POMPANO BEACH, FL
-- (Marketwired)
-- 07/30/14
Stonegate Bank (NASDAQ: SGBK) ("Stonegate") reported net income of $1,904 for the second quarter of 2014 or $0.17 per diluted common share ($0.37 per share net operating income, a non-GAAP measurement described below), as compared to the first quarter of 2014 earnings of $2,058 or $0.21 per diluted common share ($0.27 per share net operating income).
Net operating income is a non-GAAP financial measurement used by management to evaluate and monitor financial results of operations excluding certain non-recurring items such as merger and acquisition related expenses. A table reconciling GAAP to non-GAAP measures is presented on page 13, Explanation of Certain Unaudited Non-GAAP Financial Measures.
Key highlights for the second quarter:
- Loans: Total loans grew $31.2 million during the second quarter of 2014, or 9.0% on an annualized basis, to $1.2 billion at June 30, 2014. This loan growth was largely due to the origination of $136.5 million in loans during the second quarter. Approximately 35% of loan originations were in commercial real estate ("CRE"), 23% in construction and land development, 15% in residential mortgages, 14% in commercial and industrial ("C&I") and 13% were all other. The production for the current quarter was 49% fixed rate loans and 51% variable rate loans.
- Asset Quality: Total loans past due 30 - 89 days, excluding nonaccrual loans, were $1.2 million at June 30, 2014, or 0.10% of total loans as compared to 0.11% at March 31, 2014. Nonaccrual loans were $7.5 million at June 30, 2014, or 0.62% of total loans, down from $8.3 million at March 31, 2014, or 0.70% of total loans.
- Net Interest Income and Margin: Net interest income, on a tax equivalent basis, increased $1.0 million for the three months ended June 30, 2014 as compared to the three months ended March 31, 2014. Net interest income totaled $13.9 million for the three months ended June 30, 2014. The second quarter 2014 net interest margin, on a tax equivalent basis, increased 5 basis points to 3.61% from 3.56% on a tax equivalent basis for the first quarter 2014. The slight increase in the margin is primarily a result of a higher yield earned on the Bank's interest bearing deposits at other banks.
- Non-Interest Expense: Non-interest expense increased from $10.4 million for the first three months of 2014 to $12.4 million for the three months ended June 30, 2014. This increase was primarily due to the one-time costs associated with the conversion of Florida Shores Bancorp, Inc. and Subsidiaries (collectively, "Florida Shores") and related branch closure expenses. One-time costs were approximately $2.4 million for the three months ended June 30, 2014.
- Capital: The Bank remained well-capitalized with capital of $191.2 million as of June 30, 2014. The Bank's total risk-based capital ratio was 14.8%, the Bank's Tier 1 capital ratio was 13.5% and the Bank's leverage capital ratio was 10.4%.
Loans and Deposits
Loans outstanding at June 30, 2014 were $1.21 billion as compared to $1.18 billion at March 31, 2014 an increase of $31.2 million during the second quarter of 2014. This net increase is a result of organic loan growth.
The loan portfolio consists primarily of loans to individuals and small- and medium-sized businesses within our primary market area of South and West Florida. The table below shows the loan portfolio composition:
(in thousands of dollars) June 30, 2014 March 31, 2014
--------------- ---------------
Commercial $ 180,243 $ 178,286
Commercial real estate 651,994 657,852
Construction and land development 100,193 82,941
Residential real estate 259,658 258,382
Consumer and other loans 31,136 14,577
--------------- ---------------
Total loans 1,223,224 1,192,038
Less: discount on loans acquired 9,895 10,123
Net deferred fees 1,388 1,197
--------------- ---------------
Recorded investment in loans 1,211,941 1,180,718
Less: Allowance for loan losses 18,296 17,983
--------------- ---------------
Net loans $ 1,193,645 $ 1,162,735
=============== ===============
Construction and land development loans grew $17.3 million during the second quarter of 2014. This net increase was due to new loan originations, primarily comprised of construction for residential properties and one loan for student housing at a local university.
