State Bank Reports Fourth Quarter and Full Year Financial Results

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| Source: State Bank Financial Corporation

ATLANTA, Jan. 30, 2013 (GLOBE NEWSWIRE) -- State Bank Financial Corporation (Nasdaq:STBZ) today announced unaudited financial results for the quarter and full year ended December 31, 2012. Net income for the fourth quarter was $9.3 million, compared to $3.4 million for the third quarter of 2012 and $9.1 million for the fourth quarter of 2011. Full year net income was $28.9 million compared to full year net income of $43.0 million in 2011. Fully diluted earnings per share was $.28 for the fourth quarter compared to $.10 in the third quarter of 2012 and $.28 in the fourth quarter of 2011. Year-to-date fully diluted earnings per share was $.88 compared to $1.32 in 2011.

Commenting on these results, Joe Evans, Chairman and CEO, said, "I remain very pleased with how the State Bank team is executing in our two primary businesses: managing our acquired covered assets with the expiration of loss share firmly in mind while concurrently building a dynamic banking franchise that will carry us into the future. Highlights for the quarter include successfully closing the Altera Payroll acquisition and continued solid growth in organic loans and transaction accounts.  We significantly improved the quality of our client experience in 2012 and I am excited by the momentum we take into 2013."

Balance Sheet

Total assets at quarter-end were $2.68 billion, up from $2.64 billion at the end of the third quarter and down from $2.78 billion at the end of 2011. Loans not covered by loss share agreements with the FDIC grew $48.2 million in the fourth quarter of 2012 to $985.5 million and have grown $284.5 million in 2012. Noncovered loans now comprise 67.5% of State Bank's total gross loans. Total net loans were $1.4 billion, down $39.5 million from the third quarter and $53.6 million from the end of 2011 as covered loans continue to be resolved.   

Total deposits at year-end were $2.15 billion, up from $2.12 billion at the end of the third quarter and down from $2.30 billion at year-end 2011. Noninterest-bearing deposits grew by $19.7 million, or 5.4%, from the third quarter and by $90.3 million, or 30.4%, since December 31, 2011. Noninterest-bearing deposits now make up 18.0% of total deposits. 

Tangible book value per share increased to $13.25 in the fourth quarter, up $.07 from the third quarter of 2012 and up $.99 from the fourth quarter of 2011. State Bank Financial Corporation continues to be well capitalized, finishing 2012 with a leverage ratio of 15.73% and a Tier I risk-based capital ratio of 29.66%.

Income Statement

Net interest income was $41.8 million in the fourth quarter of 2012, up from $34.2 million in the third quarter of 2012 and $41.5 million in the fourth quarter of 2011. The linked quarter increase closely tracked the change in accretion income on covered loans, which increased $7.4 million from the third quarter. This linked quarter increase in accretion was primarily due to more early payoffs and gains from a loan pool close out in the fourth quarter. Interest income on noncovered loans for the fourth quarter was $15.0 million, up from $14.7 million in the third quarter and $12.5 million in the fourth quarter of 2011. Yield on noncovered loans of 6.24% was down 24 basis points in the fourth quarter due to competitive pricing pressure as well as maturity and repayment of higher-yielding noncovered loans. Interest expense of $2.1 million in the fourth quarter was down $139 thousand from the third quarter of 2012 and down $1.5 million from the fourth quarter of 2011. Cost of funds for the fourth quarter was 39 basis points, a two basis point improvement from the third quarter of 2012 and a 21 basis point improvement from the fourth quarter of 2011.    

Provision for loan losses on noncovered loans was $325 thousand in the fourth quarter, down from $1.1 million in the third quarter and $2.9 million in the fourth quarter of 2011. The organic loan portfolio continues to perform well, as year-to-date net charge-offs to total average noncovered loans were .06%. Provision for loan losses on covered loans was $3.0 million in the fourth quarter, down from $5.4 million in the third quarter and $16.8 million in the fourth quarter of 2011. The covered loan loss provision is directly related to impairments resulting from re-estimations of cash flows. The primary drivers of the changes in the cash flows in the fourth quarter were centered around residential loan pools and certain specifically reviewed loans. 

