Stonegate Bank (OTCBB: SGBK) reported net income of $2,426,000 or
29.4 cents per share in the third quarter of 2012, as compared to
net income of $1,560,000 or 18.9 cents per share in the third
quarter of 2011. The Bank earned $6,918,000 or 83.9 cents per share
for the first nine months of 2012, as compared to $8,744,000 or
$1.06 per share in the first nine months of 2011.
Third Quarter 2012 Highlights:
- Net income of $2,426,000 for the third quarter of 2012
- Total assets grew to $942 million from $848 million year over
year
- 27 consecutive quarters of profitability
- 4.19% net interest margin for the month of September
- Tier 1 risk based capital ratio of 16.5%
- Total organic loan growth was 15% year to date
- Annualized 1.02% return on average assets
Income and Expenses: Total interest income
increased from $9.9 million in the third quarter of 2011 to $10.7
million in the third quarter of 2012. This came as a result of an
increase of $107 million in total loans period to period. Total
interest expense declined from $2.1 million for the third quarter
of 2011 to $1.8 million in the third quarter of 2012. This occurred
even though total deposits increased $78 million period to period.
The Bank's strategy of reducing the size of the investment
portfolio concurrently with increasing the loan portfolio has had a
positive impact on net interest income as well as the net interest
margin. This resulted in net interest income improving from $7.7
million in the third quarter of 2011 to $8.9 million in the third
quarter of 2012.
Total non-interest income decreased to $777,000 in the third
quarter of 2012 from $834,000 in the third quarter of 2011.
The Bank realized security gains of $639,000 in the third
quarter of 2012. These gains were taken largely to reduce the size
of the investment portfolio and to shorten its duration.
Non-interest expense increased to $5.8 million for the third
quarter of 2012 from $5.6 million for the third quarter of 2011.
The increase in non-interest expense is directly related to the
growth of the sales staff in each of the Bank's markets.
Margin and Cost of Funds: Total cost of
funds declined from a 1.00% June 2012 month-to-date average to
0.92% September 2012 month-to-date average. Stonegate Bank's net
interest margin increased from a June 2012 month-to-date average of
4.02% to September 2012 month-to-date average of 4.19%.
Balance Sheet and Capital: Total assets
grew from $848 million on September 30, 2011 to $942 million on
September 30, 2012, a $94 million increase. Total loans increased
$107 million from $584 million on September 30, 2011 to $691
million on September 30, 2012. Total deposits increased $78 million
from $669 million on September 30, 2011 to $747 million on
September 30, 2012. Non-interest bearing deposits represent 17.6%
of total deposits. Total capital grew from $114.9 million on
September 30, 2011 to $125.1 million on September 30, 2012. The
undiluted book value of common shares of Stonegate Bank was $15.19
per share on September 30, 2012.
Asset Quality:
Total Stonegate Bank
Dec. 31, Mar. 31, Jun. 30, Sept. 30,
(in thousands) 2011 2012 2012 2012
----------- ----------- ----------- -----------
Total loans $ 600,583 $ 633,659 $ 676,480 $ 691,590
30 days past due 656 1,304 979 1,811
60 - 89 days 0 0 890 304
NPAs 10,379 9,850 6,746 6,128
REO 5,956 5,400 6,402 6,942
In order to better illustrate trends in asset quality, the chart
above shows various categories and ending balances over the last
four quarters. This is presented to provide additional clarity on
the portfolio trends as well as the Bank's progress in reducing
non-performing loans and REO. The Bank's non-performing loans
decreased slightly from $6.7 million on June 30, 2012 to $6.1
million on September 30, 2012. Overall, non-performing loans
represent 0.88% of total loans and 0.64% of total assets.
Approximately half of the $6.1 million in non-performing loans are
in the acquired First Commercial Bank of Tampa Bay portfolio.
Management believes all non-performing assets and REO are
written down to fair market value. Real estate owned increased
slightly from $6.4 million on June 30, 2012 to $6.9 million on
September 30, 2012. Five properties represent 80% of the total
balance of REO.
The Bank's loan loss reserve was $16.3 million on September 30,
2012. This reserve represents 267% of all non-performing loans and
2.36% of total loans. Total loans past due more than 30 days
increased slightly from $1.8 million on June 30, 2012 to $2.1
million on September 30, 2012.
Management Comments: "The Bank is doing
extremely well in terms of organic loan growth as well as overall
profitability," said Dave Seleski, President and Chief Executive
Officer. "Total year-to-date loan growth was $91 million, which
represents 15% loan growth for the first nine months of the year. I
am encouraged that this trend will continue in coming quarters as
the general Florida economy continues to stabilize and in some
regions improve. The increased loan growth has also improved our
profitability. This is best illustrated by an overall improvement
in our net interest income and a healthy annualized 1.02% return on
assets. Net interest income improved from $21.2 million in the
first nine months of 2011 to $25.1 million in the first nine months
of 2012. This $3.9 million increase is a direct result of the
Bank's loan growth and consistent net interest margin. The
challenge in future quarters is maintaining the growth and margin
without significantly adding to overall non-interest expense."
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, 2012
(In Thousands)
Assets
Cash and Due From Banks $ 88,089
Federal Funds Sold -
Investment Securities 116,344
Commercial Loans 89,633
Commercial Real Estate Loans - Owner Occupied 178,851
Commercial Real Estate Loans - Other 229,627
Construction Loans 51,653
Residential 1-4 Family Loans 103,126
HELOCs 32,883
Consumer Loans 5,817
----------
Gross Loans 691,590
Allowance for Loan Losses (16,334)
----------
Net Loans 675,256
Fixed Assets 13,122
Other Assets 49,362
----------
Total Assets $ 942,173
==========
Liabilities
Non-Interest Bearing Deposits $ 131,829
NOW Accounts 64,480
Money Market Accounts 424,558
Savings Accounts 7,370
CDARS Reciprocal Deposits 25,443
Certificates of Deposits 93,856
----------
Total Deposits 747,536
Repurchase Agreements 29,907
FHLB and Other Borrowings 20,120
Other Liabilities 19,419
----------
Total Liabilities 816,982
Total Capital 125,191
----------
Total Liabilities and Capital $ 942,173
==========
STONEGATE BANK
Income Statement
For Period Ended September 30, 2012
(In Thousands)
Interest Income $ 30,679
Interest Expense 5,572
-----------
Net Interest Income 25,107
Less: Provision for Loan Losses 2,546
-----------
Net Interest Income after Provision for Loan Losses 22,561
Non-Interest Income 2,929
Realized Gains (Losses) on AFS Securities 2,741
Less: Salaries and Benefits Expense 9,858
Occupancy and Equipment Expense 2,660
Data Processing Expense 594
Legal and Professional Expense 1,272
FDIC Assessments 581
Loan and OREO Expenses 525
Other Expense 1,855
-----------
Total Non-Interest Expense 17,345
Net Income Before Income Taxes 10,886
Income Taxes 3,968
-----------
Net Income $ 6,918
===========
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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