Stonegate Bank Announces Fourth Quarter 2015 Operating Results
/EINPresswire.com/ -- POMPANO BEACH, FL -- (Marketwired) -- 01/28/16 -- Stonegate Bank (NASDAQ: SGBK) ("Stonegate") reported net income of $7.3 million for the fourth quarter of 2015 or $0.56 per diluted common share, as compared to net income of $6.8 million for the third quarter of 2015 or $0.53 per diluted common share.
Key highlights for the fourth quarter:
-
Loans: Total loans, net of discounts and deferred fees, grew $19.5 million during the fourth quarter of 2015 to $1.86 billion at December 31, 2015, a result of net organic loan growth during the fourth quarter. Commercial real estate ("CRE") comprised 48% of new loan originations for the fourth quarter of 2015, based upon the outstanding balance as of December 31, 2015. Residential loans accounted for 28% of the new loan originations; 14% of the new originations were construction; commercial and industrial ("C&I") was 9% of new originations with the remaining balance in consumer and other loans. The loan production for the current quarter was comprised of 61% variable rate loans, with approximately 48% of the variable rate loans tied to LIBOR. Total organic loan growth for the twelve months ended December 31, 2015 was approximately 9.0%.
-
Asset Quality: Total loans past due 30 - 89 days, excluding nonaccrual loans, were $864,000 at December 31, 2015, a decrease of $2.0 million from September 30, 2015. Nonaccrual loans were $6.6 million at December 31, 2015, or 0.36% of total loans, up from $6.4 million at September 30, 2015, or 0.35% of total loans. Other real estate owned was $1.4 million at December 31, 2015, a decrease of $1.2 million from September 30, 2015.
-
Net Interest Income and Margin: Net interest income, on a tax equivalent basis, decreased $888,000 for the three months ended December 31, 2015 as compared to the three months ended September 30, 2015. Net interest income totaled $21.8 million for the three months ended December 31, 2015. The net interest margin, on a tax equivalent basis, declined to 4.06% for the fourth quarter of 2015 as compared to 4.32% for the third quarter of 2015 but was an increase over the net interest margin of 3.78% for the quarter ended December 2014. The decrease from the third quarter of 2015 to the fourth quarter of 2015 in the margin was primarily a result of the nonaccretable discounts that were recognized during the third quarter.
-
Noninterest Expense: Noninterest expense decreased to $12.3 million for the three months ended December 31, 2015 from $12.4 million for the three months ended September 30, 2015.
-
Capital: Stonegate remained well-capitalized as of December 31, 2015 with capital of $282.6 million as compared to $274.2 million at September 30, 2015. As of December 31, 2015, Stonegate's total risk-based capital ratio was 11.8%; Stonegate's Tier 1 and Common Equity Tier 1 capital ratio were each 11.0%; and Stonegate's leverage capital ratio was 10.0%.
Loans and Deposits
Loans outstanding at December 31, 2015 were $1.86 billion as compared to $1.84 billion at September 30, 2015, an increase of $19.5 million during the fourth quarter of 2015.
The loan portfolio consists primarily of loans to individuals and small- and medium-sized businesses within Stonegate's primary market areas of South and West Florida. The table below shows the loan portfolio composition:
December 31, September 30,
(in thousands of dollars) 2015 2015
------------- -------------
Commercial $ 216,163 $ 210,261
Commercial real estate - owner occupied 499,949 466,945
Commercial real estate - other 534,449 549,629
Construction and land development 201,523 204,165
Residential real estate 333,339 329,685
Consumer and other loans 86,500 91,936
------------- -------------
Total loans 1,871,923 1,852,621
Less: discount on loans acquired 11,648 11,959
Less: net deferred fees 2,704 2,563
------------- -------------
Recorded investment in loans 1,857.571 1,838,099
Less: Allowance for loan losses 18,149 18,023
------------- -------------
Net loans $ 1,839,422 $ 1,820,076
============= =============
New loan originations were $123.1 million during the fourth quarter of 2015, with fundings of $90.6 million. As of December 31, 2015, outstanding commitments were approximately $392.7 million with approximately $91.2 million representing new approved loan originations and approximately $130.3 million in unfunded construction commitments.
Deposits increased to $2.02 billion at December 31, 2015 from $1.95 billion at September 30, 2015. Noninterest-bearing deposits were $394 million at December 31, 2015, an increase from $389.7 million at September 30, 2015, and represented approximately 19.5% of total deposits. NOW deposits increased $26.3 million during the fourth quarter of 2015 to $310.3 million. Money market accounts were $1.05 billion at December 31, 2015, an increase of $43.2 million from September 30, 2015. Time deposits decreased approximately $7.7 million during the fourth quarter of 2015 due to runoff of acquired deposits that were priced above the market.