Total noninterest income for the fourth quarter was $475 thousand, up from a negative $3.3 million in the third quarter of 2012 and down from $18.8 million in the fourth quarter of 2011. Noninterest income in the fourth quarter of 2011 included a $14.9 million gain on acquisitions. Fee income excluding the amortization of the indemnification asset was $4.7 million for the quarter, up from $3.0 million in the third quarter driven by higher service charges on deposits, a $225 thousand gain on sale of investment securities, a $680 thousand gain on FHLB stock redemptions and payroll fee income. Payroll fee income, a new line item on the income statement following the acquisition of substantially all of the operating assets of Altera Payroll Inc. on October 16, 2012, was $622 thousand in the quarter. Amortization of the indemnification asset negatively impacted noninterest income by $4.2 million in the fourth quarter compared to $6.3 million in the third quarter and accretion of the indemnification asset that benefited noninterest income by $122 thousand in the fourth quarter of 2011. 

Noninterest expense for the fourth quarter was $24.8 million, up from $19.8 million in the third quarter and down from $27.2 million in the fourth quarter of 2011.   Drivers of the linked-quarter increase were the acquisition of Altera Payroll, higher net cost of operations of other real estate owned, the strategic decision to increase staffing in Risk, Audit and Compliance, and an incentive accrual reversal that lowered third quarter expenses. 

Detailed Results

Supplemental tables displaying financial results for fourth quarter 2012, the previous four quarters and the full year 2012 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 and the year on a conference call today at 11:00 a.m. EST. The dial in number is 1.800.618.8682. 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 at www.statebt.com.

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 $2.68 billion in assets as of December 31, 2012. State Bank has locations in Metro Atlanta and Middle Georgia. State Bank Financial Corporation is headquartered in Atlanta, Georgia and State Bank and Trust Company is headquartered in Macon, Georgia.

State Bank was named the best performing community bank in the United States for 2011 by SNL Financial LC for banks between $500 million and $5 billion in assets. State Bank was also ranked fourth among the 195 banks in the $1 billion-to-$5 billion-asset category of Bank Director magazine's 2012 Bank Performance Scorecard, a ranking of U.S. publicly traded banks and thrifts based on 2011 calendar-year financials. 

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, 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.

