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State Bank Reports Second Quarter Financial Results
Company Release - 07/25/2013 07:00
  • Consistently positive fundamental trends impacted by loss share accounting, resulting in net income slightly above breakeven
  • Noninterest-bearing deposits grew by $20 million and now make up more than 20% of total deposits
  • Organic loans grew a net $72 million and now comprise more than 77% of total gross loans
  • Accretable discount on loans covered by loss share agreements with the FDIC increased by $52 million

ATLANTA, July 25, 2013 (GLOBE NEWSWIRE) -- State Bank Financial Corporation (Nasdaq:STBZ) today announced unaudited financial results for the quarter ended June 30, 2013. Net income for the second quarter was $137 thousand, compared to a net loss of $1.2 million for the first quarter of 2013 and net income of $11.0 million for the second quarter of 2012. Fully diluted earnings per share, while positive, rounded to $.00 for the second quarter compared to a fully diluted loss per share of $.04 in the first quarter of 2013 and fully diluted earnings per share of $.34 in the second quarter of 2012.

Commenting on the results, Joe Evans, Chairman and CEO, said, "I am very pleased with the results of the second quarter. In the core bank, we continued to generate solid loan growth with exceptional credit metrics and strong trends in demand deposits, treasury services and payroll processing. Positive trends continued in the covered loan portfolio resulting in a significant increase in our accretable discount accompanied by a smaller increase in scheduled amortization of our FDIC receivable for loss share agreements. While timing differences between the two obscure earnings in the near-term, we expect our covered loan portfolio performance to continue to meaningfully benefit our longer-term earnings."

Operating Highlights

Net interest income was $41.6 million in the second quarter of 2013, up from $35.5 million in the first quarter of 2013 and down from $46.4 million in the second quarter of 2012. Accretion income on covered loans increased $5.2 million from the first quarter primarily due to improved cash flow re-estimations. Interest income on noncovered loans for the second quarter was $15.1 million, up from $14.4 million in the prior quarter and $13.8 million in the second quarter of 2012. Yield on noncovered loans of 5.60% was down 19 basis points in the second quarter due to the competitive pricing environment. Interest expense of $2.0 million in the second quarter was stable versus the prior quarter and down from $2.6 million in the second quarter of 2012. Cost of funds for the second quarter was 37 basis points, a one basis point improvement from the first quarter of 2013 and a 10 basis point improvement from the year ago period. Cost of funds has now decreased for 12 consecutive quarters.

The noncovered loan portfolio continued to perform well, as recoveries were greater than charge-offs for the third straight quarter. Provision for loan losses on noncovered loans increased to $665 thousand in the second quarter from $350 thousand in the prior quarter but decreased from $2.1 million in the second quarter of 2012. Provision for loan losses on covered loans was a negative $1.3 million in the second quarter due to a valuation adjustment driven by improved performance of covered assets. This compared to a provision of negative $2.4 million in the first quarter of 2013 and positive $2.9 million in the second quarter of 2012.

Noninterest income excluding amortization of the FDIC receivable for loss share agreements, which we refer to herein as the indemnification asset, was $4.2 million for the second quarter, up slightly from $4.1 million in the first quarter partly driven by higher service charges and an increase in the fair market value of interest rate swaps. Total noninterest income for the second quarter, which includes amortization of the indemnification asset, was negative $16.5 million compared to negative $12.7 million in the first quarter of 2013 and negative $1.8 million in the second quarter of 2012.

Amortization of the indemnification asset negatively impacted noninterest income by $20.8 million in the second quarter compared to $16.8 million in the first quarter of 2013 and $4.0 million in the second quarter of 2012. The increase in amortization expense is due to higher cash flow re-estimations on covered loans, which in turn, reduces our expected payments on the indemnification asset. This change is amplified by having a shorter time period to recognize the amortization, relative to loan accretion, as the indemnification asset must terminate at the end of loss share while loan accretion continues over the estimated life of the loan, which is often much longer than the loss share period. We are currently projecting $73 million of scheduled amortization on the indemnification asset with an estimated weighted average life of four quarters, versus $257 million of scheduled loan accretion income with an estimated weighted average life of 11 quarters. The $257 million of accretable discount remaining at June 30, 2013 is $52 million higher than at the end of the first quarter of 2013. 

