Stonegate Bank (OTCBB: SGBK)
Third Quarter 2011 Highlights:
- Total assets grew to $848 million from $597 million year over
year
- 23 straight quarters of profitability
- 3.91% net interest margin
- Net income of $1,560,571 for the third quarter of 2011,
compared to net income of $904,693 for the same period in 2010
- Net income of $8,744,268 for the first nine months of 2011,
compared to $2,594,222 for the same period in 2010
- Tier 1 risk based capital ratio of 17.4% at September 30,
2011
Net Income: Stonegate Bank (OTCBB: SGBK) reported net income of
$1,560,571 or 18.9 cents per share for the third quarter of 2011,
as compared to net income of $904,693 or 11.7 cents per share in
the third quarter of 2010, a 72% increase. The Bank earned
$8,744,268 or $1.06 per share in the first nine months of 2011 as
compared to $2,594,222 or 33.6 cents a share in the first nine
months of 2010, a 315% increase.
Income and Expenses: Total interest income
increased from $8.1 million in the third quarter of 2010 to $9.9
million in the third quarter of 2011. This $1.8 million increase is
largely due to an increase of $184 million in total loans period to
period. Total interest expense increased from $1.9 million in the
third quarter of 2010 to $2.1 million in the third quarter of 2011.
This was due to the addition of $223 million in deposits period to
period. The result of this was net interest income improved from
$6.2 million in the third quarter of 2010 to $7.7 million in the
third quarter of 2011. Total non-interest income decreased to
$834,000 in the third quarter of 2011 from $1.4 million in the
third quarter of 2010. This was the result of a reduction in fees
associated with interest rate swaps entered into with our
customers. Non-interest expense increased to $5.6 million for the
third quarter of 2011 from $4.3 million for the third quarter of
2010. The higher than normal expense is directly related to the
addition of our Tampa Bay acquisition.
Margin and Cost of Funds: Total cost of
funds declined from a 1.59% September 2010 month to date average to
1.20% September 2011 month to date average. Stonegate Bank's net
interest margin decreased from a September 2010 month to date
average of 4.2 % to September 2011 month to date average of
3.91%.
Balance Sheet and Capital: Total assets
grew from $597 million on September 30, 2010 to $848 million on
September 30, 2011, a $251 million increase. Total loans increased
$184 million from $400 million on September 30, 2010 to $584
million on September 30, 2011. Total deposits increased $223
million from $446 million on September 30, 2010 to $669 million on
September 30, 2011. Approximately 13.3% of total deposits are
non-interest bearing. Total capital grew from $95.3 million on
September 30, 2010 to $114.9 million on September 30, 2011. This
resulted in an undiluted book value of $13.95 per share on
September 30, 2011.
Asset Quality:
Legacy
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Past Dues and Non-Performing March 31, 2011 June 30, 2011 Sept. 30, 2011
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Total loans $512,689,000 $521,107,000 $534,427,000
30 days past due 474,182 23,885 436,340
60 - 89 days past due 910,890 89,121 0
NPAs 8,455,370 6,793,813 5,668,825
REO 6,146,038 6,990,583 5,953,234
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First Commercial Bank of Tampa Bay
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June 30, 2011 Sept. 30, 2011
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Total loans $54,373,000 $49,666,000
30 days past due 349,773 248,983
60 - 89 days 646,668 0
NPAs 6,823,745 5,969,777
REO 1,217,624 726,683
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Total Stonegate Bank
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June 30, 2011 Sept. 30, 2011
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Total loans $575,480,000 $584,093,000
30 days past due 373,658 685,323
60 - 89 days 735,789 0
NPAs 13,617,558 11,638,602
REO 8,208,207 6,679,917
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The loan quality detail is presented by showing the legacy
Stonegate portfolio as well as the Bank's second quarter FDIC
acquisition of First Commercial Bank of Tampa Bay. This was done in
order to provide additional clarity on the legacy portfolio trends
as well as the Bank's progress in reducing non-performing loans and
REO on the recent acquisition. The Bank's legacy non-performing
assets decreased from $6.7 million on June 30, 2011 to $5.6 million
on September 30, 2011. Approximately 10% of the NPAs are Southwest
Capital Bank loans and are covered by a separate $2.8 million
contingent payment account that will be reduced by any loan or REO
losses incurred through March 2014. Overall, legacy non-performing
assets represent 1.06% of total legacy loans. Total non-performing
loans decreased from $13.6 million at June 30, 2011 to $11.6
million at September 30, 2011. Approximately half of the $11.6
million in non-performing loans are in the acquired First
Commercial Bank of Tampa Bay portfolio. Non-performing loans
represent 1.37% of assets and 1.99% of total loans on September 30,
2011.