Deposits at June 30, 2014 and March 31, 2014 were $1.41 billion and $1.47 billion, a decrease of $60 million. Noninterest-bearing deposits were $233.9 million at June 30, 2014 as compared to $261.1 million at March 31, 2014, a decline of $27.2 million. This was primarily a result of a reduction related to two accounts. The deposit balance in one account was dispersed due to a sale of the business and the deposit balance in the other account, which was an account for an estate, was reduced due to a distribution. Money market deposits declined approximately $18.7 million from March 31, 2014 to June 30, 2014. Approximately 60% of the decline in money market deposits was a planned outflow of a non-core deposit associated with the Florida Shores acquisitions. During the second quarter the Bank experienced $10.0 million in runoff of certificates of deposit held by the Florida Shores entities that were priced above market.
The following table shows the composition of deposits as of June 30, 2014 and March 31, 2014:
(in thousands of dollars) June 30, 2014 March 31, 2014
--------------- ---------------
Noninterest bearing $ 233,928 $ 261,094
NOW 209,100 212,502
Money market 767,877 786,596
Savings 12,591 13,042
Certificates of deposit 190,346 200,731
--------------- ---------------
Total deposits $ 1,413,842 $ 1,473,965
=============== ===============
Credit Quality and Allowance for Loan Losses
As of June 30, 2014, the Bank's past due and nonaccrual loans totaled $8.7 million and were 0.07% of total loans as compared $9.7 million or 0.82% at March 31, 2014 and $9.4 million or 1.25% at June 30, 2013. Loans past due 30-89 days were $1.2 million versus $1.4 million at March 31, 2014, a decrease of $200,000. Legacy loans past due total $500,000 or approximately 40% of the total loans past due. Nonaccrual loans stood at $7.5 million at June 30, 2014, a decrease of $800,000 from $8.3 million at March 31, 2014. This decrease was a result of a $1.2 million loan which was returned to accrual status during the second quarter of 2014. Legacy loans represent approximately 25% or $1.9 million of the total nonaccrual loans at June 30, 2014. Commercial real estate loans are $4.6 million or 61% of the nonaccrual loans. The Bank does not have any loans past due 90 days or more that are still accruing. As of June 30, 2014, there remains approximately $11.1 million in nonaccretable discounts on loans acquired. The Bank does not have any loans under which it participates in a loss share arrangement.
Other real estate owned declined from $1.4 million as of March 31 2014, to $650,000 as of June 30, 2014. Other real estate owned is comprised of four properties, with one property of approximately $500,000 under contract for sale.
The following outlines nonperforming assets for the periods ended:
June 30, March 31,
(in thousands of dollars) 2014 2014
-------------- --------------
Nonaccrual $ 7,526 $ 8,336
Other real estate owned 654 1,461
-------------- --------------
Total nonperforming assets $ 8,180 $ 9,797
============== ==============
Nonperforming loans as a percentage of total
loans 0.06% 0.07%
Nonperforming assets as a percentage of
total assets 0.05% 0.06%
Past due 90 or more days and still accruing $ - $ -
============== ==============
Loans modified as troubled debt restructuring were $13.9 million and $14.0 million at June 30, 2014 and March 31, 2014, respectively. Loans classified as troubled debt restructuring and on nonaccrual totaled $1.9 million and $800,000 as of June 30, 2014 and March 31, 2014, respectively. There were no loans modified as troubled debt restructuring during the second quarter of 2014. The specific reserves of $1.3 million allocated to loans modified as troubled debt restructuring remained unchanged from March 31, 2014.
The allowance for loan losses was $18.3 million at June 30, 2014, an increase of $300,000 from March 31, 2014. The allowance for loan losses represents 1.51% and 1.52% of total loans as of June 30, 2014 and March 31, 2014, respectively. Additionally, as of June 30, 2014, the allowance represents 2.11% of total legacy loans. During the second quarter of 2014 the Bank recorded no provision for loan loss expense, no loan charge-offs and recoveries of $300,000. The general loan loss reserve (non-impaired loans) increased $400,000 during the second quarter while specific reserves remained unchanged at $1.5 million.
