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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Stonegate Bank | NASDAQ:SGBK | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 51.62 | 51.01 | 54.72 | 0 | 01:00:00 |
Second Quarter 2013 Highlights:
Stonegate Bank (OTCBB: SGBK) reported an increase in net income in the second quarter of 2013 over the second quarter of 2012. Net income was $2,265,000 or 27.5 cents per share for the second quarter of 2013, as compared to net income of $2,250,000 or 27.3 cents per share in the second quarter of 2012. The Bank earned $4,558,000 or 55.3 cents per share for the first six months of 2013, as compared to $4,491,000 or 54.5 cents per share in the first six months of 2012.
Income and Expenses: Total interest income increased from $10.1 million in the second quarter of 2012 to $10.8 million in the second quarter of 2013. Total interest expense decreased from $1.9 million in the second quarter of 2012 to $1.8 million in the second quarter of 2013. This decrease occurred even though total deposits increased $174 million period to period. Further, the Bank's cost of funds decreased 24 basis points period to period, which led to an increase in net interest income from $8.2 million in the second quarter of 2012 to $9.0 million in the second quarter of 2013.
Total non-interest income decreased to $760,000 in the second quarter of 2013 from $1.1 million in the second quarter of 2012.
The Bank realized security gains of $160,000 in the second quarter of 2013. These gains were taken largely to reduce risk and the overall size of the investment portfolio.
Non-interest expense increased slightly to $5.7 million for the second quarter of 2013 from $5.6 million for the second quarter of 2012.
Margin and Cost of Funds: Total cost of funds declined from a 1.00% June 2012 month to date average to a 0.76% June 2013 month to date average. Stonegate Bank's net interest margin declined from a June 2012 month to date average of 4.02% to 3.72% for June 2013 month to date average. Excess liquidity of $120 million largely accounted for the margin decrease. The Bank had approximately $9.3 million in non-accretable discounts and $6 million in unamortized discounts at June 30, 2013.
Balance Sheet and Capital: Total assets grew from $906 million on June 30, 2012 to $1.09 billion on June 30, 2013, a $188 million increase. Total loans increased $72 million from $676 million on June 30, 2012 to $748 million on June 30, 2013. Total deposits increased $174 million from $723 million on June 30, 2012 to $897 million on June 30, 2013. Non-interest bearing deposits represent 15.6% of total deposits. Total capital grew from $122.1 million on June 30, 2012 to $127.1 million on June 30, 2013. The undiluted book value of common shares of Stonegate Bank was $15.43 per share on June 30, 2013.
Asset Quality:
Total Stonegate Bank - June 30, 2013 Total loans $748,250 30 days past due 2,508 60 - 89 days past due 0 NPAs* 6,868 REO 2,836
*Approximately 25% of the nonaccrual loans are current with their payments.
The chart above shows the various categories and ending balances of past due loans, nonaccrual loans and real estate owned. Overall, non-performing loans represent 0.92% of total loans and 0.62% of total assets.
Management believes all non-performing assets and REO are written down to fair market value. Real estate owned decreased from $6.4 million on June 30, 2012 to $2.8 million on June 30, 2013.
The Bank's loan loss reserve was $16.5 million on June 30, 2013. This reserve represents 240% of all non-performing loans and 2.2% of total loans. Total loans past due more than 30 days increased from $1.9 million on June 30, 2012 to $2.5 million on June 30, 2013.
Management Comments: "Despite industry wide declining margins Stonegate Bank has demonstrated that respectable earnings can be realized without resorting to reducing expenses or releasing loan loss reserves," said Dave Seleski, President and Chief Executive Officer. "Most banks are experiencing lackluster growth compounded by decreasing margins in this low interest rate environment. I am proud of the fact that we continue to grow and our margins remain respectable. This is even more remarkable with Stonegate's overall liquidity increasing $120 million since June 30, 2012. The goal going forward is to continue to leverage this liquidity and reduce our cost of funds to protect the bank from any significant margin compression in the future. Overall credit quality continues to improve in all of our markets. Year to date annualized net charge offs as a percentage of average loans was approximately 0.05%. I find this very encouraging. These improved credit matrices make evaluating potential acquisitions easier and will mitigate some of the risks associated with these future acquisitions," said 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 June 30, 2013 (In Thousands) Assets Cash and due from banks $ 201,783 Federal funds sold 10,000 Investment securities 94,719 Commercial loans 111,059 Commercial real estate loans - owner occupied 171,025 Commercial real estate loans - other 248,650 Construction loans 54,828 Residential 1 - 4 family loans 115,821 HELOCs 37,805 Consumer and other loans 9,062 ------------ Gross loans 748,250 Allowance for loan losses (16,524) ------------ Net loans 731,726 Fixed assets 12,648 Other assets 43,748 ------------ Total assets $ 1,094,624 ------------ Liabilities Non-interest bearing deposits $ 139,949 NOW accounts 122,056 Money market accounts 381,500 Core reciprocal deposits 165,495 Savings accounts 6,446 Certificates of deposit 81,292 ------------ Total deposits 896,738 Repurchase Agreements 37,181 FHLB and other borrowings 20,000 Other Liabilities 13,556 ------------ Total liabilities 967,475 Total capital 127,149 ------------ Total liabilities and capital $ 1,094,624 ------------ STONEGATE BANK Income Statement For Period Ended June 30, 2013 (In Thousands) Interest income $ 20,848 Interest expense 3,509 ------------ Net interest income 17,339 Less: Provision for loan losses 996 ------------ Net interest income after provision for loan losses 16,343 Non-interest income 1,616 Realized gains (losses) on AFS securities 905 Less: Salaries and benefits expense 6,879 Occupancy and equipment expense 1,855 Data processing expense 226 Legal and professional expenses 899 Loan and OREO expenses 337 Other expense 1,533 ------------ Total non-interest income 11,729 Net income before income taxes 7,135 Income taxes 2,577 ------------ Net income $ 4,558 ============
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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