Management believes all non-performing assets and REO are
written down to fair market value. Real estate owned decreased from
$8.2 million on June 30, 2011 to $6.6 million on September 30,
2011. Approximately 21% of the legacy REO is covered under the
Southwest Capital Bank contingent payment account outlined
above.
The Bank's loan loss reserve was $11.9 million on September 30,
2011. This reserve represents 102% of all non-performing loans and
2.04% of total loans. Total loans past due more than 30 days
decreased from $1.1 million on June 30, 2011 to $685,000 on
September 30, 2011.
"The third quarter results were very encouraging," said Dave
Seleski, President and Chief Executive Officer. "Beyond the
increase in net income, we were able to realize strong growth in
assets and loans, while successfully mitigating non-performing
assets and REOs. Our new management team in Tampa is successfully
integrating First Commercial Bank of Tampa Bay, which we acquired
in June 2011, already improving credit trends in that market.
Another new market we look to is the Doral area of Miami-Dade
County, where, pending regulatory approval, we anticipate opening a
new banking center during the first quarter of 2012. We believe
that Florida's real estate market is reaching price stabilization,
and that the Florida economy, albeit slowly, is gathering genuine
momentum."
The Bank cautions that certain statements contained in this
press release are "forward-looking statements" as defined under the
Private Securities Litigation Reform Act of 1995, which statements
are made pursuant to the "safe harbor" provisions of such Act.
These forward-looking statements describe future plans or
strategies and may include the Bank's expectations of future
financial results. The words "believe," "expect," "anticipate,"
"estimate," "project," and similar expressions identify
forward-looking statements. The Bank's ability to predict results
or the effect of future plans or strategies or qualitative or
quantitative changes is inherently uncertain. Actual results may
differ materially from stated expectations. Specific factors
include, but are not limited to, changes in general market interest
rates, changes in general economic conditions and those specific to
the Bank's market area, legislative/regulatory changes, monetary
and fiscal policies of the U.S. Treasury and the Federal Reserve,
changes in the quality or composition of the Bank's loan
portfolios, demand for loan products, changes in deposit flows,
real estate values, and competition and other economic,
competitive, governmental, regulatory and technological factors
affecting the Bank's operations, pricing, products and services.
The Bank makes periodic filings to the Federal Deposit Insurance
Corporation which contain various Bank financial information,
copies of which are available from the Bank without charge. The
Bank disclaims any obligation to update any such factors or to
publicly announce the results of any revisions to any
forward-looking statements contained in this release to reflect
future events or developments.
STONEGATE BANK
Balance Sheet
As of September 30, 2011
(In Thousands)
Assets
Cash and Due From Banks $ 53,385
Federal Funds Sold 28,015
Investment Securities 139,211
Commercial Loans 73,735
Commercial Real Estate Loans - Owner Occupied 160,957
Commercial Real Estate Loans - Other 171,478
Construction Loans 61,711
Residential 1-4 Family Loans 86,336
HELOCs 24,182
Consumer Loans 5,694
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Gross Loans 584,093
Allowance for Loan Losses (11,959)
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Net Loans 572,134
Fixed Assets 12,678
Other Assets 42,486
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Total Assets $ 847,909
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Liabilities
Non-Interest Bearing Deposits $ 88,622
NOW Accounts 56,914
Money Market Accounts 316,387
Savings Accounts 9,013
CDARS Reciprocal Deposits 72,991
Certificates of Deposits 125,076
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Total Deposits 669,003
Repurchase Agreements 24,692
FHLB and Other Borrowings 20,240
Other Liabilities 18,980
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Total Liabilities 732,915
Total Capital 114,994
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Total Liabilities and Capital $ 847,909
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STONEGATE BANK
Income Statement
For Period Ended September 30, 2011
(In Thousands)
Interest Income $ 27,207
Interest Expense 6,043
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Net Interest Income 21,164
Less: Provision for Loan Losses 8,013
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Net Interest Income after Provision for Loan Losses 13,151
Non-Interest Income 17,186
Realized Gains (Losses) on AFS Securities 475
Less: Salaries and Benefits Expense 8,228
Occupancy and Equipment Expense 2,251
Data Processing Expense 947
Legal and Professional Expense 1,715
FDIC Assessments 701
Loan and OREO Expenses 1,953
Other Expense 1,436
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Total Non-Interest Expense 17,231
Net Income Before Income Taxes 13,581
Income Taxes 4,837
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Net Income $ 8,744
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MEDIA CONTACT: Sissy DeMaria Email Contact Suzanne
Schmidt Email Contact Kreps DeMaria (305) 663-3543 INVESTOR
RELATIONS: Dave Seleski Email Contact Stonegate Bank
(954) 315-5510
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