- First quarter 2015 net income of $9.2 million, or $.25 per diluted share
- Noninterest income increased 94% from the previous quarter
- Organic loan growth of $113 million in the first quarter of 2015
- Created insurance division with purchase of Boyett Agency
- Completed merger with Georgia-Carolina Bancshares, Inc. on January 1, 2015
ATLANTA, April 23, 2015 (GLOBE NEWSWIRE) -- State Bank Financial Corporation (Nasdaq:STBZ) today announced unaudited financial results for the quarter ended March 31, 2015. Net income for the first quarter of 2015 was $9.2 million, compared to $4.3 million for the first quarter of 2014 and $7.6 million for the fourth quarter of 2014. Fully diluted earnings per share were $.25 in the first quarter of 2015 compared to $.13 in the first quarter of 2014 and $.22 in the fourth quarter of 2014.
Joe Evans, Chairman and CEO, commented, "2015 is off to a great start. We had organic loan growth of over $113 million and our fee income initiatives performed exceedingly well, helped significantly by the mortgage leadership that came with our recently completed First Bank of Georgia acquisition and the SBA team that joined us from Bank of Atlanta in the fourth quarter of last year. It is very gratifying to see such positive results from both of these transactions so quickly."
Operating Highlights
Net interest income of $39.1 million in the first quarter of 2015 increased from $32.5 million in the fourth quarter of 2014 as a result of strong organic loan growth and the addition of loans from First Bank of Georgia ("First Bank"). Interest income on loans, excluding purchased credit impaired ("PCI") loans, for the first quarter of 2015 was $21.4 million, up from $17.4 million in the prior quarter. Accretion income on loans was $16.1 million in the first quarter of 2015, up from $14.1 million in the fourth quarter of 2014, and includes the gain from one loan pool closing out during the quarter. Interest expense of $2.0 million in the first quarter of 2015 was up slightly compared to the prior quarter and prior year periods due to the addition of First Bank deposits. Cost of funds for the first quarter of 2015 was 29 basis points, down four basis points from the prior quarter and eight basis points from the prior year period.
The organic loan portfolio continued to perform well in the first quarter of 2015 as past due organic loans represented only .11% of total organic loans. The provision for loan losses was $3.2 million in the first quarter of 2015, of which $1.1 million was related to organic loan growth and $2.1 million to purchased credit impaired loans. Approximately 60% of the provision for PCI loans relates to a re-estimation on one loan from the noncovered PCI portfolio, with the remainder due to quarterly cash flow re-estimations. Overall, our PCI portfolio continues to perform better than expectations. Increases in expected cash flows are generally recognized over time as an increase in the yield, whereas impairment is recognized immediately.
Noninterest income, excluding (amortization)/accretion of the FDIC receivable for loss share agreements (which we refer to as the indemnification asset), was $10.3 million for the first quarter of 2015, up 94% from $5.3 million in the fourth quarter of 2014. The increase was due primarily to significant contributions in mortgage banking and SBA lending from our two recent bank acquisitions, as well as higher payroll fee income, which had a record first quarter.
Total noninterest income for the first quarter of 2015, which includes (amortization)/accretion of the indemnification asset, was $8.8 million, compared to $6.9 million in the fourth quarter of 2014. We recognized amortization of the indemnification asset of $1.4 million in the first quarter of 2015, as opposed to accretion of the indemnification asset of $1.7 million in the previous quarter.
Total noninterest expense for the first quarter of 2015 was $30.1 million, of which approximately $5.9 million was related to First Bank. Salaries and benefit costs were $19.6 million in the first quarter of 2015, with approximately $3.8 million related to First Bank. Excluding First Bank, noninterest expense and salaries and benefits costs were lower by $1.6 million and $2.0 million, respectively, than in the fourth quarter of 2014 due to planned cost savings from Bank of Atlanta. Merger-related and severance expenses for the first quarter totaled $137 thousand and $365 thousand, respectively.
Financial Condition
Total assets at March 31, 2015 were $3.35 billion, up from $2.88 billion at December 31, 2014 and $2.62 billion at March 31, 2014. Total net loans were $1.97 billion at March 31, 2015, up $364.3 million, excluding loans held for sale, from the fourth quarter of 2014 primarily due to loans acquired from First Bank and strong organic loan growth in the quarter.
