Lake Havasu City, Ariz., April 26, 2019 -State Bank Corp. (OTCPINK:SBAZ)  the holding company for State Bank of Arizona and its divisions Mohave State Bank and Country Bank, today announced net income of $1.82 million, or $0.22 per diluted share, for the first quarter ended March 31, 2019, as compared to net income of $1.85 million, or $0.23 per diluted share, for the first quarter of 2018.  In the preceding quarter, the Company reported earnings of $2.28 million, or $0.28 per diluted share. 
 

“Our first quarter financial results were highlighted by strong loan and core deposit growth and solid net interest income,” stated Brian M. Riley, President and Chief Executive Officer.  “Another highlight of the quarter was the opening of our first full service branch in Phoenix, following the success of our loan production office opened there in May 2018.  The continued focus on delivering value to our clients combined with the strength of the economy in the Arizona markets we serve continues to sustain and build our community banking franchise.” 

 
First Quarter 2019 Financial Highlights:
• Net income was $1.82 million, or $0.22 per diluted share.
• Opens full service branch in Phoenix, Arizona.
• Return on average assets of 1.02%.
• Return on average equity of 11.06%.
• Core deposits comprised 86.7% of total deposits.
• Tangible book value increased 17.0% to $7.42 per share from $6.34 per share a year earlier.