The following table shows the composition of deposits as of December 31, 2015 and September 30, 2015:
December 31, September 30,
(in thousands of dollars) 2015 2015
------------- -------------
Noninterest bearing $ 393,780 $ 390,225
NOW 310,259 283,910
Money market 1,048,454 1,005,228
Savings 102,793 95,863
Certificates of deposit 169,081 176,755
------------- -------------
Total deposits $ 2,024,367 $ 1,951,981
============= =============
Credit Quality and Allowance for Loan Losses
As of December 31, 2015, Stonegate's past due and nonaccrual loans totaled $7.5 million and were 0.40% of total loans as compared to $9.2 million or 0.50% of total loans at September 30, 2015. Loans past due and nonaccrual from acquired portfolios totaled $3.8 million as of December 31, 2015. Loans past due 30-89 days were $864,000 at December 31, 2015, a significant decrease from $2.8 million at September 30, 2015. The decrease in past due loans was a result of two loans for $2.6 million being transferred to nonaccrual status during the current quarter. Nonaccrual loans stood at $6.6 million at December 31, 2015, a slight increase from $6.4 million at September 30, 2015. This increase was primarily due to the addition of four loans for $2.7 million, of which $2.6 million were legacy loans, offset by the payoff of six loans for $2.4 million. Legacy nonaccrual loans were approximately $3.6 million at December 31, 2015 versus $1.0 million as of September 30, 2015. Residential loans classified as nonaccrual were $3.7 million or 55.2% of the nonaccrual loans and commercial real estate loans classified as nonaccrual were $1.8 million or 27.6% of the nonaccrual as of December 31, 2015. As of December 31, 2015, Stonegate did not have any loans past due 90 days or more that were still accruing. At December 31, 2015, there remained approximately $8.6 million in nonaccretable discounts on loans previously acquired. None of the acquired loans are subject to a loss share arrangement with the Federal Deposit Insurance Corporation.
Nonperforming assets (nonaccrual loans and other real estate owned) were $8.0 million as of December 31, 2015, a decrease of $1.0 million from September 30, 2015. Other real estate owned decreased to $1.4 million as of December 31, 2015 as compared to $2.6 million as of September 30, 2015. The decrease was the result of the sale of three properties during the quarter.
The following table outlines nonperforming assets for the periods ended:
December 31, September 30,
(in thousands of dollars) 2015 2015
------------- -------------
Nonaccrual $ 6,635 $ 6,367
Other real estate owned 1,390 2,629
------------- -------------
Total nonperforming assets $ 8,025 $ 8,996
============= =============
Nonperforming loans as a percentage of total
loans 0.36% 0.35%
Nonperforming assets as a percentage of total
assets 0.34% 0.39%
Loans modified as a troubled debt restructuring were $9.8 million and $9.9 million at December 31, 2015 and September 30, 2015, respectively. Loans classified as a troubled debt restructuring and on nonaccrual status were unchanged from September 30, 2015 at $450,000. There were no loans modified as troubled debt restructuring during the fourth quarter of 2015. Specific reserves allocated to loans modified as troubled debt restructuring decreased to $106,000 at December 31, 2015, from $117,000 at September 30, 2015.
At December 31, 2015, the allowance for loan losses was $18.1 million, an increase of $126,000 from September 30, 2015. During the fourth quarter of 2015, recoveries totaled $126,000 and charge-offs were $300,000. Additionally, $300,000 was added to the allowance for loan losses through a provision expense. Specific reserves increased to $778,000 at December 31, 2015 from $700,000 at September 30, 2015. The allowance for loan losses represented 0.98% of total loans as of December 31, 2015 and September 30, 2015. Additionally, the allowance represented 1.35% of total legacy loans as of December 31, 2015. Only legacy loans are covered by the allowance as acquired loans are recorded at their fair value on the date of acquisition and none of these loans have experienced significant deterioration above their initial estimate.