Period-end organic loans increased to $1.4 billion at March 31, 2015, a net increase of $113.1 million from the fourth quarter of 2014 and $266.6 million from the first quarter of 2014. Purchased non-credit impaired loans increased $268.1 million from the fourth quarter of 2014, including $271.6 million of loans acquired from First Bank. Purchased credit impaired loans decreased to $190.8 million at the end of the first quarter of 2015, including $1.7 million of PCI loans related to First Bank.
Total deposits at March 31, 2015 were $2.78 billion, up from $2.39 billion at the end of the fourth quarter of 2014 and $2.14 billion at the end of the first quarter of 2014. Period-end noninterest-bearing demand deposits and interest-bearing transaction accounts, which make up total transaction accounts, increased $181.1 million from the fourth quarter of 2014, inclusive of $159.5 million of transaction deposits acquired from First Bank. Period-end noninterest-bearing demand deposits increased $114.6 million from the fourth quarter of 2014, including $89.2 million of noninterest-bearing deposits acquired from First Bank. Period-end noninterest-bearing demand deposits represented 24.9% of total deposits as of March 31, 2015.
Tangible book value per share was $13.70 at the end of the first quarter of 2015. State Bank Financial Corporation continues to be well capitalized, ending the quarter with a leverage ratio of 14.83% and a Tier I risk-based capital ratio of 19.32%.
Detailed Results
Supplemental tables displaying financial results for the first quarter of 2015 and the previous four quarters are included with this press release.
Conference Call
Chief Executive Officer Joe Evans, President Tom Wiley, Chief Financial Officer Sheila Ray and Chief Risk Officer Kim Childers will discuss financial and business results for the quarter on a conference call today at 11:00 a.m. EDT.
Dial in number: 1.800.743.9807
Please allow time to register your name and affiliation/company prior to the start of 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
State Bank Financial Corporation (Nasdaq:STBZ), with approximately $3.4 billion in assets as of March 31, 2015, is an Atlanta-based bank holding company for State Bank and Trust Company and First Bank of Georgia. State Bank operates 21 banking offices in Metro Atlanta and Middle Georgia. First Bank of Georgia operates seven banking offices and four mortgage origination offices in the Augusta and Savannah, Georgia MSAs.
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 on our conference call may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "intend," "plan," "seek," "believe," "expect," "strategy," "future," "likely," "project," "may," "should," "will" and similar references to future periods. 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 acquisitions, 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 most recently ended fiscal year, for a description of some of the important factors that may affect actual outcomes.
State Bank Financial Corporation | |||||||
1Q15 Financial Supplement: Table 1 | |||||||
Condensed Consolidated Financial Summary Results | |||||||
Quarterly (Unaudited) | |||||||
1Q15 change vs | |||||||
(Dollars in thousands, except per share amounts) | 1Q15 | 4Q14 | 3Q14 | 2Q14 | 1Q14 | 4Q14 | 1Q14 |
Income Statement Highlights | |||||||
Interest income on invested funds | $3,602 | $2,928 | $2,545 | $2,522 | $2,493 | $674 | $1,109 |
