Investor Relations Contact: Jeremy Lucas 404.239.8626 / jeremy.lucas@statebt.com
State Bank Financial Corporation Reports
Fourth Quarter and Full Year 2016 Financial Results
Full Year 2016 Highlights
| |
| ▪ | Record earnings of $47.6 million |
| |
| ▪ | Return on average assets of 1.34% |
| |
| ▪ | Completed NBG Bancorp and S Bankshares merger transactions |
| |
| ▪ | $4.2 billion in total assets at year-end |
| |
| ▪ | $254 million of loan growth and $156 million of deposit growth, excluding acquisitions |
| |
| ▪ | Interest income excluding accretion increased 12% |
ATLANTA, GA, January 26, 2017 - State Bank Financial Corporation (NASDAQ: STBZ) today announced unaudited financial results for the fourth quarter and full year ended December 31, 2016. Full year net income for 2016 was $47.6 million, or $1.28 per fully diluted share, compared to $28.4 million, or $.77 per fully diluted share, for full year 2015. Net income for the fourth quarter of 2016 was $10.3 million, compared to $12.4 million in the third quarter of 2016 and $12.1 million in the fourth quarter of 2015. Fully diluted earnings per share were $.28 in the fourth quarter of 2016 compared to $.34 in the third quarter of 2016 and $.33 in the fourth quarter of 2015. The fourth quarter of 2016 included $3.5 million of merger-related expenses, which reduced earnings per share by approximately $.06 in the quarter, net of tax.
Joe Evans, Chairman and CEO of State Bank Financial, commented, “2016 was a great year. We had record earnings and completed two bank acquisitions that pushed us over $4 billion in assets. We ended the year with strong momentum, and I am very optimistic about our opportunities in 2017.”
Operating Highlights
Interest income on loans improved to $26.7 million in the fourth quarter of 2016, a $116,000 increase from the third quarter of 2016 and a $2.4 million increase from the fourth quarter of 2015. Net interest income of $39.1 million in the fourth quarter of 2016 increased from $38.1 million in the third quarter of 2016 but declined from $40.6 million in the fourth quarter of 2015. Accretion income on loans of $10.3 million in the fourth quarter of 2016 was positively impacted by a $2.2 million gain from loan pool closings. Accretion income was $9.3 million in the third quarter of 2016 and $14.2 million in the fourth quarter of 2015, which included a $4.1 million gain from loan pool closings. As of December 31, 2016, approximately $69 million of accretable discount, inclusive of $4 million from The National Bank of Georgia and S Bank, remains to be recognized as loan accretion income.
Noninterest income was $9.9 million in the fourth quarter of 2016, compared to $9.8 million in the third quarter of 2016 and $8.1 million in the fourth quarter of 2015. Payroll fee income increased $235,000 in the fourth quarter of 2016 to $1.4 million, and SBA income was up $165,000 to $1.7 million in the fourth quarter of 2016. Strong quarters from payroll fee income and SBA income helped offset lower fourth quarter mortgage banking income, which declined compared to the previous quarter as a result of normal seasonality. For full year 2016, noninterest income, excluding amortization of the FDIC receivable, increased 7.4% compared to 2015, including an increase in mortgage banking income of 9.5%, SBA income of 16.6%, and payroll fee income of 15.1%.
Total noninterest expense for the fourth quarter of 2016 was $32.9 million, a $4.4 million increase from
the third quarter of 2016, and a $3.3 million increase from the fourth quarter of 2015. The fourth quarter of 2016 included $3.5 million of merger-related expenses and a decrease in net gains on OREO of $714,000 compared to the third quarter of 2016. Legal and professional fees increased $638,000 in the fourth quarter due to expenses incurred related to a support system project. Salary and benefit expenses declined $245,000 from the third quarter of 2016 and $360,000 from the fourth quarter of 2015. For full year 2016, noninterest expense, excluding merger-related expenses and the net benefit of OREO activity, declined $5.7 million, or 4.7%, compared to 2015, primarily due to a $4.5 million decline in salary and benefit expenses.
Financial Condition
Comparison of period-end balance sheet metrics for the year ended December 31, 2016, to prior periods is materially affected by the acquisitions of The National Bank of Georgia and S Bank, which were each completed on December 31, 2016. Average balance sheet metrics for the quarter and year ended December 31, 2016, are not impacted by these acquisitions.
Total assets at December 31, 2016 were $4.22 billion, up from $3.62 billion at September 30, 2016. Total loans were $2.8 billion at December 31, 2016, up $468 million from the third quarter of 2016 due to approximately $424 million of loans acquired from The National Bank of Georgia and S Bank as well as organic loan growth during the quarter.
Tom Wiley, Vice Chairman and President, commented, “It was my privilege at year-end to welcome the customers and talented bankers from The National Bank of Georgia and S Bank to State Bank. These attractive new markets represent tremendous opportunity to build upon the outstanding trajectory of our core franchise. Results for 2016 clearly demonstrate our commitment to growing low-cost core deposits, emphasizing our fee income lines of business, increasing loans without compromising our credit metrics, prudently deploying capital, and becoming a more efficient company.”
Excluding the acquisitions, organic and purchased non-credit impaired loans increased to $2.3 billion at December 31, 2016, a net increase of $49.2 million from the third quarter of 2016 and $254.1 million from the fourth quarter of 2015. Purchased credit impaired loans, excluding the acquisitions, decreased to $121.8 million at the end of the fourth quarter of 2016, a $5.0 million decrease from the previous quarter and a $23.8 million decrease from the fourth quarter of 2015.
The organic loan portfolio continued to perform well in the fourth quarter of 2016 as past due organic
loans represented .06% of total organic loans. The allowance as a percent of loans declined six basis points to 1.01% at the end of the fourth quarter of 2016 and covers organic nonperforming assets by more than three times.
Total deposits at December 31, 2016 were $3.43 billion, up $472 million from $2.96 billion at September 30, 2016, including $414 million of deposits acquired from The National Bank of Georgia and S Bank. Period-end transaction accounts, comprised of noninterest-bearing demand deposits and interest-bearing transaction accounts, increased $211 million from the third quarter of 2016 inclusive of acquisitions. Noninterest-bearing demand deposits represented 28.7% of total deposits as of December 31, 2016.
Excluding the acquisitions, period-end total deposits increased $58.8 million in the fourth quarter of 2016, as $95.3 million of growth in transaction accounts was partially offset by declines in CDs and brokered deposits. Period-end total deposits increased $156.1 million in full year 2016, excluding the acquisitions. Average total deposits increased $108.7 million from the previous quarter and $132.7 million from the fourth quarter of 2015.
Tangible book value per share was $13.48 at the end of the fourth quarter of 2016. State Bank Financial Corporation continues to be well capitalized, ending the quarter with a leverage ratio of 14.92% and a Tier I risk-based capital ratio of 14.76%.
Detailed Results
Supplemental tables displaying financial results for the fourth quarter of 2016, the previous four quarters, and full year 2016 are included with this press release.
Non-GAAP Financial Measure
This press release contains a financial measure determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). For more information on this non-GAAP financial measure, please refer to 4Q16 Financial Supplement: Table 8, Reconciliation of Non-GAAP Measure.
Conference Call
Chief Executive Officer Joe Evans, President Tom Wiley, Chief Financial Officer Sheila Ray, and Chief Credit Officer David Black will discuss financial and business results for the quarter and the year on a conference call today at 10:00 a.m. ET.
Dial in number: 1.877.311.6681
Please allow time to register your name and affiliation/company prior to the start of the call. A replay of the conference call will be available shortly after the call's completion in the Investors section on the company's website at www.statebt.com. A slide presentation for today's call is also available in the Investors section on the company's website.