Total noninterest expense for the second quarter was $25.5 million, down from $26.7 million in the first quarter of 2013 but up from $21.9 million in the second quarter of 2012. The $1.2 million decrease in noninterest expense in the second quarter of 2013 was primarily due to lower salaries and benefits compared to the first quarter of 2013, which included higher severance costs resulting from ongoing efficiency and productivity initiatives. Salaries and benefits declined $1.8 million in the second quarter of 2013 to $15.5 million, of which approximately $800 thousand was attributable to one-time severance costs. Legal and professional fees also declined $321 thousand in the quarter due to lower external consulting fees. Loan collection and OREO costs of $1.9 million negatively impacted noninterest expense in the second quarter of 2013, an increase of $656 thousand compared to the first quarter of 2013 primarily due to expenses incurred on covered loans without principal losses and therefore not eligible for reimbursement from the FDIC.

Financial Condition

Total assets at quarter-end were $2.61 billion, down from $2.64 billion at March 31, 2013 and $2.67 billion at June 30, 2012. Loans not covered by loss share agreements with the FDIC grew a net $71.7 million from the first quarter of 2013 to $1.1 billion and have increased a net $242.0 million year-over-year. Noncovered loans now comprise 77.1% of total gross loans. Total net loans were $1.4 billion, up $18.9 million from the first quarter but down $64.5 million from the second quarter of 2012 as covered loans continue to be resolved.   

Total deposits at quarter-end were $2.13 billion, down from $2.15 billion at the end of the prior quarter and $2.17 billion at the end of the second quarter of 2012. Noninterest-bearing deposits grew by $20.2 million, or 4.9%, from the first quarter of 2013 and by $86.7 million, or 25.3%, since the second quarter of 2012. Noninterest-bearing deposits now make up 20.2% of total deposits.

Tangible book value per share was $12.94 at the end of the second quarter. State Bank Financial Corporation continues to be well capitalized, ending the quarter with a leverage ratio of 15.57% and a Tier I risk-based capital ratio of 25.86%.

Detailed Results

Supplemental tables displaying financial results for the second quarter of 2013, the previous four quarters and the first half of 2013 are included with this press release.  

Conference Call

State Bank Chief Executive Officer Joe Evans, Chief Financial Officer Tom Callicutt, and Executive Risk Officer Kim Childers will discuss financial and business results for the quarter on a conference call today at 10:00 a.m. EDT. The dial in number is 1.877.243.0931. Please dial in 10 minutes prior to the start of the call to register. You will be asked to provide your name and affiliation/company to join the call. A replay of the conference call will be available shortly after the call's completion in the Investors section on the company's website at www.statebt.com. A slide presentation for today's call is also available in the Investors section on the company's website.

About State Bank Financial Corporation and State Bank and Trust Company

State Bank Financial Corporation (Nasdaq:STBZ) is the holding company for State Bank and Trust Company, one of Georgia's best-capitalized banks, with approximately $2.61 billion in assets as of June 30, 2013. State Bank has locations in Metro Atlanta and Middle Georgia.

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

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

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this news release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans, expectations and benefits of our strategic plan, including projections of future amortization and accretion, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties, and other factors, such as a downturn in the economy, unanticipated losses related to the integration of, and accounting for, acquired assets and assumed liabilities in our FDIC-assisted transactions, access to funding sources, greater than expected noninterest expenses, volatile credit and financial markets both domestic and foreign, potential deterioration in real estate values, regulatory changes and excessive loan losses, any or all of which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by our company or any person that future events, plans, or expectations contemplated by our company will be achieved. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

