Investor Relations: Sheila Ray 404.239.8684 / sheila.ray@statebt.com
State Bank Financial Corporation Reports Second Quarter 2017 Financial Results
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| ▪ | Second quarter 2017 net income of $15.2 million, or $.39 per diluted share |
| |
| ▪ | Return on average assets of 1.45% |
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| ▪ | Loan growth of $45 million excluding purchased credit impaired loans |
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| ▪ | Net interest margin continues to benefit from rising interest rates |
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| ▪ | Announced AloStar Bank of Commerce transaction in June, which is expected to be significantly accretive to earnings per share |
ATLANTA, GA, July 27, 2017 - State Bank Financial Corporation (NASDAQ: STBZ) today announced unaudited financial results for the second quarter ended June 30, 2017. Net income for the second quarter of 2017 was $15.2 million, compared to $11.6 million in the first quarter of 2017 and $14.0 million in the second quarter of 2016. Fully diluted earnings per share were $.39 in the second quarter of 2017 compared to $.30 in the first quarter of 2017 and $.38 in the second quarter of 2016.
Joe Evans, Chairman of State Bank Financial, commented, “We had a great second quarter. These results reflect the fully integrated impact of our acquisitions of The National Bank of Georgia and S Bank and our continued performance improvement on all fronts. Our all-cash acquisition of AloStar Bank, which was announced during the quarter, will be yet another meaningful enhancement to our earnings trajectory.”
Operating Highlights
Interest income on loans improved to $34.9 million in the second quarter of 2017, an $812,000 increase from the first quarter of 2017 and a $9.5 million increase from the second quarter of 2016. Net interest income of $46.5 million in the second quarter of 2017 increased from $44.0 million in the first quarter of 2017 and $41.7 million in the second quarter of 2016. Accretion income on loans was $9.2 million in the second quarter of 2017, up from $7.7 million in the first quarter of 2017 but down from $14.0 million in the second quarter of 2016, which was positively impacted by loan pool closings. As of June 30, 2017, approximately $60 million of accretable discount remains to be recognized as loan accretion income.
Noninterest income, led by a strong quarter in SBA and mortgage banking, was $10.5 million in the second quarter of 2017, compared to $9.5 million in the first quarter of 2017 and $10.2 million in the second quarter of 2016. SBA income increased $805,000 from the previous quarter to $2.0 million, while mortgage banking income increased $202,000 to $3.1 million.
Total noninterest expense declined 7% in the second quarter of 2017 to $32.0 million, compared to $34.6 million in the first quarter of 2017 and $30.7 million in the second quarter of 2016. The $2.6 million linked-quarter decrease was due to improvements in nearly every expense category as the recent mergers are now fully integrated and cost savings are realized.
Financial Condition
Total assets at June 30, 2017, were $4.23 billion, up from $4.20 billion at March 31, 2017. Total loans were $2.9 billion at June 30, 2017, up $26.2 million from the first quarter of 2017. Period-end organic and purchased non-credit impaired loans increased to $2.7 billion at March 31, 2017, a net increase of $44.8 million from the first quarter of 2017. Purchased credit impaired loans decreased to $135.6 million at the end of the second quarter of 2017, an $18.6 million linked-quarter decline.
Tom Wiley, Vice Chairman and CEO, commented, “I’m very pleased with the quarter’s financial results, demonstrating strong revenue growth coupled with expense discipline. I’m even more pleased with the fundamental drivers of these results: the successful integration of two banks in the first half of the year and the team’s continued execution on our customer-centric strategic priorities. These core competencies cause me to be excited about the future of our franchise.”
The organic loan portfolio continued to perform well in the second quarter of 2017 as past due organic loans represented .09% of total organic loans. The provision for loan losses on organic loans was $1.1 million in the second quarter of 2017 and was primarily attributable to organic loan growth in the quarter. The allowance as a percent of loans was .99% at the end of the second quarter of 2017.
Total deposits at June 30, 2017, were $3.45 billion, up $42.9 million from $3.41 billion at March 31, 2017. Period-end transaction accounts, comprised of noninterest-bearing demand deposits and interest-bearing transaction accounts, increased $55.9 million from the first quarter of 2017. Noninterest-bearing demand deposits represented 29.2% of total deposits as of June 30, 2017.
Tangible book value per share was $13.94 at the end of the second quarter of 2017. State Bank Financial Corporation continues to be well capitalized, ending the quarter with a leverage ratio of 13.23% and a Tier I risk-based capital ratio of 14.98%.
Detailed Results
Supplemental tables displaying financial results for the second quarter of 2017, the previous four quarters, and the first half of 2017 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 2Q17 Financial Supplement: Table 8, Reconciliation of Non-GAAP Measures.
Conference Call
Chairman Joe Evans, Chief Executive Officer Tom Wiley, Chief Financial Officer Sheila Ray, and Chief Credit Officer David Black will discuss financial and business results for the quarter on a conference call today at 11:00 a.m. ET.
Dial in number: 1.800.677.8143
Please allow time to register your name and affiliation/company prior to the start of the call. A replay of the conference call will be available shortly after the call is completed in the Investors section 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 June 30, 2017, is an Atlanta-based bank holding company for State Bank and Trust Company. State Bank operates 31 full-service banking offices and seven 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, our expectation that the AloStar Bank of Commerce transaction will meaningfully enhance our earnings through significant earnings accretion, and statements regarding the impact of our core competencies on our future performance. Such forward-looking statements are subject to risks, uncertainties, and other factors, including our inability to obtain the requisite regulatory approvals for the proposed AloStar Bank of Commerce transaction and meet other closing terms and conditions, the reaction to such transaction of each bank’s customers, employees and counterparties, difficulties related to the transition of services, 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, 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 |
