State Bank Financial Corporation (STBZ) has reported 6.64 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $11.56 million, or $0.30 a share in the quarter, compared with $10.84 million, or $0.29 a share for the same period last year. Revenue during the quarter grew 13.53 percent to $52.42 million from $46.17 million in the previous year period. Net interest income for the quarter rose 19.96 percent over the prior year period to $43.96 million. Non-interest income for the quarter rose 0.72 percent over the last year period to $9.46 million.
State Bank Financial Corporation has made provision of $1 million for loan losses during the quarter, compared with a negative provision of $0.13 million in the same period last year.
Net interest margin improved 6 basis points to 4.59 percent in the quarter from 4.53 percent in the last year period. Efficiency ratio for the quarter deteriorated to 64.71 percent from 62.77 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
Joe Evans, chairman and chief executive officer of State Bank Financial, commented, "We are off to a fast start in 2017 as we kicked off the year by welcoming two new banks. Our new teams combined with solid performance throughout the existing franchise to generate net income of $11.6 million in the first quarter. Quick integration of the acquisitions should drive even better performance in future quarters as the merger and integration costs decline."
Liabilities outpace assets growthTotal assets stood at $4,202.68 million as on Mar. 31, 2017, up 18.96 percent compared with $3,532.97 million on Mar. 31, 2016. On the other hand, total liabilities stood at $3,582.40 million as on Mar. 31, 2017, up 19.93 percent from $2,987.12 million on Mar. 31, 2016.
Loans outpace deposit growthNet loans stood at $2,827.80 million as on Mar. 31, 2017, up 26.91 percent compared with $2,228.19 million on Mar. 31, 2016. Deposits stood at $3,409.78 million as on Mar. 31, 2017, up 17.35 percent compared with $2,905.60 million on Mar. 31, 2016. Noninterest-bearing deposit liabilities were $944.84 million or 27.71 percent of total deposits on Mar. 31, 2017, compared with $891.51 million or 30.68 percent of total deposits on Mar. 31, 2016.
Investments stood at $963.35 million as on Mar. 31, 2017, up 5.84 percent or $53.18 million from year-ago. Shareholders equity stood at $620.28 million as on Mar. 31, 2017, up 13.64 percent or $74.43 million from year-ago.
Return on average assets moved down 13 basis points to 1.12 percent in the quarter from 1.25 percent in the last year period. At the same time, return on average equity decreased 44 basis points to 7.60 percent in the quarter from 8.04 percent in the last year period.
Tier-1 leverage ratio stood at 14.74 percent for the quarter, down from 17.09 percent for the previous year quarter. Book value per share was $15.96 for the quarter, up 8.35 percent or $1.23 compared to $14.73 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