The following table shows the activity in the allowance for loan losses for the three months ended:
June 30, March 31, June 30,
(in thousands of dollars) 2014 2014 2013
----------- ----------- -----------
Balance At Beginning Of Period $ 17,983 $ 17,307 $ 16,149
Charge-Offs - (79) (549)
Recoveries 313 230 201
Provision For Loan Losses - 525 723
----------- ----------- -----------
Balance At End Of Period $ 18,296 $ 17,983 $ 16,524
=========== =========== ===========
The table below reflects the allowance allocation per loan category and percent of loans in each category to total loans for the periods indicated:
June 30, March 31, June 30,
(in thousands of dollars) 2014 2014 2013
--------------- -------------- --------------
Amount % Amount % Amount %
------- ------ ------- ------ ------- ------
Commercial $ 1,896 10.3 $ 1,919 10.7 1,629 9.9
Commercial real estate 12,058 65.9 11,963 66.5 11,222 67.9
Construction and land
development 1,844 10.1 1,683 9.3 1,421 8.6
Residential real estate 2,393 13.1 2,286 12.7 2,020 12.2
Consumer and other loans 128 0.7 69 0.4 62 .0.4
Unallocated (23) (0.1) 63 0.4 170 1.0
------- ------ ------- ------ ------- ------
Total $18,296 100.0 $17,983 100.0 $16,524 100.0
======= ====== ======= ====== ======= ======
The following is a summary of information pertaining to impaired loans for the three months ended:
June 30, March 31, June 30,
(in thousands of dollars) 2014 2014 2013
--------- --------- ---------
Impaired loans without a valuation allowance $ 8,150 $ 12,559 $ 9,801
Impaired loans with a valuation allowance 10,414 6,309 9,130
--------- --------- ---------
Total impaired loans $ 18,564 $ 18,868 $ 18,931
========= ========= =========
Valuation allowance related to impaired loans $ 1,495 $ 1,516 $ 2,300
Net Interest Income and Margin
On a tax equivalent basis the Bank's net interest income for the three months ended June 30, 2014 was $14.0 million which was an increase of $1.0 million from the first quarter of 2014 and an increase of $4.8 million from the second quarter 2013. The increase from the first quarter of 2014 was a result of net loan growth while the increase over the second quarter of 2013 was due primarily to an increase in loans of $346 million from the Florida Shores acquisitions and organic growth. Average loans for the second quarter of 2014 were $1.19 billion as compared to $1.11 billion for the first quarter of 2014 and $726 million for the second quarter of 2013. The increase in deposits with interest at banks from June 2013 is primarily a result of the cash received with the Florida Shores acquisitions and the subsequent liquidation of the majority of their investment portfolio.
The net interest margin on a tax equivalent basis was 3.61% for the second quarter 2014 as compared to 3.56% for the first quarter 2014 and 3.71% for the second quarter of 2013. This represented an increase of 5 basis points from the first quarter of 2014 and a decrease of 10 basis points from the second quarter 2013. The yield on interest earning assets was 4.09% for the second quarter of 2014 versus 4.04% for the first quarter of 2014 and was primarily due to the increase in average loans outstanding during the second quarter. The yield on loans remained unchanged at 5.14% from the prior quarter however it was lower by 57 basis points from the second quarter of 2013. This was a result of new loans pricing at a lower rate over the 12 month period. The average yield on paying liabilities remained unchanged from the first quarter of 2014 at 0.60% but declined from 0.89% from the second quarter of 2013. The decline from the second quarter of 2013 was primarily due to the decrease in the cost of funds of legacy deposits and as a result of lower cost deposits assumed with the Florida Shores acquisitions. The Bank's cost of funds has declined from 0.76% for the June 2013 month-to-date average to 0.50% for the June 2014 month-to-date average.
The following table recaps yields and costs by various interest-earning asset and interest bearing liability account types for the current quarter, the previous quarter and the same quarter last year.