About State Bank Financial Corporation
State Bank Financial Corporation (NASDAQ: STBZ), with approximately $4.2 billion in assets as of December 31, 2016, is an Atlanta-based bank holding company for State Bank and Trust Company. State Bank operates 31 full-service banking offices and eight mortgage origination offices in 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,” “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, future accretion income on loans, statements regarding our strong momentum and opportunities in 2017, our belief that our new markets will provide a tremendous opportunity for us to build on the outstanding trajectory of our core franchise, and other statements regarding our strategic initiatives. Such forward-looking statements are subject to risks, uncertainties, and other factors, including a downturn in the economy, volatile credit and financial markets both domestic and foreign, potential deterioration in real estate values, regulatory changes and excessive loan losses, 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.
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| State Bank Financial Corporation |
| 4Q16 Financial Supplement: Table 1 |
| Condensed Consolidated Financial Summary Results |
| Quarterly (Unaudited) |
| | | | | | | | | | | | | 4Q16 change vs |
| (Dollars in thousands, except per share amounts) | | 4Q16 | | 3Q16 | | 2Q16 | | 1Q16 | | 4Q15 | | 3Q16 | | 4Q15 |
| | | | | | | | | | | | | | | |
| Income Statement Highlights | | | | | | | | | | | | | | |
| Interest income on loans | | $ | 26,696 |
| | $ | 26,580 |
| | $ | 25,406 |
| | $ | 24,342 |
| | $ | 24,250 |
| | $ | 116 |
| | $ | 2,446 |
|
| Accretion income on loans | | 10,271 |
| | 9,335 |
| | 13,961 |
| | 9,743 |
| | 14,240 |
| | 936 |
| | (3,969 | ) |
| Interest income on invested funds | | 4,810 |
| | 4,714 |
| | 4,726 |
| | 4,673 |
| | 4,139 |
| | 96 |
| | 671 |
|
| Total interest income | | 41,777 |
| | 40,629 |
| | 44,093 |
| | 38,758 |
| | 42,629 |
| | 1,148 |
| | (852 | ) |
| Interest expense | | 2,631 |
| | 2,504 |
| | 2,371 |
| | 2,113 |
| | 1,994 |
| | 127 |
| | 637 |
|
| Net interest income | | 39,146 |
| | 38,125 |
| | 41,722 |
| | 36,645 |
| | 40,635 |
| | 1,021 |
| | (1,489 | ) |
| Provision for loan and lease losses (organic & PNCI loans) | | 300 |
| | 7 |
| | 1,600 |
| | 1,689 |
| | 1,003 |
| | 293 |
| | (703 | ) |
| Provision for loan and lease losses (purchased credit impaired loans) | | (23 | ) | | 81 |
| | (1,594 | ) | | (1,823 | ) | | (509 | ) | | (104 | ) | | 486 |
|
| Provision for loan and lease losses | | 277 |
| | 88 |
| | 6 |
| | (134 | ) | | 494 |
| | 189 |
| | (217 | ) |
| Total noninterest income | | 9,911 |
| | 9,769 |
| | 10,230 |
| | 9,391 |
| | 8,136 |
| | 142 |
| | 1,775 |
|
| Total noninterest expense | | 32,875 |
| | 28,480 |
| | 30,674 |
| | 28,898 |
| | 29,562 |
| | 4,395 |
| | 3,313 |
|
| Income before income taxes | | 15,905 |
| | 19,326 |
| | 21,272 |
| | 17,272 |
| | 18,715 |
| | (3,421 | ) | | (2,810 | ) |
| Income tax expense | | 5,578 |
| | 6,885 |
| | 7,287 |
| | 6,434 |
| | 6,594 |
| | (1,307 | ) | | (1,016 | ) |
| Net income | | $ | 10,327 |
| | $ | 12,441 |
| | $ | 13,985 |
| | $ | 10,838 |
| | $ | 12,121 |
| | $ | (2,114 | ) | | $ | (1,794 | ) |
| | | | | | | | | | | | | | | |
| Common Share Data | | | | | | | | | | | |
|
| |
|
|
| Basic earnings per share | | $ | .28 |
| | $ | .34 |
| | $ | .38 |
| | $ | .29 |
| | $ | .33 |
| | $ | (.06 | ) | | $ | (.05 | ) |
| Diluted earnings per share | | .28 |
| | .34 |
| | .38 |
| | .29 |
| | .33 |
| | (.06 | ) | | (.05 | ) |
| Cash dividends declared per share | | .14 |
| | .14 |
| | .14 |
| | .14 |
| | .14 |
| | — |
| | — |
|
| Book value per share | | 15.80 |
| | 15.21 |
| | 15.00 |
| | 14.73 |
| | 14.47 |
| | .59 |
| | 1.33 |
|
| Tangible book value per share (1) | | 13.48 |
| | 13.99 |
| | 13.77 |
| | 13.49 |
| | 13.22 |
| | (.51 | ) | | .26 |
|
| Market price per share (quarter end) | | 26.86 |
| | 22.82 |
| | 20.35 |
| | 19.76 |
| | 21.03 |
| | 4.04 |
| | 5.83 |
|
| | | | | | | | | | | | | | | |
| Common Shares Outstanding | | | | | | | | | | | | | | |
| Common stock | | 38,845,573 |
| | 36,894,553 |
| | 36,894,641 |
| | 37,052,008 |
| | 37,077,848 |
| | 1,951,020 |
| | 1,767,725 |
|
| Weighted average shares outstanding: | | | | | | | | | | | | | | |
| Basic | | 35,904,009 |
| | 35,863,183 |
| | 35,822,654 |
| | 36,092,269 |
| | 35,208,607 |
| | 40,826 |
| | 695,402 |
|
| Diluted | | 36,009,098 |
| | 35,965,948 |
| | 35,923,691 |
| | 36,187,662 |
| | 36,140,474 |
| | 43,150 |
| | (131,376 | ) |
| | | | | | | | | | | | | | | |
| Average Balance Sheet Highlights | | | | | | | | | | | |
|
| |
|
|
| Loans | | $ | 2,431,512 |
| | $ | 2,406,629 |
| | $ | 2,326,666 |
| | $ | 2,250,518 |
| | $ | 2,203,993 |
| | $ | 24,883 |
| | $ | 227,519 |
|
| Assets | | 3,636,159 |
| | 3,564,470 |
| | 3,524,231 |
| | 3,476,646 |
| | 3,455,342 |
| | 71,689 |
| | 180,817 |
|
| Deposits | | 2,975,510 |
| | 2,866,822 |
| | 2,873,019 |
| | 2,854,514 |
| | 2,842,788 |
| | 108,688 |
| | 132,722 |
|
| Equity | | 559,561 |
| | 557,365 |
| | 546,838 |
| | 542,444 |
| | 534,702 |
| | 2,196 |
| | 24,859 |
|
| Tangible common equity | | 514,982 |
| | 512,265 |
| | 501,221 |
| | 496,287 |
| | 491,346 |
| | 2,717 |
| | 23,636 |
|
| | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | | |
| State Bank Financial Corporation |
| 4Q16 Financial Supplement: Table 1 (continued) |
| Condensed Consolidated Financial Summary Results |
| Quarterly (Unaudited) |
| | | | | | | | | | | | | 4Q16 change vs |
| (Dollars in thousands, except per share amounts) | | 4Q16 | | 3Q16 | | 2Q16 | | 1Q16 | | 4Q15 | | 3Q16 | | 4Q15 |
| | | | | | | | | | | | | | | |
| Key Metrics (2) | | | | | | | | | | | | | | |
| Return on average assets | | 1.13 | % | | 1.39 | % | | 1.60 | % | | 1.25 | % | | 1.39 | % | | (.26 | )% | | (.26 | )% |
| Return on average equity | | 7.34 |
| | 8.88 |
| | 10.29 |
| | 8.04 |
| | 8.99 |
| | (1.54 | ) | | (1.65 | ) |
| Yield on earning assets | | 4.87 |
| | 4.84 |
| | 5.37 |
| | 4.79 |
| | 5.23 |
| | .03 |
| | (.36 | ) |
| Cost of funds | | .35 |
| | .34 |
| | .33 |
| | .29 |
| | .28 |
| | .01 |
| | .07 |
|
| Rate on interest-bearing liabilities | | .49 |
| | .47 |
| | .46 |
| | .42 |
| | .39 |
| | .02 |
| | .10 |
|
| Net interest margin | | 4.56 |
| | 4.54 |
| | 5.08 |
| | 4.53 |
| | 4.99 |
| | .02 |
| | (.43 | ) |
| Net interest margin excluding accretion income (3) | | 3.50 |
| | 3.57 |
| | 3.53 |
| | 3.48 |
| | 3.40 |
| | (.07 | ) | | .10 |
|
| Leverage ratio (4) | | 14.92 |
| | 14.64 |
| | 14.56 |
| | 14.59 |
| | 14.48 |
| | .28 |
| | .44 |
|
| Tier I risk-based capital ratio (4) | | 14.76 |
| | 16.68 |
| | 16.52 |
| | 17.09 |
| | 17.71 |
| | (1.92 | ) | | (2.95 | ) |
| Total risk-based capital ratio (4) | | 15.51 |
| | 17.56 |
| | 17.42 |
| | 18.13 |
| | 18.75 |
| | (2.05 | ) | | (3.24 | ) |
| Efficiency ratio (5) | | 67.01 |
| | 59.46 |
| | 59.04 |
| | 62.77 |
| | 60.61 |
| | 7.55 |
| | 6.40 |
|
| Average loans to average deposits | | 81.72 |
| | 83.95 |
| | 80.98 |
| | 78.84 |
| | 77.53 |
| | (2.23 | ) | | 4.19 |
|
| Noninterest-bearing deposits to total deposits | | 28.69 |
| | 30.09 |
| | 28.75 |
| | 30.68 |
| | 28.87 |
| | (1.40 | ) | | (.18 | ) |
(1) Denotes a non-GAAP financial measure. See Reconciliation of Non-GAAP Measure (Table 8) for further information.