| 2Q17 Financial Supplement: Table 1 |
| Condensed Consolidated Financial Summary Results |
| Quarterly (Unaudited) |
| | | | | | | | | | | | | 2Q17 change vs |
| (Dollars in thousands, except per share amounts) | | 2Q17 | | 1Q17 | | 4Q16 | | 3Q16 | | 2Q16 | | 1Q17 | | 2Q16 |
| | | | | | | | | | | | | | | |
| Income Statement Highlights | | | | | | | | | | | | | | |
| Interest income on loans | | $ | 34,872 |
| | $ | 34,060 |
| | $ | 26,696 |
| | $ | 26,580 |
| | $ | 25,406 |
| | $ | 812 |
| | $ | 9,466 |
|
| Accretion income on loans | | 9,228 |
| | 7,677 |
| | 10,271 |
| | 9,335 |
| | 13,961 |
| | 1,551 |
| | (4,733 | ) |
| Interest income on invested funds | | 5,747 |
| | 5,460 |
| | 4,810 |
| | 4,714 |
| | 4,726 |
| | 287 |
| | 1,021 |
|
| Total interest income | | 49,847 |
| | 47,197 |
| | 41,777 |
| | 40,629 |
| | 44,093 |
| | 2,650 |
| | 5,754 |
|
| Interest expense | | 3,369 |
| | 3,239 |
| | 2,631 |
| | 2,504 |
| | 2,371 |
| | 130 |
| | 998 |
|
| Net interest income | | 46,478 |
| | 43,958 |
| | 39,146 |
| | 38,125 |
| | 41,722 |
| | 2,520 |
| | 4,756 |
|
| Provision for loan and lease losses (organic & PNCI loans) | | 1,470 |
| | 1,361 |
| | 300 |
| | 7 |
| | 1,600 |
| | 109 |
| | (130 | ) |
| Provision for loan and lease losses (purchased credit impaired loans) | | 375 |
| | (359 | ) | | (23 | ) | | 81 |
| | (1,594 | ) | | 734 |
| | 1,969 |
|
| Provision for loan and lease losses | | 1,845 |
| | 1,002 |
| | 277 |
| | 88 |
| | 6 |
| | 843 |
| | 1,839 |
|
| Total noninterest income | | 10,476 |
| | 9,459 |
| | 9,911 |
| | 9,769 |
| | 10,230 |
| | 1,017 |
| | 246 |
|
| Total noninterest expense | | 31,997 |
| | 34,565 |
| | 32,875 |
| | 28,480 |
| | 30,674 |
| | (2,568 | ) | | 1,323 |
|
| Income before income taxes | | 23,112 |
| | 17,850 |
| | 15,905 |
| | 19,326 |
| | 21,272 |
| | 5,262 |
| | 1,840 |
|
| Income tax expense | | 7,909 |
| | 6,292 |
| | 5,578 |
| | 6,885 |
| | 7,287 |
| | 1,617 |
| | 622 |
|
| Net income | | $ | 15,203 |
| | $ | 11,558 |
| | $ | 10,327 |
| | $ | 12,441 |
| | $ | 13,985 |
| | $ | 3,645 |
| | $ | 1,218 |
|
| | | | | | | | | | | | | | | |
| Common Share Data | | | | | | | | | | | |
|
| |
|
|
| Basic earnings per share | | $ | .39 |
| | $ | .30 |
| | $ | .28 |
| | $ | .34 |
| | $ | .38 |
| | $ | .09 |
| | $ | .01 |
|
| Diluted earnings per share | | .39 |
| | .30 |
| | .28 |
| | .34 |
| | .38 |
| | .09 |
| | .01 |
|
| Cash dividends declared per share | | .14 |
| | .14 |
| | .14 |
| | .14 |
| | .14 |
| | — |
| | — |
|
| Book value per share | | 16.23 |
| | 15.96 |
| | 15.80 |
| | 15.21 |
| | 15.00 |
| | .27 |
| | 1.23 |
|
| Tangible book value per share (1) | | 13.94 |
| | 13.66 |
| | 13.48 |
| | 13.99 |
| | 13.77 |
| | .28 |
| | .17 |
|
| Market price per share (quarter end) | | 27.12 |
| | 26.12 |
| | 26.86 |
| | 22.82 |
| | 20.35 |
| | 1.00 |
| | 6.77 |
|
| | | | | | | | | | | | | | | |
| Common Shares Outstanding | | | | | | | | | | | | | | |
| Common stock | | 38,967,972 |
| | 38,870,424 |
| | 38,845,573 |
| | 36,894,553 |
| | 36,894,641 |
| | 97,548 |
| | 2,073,331 |
|
| Weighted average shares outstanding: | | | | | | | | | | | | | | |
| Basic | | 37,896,125 |
| | 37,867,718 |
| | 35,904,009 |
| | 35,863,183 |
| | 35,822,654 |
| | 28,407 |
| | 2,073,471 |
|
| Diluted | | 37,942,483 |
| | 37,954,585 |
| | 36,009,098 |
| | 35,965,948 |
| | 35,923,691 |
| | (12,102 | ) | | 2,018,792 |
|
| | | | | | | | | | | | | | | |
| Average Balance Sheet Highlights | | | | | | | | | | | |
|
| |
|
|
| Loans | | $ | 2,905,415 |
| | $ | 2,846,571 |
| | $ | 2,431,512 |
| | $ | 2,406,629 |
| | $ | 2,326,666 |
| | $ | 58,844 |
| | $ | 578,749 |
|
| Assets | | 4,200,843 |
| | 4,181,961 |
| | 3,636,544 |
| | 3,564,860 |
| | 3,524,468 |
| | 18,882 |
| | 676,375 |
|
| Deposits | | 3,413,831 |
| | 3,423,506 |
| | 2,975,510 |
| | 2,866,822 |
| | 2,873,019 |
| | (9,675 | ) | | 540,812 |
|
| Equity | | 627,294 |
| | 617,009 |
| | 559,561 |
| | 557,365 |
| | 546,838 |
| | 10,285 |
| | 80,456 |
|
| Tangible equity (1) | | 538,153 |
| | 527,603 |
| | 514,982 |
| | 512,265 |
| | 501,221 |
| | 10,550 |
| | 36,932 |
|
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| State Bank Financial Corporation |
| 2Q17 Financial Supplement: Table 1 (continued) |
| Condensed Consolidated Financial Summary Results |
| Quarterly (Unaudited) |
| | | | | | | | | | | | | 2Q17 change vs |
| (Dollars in thousands, except per share amounts) | | 2Q17 | | 1Q17 | | 4Q16 | | 3Q16 | | 2Q16 | | 1Q17 | | 2Q16 |
| | | | | | | | | | | | | | | |
| Key Metrics (2) | | | | | | | | | | | | | | |
| Return on average assets | | 1.45 | % | | 1.12 | % | | 1.13 | % | | 1.39 | % | | 1.60 | % | | .33 | % | | (.15 | )% |
| Return on average equity | | 9.72 |
| | 7.60 |
| | 7.34 |
| | 8.88 |
| | 10.29 |
| | 2.12 |
| | (.57 | ) |
| Yield on earning assets | | 5.11 |
| | 4.93 |
| | 4.87 |
| | 4.84 |
| | 5.37 |
| | .18 |
| | (.26 | ) |
| Cost of funds | | .38 |
| | .37 |
| | .35 |
| | .34 |
| | .33 |
| | .01 |
| | .05 |
|
| Rate on interest-bearing liabilities | | .53 |
| | .52 |
| | .49 |
| | .47 |
| | .46 |
| | .01 |
| | .07 |
|
| Net interest margin | | 4.76 |
| | 4.59 |
| | 4.56 |
| | 4.54 |
| | 5.08 |
| | .17 |
| | (.32 | ) |
| Leverage ratio (3) | | 13.23 |
| | 13.04 |
| | 14.90 |
| | 14.64 |
| | 14.56 |
| | .19 |
| | (1.33 | ) |
| Tier I risk-based capital ratio (3) | | 14.98 |
| | 14.74 |
| | 14.78 |
| | 16.68 |
| | 16.52 |
| | .24 |
| | (1.54 | ) |
| Total risk-based capital ratio (3) | | 15.75 |
| | 15.49 |
| | 15.52 |
| | 17.56 |
| | 17.42 |
| | .26 |
| | (1.67 | ) |
| Efficiency ratio (4) | | 56.18 |
| | 64.71 |
| | 67.01 |
| | 59.46 |
| | 59.04 |
| | (8.53 | ) | | (2.86 | ) |
| Average loans to average deposits | | 85.11 |
| | 83.15 |
| | 81.72 |
| | 83.95 |
| | 80.98 |
| | 1.96 |
| | 4.13 |
|
| Noninterest-bearing deposits to total deposits | | 29.24 |
| | 27.71 |
| | 28.69 |
| | 30.09 |
| | 28.75 |
| | 1.53 |
| | .49 |
|
(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.
