State Bank Financial Corporation (NASDAQ:STBZ) today announced
unaudited financial results for the first quarter of 2018.
Net income for the first quarter of 2018 was $17.4 million,
compared to $5.4 million in the fourth quarter of 2017, which
included the impact of a $10.7 million non-cash tax expense related
to the revaluation of our net deferred tax assets, and $11.6
million in the first quarter of 2017. Fully diluted earnings
per share were $.44 in the first quarter of 2018, compared to $.14
in the fourth quarter of 2017 and $.30 in the first quarter of
2017.
Tom Wiley, Vice Chairman and CEO, commented, “Strong loan
growth, disciplined expense management and completion of the
AloStar systems conversion led to a fast start to 2018. I am
proud of our team as we successfully completed the conversion
without losing focus on production. We expect the benefits of our
merger with AloStar to grow during the year. Quarterly net
income of $17.4 million reflects the benefit of the newly acquired
lines of business and the reduction in income taxes.”
Operating Highlights
Interest income on loans improved to $48.4 million in the first
quarter of 2018, a $1.5 million increase from the fourth quarter of
2017 and a $14.4 million increase from the first quarter of
2017. Net interest income of $54.9 million in the first
quarter of 2018 decreased from $58.0 million in the fourth quarter
of 2017 and increased from $44.0 million in the first quarter of
2017. Accretion income on loans was $5.9 million in the first
quarter of 2018, down from $10.7 million in the fourth quarter of
2017 and $7.7 million in the first quarter of 2017. The $4.7
million linked-quarter decrease was primarily due to unexpected
acceleration of certain purchased credit impaired loan payoffs in
the fourth quarter of 2017. As of March 31, 2018,
approximately $58 million of accretable discount remains to be
recognized as loan accretion income.
Noninterest income was $10.5 million in the first quarter of
2018, compared to $10.1 million in the fourth quarter of 2017 and
$9.5 million in the first quarter of 2017. Revenues from
mortgage banking and payroll and insurance increased $367,000 and
$62,000, respectively, in the first quarter of 2018, compared to
the fourth quarter of 2017, while SBA income decreased
$674,000.
Total noninterest expense for the first quarter of 2018 was
$39.3 million, compared to $40.7 million in the fourth quarter of
2017 and $34.6 million in the first quarter of 2017. The $1.4
million linked-quarter decrease was primarily due to a $1.3 million
decrease in merger-related expenses related to the AloStar Bank of
Commerce acquisition. Merger-related expenses were $1.3
million for the first quarter of 2018.
Financial Condition
Total assets at March 31, 2018, were $4.9 billion, down
from $5.0 billion at December 31, 2017. Total loans were
$3.6 billion at March 31, 2018, up $86.3 million from the
fourth quarter of 2017. Period-end organic loans increased to
$2.5 billion at March 31, 2018, an increase of $149.5 million
from the fourth quarter of 2017. Purchased non-credit
impaired loans decreased to $945.7 million at March 31, 2018,
a $45.1 million linked-quarter decline. Purchased credit
impaired loans decreased to $157.5 million at March 31, 2018,
an $18.1 million linked-quarter decline.
Past due organic and purchased non-credit impaired loans were
.22% and .45% of their respective portfolios at March 31,
2018. The provision for loan losses on organic and purchased
non-credit impaired loans was $2.7 million in the first quarter of
2018 and was primarily attributable to organic loan growth, net
charge-offs and continued seasoning of the purchased non-credit
impaired portfolio. The organic allowance as a percent of
organic loans was .99% at the end of the first quarter of 2018.
Total deposits at March 31, 2018, were $4.2 billion, down
$58.7 million from December 31, 2017, as the seasonal cash
operating cycle of certain State Bank clients led to a decline of
$156.1 million in period-end transaction accounts.
Noninterest-bearing demand deposits represented 26.0% of total
deposits as of March 31, 2018. Average
noninterest-bearing demand deposits were $1.1 billion, a $65.3
million decrease from the fourth quarter of 2017 and a $127.0
million increase from the first quarter of 2017.
Joe Evans, Chairman of State Bank Financial, commented, “We
began 2018 with a 43% increase in our quarterly dividend and are
pleased with the first quarter’s solid growth in earnings and
loans. Our focus remains on long term growth, a best in class
client experience, operational efficiency and shareholder
return. The economic backdrop in our markets remains
favorable and creates great opportunity for continued strong
performance in 2018.”
Tangible book value per share was $14.15 at the end of the first
quarter of 2018. State Bank Financial Corporation continues
to be well capitalized, ending the quarter with a leverage ratio of
11.69% and a Tier I risk-based capital ratio of 12.44%.
Detailed Results
Supplemental tables displaying financial results for the first
quarter of 2018 and the previous four quarters are included with
this press release.
Non-GAAP Financial Measures
This press release contains financial measures determined by
methods other than in accordance with accounting principles
generally accepted in the United States of America (“GAAP”).
For more information on these non-GAAP financial measures, please
refer to 1Q18 Financial Supplement: Table 7, Reconciliation of
Non-GAAP Measures.
Conference Call
Chairman Joe Evans, Chief Executive Officer Tom Wiley, Chief
Financial Officer and Chief Operating Officer Sheila Ray, and Chief
Credit Officer David Black will discuss financial and business
results for the quarter on a conference call today at 11:00 a.m.
ET.
Dial in number: 1.800.772.4206
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 is completed in the
Investors section of our website at www.statebt.com. A slide
presentation for today’s call is also available in the Investors
section of our website.
About State Bank Financial Corporation
State Bank Financial Corporation (NASDAQ:STBZ), with
approximately $4.9 billion in assets as of March 31, 2018, is
an Atlanta-based bank holding company for State Bank and Trust
Company. State Bank operates a full service banking business
and offers a broad range of commercial and retail banking products
to our customers throughout seven of Georgia’s eight largest
MSAs.
