State Bank Financial Corporation (NASDAQ:STBZ) today announced
unaudited financial results for the second quarter of 2018.
Net income for the second quarter of 2018 was $18.8 million,
compared to $17.4 million in the first quarter of 2018, and $15.2
million in the second quarter of 2017. Fully diluted earnings per
share were $.48 in the second quarter of 2018, compared to $.44 in
the first quarter of 2018 and $.39 in the second quarter of 2017.
Joe Evans, Chairman of State Bank Financial, commented, “Our
team is doing a great job of taking care of business while also
working diligently to make our announced merger with Cadence
Bancorporation a success. I am excited about the $16 billion
regional bank we are building that will be a formidable competitor
in our markets.”
Operating Highlights
Interest income on loans improved to $50.4 million in the second
quarter of 2018, a $2.0 million increase from the first quarter of
2018 and a $15.5 million increase from the second quarter of
2017. Net interest income of $56.1 million in the second
quarter of 2018 increased from $54.9 million in the first quarter
of 2018 and $46.5 million in the second quarter of 2017.
Accretion income on loans was $6.6 million in the second quarter of
2018, up from $5.9 million in the first quarter of 2018, but down
from $9.2 million in the second quarter of 2017.
Noninterest income was $10.9 million in the second quarter of
2018, compared to $10.5 million in the first quarter of 2018 and
$10.5 million in the second quarter of 2017. Revenues from
mortgage banking and SBA increased $200,000 and $60,000,
respectively, in the second quarter of 2018, compared to the first
quarter of 2018. Gain on sale of securities totaled $250,000 in the
second quarter of 2018.
Total noninterest expense for the second quarter of 2018 was
$40.0 million, compared to $39.3 million in the first quarter of
2018 and $32.0 million in the second quarter of 2017. The
increase was primarily due to $2.6 million in merger-related
expenses, a $1.3 million increase compared to the first quarter of
2018. Merger expenses increased as a result of the pending merger
with Cadence Bancorporation that was announced during the second
quarter of 2018. Salaries and employee benefit expenses decreased
$1.8 million compared to the first quarter of 2018.
Financial Condition
Total assets at June 30, 2018, were $5.0 billion, up from
$4.9 billion at March 31, 2018. Total loans were $3.6
billion at June 30, 2018, down $13.2 million from the first
quarter of 2018. Period-end organic loans increased to $2.7
billion at June 30, 2018, an increase of $148.4 million from
the first quarter of 2018. Purchased non-credit impaired
loans decreased to $793.1 million at June 30, 2018, a $152.6
million linked-quarter decline. Purchased credit impaired
loans decreased to $148.5 million at June 30, 2018, a $9.1
million linked-quarter decline.
Past due organic and purchased non-credit impaired loans were
.16% and .36% of their respective portfolios at June 30, 2018.
The provision for loan losses on organic and purchased non-credit
impaired loans was $2.6 million in the second quarter of 2018 and
was primarily attributable to organic loan growth in the quarter.
The organic allowance as a percent of organic loans was .99% at the
end of the second quarter of 2018.
Total deposits at June 30, 2018, were $4.3 billion, up
$118.3 million from March 31, 2018. Noninterest-bearing demand
deposits represented 27.6% of total deposits as of June 30,
2018. Period-end and average noninterest-bearing demand deposits
were $1.2 billion and $1.1 billion, respectively, a $97.4 million
and $66.4 million increase from the first quarter of 2018.
Tom Wiley, Vice Chairman and CEO, commented, “We experienced
solid growth in total deposits in the second quarter, which
increased 3% from the first quarter, including 9% growth in
noninterest-bearing deposits. We continue to focus on growing
low-cost core deposits and delivering an exceptional experience for
our clients.”
Tangible book value per share was $14.38 at the end of the
second quarter of 2018. State Bank Financial Corporation
continues to be well capitalized, ending the quarter with a
leverage ratio of 11.75% and a Tier I risk-based capital ratio of
12.79%.
Detailed Results
Supplemental tables displaying financial results for the second
quarter of 2018, the previous four quarters, and the first half of
2018 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 2Q18 Financial Supplement: Table 8, Reconciliation of
Non-GAAP Measures.
About State Bank Financial Corporation
State Bank Financial Corporation (NASDAQ:STBZ), with
approximately $5.0 billion in assets as of June 30, 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 our pending merger with Cadence Bancorporation
(“Cadence”). 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
occurrence of any event, change or other circumstances that could
give rise to the right of Cadence or us to terminate the definitive
merger agreement; the outcome of any legal proceedings that may be
instituted against Cadence or us; the failure to obtain necessary
regulatory approvals for our merger with Cadence (and the risk that
such approvals may result in the imposition of conditions that
could adversely affect the combined company or the expected
benefits of the transaction), and approval of our shareholders or
to satisfy any of the other conditions to the merger on a timely
basis or at all; the possibility that the anticipated benefits of
the merger are not realized when expected or at all, including as a
result of the impact of, or problems arising from, the integration
of the two companies or as a result of the strength of the economy
and competitive factors in the areas where Cadence and State Bank
do business; the possibility that the merger may be more expensive
to complete than anticipated, including as a result of unexpected
factors or events; diversion of management’s attention from ongoing
business operations and opportunities; potential adverse reactions
or changes to business or employee relationships, including those
resulting from the announcement or completion of the merger;
Cadence’s ability to complete the acquisition and integration of
State Bank successfully; and other factors that may affect ours or
Cadence’s future results, 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.
Important Additional Information
In connection with the proposed transaction between Cadence and
State Bank Financial Corporation, Cadence has filed with the SEC a
Registration Statement on Form S-4 (Registration Statement No.
333-225587 (the “Registration Statement”) including a joint
information statement of Cadence and proxy statement of State Bank
Financial Corporation and a prospectus of Cadence, as well as other
relevant documents concerning the proposed transaction. The
proposed transaction will be submitted to State Bank Financial
Corporation’s shareholders for their consideration. Cadence
Bancorp, LLC, the controlling stockholder of Cadence, has delivered
a written consent approving the proposed transaction. This
communication shall not constitute an offer to sell or the
solicitation of an offer to buy any securities nor shall there be
any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction.
Stockholders of Cadence and shareholders of State Bank
Financial Corporation are urged to read the Registration Statement,
information statement, proxy statement and prospectus regarding the
transaction and any other relevant documents filed with the SEC, as
well as any amendments or supplements to those documents, because
they contain important information about the
transaction.
Shareholders are able to obtain a free copy of the Registration
Statement, information statement, proxy statement and prospectus,
as well as other filings containing information State Bank
Financial Corporation and Cadence, without charge, at the SEC’s
website (http://www.sec.gov). Copies of the Registration Statement,
information statement, proxy statement and prospectus and the
filings with the SEC that are incorporated by reference therein can
also be obtained, without charge, by directing a request to State
Bank Financial Corporation, 3399 Peachtree Road NE, Suite 1900,
Atlanta, Georgia 30326, Attention: Corporate Secretary or Cadence
Bancorporation, 2800 Post Oak Boulevard, Suite 3800, Houston, Texas
77056, Attention: Corporate Secretary.
Participants in the Solicitation
State Bank Financial Corporation, Cadence and certain of their
respective directors, executive officers and employees may be
deemed to be participants in the solicitation of proxies in respect
of the proposed transaction. Information regarding State Bank
Financial Corporation’s directors and executive officers is
available in its definitive proxy statement, which was filed with
the SEC on April 12, 2018, and certain of its Current Reports on
Form 8-K. Information regarding Cadence’s directors and executive
officers is available in its definitive proxy statement, which was
filed with the SEC on March 30, 2018, and certain of its Current
Reports on Form 8-K. Other information regarding the participants
in the proxy solicitation and a description of their direct and
indirect interests, by security holdings or otherwise, is contained
in the Registration Statement, information statement, proxy
statement and prospectus and other relevant materials filed with
the SEC. Free copies of these documents may be obtained as
described in the preceding paragraph.