(2) Income statement ratios and yield/rate information are annualized for the applicable period.
(3) Excludes accretion income on loans and average purchased credit impaired loans.
(4) Current period capital ratios are estimated as of the date of this earnings release.
(5) Noninterest expenses divided by net interest income plus noninterest income.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| State Bank Financial Corporation |
| 4Q16 Financial Supplement: Table 2 |
| Condensed Consolidated Balance Sheets |
| Quarterly (Unaudited) |
| | | | | | | | | | | | | 4Q16 change vs |
| (Dollars in thousands) | | 4Q16 | | 3Q16 | | 2Q16 | | 1Q16 | | 4Q15 | | 3Q16 | | 4Q15 |
| | | | | | | | | | | | | | | |
| Assets | | | | | | | | | | | | | | |
| Cash and amounts due from depository institutions | | $ | 13,219 |
| | $ | 10,648 |
| | $ | 11,964 |
| | $ | 14,398 |
| | $ | 12,175 |
| | $ | 2,571 |
| | $ | 1,044 |
|
| Interest-bearing deposits in other financial institutions | | 132,851 |
| | 103,122 |
| | 70,603 |
| | 102,355 |
| | 163,187 |
| | 29,729 |
| | (30,336 | ) |
| Federal funds sold | | 3,523 |
| | — |
| | — |
| | — |
| | — |
| | 3,523 |
| | 3,523 |
|
| Cash and cash equivalents | | 149,593 |
| | 113,770 |
| | 82,567 |
| | 116,753 |
| | 175,362 |
| | 35,823 |
| | (25,769 | ) |
| Investment securities available-for-sale | | 847,178 |
| | 822,655 |
| | 824,980 |
| | 849,576 |
| | 887,705 |
| | 24,523 |
| | (40,527 | ) |
| Investment securities held-to-maturity | | 67,063 |
| | 67,071 |
| | 63,080 |
| | 60,591 |
| | — |
| | (8 | ) | | 67,063 |
|
| Loans | | 2,814,572 |
| | 2,346,346 |
| | 2,345,096 |
| | 2,258,533 |
| | 2,160,217 |
| | 468,226 |
| | 654,355 |
|
| Allowance for loan and lease losses | | (26,598 | ) | | (27,177 | ) | | (27,599 | ) | | (30,345 | ) | | (29,075 | ) | | 579 |
| | 2,477 |
|
| Loans, net | | 2,787,974 |
| | 2,319,169 |
| | 2,317,497 |
| | 2,228,188 |
| | 2,131,142 |
| | 468,805 |
| | 656,832 |
|
| Loans held-for-sale | | 52,169 |
| | 63,852 |
| | 71,302 |
| | 55,219 |
| | 54,933 |
| | (11,683 | ) | | (2,764 | ) |
| Other real estate owned | | 10,897 |
| | 10,609 |
| | 11,578 |
| | 11,590 |
| | 10,530 |
| | 288 |
| | 367 |
|
| Premises and equipment, net | | 52,056 |
| | 42,009 |
| | 42,153 |
| | 42,802 |
| | 42,980 |
| | 10,047 |
| | 9,076 |
|
| Goodwill | | 77,084 |
| | 36,357 |
| | 36,357 |
| | 36,357 |
| | 36,357 |
| | 40,727 |
| | 40,727 |
|
| Other intangibles, net | | 12,749 |
| | 8,515 |
| | 9,029 |
| | 9,556 |
| | 10,101 |
| | 4,234 |
| | 2,648 |
|
| SBA servicing rights | | 3,477 |
| | 3,275 |
| | 3,165 |
| | 2,882 |
| | 2,626 |
| | 202 |
| | 851 |
|
| Bank-owned life insurance | | 65,371 |
| | 60,282 |
| | 59,749 |
| | 59,281 |
| | 58,819 |
| | 5,089 |
| | 6,552 |
|
| Other assets | | 99,248 |
| | 68,820 |
| | 65,046 |
| | 60,176 |
| | 59,512 |
| | 30,428 |
| | 39,736 |
|
| Total assets | | $ | 4,224,859 |
| | $ | 3,616,384 |
| | $ | 3,586,503 |
| | $ | 3,532,971 |
| | $ | 3,470,067 |
| | $ | 608,475 |
| | $ | 754,792 |
|
| Liabilities and Shareholders’ Equity | | | | | | | | | | | |
|
| |
|
|
| Noninterest-bearing deposits | | $ | 984,419 |
| | $ | 890,588 |
| | $ | 829,673 |
| | $ | 891,511 |
| | $ | 826,216 |
| | $ | 93,831 |
| | $ | 158,203 |
|
| Interest-bearing deposits | | 2,446,746 |
| | 2,068,704 |
| | 2,055,817 |
| | 2,014,087 |
| | 2,035,746 |
| | 378,042 |
| | 411,000 |
|
| Total deposits | | 3,431,165 |
| | 2,959,292 |
| | 2,885,490 |
| | 2,905,598 |
| | 2,861,962 |
| | 471,873 |
| | 569,203 |
|
| Federal funds purchased and securities sold under agreements to repurchase | | 27,673 |
| | 20,124 |
| | 33,923 |
| | 33,503 |
| | 32,179 |
| | 7,549 |
| | (4,506 | ) |
| FHLB borrowings | | 47,014 |
| | 20,000 |
| | 62,000 |
| | — |
| | — |
| | 27,014 |
| | 47,014 |
|
| Notes payable | | 398 |
| | 398 |
| | 398 |
| | 1,808 |
| | 1,812 |
| | — |
| | (1,414 | ) |
| Other liabilities | | 104,976 |
| | 55,436 |
| | 51,336 |
| | 46,207 |
| | 37,624 |
| | 49,540 |
| | 67,352 |
|
| Total liabilities | | 3,611,226 |
| | 3,055,250 |
| | 3,033,147 |
| | 2,987,116 |
| | 2,933,577 |
| | 555,976 |
| | 677,649 |
|
| Total shareholders’ equity | | 613,633 |
| | 561,134 |
| | 553,356 |
| | 545,855 |
| | 536,490 |
| | 52,499 |
| | 77,143 |
|
| Total liabilities and shareholders’ equity | | $ | 4,224,859 |
| | $ | 3,616,384 |
| | $ | 3,586,503 |
| | $ | 3,532,971 |
| | $ | 3,470,067 |
| | $ | 608,475 |
| | $ | 754,792 |
|
| | | | | | | | | | | | | | | |
| Capital Ratios (1) | | | | | | | | | | | |
|
| |
|
|
| Average equity to average assets | | 15.39 | % | | 15.64 | % | | 15.52 | % | | 15.60 | % | | 15.47 | % | | (.25 | )% | | (.08 | )% |
| Leverage ratio | | 14.92 |
| | 14.64 |
| | 14.56 |
| | 14.59 |
| | 14.48 |
| | .28 |
| | .44 |
|
| CET1 risk-based capital ratio | | 14.76 |
| | 16.68 |
| | 16.52 |
| | 17.09 |
| | 17.71 |
| | (1.92 | ) | | (2.95 | ) |
| Tier I risk-based capital ratio | | 14.76 |
| | 16.68 |
| | 16.52 |
| | 17.09 |
| | 17.71 |
| | (1.92 | ) | | (2.95 | ) |
| Total risk-based capital ratio | | 15.51 |
| | 17.56 |
| | 17.42 |
| | 18.13 |
| | 18.75 |
| | (2.05 | ) | | (3.24 | ) |
(1) Current period capital ratios are estimated as of the date of this earning release.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| State Bank Financial Corporation |
| 4Q16 Financial Supplement: Table 3 |
| Condensed Consolidated Income Statements |
