Stonegate Bank (OTCBB: SGBK)
Fourth Quarter 2011 Highlights:
- Total assets grew to $855 million from $638 million year over
year
- 24 straight quarters of profitability
- 4.06% December net interest margin
- Net income of $2,800,000 for the fourth quarter of 2011, up
203% quarter over quarter
- Net income of $11.5 million for fiscal year 2011, up 228% year
over year
- Tier 1 risk based capital ratio of 17.4% at December 31,
2011
- Non-interest bearing deposits grew 62% in 2011
- Total organic loan growth was 9.0% in 2011
Stonegate Bank (OTCBB: SGBK) reported net income of $2,800,000
or 34 cents per share for the fourth quarter of 2011, as compared
to net income of $925,000 or 12 cents per share in the fourth
quarter of 2010, a 203% increase. The Bank earned $11,544,000 or
$1.40 per share in fiscal year 2011 as compared to $3,520,000 or
45.6 cents a share in fiscal year 2010, a 228% increase.
Income and Expenses: Total interest income
increased from $7.8 million in the fourth quarter of 2010 to $10.5
million in the fourth quarter of 2011. This $2.7 million increase
is largely due to an increase of $179 million in total loans period
to period. Total interest expense remained flat at $1.94 million in
the fourth quarter of 2011 compared to $1.90 million in the fourth
quarter of 2010. This occurred even though total deposits increased
$201 million period to period. Further, the Bank's cost of funds
decreased 33 basis points period to period with 25% of new deposit
generation non-interest bearing. This resulted in net interest
income improving from $5.9 million in the fourth quarter of 2010 to
$8.6 million in the fourth quarter of 2011. During 2011, the Bank
recognized bargain purchase gains of $18.8 million on the
acquisitions of Southwest Capital Bank, an open bank transaction,
and First Commercial Bank of Tampa Bay, an FDIC assisted
transaction. This gain largely represents the difference in the
purchase or bid price and the fair market value of the assets
acquired. Total non-interest income, excluding the bargain purchase
gain, increased to $835,000 in the fourth quarter of 2011 from
$300,000 in the fourth quarter of 2010. Most of this increase came
from fees associated with interest rate swaps entered into with our
customers, mortgage fee income and increased service charge income.
Non-interest expense increased to $6.4 million for the fourth
quarter of 2011 from $4.1 million for the fourth quarter of 2010.
The higher than normal expense is directly related to the Tampa Bay
acquisition.
Margin and Cost of Funds: Total cost of
funds declined from a 1.20% September 2011 month to date average to
1.11% December 2011 month to date average. Stonegate Bank's net
interest margin increased from a September 2011 month to date
average of 3.91 % to December 2011 month to date average of
4.06%.
Balance Sheet and Capital: Total assets
grew from $638 million on December 31, 2010 to $855 million on
December 31, 2011, a $217 million increase. Total loans increased
$179 million from $421 million on December 31, 2010 to $600 million
on December 31, 2011. Total deposits increased $201 million from
$472 million on December 31, 2010 to $673 million on December 31,
2011. Slightly more than 15.0% of total deposits are non-interest
bearing. Total capital grew from $95.7 million on December 31, 2010
to $118 million on December 31, 2011. This resulted in an undiluted
book value of $14.32 per share on December 31, 2011.
Asset Quality:
Legacy
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Past Dues and Non- March 31, June 30, Sept. 30, Dec. 31,
Performing 2011 2011 2011 2011
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Total loans $512,689,000 $521,107,000 $534,427,000 $552,920,000
30 days past due 474,182 23,885 436,340 120,956
60 - 89 days past due 910,890 89,121 0 0
NPAs 8,455,370 6,793,813 5,668,825 5,865,783
REO 6,146,038 6,990,583 5,953,234 5,755,995
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First Commercial Bank of Tampa Bay
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June 30, 2011 Sept. 30, 2011 Dec. 31, 2011
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Total loans $54,373,000 $49,666,000 $47,663,000
30 days past due 349,773 248,983 535,012
60 - 89 days 646,668 0 0
NPAs 6,823,745 5,969,777 4,513,708
REO 1,217,624 726,683 200,000
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Total Stonegate Bank
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June 30, 2011 Sept. 30, 2011 Dec. 31, 2011
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Total loans $575,480,000 $584,093,000 $600,583,000
30 days past due 373,658 685,323 655,968
60 - 89 days 735,789 0 0
NPAs 13,617,558 11,638,602 10,379,491
REO 8,208,207 6,679,917 5,955,995
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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 is
presented 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 increased slightly from $5.6 million
on September 30, 2011 to $5.8 million on December 31, 2011.