State Bank
Financial Corporation2Q18 Financial Supplement:
Table 1Condensed Consolidated Financial Summary
ResultsQuarterly (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q18 change vs |
|
(Dollars in thousands, except per share
amounts) |
|
2Q18 |
|
|
1Q18 |
|
|
4Q17 |
|
|
3Q17 |
|
|
2Q17 |
|
|
1Q18 |
|
|
2Q17 |
|
Income Statement Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income on loans |
|
$ |
50,416 |
|
|
$ |
48,444 |
|
|
$ |
46,926 |
|
|
$ |
35,400 |
|
|
$ |
34,872 |
|
|
$ |
1,972 |
|
|
$ |
15,544 |
|
Accretion
income on loans |
|
6,595 |
|
|
5,946 |
|
|
10,671 |
|
|
6,520 |
|
|
9,228 |
|
|
649 |
|
|
(2,633 |
) |
Interest
income on invested funds |
|
6,677 |
|
|
6,171 |
|
|
6,034 |
|
|
5,782 |
|
|
5,747 |
|
|
506 |
|
|
930 |
|
Total
interest income |
|
63,688 |
|
|
60,561 |
|
|
63,631 |
|
|
47,702 |
|
|
49,847 |
|
|
3,127 |
|
|
13,841 |
|
Interest
expense |
|
7,558 |
|
|
5,705 |
|
|
5,614 |
|
|
3,370 |
|
|
3,369 |
|
|
1,853 |
|
|
4,189 |
|
Net
interest income |
|
56,130 |
|
|
54,856 |
|
|
58,017 |
|
|
44,332 |
|
|
46,478 |
|
|
1,274 |
|
|
9,652 |
|
Provision
for loan and lease losses (organic & PNCI loans) |
|
2,556 |
|
|
2,650 |
|
|
2,050 |
|
|
1,300 |
|
|
1,470 |
|
|
(94 |
) |
|
1,086 |
|
Provision
for loan and lease losses (purchased credit impaired loans) |
|
(163 |
) |
|
558 |
|
|
798 |
|
|
(885 |
) |
|
375 |
|
|
(721 |
) |
|
(538 |
) |
Provision
for loan and lease losses |
|
2,393 |
|
|
3,208 |
|
|
2,848 |
|
|
415 |
|
|
1,845 |
|
|
(815 |
) |
|
548 |
|
Total
noninterest income |
|
10,917 |
|
|
10,461 |
|
|
10,140 |
|
|
9,682 |
|
|
10,476 |
|
|
456 |
|
|
441 |
|
Total
noninterest expense |
|
39,983 |
|
|
39,268 |
|
|
40,684 |
|
|
31,571 |
|
|
31,997 |
|
|
715 |
|
|
7,986 |
|
Income
before income taxes |
|
24,671 |
|
|
22,841 |
|
|
24,625 |
|
|
22,028 |
|
|
23,112 |
|
|
1,830 |
|
|
1,559 |
|
Income
tax expense |
|
5,904 |
|
|
5,476 |
|
|
19,248 |
|
|
7,592 |
|
|
7,909 |
|
|
428 |
|
|
(2,005 |
) |
Net
income |
|
$ |
18,767 |
|
|
$ |
17,365 |
|
|
$ |
5,377 |
|
|
$ |
14,436 |
|
|
$ |
15,203 |
|
|
$ |
1,402 |
|
|
$ |
3,564 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share |
|
$ |
.48 |
|
|
$ |
.45 |
|
|
$ |
.14 |
|
|
$ |
.37 |
|
|
$ |
.39 |
|
|
$ |
.03 |
|
|
$ |
.09 |
|
Diluted
earnings per share |
|
.48 |
|
|
.44 |
|
|
.14 |
|
|
.37 |
|
|
.39 |
|
|
.04 |
|
|
.09 |
|
Cash
dividends declared per share |
|
.20 |
|
|
.20 |
|
|
.14 |
|
|
.14 |
|
|
.14 |
|
|
— |
|
|
.06 |
|
Book
value per share |
|
16.79 |
|
|
16.58 |
|
|
16.45 |
|
|
16.48 |
|
|
16.23 |
|
|
.21 |
|
|
.56 |
|
Tangible
book value per share (1) |
|
14.38 |
|
|
14.15 |
|
|
14.00 |
|
|
14.01 |
|
|
13.94 |
|
|
.23 |
|
|
.44 |
|
Market
price per share (quarter end) |
|
33.40 |
|
|
30.01 |
|
|
29.84 |
|
|
28.65 |
|
|
27.12 |
|
|
3.39 |
|
|
6.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
stock |
|
39,121,749 |
|
|
39,003,412 |
|
|
38,992,163 |
|
|
38,991,022 |
|
|
38,967,972 |
|
|
118,337 |
|
|
153,777 |
|
Weighted
average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
38,038,181 |
|
|
38,032,007 |
|
|
38,009,181 |
|
|
37,918,753 |
|
|
37,896,125 |
|
|
6,174 |
|
|
142,056 |
|
Diluted |
|
38,075,106 |
|
|
38,070,554 |
|
|
38,068,619 |
|
|
37,963,141 |
|
|
37,942,483 |
|
|
4,552 |
|
|
132,623 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balance Sheet Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
3,662,142 |
|
|
$ |
3,598,543 |
|
|
$ |
3,603,482 |
|
|
$ |
2,893,187 |
|
|
$ |
2,905,415 |
|
|
$ |
63,599 |
|
|
$ |
756,727 |
|
Assets |
|
4,950,453 |
|
|
4,860,730 |
|
|
4,982,451 |
|
|
4,178,731 |
|
|
4,200,843 |
|
|
89,723 |
|
|
749,610 |
|
Deposits |
|
4,200,187 |
|
|
4,084,844 |
|
|
4,248,553 |
|
|
3,437,329 |
|
|
3,413,831 |
|
|
115,343 |
|
|
786,356 |
|
Equity |
|
650,919 |
|
|
642,787 |
|
|
645,409 |
|
|
638,620 |
|
|
627,294 |
|
|
8,132 |
|
|
23,625 |
|
Tangible
equity (1) |
|
556,403 |
|
|
547,620 |
|
|
549,564 |
|
|
550,002 |
|
|
538,153 |
|
|
8,783 |
|
|
18,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State Bank Financial Corporation |
2Q18 Financial Supplement: Table 1
(continued) |
Condensed Consolidated Financial Summary
Results |
Quarterly (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
2Q18 change vs |
(Dollars in thousands, except per share
amounts) |
|
2Q18 |
|
1Q18 |
|
4Q17 |
|
3Q17 |
|
2Q17 |
|
1Q18 |
|
2Q17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Metrics (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
1.52 |
% |
|
1.45 |
% |
|
.43 |
% |
|
1.37 |
% |
|
1.45 |
% |
|
.07 |
% |
|
.07 |
% |
Return on average equity |
|
11.56 |
|
|
10.96 |
|
|
3.31 |
|
|
8.97 |
|
|
9.72 |
|
|
.60 |
|
|
1.84 |
|
Yield on earning assets |
|
5.47 |
|
|
5.36 |
|
|
5.39 |
|
|
4.85 |
|
|
5.11 |
|
|
.11 |
|
|
.36 |
|
Cost of funds |
|
.71 |
|
|
.55 |
|
|
.52 |
|
|
.38 |
|
|
.38 |
|
|
.16 |
|
|
.33 |
|
Rate on interest-bearing liabilities |
|
.98 |
|
|
.75 |
|
|
.71 |
|
|
.54 |
|
|
.53 |
|
|
.23 |
|
|
.45 |
|
Net interest margin |
|
4.82 |
|
|
4.86 |
|
|
4.91 |
|
|
4.51 |
|
|
4.76 |
|
|
(.04 |
) |
|
.06 |
|
Leverage ratio (3) |
|
11.75 |
|
|
11.69 |
|
|
11.24 |
|
|
13.37 |
|
|
13.23 |
|
|
.06 |
|
|
(1.48 |
) |
Tier I risk-based capital ratio (3) |
|
12.79 |
|
|
12.44 |
|
|
12.61 |
|
|
12.30 |