State Bank Financial Corporation              
4Q12 Financial Supplement: Table 1              
Condensed Consolidated Financial Summary Results              
Quarterly (Unaudited)            
             4Q12 Change vs.
(Dollars in thousands, except per share data) 4Q12 3Q12 2Q12 1Q12 4Q11 3Q12 4Q11
INCOME STATEMENT HIGHLIGHTS              
Total interest income on invested funds  $ 2,611  $ 2,862  $ 3,027  $ 3,005  $ 3,154  $ (251)  $ (543)
Interest income on noncovered loans, including fees 14,993 14,679 13,722 11,834 12,486 314 2,507
Accretion income on covered loans 26,276 18,893 32,191 23,490 29,408 7,383 (3,132)
Total interest expense 2,096 2,235 2,566 2,852 3,595 (139) (1,499)
Net interest income 41,784 34,199 46,374 35,477 41,453 7,585 331
Provision for loan losses (noncovered loans) 325 1,050 2,125 1,535 2,868 (725) (2,543)
Provision for loan losses (covered loans) 3,021 5,441 2,902 (1,283) 16,768 (2,420) (13,747)
Noninterest income 475 (3,254) (1,243) (3,778) 18,783 3,729 (18,308)
Noninterest expense 24,782 19,835 22,426 23,213 27,227 4,947 (2,445)
Income before income taxes 14,131 4,619 17,678 8,234 13,373 9,512 758
Income tax expense 4,790 1,261 6,647 3,096 4,284 3,529 506
Net income  $ 9,341  $ 3,358  $ 11,031  $ 5,138  $ 9,089  $ 5,983  $ 252
COMMON STOCK DATA              
Basic earnings per share $.29 $.11 $.35 $.16 $.29 $.18 $ -- 
Diluted earnings per share .28 .10 .34 .16 .28 .18  -- 
Book value per share at period end 13.67 13.42 13.24 12.88 12.52 .25 1.15
Tangible book value per share at period end 13.25 13.18 12.99 12.62 12.26 .07 .99
Market price at period end 15.88 16.49 15.16 17.51 15.11 (.61) .77
Period end shares outstanding 31,908,665 31,896,738 31,721,236 31,721,236 31,721,236 11,927 187,429
Weighted average shares outstanding:              
Basic 31,904,381 31,654,046 31,613,581 31,611,603 31,611,581 250,335 292,800
Diluted 33,179,198 32,808,726 32,776,553 32,777,121 32,586,069 370,472 593,129
AVERAGE BALANCE SHEET HIGHLIGHTS              
Noncovered loans, net of unearned income  $ 955,153  $ 901,168  $ 840,428  $ 740,905  $ 709,071  $ 53,985  $ 246,082
Covered loans 504,138 625,701 707,273 788,511 818,901 (121,563) (314,763)
Loans, net of unearned income 1,459,291 1,526,869 1,547,701 1,529,416 1,527,972 (67,578) (68,681)
Assets 2,647,687 2,705,134 2,691,432 2,660,418 2,857,643 (57,447) (209,956)
Deposits 2,114,544 2,182,834 2,190,364 2,203,564 2,404,501 (68,290) (289,957)
Liabilities 2,212,053 2,274,855 2,271,111 2,253,317 2,461,147 (62,802) (249,094)
Equity  435,634 430,279 420,321 407,101 396,496 5,355 39,138
Tangible common equity 425,994 422,456 412,222 398,751 387,784 3,538 38,210
KEY METRICS              
Return on average assets 1.40% .50% 1.65% .78% 1.26% .90% .14%
Return on average equity 8.53 3.14 10.56 5.08 9.09 5.39 (.56)
Yield on earning assets 8.14 6.74 9.34 7.60 8.37 1.40 (.23)
Cost of funds .39 .41 .47 .52 .60 (.02) (.21)
Rate on interest-bearing liabilities .48 .49 .55 .60 .69 (.01) (.21)
Net interest margin 7.76 6.33 8.85 7.03 7.70 1.43 .06
Average equity to average assets 16.45 15.91 15.62 15.30 13.87 .54 2.58
Leverage ratio 15.73 15.44 15.24 15.06 13.76 .29 1.97
Tier I risk-based capital ratio 29.66 29.95 31.45 32.92 33.84 (.29) (4.18)
Total risk-based capital ratio 30.96 31.23 32.77 34.22 35.15 (.27) (4.19)
Efficiency ratio (1) 58.57 63.98 49.63 73.10 45.15 (5.41) 13.42
Average loans to average deposits 69.01 69.95 70.66 69.41 63.55 (.94) 5.46
Noninterest-bearing deposits to total deposits 18.03 17.31 15.85 14.30 12.93 .72 5.10
Nonperforming loans to total noncovered loans (2) .49 .58 .52 .49 .31 (.09) .18
Nonperforming assets to loans + ORE:              
Noncovered .60 .67 .63 .60 .48 (.07) .12
Covered 8.67 9.43 8.07 7.87 9.42 (.76) (.75)
               