| Quarterly (Unaudited) |
| | | | | | | | | | | | | 4Q16 change vs |
| (Dollars in thousands, except per share amounts) | | 4Q16 | | 3Q16 | | 2Q16 | | 1Q16 | | 4Q15 | | 3Q16 | | 4Q15 |
| | | | | | | | | | | | | | | |
| Net Interest Income: | | | | | | | | | | | | | | |
| Interest income on loans | | $ | 26,696 |
| | $ | 26,580 |
| | $ | 25,406 |
| | $ | 24,342 |
| | $ | 24,250 |
| | $ | 116 |
| | $ | 2,446 |
|
| Accretion income on loans | | 10,271 |
| | 9,335 |
| | 13,961 |
| | 9,743 |
| | 14,240 |
| | 936 |
| | (3,969 | ) |
| Interest income on invested funds | | 4,810 |
| | 4,714 |
| | 4,726 |
| | 4,673 |
| | 4,139 |
| | 96 |
| | 671 |
|
| Interest expense | | 2,631 |
| | 2,504 |
| | 2,371 |
| | 2,113 |
| | 1,994 |
| | 127 |
| | 637 |
|
| Net interest income | | 39,146 |
| | 38,125 |
| | 41,722 |
| | 36,645 |
| | 40,635 |
| | 1,021 |
| | (1,489 | ) |
| Provision for loan and lease losses (organic & PNCI loans) | | 300 |
| | 7 |
| | 1,600 |
| | 1,689 |
| | 1,003 |
| | 293 |
| | (703 | ) |
| Provision for loan and lease losses (purchased credit impaired loans) | | (23 | ) | | 81 |
| | (1,594 | ) | | (1,823 | ) | | (509 | ) | | (104 | ) | | 486 |
|
| Provision for loan and lease losses | | 277 |
| | 88 |
| | 6 |
| | (134 | ) | | 494 |
| | 189 |
| | (217 | ) |
| Net interest income after provision for loan and lease losses | | 38,869 |
| | 38,037 |
| | 41,716 |
| | 36,779 |
| | 40,141 |
| | 832 |
| | (1,272 | ) |
| Noninterest Income: | | | | | | | | | | | |
|
| |
|
|
| Service charges on deposits | | 1,319 |
| | 1,383 |
| | 1,352 |
| | 1,386 |
| | 1,495 |
| | (64 | ) | | (176 | ) |
| Mortgage banking income | | 2,511 |
| | 3,216 |
| | 3,551 |
| | 3,041 |
| | 2,011 |
| | (705 | ) | | 500 |
|
| Payroll fee income | | 1,363 |
| | 1,128 |
| | 1,111 |
| | 1,327 |
| | 1,165 |
| | 235 |
| | 198 |
|
| SBA income | | 1,718 |
| | 1,553 |
| | 1,685 |
| | 1,502 |
| | 1,316 |
| | 165 |
| | 402 |
|
| ATM income | | 735 |
| | 759 |
| | 769 |
| | 745 |
| | 741 |
| | (24 | ) | | (6 | ) |
| Bank-owned life insurance income | | 467 |
| | 533 |
| | 468 |
| | 462 |
| | 472 |
| | (66 | ) | | (5 | ) |
| Gain on sale of investment securities | | 42 |
| | 38 |
| | 396 |
| | 13 |
| | 16 |
| | 4 |
| | 26 |
|
| Other | | 1,756 |
| | 1,159 |
| | 898 |
| | 915 |
| | 920 |
| | 597 |
| | 836 |
|
| Total noninterest income | | 9,911 |
| | 9,769 |
| | 10,230 |
| | 9,391 |
| | 8,136 |
| | 142 |
| | 1,775 |
|
| Noninterest Expense: | | | | | | | | | | | |
|
| |
|
|
| Salaries and employee benefits | | 19,554 |
| | 19,799 |
| | 20,662 |
| | 18,760 |
| | 19,914 |
| | (245 | ) | | (360 | ) |
| Occupancy and equipment | | 3,069 |
| | 2,984 |
| | 3,015 |
| | 3,101 |
| | 2,995 |
| | 85 |
| | 74 |
|
| Data processing | | 2,131 |
| | 2,097 |
| | 2,211 |
| | 2,075 |
| | 2,378 |
| | 34 |
| | (247 | ) |
| Legal and professional fees | | 1,702 |
| | 1,064 |
| | 976 |
| | 953 |
| | 1,091 |
| | 638 |
| | 611 |
|
| Merger-related expenses | | 3,507 |
| | 135 |
| | 319 |
| | — |
| | — |
| | 3,372 |
| | 3,507 |
|
| Marketing | | 430 |
| | 665 |
| | 619 |
| | 502 |
| | 792 |
| | (235 | ) | | (362 | ) |
| Federal deposit insurance premiums and other regulatory fees | | 188 |
| | 441 |
| | 553 |
| | 562 |
| | 518 |
| | (253 | ) | | (330 | ) |
| Loan collection costs and OREO activity | | (127 | ) | | (841 | ) | | (96 | ) | | 485 |
| | (690 | ) | | 714 |
| | 563 |
|
| Amortization of intangibles | | 516 |
| | 513 |
| | 528 |
| | 545 |
| | 509 |
| | 3 |
| | 7 |
|
| Other | | 1,905 |
| | 1,623 |
| | 1,887 |
| | 1,915 |
| | 2,055 |
| | 282 |
| | (150 | ) |
| Total noninterest expense | | 32,875 |
| | 28,480 |
| | 30,674 |
| | 28,898 |
| | 29,562 |
| | 4,395 |
| | 3,313 |
|
| Income Before Income Taxes | | 15,905 |
| | 19,326 |
| | 21,272 |
| | 17,272 |
| | 18,715 |
| | (3,421 | ) | | (2,810 | ) |
| Income tax expense | | 5,578 |
| | 6,885 |
| | 7,287 |
| | 6,434 |
| | 6,594 |
| | (1,307 | ) | | (1,016 | ) |
| Net Income | | $ | 10,327 |
| | $ | 12,441 |
| | $ | 13,985 |
| | $ | 10,838 |
| | $ | 12,121 |
| | $ | (2,114 | ) | | $ | (1,794 | ) |
| | | | | | | | | | | | | | | |
| Net income allocated to participating securities | | $ | 282 |
| | $ | 348 |
| | $ | 408 |
| | $ | 285 |
| | $ | 349 |
| | $ | (66 | ) | | $ | (67 | ) |
| Net income allocated to common shareholders | | 10,045 |
| | 12,093 |
| | 13,577 |
| | 10,553 |
| | 11,772 |
| | (2,048 | ) | | (1,727 | ) |
| Earnings Per Share | | | | | | | | | | | | | | |
| Basic | | $ | .28 |
| | $ | .34 |
| | $ | .38 |
| | $ | .29 |
| | $ | .33 |
| | $ | (.06 | ) | | $ | (.05 | ) |
| Diluted | | .28 |
| | .34 |
| | .38 |
| | .29 |
| | .33 |
| | (.06 | ) | | (.05 | ) |
| Weighted Average Shares Outstanding | | | | | | | | | | | |
|
| |
|
|
| Basic | | 35,904,009 |
| | 35,863,183 |
| | 35,822,654 |
| | 36,092,269 |
| | 35,208,607 |
| | 40,826 |
| | 695,402 |
|
| Diluted | | 36,009,098 |
| | 35,965,948 |
| | 35,923,691 |
| | 36,187,662 |
| | 36,140,474 |
| | 43,150 |
| | (131,376 | ) |
|
| | | | | | | | | | | | |
| State Bank Financial Corporation |
| 4Q16 Financial Supplement: Table 4 |
| Condensed Consolidated Income Statements |
| Year to Date (Unaudited) |
| | | Years Ended December 31 | | Change |
| (Dollars in thousands, except per share amounts) | | 2016 | | 2015 | |
| | | | | | | |
| Net Interest Income: | | | | | | |
| Interest income on loans | | $ | 103,024 |
| | $ | 92,938 |
| | $ | 10,086 |
|