To learn more about State Bank, visit www.statebt.com
Cautionary Note Regarding Forward-Looking
Statements
Certain statements in this press release and other information
that we make publicly available from time to time are
“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,”
“anticipate,” “plan,” “seek,” “believe,” “expect,” “focus,”
“strategy,” “future,” “likely,” “project,” “may,” “should,” “will”
and similar references to future periods. Examples of
forward-looking statements include, among others, statements
regarding the amount of accretable discount that remains to be
recognized as loan accretion income, expected benefits of our
merger with AloStar Bank of Commerce, our focus on long term
growth, best in class client experience, operational efficiency and
shareholder return, our belief that our markets remain favorable
and our prospects for continued strong performance. Such
forward-looking statements are subject to risks, uncertainties, and
other factors, including a downturn in the economy, particularly in
our markets, volatile credit and financial markets both domestic
and foreign, potential deterioration in real estate values,
regulatory changes and excessive loan losses, the anticipated
benefits of the AloStar transaction, including anticipated cost
savings and strategic gains, may be significantly harder or take
longer to achieve than expected or may not be achieved in their
entirety as a result of unexpected factors or events, as well as
additional risks and uncertainties contained in the “Risk Factors”
and forward-looking statements disclosure contained in our most
recent Annual Report on Form 10-K and Quarterly Reports on Form
10-Q, 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 |
1Q18 Financial Supplement: Table 1 |
Condensed Consolidated Financial Summary
Results |
Quarterly (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
1Q18 change vs |
(Dollars in thousands, except per share
amounts) |
|
1Q18 |
|
4Q17 |
|
3Q17 |
|
2Q17 |
|
1Q17 |
|
4Q17 |
|
1Q17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income on loans |
|
$ |
48,444 |
|
|
$ |
46,926 |
|
|
$ |
35,400 |
|
|
$ |
34,872 |
|
|
$ |
34,060 |
|
|
$ |
1,518 |
|
|
$ |
14,384 |
|
Accretion
income on loans |
|
5,946 |
|
|
10,671 |
|
|
6,520 |
|
|
9,228 |
|
|
7,677 |
|
|
(4,725 |
) |
|
(1,731 |
) |
Interest
income on invested funds |
|
6,171 |
|
|
6,034 |
|
|
5,782 |
|
|
5,747 |
|
|
5,460 |
|
|
137 |
|
|
711 |
|
Total
interest income |
|
60,561 |
|
|
63,631 |
|
|
47,702 |
|
|
49,847 |
|
|
47,197 |
|
|
(3,070 |
) |
|
13,364 |
|
Interest
expense |
|
5,705 |
|
|
5,614 |
|
|
3,370 |
|
|
3,369 |
|
|
3,239 |
|
|
91 |
|
|
2,466 |
|
Net
interest income |
|
54,856 |
|
|
58,017 |
|
|
44,332 |
|
|
46,478 |
|
|
43,958 |
|
|
(3,161 |
) |
|
10,898 |
|
Provision
for loan and lease losses(organic & PNCI loans) |
|
2,650 |
|
|
2,050 |
|
|
1,300 |
|
|
1,470 |
|
|
1,361 |
|
|
600 |
|
|
1,289 |
|
Provision
for loan and lease losses (purchased credit impaired
loans) |
|
558 |
|
|
798 |
|
|
(885 |
) |
|
375 |
|
|
(359 |
) |
|
(240 |
) |
|
917 |
|
Provision
for loan and lease losses |
|
3,208 |
|
|
2,848 |
|
|
415 |
|
|
1,845 |
|
|
1,002 |
|
|
360 |
|
|
2,206 |
|
Total
noninterest income |
|
10,461 |
|
|
10,140 |
|
|
9,682 |
|
|
10,476 |
|
|
9,459 |
|
|
321 |
|
|
1,002 |
|
Total
noninterest expense |
|
39,268 |
|
|
40,684 |
|
|
31,571 |
|
|
31,997 |
|
|
34,565 |
|
|
(1,416 |
) |
|
4,703 |
|
Income
before income taxes |
|
22,841 |
|
|
24,625 |
|
|
22,028 |
|
|
23,112 |
|
|
17,850 |
|
|
(1,784 |
) |
|
4,991 |
|
Income
tax expense |
|
5,476 |
|
|
19,248 |
|
|
7,592 |
|
|
7,909 |
|
|
6,292 |
|
|
(13,772 |
) |
|
(816 |
) |
Net
income |
|
$ |
17,365 |
|
|
$ |
5,377 |
|
|
$ |
14,436 |
|
|
$ |
15,203 |
|
|
$ |
11,558 |
|
|
$ |
11,988 |
|
|
$ |
5,807 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share |
|
$ |
.45 |
|
|
$ |
.14 |
|
|
$ |
.37 |
|
|
$ |
.39 |
|
|
$ |
.30 |
|
|
$ |
.31 |
|
|
$ |
.15 |
|
Diluted
earnings per share |
|
.44 |
|
|
.14 |
|
|
.37 |
|
|
.39 |
|
|
.30 |
|
|
.30 |
|
|
.14 |
|
Cash
dividends declared per share |
|
.20 |
|
|
.14 |
|
|
.14 |
|
|
.14 |
|
|
.14 |
|
|
.06 |
|
|
.06 |
|
Book
value per share |
|
16.58 |
|
|
16.45 |
|
|
16.48 |
|
|
16.23 |
|
|
15.96 |
|
|
.13 |
|
|
.62 |
|
Tangible
book value per share (1) |
|
14.15 |
|
|
14.00 |
|
|
14.01 |
|
|
13.94 |
|
|
13.66 |
|
|
.15 |
|
|
.49 |
|
Market
price per share (quarter end) |
|
30.01 |
|
|
29.84 |
|
|
28.65 |
|
|
27.12 |
|
|
26.12 |
|
|
.17 |
|
|
3.89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
stock |
|
39,003,412 |
|
|
38,992,163 |
|
|
38,991,022 |
|
|
38,967,972 |
|
|
38,870,424 |
|
|
11,249 |
|
|
132,988 |
|
Weighted
average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
38,032,007 |
|
|
38,009,181 |
|
|
37,918,753 |
|
|
37,896,125 |
|
|
37,867,718 |
|
|
22,826 |
|
|
164,289 |
|
Diluted |
|
38,070,554 |
|
|
38,068,619 |
|
|
37,963,141 |
|
|
37,942,483 |
|
|
37,954,585 |
|
|
1,935 |
|
|
115,969 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balance Sheet Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
3,598,543 |
|
|
$ |
3,603,482 |
|
|
$ |
2,893,187 |
|
|
$ |
2,905,415 |
|
|
$ |
2,846,571 |
|
|
$ |
(4,939 |
) |
|
$ |
751,972 |
|
Assets |
|
4,860,730 |
|
|
4,982,451 |
|
|
4,178,731 |
|
|
4,200,843 |
|
|
4,181,961 |
|
|
(121,721 |
) |
|
678,769 |
|
Deposits |
|
4,084,844 |
|
|
4,248,553 |
|
|
3,437,329 |
|
|
3,413,831 |
|
|
3,423,506 |
|
|
(163,709 |
) |
|
661,338 |
|
Equity |
|
642,787 |
|
|
645,409 |
|
|
638,620 |
|
|
627,294 |
|
|
617,009 |
|
|
(2,622 |
) |
|
25,778 |
|
Tangible
equity (1) |
|
547,620 |
|
|
549,564 |
|
|
550,002 |
|
|
538,153 |
|
|
527,603 |
|
|
(1,944 |
) |
|
20,017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State Bank Financial Corporation |
1Q18 Financial Supplement: Table 1
(continued) |
Condensed Consolidated Financial Summary
Results |
Quarterly (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
1Q18 change vs |
(Dollars in thousands, except per share
amounts) |
|
1Q18 |
|
4Q17 |
|
3Q17 |
|
2Q17 |
|
1Q17 |
|
4Q17 |
|
1Q17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Metrics (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average assets |
|
1.45 |
% |
|
.43 |
% |
|
1.37 |
% |
|
1.45 |
% |
|
1.12 |
% |
|
1.02 |
% |
|
.33 |
% |
Return on
average equity |
|
10.96 |
|
|
3.31 |
|
|
8.97 |
|
|
9.72 |
|
|
7.60 |
|
|
7.65 |
|
|
3.36 |
|
Yield on
earning assets |
|
5.36 |
|
|
5.39 |
|
|
4.85 |
|
|
5.11 |
|
|
4.93 |
|
|
(.03 |
) |
|
.43 |
|
Cost of
funds |
|
.55 |
|
|
.52 |
|
|
.38 |
|
|
.38 |
|
|
.37 |
|
|
.03 |
|
|
.18 |
|
Rate on
interest-bearing liabilities |
|
.75 |
|
|
.71 |
|
|
.54 |
|
|
.53 |
|
|
.52 |
|
|
.04 |
|
|
.23 |
|
Net
interest margin |
|
4.86 |
|
|
4.91 |
|
|
4.51 |
|
|
4.76 |
|
|
4.59 |
|
|
(.05 |
) |
|
.27 |
|
Leverage
ratio (3) |
|
11.69 |
|
|
11.24 |
|
|
13.37 |
|
|
13.23 |
|
|
13.04 |
|
|
.45 |
|
|
(1.35 |
) |
Tier I
risk-based capital ratio (3) |
|
12.44 |
|
|
12.61 |
|
|
12.30 |
|
|
15.01 |
|
|
14.74 |
|
|
(.17 |
) |
|
(2.30 |
) |
Total
risk-based capital ratio (3) |
|
13.14 |
|
|
13.28 |
|
|
12.91 |
|
|
15.79 |
|
|
15.49 |
|
|
(.14 |
) |
|
(2.35 |
) |
Efficiency ratio (4) |
|
60.12 |
|
|
59.69 |
|
|
58.45 |
|
|
56.18 |
|
|
64.71 |
|
|
.43 |
|
|
(4.59 |
) |
Average
loans to average deposits |
|
88.09 |
|
|
84.82 |
|
|
84.17 |
|
|
85.11 |
|
|
83.15 |
|
|
3.27 |
|
|
4.94 |
|
Noninterest-bearing deposits to total deposits |
|
26.04 |
|
|
28.07 |
|
|
27.82 |
|
|
29.24 |
|
|
27.71 |
|
|
(2.03 |
) |
|
(1.67 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Denotes a non-GAAP financial measure. See
Reconciliation of Non-GAAP Measures (Table 7) for further
information.(2) Income statement ratios and yield/rate
information are annualized for the applicable period.(3)
Current period capital ratios are estimated as of the date of this
earnings release.(4) Noninterest expense divided by net
interest income plus noninterest income.
