LAKE HAVASU CITY, Ariz., July 31, 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 increased 23.6% to $2.25 million, or $0.28 per diluted share, for the second quarter ended June 30, 2019, compared to $1.82 million, or $0.22 per diluted share, for the first quarter of 2019, and increased 5.14% compared to $2.14 million, or $0.26 per diluted share, for the second quarter of 2018. For the first six months of 2019, net income grew 2.26% to $4.08 million, or $0.50 per diluted share, compared to $3.99 million, or $0.49 per diluted share, for the same period of 2018.
“Solid top line growth, combined with improving operating efficiencies, contributed to one of the most profitable periods since the Company was founded for both the second quarter and first six months of 2019,” stated Brian M. Riley, President and Chief Executive Officer. “These factors supported a return on average assets of 1.25% and a return on average equity of 13.07% for the quarter. Our focus in the coming year remains on expanding market share in the Arizona markets we serve, while continuing to look for growth opportunities.”
Second Quarter 2019 Financial Highlights:
- Net income increased 23.6% to $2.25 million, or $0.28 per diluted share, compared to $1.82 million, or $0.22 per diluted share, in 1Q19.
- Return on average assets of 1.25%.
- Return on average equity of 13.07%.
- Core deposits comprised 85.1% of total deposits.
- Tangible book value increased 20.9% to $7.86 per share, compared to $6.50 a year ago.