| Accretion income on loans | | 43,310 |
| | 49,830 |
| | (6,520 | ) |
| Interest income on invested funds | | 18,923 |
| | 15,823 |
| | 3,100 |
|
| Interest expense | | 9,619 |
| | 7,922 |
| | 1,697 |
|
| Net interest income | | 155,638 |
| | 150,669 |
| | 4,969 |
|
| Provision for loan and lease losses (organic & PNCI loans) | | 3,596 |
| | 2,951 |
| | 645 |
|
| Provision for loan and lease losses (purchased credit impaired loans) | | (3,359 | ) | | 535 |
| | (3,894 | ) |
| Provision for loan and lease losses | | 237 |
| | 3,486 |
| | (3,249 | ) |
| Net interest income after provision for loan and lease losses | | 155,401 |
| | 147,183 |
| | 8,218 |
|
| Noninterest Income: | | | | | |
|
| Amortization of FDIC receivable for loss share agreements | | — |
| | (16,488 | ) | | 16,488 |
|
| Service charges on deposits | | 5,440 |
| | 5,976 |
| | (536 | ) |
| Mortgage banking income | | 12,319 |
| | 11,250 |
| | 1,069 |
|
| Payroll fee income | | 4,929 |
| | 4,283 |
| | 646 |
|
| SBA income | | 6,458 |
| | 5,539 |
| | 919 |
|
| ATM income | | 3,008 |
| | 2,981 |
| | 27 |
|
| Bank-owned life insurance income | | 1,930 |
| | 1,926 |
| | 4 |
|
| Gain on sale of investment securities | | 489 |
| | 354 |
| | 135 |
|
| Other | | 4,728 |
| | 4,290 |
| | 438 |
|
| Total noninterest income | | 39,301 |
| | 20,111 |
| | 19,190 |
|
| Noninterest Expense: | | | | | |
|
| Salaries and employee benefits | | 78,775 |
| | 83,295 |
| | (4,520 | ) |
| Occupancy and equipment | | 12,169 |
| | 12,432 |
| | (263 | ) |
| Data processing | | 8,514 |
| | 9,190 |
| | (676 | ) |
| Legal and professional fees | | 4,695 |
| | 4,948 |
| | (253 | ) |
| Merger-related expenses | | 3,961 |
| | 1,730 |
| | 2,231 |
|
| Marketing | | 2,216 |
| | 2,318 |
| | (102 | ) |
| Federal deposit insurance premiums and other regulatory fees | | 1,744 |
| | 2,100 |
| | (356 | ) |
| Loan collection costs and OREO activity | | (579 | ) | | (1,597 | ) | | 1,018 |
|
| Amortization of intangibles | | 2,102 |
| | 1,804 |
| | 298 |
|
| Other | | 7,330 |
| | 7,202 |
| | 128 |
|
| Total noninterest expense | | 120,927 |
| | 123,422 |
| | (2,495 | ) |
| Income Before Income Taxes | | 73,775 |
| | 43,872 |
| | 29,903 |
|
| Income tax expense | | 26,184 |
| | 15,449 |
| | 10,735 |
|
| Net Income | | $ | 47,591 |
| | $ | 28,423 |
| | $ | 19,168 |
|
| | | | | | | |
| Net income allocated to participating securities | | $ | 1,303 |
| | $ | 783 |
| | $ | 520 |
|
| Net income allocated to common shareholders | | 46,288 |
| | 27,640 |
| | 18,648 |
|
| | | | | | | |
| Earnings Per Share | | | | | | |
| Basic | | $ | 1.29 |
| | $ | .79 |
| | $ | .50 |
|
| Diluted | | 1.28 |
| | .77 |
| | .51 |
|
| Weighted Average Shares Outstanding | | | | | |
|
| Basic | | 35,931,528 |
| | 34,810,855 |
| | 1,120,673 |
|
| Diluted | | 36,033,643 |
| | 36,042,719 |
| | (9,076 | ) |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| State Bank Financial Corporation |
| 4Q16 Financial Supplement: Table 5 |
| Condensed Consolidated Composition of Loans and Deposits at Period Ends |
| Quarterly (Unaudited) |
| | | | | | | | | | | | | 4Q16 change vs |
| (Dollars in thousands) | | 4Q16 | | 3Q16 | | 2Q16 | | 1Q16 | | 4Q15 | | 3Q16 | | 4Q15 |
| | | | | | | | | | | | | | | |
| Composition of Loans | | | | | | | | | | | | | | |
| Organic loans (1): | | | | | | | | | | | | | | |
| Construction, land & land development | | $ | 500,018 |
| | $ | 486,299 |
| | $ | 470,672 |
| | $ | 452,654 |
| | $ | 482,087 |
| | $ | 13,719 |
| | $ | 17,931 |
|
| Other commercial real estate | | 754,790 |
| | 744,270 |
| | 748,949 |
| | 719,340 |
| | 661,062 |
| | 10,520 |
| | 93,728 |
|
| Total commercial real estate | | 1,254,808 |
| | 1,230,569 |
| | 1,219,621 |
| | 1,171,994 |
| | 1,143,149 |
| | 24,239 |
| | 111,659 |
|
| Residential real estate | | 144,295 |
| | 139,926 |
| | 139,832 |
| | 140,493 |
| | 140,613 |
| | 4,369 |
| | 3,682 |
|
| Owner-occupied real estate | | 256,317 |
| | 239,726 |
| | 238,059 |
| | 222,347 |
| | 219,636 |
| | 16,591 |
| | 36,681 |
|
| Commercial, financial & agricultural | | 327,381 |
| | 306,141 |
| | 290,245 |
| | 233,169 |
| | 181,513 |
| | 21,240 |
| | 145,868 |
|
| Leases | | 71,724 |
| | 74,722 |
| | 82,977 |
| | 93,490 |
| | 71,539 |
| | (2,998 | ) | | 185 |
|
| Consumer | | 36,039 |
| | 39,373 |
| | 34,124 |
| | 33,847 |
| | 17,882 |
| | (3,334 | ) | | 18,157 |
|
| Total organic loans | | 2,090,564 |
| | 2,030,457 |
| | 2,004,858 |
| | 1,895,340 |
| | 1,774,332 |
| | 60,107 |
| | 316,232 |
|
| Purchased non-credit impaired loans(2): | | | | | | | | | | | | | | |
| Construction, land & land development | | 51,208 |
| | 10,035 |
| | 11,427 |
| | 13,959 |
| | 18,598 |
| | 41,173 |
| | 32,610 |
|
| Other commercial real estate | | 209,531 |
| | 58,261 |
| | 64,665 |
| | 70,444 |
| | 74,506 |
| | 151,270 |
| | 135,025 |
|
| Total commercial real estate | | 260,739 |
| | 68,296 |
| | 76,092 |
| | 84,403 |
| | 93,104 |
| | 192,443 |
| | 167,635 |
|
| Residential real estate | | 144,596 |
| | 56,468 |
| | 60,100 |
| | 65,948 |
| | 69,053 |
| | 88,128 |
| | 75,543 |
|
| Owner-occupied real estate | | 115,566 |
| | 52,016 |
| | 56,414 |
| | 57,519 |
| | 61,313 |
| | 63,550 |
| | 54,253 |
|
| Commercial, financial & agricultural | | 36,206 |
| | 10,447 |
| | 11,121 |
| | 13,315 |
| | 14,216 |
| | 25,759 |
| | 21,990 |
|
| Consumer | | 6,255 |
| | 1,826 |
| | 1,978 |
| | 2,213 |