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| State Bank Financial Corporation |
| 2Q17 Financial Supplement: Table 2 |
| Condensed Consolidated Balance Sheets |
| Quarterly (Unaudited) |
| | | | | | | | | | | | | 2Q17 change vs |
| (Dollars in thousands) | | 2Q17 | | 1Q17 | | 4Q16 | | 3Q16 | | 2Q16 | | 1Q17 | | 2Q16 |
| | | | | | | | | | | | | | | |
| Assets | | | | | | | | | | | | | | |
| Cash and amounts due from depository institutions | | $ | 11,284 |
| | $ | 12,101 |
| | $ | 13,219 |
| | $ | 10,648 |
| | $ | 11,964 |
| | $ | (817 | ) | | $ | (680 | ) |
| Interest-bearing deposits in other financial institutions | | 126,390 |
| | 62,222 |
| | 132,851 |
| | 103,122 |
| | 70,603 |
| | 64,168 |
| | 55,787 |
|
| Federal funds sold | | — |
| | — |
| | 3,523 |
| | — |
| | — |
| | — |
| | — |
|
| Cash and cash equivalents | | 137,674 |
| | 74,323 |
| | 149,593 |
| | 113,770 |
| | 82,567 |
| | 63,351 |
| | 55,107 |
|
| Investment securities available-for-sale | | 847,795 |
| | 896,297 |
| | 847,178 |
| | 822,655 |
| | 824,980 |
| | (48,502 | ) | | 22,815 |
|
| Investment securities held-to-maturity | | 63,104 |
| | 67,053 |
| | 67,063 |
| | 67,071 |
| | 63,080 |
| | (3,949 | ) | | 24 |
|
| Loans | | 2,881,000 |
| | 2,854,780 |
| | 2,814,572 |
| | 2,346,346 |
| | 2,345,096 |
| | 26,220 |
| | 535,904 |
|
| Allowance for loan and lease losses | | (27,988 | ) | | (26,976 | ) | | (26,598 | ) | | (27,177 | ) | | (27,599 | ) | | (1,012 | ) | | (389 | ) |
| Loans, net | | 2,853,012 |
| | 2,827,804 |
| | 2,787,974 |
| | 2,319,169 |
| | 2,317,497 |
| | 25,208 |
| | 535,515 |
|
| Loans held-for-sale | | 48,895 |
| | 51,380 |
| | 52,169 |
| | 63,852 |
| | 71,302 |
| | (2,485 | ) | | (22,407 | ) |
| Other real estate owned | | 2,407 |
| | 3,759 |
| | 10,897 |
| | 10,609 |
| | 11,578 |
| | (1,352 | ) | | (9,171 | ) |
| Premises and equipment, net | | 51,170 |
| | 51,535 |
| | 52,056 |
| | 42,009 |
| | 42,153 |
| | (365 | ) | | 9,017 |
|
| Goodwill | | 77,476 |
| | 77,084 |
| | 77,084 |
| | 36,357 |
| | 36,357 |
| | 392 |
| | 41,119 |
|
| Other intangibles, net | | 11,599 |
| | 12,054 |
| | 12,749 |
| | 8,515 |
| | 9,029 |
| | (455 | ) | | 2,570 |
|
| SBA servicing rights | | 3,828 |
| | 3,547 |
| | 3,477 |
| | 3,275 |
| | 3,165 |
| | 281 |
| | 663 |
|
| Bank-owned life insurance | | 66,320 |
| | 65,855 |
| | 65,371 |
| | 60,282 |
| | 59,749 |
| | 465 |
| | 6,571 |
|
| Other assets | | 70,697 |
| | 71,990 |
| | 99,654 |
| | 69,211 |
| | 65,309 |
| | (1,293 | ) | | 5,388 |
|
| Total assets | | $ | 4,233,977 |
| | $ | 4,202,681 |
| | $ | 4,225,265 |
| | $ | 3,616,775 |
| | $ | 3,586,766 |
| | $ | 31,296 |
| | $ | 647,211 |
|
| Liabilities and Shareholders’ Equity | | | | | | | | | | | |
|
| |
|
|
| Noninterest-bearing deposits | | $ | 1,009,509 |
| | $ | 944,838 |
| | $ | 984,419 |
| | $ | 890,588 |
| | $ | 829,673 |
| | $ | 64,671 |
| | $ | 179,836 |
|
| Interest-bearing deposits | | 2,443,183 |
| | 2,464,937 |
| | 2,446,746 |
| | 2,068,704 |
| | 2,055,817 |
| | (21,754 | ) | | 387,366 |
|
| Total deposits | | 3,452,692 |
| | 3,409,775 |
| | 3,431,165 |
| | 2,959,292 |
| | 2,885,490 |
| | 42,917 |
| | 567,202 |
|
| Federal funds purchased and securities sold under agreements to repurchase | | 25,256 |
| | 25,056 |
| | 27,673 |
| | 20,124 |
| | 33,923 |
| | 200 |
| | (8,667 | ) |
| FHLB borrowings | | 80,000 |
| | 100,000 |
| | 47,014 |
| | 20,000 |
| | 62,000 |
| | (20,000 | ) | | 18,000 |
|
| Notes payable | | 398 |
| | 398 |
| | 398 |
| | 398 |
| | 398 |
| | — |
| | — |
|
| Other liabilities | | 43,294 |
| | 47,169 |
| | 105,382 |
| | 55,827 |
| | 51,599 |
| | (3,875 | ) | | (8,305 | ) |
| Total liabilities | | 3,601,640 |
| | 3,582,398 |
| | 3,611,632 |
| | 3,055,641 |
| | 3,033,410 |
| | 19,242 |
| | 568,230 |
|
| Total shareholders’ equity | | 632,337 |
| | 620,283 |
| | 613,633 |
| | 561,134 |
| | 553,356 |
| | 12,054 |
| | 78,981 |
|
| Total liabilities and shareholders’ equity | | $ | 4,233,977 |
| | $ | 4,202,681 |
| | $ | 4,225,265 |
| | $ | 3,616,775 |
| | $ | 3,586,766 |
| | $ | 31,296 |
| | $ | 647,211 |
|
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| Capital Ratios (1) | | | | | | | | | | | |
|
| |
|
|
| Average equity to average assets | | 14.93 | % | | 14.75 | % | | 15.39 | % | | 15.63 | % | | 15.52 | % | | .18 | % | | (.59 | )% |
| Leverage ratio | | 13.23 |
| | 13.04 |
| | 14.90 |
| | 14.64 |
| | 14.56 |
| | .19 |
| | (1.33 | ) |
| CET1 risk-based capital ratio | | 14.98 |
| | 14.74 |
| | 14.78 |
| | 16.68 |
| | 16.52 |
| | .24 |
| | (1.54 | ) |
| Tier I risk-based capital ratio | | 14.98 |
| | 14.74 |
| | 14.78 |
| | 16.68 |
| | 16.52 |
| | .24 |
| | (1.54 | ) |
| Total risk-based capital ratio | | 15.75 |
| | 15.49 |
| | 15.52 |
| | 17.56 |
| | 17.42 |
| | .26 |
| | (1.67 | ) |
(1) Current period capital ratios are estimated as of the date of this earning release.