Interest income on loans | 21,400 | 17,416 | 16,162 | 15,350 | 15,248 | 3,984 | 6,152 |
Accretion income on loans | 16,069 | 14,124 | 21,110 | 17,087 | 26,536 | 1,945 | (10,467) |
Interest expense | 1,979 | 1,923 | 1,857 | 1,846 | 1,894 | 56 | 85 |
Net interest income | 39,092 | 32,545 | 37,960 | 33,113 | 42,383 | 6,547 | (3,291) |
Provision for loan losses | 3,193 | 1,189 | 416 | 701 | 590 | 2,004 | 2,603 |
(Amortization) accretion of FDIC receivable for loss share agreements | (1,448) | 1,652 | (196) | (1,949) | (15,292) | (3,100) | 13,844 |
Other noninterest income | 10,257 | 5,285 | 3,624 | 3,348 | 3,130 | 4,972 | 7,127 |
Noninterest expense | 30,094 | 25,799 | 22,510 | 22,076 | 23,083 | 4,295 | 7,011 |
Income before income taxes | 14,614 | 12,494 | 18,462 | 11,735 | 6,548 | 2,120 | 8,066 |
Income tax expense | 5,410 | 4,909 | 6,958 | 4,228 | 2,226 | 501 | 3,184 |
Net income | $9,204 | $7,585 | $11,504 | $7,507 | $4,322 | $1,619 | $4,882 |
Common Share Data | |||||||
Basic net income per share | $.27 | $.24 | $.36 | $.23 | $.13 | $.03 | $.14 |
Diluted net income per share | .25 | .22 | .34 | .22 | .13 | .03 | .12 |
Cash dividends declared per share | .05 | .04 | .04 | .04 | .03 | .01 | .02 |
Book value per share | 14.81 | 14.38 | 14.20 | 13.95 | 13.74 | .43 | 1.07 |
Tangible book value per share | 13.70 | 13.97 | 13.83 | 13.58 | 13.36 | (.27) | .34 |
Market price per share (quarter end) | 21.00 | 19.98 | 16.24 | 16.91 | 17.69 | 1.02 | 3.31 |
Average Balance Sheet Highlights | |||||||
Loans, excluding purchased credit impaired | $1,791,537 | $1,430,495 | $1,246,008 | $1,192,494 | $1,133,802 | $361,042 | $657,735 |
Purchased credit impaired loans | 194,471 | 214,518 | 215,318 | 236,178 | 250,824 | (20,047) | (56,353) |
Assets | 3,323,713 | 2,858,209 | 2,609,776 | 2,591,025 | 2,579,904 | 465,504 | 743,809 |
Deposits | 2,716,084 | 2,339,566 | 2,125,659 | 2,108,595 | 2,088,787 | 376,518 | 627,297 |
Equity | 525,268 | 461,137 | 448,982 | 444,175 | 439,105 | 64,131 | 86,163 |
Tangible equity | 485,087 | 447,641 | 437,038 | 432,073 | 426,828 | 37,446 | 58,259 |
Key Metrics | |||||||
Return on average assets (1) | 1.12% | 1.05% | 1.75% | 1.16% | .68% | .07% | .44% |
Return on average equity (1) | 7.11 | 6.53 | 10.17 | 6.78 | 3.99 | .58 | 3.12 |
Yield on earning assets (2) | 5.37 | 5.08 | 6.44 | 5.86 | 7.71 | .29 | (2.34) |
Cost of funds | .29 | .33 | .35 | .35 | .37 | (.04) | (.08) |
Rate on interest-bearing liabilities | .38 | .43 | .45 | .45 | .46 | (.05) | (.08) |
Net interest margin (2) | 5.11 | 4.80 | 6.14 | 5.55 | 7.38 | .31 | (2.27) |
Average equity to average assets | 15.80 | 16.13 | 17.20 | 17.14 | 17.02 | (.33) | (1.22) |
Leverage ratio | 14.83 | 15.90 | 17.16 | 16.84 | 16.67 | (1.07) | (1.84) |
Tier I risk-based capital ratio | 19.32 | 23.12 | 25.17 | 27.06 | 27.20 | (3.80) | (7.88) |
Efficiency ratio (2) | 62.66 | 65.20 | 54.28 | 63.82 | 76.19 | (2.54) | (13.53) |
Average loans to average deposits | 73.12 | 70.31 | 68.75 | 67.75 | 66.29 | 2.81 | 6.83 |
Noninterest-bearing deposits to total deposits | 24.91 | 24.14 | 24.33 | 21.82 | 22.02 | .77 | 2.89 |
(1) Net income annualized for the applicable period. | |||||||
(2) Interest income annualized for the applicable period and calculated on a fully tax-equivalent basis. |
State Bank Financial Corporation | |||||||
1Q15 Financial Supplement: Table 2 | |||||||
Condensed Consolidated Balance Sheets | |||||||
Quarterly (Unaudited) | |||||||
