Oct 24, 2014 - State Bank Corp.
State Bank Corp. Reports Third Quarter Results
LAKE HAVASU CITY, Ariz., Oct. 24, 2014 (GLOBE NEWSWIRE) -- State Bank Corp. (OTCBB:SBAZ) ("Company"), the holding company for Mohave State Bank ("Bank"), today announced net income of $612,000, or $0.10 per diluted share, for the quarter ended September 30, 2014, as compared to net income of $404,000, or $0.07 per diluted share, for the same period of 2013. For the nine months ended September 30, 2014, the Company reported net income of $4,879,000, or $0.83 per diluted share, as compared to a net income of $1,085,000, or $0.18 per diluted share, for the same period of 2013.
Third Quarter 2014 Highlights include
- Pre-tax operating income for the quarter was $947,000, an increase of 137 percent from the same period of 2013.
- New portfolio loan production of $15.5 million during the quarter and $39.6 million for the year.
- Core deposits increased $13.1 million.
- Gains from the sale of loans (mortgage, SBA and USDA) totaled $510,000 in the third quarter, nearly double the amount in the same quarter last year.
- Non-interest expense decreased by $449,000 in the third quarter 2014 compared to the same quarter 2013 as asset quality costs continued to moderate.
"This was another solid quarter. Our net interest income increased due to balance sheet growth. Gains from the sale of loans were sharply higher and we benefited from lower OREO expenses. We look forward to similar results in the fourth quarter to wrap up an excellent year," commented Brian M. Riley, President & CEO.
(GLOBE NEWSWIRE October 24, 2014)