State Bank Financial Corporation (NASDAQ: STBZ) today announced
unaudited financial results for the third quarter of 2018.
Net income for the third quarter of 2018 was $18.0 million,
compared to $18.8 million in the second quarter of 2018, and $14.4
million in the third quarter of 2017. Fully diluted earnings
per share were $.46 in the third quarter of 2018, compared to
$.48 in the second quarter of 2018 and $.37 in the third quarter of
2017. The third quarter of 2018 included pre-tax
merger-related expenses of $11.0 million.
On September 18, 2018, State Bank’s shareholders approved the
pending merger with Cadence Bancorporation. The completion of
the merger remains subject to the receipt of certain regulatory
approvals and the satisfaction of other customary closing
conditions. Shares of restricted stock that vested upon
shareholder approval of the merger resulted in $9.8 million of
merger-related expense in the quarter. The effective tax rate
for the third quarter was 9.30% due to the tax benefit resulting
from the vesting of the restricted stock. Merger-related
expenses, including the restricted stock vesting and tax
adjustments, reduced fully diluted earnings per share by $.14
after-tax.
Joe Evans, Chairman of State Bank Financial, commented, “I am
pleased with our strong financial performance in the third quarter
and our shareholders’ overwhelming approval of our pending
merger with Cadence. Our two banks are highly
complementary and I expect the combined entity to produce
exceptional results.”
Operating Highlights
Interest income on loans improved to $51.6 million in the third
quarter of 2018, a $1.1 million increase from the second quarter of
2018 and a $16.2 million increase from the third quarter of
2017. Net interest income of $58.6 million in the third
quarter of 2018 increased from $56.1 million in the second quarter
of 2018 and $44.3 million in the third quarter of 2017.
Accretion income on loans was $8.2 million in the third quarter of
2018, up from $6.6 million in the second quarter of 2018 and $6.5
million in the third quarter of 2017. Accretion income
includes $4.1 million in recovery income during the third quarter
of 2018 compared to $2.7 million in the second quarter of 2018 and
$2.3 million in the third quarter of 2017.
Noninterest income was $9.7 million in the third quarter of
2018, compared to $10.9 million in the second quarter of 2018 and
$9.7 million in the third quarter of 2017. Mortgage banking
revenues declined $1.3 million in the third quarter of 2018
compared to the second quarter of 2018. In late September
2018, State Bank announced the transition of the majority of its
mortgage employees to another financial institution.
Total noninterest expense for the third quarter of 2018 was
$46.3 million, compared to $40.0 million in the second quarter of
2018 and $31.6 million in the third quarter of 2017. The
increase was primarily due to $11.0 million in merger-related
expenses, of which $9.8 million was related to the vesting of
restricted stock in September 2018. Salaries and employee
benefit expenses decreased $1.1 million compared to the second
quarter of 2018. Total noninterest expense excluding
merger-related expenses declined $2.0 million from the second
quarter of 2018.
Tom Wiley, Vice Chairman and CEO, commented, “I am proud of our
positive operating trends. While the mortgage transition
impacted noninterest income during the third quarter, the reduction
of associated expenses will measurably improve our efficiency going
forward.”
Financial Condition
Total assets at September 30, 2018, were $4.9 billion, down
from $5.0 billion at June 30, 2018. Total loans were
$3.6 billion at September 30, 2018, up $32.1 million from the
second quarter of 2018. Period-end organic loans increased to
$2.8 billion at September 30, 2018, an increase of $123.1
million from the second quarter of 2018. Purchased non-credit
impaired loans decreased to $725.7 million at September 30,
2018, a $67.3 million linked-quarter decline. Purchased
credit impaired loans decreased to $124.8 million at
September 30, 2018, a $23.7 million linked-quarter
decline.
Past due organic and purchased non-credit impaired loans were
.34% and 2.73% of their respective portfolios at September 30,
2018. The increase in past due purchased non-credit impaired loans
was due to one relationship that was recorded as nonaccrual in the
second quarter of 2018. The provision for loan losses on
organic and purchased non-credit impaired loans was $2.1 million in
the third quarter of 2018. The organic allowance as a percent of
organic loans was .98% at the end of the third quarter of 2018.
Total deposits at September 30, 2018, were $4.2 billion,
down $115.8 million from June 30, 2018, although average
deposits increased $54.8 million from the second quarter of 2018.
Noninterest-bearing demand deposits represented 27.5% of total
deposits as of September 30, 2018. Period-end
noninterest-bearing demand deposits were $1.2 billion, a $35.5
million decrease, while average noninterest-bearing demand deposits
increased $40.9 million from the second quarter of 2018.
Tangible book value per share was $14.70 at the end of the third
quarter of 2018. State Bank Financial Corporation continues
to be well capitalized, ending the quarter with a leverage ratio of
11.85% and a Tier I risk-based capital ratio of 12.89%.
Detailed Results
Supplemental tables displaying financial results for the third
quarter of 2018, the previous four quarters and year-to-date 2018
are included with this press release.
Non-GAAP Financial Measures
This press release contains financial measures determined by
methods other than in accordance with accounting principles
generally accepted in the United States of America (“GAAP”).
For more information on these non-GAAP financial measures, please
refer to 3Q18 Financial Supplement: Table 8, Reconciliation of
Non-GAAP Measures.
About State Bank Financial Corporation
State Bank Financial Corporation (NASDAQ: STBZ), with
approximately $4.9 billion in consolidated assets as of
September 30, 2018, is an Atlanta-based bank holding company
for State Bank and Trust Company. State Bank operates a full
service banking business and offers a broad range of commercial and
retail banking products to our customers throughout seven of
Georgia’s eight largest MSAs.
To learn more about State Bank, visit www.statebt.com
Cautionary Note Regarding Forward-Looking
Statements
Certain statements in this press release and other information
that we make publicly available from time to time are
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by words such as: “intend,”
“anticipate,” “plan,” “seek,” “believe,” “expect,” “focus,”
“strategy,” “future,” “likely,” “project,” “may,” “should,” “will”
and similar references to future periods. Examples of
forward-looking statements include, among others, statements
regarding our pending merger with Cadence Bancorporation
(“Cadence”) and the impact the transition of our mortgage employees
to another financial institution will have on expenses going
forward. Such forward-looking statements are subject to risks,
uncertainties, and other factors, including a downturn in the
economy, particularly in our markets; volatile credit and financial
markets both domestic and foreign; potential deterioration in real
estate values; regulatory changes and excessive loan losses; the
occurrence of any event, change or other circumstances that could
give rise to the right of Cadence or us to terminate the definitive
merger agreement; the outcome of any legal proceedings that may be
instituted against Cadence or us; the failure to obtain the
remaining necessary regulatory approvals for our merger with
Cadence (and the risk that such approvals may result in the
imposition of conditions that could adversely affect the combined
company or the expected benefits of the transaction), or to satisfy
any of the other conditions to the merger on a timely basis or at
all; the possibility that the anticipated benefits of the merger
are not realized when expected or at all, including as a result of
the impact of, or problems arising from, the integration of the two
companies or as a result of the strength of the economy and
competitive factors in the areas where Cadence and State Bank do
business; the possibility that the merger may be more expensive to
complete than anticipated, including as a result of unexpected
factors or events; diversion of management’s attention from ongoing
business operations and opportunities; potential adverse reactions
or changes to business or employee relationships, including those
resulting from the announcement or completion of the merger;
Cadence’s ability to complete the acquisition and integration of
State Bank successfully; and other factors that may affect ours or
Cadence’s future results, as well as additional risks and
uncertainties contained in the “Risk Factors” and forward-looking
statements disclosure contained in our most recent Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q, any or all of which
could cause actual results to differ materially from future results
expressed or implied by such forward-looking statements. Although
we believe that the assumptions underlying the forward-looking
statements are reasonable, any of the assumptions could prove to be
inaccurate. Therefore, we can give no assurance that the results
contemplated in the forward-looking statements will be realized.
The inclusion of this forward-looking information should not be
construed as a representation by our company or any person that
future events, plans, or expectations contemplated by our company
will be achieved. We undertake no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events, or otherwise.
