Brokered and wholesale time deposits .93 .93 .93 .93 .94 (.01)
Notes payable 11.44 11.49 10.77 12.79 8.67 (.05) 2.77
Securities sold under agreements to repurchase .16 .08 .12 .07 (.16) (.07)
Total interest-bearing liabilities .47 .47 .46 .47 .48 (.01)
Net interest spread 11.14 7.84 7.30 6.48 8.00 3.30 3.14
Net interest margin 11.26% 7.95% 7.40% 6.58% 8.09% 3.31% 3.17%
               
(1) The above amount includes average nonaccrual loans of $2,642 for 4Q13, $2,371 for 3Q13, $4,136 for 2Q13, $3,980 for 1Q13, and $3,337 for 4Q12.    
(2) Annualized for the applicable period.              
(3) Reflects taxable equivalent adjustments using the statutory tax rate of 35% in adjusting interest on tax-exempt securities to a fully taxable basis. The taxable equivalent adjustments included above amount to $24 for 4Q13, $25 for 3Q13, $27 for 2Q13, $31 for 1Q13, and $42 for 4Q12.
(4) Reflects taxable equivalent adjustments using the statutory tax rate of 35% in adjusting tax-exempt loan interest income to a fully taxable basis. The taxable equivalent adjustments included above amount to $97 for 4Q13, $72 for 3Q13, $73 for 2Q13, $69 for 1Q13, and $55 for 4Q12.
CONTACT: Media Contact: David Rubinger         404.502.1240 / david.rubinger@statebt.com                  Investor Relations Contact:         Jeremy Lucas 404.239.8626 / jeremy.lucas@statebt.com

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