LAKE HAVASU CITY, Ariz., July 25, 2018 (GLOBE NEWSWIRE) -- State Bank Corp. (OTCPINK:SBAZ) (“Company”), the holding company for Mohave State Bank (“Bank”), today announced net income increased 15.6% to $2.14 million, or $0.26 per diluted share, for the second quarter ended June 30, 2018, compared to $1.85 million, or $0.23 per diluted share, in the first quarter of 2018, and increased 44.4% compared to $1.48 million, or $0.18 per diluted share, for the second quarter of 2017.
For the first six months of 2018, net income grew 36.8% to $3.99 million, or $0.49 per diluted share, compared to $2.91 million, or $0.36 per diluted share, for the same period of 2017.
“Our second quarter financial metrics reflect continued growth of the balance sheet and expansion of our Arizona banking franchise, stated Brian M. Riley, President and Chief Executive Officer. “Both net income and earnings per share were record operating results for the second quarter and provide a strong base for us to build upon during the remainder of the year. We continue to see solid growth opportunities in the Arizona markets that we serve and are exploring ways to expand our business throughout the state.”
Second Quarter 2018 Financial Highlights:
- Net income increased 15.6% to $2.14 million, or $0.26 per diluted share, compared to $1.85 million, or $0.23 per diluted share, in 1Q18.
- Net interest margin improved 15 basis points to 3.93% compared to the preceding quarter.
- Return on average assets of 1.33%.
- Return on average equity of 14.48%.
- Efficiency ratio of 59.28%.
- Non-performing asset ratio decreased to 0.43% with the resolution of one large credit relationship.
- Core deposits comprised 90.2% of total deposits.
- Opened Phoenix Loan Production Office.