Yield and cost table (unaudited)
--------------------------------
(in thousands of dollars)
2Q14 1Q14
------------------------ ------------------------
Average Average
Balance Interest Rate Balance Interest Rate
---------- -------- ---- ---------- -------- ----
ASSETS
------------------------
Loans, Net(1)(2)(4) $1,194,718 $ 15,321 5.14% $1,113,953 $ 14,116 5.14%
Investment Securities 85,103 302 1.42 84,976 377 1.80
Federal Funds Sold 16,268 19 0.47 10,589 5 0.19
Other Investments(3) 2,422 25 4.14 2,543 25 3.99
Deposits with interest
at banks 256,813 183 0.29 259,506 150 0.23
---------- -------- ---- ---------- -------- ----
Total Earning Assets 1,555,324 15,850 4.09% 1,471,567 $ 14,673 4.04%
---------- -------- ---- ---------- -------- ----
LIABILITIES
------------------------
Savings, NOW and Money
Market $1,011,515 $ 1350 0.54% $ 962,317 $ 1,270 0.54%
Time Deposits 196,534 320 0.63 193,769 303 0.63
---------- -------- ---- ---------- -------- ----
Total Interest Bearing
Deposits 1,208,049 1,670 0.55 1,156,086 1,573 0.55
Other Borrowings 39,269 193 1.97 39,307 191 1.97
---------- -------- ---- ---------- -------- ----
Total Interest Bearing
Liabilities 1,247,318 1,863 0.60% 1,195,393 1,764 0.60%
---------- -------- ---- ---------- -------- ----
Net interest spread (tax
equivalent basis) (note
4) 3.49% 3.44%
==== ====
Net interest margin (tax
equivalent basis)
(note5) 3.61% 3.56%
==== ====
2Q13
------------------------
Average
Balance Interest Rate
---------- -------- ----
ASSETS
------------------------
Loans, Net(1)(2)(4) $ 725,513 $ 10,325 5.71%
Investment Securities 99,277 460 1,86
Federal Funds Sold 5,934 4 0.27
Other Investments(3) 2,039 12 2.36
Deposits with interest
at banks 151,831 94 0.25
---------- -------- ----
Total Earning Assets 984,594 $ 10,895 4.44%
---------- -------- ----
LIABILITIES
------------------------
Savings, NOW and Money
Market $ 632.275 $ 1,283 0.81%
Time Deposits 116,370 272 0.94
---------- -------- ----
Total Interest Bearing
Deposits 748,645 1,554 0.83
Other Borrowings 59,468 232 1.56
---------- -------- ----
Total Interest Bearing
Liabilities 808,113 1,786 0.89%
---------- -------- ----
Net interest spread (tax
equivalent basis) (note
4) 3.55%
====
Net interest margin (tax
equivalent basis)
(note5) 3.71%
====
(1) Average balances include nonaccrual loans, and are net of unearned loan
fees of $1,388, $1,197 and $925 for 2Q14, 1Q14 and 2Q13, respectively.
(2) Interest income includes fees on loans of $99, $60 and $14 for 2Q14,
1Q14 and 2Q13, respectively.
(3) "Other investments" consists of equity stock in the FHLB of Atlanta that
the Bank is required to own based on its transactions with the FHLB.
(4) Interest income and rates include the effects of a tax equivalent
adjustment using applicable statutory tax rates to adjust tax exempt
interest income on tax exempt loans to a fully taxable basis.
(5) Represents net interest income divided by total interest-earning assets.
Noninterest Income
Noninterest income for the quarter ended June 30, 2014 was $1.1 million as compared to $1.4 million for the first quarter of 2014 and $900,000 for the second quarter of 2013. The decrease of the second quarter of 2014 over the first quarter was primarily due to a settlement payment of $210,000 related to a charged off loan acquired as such through an FDIC assisted transaction received in the first quarter. The difference of $200,000 for the second quarter of 2014 when compared to the second quarter of 2013 is primarily due to fees received during the second quarter of 2013 in connection with interest rate swaps entered into with certain loan customers.