|
|
15.01 |
|
|
.35 |
|
|
(2.22 |
) |
Total risk-based capital ratio (3) |
|
13.53 |
|
|
13.14 |
|
|
13.28 |
|
|
12.91 |
|
|
15.79 |
|
|
.39 |
|
|
(2.26 |
) |
Efficiency ratio (4) |
|
59.63 |
|
|
60.12 |
|
|
59.69 |
|
|
58.45 |
|
|
56.18 |
|
|
(.49 |
) |
|
3.45 |
|
Average loans to average deposits |
|
87.19 |
|
|
88.09 |
|
|
84.82 |
|
|
84.17 |
|
|
85.11 |
|
|
(.90 |
) |
|
2.08 |
|
Noninterest-bearing deposits to total deposits |
|
27.59 |
|
|
26.04 |
|
|
28.07 |
|
|
27.82 |
|
|
29.24 |
|
|
1.55 |
|
|
(1.65 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
Denotes a non-GAAP
financial measure. See Reconciliation of Non-GAAP Measures (Table
8) 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 Corporation2Q18 Financial Supplement:
Table 2Condensed Consolidated Balance
SheetsQuarterly (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q18 change vs |
(Dollars in thousands) |
|
2Q18 |
|
1Q18 |
|
4Q17 |
|
3Q17 |
|
2Q17 |
|
1Q18 |
|
2Q17 |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and amounts due
from depository institutions |
|
$ |
12,974 |
|
|
$ |
13,113 |
|
|
$ |
17,438 |
|
|
$ |
14,235 |
|
|
$ |
11,284 |
|
|
$ |
(139 |
) |
|
$ |
1,690 |
|
Interest-bearing
deposits in other financial institutions |
|
215,360 |
|
|
59,620 |
|
|
211,142 |
|
|
251,115 |
|
|
126,390 |
|
|
155,740 |
|
|
88,970 |
|
Federal funds sold |
|
9,957 |
|
|
9,000 |
|
|
2,297 |
|
|
16,889 |
|
|
— |
|
|
957 |
|
|
9,957 |
|
Cash and
cash equivalents |
|
238,291 |
|
|
81,733 |
|
|
230,877 |
|
|
282,239 |
|
|
137,674 |
|
|
156,558 |
|
|
100,617 |
|
Equity securities |
|
1,515 |
|
|
1,515 |
|
|
1,515 |
|
|
1,515 |
|
|
1,515 |
|
|
— |
|
|
— |
|
Debt securities
available-for-sale |
|
835,670 |
|
|
863,697 |
|
|
872,455 |
|
|
919,248 |
|
|
846,280 |
|
|
(28,027 |
) |
|
(10,610 |
) |
Debt securities
held-to-maturity |
|
16,742 |
|
|
27,558 |
|
|
32,852 |
|
|
57,867 |
|
|
63,104 |
|
|
(10,816 |
) |
|
(46,362 |
) |
Loans |
|
3,605,273 |
|
|
3,618,521 |
|
|
3,532,193 |
|
|
3,572,790 |
|
|
2,881,000 |
|
|
(13,248 |
) |
|
724,273 |
|
Allowance for loan and
lease losses |
|
(33,335 |
) |
|
(31,317 |
) |
|
(28,750 |
) |
|
(26,842 |
) |
|
(27,988 |
) |
|
(2,018 |
) |
|
(5,347 |
) |
Loans,
net |
|
3,571,938 |
|
|
3,587,204 |
|
|
3,503,443 |
|
|
3,545,948 |
|
|
2,853,012 |
|
|
(15,266 |
) |
|
718,926 |
|
Loans
held-for-sale |
|
55,096 |
|
|
47,482 |
|
|
36,211 |
|
|
47,743 |
|
|
48,895 |
|
|
7,614 |
|
|
6,201 |
|
Other real estate
owned |
|
5,012 |
|
|
4,207 |
|
|
895 |
|
|
1,271 |
|
|
2,407 |
|
|
805 |
|
|
2,605 |
|
Premises and equipment,
net |
|
56,965 |
|
|
52,410 |
|
|
51,794 |
|
|
52,120 |
|
|
51,170 |
|
|
4,555 |
|
|
5,795 |
|
Goodwill |
|
84,564 |
|
|
84,564 |
|
|
84,564 |
|
|
84,564 |
|
|
77,476 |
|
|
— |
|
|
7,088 |
|
Other intangibles,
net |
|
9,729 |
|
|
10,384 |
|
|
11,034 |
|
|
11,755 |
|
|
11,599 |
|
|
(655 |
) |
|
(1,870 |
) |
SBA servicing
rights |
|
3,989 |
|
|
4,003 |
|
|
4,069 |
|
|
3,950 |
|
|
3,828 |
|
|
(14 |
) |
|
161 |
|
Bank-owned life
insurance |
|
68,231 |
|
|
67,768 |
|
|
67,313 |
|
|
66,846 |
|
|
66,320 |
|
|
463 |
|
|
1,911 |
|
Other assets |
|
64,587 |
|
|
59,772 |
|
|
61,560 |
|
|
73,417 |
|
|
70,697 |
|
|
4,815 |
|
|
(6,110 |
) |
Total
assets |
|
$ |
5,012,329 |
|
|
$ |
4,892,297 |
|
|
$ |
4,958,582 |
|
|
$ |
5,148,483 |
|
|
$ |
4,233,977 |
|
|
$ |
120,032 |
|
|
$ |
778,352 |
|
Liabilities and Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits |
|
$ |
1,187,028 |
|
|
$ |
1,089,579 |
|
|
$ |
1,191,106 |
|
|
$ |
1,179,698 |
|
|
$ |
1,009,509 |
|
|
$ |
97,449 |
|
|
$ |
177,519 |
|
Interest-bearing
deposits |
|
3,115,676 |
|
|
3,094,853 |
|
|
3,052,029 |
|
|
3,061,387 |
|
|
2,443,183 |
|
|
20,823 |
|
|
672,493 |
|
Total
deposits |
|
4,302,704 |
|
|
4,184,432 |
|
|
4,243,135 |
|
|
4,241,085 |
|
|
3,452,692 |
|
|
118,272 |
|
|
850,012 |
|
Federal funds purchased
and securities sold under agreements to repurchase |
|
13,525 |
|
|
9,565 |
|
|
25,209 |
|
|
25,499 |
|
|
25,256 |
|
|
3,960 |
|
|
(11,731 |
) |
FHLB borrowings |
|
— |
|
|
15,000 |
|
|
— |
|
|
— |
|
|
80,000 |
|
|
(15,000 |
) |
|
(80,000 |
) |
Notes payable |
|
398 |
|
|
398 |
|
|
398 |
|
|
398 |
|
|
398 |
|
|
— |
|
|
— |
|
Other liabilities |
|
38,783 |
|
|
36,248 |
|
|
48,289 |
|
|
238,911 |
|
|
43,294 |
|
|
2,535 |
|
|
(4,511 |
) |
Total
liabilities |
|
4,355,410 |
|
|
4,245,643 |
|
|
4,317,031 |
|
|
4,505,893 |
|
|
3,601,640 |
|
|
109,767 |
|
|
753,770 |
|
Total shareholders’
equity |
|
656,919 |
|
|
646,654 |
|
|
641,551 |
|
|
642,590 |
|
|
632,337 |
|
|
10,265 |
|
|
24,582 |
|
Total
liabilities and shareholders’ equity |
|
$ |
5,012,329 |
|
|
$ |
4,892,297 |
|
|
$ |
4,958,582 |
|
|
$ |
5,148,483 |
|
|
$ |
4,233,977 |
|
|
$ |
120,032 |
|
|
$ |
778,352 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average equity to
average assets |
|
13.15 |
% |
|
13.22 |
% |
|
12.95 |
% |
|
15.28 |
% |
|
14.93 |
% |
|
(.07 |
)% |
|
(1.78 |
)% |
Leverage ratio |
|
11.75 |
|
|
11.69 |
|
|
11.24 |
|
|
13.37 |
|
|
13.23 |
|
|
.06 |
|
|
(1.48 |
) |
CET1 risk-based capital
ratio |
|
12.79 |
|
|
12.44 |
|
|
12.61 |
|
|
12.30 |
|
|
15.01 |
|
|
.35 |
|
|
(2.22 |
) |
Tier I risk-based
capital ratio |
|
12.79 |
|
|
12.44 |
|
|
12.61 |
|
|
12.30 |
|
|
15.01 |
|
|
.35 |
|
|