 
State Bank Financial Corporation
2Q13 Financial Supplement: Table 1
Condensed Consolidated Financial Summary Results
Quarterly (Unaudited)              
            2Q13 Change vs.
(Dollars in thousands, except per share  amounts) 2Q13 1Q13 4Q12 3Q12 2Q12 1Q13 2Q12
Income Statement Highlights              
Total interest income on invested funds $2,693 $2,502 $2,585 $2,847 $2,992 $191 $(299)
Interest income on noncovered loans, including fees 15,141 14,374 15,053 14,729 13,773 767 1,368
Accretion income on covered loans 25,787 20,636 27,839 18,893 32,191 5,151 (6,404)
Total interest expense 1,995 1,996 2,096 2,235 2,566 (1) (571)
Net interest income 41,626 35,516 43,381 34,234 46,390 6,110 (4,764)
Provision for loan losses (noncovered loans) 665 350 325 1,050 2,125 315 (1,460)
Provision for loan losses (covered loans) (1,288) (2,385) 3,021 5,441 2,902 1,097 (4,190)
Amortization of FDIC receivable for loss share agreements (20,762) (16,779) (15,260) (6,291) (4,007) (3,983) (16,755)
Noninterest income 4,224 4,121 4,641 3,002 2,248 103 1,976
Noninterest expense 25,461 26,664 24,783 19,835 21,926 (1,203) 3,535
Income (loss) before income taxes 250 (1,771) 4,633 4,619 17,678 2,021 (17,428)
Income tax expense (benefit) 113 (615) 1,418 1,261 6,647 728 (6,534)
Net income (loss) $137 $(1,156) $3,215 $3,358 $11,031 $1,293 $(10,894)
Per Common Share Data              
Basic net income (loss) per share $— $(.04) $.10 $.11 $.35 $.04 $(.35)
Diluted net income (loss) per share (.04) .10 .10 .34 .04 (.34)
Book value per share at period end 13.34 13.38 13.48 13.42 13.24 (.04) .10
Tangible book value per share at period end 12.94 12.96 13.06 13.18 12.99 (.02) (.05)
Market price at period end 15.03 16.37 15.88 16.49 15.16 (1.34) (.13)
Period end shares outstanding 31,920,331 31,918,665 31,908,665 31,896,738 31,721,236 1,666 199,095
Weighted Average Shares Outstanding:              
Basic 31,918,677 31,908,776 31,904,381 31,654,046 31,613,581 9,901 305,096
Diluted 33,124,681 31,908,776 33,179,198 32,808,726 32,776,553 1,215,905 348,128
Average Balance Sheet Highlights              
Noncovered loans, net of unearned income $1,083,549 $1,007,094 $955,153 $901,168 $840,428 $76,455 $243,121
Covered loans 351,955 419,204 499,828 622,841 702,145 (67,249) (350,190)
Loans, net of unearned income 1,435,504 1,426,298 1,454,981 1,524,009 1,542,573 9,206 (107,069)
Assets 2,644,241 2,627,041 2,642,384 2,673,526 2,687,135 17,200 (42,894)
Deposits 2,147,653 2,115,382 2,114,544 2,155,047 2,190,365 32,271 (42,712)
Liabilities 2,217,002 2,197,455 2,211,127 2,246,107 2,271,942 19,547 (54,940)
Equity 427,239 429,586 431,257 427,419 415,193 (2,347) 12,046
Tangible common equity 414,181 416,155 421,617 419,596 407,094 (1,974) 7,087
Key Metrics              
Return on average assets .02% (.18)% .48% .50% 1.65% .20% (1.63)%
Return on average equity .13 (1.09) 2.97 3.13 10.69 1.22 (10.56)
Yield on earning assets 7.75 6.94 8.47 6.77 9.39 .81 (1.64)
Cost of funds .37 .38 .39 .41 .47 (.01) (.10)
Rate on interest-bearing liabilities .46 .47 .48 .49 .55 (.01) (.09)
Net interest margin 7.39 6.57 8.08 6.36 8.90 .82 (1.51)
Average equity to average assets 16.16 16.35 16.32 15.99 15.45 (.19) .71
Leverage ratio 15.57 15.51 15.49 15.44 15.24 .06 .33
Tier I risk-based capital ratio 25.86 28.17 29.25 29.95 31.45 (2.31) (5.59)
Total risk-based capital ratio 27.12 29.45 30.54 31.23 32.77 (2.33) (5.65)
Efficiency ratio (1) 101.33 116.42 75.52 63.98 49.06 (15.09) 52.27
Average loans to average deposits 66.84 67.43 68.81 70.72 70.43 (.59) (3.59)
Noninterest-bearing deposits to total deposits 20.22 19.07 18.03 17.31 15.85 1.15 4.37
Nonperforming loans to total noncovered loans (2) .33 .42 .49 .58 .49 (.09) (.16)
Nonperforming assets to loans + ORE:              
Noncovered .42 .44 .60 .67 .60 (.02) (.18)
Covered 13.56 10.67 8.67 9.43 8.07 2.89 5.49
(1)  Calculated on a fully tax-equivalent basis.
(2)  The ratio of nonperforming covered loans to total covered loans is not presented, as there are no covered loans designated as nonperforming.
 