Non-interest Expense
Noninterest expense for the three months ended June 30, 2014 was $12.4 million versus $10.4 million for the three months ended March 31, 2014 and $5.7 million for the three months ended June 30, 2013. During the second quarter of 2014 the Bank incurred one-time merger and conversion costs of $1.4 million, costs of $810,000 associated with branch closings and $180,000 in connection with listing the Bank's common stock for trading on the Nasdaq Stock Market. During the first quarter of 2014 there were expenses of approximately $775,000 related to the acquisition of Florida Shores which closed on January 15, 2014, while the data conversion occurred in late April 2014.
Salaries and employee benefits were $5.7 million for the second quarter of 2014 and included approximately $360,000 in payments to employees associated with the Florida Shores acquisition and conversion. For the three months ended March 31, 2014 salaries and employee benefits were $6.0 million and were $3.4 million for the three months ended June 30, 2013. The increase over June 30, 2013 is primarily the additional staff, both retained permanently and those released at conversion, from the Florida Shores acquisition.
Occupancy and equipment expenses were $2.5 million, $1.6 million and $946,000 for the three months ended June 30, 2014, March 31, 2014 and June 30, 2013, respectively. A one-time expense for branch closures was approximately $810,000 during the second quarter of 2014. The expense of the additional branches associated with the Florida Shores acquisition is the reason for the increase in occupancy and equipment expense compared to the second quarter of 2013.
Data processing expenses were $1.4 million for the three months ended June 30, 2014 and included one-time core system termination fees and conversion costs of approximately $1.0 million related to the Florida Shores acquisition. Additionally, included in both the results of operations for the first and second quarters were costs for data processing for the Florida Shores entities which will not be recurring.
Professional fees were $725,000 for the three months ended June 30, 2014 as compared to $678,000 for the three months ended March 31, 2014 and $422,000 for the three months ended June 30, 2013. Legal costs and other costs associated with registering the Bank's common stock under the Securities Exchange Act of 1934, as amended, and listing the Bank's common stock for trading on the Nasdaq Stock Market were approximately $180,000 during the second quarter of 2014 as compared to $72,000 for the first quarter of 2014.
The table below outlines the expenses for the quarters ended:
June 30, 2014 March 31, 2014 June 30, 2013
------------- -------------- -------------
(in thousands of dollars)
Salaries and employee benefits $ 5,706 $ 6,013 $ 3,381
Occupancy and equipment expense 2,484 1,588 946
FDIC insurance and state
assessments 327 230 203
Data processing 1,430 503 20
Loan and other real estate
expense 127 150 145
Professional fees 725 678 422
Core deposit intangible
amortization 327 284 62
Other operating expenses 1,271 945 524
------------- -------------- -------------
Totals $ 12,397 $ 10,391 $ 5,703
============= ============== =============
About Stonegate Bank
Stonegate Bank is a full-service commercial bank, providing a wide range of business and consumer financial products and services through its 14 banking offices in its target marketplace of South and West Florida, which is comprised primarily of Broward, Charlotte, Collier, Hillsborough, Lee, Miami-Dade, Palm Beach and Sarasota Counties in Florida. Stonegate's principal executive office and mailing address is 400 North Federal Highway, Pompano Beach, Florida 33062 and its telephone number is (954) 315-5500.
Forward-Looking Statements
Any non-historical statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current plans and expectations that are subject to uncertainties and risks, which could cause our future results to differ materially. The following factors, among others, could cause our actual results to differ: the strength of the United States economy in general and the strength of the local economies in which we conduct operations; our need and ability to incur additional debt or equity financing; our ability to execute our growth strategy through expansion; our ability to comply with the extensive laws and regulations to which we are subject; changes in the securities and capital markets; changes in general market interest rates, legislative and regulatory changes, monetary and fiscal policies of the U.S. Treasury and the Federal Reserve, changes in the quality or composition of our loan portfolios, demand for loan products, changes in deposit flows, real estate values, and competition and other economic, competitive, and technological factors affecting our operations, pricing, products and services; and our ability to manage the risks involved in the foregoing. Additional factors can be found in our filings with the FDIC, which are available at the FDIC's internet site (http://www2.fdic.gov/efr). Forward-looking statements in this press release speak only as of the date of the press release and Stonegate Bank assumes no obligation to update any forward-looking statements or the reasons why actual results could differ.