(2.22 |
) |
Total risk-based
capital ratio |
|
13.53 |
|
|
13.14 |
|
|
13.28 |
|
|
12.91 |
|
|
15.79 |
|
|
.39 |
|
|
(2.26 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
Current
period capital ratios are estimated as of the date of this earning
release. |
|
|
|
State Bank
Financial Corporation2Q18 Financial Supplement:
Table 3Condensed Consolidated Income
StatementsQuarterly (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q18 change vs |
(Dollars in thousands, except per share
amounts) |
|
2Q18 |
|
1Q18 |
|
4Q17 |
|
3Q17 |
|
2Q17 |
|
1Q18 |
|
2Q17 |
Net Interest
Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income on loans |
|
$ |
50,416 |
|
|
$ |
48,444 |
|
|
$ |
46,926 |
|
|
$ |
35,400 |
|
|
$ |
34,872 |
|
|
$ |
1,972 |
|
|
$ |
15,544 |
|
Accretion
income on loans |
|
6,595 |
|
|
5,946 |
|
|
10,671 |
|
|
6,520 |
|
|
9,228 |
|
|
649 |
|
|
(2,633 |
) |
Interest
income on invested funds |
|
6,677 |
|
|
6,171 |
|
|
6,034 |
|
|
5,782 |
|
|
5,747 |
|
|
506 |
|
|
930 |
|
Interest
expense |
|
7,558 |
|
|
5,705 |
|
|
5,614 |
|
|
3,370 |
|
|
3,369 |
|
|
1,853 |
|
|
4,189 |
|
Net interest income |
|
56,130 |
|
|
54,856 |
|
|
58,017 |
|
|
44,332 |
|
|
46,478 |
|
|
1,274 |
|
|
9,652 |
|
Provision
for loan and lease losses (organic & PNCI loans) |
|
2,556 |
|
|
2,650 |
|
|
2,050 |
|
|
1,300 |
|
|
1,470 |
|
|
(94 |
) |
|
1,086 |
|
Provision
for loan and lease losses (purchased credit impaired loans) |
|
(163 |
) |
|
558 |
|
|
798 |
|
|
(885 |
) |
|
375 |
|
|
(721 |
) |
|
(538 |
) |
Provision
for loan and lease losses |
|
2,393 |
|
|
3,208 |
|
|
2,848 |
|
|
415 |
|
|
1,845 |
|
|
(815 |
) |
|
548 |
|
Net interest income after provision for loan and lease
losses |
|
53,737 |
|
|
51,648 |
|
|
55,169 |
|
|
43,917 |
|
|
44,633 |
|
|
2,089 |
|
|
9,104 |
|
Noninterest
Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
charges on deposits |
|
1,462 |
|
|
1,625 |
|
|
1,678 |
|
|
1,575 |
|
|
1,471 |
|
|
(163 |
) |
|
(9 |
) |
Mortgage
banking income |
|
3,125 |
|
|
2,925 |
|
|
2,558 |
|
|
2,793 |
|
|
3,096 |
|
|
200 |
|
|
29 |
|
Payroll
and insurance income |
|
1,608 |
|
|
1,760 |
|
|
1,698 |
|
|
1,487 |
|
|
1,418 |
|
|
(152 |
) |
|
190 |
|
SBA
income |
|
1,252 |
|
|
1,192 |
|
|
1,866 |
|
|
1,464 |
|
|
1,983 |
|
|
60 |
|
|
(731 |
) |
ATM
income |
|
919 |
|
|
870 |
|
|
860 |
|
|
826 |
|
|
864 |
|
|
49 |
|
|
55 |
|
Bank-owned life insurance income |
|
463 |
|
|
455 |
|
|
467 |
|
|
526 |
|
|
465 |
|
|
8 |
|
|
(2 |
) |
Gain
(loss) on sale of investment securities |
|
250 |
|
|
— |
|
|
(1,481 |
) |
|
3 |
|
|
13 |
|
|
250 |
|
|
237 |
|
Other |
|
1,838 |
|
|
1,634 |
|
|
2,494 |
|
|
1,008 |
|
|
1,166 |
|
|
204 |
|
|
672 |
|
Total noninterest income |
|
10,917 |
|
|
10,461 |
|
|
10,140 |
|
|
9,682 |
|
|
10,476 |
|
|
456 |
|
|
441 |
|
Noninterest
Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits |
|
24,279 |
|
|
26,042 |
|
|
25,089 |
|
|
20,701 |
|
|
21,178 |
|
|
(1,763 |
) |
|
3,101 |
|
Occupancy
and equipment |
|
3,421 |
|
|
3,496 |
|
|
3,576 |
|
|
3,187 |
|
|
3,329 |
|
|
(75 |
) |
|
92 |
|
Data
processing |
|
2,696 |
|
|
2,896 |
|
|
2,596 |
|
|
2,587 |
|
|
2,382 |
|
|
(200 |
) |
|
314 |
|
Legal and
professional fees |
|
967 |
|
|
739 |
|
|
973 |
|
|
700 |
|
|
898 |
|
|
228 |
|
|
69 |
|
Merger-related expenses |
|
2,601 |
|
|
1,264 |
|
|
2,588 |
|
|
135 |
|
|
372 |
|
|
1,337 |
|
|
2,229 |
|
Marketing |
|
940 |
|
|
425 |
|
|
693 |
|
|
342 |
|
|
403 |
|
|
515 |
|
|
537 |
|
Federal
deposit insurance premiums and other regulatory fees |
|
589 |
|
|
500 |
|
|
498 |
|
|
407 |
|
|
398 |
|
|
89 |
|
|
191 |
|
Loan
collection costs and OREO activity |
|
(116 |
) |
|
166 |
|
|
358 |
|
|
181 |
|
|
(213 |
) |
|
(282 |
) |
|
97 |
|
Amortization of intangibles |
|
654 |
|
|
651 |
|
|
721 |
|
|
701 |
|
|
697 |
|
|
3 |
|
|
(43 |
) |
Other |
|
3,952 |
|
|
3,089 |
|
|
3,592 |
|
|
2,630 |
|
|
2,553 |
|
|
863 |
|
|
1,399 |
|
Total noninterest expense |
|
39,983 |
|
|
39,268 |
|
|
40,684 |
|
|
31,571 |
|
|
31,997 |
|
|
715 |
|
|
7,986 |
|
Income Before
Income Taxes |
|
24,671 |
|
|
22,841 |
|
|
24,625 |
|
|
22,028 |
|
|
23,112 |
|
|
1,830 |
|
|
1,559 |
|
Income
tax expense |
|
5,904 |
|
|
5,476 |
|
|
19,248 |
|
|
7,592 |
|
|
7,909 |
|
|
428 |
|
|
(2,005 |
) |
Net
Income |
|
$ |
18,767 |
|
|
$ |
17,365 |
|
|
$ |
5,377 |
|
|
$ |
14,436 |
|
|
$ |
15,203 |
|
|
$ |
1,402 |
|
|
$ |
3,564 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
allocated to participating securities |
|
$ |
509 |
|
|
$ |
435 |
|
|
$ |
136 |
|
|
$ |
389 |
|
|
$ |
413 |
|
|
$ |
74 |
|
|
$ |
96 |
|
Net income
allocated to common shareholders |
|
18,258 |
|
|
16,930 |
|
|
5,241 |
|
|
14,047 |
|
|
14,790 |
|
|
1,328 |
|
|
3,468 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective Tax
Rate |
|
23.93 |
% |
|
23.97 |
% |
|
78.16 |
% |
|
34.47 |
% |
|
34.22 |
% |
|
(.04 |
)% |
|
(10.29 |
)% |
Earnings Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
.48 |
|
|
$ |
.45 |
|
|
$ |
.14 |
|
|
$ |
.37 |
|
|
$ |
.39 |
|
|
$ |
.03 |
|
|
$ |
.09 |
|
Diluted |
|
.48 |
|
|
.44 |
|
|
.14 |
|
|
.37 |
|
|
.39 |
|
|
.04 |
|
|
.09 |
|
Weighted Average Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
38,038,181 |
|
|
38,032,007 |
|
|
38,009,181 |
|
|
37,918,753 |
|
|
37,896,125 |
|
|