1Q15 change vs | |||||||
(Dollars in thousands) | 1Q15 | 4Q14 | 3Q14 | 2Q14 | 1Q14 | 4Q14 | 1Q14 |
Assets | |||||||
Cash and amounts due from depository institutions | $20,426 | $10,550 | $17,209 | $8,333 | $7,314 | $9,876 | $13,112 |
Interest-bearing deposits in other financial institutions | 285,971 | 470,608 | 459,271 | 499,400 | 549,593 | (184,637) | (263,622) |
Cash and cash equivalents | 306,397 | 481,158 | 476,480 | 507,733 | 556,907 | (174,761) | (250,510) |
Investment securities available-for-sale | 819,609 | 640,086 | 532,447 | 494,874 | 454,053 | 179,523 | 365,556 |
Loans (1) | 2,000,189 | 1,634,529 | 1,504,725 | 1,441,606 | 1,413,192 | 365,660 | 586,997 |
Allowance for loan and lease losses (2) | (29,982) | (28,638) | (27,231) | (35,607) | (36,040) | (1,344) | 6,058 |
Loans, net | 1,970,207 | 1,605,891 | 1,477,494 | 1,405,999 | 1,377,152 | 364,316 | 593,055 |
Loans held for sale | 45,211 | 3,174 | 1,283 | 726 | 1,552 | 42,037 | 43,659 |
Other real estate owned (3) | 16,848 | 8,568 | 15,169 | 23,938 | 38,437 | 8,280 | (21,589) |
Premises and equipment, net | 46,370 | 35,286 | 34,696 | 34,820 | 34,592 | 11,084 | 11,778 |
Goodwill | 30,510 | 10,606 | 10,381 | 10,381 | 10,381 | 19,904 | 20,129 |
Other intangibles, net | 9,045 | 2,752 | 1,511 | 1,663 | 1,824 | 6,293 | 7,221 |
SBA servicing rights | 1,902 | 1,516 | — | — | — | 386 | 1,902 |
FDIC receivable for loss share agreements | 17,098 | 22,320 | 26,221 | 44,775 | 70,361 | (5,222) | (53,263) |
Bank-owned life insurance | 57,348 | 41,479 | 41,136 | 40,803 | 40,474 | 15,869 | 16,874 |
Other assets | 31,363 | 29,374 | 30,779 | 20,093 | 36,758 | 1,989 | (5,395) |
Total assets | $3,351,908 | $2,882,210 | $2,647,597 | $2,585,805 | $2,622,491 | $469,698 | $729,417 |
Liabilities and Shareholders' Equity | |||||||
Noninterest-bearing deposits | $691,938 | $577,295 | $524,634 | $461,434 | $471,414 | $114,643 | $220,524 |
Interest-bearing deposits | 2,085,997 | 1,814,387 | 1,631,340 | 1,653,779 | 1,669,647 | 271,610 | 416,350 |
Total deposits | 2,777,935 | 2,391,682 | 2,155,974 | 2,115,213 | 2,141,061 | 386,253 | 636,874 |
Securities sold under agreements to repurchase | 8,250 | — | — | — | — | 8,250 | 8,250 |
Notes payable | 2,769 | 2,771 | 2,776 | 2,779 | 4,371 | (2) | (1,602) |
Other liabilities | 33,708 | 23,662 | 30,570 | 19,506 | 35,620 | 10,046 | (1,912) |
Total liabilities | 2,822,662 | 2,418,115 | 2,189,320 | 2,137,498 | 2,181,052 | 404,547 | 641,610 |
Total shareholders' equity | 529,246 | 464,095 | 458,277 | 448,307 | 441,439 | 65,151 | 87,807 |
Total liabilities and shareholders' equity | $3,351,908 | $2,882,210 | $2,647,597 | $2,585,805 | $2,622,491 | $469,698 | $729,417 |
Capital Ratios (4) | |||||||
Average equity to average assets | 15.80% | 16.13% | 17.20% | 17.14% | 17.02% | (.33)% | (1.22)% |
Leverage ratio | 14.83 | 15.90 | 17.16 | 16.84 | 16.67 | (1.07) | (1.84) |
CET1 risk-based capital ratio | 19.32 | N/A | N/A | N/A | N/A | N/A | N/A |
Tier I risk-based capital ratio | 19.32 | 23.12 | 25.17 | 27.06 | 27.20 | (3.80) | (7.88) |
Total risk-based capital ratio | 20.50 | 24.37 | 26.42 | 28.32 | 28.47 | (3.87) | (7.97) |
Shares Issued and Outstanding | |||||||
Common stock | 35,738,150 | 32,269,604 | 32,271,466 | 32,130,645 | 32,123,645 | 3,468,546 | 3,614,505 |
(1) Loans covered by loss share agreements with the FDIC were approximately $88.6 million at 1Q15, $99.5 million at 4Q14, $114.2 million at 3Q14, $211.3 million at 2Q14 and $246.3 million at 1Q14. | |||||||