 
State Bank Financial Corporation
2Q13 Financial Supplement: Table 2
Condensed Consolidated Balance Sheets
Quarterly (Unaudited)    
            2Q13 Change vs.
(Dollars in thousands) 2Q13 1Q13 4Q12 3Q12 2Q12 1Q13 2Q12
Assets              
Cash and amounts due from depository institutions  $ 6,783  $ 7,680  $ 9,974  $ 6,784  $ 6,156 $ (897)  $ 627
Interest-bearing deposits in other financial institutions 430,937 459,494 433,483 345,399 279,060 (28,557) 151,877
Cash and cash equivalents 437,720 467,174 443,457 352,183 285,216 (29,454) 152,504
Investment securities available-for-sale 370,146 351,565 303,901 311,323 280,662 18,581 89,484
Loans receivable:              
Noncovered under FDIC loss share agreements 1,123,122 1,051,455 985,502 937,331 881,120 71,667 242,002
Covered under FDIC loss share agreements 333,683 396,831 474,713 553,006 687,451 (63,148) (353,768)
Allowance for loan losses (noncovered loans) (15,805) (15,122) (14,660) (14,330) (13,317) (683) (2,488)
Allowance for loan losses (covered loans) (17,630) (28,706) (55,478) (46,411) (67,346) 11,076 49,716
Net loans 1,423,370 1,404,458 1,390,077 1,429,596 1,487,908 18,912 (64,538)
Mortgage loans held for sale 753 2,386 4,853 2,130 1,907 (1,633) (1,154)
Other real estate owned:              
Noncovered under FDIC loss share agreements 1,097 276 1,115 892 976 821 121
Covered under FDIC loss share agreements 52,345 47,401 45,062 57,595 60,334 4,944 (7,989)
Premises and equipment, net 34,856 35,379 35,364 38,282 38,298 (523) (3,442)
Goodwill 10,381 10,381 10,381 6,562 6,562 3,819
Other intangibles, net 2,449 2,819 3,188 1,103 1,360 (370) 1,089
FDIC receivable for loss share agreements 210,557 258,848 355,325 354,978 418,826 (48,291) (208,269)
Other assets 64,023 60,619 68,311 87,603 89,176 3,404 (25,153)
Total assets  $ 2,607,697  $ 2,641,306  $ 2,661,034  $ 2,642,247  $ 2,671,225 $ (33,609) $ (63,528)
Liabilities and Shareholders' Equity              
Noninterest-bearing deposits  $ 429,960  $ 409,717  $ 387,450  $ 367,762  $ 343,214  $ 20,243  $ 86,746
Interest-bearing deposits 1,696,124 1,738,473 1,760,986 1,756,536 1,821,922 (42,349) (125,798)
Total deposits 2,126,084 2,148,190 2,148,436 2,124,298 2,165,136 (22,106) (39,052)
Securities sold under agreements to repurchase 3,576 3,959 4,755 607 2,845 (383) 731
Notes payable 5,698 3,861 2,523 2,527 2,531 1,837 3,167
Other liabilities 46,413 58,360 75,104 86,617 80,659 (11,947) (34,246)
Total liabilities 2,181,771 2,214,370 2,230,818 2,214,049 2,251,171 (32,599) (69,400)
Total shareholders' equity 425,926 426,936 430,216 428,198 420,054 (1,010) 5,872
Total liabilities and shareholders' equity  $ 2,607,697  $ 2,641,306  $ 2,661,034  $ 2,642,247  $ 2,671,225 $ (33,609) $ (63,528)
Capital Ratios              
Average equity to average assets 16.16% 16.35% 16.32% 15.99% 15.45% (.19)% .71%
Leverage ratio 15.57 15.51 15.49 15.44 15.24 .06 .33
Tier I risk-based capital ratio 25.86 28.17 29.25 29.95 31.45 (2.31) (5.59)
Total risk-based capital ratio 27.12 29.45 30.54 31.23 32.77 (2.33) (5.65)
 