6,174 |
|
|
142,056 |
|
Diluted |
|
38,075,106 |
|
|
38,070,554 |
|
|
38,068,619 |
|
|
37,963,141 |
|
|
37,942,483 |
|
|
4,552 |
|
|
132,623 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State Bank Financial Corporation |
2Q18 Financial Supplement: Table 4 |
Condensed Consolidated Income Statements |
Year to Date (Unaudited) |
|
|
Six Months Ended June 30 |
|
|
|
|
2018 |
|
2017 |
|
Change |
Net Interest Income: |
|
|
|
|
|
|
Interest income on loans |
|
$ |
98,860 |
|
|
$ |
68,932 |
|
|
$ |
29,928 |
|
Accretion income on loans |
|
12,541 |
|
|
16,905 |
|
|
(4,364 |
) |
Interest income on invested funds |
|
12,848 |
|
|
11,207 |
|
|
1,641 |
|
Interest expense |
|
13,263 |
|
|
6,608 |
|
|
6,655 |
|
Net interest income |
|
110,986 |
|
|
90,436 |
|
|
20,550 |
|
Provision for loan and lease losses (organic & PNCI
loans) |
|
5,206 |
|
|
2,831 |
|
|
2,375 |
|
Provision for loan and lease losses (purchased credit impaired
loans) |
|
395 |
|
|
16 |
|
|
379 |
|
Provision for loan and lease losses |
|
5,601 |
|
|
2,847 |
|
|
2,754 |
|
Net interest income after provision for loan and lease
losses |
|
105,385 |
|
|
87,589 |
|
|
17,796 |
|
Noninterest Income: |
|
|
|
|
|
|
Service charges on deposits |
|
3,087 |
|
|
2,938 |
|
|
149 |
|
Mortgage banking income |
|
6,050 |
|
|
5,990 |
|
|
60 |
|
Payroll and insurance income |
|
3,368 |
|
|
2,913 |
|
|
455 |
|
SBA income |
|
2,444 |
|
|
3,161 |
|
|
(717 |
) |
ATM income |
|
1,789 |
|
|
1,696 |
|
|
93 |
|
Bank-owned life insurance income |
|
918 |
|
|
949 |
|
|
(31 |
) |
Gain on sale of investment securities |
|
250 |
|
|
25 |
|
|
225 |
|
Other |
|
3,472 |
|
|
2,263 |
|
|
1,209 |
|
Total noninterest income |
|
21,378 |
|
|
19,935 |
|
|
1,443 |
|
Noninterest Expense: |
|
|
|
|
|
|
Salaries and employee benefits |
|
50,321 |
|
|
42,566 |
|
|
7,755 |
|
Occupancy and equipment |
|
6,917 |
|
|
6,609 |
|
|
308 |
|
Data processing |
|
5,592 |
|
|
5,021 |
|
|
571 |
|
Legal and professional fees |
|
1,706 |
|
|
2,703 |
|
|
(997 |
) |
Merger-related expenses |
|
3,865 |
|
|
2,607 |
|
|
1,258 |
|
Marketing |
|
1,365 |
|
|
1,067 |
|
|
298 |
|
Federal deposit insurance premiums and other regulatory
fees |
|
1,089 |
|
|
795 |
|
|
294 |
|
Loan collection costs and OREO activity |
|
50 |
|
|
(1,255 |
) |
|
1,305 |
|
Amortization of intangibles |
|
1,305 |
|
|
1,393 |
|
|
(88 |
) |
Other |
|
7,041 |
|
|
5,056 |
|
|
1,985 |
|
Total noninterest expense |
|
79,251 |
|
|
66,562 |
|
|
12,689 |
|
Income Before Income Taxes |
|
47,512 |
|
|
40,962 |
|
|
6,550 |
|
Income tax expense |
|
11,380 |
|
|
14,201 |
|
|
(2,821 |
) |
Net Income |
|
$ |
36,132 |
|
|
$ |
26,761 |
|
|
$ |
9,371 |
|
|
|
|
|
|
|
|
Net income allocated to participating
securities |
|
$ |
949 |
|
|
$ |
706 |
|
|
$ |
243 |
|
Net income allocated to common shareholders |
|
35,183 |
|
|
26,055 |
|
|
9,128 |
|
|
|
|
|
|
|
|
Earnings Per Share |
|
|
|
|
|
|
Basic |
|
$ |
.93 |
|
|
$ |
.69 |
|
|
$ |
.24 |
|
Diluted |
|
.92 |
|
|
.69 |
|
|
.23 |
|
Weighted Average Shares
Outstanding |
|
|
|
|
|
|
Basic |
|
38,035,111 |
|
|
37,881,999 |
|
|
153,112 |
|
Diluted |
|
38,072,919 |
|
|
37,934,187 |
|
|
138,732 |
|
|
|
|
|
|
|
|
|
|
|
State Bank
Financial Corporation2Q18 Financial Supplement:
Table 5Condensed Consolidated Composition of Loans
and Deposits at Period EndsQuarterly
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q18 change vs |
(Dollars in thousands) |
|
2Q18 |
|
1Q18 |
|
4Q17 |
|
3Q17 |
|
2Q17 |
|
1Q18 |
|
2Q17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Composition of Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Organic loans
(1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction, land & land development |
|
$ |
454,625 |
|
|
$ |
442,942 |
|
|
$ |
412,540 |
|
|
$ |
460,368 |
|
|
$ |
413,557 |
|
|
$ |
11,683 |
|
|
$ |
41,068 |
|
Other
commercial real estate |
|
947,704 |
|
|
941,581 |
|
|
949,594 |
|
|
915,727 |
|
|
960,762 |
|
|
6,123 |
|
|
(13,058 |
) |
Total
commercial real estate |
|
1,402,329 |
|
|
1,384,523 |
|
|
1,362,134 |
|
|
1,376,095 |
|
|
1,374,319 |
|
|
17,806 |
|
|
28,010 |
|
Residential real estate |
|
222,886 |
|
|
208,960 |
|
|
196,225 |
|
|
175,258 |
|
|
167,755 |
|
|
13,926 |
|
|
55,131 |
|
Owner-occupied real estate |
|
270,053 |
|
|
253,059 |
|
|
260,273 |
|
|
261,784 |
|
|
244,637 |
|
|
16,994 |
|
|
25,416 |
|
Commercial, financial & agricultural |
|
666,572 |
|
|
562,566 |
|
|
430,205 |
|
|
363,551 |
|
|
355,629 |
|
|
104,006 |
|
|
310,943 |
|
Leases |
|
36,863 |
|
|
43,787 |
|
|
52,396 |
|
|
66,765 |
|
|
73,103 |
|
|
(6,924 |
) |
|
(36,240 |
) |
Consumer |
|
65,019 |
|
|
62,423 |
|
|
64,610 |
|
|
61,200 |
|
|
60,028 |
|
|
2,596 |
|
|
4,991 |
|
Total
organic loans |
|
2,663,722 |
|
|
2,515,318 |
|
|
2,365,843 |
|
|
2,304,653 |
|
|
2,275,471 |
|
|
148,404 |
|
|
388,251 |
|
Purchased
non-credit impaired loans(2): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction, land & land development |
|
14,282 |
|
|
24,352 |
|
|
25,908 |
|
|
30,670 |
|
|
31,083 |
|
|
(10,070 |
) |
|
(16,801 |
) |
Other
commercial real estate |
|
194,995 |
|
|
226,893 |
|
|
218,660 |
|
|
234,486 |
|
|
171,914 |
|
|
(31,898 |
) |
|
23,081 |
|
Total
commercial real estate |
|
209,277 |
|
|
251,245 |
|
|
244,568 |
|
