State Bank Financial in Atlanta more than doubled quarterly earnings on gains from acquisitions and noninterest income.

The $2.6 billion-asset company's profit was $11.5 million in the third quarter, up from $4.3 million a year earlier.

Quarterly results were fueled by "strong organic growth in demand deposits, loans and payroll revenue" as well as the July acquisition of a $42.6 million loan portfolio from a failed bank, Chairman and Chief Executive Joe Evans said.

Noninterest income rose to $3.4 million, compared with a $14.5 million loss in the third quarter of 2013, because amortization costs tied to the bank's loss-sharing agreements with the Federal Deposit Insurance Corp. fell significantly.

Deposits increased more than 5% year over year, to $2.2 billion, as noninterest-bearing deposits rose 24.8%. Loans also rose 3.4%, to $1.5 billion, including an 11% increase in organic loans, to almost $1.3 billion.

However, net interest income fell 14%, to $38 million, because its loan mix is changing as it transitions from an acquirer of failed banks to a buyer of open banks. The net interest margin also fell to 6.14%, from 7.95% a year earlier.

State Bank predicts further growth from its $25 million acquisition this month of the parent company of Bank of Atlanta, and its $82 million agreement to buy Georgia-Carolina Bancshares in Augusta, Ga., which is expected to be completed in the first quarter.

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