(1)  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              
4Q12 Financial Supplement: Table 2              
Condensed Consolidated Balance Sheet              
Quarterly (Unaudited)              
            4Q12 Change vs.
(Dollars in thousands) 4Q12 3Q12 2Q12 1Q12  4Q11  3Q12 4Q11
Assets              
Cash and amounts due from depository institutions  $ 11,902  $ 7,516  $ 6,921  $ 11,287  $ 13,747  $ 4,386  $ (1,845)
Interest-bearing deposits in other financial institutions 433,483 345,399 279,060 199,031 206,785 88,084 226,698
Cash and cash equivalents 445,385 352,915 285,981 210,318 220,532 92,470 224,853
Investment securities available-for-sale 303,901 311,323 280,662 322,832 349,929 (7,422) (46,028)
Federal Home Loan Bank stock 4,120 3,440 4,651 8,802 8,802 680 (4,682)
Loans receivable:              
Noncovered under FDIC loss share agreements 985,502 937,331 881,120 802,955 701,029 48,171 284,473
Covered under FDIC loss share agreements, net 474,713 553,006 687,451 743,838 812,154 (78,293) (337,441)
Allowance for loan losses (noncovered loans) (14,660) (14,330) (13,317) (11,681) (10,207) (330) (4,453)
Allowance for loan losses (covered loans) (55,478) (46,411) (67,346) (56,087) (59,277) (9,067) 3,799
Net loans 1,390,077 1,429,596 1,487,908 1,479,025 1,443,699 (39,519) (53,622)
Mortgage loans held for sale 4,853 2,130 1,907 3,719 6,229 2,723 (1,376)
Other real estate owned:              
Noncovered under FDIC loss share agreements 1,115 892 976 957 1,210 223 (95)
Covered under FDIC loss share agreements 45,062 57,595 60,334 63,572 84,496 (12,533) (39,434)
Premises and equipment, net 35,364 38,282 38,298 36,971 36,760 (2,918) (1,396)
Goodwill 10,381 6,562 6,562 6,562 6,562 3,819 3,819
Core deposit intangible and other intangibles, net 3,188 1,103 1,360 1,636 1,882 2,085 1,306
FDIC receivable for loss share agreements, net 367,927 355,741 419,786 460,593 529,440 12,186 (161,513)
Other assets 73,430 84,165 81,804 81,661 86,793 (10,735) (13,363)
Total assets  $ 2,684,803  $ 2,643,744  $ 2,670,229  $ 2,676,648  $ 2,776,334  $ 41,059  $ (91,531)
Liabilities and Shareholders' Equity              
Noninterest-bearing deposits  $ 387,450  $ 367,762  $ 343,214  $ 312,967  $ 297,188  $ 19,688  $ 90,262
Interest-bearing deposits 1,760,986 1,756,536 1,821,922 1,875,908 2,001,277 4,450 (240,291)
Total deposits 2,148,436 2,124,298 2,165,136 2,188,875 2,298,465 24,138 (150,029)
Securities sold under agreements to repurchase 4,755 607 2,845 1,421 4,749 4,148 6
Notes payable 2,523 2,527 2,531 2,535 2,539 (4) (16)
Other liabilities 92,747 88,114 79,663 75,314 73,293 4,633 19,454
Total liabilities 2,248,461 2,215,546 2,250,175 2,268,145 2,379,046 32,915 (130,585)
Total shareholders' equity 436,342 428,198 420,054 408,503 397,288 8,144 39,054
Total liabilities and shareholders' equity  $ 2,684,803  $ 2,643,744  $ 2,670,229  $ 2,676,648  $ 2,776,334  $ 41,059  $ (91,531)
Capital Ratios              
Average equity to average assets 16.45% 15.91% 15.62% 15.30% 13.87% .54% 2.58%
Leverage ratio 15.73 15.44 15.24 15.06 13.76 .29 1.97
Tier I risk-based capital ratio 29.66 29.95 31.45 32.92 33.84 (.29) (4.18)
Total risk-based capital ratio 30.96 31.23 32.77 34.22 35.15 (.27) (4.19)
               
