State Bank Corp. Fourth Quarter Earnings Increase 48% to $2.28 Million Compared to 4Q17, Full Year 2018 Earnings Increased 36% to a Record $8.58 Million

 
LAKE HAVASU CITY, Arizona, February 1, 2019 – State Bank Corp. (OTCPink:SBAZ) (“Company”), the holding company for State Bank of Arizona (“Bank”) and divisions Mohave State Bank and Country Bank, today reported that net income increased by 48.2% to $2.28 million, or $0.28 per diluted share, for the fourth quarter ended December 31, 2018, as compared to $1.54 million, or $0.19 per diluted share, for the fourth quarter of 2017. In the preceding quarter, the Company reported earnings of $2.31 million, or $0.29 per diluted share.
 
For the year ended December 31, 2018, net income grew by 36.3% to a record $8.58 million, or $1.06 per diluted share, compared to $6.29 million, or $0.78 per diluted share, for 2017.
 
“2018 was a banner year for State Bank Corp. We produced record earnings for the year, highlighted by double digit loan growth, solid net interest income and a healthy net interest margin,” stated Brian M. Riley, President and Chief Executive Officer. “Overall, these factors contributed to a return on average assets of 1.41% and a return on average equity of 14.53% for the quarter. We have been successful at keeping operating expenses in check while growing the franchise, and now have both the infrastructure and banking teams in place to continue to grow.

“Earlier this week, we opened our first full service branch in Phoenix, following the success of our loan production office opened there in May. Our focus in the coming year remains on expanding market share in Phoenix, while
continuing to look for growth opportunities in other Arizona markets,” added Riley.
 
Fourth Quarter 2018 Financial Highlights:
• Fourth quarter net income increased 48.2% to $2.28 million, or $0.28 per diluted share.
• Loans grew $23.0 million to $407.3 million.
• The net interest margin remained healthy at 4.01%.
• Return on average assets was 1.41%.
• Return on average equity was 14.53%.
• Tangible book value increased 11.5% to $7.10 per share from $6.37 per share a year earlier.