Jan 28, 2015 - State Bank Corp.
State Bank Corp. Reports Fourth Quarter Results
LAKE HAVASU CITY, Ariz., Jan. 27, 2015 (GLOBE NEWSWIRE) -- State Bank Corp. (OTCBB:SBAZ) ("Company"), the holding company for Mohave State Bank ("Bank"), today announced net income of $517,000, or $0.09 per diluted share, for the quarter ended December 31, 2014, as compared to net income of $454,000, or $0.08 per diluted share, for the same period of 2013. For the year ended ended December 31, 2014, the Company reported net income of $5.40 million, or $0.92 per diluted share, as compared to a net income of $1.54 million, or $0.26 per diluted share, for 2013.
Fourth Quarter and 2014 Highlights include:
- The Bank reported $324,000 in gains from the sale of SBA loans in the fourth quarter. For the year, the Bank generated $757,000 in gross gains from its government guaranteed lending activity.
- Net interest income increased by $184,000, or 6.9 percent, as the Bank added another $4.9 million in loan growth.
- Nonperforming assets were reduced by another $2.4 million, or 14.0 percent, to $14.8 million as the Bank continued to sell other real estate owned.
"We ended 2014 with another solid quarter of progress. The Bank is starting to see loan demand for the first time in years and problem assets continue to moderate," commented Brian M. Riley, President & CEO.
(GLOBE NEWSWIRE January 27, 2015)