|
State Bank Financial Corporation |
1Q18 Financial Supplement: Table 2 |
Condensed Consolidated Balance Sheets |
Quarterly (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
1Q18 change vs |
(Dollars in thousands) |
|
1Q18 |
|
4Q17 |
|
3Q17 |
|
2Q17 |
|
1Q17 |
|
4Q17 |
|
1Q17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and amounts due
from depository institutions |
|
$ |
13,113 |
|
|
$ |
17,438 |
|
|
$ |
14,235 |
|
|
$ |
11,284 |
|
|
$ |
12,101 |
|
|
$ |
(4,325 |
) |
|
$ |
1,012 |
|
Interest-bearing
deposits in other financial institutions |
|
59,620 |
|
|
211,142 |
|
|
251,115 |
|
|
126,390 |
|
|
62,222 |
|
|
(151,522 |
) |
|
(2,602 |
) |
Federal funds sold |
|
9,000 |
|
|
2,297 |
|
|
16,889 |
|
|
— |
|
|
— |
|
|
6,703 |
|
|
9,000 |
|
Cash and
cash equivalents |
|
81,733 |
|
|
230,877 |
|
|
282,239 |
|
|
137,674 |
|
|
74,323 |
|
|
(149,144 |
) |
|
7,410 |
|
Equity securities |
|
1,515 |
|
|
1,515 |
|
|
1,515 |
|
|
1,515 |
|
|
1,546 |
|
|
— |
|
|
(31 |
) |
Debt securities
available-for-sale |
|
863,697 |
|
|
872,455 |
|
|
919,248 |
|
|
846,280 |
|
|
894,751 |
|
|
(8,758 |
) |
|
(31,054 |
) |
Debt securities
held-to-maturity |
|
27,558 |
|
|
32,852 |
|
|
57,867 |
|
|
63,104 |
|
|
67,053 |
|
|
(5,294 |
) |
|
(39,495 |
) |
Loans |
|
3,618,521 |
|
|
3,532,193 |
|
|
3,572,790 |
|
|
2,881,000 |
|
|
2,854,780 |
|
|
86,328 |
|
|
763,741 |
|
Allowance for loan and
lease losses |
|
(31,317 |
) |
|
(28,750 |
) |
|
(26,842 |
) |
|
(27,988 |
) |
|
(26,976 |
) |
|
(2,567 |
) |
|
(4,341 |
) |
Loans,
net |
|
3,587,204 |
|
|
3,503,443 |
|
|
3,545,948 |
|
|
2,853,012 |
|
|
2,827,804 |
|
|
83,761 |
|
|
759,400 |
|
Loans
held-for-sale |
|
47,482 |
|
|
36,211 |
|
|
47,743 |
|
|
48,895 |
|
|
51,380 |
|
|
11,271 |
|
|
(3,898 |
) |
Other real estate
owned |
|
4,207 |
|
|
895 |
|
|
1,271 |
|
|
2,407 |
|
|
3,759 |
|
|
3,312 |
|
|
448 |
|
Premises and equipment,
net |
|
52,410 |
|
|
51,794 |
|
|
52,120 |
|
|
51,170 |
|
|
51,535 |
|
|
616 |
|
|
875 |
|
Goodwill |
|
84,564 |
|
|
84,564 |
|
|
84,564 |
|
|
77,476 |
|
|
77,084 |
|
|
— |
|
|
7,480 |
|
Other intangibles,
net |
|
10,384 |
|
|
11,034 |
|
|
11,755 |
|
|
11,599 |
|
|
12,054 |
|
|
(650 |
) |
|
(1,670 |
) |
SBA servicing
rights |
|
4,003 |
|
|
4,069 |
|
|
3,950 |
|
|
3,828 |
|
|
3,547 |
|
|
(66 |
) |
|
456 |
|
Bank-owned life
insurance |
|
67,768 |
|
|
67,313 |
|
|
66,846 |
|
|
66,320 |
|
|
65,855 |
|
|
455 |
|
|
1,913 |
|
Other assets |
|
59,772 |
|
|
61,560 |
|
|
73,417 |
|
|
70,697 |
|
|
71,990 |
|
|
(1,788 |
) |
|
(12,218 |
) |
Total
assets |
|
$ |
4,892,297 |
|
|
$ |
4,958,582 |
|
|
$ |
5,148,483 |
|
|
$ |
4,233,977 |
|
|
$ |
4,202,681 |
|
|
$ |
(66,285 |
) |
|
$ |
689,616 |
|
Liabilities and Shareholders’
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits |
|
$ |
1,089,579 |
|
|
$ |
1,191,106 |
|
|
$ |
1,179,698 |
|
|
$ |
1,009,509 |
|
|
$ |
944,838 |
|
|
$ |
(101,527 |
) |
|
$ |
144,741 |
|
Interest-bearing
deposits |
|
3,094,853 |
|
|
3,052,029 |
|
|
3,061,387 |
|
|
2,443,183 |
|
|
2,464,937 |
|
|
42,824 |
|
|
629,916 |
|
Total
deposits |
|
4,184,432 |
|
|
4,243,135 |
|
|
4,241,085 |
|
|
3,452,692 |
|
|
3,409,775 |
|
|
(58,703 |
) |
|
774,657 |
|
Federal funds purchased
and securities sold under agreements to
repurchase |
|
9,565 |
|
|
25,209 |
|
|
25,499 |
|
|
25,256 |
|
|
25,056 |
|
|
(15,644 |
) |
|
(15,491 |
) |
FHLB borrowings |
|
15,000 |
|
|
— |
|
|
— |
|
|
80,000 |
|
|
100,000 |
|
|
15,000 |
|
|
(85,000 |
) |
Notes payable |
|
398 |
|
|
398 |
|
|
398 |
|
|
398 |
|
|
398 |
|
|
— |
|
|
— |
|
Other liabilities |
|
36,248 |
|
|
48,289 |
|
|
238,911 |
|
|
43,294 |
|
|
47,169 |
|
|
(12,041 |
) |
|
(10,921 |
) |
Total
liabilities |
|
4,245,643 |
|
|
4,317,031 |
|
|
4,505,893 |
|
|
3,601,640 |
|
|
3,582,398 |
|
|
(71,388 |
) |
|
663,245 |
|
Total shareholders’
equity |
|
646,654 |
|
|
641,551 |
|
|
642,590 |
|
|
632,337 |
|
|
620,283 |
|
|
5,103 |
|
|
26,371 |
|
Total
liabilities and shareholders’ equity |
|
$ |
4,892,297 |
|
|
$ |
4,958,582 |
|
|
$ |
5,148,483 |
|
|
$ |
4,233,977 |
|
|
$ |
4,202,681 |
|
|
$ |
(66,285 |
) |
|
$ |
689,616 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average equity to
average assets |
|
13.22 |
% |
|
12.95 |
% |
|
15.28 |
% |
|
14.93 |
% |
|
14.75 |
% |
|
.27 |
% |
|
(1.53 |
)% |
Leverage ratio |
|
11.69 |
|
|
11.24 |
|
|
13.37 |
|
|
13.23 |
|
|
13.04 |
|
|
.45 |
|
|
(1.35 |
) |
CET1 risk-based capital
ratio |
|
12.44 |
|
|
12.61 |
|
|
12.30 |
|
|
15.01 |
|
|
14.74 |
|
|
(.17 |
) |
|
(2.30 |
) |
Tier I risk-based
capital ratio |
|
12.44 |
|
|
12.61 |
|
|
12.30 |
|
|
15.01 |
|
|
14.74 |
|
|
(.17 |
) |
|
(2.30 |
) |
Total risk-based
capital ratio |
|
13.14 |
|
|
13.28 |
|
|
12.91 |
|
|
15.79 |
|
|
15.49 |
|
|
(.14 |
) |
|
(2.35 |
) |
(1) Current period capital ratios are estimated as of the
date of this earning release.