| | 2,624 |
| | 4,429 |
| | 3,631 |
|
| Total purchased non-credit impaired loans | | 563,362 |
| | 189,053 |
| | 205,705 |
| | 223,398 |
| | 240,310 |
| | 374,309 |
| | 323,052 |
|
| Purchased credit impaired loans (3): | | | | | | | | | | | |
| |
|
| Construction, land & land development | | 16,537 |
| | 11,564 |
| | 13,310 |
| | 13,245 |
| | 14,252 |
| | 4,973 |
| | 2,285 |
|
| Other commercial real estate | | 60,742 |
| | 38,238 |
| | 39,218 |
| | 40,119 |
| | 40,742 |
| | 22,504 |
| | 20,000 |
|
| Total commercial real estate | | 77,279 |
| | 49,802 |
| | 52,528 |
| | 53,364 |
| | 54,994 |
| | 27,477 |
| | 22,285 |
|
| Residential real estate | | 54,507 |
| | 53,953 |
| | 56,887 |
| | 60,579 |
| | 64,011 |
| | 554 |
| | (9,504 | ) |
| Owner-occupied real estate | | 23,980 |
| | 22,389 |
| | 24,281 |
| | 24,834 |
| | 25,364 |
| | 1,591 |
| | (1,384 | ) |
| Commercial, financial & agricultural | | 4,533 |
| | 608 |
| | 722 |
| | 871 |
| | 1,050 |
| | 3,925 |
| | 3,483 |
|
| Consumer | | 347 |
| | 84 |
| | 115 |
| | 147 |
| | 156 |
| | 263 |
| | 191 |
|
| Total purchased credit impaired loans | | 160,646 |
| | 126,836 |
| | 134,533 |
| | 139,795 |
| | 145,575 |
| | 33,810 |
| | 15,071 |
|
| Total loans | | $ | 2,814,572 |
| | $ | 2,346,346 |
| | $ | 2,345,096 |
| | $ | 2,258,533 |
| | $ | 2,160,217 |
| | $ | 468,226 |
| | $ | 654,355 |
|
| Composition of Deposits | | | | | | | | | | | |
|
| |
|
|
| Noninterest-bearing demand deposits | | $ | 984,419 |
| | $ | 890,588 |
| | $ | 829,673 |
| | $ | 891,511 |
| | $ | 826,216 |
| | $ | 93,831 |
| | $ | 158,203 |
|
| Interest-bearing transaction accounts | | 664,350 |
| | 547,078 |
| | 531,676 |
| | 539,322 |
| | 588,391 |
| | 117,272 |
| | 75,959 |
|
| Savings and money market deposits | | 1,292,867 |
| | 1,101,458 |
| | 1,097,098 |
| | 1,017,930 |
| | 1,074,190 |
| | 191,409 |
| | 218,677 |
|
| Time deposits less than $250,000 | | 387,410 |
| | 332,873 |
| | 345,999 |
| | 348,304 |
| | 279,449 |
| | 54,537 |
| | 107,961 |
|
| Time deposits $250,000 or greater | | 79,439 |
| | 57,556 |
| | 63,686 |
| | 64,494 |
| | 41,439 |
| | 21,883 |
| | 38,000 |
|
| Brokered and wholesale time deposits | | 22,680 |
| | 29,739 |
| | 17,358 |
| | 44,037 |
| | 52,277 |
| | (7,059 | ) | | (29,597 | ) |
| Total deposits | | $ | 3,431,165 |
| | $ | 2,959,292 |
| | $ | 2,885,490 |
| | $ | 2,905,598 |
| | $ | 2,861,962 |
| | $ | 471,873 |
| | $ | 569,203 |
|
(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 and S Bank.
(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 |
| 4Q16 Financial Supplement: Table 6 |
| Condensed Consolidated Asset Quality Data |
| Quarterly (Unaudited) |
| | | | | | | | | | | | | 4Q16 change vs |
| (Dollars in thousands) | | 4Q16 | | 3Q16 | | 2Q16 | | 1Q16 | | 4Q15 | | 3Q16 | | 4Q15 |
| | | | | | | | | | | | | | | |
| Allowance for loan and lease losses on organic loans | | | | | | | | | | | | | | |
| Beginning Balance | | $ | 21,736 |
| | $ | 22,008 |
| | $ | 22,626 |
| | $ | 21,224 |
| | $ | 20,176 |
| | $ | (272 | ) | | $ | 1,560 |
|
| Charge-offs | | (553 | ) | | (311 | ) | | (2,307 | ) | | (240 | ) | | (110 | ) | | (242 | ) | | (443 | ) |
| Recoveries | | 34 |
| | 39 |
| | 54 |
| | 96 |
| | 207 |
| | (5 | ) | | (173 | ) |
| Net (charge-offs) recoveries | | (519 | ) | | (272 | ) | | (2,253 | ) | | (144 | ) | | 97 |
| | (247 | ) | | (616 | ) |
| Provision for loan and lease losses | | (131 | ) | | — |
| | 1,635 |
| | 1,546 |
| | 951 |
| | (131 | ) | | (1,082 | ) |
| Ending Balance | | $ | 21,086 |
| | $ | 21,736 |
| | $ | 22,008 |
| | $ | 22,626 |
| | $ | 21,224 |
| | $ | (650 | ) | | $ | (138 | ) |
| | | | | | | | | | | | | | | |
| Allowance for loan and lease losses on purchased non-credit impaired loans | | | | | | | | | | | | | | |
| Beginning Balance | | $ | 150 |
| | $ | 158 |
| | $ | 166 |
| | $ | 53 |
| | $ | — |
| | $ | (8 | ) | | $ | 150 |
|
| Charge-offs | | (143 | ) | | (16 | ) | | (1 | ) | | (63 | ) | | — |
| | (127 | ) | | (143 | ) |
| Recoveries | | 1 |
| | 1 |
| | 28 |
| | 33 |
| | 1 |
| | — |
| | — |
|
| Net (charge-offs) recoveries | | (142 | ) | | (15 | ) | | 27 |
| | (30 | ) | | 1 |
| | (127 | ) | | (143 | ) |
| Provision for loan and lease losses | | 431 |
| | 7 |
| | (35 | ) | | 143 |
| | 52 |
| | 424 |
| | 379 |
|
| Ending Balance | | $ | 439 |
| | $ | 150 |
| | $ | 158 |
| | $ | 166 |
| | $ | 53 |
| | $ | 289 |
| | $ | 386 |
|
| | | | | | | | | | | | | | | |
| Allowance for loan and lease losses on purchased credit impaired loans | | | | | | | | | | | | | | |
| Beginning Balance | | $ | 5,291 |
| | $ | 5,433 |
| | $ | 7,553 |
| | $ | 7,798 |
| | $ | 8,754 |
| | $ | (142 | ) | | $ | (3,463 | ) |
| Charge-offs | | (195 | ) | | (223 | ) | | (606 | ) | | (1,516 | ) | | (3,467 | ) | | 28 |
| | 3,272 |
|
| Recoveries | | — |
| | — |
| | 80 |
| | 3,094 |
| | 3,020 |
| | — |
| | (3,020 | ) |
| Net (charge-offs) recoveries | | (195 | ) | | (223 | ) | | (526 | ) | | 1,578 |
| | (447 | ) | | 28 |
| | 252 |
|
| Provision for loan and lease losses | | (23 | ) | | 81 |
| | (1,594 | ) | | (1,823 | ) | | (509 | ) | | (104 | ) | | 486 |
|
| Ending Balance | | $ | 5,073 |
| | $ | 5,291 |
| | $ | 5,433 |
| | $ | 7,553 |
| | $ | 7,798 |
| | $ | (218 | ) | | $ | (2,725 | ) |
| | | | | | | | | | | | | | | |
| Nonperforming organic assets | | | | | | | | | | | | | | |
| Nonaccrual loans | | $ | 6,234 |
| | $ | 6,423 |