State Bank Financial
Corporation |
3Q18 Financial Supplement: Table
1 |
Condensed Consolidated Financial Summary
Results |
Quarterly (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q18 change vs |
(Dollars in thousands, except per share
amounts) |
|
3Q18 |
|
2Q18 |
|
1Q18 |
|
4Q17 |
|
3Q17 |
|
2Q18 |
|
3Q17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement
Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income on loans |
|
$ |
51,553 |
|
|
$ |
50,416 |
|
|
$ |
48,444 |
|
|
$ |
46,926 |
|
|
$ |
35,400 |
|
|
$ |
1,137 |
|
|
$ |
16,153 |
|
Accretion income on loans |
|
8,154 |
|
|
6,595 |
|
|
5,946 |
|
|
10,671 |
|
|
6,520 |
|
|
1,559 |
|
|
1,634 |
|
Interest income on invested funds |
|
6,917 |
|
|
6,677 |
|
|
6,171 |
|
|
6,034 |
|
|
5,782 |
|
|
240 |
|
|
1,135 |
|
Total interest income |
|
66,624 |
|
|
63,688 |
|
|
60,561 |
|
|
63,631 |
|
|
47,702 |
|
|
2,936 |
|
|
18,922 |
|
Interest expense |
|
8,039 |
|
|
7,558 |
|
|
5,705 |
|
|
5,614 |
|
|
3,370 |
|
|
481 |
|
|
4,669 |
|
Net interest income |
|
58,585 |
|
|
56,130 |
|
|
54,856 |
|
|
58,017 |
|
|
44,332 |
|
|
2,455 |
|
|
14,253 |
|
Provision for loan and lease losses (organic &
PNCI loans) |
|
2,100 |
|
|
2,556 |
|
|
2,650 |
|
|
2,050 |
|
|
1,300 |
|
|
(456 |
) |
|
800 |
|
Provision for loan and lease losses (purchased
credit impaired loans) |
|
109 |
|
|
(163 |
) |
|
558 |
|
|
798 |
|
|
(885 |
) |
|
272 |
|
|
994 |
|
Provision for loan and lease losses |
|
2,209 |
|
|
2,393 |
|
|
3,208 |
|
|
2,848 |
|
|
415 |
|
|
(184 |
) |
|
1,794 |
|
Total noninterest income |
|
9,738 |
|
|
10,917 |
|
|
10,461 |
|
|
10,140 |
|
|
9,682 |
|
|
(1,179 |
) |
|
56 |
|
Total noninterest expense |
|
46,318 |
|
|
39,983 |
|
|
39,268 |
|
|
40,684 |
|
|
31,571 |
|
|
6,335 |
|
|
14,747 |
|
Income before income taxes |
|
19,796 |
|
|
24,671 |
|
|
22,841 |
|
|
24,625 |
|
|
22,028 |
|
|
(4,875 |
) |
|
(2,232 |
) |
Income tax expense |
|
1,841 |
|
|
5,904 |
|
|
5,476 |
|
|
19,248 |
|
|
7,592 |
|
|
(4,063 |
) |
|
(5,751 |
) |
Net income |
|
$ |
17,955 |
|
|
$ |
18,767 |
|
|
$ |
17,365 |
|
|
$ |
5,377 |
|
|
$ |
14,436 |
|
|
$ |
(812 |
) |
|
$ |
3,519 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
$ |
.46 |
|
|
$ |
.48 |
|
|
$ |
.45 |
|
|
$ |
.14 |
|
|
$ |
.37 |
|
|
$ |
(.02 |
) |
|
$ |
.09 |
|
Diluted earnings per share |
|
.46 |
|
|
.48 |
|
|
.44 |
|
|
.14 |
|
|
.37 |
|
|
(.02 |
) |
|
.09 |
|
Cash dividends declared per share |
|
.20 |
|
|
.20 |
|
|
.20 |
|
|
.14 |
|
|
.14 |
|
|
— |
|
|
.06 |
|
Book value per share |
|
17.12 |
|
|
16.79 |
|
|
16.58 |
|
|
16.45 |
|
|
16.48 |
|
|
.33 |
|
|
.64 |
|
Tangible book value per share (1) |
|
14.70 |
|
|
14.38 |
|
|
14.15 |
|
|
14.00 |
|
|
14.01 |
|
|
.32 |
|
|
.69 |
|
Market price per share (quarter end) |
|
30.18 |
|
|
33.40 |
|
|
30.01 |
|
|
29.84 |
|
|
28.65 |
|
|
(3.22 |
) |
|
1.53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares
Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
38,800,431 |
|
|
39,121,749 |
|
|
39,003,412 |
|
|
38,992,163 |
|
|
38,991,022 |
|
|
(321,318 |
) |
|
(190,591 |
) |
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
38,193,099 |
|
|
38,038,181 |
|
|
38,032,007 |
|
|
38,009,181 |
|
|
37,918,753 |
|
|
154,918 |
|
|
274,346 |
|
Diluted |
|
38,211,476 |
|
|
38,075,106 |
|
|
38,070,554 |
|
|
38,068,619 |
|
|
37,963,141 |
|
|
136,370 |
|
|
248,335 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balance Sheet
Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
3,640,532 |
|
|
$ |
3,662,142 |
|
|
$ |
3,598,543 |
|
|
$ |
3,603,482 |
|
|
$ |
2,893,187 |
|
|
$ |
(21,610 |
) |
|
$ |
747,345 |
|
Assets |
|
4,984,791 |
|
|
4,950,453 |
|
|
4,860,730 |
|
|
4,982,451 |
|
|
4,178,731 |
|
|
34,338 |
|
|
806,060 |
|
Deposits |
|
4,255,026 |
|
|
4,200,187 |
|
|
4,084,844 |
|
|
4,248,553 |
|
|
3,437,329 |
|
|
54,839 |
|
|
817,697 |
|
Equity |
|
662,112 |
|
|
650,919 |
|
|
642,787 |
|
|
645,409 |
|
|
638,620 |
|
|
11,193 |
|
|
23,492 |
|
Tangible equity (1) |
|
568,242 |
|
|
556,403 |
|
|
547,620 |
|
|
549,564 |
|
|
550,002 |
|
|
11,839 |
|
|
18,240 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State Bank Financial
Corporation |
3Q18 Financial Supplement: Table 1
(continued) |
Condensed Consolidated Financial Summary
Results |
Quarterly (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q18 change
vs |
(Dollars in thousands, except per share
amounts) |
|
3Q18 |
|
2Q18 |
|
1Q18 |
|
4Q17 |
|
3Q17 |
|
2Q18 |
|
3Q17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Metrics (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
1.43 |
% |
|
1.52 |
% |
|
1.45 |
% |
|
.43 |
% |
|
1.37 |
% |
|
(.09 |
)% |
|
.06 |
% |
Return on average equity |
|
10.76 |
|
|
11.56 |
|
|
10.96 |
|
|
3.31 |
|
|
8.97 |
|
|
(.80 |
) |
|
1.79 |
|
Yield on earning assets |
|
5.61 |
|
|
5.47 |
|
|
5.36 |
|
|
5.39 |
|
|
4.85 |
|
|
.14 |
|
|
.76 |
|
Cost of funds |
|
.75 |
|
|
.71 |
|
|
.55 |
|
|
.52 |
|
|
.38 |
|
|
.04 |
|
|
.37 |
|
Rate on interest-bearing liabilities |
|
1.03 |
|
|
.98 |
|
|
.75 |
|
|
.71 |
|
|
.54 |
|
|
.05 |
|
|
.49 |
|
Net interest margin |
|
4.93 |
|
|
4.82 |
|
|
4.86 |
|
|
4.91 |
|
|
4.51 |
|
|
.11 |
|
|
.42 |
|
Leverage ratio (3) |
|
11.85 |
|
|
11.75 |
|
|
11.69 |
|
|
11.24 |
|
|
13.37 |
|
|
.10 |
|
|
(1.52 |
) |
Tier I risk-based capital ratio (3) |
|
12.89 |
|
|
12.79 |
|
|
12.44 |
|
|
12.61 |
|
|
12.30 |
|
|
.10 |
|
|
.59 |
|
Total risk-based capital ratio (3) |
|
13.66 |
|
|
13.53 |
|
|
13.14 |
|
|
13.28 |
|
|
12.91 |
|
|
.13 |
|
|
.75 |
|
Efficiency ratio (4) |
|
67.79 |
|
|
59.63 |
|
|
60.12 |
|
|
59.69 |
|
|
58.45 |
|
|
8.16 |
|
|
9.34 |
|
Average loans to average deposits |
|
85.56 |
|
|
87.19 |
|
|
88.09 |
|
|
84.82 |
|
|
84.17 |
|
|
(1.63 |
) |
|
1.39 |
|
Noninterest-bearing deposits to total deposits |
|
27.50 |
|
|
27.59 |
|
|
26.04 |
|
|
28.07 |
|
|
27.82 |
|
|
(.09 |
) |
|
(.32 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Denotes a non-GAAP financial measure. See
Reconciliation of Non-GAAP Measures (Table 8) for further
information.(2) Income statement ratios and yield/rate
information are annualized for the applicable period.(3)
Current period capital ratios are estimated as of the date of this
earnings release.(4) Noninterest expense divided by net
interest income plus noninterest income.