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| State Bank Financial Corporation |
| 2Q17 Financial Supplement: Table 3 |
| Condensed Consolidated Income Statements |
| Quarterly (Unaudited) |
| | | | | | | | | | | | | 2Q17 change vs |
| (Dollars in thousands, except per share amounts) | | 2Q17 | | 1Q17 | | 4Q16 | | 3Q16 | | 2Q16 | | 1Q17 | | 2Q16 |
| | | | | | | | | | | | | | | |
| Net Interest Income: | | | | | | | | | | | | | | |
| Interest income on loans | | $ | 34,872 |
| | $ | 34,060 |
| | $ | 26,696 |
| | $ | 26,580 |
| | $ | 25,406 |
| | $ | 812 |
| | $ | 9,466 |
|
| Accretion income on loans | | 9,228 |
| | 7,677 |
| | 10,271 |
| | 9,335 |
| | 13,961 |
| | 1,551 |
| | (4,733 | ) |
| Interest income on invested funds | | 5,747 |
| | 5,460 |
| | 4,810 |
| | 4,714 |
| | 4,726 |
| | 287 |
| | 1,021 |
|
| Interest expense | | 3,369 |
| | 3,239 |
| | 2,631 |
| | 2,504 |
| | 2,371 |
| | 130 |
| | 998 |
|
| Net interest income | | 46,478 |
| | 43,958 |
| | 39,146 |
| | 38,125 |
| | 41,722 |
| | 2,520 |
| | 4,756 |
|
| Provision for loan and lease losses (organic & PNCI loans) | | 1,470 |
| | 1,361 |
| | 300 |
| | 7 |
| | 1,600 |
| | 109 |
| | (130 | ) |
| Provision for loan and lease losses (purchased credit impaired loans) | | 375 |
| | (359 | ) | | (23 | ) | | 81 |
| | (1,594 | ) | | 734 |
| | 1,969 |
|
| Provision for loan and lease losses | | 1,845 |
| | 1,002 |
| | 277 |
| | 88 |
| | 6 |
| | 843 |
| | 1,839 |
|
| Net interest income after provision for loan and lease losses | | 44,633 |
| | 42,956 |
| | 38,869 |
| | 38,037 |
| | 41,716 |
| | 1,677 |
| | 2,917 |
|
| Noninterest Income: | | | | | | | | | | | |
|
| |
|
|
| Service charges on deposits | | 1,471 |
| | 1,467 |
| | 1,319 |
| | 1,383 |
| | 1,352 |
| | 4 |
| | 119 |
|
| Mortgage banking income | | 3,096 |
| | 2,894 |
| | 2,511 |
| | 3,216 |
| | 3,551 |
| | 202 |
| | (455 | ) |
| Payroll and insurance income | | 1,418 |
| | 1,495 |
| | 1,528 |
| | 1,297 |
| | 1,282 |
| | (77 | ) | | 136 |
|
| SBA income | | 1,983 |
| | 1,178 |
| | 1,718 |
| | 1,553 |
| | 1,685 |
| | 805 |
| | 298 |
|
| ATM income | | 864 |
| | 832 |
| | 735 |
| | 759 |
| | 769 |
| | 32 |
| | 95 |
|
| Bank-owned life insurance income | | 465 |
| | 484 |
| | 467 |
| | 533 |
| | 468 |
| | (19 | ) | | (3 | ) |
| Gain on sale of investment securities | | 13 |
| | 12 |
| | 42 |
| | 38 |
| | 396 |
| | 1 |
| | (383 | ) |
| Other | | 1,166 |
| | 1,097 |
| | 1,591 |
| | 990 |
| | 727 |
| | 69 |
| | 439 |
|
| Total noninterest income | | 10,476 |
| | 9,459 |
| | 9,911 |
| | 9,769 |
| | 10,230 |
| | 1,017 |
| | 246 |
|
| Noninterest Expense: | | | | | | | | | | | |
|
| |
|
|
| Salaries and employee benefits | | 21,912 |
| | 22,057 |
| | 19,554 |
| | 19,799 |
| | 20,662 |
| | (145 | ) | | 1,250 |
|
| Occupancy and equipment | | 3,329 |
| | 3,280 |
| | 3,069 |
| | 2,984 |
| | 3,015 |
| | 49 |
| | 314 |
|
| Data processing | | 2,382 |
| | 2,639 |
| | 2,131 |
| | 2,097 |
| | 2,211 |
| | (257 | ) | | 171 |
|
| Legal and professional fees | | 898 |
| | 1,805 |
| | 1,702 |
| | 1,064 |
| | 976 |
| | (907 | ) | | (78 | ) |
| Merger-related expenses | | 372 |
| | 2,235 |
| | 3,507 |
| | 135 |
| | 319 |
| | (1,863 | ) | | 53 |
|
| Marketing | | 403 |
| | 664 |
| | 430 |
| | 665 |
| | 619 |
| | (261 | ) | | (216 | ) |
| Federal deposit insurance premiums and other regulatory fees | | 398 |
| | 397 |
| | 188 |
| | 441 |
| | 553 |
| | 1 |
| | (155 | ) |
| Loan collection costs and OREO activity | | (213 | ) | | (1,042 | ) | | (127 | ) | | (841 | ) | | (96 | ) | | 829 |
| | (117 | ) |
| Amortization of intangibles | | 697 |
| | 696 |
| | 516 |
| | 513 |
| | 528 |
| | 1 |
| | 169 |
|
| Other | | 1,819 |
| | 1,834 |
| | 1,905 |
| | 1,623 |
| | 1,887 |
| | (15 | ) | | (68 | ) |
| Total noninterest expense | | 31,997 |
| | 34,565 |
| | 32,875 |
| | 28,480 |
| | 30,674 |
| | (2,568 | ) | | 1,323 |
|
| Income Before Income Taxes | | 23,112 |
| | 17,850 |
| | 15,905 |
| | 19,326 |
| | 21,272 |
| | 5,262 |
| | 1,840 |
|
| Income tax expense | | 7,909 |
| | 6,292 |
| | 5,578 |
| | 6,885 |
| | 7,287 |
| | 1,617 |
| | 622 |
|
| Net Income | | $ | 15,203 |
| | $ | 11,558 |
| | $ | 10,327 |
| | $ | 12,441 |
| | $ | 13,985 |
| | $ | 3,645 |
| | $ | 1,218 |
|
| | | | | | | | | | | | | | | |
| Net income allocated to participating securities | | $ | 413 |
| | $ | 295 |
| | $ | 282 |
| | $ | 348 |
| | $ | 408 |
| | $ | 118 |
| | $ | 5 |
|
| Net income allocated to common shareholders | | 14,790 |
| | 11,263 |
| | 10,045 |
| | 12,093 |
| | 13,577 |
| | 3,527 |
| | 1,213 |
|
| Earnings Per Share | | | | | | | | | | | | | | |
| Basic | | $ | .39 |
| | $ | .30 |
| | $ | .28 |
| | $ | .34 |
| | $ | .38 |
| | $ | .09 |
| | $ | .01 |
|
| Diluted | | .39 |
| | .30 |
| | .28 |
| | .34 |
| | .38 |
| | .09 |
| | .01 |
|
| Weighted Average Shares Outstanding | | | | | | | | | | | |
|
| |
|
|
| Basic | | 37,896,125 |
| | 37,867,718 |
| | 35,904,009 |
| | 35,863,183 |
| | 35,822,654 |
| | 28,407 |
| | 2,073,471 |
|
| Diluted | | 37,942,483 |
| | 37,954,585 |
| | 36,009,098 |
| | 35,965,948 |
| | 35,923,691 |
| | (12,102 | ) | | 2,018,792 |
|
|
| | | | | | | | | | | | |
| State Bank Financial Corporation |
| 2Q17 Financial Supplement: Table 4 |
| Condensed Consolidated Income Statements |