| | $ | 6,927 |
| | $ | 9,416 |
| | $ | 5,096 |
| | $ | (189 | ) | | $ | 1,138 |
|
| Total nonperforming organic loans | | 6,234 |
| | 6,423 |
| | 6,927 |
| | 9,416 |
| | 5,096 |
| | (189 | ) | | 1,138 |
|
| Other real estate owned | | 282 |
| | 83 |
| | 42 |
| | 33 |
| | 33 |
| | 199 |
| | 249 |
|
| Total nonperforming organic assets | | $ | 6,516 |
| | $ | 6,506 |
| | $ | 6,969 |
| | $ | 9,449 |
| | $ | 5,129 |
| | $ | 10 |
| | $ | 1,387 |
|
| | | | | | | | | | | | | | | |
| Nonperforming purchased non-credit impaired assets | | | | | | | | | | | | | | |
| Nonaccrual loans | | $ | 3,381 |
| | $ | 1,672 |
| | $ | 1,744 |
| | $ | 1,705 |
| | $ | 1,280 |
| | $ | 1,709 |
| | $ | 2,101 |
|
| Accruing TDRs | | — |
| | — |
| | — |
| | 923 |
| | 577 |
| | — |
| | (577 | ) |
| Total nonperforming PNCI loans | | 3,381 |
| | 1,672 |
| | 1,744 |
| | 2,628 |
| | 1,857 |
| | 1,709 |
| | 1,524 |
|
| Other real estate owned | | — |
| | 21 |
| | 21 |
| | 22 |
| | — |
| | (21 | ) | | — |
|
| Total nonperforming PNCI assets | | $ | 3,381 |
| | $ | 1,693 |
| | $ | 1,765 |
| | $ | 2,650 |
| | $ | 1,857 |
| | $ | 1,688 |
| | $ | 1,524 |
|
| | | | | | | | | | | | | | | |
| Ratios for organic assets | | | | | | | | | | | | | | |
| Annualized QTD charge-offs (recoveries) on organic loans to average organic loans | | .10 | % | | .05 | % | | .47 | % | | .03 | % | | (.02 | )% | | .05 | % | | .12 | % |
| Nonperforming organic loans to organic loans | | .30 |
| | .32 |
| | .35 |
| | .50 |
| | .29 |
| | (.02 | ) | | .01 |
|
| Nonperforming organic assets to organic loans + OREO | | .31 |
| | .32 |
| | .35 |
| | .50 |
| | .29 |
| | (.01 | ) | | .02 |
|
| Past due organic loans to organic loans | | .06 |
| | .09 |
| | .18 |
| | .47 |
| | .10 |
| | (.03 | ) | | (.04 | ) |
| Allowance for loan and lease losses on organic loans to organic loans | | 1.01 |
| | 1.07 |
| | 1.10 |
| | 1.19 |
| | 1.20 |
| | (.06 | ) | | (.19 | ) |
| | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| State Bank Financial Corporation |
| 4Q16 Financial Supplement: Table 6 (continued) |
| Condensed Consolidated Asset Quality Data |
| Quarterly (Unaudited) |
| | | | | | | | | | | | | 4Q16 change vs |
| (Dollars in thousands) | | 4Q16 | | 3Q16 | | 2Q16 | | 1Q16 | | 4Q15 | | 3Q16 | | 4Q15 |
| | | | | | | | | | | | | | | |
| Ratios for purchased non-credit impaired loans | | | | | | | | | | | | | | |
| Annualized QTD charge-offs (recoveries) on PNCI loans to average PNCI loans | | .31 | % | | .03 | % | | (.05 | )% | | .05 | % | | — | % | | .28 | % | | .31 | % |
| Nonperforming PNCI loans to PNCI loans | | .60 |
| | .88 |
| | .85 |
| | 1.18 |
| | .77 |
| | (.28 | ) | | (.17 | ) |
| Nonperforming PNCI assets to PNCI loans + OREO | | .60 |
| | .90 |
| | .86 |
| | 1.19 |
| | .77 |
| | (.30 | ) | | (.17 | ) |
| Past due PNCI loans to PNCI loans | | .68 |
| | .41 |
| | .40 |
| | .30 |
| | .39 |
| | .27 |
| | .29 |
|
| Allowance for loan and lease losses on PNCI loans to PNCI loans | | .08 |
| | .08 |
| | .08 |
| | .07 |
| | .02 |
| | — |
| | .06 |
|
| | | | | | | | | | | | |
|
| |
|
|
| Ratios for purchased credit impaired loans (1) | | | | | | | | | | | | | | |
| Annualized QTD charge-offs (recoveries) on PCI loans to average PCI loans | | .63 | % | | .68 | % | | 1.57 | % | | (4.50 | )% | | 1.20 | % | | (.05 | )% | | (.57 | )% |
| Past due PCI loans to PCI loans | | 8.92 |
| | 11.00 |
| | 10.92 |
| | 17.90 |
| | 16.64 |
| | (2.08 | ) | | (7.72 | ) |
| Allowance for loan and lease losses on PCI loans to PCI loans | | 3.16 |
| | 4.17 |
| | 4.04 |
| | 5.40 |
| | 5.36 |
| | (1.01 | ) | | (2.20 | ) |
(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 Corporation |
| 4Q16 Financial Supplement: Table 7 |
| Condensed Consolidated Average Balances and Yield Analysis |
| Quarterly (Unaudited) |
| | | | | | | | | | | | | 4Q16 change vs |
| (Dollars in thousands) | | 4Q16 | | 3Q16 | | 2Q16 | | 1Q16 | | 4Q15 | | 3Q16 | | 4Q15 |
| Average Balances | | | | | | | | | | | | | | |
| Interest-bearing deposits in other financial institutions | | $ | 82,797 |
| | $ | 63,315 |
| | $ | 80,638 |
| | $ | 126,289 |
| | $ | 188,966 |
| | $ | 19,482 |
| | $ | (106,169 | ) |
| Investment securities | | 911,025 |
| | 881,642 |
| | 905,019 |
| | 892,365 |
| | 850,127 |
| | 29,383 |
| | 60,898 |
|
| Loans, excluding purchased credit impaired (1) | | 2,307,794 |
| | 2,275,859 |
| | 2,191,506 |
| | 2,109,449 |
| | 2,055,933 |
| | 31,935 |
| | 251,861 |
|
| Purchased credit impaired loans | | 123,718 |
| | 130,770 |
| | 135,160 |
| | 141,069 |
| | 148,060 |
| | (7,052 | ) | | (24,342 | ) |
| Total earning assets | | 3,425,334 |
| | 3,351,586 |
| | 3,312,323 |
| | 3,269,172 |
| | 3,243,086 |
| | 73,748 |
| | 182,248 |
|
| Total nonearning assets | | 210,825 |
| | 212,884 |
| | 211,908 |
| | 207,474 |
| | 212,256 |
| | (2,059 | ) | | (1,431 | ) |
| Total assets | | 3,636,159 |
| | 3,564,470 |
| | 3,524,231 |
| | 3,476,646 |
| | 3,455,342 |
| | 71,689 |
| | 180,817 |
|
| Interest-bearing transaction accounts | | 575,977 |
| | 515,974 |
| | 531,359 |
| | 538,926 |
| | 559,113 |
| | 60,003 |
| | 16,864 |
|
| Savings & money market deposits | | 1,118,548 |
| | 1,105,635 |
| | 1,052,106 |
| | 1,036,498 |
| | 1,066,783 |
| | 12,913 |
| | 51,765 |
|
| Time deposits less than $250,000 | | 325,838 |
| | 340,275 |
| | 351,883 |
| | 314,950 |
| | 283,276 |
| | (14,437 | ) | | 42,562 |
|
