State Bank Corp. Third Quarter Earnings Increase 8% From the Second Quarter and 26% Year-Over-Year to $2.31 million, or $0.29 per Diluted Share, Highlighted by Strong Loan Growth
LAKE HAVASU CITY, Ariz., Oct. 26, 2018 -- 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 8.2% to $2.31 million, or $0.29 per diluted share, for the third quarter ended September 30, 2018, compared to $2.13 million, or $0.26 per diluted share, in the second quarter of 2018, and increased 25.5% compared to $1.84 million, or $0.23 per diluted share, for the third quarter of 2017.
For the first nine months of 2018, net income grew 32.5% to $6.30 million, or $0.78 per diluted share, compared to $4.75 million, or $0.59 per diluted share, for the same period of 2017.
“Solid revenue growth combined with improving operating efficiencies contributed to the most profitable periods since the company was founded for both the third quarter and first nine months of 2018,” stated Brian M. Riley, President and Chief Executive Officer. “We generated double digit loan growth year-over-year, in part to the success of our Phoenix loan production office, which opened in the Camelback/Biltmore area earlier this year. We see significant opportunities for expansion in the greater Phoenix market and other markets throughout the state, as the banking landscape is changing, with fewer community banks and larger banks closing offices. Strong economic conditions persist in the Arizona markets we serve, and we see ample opportunity for the continued profitable growth of our franchise.”
Third Quarter 2018 Financial Highlights:
- Announced plans to rename the Bank “State Bank of Arizona” to further the strategic objective of expanding state wide.
- Net income increased 8.2% to $2.31 million, or $0.29 per diluted share, compared to $2.13 million, or $0.26 per diluted share, in 2Q18.
- Return on average assets improved to 1.44%.
- Return on average equity improved to 15.19%
- .Efficiency ratio was 59.31%.
- Non-performing asset ratio decreased to 0.14% with the resolution of one large credit relationship.
- Core deposits comprised 90.1% of total deposits.