State Bank Financial
Corporation |
3Q18 Financial Supplement: Table
2 |
Condensed Consolidated Balance
Sheets |
Quarterly (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q18 change
vs |
(Dollars in thousands) |
|
3Q18 |
|
2Q18 |
|
1Q18 |
|
4Q17 |
|
3Q17 |
|
2Q18 |
|
3Q17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and amounts due from depository institutions |
|
$ |
16,273 |
|
|
$ |
12,974 |
|
|
$ |
13,113 |
|
|
$ |
17,438 |
|
|
$ |
14,235 |
|
|
$ |
3,299 |
|
|
$ |
2,038 |
|
Interest-bearing deposits in other financial institutions |
|
186,524 |
|
|
215,360 |
|
|
59,620 |
|
|
211,142 |
|
|
251,115 |
|
|
(28,836 |
) |
|
(64,591 |
) |
Federal funds sold |
|
5,130 |
|
|
9,957 |
|
|
9,000 |
|
|
2,297 |
|
|
16,889 |
|
|
(4,827 |
) |
|
(11,759 |
) |
Cash and cash equivalents |
|
207,927 |
|
|
238,291 |
|
|
81,733 |
|
|
230,877 |
|
|
282,239 |
|
|
(30,364 |
) |
|
(74,312 |
) |
Equity securities |
|
1,515 |
|
|
1,515 |
|
|
1,515 |
|
|
1,515 |
|
|
1,515 |
|
|
— |
|
|
— |
|
Debt securities available-for-sale |
|
772,369 |
|
|
835,670 |
|
|
863,697 |
|
|
872,455 |
|
|
919,248 |
|
|
(63,301 |
) |
|
(146,879 |
) |
Debt securities held-to-maturity |
|
13,000 |
|
|
16,742 |
|
|
27,558 |
|
|
32,852 |
|
|
57,867 |
|
|
(3,742 |
) |
|
(44,867 |
) |
Loans |
|
3,637,334 |
|
|
3,605,273 |
|
|
3,618,521 |
|
|
3,532,193 |
|
|
3,572,790 |
|
|
32,061 |
|
|
64,544 |
|
Allowance for loan and lease losses |
|
(34,789 |
) |
|
(33,335 |
) |
|
(31,317 |
) |
|
(28,750 |
) |
|
(26,842 |
) |
|
(1,454 |
) |
|
(7,947 |
) |
Loans, net |
|
3,602,545 |
|
|
3,571,938 |
|
|
3,587,204 |
|
|
3,503,443 |
|
|
3,545,948 |
|
|
30,607 |
|
|
56,597 |
|
Loans held-for-sale |
|
30,676 |
|
|
55,096 |
|
|
47,482 |
|
|
36,211 |
|
|
47,743 |
|
|
(24,420 |
) |
|
(17,067 |
) |
Other real estate owned |
|
5,442 |
|
|
5,012 |
|
|
4,207 |
|
|
895 |
|
|
1,271 |
|
|
430 |
|
|
4,171 |
|
Premises and equipment, net |
|
56,007 |
|
|
56,965 |
|
|
52,410 |
|
|
51,794 |
|
|
52,120 |
|
|
(958 |
) |
|
3,887 |
|
Goodwill |
|
84,564 |
|
|
84,564 |
|
|
84,564 |
|
|
84,564 |
|
|
84,564 |
|
|
— |
|
|
— |
|
Other intangibles, net |
|
9,074 |
|
|
9,729 |
|
|
10,384 |
|
|
11,034 |
|
|
11,755 |
|
|
(655 |
) |
|
(2,681 |
) |
SBA servicing rights |
|
3,842 |
|
|
3,989 |
|
|
4,003 |
|
|
4,069 |
|
|
3,950 |
|
|
(147 |
) |
|
(108 |
) |
Bank-owned life insurance |
|
68,772 |
|
|
68,231 |
|
|
67,768 |
|
|
67,313 |
|
|
66,846 |
|
|
541 |
|
|
1,926 |
|
Other assets |
|
68,344 |
|
|
64,587 |
|
|
59,772 |
|
|
61,560 |
|
|
73,417 |
|
|
3,757 |
|
|
(5,073 |
) |
Total assets |
|
$ |
4,924,077 |
|
|
$ |
5,012,329 |
|
|
$ |
4,892,297 |
|
|
$ |
4,958,582 |
|
|
$ |
5,148,483 |
|
|
$ |
(88,252 |
) |
|
$ |
(224,406 |
) |
Liabilities and Shareholders’
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
$ |
1,151,511 |
|
|
$ |
1,187,028 |
|
|
$ |
1,089,579 |
|
|
$ |
1,191,106 |
|
|
$ |
1,179,698 |
|
|
$ |
(35,517 |
) |
|
$ |
(28,187 |
) |
Interest-bearing deposits |
|
3,035,403 |
|
|
3,115,676 |
|
|
3,094,853 |
|
|
3,052,029 |
|
|
3,061,387 |
|
|
(80,273 |
) |
|
(25,984 |
) |
Total deposits |
|
4,186,914 |
|
|
4,302,704 |
|
|
4,184,432 |
|
|
4,243,135 |
|
|
4,241,085 |
|
|
(115,790 |
) |
|
(54,171 |
) |
Federal funds purchased and securities sold under agreements to
repurchase |
|
33,621 |
|
|
13,525 |
|
|
9,565 |
|
|
25,209 |
|
|
25,499 |
|
|
20,096 |
|
|
8,122 |
|
FHLB borrowings |
|
— |
|
|
— |
|
|
15,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Notes payable |
|
— |
|
|
398 |
|
|
398 |
|
|
398 |
|
|
398 |
|
|
(398 |
) |
|
(398 |
) |
Other liabilities |
|
39,365 |
|
|
38,783 |
|
|
36,248 |
|
|
48,289 |
|
|
238,911 |
|
|
582 |
|
|
(199,546 |
) |
Total liabilities |
|
4,259,900 |
|
|
4,355,410 |
|
|
4,245,643 |
|
|
4,317,031 |
|
|
4,505,893 |
|
|
(95,510 |
) |
|
(245,993 |
) |
Total shareholders’ equity |
|
664,177 |
|
|
656,919 |
|
|
646,654 |
|
|
641,551 |
|
|
642,590 |
|
|
7,258 |
|
|
21,587 |
|
Total liabilities and shareholders’ equity |
|
$ |
4,924,077 |
|
|
$ |
5,012,329 |
|
|
$ |
4,892,297 |
|
|
$ |
4,958,582 |
|
|
$ |
5,148,483 |
|
|
$ |
(88,252 |
) |
|
$ |
(224,406 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average equity to average assets |
|
13.28 |
% |
|
13.15 |
% |
|
13.22 |
% |
|
12.95 |
% |
|
15.28 |
% |
|
.13 |
% |
|
(2.00 |
)% |
Leverage ratio |
|
11.85 |
|
|
11.75 |
|
|
11.69 |
|
|
11.24 |
|
|
13.37 |
|
|
.10 |
|
|
(1.52 |
) |
CET1 risk-based capital ratio |
|
12.89 |
|
|
12.79 |
|
|
12.44 |
|
|
12.61 |
|
|
12.30 |
|
|
.10 |
|
|
.59 |
|
Tier I risk-based capital ratio |
|
12.89 |
|
|
12.79 |
|
|
12.44 |
|
|
12.61 |
|
|
12.30 |
|
|
.10 |
|
|
.59 |
|
Total risk-based capital ratio |
|
13.66 |
|
|
13.53 |
|
|
13.14 |
|
|
13.28 |
|
|
12.91 |
|
|
.13 |
|
|
.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Current period capital ratios are estimated as of the
date of this earning release.