|
State Bank Financial Corporation |
1Q18 Financial Supplement: Table 3 |
Condensed Consolidated Income Statements |
Quarterly (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
1Q18 change vs |
(Dollars in thousands, except per share
amounts) |
|
1Q18 |
|
4Q17 |
|
3Q17 |
|
2Q17 |
|
1Q17 |
|
4Q17 |
|
1Q17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income on loans |
|
$ |
48,444 |
|
|
$ |
46,926 |
|
|
$ |
35,400 |
|
|
$ |
34,872 |
|
|
$ |
34,060 |
|
|
$ |
1,518 |
|
|
$ |
14,384 |
|
Accretion
income on loans |
|
5,946 |
|
|
10,671 |
|
|
6,520 |
|
|
9,228 |
|
|
7,677 |
|
|
(4,725 |
) |
|
(1,731 |
) |
Interest
income on invested funds |
|
6,171 |
|
|
6,034 |
|
|
5,782 |
|
|
5,747 |
|
|
5,460 |
|
|
137 |
|
|
711 |
|
Interest
expense |
|
5,705 |
|
|
5,614 |
|
|
3,370 |
|
|
3,369 |
|
|
3,239 |
|
|
91 |
|
|
2,466 |
|
Net interest income |
|
54,856 |
|
|
58,017 |
|
|
44,332 |
|
|
46,478 |
|
|
43,958 |
|
|
(3,161 |
) |
|
10,898 |
|
Provision
for loan and lease losses(organic & PNCI loans) |
|
2,650 |
|
|
2,050 |
|
|
1,300 |
|
|
1,470 |
|
|
1,361 |
|
|
600 |
|
|
1,289 |
|
Provision
for loan and lease losses (purchased credit impaired
loans) |
|
558 |
|
|
798 |
|
|
(885 |
) |
|
375 |
|
|
(359 |
) |
|
(240 |
) |
|
917 |
|
Provision
for loan and lease losses |
|
3,208 |
|
|
2,848 |
|
|
415 |
|
|
1,845 |
|
|
1,002 |
|
|
360 |
|
|
2,206 |
|
Net interest income after provision for loan
and lease losses |
|
51,648 |
|
|
55,169 |
|
|
43,917 |
|
|
44,633 |
|
|
42,956 |
|
|
(3,521 |
) |
|
8,692 |
|
Noninterest
Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
charges on deposits |
|
1,625 |
|
|
1,678 |
|
|
1,575 |
|
|
1,471 |
|
|
1,467 |
|
|
(53 |
) |
|
158 |
|
Mortgage
banking income |
|
2,925 |
|
|
2,558 |
|
|
2,793 |
|
|
3,096 |
|
|
2,894 |
|
|
367 |
|
|
31 |
|
Payroll
and insurance income |
|
1,760 |
|
|
1,698 |
|
|
1,487 |
|
|
1,418 |
|
|
1,495 |
|
|
62 |
|
|
265 |
|
SBA
income |
|
1,192 |
|
|
1,866 |
|
|
1,464 |
|
|
1,983 |
|
|
1,178 |
|
|
(674 |
) |
|
14 |
|
ATM
income |
|
870 |
|
|
860 |
|
|
826 |
|
|
864 |
|
|
832 |
|
|
10 |
|
|
38 |
|
Bank-owned life insurance income |
|
455 |
|
|
467 |
|
|
526 |
|
|
465 |
|
|
484 |
|
|
(12 |
) |
|
(29 |
) |
(Loss)
gain on sale of investment securities |
|
— |
|
|
(1,481 |
) |
|
3 |
|
|
13 |
|
|
12 |
|
|
1,481 |
|
|
(12 |
) |
Other |
|
1,634 |
|
|
2,494 |
|
|
1,008 |
|
|
1,166 |
|
|
1,097 |
|
|
(860 |
) |
|
537 |
|
Total noninterest income |
|
10,461 |
|
|
10,140 |
|
|
9,682 |
|
|
10,476 |
|
|
9,459 |
|
|
321 |
|
|
1,002 |
|
Noninterest
Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits |
|
26,042 |
|
|
25,089 |
|
|
20,701 |
|
|
21,178 |
|
|
21,388 |
|
|
953 |
|
|
4,654 |
|
Occupancy
and equipment |
|
3,496 |
|
|
3,576 |
|
|
3,187 |
|
|
3,329 |
|
|
3,280 |
|
|
(80 |
) |
|
216 |
|
Data
processing |
|
2,896 |
|
|
2,596 |
|
|
2,587 |
|
|
2,382 |
|
|
2,639 |
|
|
300 |
|
|
257 |
|
Legal and
professional fees |
|
739 |
|
|
973 |
|
|
700 |
|
|
898 |
|
|
1,805 |
|
|
(234 |
) |
|
(1,066 |
) |
Merger-related expenses |
|
1,264 |
|
|
2,588 |
|
|
135 |
|
|
372 |
|
|
2,235 |
|
|
(1,324 |
) |
|
(971 |
) |
Marketing |
|
425 |
|
|
693 |
|
|
342 |
|
|
403 |
|
|
664 |
|
|
(268 |
) |
|
(239 |
) |
Federal
deposit insurance premiums and other regulatory
fees |
|
500 |
|
|
498 |
|
|
407 |
|
|
398 |
|
|
397 |
|
|
2 |
|
|
103 |
|
Loan
collection costs and OREO activity |
|
166 |
|
|
358 |
|
|
181 |
|
|
(213 |
) |
|
(1,042 |
) |
|
(192 |
) |
|
1,208 |
|
Amortization of intangibles |
|
651 |
|
|
721 |
|
|
701 |
|
|
697 |
|
|
696 |
|
|
(70 |
) |
|
(45 |
) |
Other |
|
3,089 |
|
|
3,592 |
|
|
2,630 |
|
|
2,553 |
|
|
2,503 |
|
|
(503 |
) |
|
586 |
|
Total noninterest expense |
|
39,268 |
|
|
40,684 |
|
|
31,571 |
|
|
31,997 |
|
|
34,565 |
|
|
(1,416 |
) |
|
4,703 |
|
Income Before
Income Taxes |
|
22,841 |
|
|
24,625 |
|
|
22,028 |
|
|
23,112 |
|
|
17,850 |
|
|
(1,784 |
) |
|
4,991 |
|
Income
tax expense |
|
5,476 |
|
|
19,248 |
|
|
7,592 |
|
|
7,909 |
|
|
6,292 |
|
|
(13,772 |
) |
|
(816 |
) |
Net
Income |
|
$ |
17,365 |
|
|
$ |
5,377 |
|
|
$ |
14,436 |
|
|
$ |
15,203 |
|
|
$ |
11,558 |
|
|
$ |
11,988 |
|
|
$ |
5,807 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
allocated toparticipating securities |
|
$ |
435 |
|
|
$ |
136 |
|
|
$ |
389 |
|
|
$ |
413 |
|
|
$ |
295 |
|
|
$ |
299 |
|
|
$ |
140 |
|
Net income
allocated to commonshareholders |
|
16,930 |
|
|
5,241 |
|
|
14,047 |
|
|
14,790 |
|
|
11,263 |
|
|
11,689 |
|
|
5,667 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective Tax
Rate |
|
23.97 |
% |
|
78.16 |
% |
|
34.47 |
% |
|
34.22 |
% |
|
35.25 |
% |
|
(54.19 |
)% |
|
(11.28 |
)% |
Earnings Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
.45 |
|
|
$ |
.14 |
|
|
$ |
.37 |
|
|
$ |
.39 |
|
|
$ |
.30 |
|
|
$ |
.31 |
|
|
$ |
.15 |
|
Diluted |
|
.44 |
|
|
.14 |
|
|
.37 |
|
|
.39 |
|
|
.30 |
|
|
.30 |
|
|
.14 |
|
Weighted Average Shares
Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
38,032,007 |
|
|
38,009,181 |
|
|
37,918,753 |
|
|
37,896,125 |
|
|
37,867,718 |
|
|
22,826 |
|
|
164,289 |
|
Diluted |
|
38,070,554 |
|
|
38,068,619 |
|
|
37,963,141 |
|
|
37,942,483 |
|
|
37,954,585 |
|
|
1,935 |
|
|
115,969 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State Bank Financial Corporation |