(2) Allowance for loan losses on purchased credit impaired loans was approximately $10.6 million at 1Q15, $10.2 million at 4Q14, $8.4 million at 3Q14, $17.7 million at 2Q14 and $19.2 million at 1Q14. | |||||||
(3) Other real estate owned covered by loss share agreements with the FDIC was approximately $4.3 million at 1Q15, $3.3 million at 4Q14, $11.2 million at 3Q14, $23.2 million at 2Q14 and $37.5 million at 1Q14. | |||||||
(4) Beginning January 1, 2015, the Company's ratios are calculated using the Basel III framework. Capital ratios for prior periods were calculated using the Basel I framework. The Common Equity Tier 1 (CET1) capital ratio is a new ratio introduced under the Basel III framework. |
State Bank Financial Corporation | |||||||
1Q15 Financial Supplement: Table 3 | |||||||
Condensed Consolidated Income Statements | |||||||
Quarterly (Unaudited) | |||||||
1Q15 change vs | |||||||
(Dollars in thousands, except per share amounts) | 1Q15 | 4Q14 | 3Q14 | 2Q14 | 1Q14 | 4Q14 | 1Q14 |
Net Interest Income: | |||||||
Interest income on invested funds | $3,602 | $2,928 | $2,545 | $2,522 | $2,493 | $674 | $1,109 |
Interest income on loans | 21,400 | 17,416 | 16,162 | 15,350 | 15,248 | 3,984 | 6,152 |
Accretion income on loans | 16,069 | 14,124 | 21,110 | 17,087 | 26,536 | 1,945 | (10,467) |
Interest expense | 1,979 | 1,923 | 1,857 | 1,846 | 1,894 | 56 | 85 |
Net interest income | 39,092 | 32,545 | 37,960 | 33,113 | 42,383 | 6,547 | (3,291) |
Provision for loan losses | 3,193 | 1,189 | 416 | 701 | 590 | 2,004 | 2,603 |
Net interest income after provision for loan losses | 35,899 | 31,356 | 37,544 | 32,412 | 41,793 | 4,543 | (5,894) |
Noninterest Income: | |||||||
(Amortization) accretion of FDIC receivable for loss share agreements | (1,448) | 1,652 | (196) | (1,949) | (15,292) | (3,100) | 13,844 |
Service charges on deposits | 1,489 | 1,274 | 1,206 | 1,196 | 1,158 | 215 | 331 |
Mortgage banking income | 2,680 | 322 | 191 | 163 | 159 | 2,358 | 2,521 |
Payroll fee income | 1,158 | 1,050 | 875 | 822 | 953 | 108 | 205 |
SBA income | 1,123 | 477 | — | — | — | 646 | 1,123 |
ATM income | 725 | 624 | 621 | 636 | 590 | 101 | 135 |
Bank-owned life insurance income | 455 | 343 | 333 | 329 | 329 | 112 | 126 |
Gain on sale of investment securities | 380 | 223 | — | 12 | 11 | 157 | 369 |
Other | 2,247 | 972 | 398 | 190 | (70) | 1,275 | 2,317 |
Total noninterest income | 8,809 | 6,937 | 3,428 | 1,399 | (12,162) | 1,872 | 20,971 |
Noninterest Expense: | |||||||
Salaries and employee benefits | 19,582 | 17,797 | 14,644 | 14,575 | 15,077 | 1,785 | 4,505 |
Occupancy and equipment | 3,105 | 2,615 | 2,440 | 2,314 | 2,529 | 490 | 576 |
Data processing | 2,280 | 1,909 | 1,758 | 1,714 | 1,672 | 371 | 608 |
Legal and professional fees | 1,621 | 844 | 851 | 731 | 1,014 | 777 | 607 |
Marketing | 436 | 491 | 453 | 548 | 332 | (55) | 104 |
Federal deposit insurance premiums and other regulatory fees | 506 | 393 | 356 | 337 | 334 | 113 | 172 |
Loan collection and OREO costs | 405 | (112) | — | (32) | 624 | 517 | (219) |
Amortization of intangibles | 417 | 257 | 152 | 161 | 162 | 160 | 255 |
Other | 1,742 | 1,605 | 1,856 | 1,728 | 1,339 | 137 | 403 |
Total noninterest expense | 30,094 | 25,799 | 22,510 | 22,076 | 23,083 | 4,295 | 7,011 |
Income Before Income Taxes | 14,614 | 12,494 | 18,462 | 11,735 | 6,548 | 2,120 | 8,066 |
Income tax expense | 5,410 | 4,909 | 6,958 | 4,228 | 2,226 | 501 | 3,184 |