State Bank Financial
Corporation |
3Q18 Financial Supplement: Table
3 |
Condensed Consolidated Income
Statements |
Quarterly
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q18 change
vs |
(Dollars in thousands, except per share
amounts) |
|
3Q18 |
|
2Q18 |
|
1Q18 |
|
4Q17 |
|
3Q17 |
|
2Q18 |
|
3Q17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income on loans |
|
$ |
51,553 |
|
|
$ |
50,416 |
|
|
$ |
48,444 |
|
|
$ |
46,926 |
|
|
$ |
35,400 |
|
|
$ |
1,137 |
|
|
$ |
16,153 |
|
Accretion income on loans |
|
8,154 |
|
|
6,595 |
|
|
5,946 |
|
|
10,671 |
|
|
6,520 |
|
|
1,559 |
|
|
1,634 |
|
Interest income on invested funds |
|
6,917 |
|
|
6,677 |
|
|
6,171 |
|
|
6,034 |
|
|
5,782 |
|
|
240 |
|
|
1,135 |
|
Interest expense |
|
8,039 |
|
|
7,558 |
|
|
5,705 |
|
|
5,614 |
|
|
3,370 |
|
|
481 |
|
|
4,669 |
|
Net interest income |
|
58,585 |
|
|
56,130 |
|
|
54,856 |
|
|
58,017 |
|
|
44,332 |
|
|
2,455 |
|
|
14,253 |
|
Provision for loan and lease losses (organic &
PNCI loans) |
|
2,100 |
|
|
2,556 |
|
|
2,650 |
|
|
2,050 |
|
|
1,300 |
|
|
(456 |
) |
|
800 |
|
Provision for loan and lease losses (purchased
credit impaired loans) |
|
109 |
|
|
(163 |
) |
|
558 |
|
|
798 |
|
|
(885 |
) |
|
272 |
|
|
994 |
|
Provision for loan and lease losses |
|
2,209 |
|
|
2,393 |
|
|
3,208 |
|
|
2,848 |
|
|
415 |
|
|
(184 |
) |
|
1,794 |
|
Net interest income after provision for loan
and lease losses |
|
56,376 |
|
|
53,737 |
|
|
51,648 |
|
|
55,169 |
|
|
43,917 |
|
|
2,639 |
|
|
12,459 |
|
Noninterest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposits |
|
1,572 |
|
|
1,462 |
|
|
1,625 |
|
|
1,678 |
|
|
1,575 |
|
|
110 |
|
|
(3 |
) |
Mortgage banking income |
|
1,818 |
|
|
3,125 |
|
|
2,925 |
|
|
2,558 |
|
|
2,793 |
|
|
(1,307 |
) |
|
(975 |
) |
Payroll and insurance income |
|
1,667 |
|
|
1,608 |
|
|
1,760 |
|
|
1,698 |
|
|
1,487 |
|
|
59 |
|
|
180 |
|
SBA income |
|
1,401 |
|
|
1,252 |
|
|
1,192 |
|
|
1,866 |
|
|
1,464 |
|
|
149 |
|
|
(63 |
) |
ATM income |
|
909 |
|
|
919 |
|
|
870 |
|
|
860 |
|
|
826 |
|
|
(10 |
) |
|
83 |
|
Bank-owned life insurance income |
|
541 |
|
|
463 |
|
|
455 |
|
|
467 |
|
|
526 |
|
|
78 |
|
|
15 |
|
Gain (loss) on sale of investment securities |
|
181 |
|
|
250 |
|
|
— |
|
|
(1,481 |
) |
|
3 |
|
|
(69 |
) |
|
178 |
|
Other |
|
1,649 |
|
|
1,838 |
|
|
1,634 |
|
|
2,494 |
|
|
1,008 |
|
|
(189 |
) |
|
641 |
|
Total noninterest income |
|
9,738 |
|
|
10,917 |
|
|
10,461 |
|
|
10,140 |
|
|
9,682 |
|
|
(1,179 |
) |
|
56 |
|
Noninterest Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
23,166 |
|
|
24,279 |
|
|
26,042 |
|
|
25,089 |
|
|
20,701 |
|
|
(1,113 |
) |
|
2,465 |
|
Occupancy and equipment |
|
3,240 |
|
|
3,421 |
|
|
3,496 |
|
|
3,576 |
|
|
3,187 |
|
|
(181 |
) |
|
53 |
|
Data processing |
|
2,808 |
|
|
2,696 |
|
|
2,896 |
|
|
2,596 |
|
|
2,587 |
|
|
112 |
|
|
221 |
|
Legal and professional fees |
|
1,187 |
|
|
967 |
|
|
739 |
|
|
973 |
|
|
700 |
|
|
220 |
|
|
487 |
|
Merger-related expenses |
|
10,967 |
|
|
2,601 |
|
|
1,264 |
|
|
2,588 |
|
|
135 |
|
|
8,366 |
|
|
10,832 |
|
Marketing |
|
744 |
|
|
940 |
|
|
425 |
|
|
693 |
|
|
342 |
|
|
(196 |
) |
|
402 |
|
Federal deposit insurance premiums and other
regulatory fees |
|
528 |
|
|
589 |
|
|
500 |
|
|
498 |
|
|
407 |
|
|
(61 |
) |
|
121 |
|
Loan collection costs and OREO activity |
|
(204 |
) |
|
(116 |
) |
|
166 |
|
|
358 |
|
|
181 |
|
|
(88 |
) |
|
(385 |
) |
Amortization of intangibles |
|
655 |
|
|
654 |
|
|
651 |
|
|
721 |
|
|
701 |
|
|
1 |
|
|
(46 |
) |
Other |
|
3,227 |
|
|
3,952 |
|
|
3,089 |
|
|
3,592 |
|
|
2,630 |
|
|
(725 |
) |
|
597 |
|
Total noninterest expense |
|
46,318 |
|
|
39,983 |
|
|
39,268 |
|
|
40,684 |
|
|
31,571 |
|
|
6,335 |
|
|
14,747 |
|
Income Before Income Taxes |
|
19,796 |
|
|
24,671 |
|
|
22,841 |
|
|
24,625 |
|
|
22,028 |
|
|
(4,875 |
) |
|
(2,232 |
) |
Income tax expense |
|
1,841 |
|
|
5,904 |
|
|
5,476 |
|
|
19,248 |
|
|
7,592 |
|
|
(4,063 |
) |
|
(5,751 |
) |
Net Income |
|
$ |
17,955 |
|
|
$ |
18,767 |
|
|
$ |
17,365 |
|
|
$ |
5,377 |
|
|
$ |
14,436 |
|
|
$ |
(812 |
) |
|
$ |
3,519 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income allocated to participating
securities |
|
$ |
400 |
|
|
$ |
509 |
|
|
$ |
435 |
|
|
$ |
136 |
|
|
$ |
389 |
|
|
$ |
(109 |
) |
|
$ |
11 |
|
Net income allocated to common shareholders |
|
17,555 |
|
|
18,258 |
|
|
16,930 |
|
|
5,241 |
|
|
14,047 |
|
|
(703 |
) |
|
3,508 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective Tax Rate |
|
9.30 |
% |
|
23.93 |
% |
|
23.97 |
% |
|
78.16 |
% |
|
34.47 |
% |
|
(14.63 |
)% |
|
(25.17 |
)% |
Earnings Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
.46 |
|
|
$ |
.48 |
|
|
$ |
.45 |
|
|
$ |
.14 |
|
|
$ |
.37 |
|
|
$ |
(.02 |
) |
|
$ |
.09 |
|
Diluted |
|
.46 |
|
|
.48 |
|
|
.44 |
|
|
.14 |
|
|
.37 |
|
|
(.02 |
) |
|
.09 |
|
Weighted Average Shares
Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
38,193,099 |
|
|
38,038,181 |
|
|
38,032,007 |
|
|
38,009,181 |
|
|
37,918,753 |
|
|
154,918 |
|
|
274,346 |
|
Diluted |
|
38,211,476 |
|
|
38,075,106 |
|
|
38,070,554 |
|
|
38,068,619 |
|
|
37,963,141 |
|
|
136,370 |
|
|
248,335 |
|
State Bank Financial
Corporation |
|
|
|
|
|
|
3Q18 Financial Supplement: Table
4 |
|
|
|
|
Condensed Consolidated Income
Statements |
|
|
|
|
Year to Date (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September
30 |
|
|
(Dollars in thousands, except per share
amounts) |
|
2018 |
|
2017 |
|
Change |
Net Interest Income: |
|
|
|
|
|
|
Interest income on loans |
|
$ |
150,413 |
|
|
$ |
104,332 |
|
|
$ |
46,081 |
|
Accretion income on loans |
|