1Q18 Financial Supplement: Table 4 |
Condensed Consolidated Composition of Loans and Deposits at
Period Ends |
Quarterly (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
1Q18 change vs |
(Dollars in thousands) |
|
1Q18 |
|
4Q17 |
|
3Q17 |
|
2Q17 |
|
1Q17 |
|
4Q17 |
|
1Q17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Composition of Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Organic loans
(1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction, land & land development |
|
$ |
442,942 |
|
|
$ |
412,540 |
|
|
$ |
460,368 |
|
|
$ |
413,557 |
|
|
$ |
418,186 |
|
|
$ |
30,402 |
|
|
$ |
24,756 |
|
Other
commercial real estate |
|
941,581 |
|
|
949,594 |
|
|
915,727 |
|
|
960,762 |
|
|
885,570 |
|
|
(8,013 |
) |
|
56,011 |
|
Total
commercial real estate |
|
1,384,523 |
|
|
1,362,134 |
|
|
1,376,095 |
|
|
1,374,319 |
|
|
1,303,756 |
|
|
22,389 |
|
|
80,767 |
|
Residential real estate |
|
208,960 |
|
|
196,225 |
|
|
175,258 |
|
|
167,755 |
|
|
161,460 |
|
|
12,735 |
|
|
47,500 |
|
Owner-occupied real estate |
|
253,059 |
|
|
260,273 |
|
|
261,784 |
|
|
244,637 |
|
|
251,703 |
|
|
(7,214 |
) |
|
1,356 |
|
Commercial, financial & agricultural |
|
562,566 |
|
|
430,205 |
|
|
363,551 |
|
|
355,629 |
|
|
336,257 |
|
|
132,361 |
|
|
226,309 |
|
Leases |
|
43,787 |
|
|
52,396 |
|
|
66,765 |
|
|
73,103 |
|
|
62,603 |
|
|
(8,609 |
) |
|
(18,816 |
) |
Consumer |
|
62,423 |
|
|
64,610 |
|
|
61,200 |
|
|
60,028 |
|
|
56,776 |
|
|
(2,187 |
) |
|
5,647 |
|
Total
organic loans |
|
2,515,318 |
|
|
2,365,843 |
|
|
2,304,653 |
|
|
2,275,471 |
|
|
2,172,555 |
|
|
149,475 |
|
|
342,763 |
|
Purchased
non-credit impaired loans (2): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction, land & land development |
|
24,352 |
|
|
25,908 |
|
|
30,670 |
|
|
31,083 |
|
|
43,787 |
|
|
(1,556 |
) |
|
(19,435 |
) |
Other
commercial real estate |
|
226,893 |
|
|
218,660 |
|
|
234,486 |
|
|
171,914 |
|
|
188,737 |
|
|
8,233 |
|
|
38,156 |
|
Total
commercial real estate |
|
251,245 |
|
|
244,568 |
|
|
265,156 |
|
|
202,997 |
|
|
232,524 |
|
|
6,677 |
|
|
18,721 |
|
Residential real estate |
|
82,416 |
|
|
96,529 |
|
|
112,244 |
|
|
117,449 |
|
|
137,699 |
|
|
(14,113 |
) |
|
(55,283 |
) |
Owner-occupied real estate |
|
94,900 |
|
|
118,294 |
|
|
125,438 |
|
|
114,438 |
|
|
119,871 |
|
|
(23,394 |
) |
|
(24,971 |
) |
Commercial, financial & agricultural |
|
515,327 |
|
|
529,184 |
|
|
558,992 |
|
|
31,654 |
|
|
33,690 |
|
|
(13,857 |
) |
|
481,637 |
|
Consumer |
|
1,791 |
|
|
2,161 |
|
|
2,647 |
|
|
3,393 |
|
|
4,281 |
|
|
(370 |
) |
|
(2,490 |
) |
Total
purchased non-credit impaired loans |
|
945,679 |
|
|
990,736 |
|
|
1,064,477 |
|
|
469,931 |
|
|
528,065 |
|
|
(45,057 |
) |
|
417,614 |
|
Purchased
credit impaired loans (3): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction, land & land development |
|
12,802 |
|
|
13,545 |
|
|
16,918 |
|
|
16,857 |
|
|
17,211 |
|
|
(743 |
) |
|
(4,409 |
) |
Other
commercial real estate |
|
77,838 |
|
|
86,748 |
|
|
102,934 |
|
|
46,078 |
|
|
60,664 |
|
|
(8,910 |
) |
|
17,174 |
|
Total
commercial real estate |
|
90,640 |
|
|
100,293 |
|
|
119,852 |
|
|
62,935 |
|
|
77,875 |
|
|
(9,653 |
) |
|
12,765 |
|
Residential real estate |
|
36,747 |
|
|
40,332 |
|
|
42,190 |
|
|
45,513 |
|
|
49,728 |
|
|
(3,585 |
) |
|
(12,981 |
) |
Owner-occupied real estate |
|
18,593 |
|
|
20,803 |
|
|
26,210 |
|
|
23,262 |
|
|
22,099 |
|
|
(2,210 |
) |
|
(3,506 |
) |
Commercial, financial & agricultural |
|
11,436 |
|
|
14,051 |
|
|
15,139 |
|
|
3,617 |
|
|
4,153 |
|
|
(2,615 |
) |
|
7,283 |
|
Consumer |
|
108 |
|
|
135 |
|
|
269 |
|
|
271 |
|
|
305 |
|
|
(27 |
) |
|
(197 |
) |
Total
purchased credit impaired loans |
|
157,524 |
|
|
175,614 |
|
|
203,660 |
|
|
135,598 |
|
|
154,160 |
|
|
(18,090 |
) |
|
3,364 |
|
Total loans |
|
$ |
3,618,521 |
|
|
$ |
3,532,193 |
|
|
$ |
3,572,790 |
|
|
$ |
2,881,000 |
|
|
$ |
2,854,780 |
|
|
$ |
86,328 |
|
|
$ |
763,741 |
|
Composition of Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
demand deposits |
|
$ |
1,089,579 |
|
|
$ |
1,191,106 |
|
|
$ |
1,179,698 |
|
|
$ |
1,009,509 |
|
|
$ |
944,838 |
|
|
$ |
(101,527 |
) |
|
$ |
144,741 |
|
Interest-bearing
transaction accounts |
|
633,542 |
|
|
688,150 |
|
|
619,156 |
|
|
591,038 |
|
|
599,858 |
|
|
(54,608 |
) |
|
33,684 |
|
Savings and money
market deposits |
|
1,602,908 |
|
|
1,626,238 |
|
|
1,680,922 |
|
|
1,373,686 |
|
|
1,393,711 |
|
|
(23,330 |
) |
|
209,197 |
|
Time deposits |
|
713,869 |
|
|
715,133 |
|
|
731,416 |
|
|
419,020 |
|
|
454,889 |
|
|
(1,264 |
) |
|
258,980 |
|
Brokered and wholesale
time deposits |
|
144,534 |
|
|
22,508 |
|
|
29,893 |
|
|
59,439 |
|
|
16,479 |
|
|
122,026 |
|
|
128,055 |
|
Total
deposits |
|
$ |
4,184,432 |
|
|
$ |
4,243,135 |
|
|
$ |
4,241,085 |
|
|
$ |
3,452,692 |
|
|
$ |
3,409,775 |
|
|
$ |
(58,703 |
) |
|
$ |
774,657 |
|
|
(1) Loans originated by State Bank and Trust Company.(2)
Consists of loans purchased in our acquisitions of Bank of Atlanta,
First Bank of Georgia, The National Bank of Georgia, S Bank, and
AloStar Bank of Commerce.(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,
including all loans acquired from the FDIC.
