State Bank Financial Corporation (STBZ) has reported 14.80 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $10.33 million, or $0.28 a share in the quarter, compared with $12.12 million, or $0.33 a share for the same period last year. Revenue during the quarter went up marginally by 1.04 percent to $48.78 million from $48.28 million in the previous year period. Net interest income for the quarter dropped 3.66 percent over the prior year period to $39.15 million. Non-interest income for the quarter rose 21.82 percent over the last year period to $9.91 million.
State Bank Financial Corporation has made provision of $0.28 million for loan losses during the quarter, down 43.93 percent from $0.49 million in the same period last year.
Net interest margin contracted 43 basis points to 4.56 percent in the quarter from 4.99 percent in the last year period. Efficiency ratio for the quarter deteriorated to 67.01 percent from 60.61 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, "2016 was a great year. We had record earnings and completed two bank acquisitions that pushed us over $4 billion in assets. We ended the year with strong momentum, and I am very optimistic about our opportunities in 2017."
Liabilities outpace assets growthTotal assets stood at $4,224.86 million as on Dec. 31, 2016, up 21.75 percent compared with $3,470.07 million on Dec. 31, 2015. On the other hand, total liabilities stood at $3,611.23 million as on Dec. 31, 2016, up 23.10 percent from $2,933.60 million on Dec. 31, 2015.
Loans outpace deposit growthNet loans stood at $2,787.97 million as on Dec. 31, 2016, up 30.82 percent compared with $2,131.14 million on Dec. 31, 2015. Deposits stood at $3,431.16 million as on Dec. 31, 2016, up 19.89 percent compared with $2,861.96 million on Dec. 31, 2015. Noninterest-bearing deposit liabilities were $984.42 million or 28.69 percent of total deposits on Dec. 31, 2016, compared with $826.22 million or 28.87 percent of total deposits on Dec. 31, 2015.
Investments stood at $914.24 million as on Dec. 31, 2016, up 2.99 percent or $26.54 million from year-ago. Shareholders equity stood at $613.63 million as on Dec. 31, 2016, up 14.38 percent or $77.14 million from year-ago.
Return on average assets moved down 26 basis points to 1.13 percent in the quarter from 1.39 percent in the last year period. At the same time, return on average equity decreased 165 basis points to 7.34 percent in the quarter from 8.99 percent in the last year period.
Book value per share was $15.80 for the quarter, up 9.19 percent or $1.33 compared to $14.47 for the same period last year.
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