20,695 |
|
|
23,425 |
|
|
(2,730 |
) |
Interest income on invested funds |
|
19,765 |
|
|
16,989 |
|
|
2,776 |
|
Interest expense |
|
21,302 |
|
|
9,978 |
|
|
11,324 |
|
Net interest income |
|
169,571 |
|
|
134,768 |
|
|
34,803 |
|
Provision for loan and lease losses
(organic & PNCI loans) |
|
7,306 |
|
|
4,131 |
|
|
3,175 |
|
Provision for loan and lease losses
(purchased credit impaired loans) |
|
504 |
|
|
(869 |
) |
|
1,373 |
|
Provision for loan and lease losses |
|
7,810 |
|
|
3,262 |
|
|
4,548 |
|
Net interest income after
provision for loan and lease losses |
|
161,761 |
|
|
131,506 |
|
|
30,255 |
|
Noninterest Income: |
|
|
|
|
|
|
Service charges on deposits |
|
4,659 |
|
|
4,513 |
|
|
146 |
|
Mortgage banking income |
|
7,868 |
|
|
8,783 |
|
|
(915 |
) |
Payroll and insurance income |
|
5,035 |
|
|
4,400 |
|
|
635 |
|
SBA income |
|
3,845 |
|
|
4,625 |
|
|
(780 |
) |
ATM income |
|
2,698 |
|
|
2,522 |
|
|
176 |
|
Bank-owned life insurance income |
|
1,459 |
|
|
1,475 |
|
|
(16 |
) |
Gain on sale of investment securities |
|
431 |
|
|
28 |
|
|
403 |
|
Other |
|
5,121 |
|
|
3,271 |
|
|
1,850 |
|
Total noninterest
income |
|
31,116 |
|
|
29,617 |
|
|
1,499 |
|
Noninterest Expense: |
|
|
|
|
|
|
Salaries and employee benefits |
|
73,487 |
|
|
63,267 |
|
|
10,220 |
|
Occupancy and equipment |
|
10,157 |
|
|
9,796 |
|
|
361 |
|
Data processing |
|
8,400 |
|
|
7,608 |
|
|
792 |
|
Legal and professional fees |
|
2,893 |
|
|
3,403 |
|
|
(510 |
) |
Merger-related expenses |
|
14,832 |
|
|
2,742 |
|
|
12,090 |
|
Marketing |
|
2,109 |
|
|
1,409 |
|
|
700 |
|
Federal deposit insurance premiums and
other regulatory fees |
|
1,617 |
|
|
1,202 |
|
|
415 |
|
Loan collection costs and OREO
activity |
|
(154 |
) |
|
(1,074 |
) |
|
920 |
|
Amortization of intangibles |
|
1,960 |
|
|
2,094 |
|
|
(134 |
) |
Other |
|
10,268 |
|
|
7,686 |
|
|
2,582 |
|
Total noninterest
expense |
|
125,569 |
|
|
98,133 |
|
|
27,436 |
|
Income Before Income Taxes |
|
67,308 |
|
|
62,990 |
|
|
4,318 |
|
Income tax expense |
|
13,221 |
|
|
21,793 |
|
|
(8,572 |
) |
Net Income |
|
$ |
54,087 |
|
|
$ |
41,197 |
|
|
$ |
12,890 |
|
|
|
|
|
|
|
|
Net income allocated to participating
securities |
|
$ |
1,342 |
|
|
$ |
1,095 |
|
|
$ |
247 |
|
Net income allocated to common
shareholders |
|
52,745 |
|
|
40,102 |
|
|
12,643 |
|
|
|
|
|
|
|
|
Earnings Per
Share |
|
|
|
|
|
|
Basic |
|
$ |
1.38 |
|
|
$ |
1.06 |
|
|
$ |
.32 |
|
Diluted |
|
1.38 |
|
|
1.06 |
|
|
.32 |
|
Weighted Average Shares
Outstanding |
|
|
|
|
|
|
Basic |
|
38,088,378 |
|
|
37,894,385 |
|
|
193,993 |
|
Diluted |
|
38,110,938 |
|
|
37,943,971 |
|
|
166,967 |
|
State Bank Financial Corporation |
3Q18 Financial Supplement: Table 5 |
Condensed Consolidated Composition of Loans and Deposits at
Period Ends |
Quarterly (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q18 change vs |
(Dollars in thousands) |
|
3Q18 |
|
2Q18 |
|
1Q18 |
|
4Q17 |
|
3Q17 |
|
2Q18 |
|
3Q17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Composition of Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Organic loans (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction, land & land development |
|
$ |
480,530 |
|
|
$ |
454,625 |
|
|
$ |
442,942 |
|
|
$ |
412,540 |
|
|
$ |
460,368 |
|
|
$ |
25,905 |
|
|
$ |
20,162 |
|
Other
commercial real estate |
|
939,258 |
|
|
947,704 |
|
|
941,581 |
|
|
949,594 |
|
|
915,727 |
|
|
(8,446 |
) |
|
23,531 |
|
Total
commercial real estate |
|
1,419,788 |
|
|
1,402,329 |
|
|
1,384,523 |
|
|
1,362,134 |
|
|
1,376,095 |
|
|
17,459 |
|
|
43,693 |
|
Residential real estate |
|
238,292 |
|
|
222,886 |
|
|
208,960 |
|
|
196,225 |
|
|
175,258 |
|
|
15,406 |
|
|
63,034 |
|
Owner-occupied real estate |
|
275,095 |
|
|
270,053 |
|
|
253,059 |
|
|
260,273 |
|
|
261,784 |
|
|
5,042 |
|
|
13,311 |
|
Commercial, financial & agricultural |
|
758,897 |
|
|
666,572 |
|
|
562,566 |
|
|
430,205 |
|
|
363,551 |
|
|
92,325 |
|
|
395,346 |
|
Leases |
|
30,410 |
|
|
36,863 |
|
|
43,787 |
|
|
52,396 |
|
|
66,765 |
|
|
(6,453 |
) |
|
(36,355 |
) |
Consumer |
|
64,361 |
|
|
65,019 |
|
|
62,423 |
|
|
64,610 |
|
|
61,200 |
|
|
(658 |
) |
|
3,161 |
|
Total
organic loans |
|
2,786,843 |
|
|
2,663,722 |
|
|
2,515,318 |
|
|
2,365,843 |
|
|
2,304,653 |
|
|
123,121 |
|
|
482,190 |
|
Purchased
non-credit impaired loans(2): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction, land & land development |
|
13,284 |
|
|
14,282 |
|
|
24,352 |
|
|
25,908 |
|
|
30,670 |
|
|
(998 |
) |
|
(17,386 |
) |
Other
commercial real estate |
|
186,556 |
|
|
194,995 |
|
|
226,893 |
|
|
218,660 |
|
|
234,486 |
|
|
(8,439 |
) |
|
(47,930 |
) |
Total
commercial real estate |
|
199,840 |
|
|
209,277 |
|
|
251,245 |
|
|
244,568 |
|
|
265,156 |
|
|
(9,437 |
) |
|
(65,316 |
) |
Residential real estate |
|
61,141 |
|
|
72,817 |
|
|
82,416 |
|
|
96,529 |
|
|
112,244 |
|
|
(11,676 |
) |
|
(51,103 |
) |
Owner-occupied real estate |
|
73,466 |
|
|
82,500 |
|
|
94,900 |
|
|
118,294 |
|
|
125,438 |
|
|
(9,034 |
) |
|
(51,972 |
) |
Commercial, financial & agricultural |
|
390,097 |
|
|
426,992 |
|
|
515,327 |
|
|
529,184 |
|
|
558,992 |
|
|
(36,895 |
) |
|
(168,895 |
) |
Consumer |
|
1,197 |
|
|
1,503 |
|
|
1,791 |
|
|
2,161 |
|
|
2,647 |
|
|
(306 |
) |
|
(1,450 |
) |
Total
purchased non-credit impaired loans |
|
725,741 |
|
|
793,089 |
|
|
945,679 |
|
|
990,736 |
|
|
1,064,477 |
|
|
(67,348 |
) |
|
(338,736 |
) |
Purchased
credit impaired loans (3): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction, land & land development |
|
6,281 |
|
|
13,227 |
|
|
12,802 |
|
|
13,545 |
|
|
16,918 |
|
|