| Year to Date (Unaudited) |
| | | Six Months Ended June 30 | | Change |
| (Dollars in thousands, except per share amounts) | | 2017 | | 2016 | |
| | | | | | | |
| Net Interest Income: | | | | | | |
| Interest income on loans | | $ | 68,932 |
| | $ | 49,748 |
| | $ | 19,184 |
|
| Accretion income on loans | | 16,905 |
| | 23,704 |
| | (6,799 | ) |
| Interest income on invested funds | | 11,207 |
| | 9,399 |
| | 1,808 |
|
| Interest expense | | 6,608 |
| | 4,484 |
| | 2,124 |
|
| Net interest income | | 90,436 |
| | 78,367 |
| | 12,069 |
|
| Provision for loan and lease losses (organic & PNCI loans) | | 2,831 |
| | 3,289 |
| | (458 | ) |
| Provision for loan and lease losses (purchased credit impaired loans) | | 16 |
| | (3,417 | ) | | 3,433 |
|
| Provision for loan and lease losses | | 2,847 |
| | (128 | ) | | 2,975 |
|
| Net interest income after provision for loan and lease losses | | 87,589 |
| | 78,495 |
| | 9,094 |
|
| Noninterest Income: | | | | | |
|
| Service charges on deposits | | 2,938 |
| | 2,738 |
| | 200 |
|
| Mortgage banking income | | 5,990 |
| | 6,592 |
| | (602 | ) |
| Payroll and insurance income | | 2,913 |
| | 2,800 |
| | 113 |
|
| SBA income | | 3,161 |
| | 3,187 |
| | (26 | ) |
| ATM income | | 1,696 |
| | 1,514 |
| | 182 |
|
| Bank-owned life insurance income | | 949 |
| | 930 |
| | 19 |
|
| Gain on sale of investment securities | | 25 |
| | 409 |
| | (384 | ) |
| Other | | 2,263 |
| | 1,451 |
| | 812 |
|
| Total noninterest income | | 19,935 |
| | 19,621 |
| | 314 |
|
| Noninterest Expense: | | | | | |
|
| Salaries and employee benefits | | 43,969 |
| | 39,422 |
| | 4,547 |
|
| Occupancy and equipment | | 6,609 |
| | 6,116 |
| | 493 |
|
| Data processing | | 5,021 |
| | 4,286 |
| | 735 |
|
| Legal and professional fees | | 2,703 |
| | 1,929 |
| | 774 |
|
| Merger-related expenses | | 2,607 |
| | 319 |
| | 2,288 |
|
| Marketing | | 1,067 |
| | 1,121 |
| | (54 | ) |
| Federal deposit insurance premiums and other regulatory fees | | 795 |
| | 1,115 |
| | (320 | ) |
| Loan collection costs and OREO activity | | (1,255 | ) | | 389 |
| | (1,644 | ) |
| Amortization of intangibles | | 1,393 |
| | 1,073 |
| | 320 |
|
| Other | | 3,653 |
| | 3,802 |
| | (149 | ) |
| Total noninterest expense | | 66,562 |
| | 59,572 |
| | 6,990 |
|
| Income Before Income Taxes | | 40,962 |
| | 38,544 |
| | 2,418 |
|
| Income tax expense | | 14,201 |
| | 13,721 |
| | 480 |
|
| Net Income | | $ | 26,761 |
| | $ | 24,823 |
| | $ | 1,938 |
|
| | | | | | | |
| Net income allocated to participating securities | | $ | 706 |
| | $ | 673 |
| | $ | 33 |
|
| Net income allocated to common shareholders | | 26,055 |
| | 24,150 |
| | 1,905 |
|
| | | | | | | |
| Earnings Per Share | | | | | | |
| Basic | | $ | .69 |
| | $ | .67 |
| | $ | .02 |
|
| Diluted | | .69 |
| | .67 |
| | .02 |
|
| Weighted Average Shares Outstanding | | | | | |
|
| Basic | | 37,881,999 |
| | 35,979,436 |
| | 1,902,563 |
|
| Diluted | | 37,934,187 |
| | 36,077,820 |
| | 1,856,367 |
|
| | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| State Bank Financial Corporation |
| 2Q17 Financial Supplement: Table 5 |
| Condensed Consolidated Composition of Loans and Deposits at Period Ends |
| Quarterly (Unaudited) |
| | | | | | | | | | | | | 2Q17 change vs |
| (Dollars in thousands) | | 2Q17 | | 1Q17 | | 4Q16 | | 3Q16 | | 2Q16 | | 1Q17 | | 2Q16 |
| | | | | | | | | | | | | | | |
| Composition of Loans | | | | | | | | | | | | | | |
| Organic loans (1): | | | | | | | | | | | | | | |
| Construction, land & land development | | $ | 413,557 |
| | $ | 418,186 |
| | $ | 500,018 |
| | $ | 486,299 |
| | $ | 470,672 |
| | $ | (4,629 | ) | | $ | (57,115 | ) |
| Other commercial real estate | | 960,762 |
| | 885,570 |
| | 754,790 |
| | 744,270 |
| | 748,949 |
| | 75,192 |
| | 211,813 |
|
| Total commercial real estate | | 1,374,319 |
| | 1,303,756 |
| | 1,254,808 |
| | 1,230,569 |
| | 1,219,621 |
| | 70,563 |
| | 154,698 |
|
| Residential real estate | | 167,755 |
| | 161,460 |
| | 144,295 |
| | 139,926 |
| | 139,832 |
| | 6,295 |
| | 27,923 |
|
| Owner-occupied real estate | | 244,637 |
| | 251,703 |
| | 256,317 |
| | 239,726 |
| | 238,059 |
| | (7,066 | ) | | 6,578 |
|
| Commercial, financial & agricultural | | 355,629 |
| | 336,257 |
| | 327,381 |
| | 306,141 |
| | 290,245 |
| | 19,372 |
| | 65,384 |
|
| Leases | | 73,103 |
| | 62,603 |
| | 71,724 |
| | 74,722 |
| | 82,977 |
| | 10,500 |
| | (9,874 | ) |
| Consumer | | 60,028 |
| | 56,776 |
| | 36,039 |
| | 39,373 |
| | 34,124 |
| | 3,252 |
| | 25,904 |
|
| Total organic loans | | 2,275,471 |
| | 2,172,555 |
| | 2,090,564 |
| | 2,030,457 |
| | 2,004,858 |
| | 102,916 |
| | 270,613 |
|
| Purchased non-credit impaired loans(2): | | | | | | | | | | | | | | |
| Construction, land & land development | | 31,083 |
| | 43,787 |
| | 51,208 |
| | 10,035 |
| | 11,427 |
| | (12,704 | ) | | 19,656 |
|
| Other commercial real estate | | 171,914 |
| | 188,737 |
| | 209,531 |
| | 58,261 |
| | 64,665 |
| | (16,823 | ) | | 107,249 |
|
| Total commercial real estate | | 202,997 |
| | 232,524 |
| | 260,739 |
| | 68,296 |
| | 76,092 |
| | (29,527 | ) | | 126,905 |
|
| Residential real estate | | 117,449 |
| | 137,699 |
| | 144,596 |
| | 56,468 |
| | 60,100 |
| | (20,250 | ) | | 57,349 |
|