|
265,156 |
|
|
202,997 |
|
|
(41,968 |
) |
|
6,280 |
|
Residential real estate |
|
72,817 |
|
|
82,416 |
|
|
96,529 |
|
|
112,244 |
|
|
117,449 |
|
|
(9,599 |
) |
|
(44,632 |
) |
Owner-occupied real estate |
|
82,500 |
|
|
94,900 |
|
|
118,294 |
|
|
125,438 |
|
|
114,438 |
|
|
(12,400 |
) |
|
(31,938 |
) |
Commercial, financial & agricultural |
|
426,992 |
|
|
515,327 |
|
|
529,184 |
|
|
558,992 |
|
|
31,654 |
|
|
(88,335 |
) |
|
395,338 |
|
Consumer |
|
1,503 |
|
|
1,791 |
|
|
2,161 |
|
|
2,647 |
|
|
3,393 |
|
|
(288 |
) |
|
(1,890 |
) |
Total
purchased non-credit impaired loans |
|
793,089 |
|
|
945,679 |
|
|
990,736 |
|
|
1,064,477 |
|
|
469,931 |
|
|
(152,590 |
) |
|
323,158 |
|
Purchased
credit impaired loans (3): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction, land & land development |
|
13,227 |
|
|
12,802 |
|
|
13,545 |
|
|
16,918 |
|
|
16,857 |
|
|
425 |
|
|
(3,630 |
) |
Other
commercial real estate |
|
73,607 |
|
|
77,838 |
|
|
86,748 |
|
|
102,934 |
|
|
46,078 |
|
|
(4,231 |
) |
|
27,529 |
|
Total
commercial real estate |
|
86,834 |
|
|
90,640 |
|
|
100,293 |
|
|
119,852 |
|
|
62,935 |
|
|
(3,806 |
) |
|
23,899 |
|
Residential real estate |
|
32,087 |
|
|
36,747 |
|
|
40,332 |
|
|
42,190 |
|
|
45,513 |
|
|
(4,660 |
) |
|
(13,426 |
) |
Owner-occupied real estate |
|
18,019 |
|
|
18,593 |
|
|
20,803 |
|
|
26,210 |
|
|
23,262 |
|
|
(574 |
) |
|
(5,243 |
) |
Commercial, financial & agricultural |
|
11,440 |
|
|
11,436 |
|
|
14,051 |
|
|
15,139 |
|
|
3,617 |
|
|
4 |
|
|
7,823 |
|
Consumer |
|
82 |
|
|
108 |
|
|
135 |
|
|
269 |
|
|
271 |
|
|
(26 |
) |
|
(189 |
) |
Total
purchased credit impaired loans |
|
148,462 |
|
|
157,524 |
|
|
175,614 |
|
|
203,660 |
|
|
135,598 |
|
|
(9,062 |
) |
|
12,864 |
|
Total loans |
|
$ |
3,605,273 |
|
|
$ |
3,618,521 |
|
|
$ |
3,532,193 |
|
|
$ |
3,572,790 |
|
|
$ |
2,881,000 |
|
|
$ |
(13,248 |
) |
|
$ |
724,273 |
|
Composition of Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
demand deposits |
|
$ |
1,187,028 |
|
|
$ |
1,089,579 |
|
|
$ |
1,191,106 |
|
|
$ |
1,179,698 |
|
|
$ |
1,009,509 |
|
|
$ |
97,449 |
|
|
$ |
177,519 |
|
Interest-bearing
transaction accounts |
|
674,205 |
|
|
633,542 |
|
|
688,150 |
|
|
619,156 |
|
|
591,038 |
|
|
40,663 |
|
|
83,167 |
|
Savings and money
market deposits |
|
1,587,204 |
|
|
1,602,908 |
|
|
1,626,238 |
|
|
1,680,922 |
|
|
1,373,686 |
|
|
(15,704 |
) |
|
213,518 |
|
Time deposits |
|
698,361 |
|
|
713,869 |
|
|
715,133 |
|
|
731,416 |
|
|
419,020 |
|
|
(15,508 |
) |
|
279,341 |
|
Brokered and wholesale
time deposits |
|
155,906 |
|
|
144,534 |
|
|
22,508 |
|
|
29,893 |
|
|
59,439 |
|
|
11,372 |
|
|
96,467 |
|
Total
deposits |
|
$ |
4,302,704 |
|
|
$ |
4,184,432 |
|
|
$ |
4,243,135 |
|
|
$ |
4,241,085 |
|
|
$ |
3,452,692 |
|
|
$ |
118,272 |
|
|
$ |
850,012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 Corporation2Q18 Financial Supplement:
Table 6Condensed Consolidated Asset Quality
DataQuarterly (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q18 change vs |
(Dollars in thousands) |
|
2Q18 |
|
1Q18 |
|
4Q17 |
|
3Q17 |
|
2Q17 |
|
1Q18 |
|
2Q17 |
Allowance for loan and lease losses on organic
loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
Balance |
|
$ |
24,882 |
|
|
$ |
24,039 |
|
|
$ |
22,709 |
|
|
$ |
22,560 |
|
|
$ |
21,885 |
|
|
$ |
843 |
|
|
$ |
2,997 |
|
Charge-offs |
|
(171 |
) |
|
(664 |
) |
|
(474 |
) |
|
(912 |
) |
|
(536 |
) |
|
493 |
|
|
365 |
|
Recoveries |
|
70 |
|
|
133 |
|
|
77 |
|
|
106 |
|
|
113 |
|
|
(63 |
) |
|
(43 |
) |
Net
(charge-offs) recoveries |
|
(101 |
) |
|
(531 |
) |
|
(397 |
) |
|
(806 |
) |
|
(423 |
) |
|
430 |
|
|
322 |
|
Provision
for loan and lease losses |
|
1,585 |
|
|
1,374 |
|
|
1,727 |
|
|
955 |
|
|
1,098 |
|
|
211 |
|
|
487 |
|
Ending
Balance |
|
$ |
26,366 |
|
|
$ |
24,882 |
|
|
$ |
24,039 |
|
|
$ |
22,709 |
|
|
$ |
22,560 |
|
|
$ |
1,484 |
|
|
$ |
3,806 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan and lease losses on purchased non-credit
impaired loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
Balance |
|
$ |
2,249 |
|
|
$ |
995 |
|
|
$ |
900 |
|
|
$ |
667 |
|
|
$ |
491 |
|
|
$ |
1,254 |
|
|
$ |
1,758 |
|
Charge-offs |
|
(285 |
) |
|
(40 |
) |
|
(273 |
) |
|
(152 |
) |
|
(197 |
) |
|
(245 |
) |
|
(88 |
) |
Recoveries |
|
46 |
|
|
18 |
|
|
45 |
|
|
40 |
|
|
1 |
|
|
28 |
|
|
45 |
|
Net
(charge-offs) recoveries |
|
(239 |
) |
|
(22 |
) |
|
(228 |
) |
|
(112 |
) |
|
(196 |
) |
|
(217 |
) |
|
(43 |
) |
Provision
for loan and lease losses |
|
971 |
|
|
1,276 |
|
|
323 |
|
|
345 |
|
|
372 |
|
|
(305 |
) |
|
599 |
|
Ending
Balance |
|
$ |
2,981 |
|
|
$ |
2,249 |
|
|
$ |
995 |
|
|
$ |
900 |
|
|
$ |
667 |
|
|
$ |
732 |
|
|
$ |
2,314 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan and lease losses on purchased credit
impaired loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
Balance |
|
$ |
4,186 |
|
|
$ |
3,716 |
|
|
$ |
3,233 |
|
|
$ |
4,761 |
|
|
$ |
4,600 |
|
|
$ |
470 |
|
|
$ |
(414 |
) |
Charge-offs |
|
(35 |
) |
|
(88 |
) |
|
(315 |
) |
|
(643 |
) |
|
(214 |
) |
|
53 |
|
|
179 |
|
Recoveries |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Net
(charge-offs) recoveries |
|
(35 |
) |
|
(88 |
) |
|
(315 |
) |
|
(643 |
) |
|
(214 |
) |