State Bank Financial Corporation              
4Q12 Financial Supplement: Table 3              
Condensed Consolidated Income Statement              
Quarterly (Unaudited)              
            4Q12 Change vs.
(Dollars in thousands, except per share data) 4Q12 3Q12 2Q12 1Q12 4Q11 3Q12 4Q11
Total interest income on invested funds  $ 2,611  $ 2,862  $ 3,027  $ 3,005  $ 3,154  $ (251)  $ (543)
Interest income on noncovered loans, including fees 14,993 14,679 13,722 11,834 12,486 314 2,507
Accretion income on covered loans 26,276 18,893 32,191 23,490 29,408 7,383 (3,132)
Total interest expense 2,096 2,235 2,566 2,852 3,595 (139) (1,499)
Net interest income 41,784 34,199 46,374 35,477 41,453 7,585 331
Provision for loan losses (noncovered loans) 325 1,050 2,125 1,535 2,868 (725) (2,543)
Provision for loan losses (covered loans) 3,021 5,441 2,902 (1,283) 16,768 (2,420) (13,747)
Net interest income after provision for loan losses 38,438 27,708 41,347 35,225 21,817 10,730 16,621
Noninterest income:              
Accretion (amortization) of FDIC receivable for loss share agreements (4,199) (6,291) (4,007) (7,011) 122 2,092 (4,321)
Service charges on deposits 1,408 1,298 1,199 1,212 1,370 110 38
Mortgage banking income 363 255 311 302 349 108 14
Gain (loss) on sale of investment securities  225  --   --  93 (20) 225 245
Gains on FHLB stock redemptions  680  101 434  --  772 579 (92)
Gains on acquisitions  --   --   --   --  14,890  --  (14,890)
Payroll fee income  622  --   --   --   --  622 622
ATM income 619 611 610 585 551 8 68
Other 757 772 210 1,041 749 (15) 8
Total noninterest income 475 (3,254) (1,243) (3,778) 18,783 3,729 (18,308)
Noninterest expense:              
Salaries and employee benefits 15,134 12,811 13,628 12,963 14,333 2,323 801
Occupancy and equipment 2,500 2,469 2,419 2,457 2,795 31 (295)
Legal and professional fees 1,669 1,265 2,173 1,517 1,342 404 327
Marketing 968 573 366 264 935 395 33
Federal insurance premiums and other regulatory fees 673 378 355 418 193 295 480
Net cost of operations of other real estate owned 928 (484) 458 2,078 4,322 1,412 (3,394)
Data processing 1,272 1,196 1,336 1,864 1,387 76 (115)
Core deposit intangible and other intangibles amortization expense 251 256 276 246 241 (5) 10
Other 1,387 1,371 1,415 1,406 1,679 16 (292)
Total noninterest expense 24,782 19,835 22,426 23,213 27,227 4,947 (2,445)
Income before income taxes 14,131 4,619 17,678 8,234 13,373 9,512 758
Income tax expense 4,790 1,261 6,647 3,096 4,284 3,529 506
Net income  $ 9,341  $ 3,358  $ 11,031  $ 5,138  $ 9,089  $ 5,983  $ 252
Basic earnings per share  $ .29  $ .11  $ .35  $ .16  $ .29  $ .18  $ -- 
Diluted earnings per share .28 .10 .34 .16 .28 .18  -- 
Weighted average common shares outstanding:              
Basic 31,904,381 31,654,046 31,613,581 31,611,603 31,611,581 250,335 292,800
Diluted 33,179,198 32,808,726 32,776,553 32,777,121 32,586,069 370,472 593,129
       