| Owner-occupied real estate | | 114,438 |
| | 119,871 |
| | 115,566 |
| | 52,016 |
| | 56,414 |
| | (5,433 | ) | | 58,024 |
|
| Commercial, financial & agricultural | | 31,654 |
| | 33,690 |
| | 36,206 |
| | 10,447 |
| | 11,121 |
| | (2,036 | ) | | 20,533 |
|
| Consumer | | 3,393 |
| | 4,281 |
| | 6,255 |
| | 1,826 |
| | 1,978 |
| | (888 | ) | | 1,415 |
|
| Total purchased non-credit impaired loans | | 469,931 |
| | 528,065 |
| | 563,362 |
| | 189,053 |
| | 205,705 |
| | (58,134 | ) | | 264,226 |
|
| Purchased credit impaired loans (3): | | | | | | | | | | | |
| |
|
| Construction, land & land development | | 16,821 |
| | 17,211 |
| | 16,537 |
| | 11,564 |
| | 13,310 |
| | (390 | ) | | 3,511 |
|
| Other commercial real estate | | 46,185 |
| | 60,664 |
| | 60,742 |
| | 38,238 |
| | 39,218 |
| | (14,479 | ) | | 6,967 |
|
| Total commercial real estate | | 63,006 |
| | 77,875 |
| | 77,279 |
| | 49,802 |
| | 52,528 |
| | (14,869 | ) | | 10,478 |
|
| Residential real estate | | 45,518 |
| | 49,728 |
| | 54,507 |
| | 53,953 |
| | 56,887 |
| | (4,210 | ) | | (11,369 | ) |
| Owner-occupied real estate | | 23,188 |
| | 22,099 |
| | 23,980 |
| | 22,389 |
| | 24,281 |
| | 1,089 |
| | (1,093 | ) |
| Commercial, financial & agricultural | | 3,615 |
| | 4,153 |
| | 4,533 |
| | 608 |
| | 722 |
| | (538 | ) | | 2,893 |
|
| Consumer | | 271 |
| | 305 |
| | 347 |
| | 84 |
| | 115 |
| | (34 | ) | | 156 |
|
| Total purchased credit impaired loans | | 135,598 |
| | 154,160 |
| | 160,646 |
| | 126,836 |
| | 134,533 |
| | (18,562 | ) | | 1,065 |
|
| Total loans | | $ | 2,881,000 |
| | $ | 2,854,780 |
| | $ | 2,814,572 |
| | $ | 2,346,346 |
| | $ | 2,345,096 |
| | $ | 26,220 |
| | $ | 535,904 |
|
| Composition of Deposits | | | | | | | | | | | |
|
| |
|
|
| Noninterest-bearing demand deposits | | $ | 1,009,509 |
| | $ | 944,838 |
| | $ | 984,419 |
| | $ | 890,588 |
| | $ | 829,673 |
| | $ | 64,671 |
| | $ | 179,836 |
|
| Interest-bearing transaction accounts | | 591,038 |
| | 599,858 |
| | 664,350 |
| | 547,078 |
| | 531,676 |
| | (8,820 | ) | | 59,362 |
|
| Savings and money market deposits | | 1,373,686 |
| | 1,393,711 |
| | 1,292,867 |
| | 1,101,458 |
| | 1,097,098 |
| | (20,025 | ) | | 276,588 |
|
| Time deposits less than $250,000 | | 340,950 |
| | 369,430 |
| | 388,164 |
| | 332,873 |
| | 345,999 |
| | (28,480 | ) | | (5,049 | ) |
| Time deposits $250,000 or greater | | 78,070 |
| | 85,459 |
| | 78,685 |
| | 57,556 |
| | 63,686 |
| | (7,389 | ) | | 14,384 |
|
| Brokered and wholesale time deposits | | 59,439 |
| | 16,479 |
| | 22,680 |
| | 29,739 |
| | 17,358 |
| | 42,960 |
| | 42,081 |
|
| Total deposits | | $ | 3,452,692 |
| | $ | 3,409,775 |
| | $ | 3,431,165 |
| | $ | 2,959,292 |
| | $ | 2,885,490 |
| | $ | 42,917 |
| | $ | 567,202 |
|
(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 |
| 2Q17 Financial Supplement: Table 6 |
| Condensed Consolidated Asset Quality Data |
| Quarterly (Unaudited) |
| | | | | | | | | | | | | 2Q17 change vs |
| (Dollars in thousands) | | 2Q17 | | 1Q17 | | 4Q16 | | 3Q16 | | 2Q16 | | 1Q17 | | 2Q16 |
| | | | | | | | | | | | | | | |
| Allowance for loan and lease losses on organic loans | | | | | | | | | | | | | | |
| Beginning Balance | | $ | 21,885 |
| | $ | 21,086 |
| | $ | 21,736 |
| | $ | 22,008 |
| | $ | 22,626 |
| | $ | 799 |
| | $ | (741 | ) |
| Charge-offs | | (536 | ) | | (540 | ) | | (553 | ) | | (311 | ) | | (2,307 | ) | | 4 |
| | 1,771 |
|
| Recoveries | | 113 |
| | 77 |
| | 34 |
| | 39 |
| | 54 |
| | 36 |
| | 59 |
|
| Net (charge-offs) recoveries | | (423 | ) | | (463 | ) | | (519 | ) | | (272 | ) | | (2,253 | ) | | 40 |
| | 1,830 |
|
| Provision for loan and lease losses | | 1,098 |
| | 1,262 |
| | (131 | ) | | — |
| | 1,635 |
| | (164 | ) | | (537 | ) |
| Ending Balance | | $ | 22,560 |
| | $ | 21,885 |
| | $ | 21,086 |
| | $ | 21,736 |
| | $ | 22,008 |
| | $ | 675 |
| | $ | 552 |
|
| | | | | | | | | | | | | | | |
| Allowance for loan and lease losses on purchased non-credit impaired loans | | | | | | | | | | | | | | |
| Beginning Balance | | $ | 491 |
| | $ | 439 |
| | $ | 150 |
| | $ | 158 |
| | $ | 166 |
| | $ | 52 |
| | $ | 325 |
|
| Charge-offs | | (197 | ) | | (48 | ) | | (143 | ) | | (16 | ) | | (1 | ) | | (149 | ) | | (196 | ) |
| Recoveries | | 1 |
| | 1 |
| | 1 |
| | 1 |
| | 28 |
| | — |
| | (27 | ) |
| Net (charge-offs) recoveries | | (196 | ) | | (47 | ) | | (142 | ) | | (15 | ) | | 27 |
| | (149 | ) | | (223 | ) |
| Provision for loan and lease losses | | 372 |
| | 99 |
| | 431 |
| | 7 |
| | (35 | ) | | 273 |
| | 407 |
|
| Ending Balance | | $ | 667 |
| | $ | 491 |
| | $ | 439 |
| | $ | 150 |
| | $ | 158 |
| | $ | 176 |
| | $ | 509 |
|
| | | | | | | | | | | | | | | |
| Allowance for loan and lease losses on purchased credit impaired loans | | | | | | | | | | | | | | |
| Beginning Balance | | $ | 4,600 |
| | $ | 5,073 |
| | $ | 5,291 |
| | $ | 5,433 |
| | $ | 7,553 |
| | $ | (473 | ) | | $ | (2,953 | ) |
| Charge-offs | | (214 | ) | | (114 | ) | | (195 | ) | | (223 | ) | | (606 | ) | | (100 | ) | | 392 |
|
| Recoveries | | — |
| | — |
| | — |
| | — |
| | 80 |
| | — |
| | (80 | ) |
| Net (charge-offs) recoveries | | (214 | ) | | (114 | ) | | (195 | ) | | (223 | ) | | (526 | ) | | (100 | ) | | 312 |
|
| Provision for loan and lease losses | | 375 |
