State Bank Financial Corporation (STBZ) has reported a 36.43 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $12.44 million, or $0.34 a share in the quarter, compared with $9.12 million, or $0.25 a share for the same period last year.
Revenue during the quarter went up marginally by 2.57 percent to $47.81 million from $46.61 million in the previous year period. Net interest income for the quarter rose 1.81 percent over the prior year period to $38.12 million. Non-interest income for the quarter rose 9.84 percent over the last year period to $9.77 million.
STATE BANK FINANCIAL CORP has made provision of $0.09 million for loan losses during the quarter, compared with a negative provision of $0.26 million in the same period last year.
Net interest margin contracted 19 basis points to 4.54 percent in the quarter from 4.73 percent in the last year period. Efficiency ratio for the quarter improved to 59.46 percent from 69.95 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Joe Evans, Chairman and CEO of State Bank Financial, commented, "This was another solid quarter. I am very pleased with the way we continue to balance the delivery of current operating results with the build-out of markets and lines of business for the future."
Liabilities outpace assets growth
Total assets stood at $3,616.38 million as on Sep. 30, 2016, up 6.72 percent compared with $3,388.67 million on Sep. 30, 2015. On the other hand, total liabilities stood at $3,055.25 million as on Sep. 30, 2016, up 6.96 percent from $2,856.51 million on Sep. 30, 2015.
Loans outpace deposit growth
Net loans stood at $2,319.17 million as on Sep. 30, 2016, up 9.87 percent compared with $2,110.76 million on Sep. 30, 2015. Deposits stood at $2,959.29 million as on Sep. 30, 2016, up 5.87 percent compared with $2,795.19 million on Sep. 30, 2015.
Noninterest-bearing deposit liabilities were $890.59 million or 30.09 percent of total deposits on Sep. 30, 2016, compared with $823.15 million or 29.45 percent of total deposits on Sep. 30, 2015.
Investments stood at $889.73 million as on Sep. 30, 2016, up 7 percent or $58.18 million from year-ago. Shareholders equity stood at $561.13 million as on Sep. 30, 2016, up 5.44 percent or $28.97 million from year-ago.
Return on average assets moved up 31 basis points to 1.39 percent in the quarter from 1.08 percent in the last year period. At the same time, return on average equity increased 205 basis points to 8.88 percent in the quarter from 6.83 percent in the last year period.
Book value per share was $15.21 for the quarter, up 2.22 percent or $0.33 compared to $14.88 for the same period last year.
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