Stonegate Bank (OTCBB: SGBK)
First Quarter 2013 Highlights:
- Increased the annual dividend from $0.08 to $0.16 cents per
share
- Total assets of $1.04 billion
- Net income of $2,293,000 for the first quarter of 2013
- 29 straight quarters of profitability
- First quarter 2013 average net interest margin of 3.74%
- Tier 1 risk based capital ratio of 16.1% at March 31, 2013
Stonegate Bank (OTCBB: SGBK) reported an increase in net income
in the first quarter of 2013 over the first quarter of 2012. Net
income was $2,293,000 or 27.8 cents per share for the first quarter
of 2013, as compared to net income of $2,242,000 or 27.2 cents per
share in the first quarter of 2012.
Income and Expenses: Total interest income
increased slightly from $9.8 million in the first quarter of 2012
to $10.0 million in the first quarter of 2013. This was achieved
largely due to an increase in loans of $91 million despite an
overall decrease in investment income of $217,000 period to period.
Total interest expense decreased from $1.88 million in the first
quarter of 2012 compared to $1.72 million in the first quarter of
2013. This occurred even though total deposits increased $134
million period to period. Further, the Bank's cost of funds for
March 2013 decreased 21 basis points from March 2012. The result is
an improvement in net interest income from $7.9 million in the
first quarter of 2012 to $8.3 million in the first quarter of
2013.
Total non-interest income decreased to $856,000 in the first
quarter of 2013 from $1,079,000 in the first quarter of 2012. The
largest change in non-interest income was a decrease of $336,000 in
derivative fees period to period.
The Bank realized security gains of $745,000 in the first
quarter of 2013. These gains were taken largely to reduce the size
of the investment portfolio and to shorten the duration of the
portfolio.
Non-interest expense increased to $6.0 million for the first
quarter of 2013 from $5.8 million for the first quarter of 2012.
The increase in non-interest expense is related to the addition of
the Bank's Doral office in the fourth quarter of 2012.
Margin and Cost of Funds: Total cost of
funds declined from a 0.92% December 2012 month-to-date average to
0.82% March 2013 month-to-date average. Stonegate Bank's net
interest margin declined from a fourth quarter 2012 average of
4.09% to 3.74% first quarter 2013 average. Excess liquidity due to
strong deposit growth contributed to the decline in the net
interest margin. The timing of various recoveries associated with
discounted assets was also a factor. The Bank has approximately
$4.4 million in accretable discounts and $11 million in
non-accretable discounts as of March 31, 2013. Management is
currently evaluating these discounts to determine whether a
percentage should be amortized over the life of the asset.
Balance Sheet and Capital: Total assets
grew from $899 million on March 31, 2012 to $1.04 billion on March
31, 2013, a $141 million increase. Total loans increased $91
million from $633 million on March 31, 2012 to $724 million on
March 31, 2013. Total deposits increased $134 million from $712
million on March 31, 2012 to $846 million on March 31, 2013.
Non-interest bearing deposits represent 15.8% of total deposits.
Total capital grew from $119.7 million on March 31, 2012 to $127.6
million on March 31, 2013. The undiluted book value of common
shares of Stonegate Bank was $15.49 per share on March 31,
2013.
Asset Quality:
Total Stonegate Bank - March 31, 2013
In thousands
Total loans $724,495
30 days past due 892
60 - 89 days 593
NPAs 6,529
REO 3,832
The table above shows the various categories and ending balances
of past due loans, nonaccrual loans as well as real estate owned.
Overall, non-performing loans represent 0.9% of total loans and
0.62% of total assets. Approximately 19% of the nonaccrual loans
are current.
Management believes all non-performing assets and REO are
written down to fair market value. Real estate owned increased
slightly from $3.2 million on December 31, 2012 to $3.8 million on
March 31, 2013.
The Bank's loan loss reserve was $16.1 million on March 31,
2013. This reserve represents 246% of all non-performing loans and
2.22% of total loans. Total loans past due more than 30 days
decreased from $3.246 million on December 31, 2012 to $1.485
million on March 31, 2013.
Management Comments: "The first quarter
witnessed two major events for Stonegate," said Dave Seleski,
President and Chief Executive Officer. "First, the Bank's assets
exceeded $1 billion for the first time. Since inception, this has
been a goal for the Bank, and I am very proud that we were able to
achieve this without taking undue risk or sacrificing profitability
for growth. Second, the bank doubled its dividend from $0.08 cents
per share in 2012 to $0.16 cents per share in 2013. In the future
we hope to continue to reward our investors as the Bank grows and
matures."
"Once again, we see economic improvement in our local markets. A
large part of this is being driven by foreign investors as well as
appreciation and increased demand for residential housing. The
trickle-down effect has certainly stabilized our markets and in
some cases led to a surprising increase in economic activity. We
anticipate this to continue and are focused on growing the Bank
organically in each of our markets. It is also our sense that after
a significant hiatus, merger and acquisitions in Florida are going
to increase in 2013. We will look at these opportunities as a way
to increase our overall market share in the communities we serve,"
added Seleski.
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 March 31, 2013
(In Thousands)
Assets
Cash and due from banks $ 166,834
Federal funds sold -
Investment securities 106,261
Commercial loans 98,587
Commercial real estate loans - owner occupied 175,723
Commercial real estate loans - other 247,474
Construction loans 46,494
Residential 1 - 4 family loans 110,317
HELOCs 36,482
Consumer loans 9,418
-----------
Gross loans 724,495
Allowance for loan losses (16,149)
-----------
Net loans 708,346
Fixed assets 12,844
Other assets 45,942
-----------
Total assets $ 1,040,227
===========
Liabilities
Non-interest bearing deposits $ 134,224
NOW accounts 63,369
Money market accounts 372,427
Core reciprocal deposits 184,809
Savings accounts 6,542
Certificates of deposit 84,958
-----------
Total deposits 846,329
Repurchase Agreements 30,100
FHLB and other borrowings 20,060
Other Liabilities 16,092
-----------
Total liabilities 912,581
Total capital 127,646
-----------
Total liabilities and capital $ 1,040,227
===========
STONEGATE BANK
Income Statement
For Period Ended March 31, 2013
(In Thousands)
Interest income $ 10,015
Interest expense 1,723
----------
Net interest income 8,292
Less: Provision for loan losses 273
----------
Net interest income after provision for loan
losses 8,019
Non-interest income 856
Realized gains (losses) on AFS securities 745
Less: Salaries and benefits expense 3,498
Occupancy and equipment expense 919
Data processing expense 206
Legal and professional expenses 477
Loan and OREO expenses 191
Other expense 745
----------
Total non-interest income 6,036
Net income before income taxes 3,584
Income taxes 1,291
----------
Net income $ 2,293
==========
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
Grafico Azioni Stonegate Bank (Fort Lauderdale (NASDAQ:SGBK)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Stonegate Bank (Fort Lauderdale (NASDAQ:SGBK)
Storico
Da Giu 2023 a Giu 2024