| | (359 | ) | | (23 | ) | | 81 |
| | (1,594 | ) | | 734 |
| | 1,969 |
|
| Ending Balance | | $ | 4,761 |
| | $ | 4,600 |
| | $ | 5,073 |
| | $ | 5,291 |
| | $ | 5,433 |
| | $ | 161 |
| | $ | (672 | ) |
| | | | | | | | | | | | | | | |
| Nonperforming organic assets | | | | | | | | | | | | | | |
| Nonaccrual loans | | $ | 1,422 |
| | $ | 6,114 |
| | $ | 6,234 |
| | $ | 6,423 |
| | $ | 6,927 |
| | $ | (4,692 | ) | | $ | (5,505 | ) |
| Total nonperforming organic loans | | 1,422 |
| | 6,114 |
| | 6,234 |
| | 6,423 |
| | 6,927 |
| | (4,692 | ) | | (5,505 | ) |
| Other real estate owned | | 23 |
| | 232 |
| | 282 |
| | 83 |
| | 42 |
| | (209 | ) | | (19 | ) |
| Total nonperforming organic assets | | $ | 1,445 |
| | $ | 6,346 |
| | $ | 6,516 |
| | $ | 6,506 |
| | $ | 6,969 |
| | $ | (4,901 | ) | | $ | (5,524 | ) |
| | | | | | | | | | | | | | | |
| Nonperforming purchased non-credit impaired assets | | | | | | | | | | | | | | |
| Nonaccrual loans | | $ | 5,141 |
| | $ | 4,098 |
| | $ | 3,381 |
| | $ | 1,672 |
| | $ | 1,744 |
| | $ | 1,043 |
| | $ | 3,397 |
|
| Total nonperforming PNCI loans | | 5,141 |
| | 4,098 |
| | 3,381 |
| | 1,672 |
| | 1,744 |
| | 1,043 |
| | 3,397 |
|
| Other real estate owned | | — |
| | — |
| | — |
| | 21 |
| | 21 |
| | — |
| | (21 | ) |
| Total nonperforming PNCI assets | | $ | 5,141 |
| | $ | 4,098 |
| | $ | 3,381 |
| | $ | 1,693 |
| | $ | 1,765 |
| | $ | 1,043 |
| | $ | 3,376 |
|
| | | | | | | | | | | | | | | |
| Ratios for organic assets | | | | | | | | | | | | | | |
| Annualized QTD charge-offs (recoveries) on organic loans to average organic loans | | .08 | % | | .09 | % | | .10 | % | | .05 | % | | .47 | % | | (.01) | % | | (.39) | % |
| Nonperforming organic loans to organic loans | | .06 |
| | .28 |
| | .30 |
| | .32 |
| | .35 |
| | (.22 | ) | | (.29 | ) |
| Nonperforming organic assets to organic loans + OREO | | .06 |
| | .29 |
| | .31 |
| | .32 |
| | .35 |
| | (.23 | ) | | (.29 | ) |
| Past due organic loans to organic loans | | .09 |
| | .08 |
| | .06 |
| | .09 |
| | .18 |
| | .01 |
| | (.09 | ) |
| Allowance for loan and lease losses on organic loans to organic loans | | .99 |
| | 1.01 |
| | 1.01 |
| | 1.07 |
| | 1.10 |
| | (.02 | ) | | (.11 | ) |
| | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| State Bank Financial Corporation |
| 2Q17 Financial Supplement: Table 6 (continued) |
| Condensed Consolidated Asset Quality Data |
| Quarterly (Unaudited) |
| | | | | | | | | | | | | 2Q17 change vs |
| (Dollars in thousands) | | 2Q17 | | 1Q17 | | 4Q16 | | 3Q16 | | 2Q16 | | 1Q17 | | 2Q16 |
| | | | | | | | | | | | | | | |
| Ratios for purchased non-credit impaired loans | | | | | | | | | | | | | | |
| Annualized QTD charge-offs (recoveries) on PNCI loans to average PNCI loans | | .16 | % | | .03 | % | | .31 | % | | .03 | % | | (.05) | % | | .13 | % | | .21 | % |
| Nonperforming PNCI loans to PNCI loans | | 1.09 |
| | .78 |
| | .60 |
| | .88 |
| | .85 |
| | .31 |
| | .24 |
|
| Nonperforming PNCI assets to PNCI loans + OREO | | 1.09 |
| | .78 |
| | .60 |
| | .90 |
| | .86 |
| | .31 |
| | .23 |
|
| Past due PNCI loans to PNCI loans | | 1.05 |
| | .90 |
| | .68 |
| | .41 |
| | .40 |
| | .15 |
| | .65 |
|
| Allowance for loan and lease losses on PNCI loans to PNCI loans | | .14 |
| | .09 |
| | .08 |
| | .08 |
| | .08 |
| | .05 |
| | .06 |
|
| | | | | | | | | | | | |
|
| |
|
|
| Ratios for purchased credit impaired loans (1) | | | | | | | | | | | | | | |
| Annualized QTD charge-offs (recoveries) on PCI loans to average PCI loans | | .60 | % | | .30 | % | | .63 | % | | .68 | % | | 1.57 | % | | .30 | % | | (.97) | % |
| Past due PCI loans to PCI loans | | 10.26 |
| | 10.68 |
| | 8.92 |
| | 11.00 |
| | 10.92 |
| | (.42 | ) | | (.66 | ) |
| Allowance for loan and lease losses on PCI loans to PCI loans | | 3.51 |
| | 2.98 |
| | 3.16 |
| | 4.17 |
| | 4.04 |
| | .53 |
| | (.53 | ) |
(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 |
| 2Q17 Financial Supplement: Table 7 |
| Condensed Consolidated Average Balances and Yield Analysis |
| Quarterly (Unaudited) |
| | | | | | | | | | | | | 2Q17 change vs |
| (Dollars in thousands) | | 2Q17 | | 1Q17 | | 4Q16 | | 3Q16 | | 2Q16 | | 1Q17 | | 2Q16 |
| Average Balances | | | | | | | | | | | | | | |
| Interest-bearing deposits in other financial institutions and federal funds sold | | $ | 73,862 |
| | $ | 85,720 |
| | $ | 82,797 |
| | $ | 63,315 |
| | $ | 80,638 |
| | $ | (11,858 | ) | | $ | (6,776 | ) |
| Investment securities | | 947,300 |
| | 961,913 |
| | 911,025 |
| | 881,642 |
| | 905,019 |
| | (14,613 | ) | | 42,281 |
|
| Loans, excluding purchased credit impaired (1) | | 2,762,996 |
| | 2,692,517 |
| | 2,307,794 |
| | 2,275,859 |
| | 2,191,506 |
| | 70,479 |
| | 571,490 |
|
| Purchased credit impaired loans | | 142,419 |
| | 154,054 |
| | 123,718 |
| | 130,770 |
| | 135,160 |
| | (11,635 | ) | | 7,259 |
|
| Total earning assets | | 3,926,577 |
| | 3,894,204 |
| | 3,425,334 |
| | 3,351,586 |
| | 3,312,323 |
| | 32,373 |
| | 614,254 |
|
| Total nonearning assets | | 274,266 |
| | 287,757 |
| | 211,210 |
| | 213,274 |
| | 212,145 |
| | (13,491 | ) | | 62,121 |
|
| Total assets | | 4,200,843 |
| | 4,181,961 |
| | 3,636,544 |
| | 3,564,860 |
| | 3,524,468 |
| | 18,882 |
| | 676,375 |
|