Net Income | $9,204 | $7,585 | $11,504 | $7,507 | $4,322 | $1,619 | $4,882 |
Net Income Per Share | |||||||
Basic | $.27 | $.24 | $.36 | $.23 | $.13 | $.03 | $.14 |
Diluted | .25 | .22 | .34 | .22 | .13 | .03 | .12 |
Weighted Average Shares Outstanding | |||||||
Basic | 34,373,657 | 32,271,537 | 32,206,889 | 32,126,260 | 32,094,473 | 2,102,120 | 2,279,184 |
Diluted | 36,437,314 | 33,935,366 | 33,755,595 | 33,589,797 | 33,644,135 | 2,501,948 | 2,793,179 |
State Bank Financial Corporation | |||||||
1Q15 Financial Supplement: Table 4 | |||||||
Condensed Consolidated Composition of Loans and Deposits at Period Ends | |||||||
Quarterly (Unaudited) | |||||||
1Q15 change vs | |||||||
(Dollars in thousands) | 1Q15 | 4Q14 | 3Q14 | 2Q14 | 1Q14 | 4Q14 | 1Q14 |
Composition of Loans | |||||||
Organic loans (1): | |||||||
Construction, land & land development | $388,148 | $310,987 | $324,008 | $271,525 | $259,488 | $77,161 | $128,660 |
Other commercial real estate | 606,347 | 609,478 | 591,672 | 616,418 | 593,260 | (3,131) | 13,087 |
Total commercial real estate | 994,495 | 920,465 | 915,680 | 887,943 | 852,748 | 74,030 | 141,747 |
Residential real estate | 107,554 | 91,448 | 80,231 | 75,683 | 67,896 | 16,106 | 39,658 |
Owner-occupied real estate | 191,557 | 188,933 | 164,514 | 167,129 | 171,221 | 2,624 | 20,336 |
Commercial, financial & agricultural | 108,929 | 90,930 | 102,417 | 91,552 | 66,728 | 17,999 | 42,201 |
Leases | 21,491 | 19,959 | 19,636 | — | — | 1,532 | 21,491 |
Consumer | 9,442 | 8,658 | 9,445 | 7,997 | 8,320 | 784 | 1,122 |
Total organic loans | 1,433,468 | 1,320,393 | 1,291,923 | 1,230,304 | 1,166,913 | 113,075 | 266,555 |
Purchased non-credit impaired loans(2): | |||||||
Construction, land & land development | 67,129 | 2,166 | — | — | — | 64,963 | 67,129 |
Other commercial real estate | 94,917 | 26,793 | — | — | — | 68,124 | 94,917 |
Total commercial real estate | 162,046 | 28,959 | — | — | — | 133,087 | 162,046 |
Residential real estate | 88,871 | 43,669 | — | — | — | 45,202 | 88,871 |
Owner-occupied real estate | 77,946 | 22,743 | — | — | — | 55,203 | 77,946 |
Commercial, financial & agricultural | 42,494 | 11,635 | — | — | — | 30,859 | 42,494 |
Consumer | 4,517 | 791 | — | — | — | 3,726 | 4,517 |
Total purchased non-credit impaired loans | 375,874 | 107,797 | — | — | — | 268,077 | 375,874 |
Purchased credit impaired loans (3): | |||||||
Construction, land & land development | 18,791 | 24,544 | 25,463 | 23,851 | 30,770 | (5,753) | (11,979) |
Other commercial real estate | 54,211 | 58,680 | 54,573 | 54,212 | 65,599 | (4,469) | (11,388) |
Total commercial real estate | 73,002 | 83,224 | 80,036 | 78,063 | 96,369 | (10,222) | (23,367) |
Residential real estate | 74,876 | 78,793 | 80,859 | 86,371 | 92,509 | (3,917) | (17,633) |
Owner-occupied real estate | 39,210 | 42,168 | 48,834 | 43,409 | 52,791 | (2,958) | (13,581) |
Commercial, financial & agricultural | 3,427 | 1,953 | 2,790 | 3,081 | 4,228 | 1,474 | (801) |
Consumer | 332 | 201 | 283 | 378 | 382 | 131 | (50) |
Total purchased credit impaired loans | 190,847 | 206,339 | 212,802 | 211,302 | 246,279 | (15,492) | (55,432) |
Total loans | $2,000,189 | $1,634,529 | $1,504,725 | $1,441,606 | $1,413,192 | $365,660 | $586,997 |
Composition of Deposits | |||||||
Noninterest-bearing demand deposits | $691,938 | $577,295 | $524,634 | $461,434 | $471,414 | $114,643 | $220,524 |