Overall, legacy non-performing assets represent 1.06% of total
legacy loans. Total non-performing loans decreased from $11.6
million at September 30, 2011 to $10.3 million at December 31,
2011. Approximately half of the $10.3 million in non-performing
loans are in the acquired First Commercial Bank of Tampa Bay
portfolio. It should be noted that the First Commercial Bank of
Tampa Bay portfolio continues to improve as reflected by the
decline in non-performing loans from $6.8 million on June 30, 2011
to $4.5 million at December 31, 2011. Total Bank wide
non-performing loans represent 1.21% of assets and 1.72% of total
loans on December 31, 2011.
Management believes all non-performing assets and REO are
written down to fair market value. Real estate owned decreased from
$6.6 million on September 30, 2011 to $5.9 million on December 31,
2011.
The Bank's loan loss reserve was $14.4 million on December 31,
2011. This reserve represents 139% of all non-performing loans and
2.4% of total loans. Total loans past due more than 30 days
remained relatively the same at 685,000 on September 30, 2011 and
$655,000 on December 31, 2011.
"Clearly 2011 was the best year for Stonegate since our
inception in 2005," said Dave Seleski, President and Chief
Executive Officer. "Not only did the Bank have record earnings but
some very compelling growth numbers. The Bank's assets increased
$217 million. We also increased our non-interest bearing deposits
62%. Consequently, our overall non-interest bearing deposits
increased to 15% of total deposits. Finally, organic loan growth
was robust at 9.0%. The Bank also made significant strides in
improving our asset quality in Tampa. We are going to continue to
focus on organic growth in 2012 while being opportunistic in terms
of acquisitions."
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 December 31, 2011
(In Thousands)
Assets
Cash and Due From Banks $ 70,816
Federal Funds Sold 3,900
Investment Securities 138,079
Commercial Loans 73,563
Commercial Real Estate Loans - Owner Occupied 163,058
Commercial Real Estate Loans - Other 181,801
Construction Loans 60,567
Residential 1-4 Family Loans 91,255
HELOCs 24,451
Consumer Loans 5,888
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Gross Loans 600,583
Allowance for Loan Losses (14,403)
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Net Loans 586,180
Fixed Assets 12,471
Other Assets 43,458
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Total Assets $ 854,904
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Liabilities
Non-Interest Bearing Deposits $ 101,785
NOW Accounts 58,489
Money Market Accounts 337,186
Savings Accounts 8,679
CDARS Reciprocal Deposits 50,299
Certificates of Deposits 117,546
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Total Deposits 673,984
Repurchase Agreements 26,712
FHLB and Other Borrowings 20,180
Other Liabilities 15,980
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Total Liabilities 736,856
Total Capital 118,048
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Total Liabilities and Capital $ 854,904
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STONEGATE BANK
Income Statement
For Period Ended December 31, 2011
(In Thousands)
Interest Income $ 37,783
Interest Expense 7,985
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Net Interest Income 29,798
Less: Provision for Loan Losses 12,263
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Net Interest Income after Provision for Loan Losses 17,535
Non-Interest Income 21,490
Realized Gains (Losses) on AFS Securities 591
Less: Salaries and Benefits Expense 11,130
Occupancy and Equipment Expense 3,355
Data Processing Expense 1,222
Legal and Professional Expense 1,960
FDIC Assessments 971
Loan and OREO Expenses 2,876
Other Expense 2,171
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Total Non-Interest Expense 23,685
Net Income Before Income Taxes 15,931
Income Taxes 4,387
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Net Income $ 11,544
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INVESTOR RELATIONS: Dave Seleski (Email Contact)
Stonegate Bank (954) 315-5510
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