State Bank Corporation      
4Q12 Financial Supplement: Table 4      
Condensed Consolidated Income Statement      
Annually (Unaudited)      
  For the twelve months ended  
(Dollars in thousands, except per share data) 2012 2011 YTD Change
Total interest income on invested funds  $ 11,505  $ 11,539  $ (34)
Interest income on noncovered loans, including fees 55,228 38,495 16,733
Accretion income on covered loans 100,850 116,967 (16,117)
Total interest expense 9,749 21,773 (12,024)
Net interest income 157,834 145,228 12,606
Provision for loan losses (noncovered loans) 5,035 6,482 (1,447)
Provision for loan losses (covered loans) 10,081 20,034 (9,953)
Net interest income after provision for loan losses 142,718 118,712 24,006
Noninterest income:      
Accretion (amortization) of FDIC receivable for loss share agreements (21,508) 10,257 (31,765)
Service charges on deposits 5,117 5,601 (484)
Mortgage banking income 1,231 994 237
Gain (loss) on sale of investment securities  318  (54) 372
Gains on FHLB stock redemptions  1,215  2,478 (1,263)
Gains on acquisitions  --   14,890 (14,890)
Payroll fee income  622  --  622
ATM income 2,425 2,105 320
Other 2,780 5,100 (2,320)
Total noninterest income (7,800) 41,371 (49,171)
Noninterest expense:      
Salaries and employee benefits 54,536 50,198 4,338
Occupancy and equipment 9,845 8,692 1,153
Legal and professional fees 6,624 6,517 107
Marketing 2,171 3,475 (1,304)
Federal insurance premiums and other regulatory fees 1,824 2,019 (195)
Net cost of operations of other real estate owned 2,980 10,735 (7,755)
Data processing 5,668 4,788 880
Core deposit intangible and other intangibles amortization expense 1,029 948 81
Other 5,579 6,177 (598)
Total noninterest expense 90,256 93,549 (3,293)
Income before income taxes 44,662 66,534 (21,872)
Income tax expense 15,794 23,528 (7,734)
Net income  $ 28,868  $ 43,006  $ (14,138)
Basic earnings per share  $ .91  $ 1.36  $ (.45)
Diluted earnings per share .88 1.32 (.44)
Weighted average common shares outstanding:      
Basic 31,696,358 31,611,303 85,055
Diluted 32,890,274 32,623,056 267,218
               
State Bank Financial Corporation              
4Q12 Financial Supplement: Table 5              
Condensed Consolidated Composition of Loans and Deposits            
Quarterly (Unaudited)              
            4Q12 Change vs.
(Dollars in thousands) 4Q12 3Q12 2Q12 1Q12 4Q11 3Q12 4Q11
Composition of Loans              
Noncovered loans:              
Construction, land & land development  $ 230,448  $ 249,739  $ 253,980  $ 212,165  $ 162,382  $ (19,291)  $ 68,066
Other commercial real estate  457,729  411,574  356,476  339,084  307,814 46,155 149,915
Total commercial real estate  688,177  661,313  610,456  551,249  470,196 26,864 217,981
Commercial & industrial 35,390 33,817 35,186 38,021 35,817 1,573 (427)
Owner-occupied real estate  172,445  163,327  154,533  152,552  139,128 9,118 33,317
Total commercial & industrial  207,835  197,144  189,719  190,573  174,945 10,691 32,890
Residential real estate 43,179 41,514 41,449 39,356 33,738 1,665 9,441
Consumer & other 46,311 37,360 39,496 21,777 22,150 8,951 24,161
Total noncovered loans 985,502 937,331 881,120 802,955 701,029 48,171 284,473
Covered loans:              
Construction, land & land development 81,288 98,546 136,200 176,164 190,110 (17,258) (108,822)
Other commercial real estate 139,010 165,148 208,975 212,783 233,575 (26,138) (94,565)
Total commercial real estate 220,298 263,694 345,175 388,947 423,685 (43,396) (203,387)
Commercial & industrial 14,859 21,281 29,298 32,722 38,174 (6,422) (23,315)
Owner-occupied real estate 86,612 100,151 118,848 128,219 143,523 (13,539) (56,911)
Total commercial & industrial 101,471 121,432 148,146 160,941 181,697 (19,961) (80,226)
Residential real estate 142,032 156,368 180,167 177,790 189,109 (14,336) (47,077)
Consumer & other 10,912 11,512 13,963 16,160 17,663 (600) (6,751)
Total covered loans 474,713 553,006 687,451 743,838 812,154 (78,293) (337,441)
Total loans  $ 1,460,215  $1,490,337  $ 1,568,571  $ 1,546,793  $ 1,513,183  $ (30,122)  $ (52,968)
Composition of Deposits              
Noninterest-bearing demand deposits  $ 387,450  $ 367,762  $ 343,214  $ 312,967  $ 297,188  $ 19,688  $ 90,262
Interest-bearing transaction accounts 355,651 324,305 331,550 316,738 359,020 31,346 (3,369)
Savings and money market accounts 949,631 960,714 1,016,619 1,103,151 1,140,552 (11,083) (190,921)
Time deposits less than $100,000 201,658 208,769 222,402 249,047 274,415 (7,111) (72,757)
Time deposits $100,000 or greater 147,363 157,414 170,844 196,197 213,200 (10,051) (65,837)
Brokered and wholesale time deposits 106,683 105,334 80,507 10,775 14,090 1,349 92,593
Total deposits  $ 2,148,436  $2,124,298  $ 2,165,136  $ 2,188,875  $ 2,298,465  $ 24,138  $ (150,029)
               