Stonegate Bank and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(in thousands of dollars, except per share data)
June 30, 2014 December 31, 2013
------------- -----------------
Assets
Cash and due from banks $ 261,616 $ 190,226
Federal funds sold 20,000 10,000
Securities held to maturity (Fair value of
$85,699 at June 30, 2014 and $71,781 at
December 31, 2013) 84,265 71,639
Other investments 2,422 2,039
Loans, net of allowance for loan losses of
$18,296 and $17,307 at June 30, 2014 and
December 31, 2013, respectively 1,193,645 794,702
Premises and equipment, net 26,527 12,310
Bank-owned life insurance 17,558 17,339
Goodwill and intangible assets, net 18,680 1,101
Other real estate owned 654 2,120
Other assets 31,490 18,458
------------- -----------------
Total assets $ 1,656,857 $ 1,119,934
============= =================
Liabilities and Stockholders' Equity
Liabilities
Total deposits $ 1,413,842 $ 935,477
Other borrowings 38,859 42,733
Other liabilities 12,982 10,262
------------- -----------------
Total liabilities 1,465,683 988,472
------------- -----------------
Stockholders' Equity
Preferred stock, $5 par value, 4,000,000
shares authorized;12,750 outstanding as
of June 30, 2014 and none outstanding
as of December 31, 2013 12,750 -
Common stock, $5 par value, 20,000,000
shares authorized; 10,070,963 issued
and 10,167,305 shares outstanding as of
June 30, 2014 and 8,241,992 shares
issued and 8,239,334 outstanding as of
December 31, 2013 50,850 41,210
Additional paid-in capital 86,800 52,810
Retained earnings 42,703 39,614
Treasury Stock (13) (13)
Accumulated other comprehensive income (1,916) (2,159)
------------- -----------------
Total stockholders' equity 191,174 131,462
------------- -----------------
Total liabilities and stockholders'
equity $ 1,656,857 $ 1,119,934
============= =================
Stonegate Bank and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (unaudited)
(in thousands of dollars, except per share data)
For the three months ended
June 30, March, 31, June 30,
2014 2014 2013
Interest income:
Interest and fees on loans $ 15,190 $ 14,026 $ 10,289
Interest on securities 302 377 460
Interest on federal funds sold and at
other banks 202 155 98
Other interest 25 25 12
----------- ----------- ----------
Total interest income 15,719 14,583 10,859
----------- ----------- ----------
Interest expense:
Interest on deposits 1,670 1,573 1,554
Other interest 193 191 232
----------- ----------- ----------
Total interest expense 1,863 1,764 1,786
----------- ----------- ----------
Net interest income 13,856 12,819 9,073
Provision for loan losses - 525 723
----------- ----------- ----------
Net interest income after provision
for loan losses 13,856 12,294 8,350
----------- ----------- ----------
Noninterest income:
Service charges and fees on deposit
accounts 292 275 232
Realized gains on available for sale
securities - - 160
Other noninterest income 771 1,094 512
----------- ----------- ----------
Total noninterest income 1,063 1,369 904
----------- ----------- ----------
Noninterest expense:
Salaries and employee benefits 5,706 6,013 3,381
Occupancy and equipment expenses 2,484 1,588 946
Data processing 1,430 503 20
Professional fees 725 678 422
Core deposit intangible amortization 327 284 62
Other operating expenses 1,725 1,325 872
----------- ----------- ----------
Total noninterest expense 12,397 10,391 5,703
----------- ----------- ----------
Income before income taxes 2,522 3,272 3,551
Income tax 618 1,214 1,286
----------- ----------- ----------
Net income 1,904 2,058 2,265
Preferred stock dividend 64 - -
----------- ----------- ----------
Net income applicable to common
stock $ 1,840 $ 2,058 $ 2,265
=========== =========== ==========
Earnings per common share:
Basic $ 0.18 $ 0.28 $ 0.28
Diluted 0.17 0.27 0,27
Common shares used in the calculation of
earnings per share:
Basic 10,202,975 9,763,477 8,239,334
Diluted 10,526,445 10,035,317 8,434,551