Interest-bearing transaction accounts | 562,378 | 495,966 | 377,220 | 387,855 | 382,697 | 66,412 | 179,681 |
Savings and money market deposits | 1,052,677 | 954,626 | 910,488 | 898,833 | 903,198 | 98,051 | 149,479 |
Time deposits less than $250,000 | 319,043 | 247,757 | 234,145 | 247,648 | 256,323 | 71,286 | 62,720 |
Time deposits $250,000 or greater | 58,151 | 18,946 | 20,418 | 20,975 | 22,537 | 39,205 | 35,614 |
Brokered and wholesale time deposits | 93,748 | 97,092 | 89,069 | 98,468 | 104,892 | (3,344) | (11,144) |
Total deposits | $2,777,935 | $2,391,682 | $2,155,974 | $2,115,213 | $2,141,061 | $386,253 | $636,874 |
(1) Loans originated by State Bank and Trust Company ("State Bank") and First Bank of Georgia ("First Bank"). | |||||||
(2) Consists of loans purchased through the Bank of Atlanta and First Bank acquisitions. | |||||||
(3) Acquired loans, which at acquisition, management determined it was probable that we would be unable to collect all contractual principal and interest payments due. |
State Bank Financial Corporation | |||||||
1Q15 Financial Supplement: Table 5 | |||||||
Condensed Consolidated Organic Asset Quality Data | |||||||
Quarterly (Unaudited) | |||||||
1Q15 change vs | |||||||
(Dollars in thousands) | 1Q15 | 4Q14 | 3Q14 | 2Q14 | 1Q14 | 4Q14 | 1Q14 |
Nonperforming organic assets | |||||||
Nonaccrual loans | $1,428 | $1,245 | $740 | $1,063 | $1,265 | $183 | $163 |
Troubled debt restructurings | 3,374 | 4,301 | 875 | 875 | 866 | (927) | 2,508 |
Total nonperforming organic loans | 4,802 | 5,546 | 1,615 | 1,938 | 2,131 | (744) | 2,671 |
Other real estate owned | — | 74 | 410 | 729 | 901 | (74) | (901) |
Total nonperforming organic assets | $4,802 | $5,620 | $2,025 | $2,667 | $3,032 | $(818) | $1,770 |
Allowance for loan and lease losses on organic loans | |||||||
Charge-offs | $76 | $1,250 | $87 | $79 | $136 | $(1,174) | $(60) |
Recoveries | 38 | 39 | 30 | 106 | 338 | (1) | (300) |
Net charge-offs (recoveries) | $38 | $1,211 | $57 | $(27) | $(202) | $(1,173) | $240 |
Ratios for organic assets | |||||||
Annualized QTD charge-offs (recoveries) to total average loans | .01% | .36% | .02% | (.01)% | (.07)% | (.35)% | .08% |
Nonperforming loans to total loans | .33 | .42 | .13 | .16 | .18 | (.09) | .15 |
Nonperforming assets to loans + OREO | .33 | .43 | .16 | .22 | .26 | (.10) | .07 |
Past due loans to total loans | .11 | .17 | .10 | .13 | .14 | (.06) | (.03) |
Allowance for loan and lease losses to loans | 1.36 | 1.39 | 1.46 | 1.45 | 1.44 | (.03) | (.08) |
State Bank Financial Corporation | |||||||
1Q15 Financial Supplement: Table 6 | |||||||
Condensed Consolidated Average Balances and Yield Analysis | |||||||
Quarterly (Unaudited) | |||||||
1Q15 change vs | |||||||
(Dollars in thousands) | 1Q15 | 4Q14 | 3Q14 | 2Q14 | 1Q14 | 4Q14 | 1Q14 |
Selected Average Balances | |||||||
Interest-bearing deposits in other financial institutions | $320,248 | $450,362 | $476,190 | $490,009 | $518,362 | $(130,114) | $(198,114) |
Investment securities | 807,002 | 603,101 | 523,488 | 481,240 | 430,696 | 203,901 | 376,306 |
Loans, excluding purchased credit impaired (1) | 1,791,537 | 1,430,495 | 1,246,008 | 1,192,494 | 1,133,802 | 361,042 | 657,735 |
Purchased credit impaired loans | 194,471 | 214,518 | 215,318 | 236,178 | 250,824 | (20,047) | (56,353) |
Total earning assets | 3,113,258 | 2,698,476 | 2,461,004 | 2,399,921 | 2,333,684 | 414,782 | 779,574 |
Total nonearning assets | 210,455 | 159,733 | 148,772 | 191,104 | 246,220 | 50,722 | (35,765) |