(6,946 |
) |
|
(10,637 |
) |
Other
commercial real estate |
|
60,910 |
|
|
73,607 |
|
|
77,838 |
|
|
86,748 |
|
|
102,934 |
|
|
(12,697 |
) |
|
(42,024 |
) |
Total
commercial real estate |
|
67,191 |
|
|
86,834 |
|
|
90,640 |
|
|
100,293 |
|
|
119,852 |
|
|
(19,643 |
) |
|
(52,661 |
) |
Residential real estate |
|
30,037 |
|
|
32,087 |
|
|
36,747 |
|
|
40,332 |
|
|
42,190 |
|
|
(2,050 |
) |
|
(12,153 |
) |
Owner-occupied real estate |
|
17,145 |
|
|
18,019 |
|
|
18,593 |
|
|
20,803 |
|
|
26,210 |
|
|
(874 |
) |
|
(9,065 |
) |
Commercial, financial & agricultural |
|
10,300 |
|
|
11,440 |
|
|
11,436 |
|
|
14,051 |
|
|
15,139 |
|
|
(1,140 |
) |
|
(4,839 |
) |
Consumer |
|
77 |
|
|
82 |
|
|
108 |
|
|
135 |
|
|
269 |
|
|
(5 |
) |
|
(192 |
) |
Total
purchased credit impaired loans |
|
124,750 |
|
|
148,462 |
|
|
157,524 |
|
|
175,614 |
|
|
203,660 |
|
|
(23,712 |
) |
|
(78,910 |
) |
Total loans |
|
$ |
3,637,334 |
|
|
$ |
3,605,273 |
|
|
$ |
3,618,521 |
|
|
$ |
3,532,193 |
|
|
$ |
3,572,790 |
|
|
$ |
32,061 |
|
|
$ |
64,544 |
|
Composition of Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
demand deposits |
|
$ |
1,151,511 |
|
|
$ |
1,187,028 |
|
|
$ |
1,089,579 |
|
|
$ |
1,191,106 |
|
|
$ |
1,179,698 |
|
|
$ |
(35,517 |
) |
|
$ |
(28,187 |
) |
Interest-bearing
transaction accounts |
|
679,599 |
|
|
674,205 |
|
|
633,542 |
|
|
688,150 |
|
|
619,156 |
|
|
5,394 |
|
|
60,443 |
|
Savings and money
market deposits |
|
1,527,399 |
|
|
1,587,204 |
|
|
1,602,908 |
|
|
1,626,238 |
|
|
1,680,922 |
|
|
(59,805 |
) |
|
(153,523 |
) |
Time deposits |
|
707,950 |
|
|
698,361 |
|
|
713,869 |
|
|
715,133 |
|
|
731,416 |
|
|
9,589 |
|
|
(23,466 |
) |
Brokered and wholesale
time deposits |
|
120,455 |
|
|
155,906 |
|
|
144,534 |
|
|
22,508 |
|
|
29,893 |
|
|
(35,451 |
) |
|
90,562 |
|
Total
deposits |
|
$ |
4,186,914 |
|
|
$ |
4,302,704 |
|
|
$ |
4,184,432 |
|
|
$ |
4,243,135 |
|
|
$ |
4,241,085 |
|
|
$ |
(115,790 |
) |
|
$ |
(54,171 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Loans originated by State Bank and Trust Company.(2)
Consists of loans purchased in our acquisitions of Bank of Atlanta,
First Bank of Georgia, The National Bank of Georgia, S Bank, and
AloStar Bank of Commerce.(3) Acquired loans, which at acquisition,
management determined it was probable that we would be unable to
collect all contractual principal and interest payments due,
including all loans acquired from the FDIC.
State Bank Financial Corporation |
3Q18 Financial Supplement: Table 6 |
Condensed Consolidated Asset Quality
Data |
Quarterly (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q18 change vs |
(Dollars in thousands) |
|
3Q18 |
|
2Q18 |
|
1Q18 |
|
4Q17 |
|
3Q17 |
|
2Q18 |
|
3Q17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan and lease losses on organic
loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
Balance |
|
$ |
26,366 |
|
|
$ |
24,882 |
|
|
$ |
24,039 |
|
|
$ |
22,709 |
|
|
$ |
22,560 |
|
|
$ |
1,484 |
|
|
$ |
3,806 |
|
Charge-offs |
|
(326 |
) |
|
(171 |
) |
|
(664 |
) |
|
(474 |
) |
|
(912 |
) |
|
(155 |
) |
|
586 |
|
Recoveries |
|
87 |
|
|
70 |
|
|
133 |
|
|
77 |
|
|
106 |
|
|
17 |
|
|
(19 |
) |
Net
(charge-offs) recoveries |
|
(239 |
) |
|
(101 |
) |
|
(531 |
) |
|
(397 |
) |
|
(806 |
) |
|
(138 |
) |
|
567 |
|
Provision
for loan and lease losses |
|
1,300 |
|
|
1,585 |
|
|
1,374 |
|
|
1,727 |
|
|
955 |
|
|
(285 |
) |
|
345 |
|
Ending
Balance |
|
$ |
27,427 |
|
|
$ |
26,366 |
|
|
$ |
24,882 |
|
|
$ |
24,039 |
|
|
$ |
22,709 |
|
|
$ |
1,061 |
|
|
$ |
4,718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan and lease losses on purchased non-credit
impaired loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
Balance |
|
$ |
2,981 |
|
|
$ |
2,249 |
|
|
$ |
995 |
|
|
$ |
900 |
|
|
$ |
667 |
|
|
$ |
732 |
|
|
$ |
2,314 |
|
Charge-offs |
|
(451 |
) |
|
(285 |
) |
|
(40 |
) |
|
(273 |
) |
|
(152 |
) |
|
(166 |
) |
|
(299 |
) |
Recoveries |
|
59 |
|
|
46 |
|
|
18 |
|
|
45 |
|
|
40 |
|
|
13 |
|
|
19 |
|
Net
(charge-offs) recoveries |
|
(392 |
) |
|
(239 |
) |
|
(22 |
) |
|
(228 |
) |
|
(112 |
) |
|
(153 |
) |
|
(280 |
) |
Provision
for loan and lease losses |
|
800 |
|
|
971 |
|
|
1,276 |
|
|
323 |
|
|
345 |
|
|
(171 |
) |
|
455 |
|
Ending
Balance |
|
$ |
3,389 |
|
|
$ |
2,981 |
|
|
$ |
2,249 |
|
|
$ |
995 |
|
|
$ |
900 |
|
|
$ |
408 |
|
|
$ |
2,489 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan and lease losses on purchased credit
impaired loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
Balance |
|
$ |
3,988 |
|
|
$ |
4,186 |
|
|
$ |
3,716 |
|
|
$ |
3,233 |
|
|
$ |
4,761 |
|
|
$ |
(198 |
) |
|
$ |
(773 |
) |
Charge-offs |
|
(124 |
) |
|
(35 |
) |
|
(88 |
) |
|
(315 |
) |
|
(643 |
) |
|
(89 |
) |
|
519 |
|
Recoveries |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Net
(charge-offs) recoveries |
|
(124 |
) |
|
(35 |
) |
|
(88 |
) |
|
(315 |
) |
|
(643 |
) |
|
(89 |
) |
|
519 |
|
Provision
for loan and lease losses |
|
109 |
|
|
(163 |
) |
|
558 |
|
|
798 |
|
|
(885 |
) |
|
272 |
|
|
994 |
|
Ending
Balance |
|
$ |
3,973 |
|
|
$ |
3,988 |
|
|
$ |
4,186 |
|
|
$ |
3,716 |
|
|
$ |
3,233 |
|
|
$ |
(15 |
) |
|
$ |
740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming organic assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
10,648 |
|
|
$ |
8,119 |
|
|
$ |
9,186 |
|
|
$ |
6,656 |
|
|
$ |
5,482 |
|
|
$ |
2,529 |
|
|
$ |
5,166 |
|
Accruing
TDRs |
|
— |
|
|
490 |
|
|
556 |
|
|
566 |
|
|
— |
|
|
(490 |
) |
|
— |
|
Total
nonperforming organic loans |
|
10,648 |
|
|
8,609 |
|
|
9,742 |
|
|
7,222 |
|
|
5,482 |
|
|
2,039 |
|
|
5,166 |
|
Other
real estate owned |