 
State Bank Financial Corporation
2Q13 Financial Supplement: Table 3
Condensed Consolidated Income Statements
Quarterly (Unaudited)        
            2Q13 Change vs.
(Dollars in thousands, except per share  amounts) 2Q13 1Q13 4Q12 3Q12 2Q12 1Q13 2Q12
Total interest income on invested funds  $ 2,693  $ 2,502  $ 2,585  $ 2,847  $ 2,992  $ 191 $ (299)
Interest income on noncovered loans, including fees 15,141 14,374 15,053 14,729 13,773 767 1,368
Accretion income on covered loans 25,787 20,636 27,839 18,893 32,191 5,151 (6,404)
Total interest expense 1,995 1,996 2,096 2,235 2,566 (1) (571)
Net interest income 41,626 35,516 43,381 34,234 46,390 6,110 (4,764)
Provision for loan losses (noncovered loans) 665 350 325 1,050 2,125 315 (1,460)
Provision for loan losses (covered loans) (1,288) (2,385) 3,021 5,441 2,902 1,097 (4,190)
Net interest income after provision for loan losses 42,249 37,551 40,035 27,743 41,363 4,698 886
Noninterest Income:              
Amortization of FDIC receivable for loss share agreements (20,762) (16,779) (15,260) (6,291) (4,007) (3,983) (16,755)
Service charges on deposits 1,284 1,215 1,408 1,298 1,199 69 85
Mortgage banking income 289 306 363 255 311 (17) (22)
Gain on sale of investment securities 364 225 (364)
Gain on FHLB stock redemptions 680 101 434 (434)
Payroll fee income 705 832 622 (127) 705
ATM income 635 605 619 611 610 30 25
Other 1,311 799 724 737 (306) 512 1,617
Total noninterest income (16,538) (12,658) (10,619) (3,289) (1,759) (3,880) (14,779)
Noninterest Expense:              
Salaries and employee benefits 15,547 17,395 15,134 12,811 13,628 (1,848) 1,919
Occupancy and equipment 2,550 2,456 2,500 2,469 2,419 94 131
Legal and professional fees 1,280 1,601 1,669 1,265 2,173 (321) (893)
Marketing 350 328 968 573 366 22 (16)
Federal insurance premiums and other regulatory fees 604 469 673 378 355 135 249
Loan collection and OREO costs 1,944 1,288 929 (484) (42) 656 1,986
Data processing 1,504 1,437 1,272 1,196 1,336 67 168
Amortization of intangibles 369 370 251 256 276 (1) 93
Other 1,313 1,320 1,387 1,371 1,415 (7) (102)
Total noninterest expense 25,461 26,664 24,783 19,835 21,926 (1,203) 3,535
Income (Loss) Before Income Taxes 250 (1,771) 4,633 4,619 17,678 2,021 (17,428)
Income tax expense (benefit) 113 (615) 1,418 1,261 6,647 728 (6,534)
Net Income (Loss)  $ 137 $ (1,156)  $ 3,215  $ 3,358  $ 11,031  $ 1,293 $ (10,894)
Basic Net Income (Loss) Per Share  $ — $ (.04)  $ .10  $ .11  $ .35  $ .04 $ (.35)
Diluted Net Income (Loss) Per Share (.04) .10 .10 .34 .04 (.34)
Weighted Average Shares Outstanding:              
Basic 31,918,677 31,908,776 31,904,381 31,654,046 31,613,581 9,901 305,096
Diluted 33,124,681 31,908,776 33,179,198 32,808,726 32,776,553 1,215,905 348,128
 