Total assets | 3,323,713 | 2,858,209 | 2,609,776 | 2,591,025 | 2,579,904 | 465,504 | 743,809 |
Interest-bearing transaction accounts | 507,087 | 433,545 | 376,052 | 376,143 | 357,988 | 73,542 | 149,099 |
Savings & money market deposits | 1,072,818 | 958,782 | 896,503 | 892,168 | 894,994 | 114,036 | 177,824 |
Time deposits less than $250,000 | 327,363 | 240,509 | 239,924 | 252,459 | 261,918 | 86,854 | 65,445 |
Time deposits $250,000 or greater | 56,973 | 66,009 | 20,906 | 21,489 | 25,457 | (9,036) | 31,516 |
Brokered and wholesale time deposits | 103,464 | 86,371 | 96,743 | 100,395 | 106,555 | 17,093 | (3,091) |
Notes payable | 2,771 | 2,775 | 2,778 | 3,365 | 5,212 | (4) | (2,441) |
FHLB Advances | — | 326 | — | — | — | (326) | — |
Securities sold under agreements to repurchase | 24,971 | 4,284 | — | — | 727 | 20,687 | 24,244 |
Total interest-bearing liabilities | 2,095,447 | 1,792,601 | 1,632,906 | 1,646,019 | 1,652,851 | 302,846 | 442,596 |
Noninterest-bearing deposits | 648,379 | 554,350 | 495,531 | 465,941 | 441,875 | 94,029 | 206,504 |
Other liabilities | 54,619 | 50,121 | 32,357 | 34,890 | 46,073 | 4,498 | 8,546 |
Shareholders' equity | 525,268 | 461,137 | 448,982 | 444,175 | 439,105 | 64,131 | 86,163 |
Total liabilities and shareholders' equity | 3,323,713 | 2,858,209 | 2,609,776 | 2,591,025 | 2,579,904 | 465,504 | 743,809 |
Interest Margins (2) | |||||||
Interest-bearing deposits in other financial institutions | .27% | .26% | .26% | .26% | .27% | .01% | —% |
Investment securities, tax-equivalent basis (3) | 1.72 | 1.73 | 1.70 | 1.84 | 2.03 | (.01) | (.31) |
Loans, excluding purchased credit impaired, tax-equivalent basis (4) | 4.87 | 4.85 | 5.17 | 5.19 | 5.48 | .02 | (.61) |
Purchased credit impaired loans | 33.51 | 26.12 | 38.90 | 29.02 | 42.91 | 7.39 | (9.40) |
Total earning assets | 5.37% | 5.08% | 6.44% | 5.86% | 7.71% | .29% | (2.34)% |
Interest-bearing transaction accounts | .14 | .13 | .13 | .12 | .12 | .01 | .02 |
Savings & money market deposits | .45 | .46 | .46 | .45 | .44 | (.01) | .01 |
Time deposits less than $250,000 | .30 | .43 | .54 | .57 | .58 | (.13) | (.28) |
Time deposits $250,000 or greater | .55 | .75 | .78 | .80 | .84 | (.20) | (.29) |
Brokered and wholesale time deposits | .94 | 1.02 | 1.08 | .95 | .93 | (.08) | .01 |
Notes payable | 7.61 | 9.01 | 9.00 | 10.37 | 11.52 | (1.40) | (3.91) |
FHLB Advances | — | 1.22 | — | — | — | (1.22) | — |
Securities sold under agreements to repurchase | .24 | .09 | — | — | — | .15 | .24 |
Total interest-bearing liabilities | .38% | .43% | .45% | .45% | .46% | (.05)% | (.08)% |
Net interest spread | 4.99% | 4.65% | 5.99% | 5.41% | 7.25% | .34% | (2.26)% |
Net interest margin | 5.11% | 4.80% | 6.14% | 5.55% | 7.38% | .31% | (2.27)% |
(1) Includes average nonaccrual loans of $5.1 million for 1Q15, $5.6 million for 4Q14, $1.7 million for 3Q14, $2.0 million for 2Q14, and $2.1 million for 1Q14. | |||||||
(2) Interest income or expense annualized for the applicable period. | |||||||
(3) Reflects taxable equivalent adjustments using the federal 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 $27,000 for 1Q15, $4,000 for 4Q14, $7,000 for 3Q14, $11,000 for 2Q14, and $11,000 for 1Q14. | |||||||
(4) Reflects taxable equivalent adjustments using the federal 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 $98,000 for 1Q15, $80,000 for 4Q14, $75,000 for 3Q14, $66,000 for 2Q14, and $65,000 for 1Q14. |