State Bank Financial Corporation              
4Q12 Financial Supplement: Table 6              
Condensed Consolidated Asset Quality Data              
Quarterly (Unaudited)              
            4Q12 Change vs.
(Dollars in thousands) 4Q12 3Q12 2Q12 1Q12 4Q11 3Q12 4Q11
Nonperforming noncovered assets:              
Nonaccrual loans  $ 2,621  $ 4,117  $ 4,197  $ 3,561  $ 1,905  $ (1,496)  $ 716
Troubled debt restructurings  2,171  1,297  347  335  256 874 1,915
Total nonperforming noncovered loans 4,792 5,414 4,544 3,896 2,161 (622) 2,631
Other real estate owned  1,115 892 976 957 1,210 223 (95)
Total nonperforming noncovered assets 5,907 6,306 5,520 4,853 3,371 (399) 2,536
Nonperforming covered assets:              
Other real estate owned (1)  $ 45,062  $ 57,595  $ 60,334  $ 63,572  $ 84,496  $ (12,533)  $ (39,434)
Noncovered assets:              
Year-to-date charge-offs  $ 669  $ 667  $ 555  $ 68  $ 1,744  $ 2  $ (1,075)
Year-to-date recoveries 87 80 5 7 118 7 (31)
Year-to-date net charge-offs  $ 582  $ 587  $ 550  $ 61  $ 1,626  $ (5)  $ (1,044)
Ratios:              
Annualized YTD net charge-offs to total average noncovered loans .06% .09% .13% .03% .23% (.03)% (.17)%
Nonperforming loans to total noncovered loans (2) .49 .58 .52 .49 .31 (.09) .18
Nonperforming assets to loans + ORE:              
Noncovered .60 .67 .63 .60 .48 (.07) .12
Covered 8.67 9.43 8.07 7.87 9.42 (.76) (.75)
Allowance for loan losses to loans:              
Noncovered 1.49 1.53 1.51 1.45 1.46 (.04) .03
Covered 11.69 8.39 9.80 7.54 7.30 3.30 4.39
               
(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 loans to total loans is disclosed for noncovered loans only because there are no covered loans designated as nonperforming.  
               