 
State Bank Financial Corporation
2Q13 Financial Supplement: Table 4
Condensed Consolidated Income Statements
Year to Date (Unaudited)
  Six Months Ended June 30  
(Dollars in thousands, except per share amounts) 2013 2012  YTD Change
Total interest income on invested funds $ 5,195 $ 5,958 $ (763)
Interest income on noncovered loans, including fees 29,515 25,678 3,837
Accretion income on covered loans 46,423 55,681 (9,258)
Total interest expense 3,991 5,418 (1,427)
Net interest income 77,142 81,899 (4,757)
Provision for loan losses (noncovered loans) 1,015 3,660 (2,645)
Provision for loan losses (covered loans) (3,673) 1,619 (5,292)
Net interest income after provision for loan losses 79,800 76,620 3,180
Noninterest Income:      
Amortization of FDIC receivable for loss share agreements (37,541) (11,018) (26,523)
Service charges on deposits 2,499 2,411 88
Mortgage banking income 595 613 (18)
Gain on sale of investment securities 364 93 271
Gains on FHLB stock redemptions 434 (434)
Payroll fee income 1,537 1,537
ATM income 1,240 1,195 45
Other 2,110 182 1,928
Total noninterest income (29,196) (6,090) (23,106)
Noninterest Expense:      
Salaries and employee benefits 32,942 26,591 6,351
Occupancy and equipment 5,006 4,876 130
Legal and professional fees 2,881 3,690 (809)
Marketing 678 630 48
Federal insurance premiums and other regulatory fees 1,073 773 300
Loan collection and OREO costs 3,232 1,515 1,717
Data processing 2,941 3,200 (259)
Amortization of intangibles 739 522 217
Other 2,633 2,821 (188)
Total noninterest expense 52,125 44,618 7,507
Income (Loss) Before Income Taxes (1,521) 25,912 (27,433)
Income tax expense (benefit) (502) 9,743 (10,245)
Net Income (Loss) $ (1,019) $ 16,169 $ (17,188)
Basic Net Income (Loss) Per Share $ (.03) $ .51 $ (.54)
Diluted Net Income (Loss) Per Share (.03) .49 (.52)
Weighted Average Shares Outstanding:      
Basic 31,913,754 31,612,587 301,167
Diluted 31,913,754 32,785,670 (871,916)
 
 
State Bank Financial Corporation
2Q13 Financial Supplement: Table 5
Condensed Consolidated Composition of Loans and Deposits at Period Ends
Quarterly (Unaudited)    
            2Q13 Change vs.
(Dollars in thousands) 2Q13 1Q13 4Q12 3Q12 2Q12 1Q13 2Q12
Composition of Loans              
Noncovered loans:              
Construction, land & land development $ 295,756 $ 265,055 $ 230,448 $ 249,739 $ 253,980 $ 30,701 $ 41,776
Other commercial real estate 508,620 486,287 457,729 411,574 356,476 22,333 152,144
Total commercial real estate 804,376 751,342 688,177 661,313 610,456 53,034 193,920
Commercial & industrial 33,908 35,944 35,390 33,817 35,186 (2,036) (1,278)
Owner-occupied real estate 186,652 176,426 172,445 163,327 154,533 10,226 32,119
Total commercial & industrial 220,560 212,370 207,835 197,144 189,719 8,190 30,841
Residential real estate 53,962 45,433 43,179 41,514 41,449 8,529 12,513
Consumer & other 44,224 42,310 46,311 37,360 39,496 1,914 4,728
Total noncovered loans 1,123,122 1,051,455 985,502 937,331 881,120 71,667 242,002
Covered loans:              
Construction, land & land development 51,660 58,802 81,288 98,546 136,200 (7,142) (84,540)
Other commercial real estate 91,246 115,194 139,010 165,148 208,975 (23,948) (117,729)
Total commercial real estate 142,906 173,996 220,298 263,694 345,175 (31,090) (202,269)
Commercial & industrial 8,059 10,811 14,859 21,281 29,298 (2,752) (21,239)
Owner-occupied real estate 67,568 80,239 86,612 100,151 118,848 (12,671) (51,280)
Total commercial & industrial 75,627 91,050 101,471 121,432 148,146 (15,423) (72,519)
Residential real estate 114,036 131,254 142,032 156,368 180,167 (17,218) (66,131)
Consumer & other 1,114 531 10,912 11,512 13,963 583 (12,849)
Total covered loans 333,683 396,831 474,713 553,006 687,451 (63,148) (353,768)
Total loans $ 1,456,805 $ 1,448,286 $ 1,460,215 $ 1,490,337 $ 1,568,571 $ 8,519 $ (111,766)
Composition of Deposits              
Noninterest-bearing demand deposits $ 429,960 $ 409,717 $ 387,450 $ 367,762 $ 343,214 $ 20,243 $ 86,746
Interest-bearing transaction accounts 351,288 333,336 355,651 324,305 331,550 17,952 19,738
Savings and money market deposits 911,415 959,912 949,631 960,714 1,016,619 (48,497) (105,204)
Time deposits less than $100,000 186,874 194,098 201,658 208,769 222,402 (7,224) (35,528)
Time deposits $100,000 or greater 139,672 144,501 147,363 157,414 170,844 (4,829) (31,172)
Brokered and wholesale time deposits 106,875 106,626 106,683 105,334 80,507 249 26,368
Total deposits $ 2,126,084 $ 2,148,190 $ 2,148,436 $ 2,124,298 $ 2,165,136 $ (22,106) $ (39,052)
 