|
53 |
|
|
179 |
|
Provision
for loan and lease losses |
|
(163 |
) |
|
558 |
|
|
798 |
|
|
(885 |
) |
|
375 |
|
|
(721 |
) |
|
(538 |
) |
Ending
Balance |
|
$ |
3,988 |
|
|
$ |
4,186 |
|
|
$ |
3,716 |
|
|
$ |
3,233 |
|
|
$ |
4,761 |
|
|
$ |
(198 |
) |
|
$ |
(773 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming organic assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
8,119 |
|
|
$ |
9,186 |
|
|
$ |
6,656 |
|
|
$ |
5,482 |
|
|
$ |
1,422 |
|
|
$ |
(1,067 |
) |
|
$ |
6,697 |
|
Accruing
TDRs |
|
490 |
|
|
556 |
|
|
566 |
|
|
— |
|
|
— |
|
|
(66 |
) |
|
490 |
|
Total
nonperforming organic loans |
|
8,609 |
|
|
9,742 |
|
|
7,222 |
|
|
5,482 |
|
|
1,422 |
|
|
(1,133 |
) |
|
7,187 |
|
Other
real estate owned |
|
4,135 |
|
|
3,231 |
|
|
153 |
|
|
— |
|
|
23 |
|
|
904 |
|
|
4,112 |
|
Total
nonperforming organic assets |
|
$ |
12,744 |
|
|
$ |
12,973 |
|
|
$ |
7,375 |
|
|
$ |
5,482 |
|
|
$ |
1,445 |
|
|
$ |
(229 |
) |
|
$ |
11,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming purchased non-credit impaired
assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
22,585 |
|
|
$ |
6,356 |
|
|
$ |
5,821 |
|
|
$ |
5,615 |
|
|
$ |
5,141 |
|
|
$ |
16,229 |
|
|
$ |
17,444 |
|
Accruing
TDRs |
|
2,760 |
|
|
2,769 |
|
|
— |
|
|
— |
|
|
— |
|
|
(9 |
) |
|
2,760 |
|
Total
nonperforming PNCI loans |
|
25,345 |
|
|
9,125 |
|
|
5,821 |
|
|
5,615 |
|
|
5,141 |
|
|
16,220 |
|
|
20,204 |
|
Other
real estate owned |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total
nonperforming PNCI assets |
|
$ |
25,345 |
|
|
$ |
9,125 |
|
|
$ |
5,821 |
|
|
$ |
5,615 |
|
|
$ |
5,141 |
|
|
$ |
16,220 |
|
|
$ |
20,204 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios for organic assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized QTD charge-offs (recoveries) on organic loans to average
organic loans |
|
.02 |
% |
|
.09 |
% |
|
.07 |
% |
|
.14 |
% |
|
.08 |
% |
|
(.07 |
) % |
|
(.06 |
) % |
Nonperforming organic loans to organic loans |
|
.32 |
|
|
.39 |
|
|
.31 |
|
|
.24 |
|
|
.06 |
|
|
(.07 |
) |
|
.26 |
|
Nonperforming organic assets to organic loans + OREO |
|
.48 |
|
|
.52 |
|
|
.31 |
|
|
.24 |
|
|
.06 |
|
|
(.04 |
) |
|
.42 |
|
Past due
organic loans to organic loans |
|
.16 |
|
|
.22 |
|
|
.20 |
|
|
.12 |
|
|
.09 |
|
|
(.06 |
) |
|
.07 |
|
Allowance
for loan and lease losses on organic loans to organic loans |
|
.99 |
|
|
.99 |
|
|
1.02 |
|
|
.99 |
|
|
.99 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State Bank
Financial Corporation2Q18 Financial Supplement:
Table 6 (continued)Condensed Consolidated Asset
Quality DataQuarterly (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q18 change vs |
(Dollars in thousands) |
|
2Q18 |
|
1Q18 |
|
4Q17 |
|
3Q17 |
|
2Q17 |
|
1Q18 |
|
2Q17 |
Ratios for purchased non-credit impaired
loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized QTD charge-offs (recoveries) on PNCI loans to average
PNCI loans |
|
.11 |
% |
|
.01 |
% |
|
.09 |
% |
|
.10 |
% |
|
.16 |
% |
|
.10 |
% |
|
(.05 |
)% |
Nonperforming PNCI loans to PNCI loans |
|
3.20 |
|
|
.96 |
|
|
.59 |
|
|
.53 |
|
|
1.09 |
|
|
2.24 |
|
|
2.11 |
|
Nonperforming PNCI assets to PNCI loans + OREO |
|
3.20 |
|
|
.96 |
|
|
.59 |
|
|
.53 |
|
|
1.09 |
|
|
2.24 |
|
|
2.11 |
|
Past due
PNCI loans to PNCI loans |
|
.36 |
|
|
.45 |
|
|
.40 |
|
|
.48 |
|
|
1.05 |
|
|
(.09 |
) |
|
(.69 |
) |
Allowance
for loan and lease losses on PNCI loans to PNCI loans |
|
.38 |
|
|
.24 |
|
|
.10 |
|
|
.08 |
|
|
.14 |
|
|
.14 |
|
|
.24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios for purchased credit impaired loans
(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized QTD charge-offs (recoveries) on PCI loans to average PCI
loans |
|
.09 |
% |
|
.21 |
% |
|
.66 |
% |
|
1.95 |
% |
|
.60 |
% |
|
(.12 |
)% |
|
(.51 |
)% |
Past due
PCI loans to PCI loans |
|
5.95 |
|
|
6.47 |
|
|
5.84 |
|
|
8.12 |
|
|
10.26 |
|
|
(.52 |
) |
|
(4.31 |
) |
Allowance
for loan and lease losses on PCI loans to PCI loans |
|
2.69 |
|
|
2.66 |
|
|
2.12 |
|
|
1.59 |
|
|
3.51 |
|
|
.03 |
|
|
(.82 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
For each
period presented, a portion of our purchased credit impaired loans
were contractually past due; however, such delinquencies were
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 Corporation2Q18 Financial Supplement:
Table 7Condensed Consolidated Average Balances and
Yield AnalysisQuarterly (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q18 change vs |
(Dollars in thousands) |
|
2Q18 |
|
1Q18 |
|
4Q17 |
|
3Q17 |
|
2Q17 |
|
1Q18 |
|
2Q17 |
Average Balances |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits in other financial institutions and federal funds
sold |
|
$ |
131,506 |
|
|
$ |
93,692 |
|
|
$ |
168,223 |
|
|
$ |
108,546 |
|
|
$ |
73,862 |
|
|
$ |
37,814 |
|
|
$ |
57,644 |
|
Investment
securities |
|
880,667 |
|
|
893,685 |
|
|
924,933 |
|
|
913,898 |
|
|
947,300 |
|
|
(13,018 |
) |
|
(66,633 |
) |
Loans, excluding
purchased credit impaired (1) |
|
3,507,613 |
|
|
3,430,599 |
|
|
3,413,159 |
|
|
2,762,479 |
|
|
2,762,996 |
|
|
77,014 |
|
|
744,617 |
|
Purchased credit
impaired loans |
|
154,529 |
|
|
167,944 |
|
|
190,323 |
|
|
130,708 |
|
|
142,419 |
|
|
(13,415 |
) |
|