State Bank Financial Corporation              
4Q12 Financial Supplement: Table 7              
Condensed Consolidated Average Balances and Yield Analysis              
Quarterly (Unaudited)              
            4Q12 Change vs.
(Dollars in thousands) 4Q12 3Q12 2Q12 1Q12 4Q11 3Q12 4Q11
Selected Average Balances              
Interest-bearing deposits in other financial institutions  $ 371,873  $ 333,882  $ 258,178  $ 158,949  $ 261,853  $ 37,991  $ 110,020
Taxable investment securities 302,634 280,432 292,678 333,661 365,388 22,202 (62,754)
Nontaxable investment securities, tax equivalent basis 12,173 12,263 12,469 10,199 11,267 (90) 906
Noncovered loans receivable (1) 955,153 901,168 840,428 740,905 709,071 53,985 246,082
Covered loans receivable 504,138 625,701 707,273 788,511 818,901 (121,563) (314,763)
 Total earning assets 2,145,971 2,153,446 2,111,026 2,032,225 2,166,480 (7,475) (20,509)
 Total nonearning assets 501,716 551,688 580,406 628,193 691,163 (49,972) (189,447)
 Total assets 2,647,687 2,705,134 2,691,432 2,660,418 2,857,643 (57,447) (209,956)
Interest-bearing transaction accounts 315,541 321,328 323,126 310,662 309,991 (5,787) 5,550
Savings & money market deposits 954,260 997,939 1,052,130 1,115,877 1,204,433 (43,679) (250,173)
Time deposits less than $100,000 205,048 215,048 237,154 262,116 322,617 (10,000) (117,569)
Time deposits $100,000 or greater 259,019 264,222 247,466 214,205 261,114 (5,203) (2,095)
FHLB advances  --   --   --   --  4,566  --  (4,566)
Notes payable 2,525 2,529 2,533 2,537 2,541 (4) (16)
Securities sold under agreements to repurchase 5,352 2,448 2,776 3,564 4,030 2,904 1,322
 Total interest-bearing liabilities 1,741,745 1,803,514 1,865,185 1,908,961 2,109,292 (61,769) (367,547)
Noninterest-bearing demand deposits 380,676 384,297 330,488 300,704 306,346 (3,621) 74,330
Other liabilities 89,632 87,044 75,438 43,652 45,509 2,588 44,123
Shareholders' equity 435,634 430,279 420,321 407,101 396,496 5,355 39,138
Total liabilities and shareholders' equity 2,647,687 2,705,134 2,691,432 2,660,418 2,857,643 (57,447) (209,956)
Interest Margins (2)              
Interest-earning deposits in other financial institutions .27 .22 .24 .26 .32 .05 (.05)
Taxable investment securities 2.96 3.65 3.80 3.37 3.07 (.69) (.11)
Nontaxable investment securities, tax equivalent basis (3) 5.26 5.28 5.41 6.33 6.59 (.02) (1.33)
Noncovered loans receivable 6.24 6.48 6.57 6.42 6.99 (.24) (.75)
Covered loans receivable 20.73 12.01 18.31 11.98 14.57 8.72 6.16
 Total earning assets 8.14% 6.74% 9.34% 7.60% 8.37% 1.40% (.23)%
Interest-bearing transaction accounts .11 .12 .12 .13 .12 (.01) (.01)
Savings & money market deposits .45 .46 .51 .50 .54 (.01) (.09)
Time deposits less than $100,000 .62 .67 .86 1.12 1.17 (.05) (.55)
Time deposits $100,000 or greater .83 .85 .95 1.08 1.38 (.02) (.55)
FHLB advances  --   --   --   --  .94  --  (.94)
Notes payable 8.67 8.49 8.32 8.72 8.39 .18 .28
Securities sold under agreements to repurchase .07 .10 .10 .11 .27 (.03) (.20)
 Total interest-bearing liabilities .48 .49 .55 .60 .69 (.01) (.21)
 Net interest spread 7.66 6.25 8.78 7.00 7.68 1.41 (.02)
 Net interest margin 7.76% 6.33% 8.85% 7.03% 7.70% 1.43% .06%
               
(1) The above amount includes nonaccrual loans of $3,337 for 4Q12, $4,114 for 3Q12, $4,053 for 2Q12, $3,340 for 1Q12, and $2,562 for 4Q11.              
(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 fully taxable basis. The taxable equivalent adjustments included above amount to $56 for 4Q12, $57 for 3Q12, $59 for 2Q12, $56 for 1Q12, and $65 for 4Q11.              
               
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