|
3,255 |
|
|
4,135 |
|
|
3,231 |
|
|
153 |
|
|
— |
|
|
(880 |
) |
|
3,255 |
|
Total
nonperforming organic assets |
|
$ |
13,903 |
|
|
$ |
12,744 |
|
|
$ |
12,973 |
|
|
$ |
7,375 |
|
|
$ |
5,482 |
|
|
$ |
1,159 |
|
|
$ |
8,421 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming purchased non-credit impaired
assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
22,207 |
|
|
$ |
22,585 |
|
|
$ |
6,356 |
|
|
$ |
5,821 |
|
|
$ |
5,615 |
|
|
$ |
(378 |
) |
|
$ |
16,592 |
|
Accruing
TDRs |
|
2,756 |
|
|
2,760 |
|
|
2,769 |
|
|
— |
|
|
— |
|
|
(4 |
) |
|
2,756 |
|
Total
nonperforming PNCI loans |
|
24,963 |
|
|
25,345 |
|
|
9,125 |
|
|
5,821 |
|
|
5,615 |
|
|
(382 |
) |
|
19,348 |
|
Other
real estate owned |
|
1,261 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,261 |
|
|
1,261 |
|
Total
nonperforming PNCI assets |
|
$ |
26,224 |
|
|
$ |
25,345 |
|
|
$ |
9,125 |
|
|
$ |
5,821 |
|
|
$ |
5,615 |
|
|
$ |
879 |
|
|
$ |
20,609 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios for organic assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized QTD charge-offs (recoveries) on organic loans to average
organic loans |
|
.03 |
% |
|
.02 |
% |
|
.09 |
% |
|
.07 |
% |
|
.14 |
% |
|
.01 |
% |
|
(.11 |
)% |
Nonperforming organic loans to organic loans |
|
.38 |
|
|
.32 |
|
|
.39 |
|
|
.31 |
|
|
.24 |
|
|
.06 |
|
|
.14 |
|
Nonperforming organic assets to organic loans + OREO |
|
.50 |
|
|
.48 |
|
|
.52 |
|
|
.31 |
|
|
.24 |
|
|
.02 |
|
|
.26 |
|
Past due
organic loans to organic loans |
|
.34 |
|
|
.16 |
|
|
.22 |
|
|
.20 |
|
|
.12 |
|
|
.18 |
|
|
.22 |
|
Allowance
for loan and lease losses on organic loans to organic loans |
|
.98 |
|
|
.99 |
|
|
.99 |
|
|
1.02 |
|
|
.99 |
|
|
(.01 |
) |
|
(.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State Bank Financial Corporation |
3Q18 Financial Supplement: Table 6
(continued) |
Condensed Consolidated Asset Quality
Data |
Quarterly
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q18 change vs |
(Dollars in thousands) |
|
3Q18 |
|
2Q18 |
|
1Q18 |
|
4Q17 |
|
3Q17 |
|
2Q18 |
|
3Q17 |
Ratios for purchased non-credit impaired
loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized QTD charge-offs (recoveries) on PNCI loans to average
PNCI loans |
|
.20 |
% |
|
.11 |
% |
|
.01 |
% |
|
.09 |
% |
|
.10 |
% |
|
.09 |
% |
|
.10 |
% |
Nonperforming PNCI loans to PNCI loans |
|
3.44 |
|
|
3.20 |
|
|
.96 |
|
|
.59 |
|
|
.53 |
|
|
.24 |
|
|
2.91 |
|
Nonperforming PNCI assets to PNCI loans + OREO |
|
3.61 |
|
|
3.20 |
|
|
.96 |
|
|
.59 |
|
|
.53 |
|
|
.41 |
|
|
3.08 |
|
Past due
PNCI loans to PNCI loans |
|
2.73 |
|
|
.36 |
|
|
.45 |
|
|
.40 |
|
|
.48 |
|
|
2.37 |
|
|
2.25 |
|
Allowance
for loan and lease losses on PNCI loans to PNCI loans |
|
.47 |
|
|
.38 |
|
|
.24 |
|
|
.10 |
|
|
.08 |
|
|
.09 |
|
|
.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios for purchased credit impaired loans
(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized QTD charge-offs (recoveries) on PCI loans to average PCI
loans |
|
.35 |
% |
|
.09 |
% |
|
.21 |
% |
|
.66 |
% |
|
1.95 |
% |
|
.26 |
% |
|
(1.60 |
)% |
Past due
PCI loans to PCI loans |
|
6.68 |
|
|
5.95 |
|
|
6.47 |
|
|
5.84 |
|
|
8.12 |
|
|
.73 |
|
|
(1.44 |
) |
Allowance
for loan and lease losses on PCI loans to PCI loans |
|
3.18 |
|
|
2.69 |
|
|
2.66 |
|
|
2.12 |
|
|
1.59 |
|
|
.49 |
|
|
1.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
3Q18 Financial Supplement: Table 7 |
Condensed Consolidated Average Balances and Yield
Analysis |
Quarterly (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q18 change vs |
(Dollars in thousands) |
|
3Q18 |
|
2Q18 |
|
1Q18 |
|
4Q17 |
|
3Q17 |
|
2Q18 |
|
3Q17 |
Average Balances |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits in other financial institutions and federal funds
sold |
|
$ |
244,697 |
|
|
$ |
131,506 |
|
|
$ |
93,692 |
|
|
$ |
168,223 |
|
|
$ |
108,546 |
|
|
$ |
113,191 |
|
|
$ |
136,151 |
|
Investment
securities |
|
830,282 |
|
|
880,667 |
|
|
893,685 |
|
|
924,933 |
|
|
913,898 |
|
|
(50,385 |
) |
|
(83,616 |
) |
Loans, excluding
purchased credit impaired (1) |
|
3,499,883 |
|
|
3,507,613 |
|
|
3,430,599 |
|
|
3,413,159 |
|
|
2,762,479 |
|
|
(7,730 |
) |
|
737,404 |
|
Purchased credit
impaired loans |
|
140,649 |
|
|
154,529 |
|
|
167,944 |
|
|
190,323 |
|
|
130,708 |
|
|
(13,880 |
) |
|
9,941 |
|
Total
earning assets |
|
4,715,511 |
|
|
4,674,315 |
|
|
4,585,920 |
|
|
4,696,638 |
|
|
3,915,631 |
|
|
41,196 |
|
|
799,880 |
|
Total
nonearning assets |
|
269,280 |
|
|
276,138 |
|
|
274,810 |
|
|
285,813 |
|
|
263,100 |
|
|
(6,858 |
) |
|
6,180 |
|
Total
assets |
|
4,984,791 |
|
|
4,950,453 |
|
|
4,860,730 |
|
|
4,982,451 |
|
|
4,178,731 |
|
|
34,338 |
|
|
806,060 |
|
Interest-bearing
transaction accounts |
|
650,995 |
|
|
627,800 |
|
|
626,298 |
|
|
664,938 |
|
|
580,090 |
|
|
23,195 |
|
|
70,905 |
|
Savings &
money market deposits |
|
1,570,062 |
|
|
1,568,638 |
|
|
1,594,724 |
|
|
1,685,292 |
|
|
1,383,326 |
|
|
1,424 |
|
|
186,736 |
|
Time deposits |
|
704,879 |
|
|
704,850 |
|
|
715,514 |
|
|
724,578 |
|
|
420,192 |
|
|
29 |
|
|
284,687 |
|
Brokered and wholesale
time deposits |
|
139,270 |
|
|
149,956 |
|
|
65,749 |
|
|
25,911 |
|
|
49,675 |
|
|
(10,686 |
) |
|
89,595 |
|
Other borrowings |
|
23,689 |
|
|
55,344 |
|
|
85,788 |
|
|
35,353 |
|
|
57,988 |
|
|
(31,655 |
) |
|
(34,299 |
) |
Total
interest-bearing liabilities |
|
3,088,895 |
|
|
3,106,588 |
|
|
3,088,073 |
|
|
3,136,072 |
|
|
2,491,271 |
|
|
(17,693 |
) |
|
597,624 |
|
Noninterest-bearing
deposits |
|
1,189,820 |
|
|
1,148,943 |
|
|
1,082,559 |
|
|