12,110 |
|
Total
earning assets |
|
4,674,315 |
|
|
4,585,920 |
|
|
4,696,638 |
|
|
3,915,631 |
|
|
3,926,577 |
|
|
88,395 |
|
|
747,738 |
|
Total
nonearning assets |
|
276,138 |
|
|
274,810 |
|
|
285,813 |
|
|
263,100 |
|
|
274,266 |
|
|
1,328 |
|
|
1,872 |
|
Total
assets |
|
4,950,453 |
|
|
4,860,730 |
|
|
4,982,451 |
|
|
4,178,731 |
|
|
4,200,843 |
|
|
89,723 |
|
|
749,610 |
|
Interest-bearing
transaction accounts |
|
627,800 |
|
|
626,298 |
|
|
664,938 |
|
|
580,090 |
|
|
585,343 |
|
|
1,502 |
|
|
42,457 |
|
Savings &
money market deposits |
|
1,568,638 |
|
|
1,594,724 |
|
|
1,685,292 |
|
|
1,383,326 |
|
|
1,380,586 |
|
|
(26,086 |
) |
|
188,052 |
|
Time deposits |
|
704,850 |
|
|
715,514 |
|
|
724,578 |
|
|
420,192 |
|
|
437,475 |
|
|
(10,664 |
) |
|
267,375 |
|
Brokered and wholesale
time deposits |
|
149,956 |
|
|
65,749 |
|
|
25,911 |
|
|
49,675 |
|
|
38,353 |
|
|
84,207 |
|
|
111,603 |
|
Other borrowings |
|
55,344 |
|
|
85,788 |
|
|
35,353 |
|
|
57,988 |
|
|
119,652 |
|
|
(30,444 |
) |
|
(64,308 |
) |
Total
interest-bearing liabilities |
|
3,106,588 |
|
|
3,088,073 |
|
|
3,136,072 |
|
|
2,491,271 |
|
|
2,561,409 |
|
|
18,515 |
|
|
545,179 |
|
Noninterest-bearing
deposits |
|
1,148,943 |
|
|
1,082,559 |
|
|
1,147,834 |
|
|
1,004,046 |
|
|
972,074 |
|
|
66,384 |
|
|
176,869 |
|
Other liabilities |
|
44,003 |
|
|
47,311 |
|
|
53,136 |
|
|
44,794 |
|
|
40,066 |
|
|
(3,308 |
) |
|
3,937 |
|
Shareholders’
equity |
|
650,919 |
|
|
642,787 |
|
|
645,409 |
|
|
638,620 |
|
|
627,294 |
|
|
8,132 |
|
|
23,625 |
|
Total
liabilities and shareholders' equity |
|
4,950,453 |
|
|
4,860,730 |
|
|
4,982,451 |
|
|
4,178,731 |
|
|
4,200,843 |
|
|
89,723 |
|
|
749,610 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Margins (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits in other financial institutions and federal funds
sold |
|
1.23 |
% |
|
.80 |
% |
|
.86 |
% |
|
.80 |
% |
|
.50 |
% |
|
.43 |
% |
|
.73 |
% |
Investment securities,
tax-equivalent basis |
|
2.86 |
|
|
2.72 |
|
|
2.43 |
|
|
2.42 |
|
|
2.39 |
|
|
.14 |
|
|
.47 |
|
Loans, excluding
purchased credit impaired, tax-equivalent basis (3) |
|
5.77 |
|
|
5.73 |
|
|
5.47 |
|
|
5.11 |
|
|
5.08 |
|
|
.04 |
|
|
.69 |
|
Purchased credit
impaired loans |
|
17.12 |
|
|
14.36 |
|
|
22.24 |
|
|
19.79 |
|
|
25.99 |
|
|
2.76 |
|
|
(8.87 |
) |
Total
earning assets |
|
5.47 |
% |
|
5.36 |
% |
|
5.39 |
% |
|
4.85 |
% |
|
5.11 |
% |
|
.11 |
% |
|
.36 |
% |
Interest-bearing
transaction accounts |
|
.16 |
|
|
.14 |
|
|
.13 |
|
|
.13 |
|
|
.12 |
|
|
.02 |
|
|
.04 |
|
Savings &
money market deposits |
|
1.07 |
|
|
.76 |
|
|
.80 |
|
|
.63 |
|
|
.61 |
|
|
.31 |
|
|
.46 |
|
Time deposits |
|
1.25 |
|
|
1.09 |
|
|
1.04 |
|
|
.72 |
|
|
.69 |
|
|
.16 |
|
|
.56 |
|
Brokered and wholesale
time deposits |
|
1.87 |
|
|
1.91 |
|
|
1.15 |
|
|
1.05 |
|
|
1.05 |
|
|
(.04 |
) |
|
.82 |
|
Other borrowings |
|
1.59 |
|
|
1.31 |
|
|
.52 |
|
|
.75 |
|
|
.82 |
|
|
.28 |
|
|
.77 |
|
Total
interest-bearing liabilities |
|
.98 |
% |
|
.75 |
% |
|
.71 |
% |
|
.54 |
% |
|
.53 |
% |
|
.23 |
% |
|
.45 |
% |
Net interest spread |
|
4.49 |
% |
|
4.61 |
% |
|
4.68 |
% |
|
4.31 |
% |
|
4.58 |
% |
|
(.12 |
)% |
|
(.09 |
)% |
Net interest margin |
|
4.82 |
% |
|
4.86 |
% |
|
4.91 |
% |
|
4.51 |
% |
|
4.76 |
% |
|
(.04 |
)% |
|
.06 |
% |
Net interest margin contribution from accretion income on
loans |
|
.57 |
% |
|
.53 |
% |
|
.90 |
% |
|
.66 |
% |
|
.94 |
% |
|
.04 |
% |
|
(.37 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
Includes
average nonaccrual loans of $18.9 million for 2Q18, $12.9 million
for 1Q18, $11.4 million for 4Q17, $8.0 million for 3Q17, and $9.3
million for 2Q17. |
(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 $6,000 for
2Q18, $57,000 for 1Q18, $128,000 for 4Q17, $177,000 for 3Q17, and
$131,000 for 2Q17. |
|
|
|
State Bank Financial Corporation2Q18
Financial Supplement: Table 8Reconciliation of
Non-GAAP Measures (1)Quarterly
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars
in thousands, except per share amounts; taxable equivalent) |
2Q18 |
|
1Q18 |
|
4Q17 |
|
3Q17 |
|
2Q17 |
Book value per common share
reconciliation |
|
|
|
|
|
|
|
|
|
Book value
per common share (GAAP) |
$ |
16.79 |
|
|
$ |
16.58 |
|
|
$ |
16.45 |
|
|
$ |
16.48 |
|
|
$ |
16.23 |
|
Effect of
goodwill and other intangibles |
(2.41 |
) |
|
(2.43 |
) |
|
(2.45 |
) |
|
(2.47 |
) |
|
(2.29 |
) |
Tangible book value per common share |
$ |
14.38 |
|
|
$ |
14.15 |
|
|
$ |
14.00 |
|
|
$ |
14.01 |
|
|
$ |
13.94 |
|
|
|
|
|
|
|
|
|
|
|
Average tangible equity
reconciliation |
|
|
|
|
|
|
|
|
|
Average
equity (GAAP) |
$ |
650,919 |
|
|
$ |
642,787 |
|
|
$ |
645,409 |
|
|
$ |
638,620 |
|
|
$ |
627,294 |
|
Effect of
average goodwill and other intangibles |
(94,516 |
) |
|
(95,167 |
) |
|
(95,845 |
) |
|
(88,618 |
) |
|
(89,141 |
) |
Average tangible equity |
$ |
556,403 |
|
|
$ |
547,620 |
|
|
$ |
549,564 |
|
|
$ |
550,002 |
|
|
$ |
538,153 |
|
|
|
|
|
|
|
|
|
|
|
(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
State Bank Financial Corp.. (delisted) (NASDAQ:STBZ)
Historical Stock Chart
From Jun 2024 to Jul 2024
State Bank Financial Corp.. (delisted) (NASDAQ:STBZ)
Historical Stock Chart
From Jul 2023 to Jul 2024