 
State Bank Financial Corporation
2Q13 Financial Supplement: Table 6
Condensed Consolidated Asset Quality Data
Quarterly (Unaudited)    
            2Q13 Change vs.
(Dollars in thousands) 2Q13 1Q13 4Q12 3Q12 2Q12 1Q13 2Q12
Nonperforming noncovered assets:              
Nonaccrual loans $ 2,695 $ 3,413 $ 2,621 $ 4,117 $ 3,929 $ (718) $ (1,234)
Troubled debt restructurings 973 970 2,171 1,297 346 3 627
Total nonperforming noncovered loans 3,668 4,383 4,792 5,414 4,275 (715) (607)
Other real estate owned 1,097 276 1,115 892 976 821 121
Total nonperforming noncovered assets 4,765 4,659 5,907 6,306 5,251 106 (486)
Nonperforming covered assets:              
Other real estate owned (1) $ 52,345 $ 47,401 $ 45,062 $ 57,595 $ 60,334 $ 4,944 $ (7,989)
Noncovered assets:              
Charge-offs $ 8 $ 12 $ 2 $ 112 $ 490 $ (4) $ (482)
Recoveries 26 124 7 75 1 (98) 25
Net charge-offs (recoveries)  $ (18) $ (112) $ (5) $ 37 $ 489 $ 94 $ (507)
Ratios:              
Annualized QTD net charge-offs (recoveries) to total average noncovered loans (.01)% (.05)% —% .02% .23% .04% (.24)%
Nonperforming loans to total noncovered loans (2) .33 .42 .49 .58 .49 (.09) (.16)
Nonperforming assets to loans + ORE:              
Noncovered .42 .44 .60 .67 .60 (.02) (.18)
Covered 13.56 10.67 8.67 9.43 8.07 2.89 5.49
Allowance for loan losses to loans:              
Noncovered 1.41 1.44 1.49 1.53 1.51 (.03) (.10)
Covered 5.28 7.23 11.69 8.39 9.80 (1.95) (4.52)
               
(1) Total nonperforming assets for covered assets consist of other real estate only. There are no covered loans designated as nonperforming.
(2) The ratio of nonperforming covered loans to total covered loans is not presented, as there are no covered loans designated as nonperforming.
 
