Stonegate Bank (OTCBB: SGBK)
Fourth Quarter 2012 Highlights:
- Net income of $2,164,000 for the fourth quarter of 2012
- Total assets grew to $945 million from $855 million year over
year
- 28 straight quarters of profitability
- 4.76% fourth quarter net interest margin
- Tier 1 risk based capital ratio of 16% at December 31,
2012
- Total organic loan growth of 22% in 2012
- 0.99% return on assets in 2012
Stonegate Bank (OTCBB: SGBK) reported net income of $2,164,000
or 26.2 cents per share for the fourth quarter of 2012, as compared
to net income of $2,800,000 or 34 cents per share in the fourth
quarter of 2011. The Bank earned $9,082,000 or $1.10 per share in
2012, as compared to $11,544,000 or $1.40 per share in 2011.
Income and Expenses: Total interest income
increased from $10.5 million in the fourth quarter of 2011 to $12.2
million in the fourth quarter of 2012. This was the result of an
increase in $132 million in total loans period to period. Total
interest expense declined from $1.94 million in the fourth quarter
of 2011 to $1.87 million in the fourth quarter of 2012. This
occurred even though total deposits increased $72 million period to
period. Net interest income improved from $8.6 million in the
fourth quarter of 2011 to $10.3 million in the fourth quarter of
2012.
Excluding bargain purchase gains in 2011, total non-interest
income decreased to $697,000 in the fourth quarter of 2012 from
$835,000 in the fourth quarter of 2011. Year to date non-interest
income increased from $2,680,000 in 2011 to $3,625,000 in 2012,
excluding 2011 bargain purchase gains. The Bank realized security
gains of $234,000 in the fourth quarter of 2012. Per plan, these
gains were taken largely to reduce the overall size of the
investment portfolio and to shorten the duration of the overall
portfolio.
Non-interest expense decreased from $6.4 million for the fourth
quarter of 2011 to $5.8 million for the fourth quarter of 2012.
Total year to date non-interest expense decreased from $23.6
million in 2011 to $23.1 million in 2012.
Margin and Cost of Funds: Total cost of
funds, as compared to the September month-to date average, remained
flat at a .92% December month-to-date average. Stonegate Bank's net
interest margin increased from a third quarter 2012 average of
4.25% to a fourth quarter average of 4.76%. The increase was
primarily the result of the Bank's realization of various fair
market value discounts on acquired assets.
Balance Sheet and Capital: Total assets
grew from $855 million on December 31, 2011 to $945 million on
December 31, 2012, a $90 million increase. Total loans increased
$132 million from $600 million on December 31, 2011 to $732 million
on December 31, 2012. Total deposits increased $72 million from
$674 million on December 31, 2011 to $746 million on December 31,
2012. Non-interest bearing deposits represent 16.9% of total
deposits. Total capital grew from $118 million on December 31, 2011
to $127 million on December 31, 2012. The undiluted book value of
common shares of Stonegate Bank was $15.37 per share on December
31, 2012.
Asset Quality:
Total Stonegate Bank
Legacy Dec
In thousands Mar 2012 Jun 2012 Sept 2012 Dec 2012 2012
----------- ----------- ----------- -----------
Total loans $ 633,659 $ 676,480 $ 691,590 $ 732,898 $ 589,000
30 days past due 1,304 979 1,811 2,115 0
60 - 89 days 0 890 304 1,131 0
NPAs 9,850 6,746 6,128 6,198 402
REO 5,400 6,402 6,942 3,257 15
In order to better illustrate trends in asset quality the chart
above shows the various categories and ending balances over the
last four quarters, along with a comparison to the legacy portfolio
at year end. 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 remained relatively level from
$6.1 million on September 30, 2012 to $6.2 million on December 31,
2012. Overall, non-performing loans represent 0.85% of total loans
and 0.65% of total assets. Total non-performing legacy loans
(originated by Stonegate Bank and not through acquisition) were
$402,000 at December 31, 2012.
Real estate owned decreased significantly from $6.9 million on
September, 30 2012 to $3.2 million on December 31, 2012. Total
legacy REO was $15,000 at December 31, 2012.
The Bank's loan loss reserve was $17 million on December 31,
2012. This reserve represents 364% of all non-performing loans and
2.32% of total loans. Total loans past due more than 30 days
increased from $2.1 million on September 30, 2012 to $3.2 million
on December 31, 2012. At December 31, 2012, there were no past due
loans in the legacy portfolio.
Management Comments: "As I look back at
2012, several trends at Stonegate and the Florida economy are
evident," said Dave Seleski, President and Chief Executive Officer.
"Real estate, particularly residential, continues to improve in all
the markets we serve. We have seen significant appreciation in home
prices as evidenced by the median price of homes increasing year
over year in all of our markets. In addition, most of our markets
had reduced commercial vacancies and rental rates appear to be
increasing as well. This is very encouraging.
"I think the public views the State of Florida as an excellent
place to invest and expand their businesses. All of this certainly
contributed to our 22% loan growth in 2012. We ramped up our loan
production by adding additional lenders and without sacrificing our
credit quality. In the asset quality section above I have added,
for comparative purposes, a column showing only loans originated by
Stonegate. This shows we have virtually no problems in our legacy
portfolio. Our credit culture is and will always continue to be the
foundation of our Bank.
"Our goal in 2013 is to continue to grow organically without
sacrificing margin and credit quality. In addition, the bank will
continue to evaluate potential mergers or strategic alliances that
will enhance shareholder value," 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 December 31, 2012
(In Thousands)
Assets
Cash and Due From Banks $ 57,930
Federal Funds Sold -
Investment Securities 112,625
Commercial Loans 99,764
Commercial Real Estate Loans - Owner Occupied 185,167
Commercial Real Estate Loans - Other 238,360
Construction Loans 46,185
Residential 1-4 Family Loans 118,040
HELOCs 32,923
Consumer Loans 12,459
-----------
Gross Loans 732,898
Allowance for Loan Losses (17,016)
-----------
Net Loans 715,882
Fixed Assets 13,075
Other Assets 45,265
-----------
Total Assets $ 944,777
===========
Liabilities
Non-Interest Bearing Deposits $ 126,551
NOW Accounts 72,533
Money Market Accounts 327,850
Core Reciprocal Deposits 124,622
Savings Accounts 7,170
Certificates of Deposits 87,442
-----------
Total Deposits 746,168
Repurchase Agreements 34,660
FHLB and Other Borrowings 20,060
Other Liabilities 17,180
-----------
Total Liabilities 818,068
Total Capital 126,709
-----------
Total Liabilities and Capital $ 944,777
===========
STONEGATE BANK
Income Statement
For Period Ended December 31, 2012
(In Thousands)
Interest Income $ 42,915
Interest Expense 7,447
-------------
Net Interest Income 35,468
Less: Provision for Loan Losses 4,378
-------------
Net Interest Income after Provision for Loan Losses 31,090
Non-Interest Income 3,626
Realized Gains (Losses) on AFS Securities 2,975
Less: Salaries and Benefits Expense 13,283
Occupancy and Equipment Expense 3,497
Data Processing Expense 787
Legal and Professional Expense 1,455
FDIC Assessments 580
Loan and OREO Expenses 991
Other Expense 2,550
-------------
Total Non-Interest Expense 23,143
Net Income Before Income Taxes 14,548
Income Taxes 5,466
-------------
Net Income $ 9,082
=============
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
Stonegate Bank (Fort Lauderdale (NASDAQ:SGBK)
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