|
State Bank Financial Corporation |
1Q18 Financial Supplement: Table 5 |
Condensed Consolidated Asset Quality Data |
Quarterly (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
1Q18 change vs |
(Dollars in thousands) |
|
1Q18 |
|
4Q17 |
|
3Q17 |
|
2Q17 |
|
1Q17 |
|
4Q17 |
|
1Q17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan and lease losses on organic
loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
Balance |
|
$ |
24,039 |
|
|
$ |
22,709 |
|
|
$ |
22,560 |
|
|
$ |
21,885 |
|
|
$ |
21,086 |
|
|
$ |
1,330 |
|
|
$ |
2,953 |
|
Charge-offs |
|
(664 |
) |
|
(474 |
) |
|
(912 |
) |
|
(536 |
) |
|
(540 |
) |
|
(190 |
) |
|
(124 |
) |
Recoveries |
|
133 |
|
|
77 |
|
|
106 |
|
|
113 |
|
|
77 |
|
|
56 |
|
|
56 |
|
Net
(charge-offs) recoveries |
|
(531 |
) |
|
(397 |
) |
|
(806 |
) |
|
(423 |
) |
|
(463 |
) |
|
(134 |
) |
|
(68 |
) |
Provision
for loan and lease losses |
|
1,374 |
|
|
1,727 |
|
|
955 |
|
|
1,098 |
|
|
1,262 |
|
|
(353 |
) |
|
112 |
|
Ending
Balance |
|
$ |
24,882 |
|
|
$ |
24,039 |
|
|
$ |
22,709 |
|
|
$ |
22,560 |
|
|
$ |
21,885 |
|
|
$ |
843 |
|
|
$ |
2,997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan and lease losses on
purchased non-credit impaired loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
Balance |
|
$ |
995 |
|
|
$ |
900 |
|
|
$ |
667 |
|
|
$ |
491 |
|
|
$ |
439 |
|
|
$ |
95 |
|
|
$ |
556 |
|
Charge-offs |
|
(40 |
) |
|
(273 |
) |
|
(152 |
) |
|
(197 |
) |
|
(48 |
) |
|
233 |
|
|
8 |
|
Recoveries |
|
18 |
|
|
45 |
|
|
40 |
|
|
1 |
|
|
1 |
|
|
(27 |
) |
|
17 |
|
Net
(charge-offs) recoveries |
|
(22 |
) |
|
(228 |
) |
|
(112 |
) |
|
(196 |
) |
|
(47 |
) |
|
206 |
|
|
25 |
|
Provision
for loan and lease losses |
|
1,276 |
|
|
323 |
|
|
345 |
|
|
372 |
|
|
99 |
|
|
953 |
|
|
1,177 |
|
Ending
Balance |
|
$ |
2,249 |
|
|
$ |
995 |
|
|
$ |
900 |
|
|
$ |
667 |
|
|
$ |
491 |
|
|
$ |
1,254 |
|
|
$ |
1,758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan and lease losses on
purchased credit impaired loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
Balance |
|
$ |
3,716 |
|
|
$ |
3,233 |
|
|
$ |
4,761 |
|
|
$ |
4,600 |
|
|
$ |
5,073 |
|
|
$ |
483 |
|
|
$ |
(1,357 |
) |
Charge-offs |
|
(88 |
) |
|
(315 |
) |
|
(643 |
) |
|
(214 |
) |
|
(114 |
) |
|
227 |
|
|
26 |
|
Recoveries |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Net
(charge-offs) recoveries |
|
(88 |
) |
|
(315 |
) |
|
(643 |
) |
|
(214 |
) |
|
(114 |
) |
|
227 |
|
|
26 |
|
Provision
for loan and lease losses |
|
558 |
|
|
798 |
|
|
(885 |
) |
|
375 |
|
|
(359 |
) |
|
(240 |
) |
|
917 |
|
Ending
Balance |
|
$ |
4,186 |
|
|
$ |
3,716 |
|
|
$ |
3,233 |
|
|
$ |
4,761 |
|
|
$ |
4,600 |
|
|
$ |
470 |
|
|
$ |
(414 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming organic assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
9,186 |
|
|
$ |
6,656 |
|
|
$ |
5,482 |
|
|
$ |
1,422 |
|
|
$ |
6,114 |
|
|
$ |
2,530 |
|
|
$ |
3,072 |
|
Accruing
TDRs |
|
556 |
|
|
566 |
|
|
— |
|
|
— |
|
|
— |
|
|
(10 |
) |
|
556 |
|
Total
nonperforming organic loans |
|
9,742 |
|
|
7,222 |
|
|
5,482 |
|
|
1,422 |
|
|
6,114 |
|
|
2,520 |
|
|
3,628 |
|
Other
real estate owned |
|
3,231 |
|
|
153 |
|
|
— |
|
|
23 |
|
|
232 |
|
|
3,078 |
|
|
2,999 |
|
Total
nonperforming organic assets |
|
$ |
12,973 |
|
|
$ |
7,375 |
|
|
$ |
5,482 |
|
|
$ |
1,445 |
|
|
$ |
6,346 |
|
|
$ |
5,598 |
|
|
$ |
6,627 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming purchased non-credit impaired
assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
6,356 |
|
|
$ |
5,821 |
|
|
$ |
5,615 |
|
|
$ |
5,141 |
|
|
$ |
4,098 |
|
|
$ |
535 |
|
|
$ |
2,258 |
|
Accruing
TDRs |
|
2,769 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,769 |
|
|
2,769 |
|
Total
nonperforming PNCI loans |
|
9,125 |
|
|
5,821 |
|
|
5,615 |
|
|
5,141 |
|
|
4,098 |
|
|
3,304 |
|
|
5,027 |
|
Other
real estate owned |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total
nonperforming PNCI assets |
|
$ |
9,125 |
|
|
$ |
5,821 |
|
|
$ |
5,615 |
|
|
$ |
5,141 |
|
|
$ |
4,098 |
|
|
$ |
3,304 |
|
|
$ |
5,027 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios for organic assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized QTD charge-offs (recoveries) on organic
loans to average organic loans |
|
.09 |
% |
|
.07 |
% |
|
.14 |
% |
|
.08 |
% |
|
.09 |
% |
|
.02 |
% |
|
— |
% |
Nonperforming organic loans to organic loans |
|
.39 |
|
|
.31 |
|
|
.24 |
|
|
.06 |
|
|
.28 |
|
|
.08 |
|
|
.11 |
|
Nonperforming organic assets to organic loans +
OREO |
|
.52 |
|
|
.31 |
|
|
.24 |
|
|
.06 |
|
|
.29 |
|
|
.21 |
|
|
.23 |
|
Past due
organic loans to organic loans |
|
.22 |
|
|
.20 |
|
|
.12 |
|
|
.09 |
|
|
.08 |
|
|
.02 |
|
|
.14 |
|
Allowance
for loan and lease losses on organic loans to organic
loans |
|
.99 |
|
|
1.02 |
|
|
.99 |
|
|
.99 |
|
|
1.01 |
|
|
(.03 |
) |
|
(.02 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State Bank Financial Corporation |
1Q18 Financial Supplement: Table 5
(continued) |