 
State Bank Financial Corporation
2Q13 Financial Supplement: Table 7
Condensed Consolidated Average Balances and Yield Analysis
Quarterly (Unaudited)    
            2Q13 Change vs.
(Dollars in thousands) 2Q13 1Q13 4Q12 3Q12 2Q12 1Q13 2Q12
Selected Average Balances              
Interest-bearing deposits in other financial institutions $ 465,823 $ 447,929 $ 371,873 $ 333,882 $ 258,178 $ 17,894 $ 207,645
Taxable investment securities 349,789 311,363 298,957 276,399 286,346 38,426 63,443
Nontaxable investment securities, tax equivalent basis 9,602 10,236 12,173 12,263 12,469 (634) (2,867)
Noncovered loans receivable (1) 1,083,549 1,007,094 955,153 901,168 840,428 76,455 243,121
Covered loans receivable 351,955 419,204 499,828 622,841 702,145 (67,249) (350,190)
Total earning assets 2,260,718 2,195,826 2,137,984 2,146,553 2,099,566 64,892 161,152
Total nonearning assets 383,523 431,215 504,400 526,973 587,569 (47,692) (204,046)
Total assets 2,644,241 2,627,041 2,642,384 2,673,526 2,687,135 17,200 (42,894)
Interest-bearing transaction accounts 360,221 324,342 315,541 321,328 323,126 35,879 37,095
Savings & money market deposits 936,819 956,517 954,260 997,939 1,052,130 (19,698) (115,311)
Time deposits less than $100,000 190,795 197,893 204,821 214,488 235,757 (7,098) (44,962)
Time deposits $100,000 or greater 142,364 145,329 152,534 162,314 182,850 (2,965) (40,486)
Brokered and wholesale time deposits 106,818 106,641 106,712 102,468 66,013 177 40,805
Notes payable 5,026 2,536 2,525 2,529 2,533 2,490 2,493
Securities sold under agreements to repurchase 5,083 3,388 5,352 2,448 2,776 1,695 2,307
Total interest-bearing liabilities 1,747,126 1,736,646 1,741,745 1,803,514 1,865,185 10,480 (118,059)
Noninterest-bearing demand deposits 410,636 384,660 380,676 356,510 330,489 25,976 80,147
Other liabilities 59,240 76,149 88,706 86,083 76,268 (16,909) (17,028)
Shareholders' equity 427,239 429,586 431,257 427,419 415,193 (2,347) 12,046
Total liabilities and shareholders' equity 2,644,241 2,627,041 2,642,384 2,673,526 2,687,135 17,200 (42,894)
Interest Margins (2)              
Interest-bearing deposits in other financial institutions .27% .23% .27% .22% .24% .04% .03%
Taxable investment securities 2.64 2.82 2.96 3.68 3.83 (.18) (1.19)
Nontaxable investment securities, tax equivalent basis (3) 4.93 5.11 5.26 5.29 5.42 (.18) (.49)
Noncovered loans receivable 5.60 5.79 6.27 6.50 6.59 (.19) (.99)
Covered loans receivable 29.39 19.96 22.16 12.07 18.44 9.43 10.95
Total earning assets 7.75% 6.94% 8.47% 6.77% 9.39% .81% (1.64)%
Interest-bearing transaction accounts .10 .12 .11 .12 .12 (.02) (.02)
Savings & money market deposits .42 .43 .45 .46 .51 (.01) (.09)
Time deposits less than $100,000 .59 .59 .62 .68 .87 (.28)
Time deposits $100,000 or greater .72 .74 .75 .80 .97 (.02) (.25)
Brokered and wholesale time deposits .93 .93 .94 .92 .85 .08
Notes payable 10.77 12.63 8.67 8.49 8.26 (1.86) 2.51
Securities sold under agreements to repurchase .08 .12 .07 .16 .14 (.04) (.06)
Total interest-bearing liabilities .46 .47 .48 .49 .55 (.01) (.09)
Net interest spread 7.29 6.47 7.99 6.28 8.84 .82 (1.55)
Net interest margin 7.39% 6.57% 8.08% 6.36% 8.90% .82% (1.51)%
               
(1) The above amount includes average nonaccrual loans of $4,136 for 2Q13, $3,980 for 1Q13, $3,337 for 4Q12, $4,114 for 3Q12, and $4,053 for 2Q12.
(2) Annualized for the applicable period.
(3) Reflects taxable equivalent adjustments using the statutory tax rate of 35% in adjusting interest on tax-exempt securities to fully taxable basis. The taxable equivalent adjustments included above amount to $40 for 2Q13, $45 for 1Q13, $56 for 4Q12, $57 for 3Q12, and $59 for 2Q12.
CONTACT: Media Contact:
         David Rubinger 404.502.1240 / david@rubinger.com
         Investor Relations Contact:
         David Black 404.266.4490 / david.black@statebt.com

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