Jul 25, 2014 - State Bank Corp.
State Bank Corp Reports Record Second Quarter Results
LAKE HAVASU CITY, Arizona, July 25, 2014 (GLOBE NEWSWIRE) – State Bank Corp. (OTCBB:SBAZ)("Company"), the holding company for Mohave State Bank ("Bank"), today announced net income of $3,798,000, or $0.65 per diluted share, for the quarter ended June 30, 2014, as compared to net income of $354,000, or $0.06 per diluted share, for the same period of 2013. For the six months ended June 30, 2014, the Company reported net income of $4,268,000, or $0.73 per diluted share, as compared to a net income of $681,000, or $0.12 per diluted share, for the same period of 2013.
Second Quarter 2014 Highlights include:
The Company recorded an income tax benefit in the amount of $3.24 million. This resulted from a reduction in the Company’s deferred tax valuation allowance as it is more likely than not to utilize the tax benefit in the future. Excluding this item, pre-tax income for the quarter was $558,000, an increase of 57.6 percent when compared to the same period of 2013. Pre-tax income for the six months ended June 30, 2014 was $1,028,000, an increase of 51.0 percent from the same period of 2013.
- Non-performing assets decreased by another $3.0 million, lowering the Bank’s classified asset ratio to 59.83%.
- The Bank had $17.6 million in new loans funded.
- The Bank had a $3.6 million increase in core deposits.
"State Bank Corp. and Mohave State Bank continue to make headway on nearly all of their business goals. Core earnings are improving, the loan portfolio is beginning to grow, and non-performing asset levels continue to moderate," commented Brian M. Riley, President & CEO
(GLOBE NEWSWIRE July 25, 2014)