Condensed Consolidated Asset Quality Data |
Quarterly (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
1Q18 change vs |
(Dollars in thousands) |
|
1Q18 |
|
4Q17 |
|
3Q17 |
|
2Q17 |
|
1Q17 |
|
4Q17 |
|
1Q17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios for purchased non-creditimpaired loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized QTD charge-offs (recoveries) on PNCI loans
to average PNCI loans |
|
.01 |
% |
|
.09 |
% |
|
.10 |
% |
|
.16 |
% |
|
.03 |
% |
|
(.08 |
) % |
|
(.02 |
) % |
Nonperforming PNCI loans to PNCI loans |
|
.96 |
|
|
.59 |
|
|
.53 |
|
|
1.09 |
|
|
.78 |
|
|
.37 |
|
|
.18 |
|
Nonperforming PNCI assets to PNCI loans + OREO |
|
.96 |
|
|
.59 |
|
|
.53 |
|
|
1.09 |
|
|
.78 |
|
|
.37 |
|
|
.18 |
|
Past due
PNCI loans to PNCI loans |
|
.45 |
|
|
.40 |
|
|
.48 |
|
|
1.05 |
|
|
.90 |
|
|
.05 |
|
|
(.45 |
) |
Allowance
for loan and lease losses on PNCI loans to PNCI
loans |
|
.24 |
|
|
.10 |
|
|
.08 |
|
|
.14 |
|
|
.09 |
|
|
.14 |
|
|
.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios for purchased credit impairedloans (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized QTD charge-offs (recoveries) on PCI loans to average PCI
loans |
|
.21 |
% |
|
.66 |
% |
|
1.95 |
% |
|
.60 |
% |
|
.30 |
% |
|
(.45 |
) % |
|
(.09 |
) % |
Past due
PCI loans to PCI loans |
|
6.47 |
|
|
5.84 |
|
|
8.12 |
|
|
10.26 |
|
|
10.68 |
|
|
.63 |
|
|
(4.21 |
) |
Allowance
for loan and lease losses on PCI loans to PCI loans |
|
2.66 |
|
|
2.12 |
|
|
1.59 |
|
|
3.51 |
|
|
2.98 |
|
|
.54 |
|
|
(.32 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) For each period presented, a portion of our purchased credit
impaired loans were contractually past due; however, such
delinquencieswere included in our performance expectations in
determining the fair values of purchased credit impaired loans at
each acquisition and at subsequent valuation dates. All purchased
credit impaired loan cash flows and the timing of such cash flows
continue to be estimable and probable of collection and thus
accretion income continues to be recognized on these assets. As
such, we do not consider purchased credit impaired loans to be
nonperforming assets.
|
State Bank Financial Corporation |
1Q18 Financial Supplement: Table 6 |
Condensed Consolidated Average Balances and Yield
Analysis |
Quarterly (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
1Q18 change vs |
(Dollars in thousands) |
|
1Q18 |
|
4Q17 |
|
3Q17 |
|
2Q17 |
|
1Q17 |
|
4Q17 |
|
1Q17 |
Average Balances |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits in other financial institutions and federal
funds sold |
|
$ |
93,692 |
|
|
$ |
168,223 |
|
|
$ |
108,546 |
|
|
$ |
73,862 |
|
|
$ |
85,720 |
|
|
$ |
(74,531 |
) |
|
$ |
7,972 |
|
Investment
securities |
|
893,685 |
|
|
924,933 |
|
|
913,898 |
|
|
947,300 |
|
|
961,913 |
|
|
(31,248 |
) |
|
(68,228 |
) |
Loans, excluding
purchased credit impaired (1) |
|
3,430,599 |
|
|
3,413,159 |
|
|
2,762,479 |
|
|
2,762,996 |
|
|
2,692,517 |
|
|
17,440 |
|
|
738,082 |
|
Purchased credit
impaired loans |
|
167,944 |
|
|
190,323 |
|
|
130,708 |
|
|
142,419 |
|
|
154,054 |
|
|
(22,379 |
) |
|
13,890 |
|
Total
earning assets |
|
4,585,920 |
|
|
4,696,638 |
|
|
3,915,631 |
|
|
3,926,577 |
|
|
3,894,204 |
|
|
(110,718 |
) |
|
691,716 |
|
Total
nonearning assets |
|
274,810 |
|
|
285,813 |
|
|
263,100 |
|
|
274,266 |
|
|
287,757 |
|
|
(11,003 |
) |
|
(12,947 |
) |
Total
assets |
|
4,860,730 |
|
|
4,982,451 |
|
|
4,178,731 |
|
|
4,200,843 |
|
|
4,181,961 |
|
|
(121,721 |
) |
|
678,769 |
|
Interest-bearing
transaction accounts |
|
626,298 |
|
|
664,938 |
|
|
580,090 |
|
|
585,343 |
|
|
602,378 |
|
|
(38,640 |
) |
|
23,920 |
|
Savings &
money market deposits |
|
1,594,724 |
|
|
1,685,292 |
|
|
1,383,326 |
|
|
1,380,586 |
|
|
1,388,876 |
|
|
(90,568 |
) |
|
205,848 |
|
Time deposits |
|
715,514 |
|
|
724,578 |
|
|
420,192 |
|
|
437,475 |
|
|
456,811 |
|
|
(9,064 |
) |
|
258,703 |
|
Brokered and wholesale
time deposits |
|
65,749 |
|
|
25,911 |
|
|
49,675 |
|
|
38,353 |
|
|
19,926 |
|
|
39,838 |
|
|
45,823 |
|
Other borrowings |
|
85,788 |
|
|
35,353 |
|
|
57,988 |
|
|
119,652 |
|
|
81,344 |
|
|
50,435 |
|
|
4,444 |
|
Total
interest-bearing liabilities |
|
3,088,073 |
|
|
3,136,072 |
|
|
2,491,271 |
|
|
2,561,409 |
|
|
2,549,335 |
|
|
(47,999 |
) |
|
538,738 |
|
Noninterest-bearing
deposits |
|
1,082,559 |
|
|
1,147,834 |
|
|
1,004,046 |
|
|
972,074 |
|
|
955,515 |
|
|
(65,275 |
) |
|
127,044 |
|
Other liabilities |
|
47,311 |
|
|
53,136 |
|
|
44,794 |
|
|
40,066 |
|
|
60,102 |
|
|
(5,825 |
) |
|
(12,791 |
) |
Shareholders’
equity |
|
642,787 |
|
|
645,409 |
|
|
638,620 |
|
|
627,294 |
|
|
617,009 |
|
|
(2,622 |
) |
|
25,778 |
|
Total
liabilities and shareholders' equity |
|
4,860,730 |
|
|
4,982,451 |
|
|
4,178,731 |
|
|
4,200,843 |
|
|
4,181,961 |
|
|
(121,721 |
) |
|
678,769 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Margins (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits in other financial institutions and federal