1,147,834 |
|
|
1,004,046 |
|
|
40,877 |
|
|
185,774 |
|
Other liabilities |
|
43,964 |
|
|
44,003 |
|
|
47,311 |
|
|
53,136 |
|
|
44,794 |
|
|
(39 |
) |
|
(830 |
) |
Shareholders’
equity |
|
662,112 |
|
|
650,919 |
|
|
642,787 |
|
|
645,409 |
|
|
638,620 |
|
|
11,193 |
|
|
23,492 |
|
Total
liabilities and shareholders' equity |
|
4,984,791 |
|
|
4,950,453 |
|
|
4,860,730 |
|
|
4,982,451 |
|
|
4,178,731 |
|
|
34,338 |
|
|
806,060 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Margins (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits in other financial institutions and federal funds
sold |
|
1.76 |
% |
|
1.23 |
% |
|
.80 |
% |
|
.86 |
% |
|
.80 |
% |
|
.53 |
% |
|
.96 |
% |
Investment securities,
tax-equivalent basis |
|
2.79 |
|
|
2.86 |
|
|
2.72 |
|
|
2.43 |
|
|
2.42 |
|
|
(.07 |
) |
|
.37 |
|
Loans, excluding
purchased credit impaired, tax-equivalent basis (3) |
|
5.85 |
|
|
5.77 |
|
|
5.73 |
|
|
5.47 |
|
|
5.11 |
|
|
.08 |
|
|
.74 |
|
Purchased credit
impaired loans |
|
23.00 |
|
|
17.12 |
|
|
14.36 |
|
|
22.24 |
|
|
19.79 |
|
|
5.88 |
|
|
3.21 |
|
Total
earning assets |
|
5.61 |
% |
|
5.47 |
% |
|
5.36 |
% |
|
5.39 |
% |
|
4.85 |
% |
|
.14 |
% |
|
.76 |
% |
Interest-bearing
transaction accounts |
|
.23 |
|
|
.16 |
|
|
.14 |
|
|
.13 |
|
|
.13 |
|
|
.07 |
|
|
.10 |
|
Savings &
money market deposits |
|
1.13 |
|
|
1.07 |
|
|
.76 |
|
|
.80 |
|
|
.63 |
|
|
.06 |
|
|
.50 |
|
Time deposits |
|
1.41 |
|
|
1.25 |
|
|
1.09 |
|
|
1.04 |
|
|
.72 |
|
|
.16 |
|
|
.69 |
|
Brokered and wholesale
time deposits |
|
1.93 |
|
|
1.87 |
|
|
1.91 |
|
|
1.15 |
|
|
1.05 |
|
|
.06 |
|
|
.88 |
|
Other borrowings |
|
.12 |
|
|
1.59 |
|
|
1.31 |
|
|
.52 |
|
|
.75 |
|
|
(1.47 |
) |
|
(.63 |
) |
Total
interest-bearing liabilities |
|
1.03 |
% |
|
.98 |
% |
|
.75 |
% |
|
.71 |
% |
|
.54 |
% |
|
.05 |
% |
|
.49 |
% |
Net interest spread |
|
4.58 |
% |
|
4.49 |
% |
|
4.61 |
% |
|
4.68 |
% |
|
4.31 |
% |
|
.09 |
% |
|
.27 |
% |
Net interest margin |
|
4.93 |
% |
|
4.82 |
% |
|
4.86 |
% |
|
4.91 |
% |
|
4.51 |
% |
|
.11 |
% |
|
.42 |
% |
Net interest margin contribution from accretion income on
loans |
|
.69 |
% |
|
.57 |
% |
|
.53 |
% |
|
.90 |
% |
|
.66 |
% |
|
.12 |
% |
|
.03 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes average nonaccrual loans of $32.0 million for
3Q18, $18.9 million for 2Q18, $12.9 million for 1Q18, $11.4 million
for 4Q17, and $8.0 million for 3Q17.(2) Interest income or expense
annualized for the applicable period.(3) Reflects taxable
equivalent adjustments using the federal statutory tax rate of 21%
for all periods beginning on or after January 1, 2018 and 35% for
all periods prior to January 1, 2018 in adjusting tax-exempt loan
interest income to a fully taxable basis. The taxable equivalent
adjustments included above amount to $28,000 for 3Q18, $6,000 for
2Q18, $57,000 for 1Q18, $128,000 for 4Q17, and $177,000 for
3Q17.
State Bank Financial
Corporation |
3Q18 Financial Supplement: Table
8 |
Reconciliation of Non-GAAP Measures
(1) |
Quarterly
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
(dollars in thousands, except per
share amounts; taxable equivalent) |
3Q18 |
|
2Q18 |
|
1Q18 |
|
4Q17 |
|
3Q17 |
|
|
|
|
|
|
|
|
|
|
Book value per common
share reconciliation |
|
|
|
|
|
|
|
|
|
Book value per common share (GAAP) |
$ |
17.12 |
|
|
$ |
16.79 |
|
|
$ |
16.58 |
|
|
$ |
16.45 |
|
|
$ |
16.48 |
|
Effect of goodwill and other intangibles |
(2.42 |
) |
|
(2.41 |
) |
|
(2.43 |
) |
|
(2.45 |
) |
|
(2.47 |
) |
Tangible book value per common share |
$ |
14.70 |
|
|
$ |
14.38 |
|
|
$ |
14.15 |
|
|
$ |
14.00 |
|
|
$ |
14.01 |
|
|
|
|
|
|
|
|
|
|
|
Average tangible equity
reconciliation |
|
|
|
|
|
|
|
|
|
Average equity (GAAP) |
$ |
662,112 |
|
|
$ |
650,919 |
|
|
$ |
642,787 |
|
|
$ |
645,409 |
|
|
$ |
638,620 |
|
Effect of average goodwill and other
intangibles |
(93,870 |
) |
|
(94,516 |
) |
|
(95,167 |
) |
|
(95,845 |
) |
|
(88,618 |
) |
Average tangible equity |
$ |
568,242 |
|
|
$ |
556,403 |
|
|
$ |
547,620 |
|
|
$ |
549,564 |
|
|
$ |
550,002 |
|
|
|
|
|
|
|
|
|
|
|
(1) Certain financial measures included in this press release,
tangible book value per common share and average tangible equity,
are financial measures that are not recognized by generally
accepted accounting principles in the United States, or GAAP. These
non-GAAP financial measures exclude the effect of the period end or
average balance of intangible assets. Management believes that
these non-GAAP financial measures provides additional useful
information to investors, particularly since these measure are
widely used by industry analysts for companies with prior merger
and acquisition activities, such as us.
A reconciliation of these non-GAAP financial measures to the
most directly comparable GAAP financial measure is presented in the
table above. Non-GAAP financial measures have inherent limitations,
are not required to be uniformly applied, and are not audited.
These non-GAAP financial measures should not be considered as a
substitute for GAAP financial measures, and we strongly encourage
investors to review the GAAP financial measures included in this
press release and not to place undue reliance upon any single
financial measure. In addition, because non-GAAP financial measures
are not standardized, it may not be possible to compare the
non-GAAP financial measures presented in this press release with
other companies’ non-GAAP financial measures having the same or
similar names.
Investor Relations: Sheila Ray 404.239.8684 / sheila.ray@statebt.com
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