| Time deposits $250,000 or greater | | 59,308 |
| | 61,172 |
| | 64,869 |
| | 53,786 |
| | 50,784 |
| | (1,864 | ) | | 8,524 |
|
| Brokered and wholesale time deposits | | 22,885 |
| | 20,723 |
| | 24,471 |
| | 48,039 |
| | 56,298 |
| | 2,162 |
| | (33,413 | ) |
| Other borrowings | | 52,555 |
| | 94,455 |
| | 61,146 |
| | 33,635 |
| | 26,106 |
| | (41,900 | ) | | 26,449 |
|
| Total interest-bearing liabilities | | 2,155,111 |
| | 2,138,234 |
| | 2,085,834 |
| | 2,025,834 |
| | 2,042,360 |
| | 16,877 |
| | 112,751 |
|
| Noninterest-bearing deposits | | 872,954 |
| | 823,043 |
| | 848,331 |
| | 862,315 |
| | 826,534 |
| | 49,911 |
| | 46,420 |
|
| Other liabilities | | 48,533 |
| | 45,828 |
| | 43,228 |
| | 46,053 |
| | 51,746 |
| | 2,705 |
| | (3,213 | ) |
| Shareholders’ equity | | 559,561 |
| | 557,365 |
| | 546,838 |
| | 542,444 |
| | 534,702 |
| | 2,196 |
| | 24,859 |
|
| Total liabilities and shareholders' equity | | 3,636,159 |
| | 3,564,470 |
| | 3,524,231 |
| | 3,476,646 |
| | 3,455,342 |
| | 71,689 |
| | 180,817 |
|
| | | | | | | | | | | | | | | |
| Interest Margins (2) | | | | | | | | | | | |
|
| |
|
|
| Interest-bearing deposits in other financial institutions | | .31 | % | | .28 | % | | .33 | % | | .38 | % | | .28 | % | | .03 | % | | .03 | % |
| Investment securities, tax-equivalent basis (3) | | 2.07 |
| | 2.11 |
| | 2.07 |
| | 2.05 |
| | 1.87 |
| | (.04 | ) | | .20 |
|
| Loans, excluding purchased credit impaired, tax-equivalent basis (4) | | 4.63 |
| | 4.67 |
| | 4.68 |
| | 4.67 |
| | 4.71 |
| | (.04 | ) | | (.08 | ) |
| Purchased credit impaired loans | | 33.03 |
| | 28.40 |
| | 41.54 |
| | 27.78 |
| | 38.16 |
| | 4.63 |
| | (5.13 | ) |
| Total earning assets | | 4.87 | % | | 4.84 | % | | 5.37 | % | | 4.79 | % | | 5.23 | % | | .03 | % | | (.36 | )% |
| Interest-bearing transaction accounts | | .12 |
| | .12 |
| | .12 |
| | .12 |
| | .13 |
| | — |
| | (.01 | ) |
| Savings & money market deposits | | .59 |
| | .54 |
| | .53 |
| | .50 |
| | .48 |
| | .05 |
| | .11 |
|
| Time deposits less than $250,000 | | .70 |
| | .67 |
| | .64 |
| | .51 |
| | .39 |
| | .03 |
| | .31 |
|
| Time deposits $250,000 or greater | | .84 |
| | .77 |
| | .71 |
| | .53 |
| | .33 |
| | .07 |
| | .51 |
|
| Brokered and wholesale time deposits | | .85 |
| | .92 |
| | 1.07 |
| | 1.07 |
| | 1.03 |
| | (.07 | ) | | (.18 | ) |
| Other borrowings | | .45 |
| | .40 |
| | .52 |
| | .65 |
| | .76 |
| | .05 |
| | (.31 | ) |
| Total interest-bearing liabilities | | .49 | % | | .47 | % | | .46 | % | | .42 | % | | .39 | % | | .02 | % | | .10 | % |
| Net interest spread | | 4.38 | % | | 4.37 | % | | 4.91 | % | | 4.37 | % | | 4.84 | % | | .01 | % | | (.46 | )% |
| Net interest margin | | 4.56 | % | | 4.54 | % | | 5.08 | % | | 4.53 | % | | 4.99 | % | | .02 | % | | (.43 | )% |
| Net interest margin excluding accretion income | | 3.50 | % | | 3.57 | % | | 3.53 | % | | 3.48 | % | | 3.40 | % | | (.07 | )% | | .10 | % |
(1) Includes average nonaccrual loans of $8.4 million for 4Q16, $8.6 million for 3Q16, $10.0 million for 2Q16, $8.9 million for 1Q16, and $6.5 million for 4Q15.
(2) Interest income or expense annualized for the applicable period.
(3) Reflects taxable equivalent adjustments using the federal statutory tax rate of 35% in adjusting interest on tax-exempt securities to a fully taxable basis. The taxable equivalent adjustments included above amount to $0 for 4Q16, $0 for 3Q16, $2,000 for 2Q16, $2,000 for 1Q16, and $3,000 for 4Q15.
(4) Reflects taxable equivalent adjustments using the federal statutory tax rate of 35% in adjusting tax-exempt loan interest income to a fully taxable basis. The taxable equivalent adjustments included above amount to $142,000 for 4Q16, $142,000 for 3Q16, $113,000 for 2Q16, $165,000 for 1Q16, and $134,000 for 4Q15.
|
| | | | | | | | | | | | | | | | | | | |
| State Bank Financial Corporation |
| 4Q16 Financial Supplement: Table 8 |
| Reconciliation of Non-GAAP Measure (1) |
| Quarterly (Unaudited) |
| | | | | | | | | | |
| | 4Q16 | | 3Q16 | | 2Q16 | | 1Q16 | | 4Q15 |
| | | | | | | | | | |
| Book value per common share reconciliation | | | | | | | | | |
| Book value per common share (GAAP) | $ | 15.80 |
| | $ | 15.21 |
| | $ | 15.00 |
| | $ | 14.73 |
| | $ | 14.47 |
|
| Effect of goodwill and other intangibles | (2.32 | ) | | (1.22 | ) | | (1.23 | ) | | (1.24 | ) | | (1.25 | ) |
| Tangible book value per common share | $ | 13.48 |
| | $ | 13.99 |
| | $ | 13.77 |
| | $ | 13.49 |
| | $ | 13.22 |
|
| | | | | | | | | | |
(1) This press release includes tangible book value per common share, a financial measure not calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). The tangible book value measure is a non-GAAP measure and excludes the effect of the period end balance of intangible assets. Management believes that this non-GAAP tangible measure provides additional useful information, particularly since this measure is widely used by industry analysts for companies with prior merger and acquisition activities.
Reconciliations of this non-GAAP financial measures to the most directly comparable GAAP financial measure is presented in the accompanying table. Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. This non-GAAP financial measure should not be considered as a substitute for GAAP financial measures, and the Company strongly encourages 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.