Stonegate Bank and Subsidiaries
CONDENSED FINANCIAL HIGHLIGHTS
(in thousands of dollars)
As of
June 30, March 31, June 30,
2014 2014 2013
---------- ---------- ----------
BALANCE SHEET ITEMS:
----------------------------------------
Assets $1,656,857 $1,170,787 $1,094,624
Total loans 1,193,645 1,162,735 731.726
Deposits 1,413,842 1,473,752 896,738
Stockholders' equity 191,174 187,901 127,149
CAPITAL RATIOS:
----------------------------------------
Total capital to risk weighted assets 14.8% 14.9% 17.0%
Tier 1 capital to risk weighted assets 13.5 13.6 15.7
Tier 1 capital to average assets 10.4 10.7 11.8
AVERAGE BALANCE SHEET ITEMS:
----------------------------------------
Assets $1,690,678 $1,618,398 $1,086,768
Interest earning assets 1,555,324 1,471,567 984,594
Loans 1,194,718 1,113,953 709,227
Interest bearing liabilities 1,247,318 1,195,393 808,113
Deposits 1,450,124 1,388,110 882,899
Stockholders' equity 189,706 179,352 129,045
Stonegate Bank and Subsidiaries
CONDENSED FINANCIAL HIGHLIGHTS
(in thousands of dollars, except per share data)
Three Months Ended
June 30, March 31, June 30,
2014 2014 2013
----------- ----------- -----------
FINANCIAL DATA:
----------------------------------------
Net interest income $ 13,856 $ 12,819 $ 9,073
Net interest income - tax equivalent 13,897 12,909 9,109
Noninterest income 1,063 1,369 904
Noninterest expense 12,397 10,391 5,703
Income tax 618 1,214 1,286
Net income 1,904 2,058 2,265
Preferred stock dividend 60 - -
Net income attributed to common shares 1,840 2,058 2,265
Weighted average number of common shares
outstanding:
Basic 10,202,975 9,763,477 8,239,334
Diluted 10,485,695 10,035,317 8,434,551
Per common share data:
Basic $ 0.18 $ 0.21 $ 0.28
Diluted 0.17 0.21 0.27
Cash dividend declared to common shares 406 398 330
Non-GAAP Financial Measures
This press release contains financial information determined by methods other than in accordance with GAAP. The Company's management uses these non-GAAP financial measures in their analysis of the Company's performance. These measures typically adjust GAAP performance measures to exclude the effects of the amortization of intangibles and include the tax benefit associated with revenue items that are tax-exempt, as well as adjust income available to common shareholders for certain significant activities or transactions that in management's opinion can distort period-to-period comparisons of the Company's performance. Since the presentation of these GAAP performance measures and their impact differ between companies, management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company's core businesses. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of GAAP to non-GAAP disclosures are included as tables at the end of this release. Refer to press release supplemental table for this reconciliation.
Reconciliation of GAAP to non-GAAP Measures
(in thousands of dollars)
June 30, 2014 March 31, 2014
-------------- ---------------
Interest income, as reported (GAAP) $ 15,719 $ 14,583
Tax equivalents adjustments 131 90
-------------- ---------------
Interest income (tax equivalent) $ 15,850 $ 14,673
============== ===============
Net interest income, as reported (GAAP) $ 13,856 $ 12,294
Tax equivalent adjustments 131 90
------------- ---------------
Net interest income (tax equivalent) $ 13,987 $ 12,384
============== ===============
Net income GAAP $ 1,904 $ 2,058
Non-interest expense adjustments:
Merger and acquisition related expenses 1,426 775
Branch closure expenses 810 -
Professional expenses 180 72
-------------- ---------------
Tax effect using the effective tax rate for
the period presented 592 324
-------------- ---------------
Net operating income $ 3,728 $ 2,591
============== ===============
Net operating income per common share $ 0.37 $ 0.27
============== ===============
INVESTOR RELATIONS:
Dave Seleski
Email Contact
Stonegate Bank
(954) 315-5510
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