| Interest-bearing transaction accounts | | 585,343 |
| | 602,378 |
| | 575,977 |
| | 515,974 |
| | 531,359 |
| | (17,035 | ) | | 53,984 |
|
| Savings & money market deposits | | 1,380,586 |
| | 1,388,876 |
| | 1,118,548 |
| | 1,105,635 |
| | 1,052,106 |
| | (8,290 | ) | | 328,480 |
|
| Time deposits less than $250,000 | | 355,968 |
| | 387,090 |
| | 325,838 |
| | 340,275 |
| | 351,883 |
| | (31,122 | ) | | 4,085 |
|
| Time deposits $250,000 or greater | | 81,507 |
| | 69,721 |
| | 59,308 |
| | 61,172 |
| | 64,869 |
| | 11,786 |
| | 16,638 |
|
| Brokered and wholesale time deposits | | 38,353 |
| | 19,926 |
| | 22,885 |
| | 20,723 |
| | 24,471 |
| | 18,427 |
| | 13,882 |
|
| Other borrowings | | 119,652 |
| | 81,344 |
| | 52,555 |
| | 94,455 |
| | 61,146 |
| | 38,308 |
| | 58,506 |
|
| Total interest-bearing liabilities | | 2,561,409 |
| | 2,549,335 |
| | 2,155,111 |
| | 2,138,234 |
| | 2,085,834 |
| | 12,074 |
| | 475,575 |
|
| Noninterest-bearing deposits | | 972,074 |
| | 955,515 |
| | 872,954 |
| | 823,043 |
| | 848,331 |
| | 16,559 |
| | 123,743 |
|
| Other liabilities | | 40,066 |
| | 60,102 |
| | 48,918 |
| | 46,218 |
| | 43,465 |
| | (20,036 | ) | | (3,399 | ) |
| Shareholders’ equity | | 627,294 |
| | 617,009 |
| | 559,561 |
| | 557,365 |
| | 546,838 |
| | 10,285 |
| | 80,456 |
|
| Total liabilities and shareholders' equity | | 4,200,843 |
| | 4,181,961 |
| | 3,636,544 |
| | 3,564,860 |
| | 3,524,468 |
| | 18,882 |
| | 676,375 |
|
| | | | | | | | | | | | | | | |
| Interest Margins (2) | | | | | | | | | | | |
|
| |
|
|
| Interest-bearing deposits in other financial institutions and federal funds sold | | .50 | % | | .44 | % | | .31 | % | | .28 | % | | .33 | % | | .06 | % | | .17 | % |
| Investment securities, tax-equivalent basis (3) | | 2.39 |
| | 2.26 |
| | 2.07 |
| | 2.11 |
| | 2.07 |
| | .13 |
| | .32 |
|
| Loans, excluding purchased credit impaired, tax-equivalent basis (4) | | 5.08 |
| | 5.15 |
| | 4.63 |
| | 4.67 |
| | 4.68 |
| | (.07 | ) | | .40 |
|
| Purchased credit impaired loans | | 25.99 |
| | 20.21 |
| | 33.03 |
| | 28.40 |
| | 41.54 |
| | 5.78 |
| | (15.55 | ) |
| Total earning assets | | 5.11 | % | | 4.93 | % | | 4.87 | % | | 4.84 | % | | 5.37 | % | | .18 | % | | (.26 | )% |
| Interest-bearing transaction accounts | | .12 |
| | .12 |
| | .12 |
| | .12 |
| | .12 |
| | — |
| | — |
|
| Savings & money market deposits | | .61 |
| | .60 |
| | .59 |
| | .54 |
| | .53 |
| | .01 |
| | .08 |
|
| Time deposits less than $250,000 | | .68 |
| | .72 |
| | .70 |
| | .67 |
| | .64 |
| | (.04 | ) | | .04 |
|
| Time deposits $250,000 or greater | | .72 |
| | .73 |
| | .84 |
| | .77 |
| | .71 |
| | (.01 | ) | | .01 |
|
| Brokered and wholesale time deposits | | 1.05 |
| | 1.06 |
| | .85 |
| | .92 |
| | 1.07 |
| | (.01 | ) | | (.02 | ) |
| Other borrowings | | .82 |
| | .65 |
| | .45 |
| | .40 |
| | .52 |
| | .17 |
| | .30 |
|
| Total interest-bearing liabilities | | .53 | % | | .52 | % | | .49 | % | | .47 | % | | .46 | % | | .01 | % | | .07 | % |
| Net interest spread | | 4.58 | % | | 4.41 | % | | 4.38 | % | | 4.37 | % | | 4.91 | % | | .17 | % | | (.33 | )% |
| Net interest margin | | 4.76 | % | | 4.59 | % | | 4.56 | % | | 4.54 | % | | 5.08 | % | | .17 | % | | (.32 | )% |
| Net interest margin contribution from accretion income on loans | | .94 | % | | .80 | % | | 1.19 | % | | 1.11 | % | | 1.70 | % | | .14 | % | | (.76 | )% |
(1) Includes average nonaccrual loans of $9.3 million for 2Q17, $9.9 million for 1Q17, $8.4 million for 4Q16, $8.6 million for 3Q16, and $10.0 million for 2Q16.
(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 2Q17, $0 for 1Q17, $0 for 4Q16, $0 for 3Q16, and $2,000 for 2Q16.
(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 $131,000 for 2Q17, $140,000 for 1Q17, $142,000 for 4Q16, $142,000 for 3Q16, and $113,000 for 2Q16.
|
| | | | | | | | | | | | | | | | | | | |
| State Bank Financial Corporation |
| 2Q17 Financial Supplement: Table 8 |
| Reconciliation of Non-GAAP Measures (1) |
| Quarterly (Unaudited) |
(dollars in thousands, except per share amounts; taxable equivalent) | 2Q17 | | 1Q17 | | 4Q16 | | 3Q16 | | 2Q16 |
| | | | | | | | | | |
| Book value per common share reconciliation | | | | | | | | | |
| Book value per common share (GAAP) | $ | 16.23 |
| | $ | 15.96 |
| | $ | 15.80 |
| | $ | 15.21 |
| | $ | 15.00 |
|
| Effect of goodwill and other intangibles | (2.29 | ) | | (2.30 | ) | | (2.32 | ) | | (1.22 | ) | | (1.23 | ) |
| Tangible book value per common share | $ | 13.94 |
| | $ | 13.66 |
| | $ | 13.48 |
| | $ | 13.99 |
| | $ | 13.77 |
|
| | | | | | | | | | |
| Average tangible equity reconciliation | | | | | | | | | |
| Average equity (GAAP) | $ | 627,294 |
| | $ | 617,009 |
| | $ | 559,561 |
| | $ | 557,365 |
| | $ | 546,838 |
|
| Effect of average goodwill and other intangibles | (89,141 | ) | | (89,406 | ) | | (44,579 | ) | | (45,100 | ) | | (45,617 | ) |
| Average tangible equity | $ | 538,153 |
| | $ | 527,603 |
| | $ | 514,982 |
| | $ | 512,265 |
| | $ | 501,221 |
|
| | | | | | | | | | |
| |
| (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 measures exclude the effect of the period end or average balance of intangible assets. Management believes that these non-GAAP 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.
