Earnings at State Bank Financial (STBZ) in Atlanta rose 2.2% in the fourth quarter from a year earlier, to $9.3 million.
Net interest income at the $2.6 billion-asset company increased half a percent from the fourth quarter of 2011, to $41.8 million. The net interest margin widened by six basis points, to 7.76%, year over year.
Noninterest income was $475,000, down from $18.8 million a year earlier, when the company recorded a $14.9 million gain on acquisitions.
Noninterest expense fell 8.8% from a year earlier, to $24.8 million. The efficiency ratio worsened to 58.57%, from 45.15% in the fourth quarter of 2011, after adjustments for taxes.
State Bank's loan book increased 41%, to $986 million, because of an uptick in lending for commercial and residential real estate.
The allowance for loan losses on non-covered loans increased 44.1% from a year earlier, to $14.7 million.
During the quarter State Bank bought Altera Payroll, a payroll services company in Macon, Ga., for an undisclosed price. State Bank also has purchased a dozen failed banks since 2009.
"I remain very pleased with how the State Bank team is executing in our two primary businesses: managing our acquired covered assets with the expiration of loss share firmly in mind, while concurrently building a dynamic banking franchise that will carry us into the future," Joe Evans, State Bank's chief executive, said in a news release. “Highlights for the quarter include successfully closing the Altera Payroll acquisition and continued solid growth in organic loans and transaction accounts."
Be the first to comment on this post using the section below.