funds sold |
|
.80 |
% |
|
.86 |
% |
|
.80 |
% |
|
.50 |
% |
|
.44 |
% |
|
(.06 |
)% |
|
.36 |
% |
Investment securities,
tax-equivalent basis |
|
2.72 |
|
|
2.43 |
|
|
2.42 |
|
|
2.39 |
|
|
2.26 |
|
|
.29 |
|
|
.46 |
|
Loans, excluding
purchased credit impaired, tax-equivalent basis
(3) |
|
5.73 |
|
|
5.47 |
|
|
5.11 |
|
|
5.08 |
|
|
5.15 |
|
|
.26 |
|
|
.58 |
|
Purchased credit
impaired loans |
|
14.36 |
|
|
22.24 |
|
|
19.79 |
|
|
25.99 |
|
|
20.21 |
|
|
(7.88 |
) |
|
(5.85 |
) |
Total
earning assets |
|
5.36 |
% |
|
5.39 |
% |
|
4.85 |
% |
|
5.11 |
% |
|
4.93 |
% |
|
(.03 |
)% |
|
.43 |
% |
Interest-bearing
transaction accounts |
|
.14 |
|
|
.13 |
|
|
.13 |
|
|
.12 |
|
|
.12 |
|
|
.01 |
|
|
.02 |
|
Savings &
money market deposits |
|
.76 |
|
|
.80 |
|
|
.63 |
|
|
.61 |
|
|
.60 |
|
|
(.04 |
) |
|
.16 |
|
Time deposits |
|
1.09 |
|
|
1.04 |
|
|
.72 |
|
|
.69 |
|
|
.72 |
|
|
.05 |
|
|
.37 |
|
Brokered and wholesale
time deposits |
|
1.91 |
|
|
1.15 |
|
|
1.05 |
|
|
1.05 |
|
|
1.06 |
|
|
.76 |
|
|
.85 |
|
Other borrowings |
|
1.31 |
|
|
.52 |
|
|
.75 |
|
|
.82 |
|
|
.65 |
|
|
.79 |
|
|
.66 |
|
Total
interest-bearing liabilities |
|
.75 |
% |
|
.71 |
% |
|
.54 |
% |
|
.53 |
% |
|
.52 |
% |
|
.04 |
% |
|
.23 |
% |
Net interest spread |
|
4.61 |
% |
|
4.68 |
% |
|
4.31 |
% |
|
4.58 |
% |
|
4.41 |
% |
|
(.07 |
)% |
|
.20 |
% |
Net interest margin |
|
4.86 |
% |
|
4.91 |
% |
|
4.51 |
% |
|
4.76 |
% |
|
4.59 |
% |
|
(.05 |
)% |
|
.27 |
% |
Net interest margin contributionfrom accretion income on
loans |
|
.53 |
% |
|
.90 |
% |
|
.66 |
% |
|
.94 |
% |
|
.80 |
% |
|
(.37 |
)% |
|
(.27 |
)% |
|
(1) Includes average nonaccrual loans of $12.9 million for
1Q18, $11.4 million for 4Q17, $8.0 million for 3Q17, $9.3 million
for 2Q17, and $9.9 million for 1Q17.(2) Interest income or expense
annualized for the applicable period.(3) Reflects taxable
equivalent adjustments using the federal statutory tax rate of 21%
for all periods beginning on or after January 1, 2018 and 35% for
all periods prior to January 1, 2018 in adjusting tax-exempt loan
interest income to a fully taxable basis. The taxable equivalent
adjustments included above amount to $57,000 for 1Q18, $128,000 for
4Q17, $177,000 for 3Q17, $131,000 for 2Q17, and $140,000 for
1Q17.
|
State Bank Financial Corporation |
1Q18 Financial Supplement: Table 7 |
Reconciliation of Non-GAAP Measures (1) |
Quarterly (Unaudited) |
|
(dollars in
thousands, except per share amounts; taxable
equivalent) |
1Q18 |
|
4Q17 |
|
3Q17 |
|
2Q17 |
|
1Q17 |
|
|
|
|
|
|
|
|
|
|
Book value per common share reconciliation |
|
|
|
|
|
|
|
|
|
Book value per common
share (GAAP) |
$ |
16.58 |
|
|
$ |
16.45 |
|
|
$ |
16.48 |
|
|
$ |
16.23 |
|
|
$ |
15.96 |
|
Effect of goodwill and
other intangibles |
(2.43 |
) |
|
(2.45 |
) |
|
(2.47 |
) |
|
(2.29 |
) |
|
(2.30 |
) |
Tangible
book value per common share |
$ |
14.15 |
|
|
$ |
14.00 |
|
|
$ |
14.01 |
|
|
$ |
13.94 |
|
|
$ |
13.66 |
|
|
|
|
|
|
|
|
|
|
|
Average tangible equity reconciliation |
|
|
|
|
|
|
|
|
|
Average equity
(GAAP) |
$ |
642,787 |
|
|
$ |
645,409 |
|
|
$ |
638,620 |
|
|
$ |
627,294 |
|
|
$ |
617,009 |
|
Effect of average
goodwill and other intangibles |
(95,167 |
) |
|
(95,845 |
) |
|
(88,618 |
) |
|
(89,141 |
) |
|
(89,406 |
) |
Average
tangible equity |
$ |
547,620 |
|
|
$ |
549,564 |
|
|
$ |
550,002 |
|
|
$ |
538,153 |
|
|
$ |
527,603 |
|
|
|
|
|
|
|
|
|
|
|
(1) Certain financial measures included in this press release,
tangible book value per common share and average tangible equity,
are financial measures that are not recognized by generally
accepted accounting principles in the United States, or GAAP. These
non-GAAP financial measures exclude the effect of the period end or
average balance of intangible assets. Management believes that
these non-GAAP financial measures provides additional useful
information to investors, particularly since these measure are
widely used by industry analysts for companies with prior merger
and acquisition activities, such as us.
A reconciliation of these non-GAAP financial measures to the
most directly comparable GAAP financial measure is presented in the
table above. Non-GAAP financial measures have inherent limitations,
are not required to be uniformly applied, and are not audited.
These non-GAAP financial measures should not be considered as a
substitute for GAAP financial measures, and we strongly encourage
investors to review the GAAP financial measures included in this
press release and not to place undue reliance upon any single
financial measure. In addition, because non-GAAP financial measures
are not standardized, it may not be possible to compare the
non-GAAP financial measures presented in this press release with
other companies’ non-GAAP financial measures having the same or
similar names.
Investor Relations: Sheila Ray 404.239.8684 / sheila.ray@statebt.com
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