The following table shows the activity in the allowance for loan losses for the quarters ended:
December 31, September 30,
(in thousands of dollars) 2015 2015
------------- -------------
Balance at beginning of period $ 18,023 $ 17,414
Charge-offs (300) (593)
Recoveries 126 359
Provision for loan losses 300 843
------------- -------------
Balance at end of period $ 18,149 $ 18,023
============= =============
The table below reflects the allowance allocation per loan category and percent of loans in each category to total loans for the periods indicated:
December 31, September 30,
(in thousands of dollars) 2015 2015
-------------- --------------
Amount % Amount %
-------- ----- -------- -----
Commercial $ 2,457 13.5 $ 2,424 13.4
Commercial real estate 11,671 64.3 11,102 61.6
Construction and land development 1,702 9.4 1,763 9.8
Residential real estate 1,954 10.8 2,361 13.1
Consumer and other loans 365 2.0 373 2.1
-------- ----- -------- -----
Total $ 18,149 100.0 $ 18,023 100.0
======== ===== ======== =====
The following is a summary of information pertaining to impaired loans for the three months ended:
December 31, September 30, December 31,
(in thousands of dollars) 2015 2015 2014
------------- ------------- -------------
Impaired loans without a valuation
allowance $ 9,437 $ 9,043 $ 7,165
Impaired loans with a valuation
allowance 6,571 6,178 8,072
------------- ------------- -------------
Total impaired loans $ 16,008 $ 15,221 $ 15,237
============= ============= =============
Valuation allowance related to
impaired loans $ 778 $ 700 $ 853
Net Interest Income and Margin
On a tax equivalent basis, Stonegate's net interest income for the three months ended December 31, 2015 was $21.8 million, a decrease of approximately $888,000 from the third quarter of 2015 and an increase of $7.0 million from the fourth quarter 2014. While earning assets grew from the third quarter of 2015 to the fourth quarter of 2015, the decrease in net interest income from the third quarter of 2015 was primarily a result of the recognition of nonaccretable discounts in the third quarter. The increase from the fourth quarter of 2014 was primarily a result of the loans and other interest-earning assets acquired from Community Bank of Broward ("CBB") and organic growth. Average loans for the fourth quarter of 2015 were $1.84 billion as compared to $1.80 billion for the third quarter of 2015 and $1.28 billion for the fourth quarter of 2014.
The net interest margin on a tax equivalent basis decreased from 4.32% for the third quarter of 2015 to 4.06% for the fourth quarter of 2015. The net interest margin was 3.78% for the fourth quarter of 2014. As noted above, the net interest margin was augmented in the third quarter of 2015 by the recognition of nonaccretable discounts. Without these discounts, the net interest margin for the third quarter of 2015 would have been approximately 4.00%. The average yield on total earning assets was 4.48% for the fourth quarter of 2015 versus 4.72% for the third quarter of 2015. The average yield on paying liabilities increased 2 basis points from 0.52% from the third quarter of 2015 to 0.54% for the fourth quarter of 2015. Stonegate's cost of funds has declined from 0.49% for the December 2014 month-to-date average to 0.44% for the December 2015 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)
4th Quarter 2015 3rd Quarter 2015
------------------------ ------------------------
Average Average
Balance Interest Rate Balance Interest Rate
---------- -------- ---- ---------- -------- ----
ASSETS
Loans, Net(1)(2)(4) $1,842,950 $ 23,412 5.04% $1,801,517 $ 24,182 5.33%
Investment Securities 107,636 446 1.64 108,046 433 1.59
Federal Funds Sold 27,717 33 0.47 26,522 24 0.36
Other Investments(3) 2,895 33 4.52 2,895 33 4.52
Deposits with interest
at banks 147,647 115 0.31 143,267 117 0.32
---------- -------- ---- ---------- -------- ----
Total Earning Assets 2,128,845 24,039 4.48% 2,082,247 24,789 4.72%
---------- -------- ---- ---------- -------- ----
LIABILITIES
Savings, NOW and Money
Market $1,439,200 $ 1,802 0.50% $1,360,792 $ 1,677 0.49%
Time Deposits 173,311 239 0.55 181,453 226 0.49
---------- -------- ---- ---------- -------- ----
Total Interest Bearing
Deposits 1,612,511 2,041 0.50 1,542,245 1,903 0.49
Other Borrowings 63,371 223 1.40 63,095 223 1.40
---------- -------- ---- ---------- -------- ----
Total Interest Bearing
Liabilities 1,675,882 2,264 0.54% 1,605,340 2,126 0.52%
---------- -------- ---- ---------- -------- ----
Net interest spread (tax
equivalent basis) (4) 3.94% 4.20%
==== ====
Net interest margin (tax
equivalent basis) (5) 4.06% 4.32%
==== ====
4th Quarter 2014
------------------------
Average
Balance Interest Rate
---------- -------- ----
ASSETS
Loans, Net(1)(2)(4) $1,278,430 $ 16,135 5.01%
Investment Securities 82,572 330 1.59
Federal Funds Sold 20,000 15 0.30
Other Investments(3) 2,422 26 4.26
Deposits with interest
at banks 169,919 127 0.30
---------- -------- ----
Total Earning Assets 1,553,343 16,633 4.25%
---------- -------- ----
LIABILITIES
Savings, NOW and Money
Market $1,023,698 $ 1,351 0.52%
Time Deposits 169,660 256 0.60
---------- -------- ----
Total Interest Bearing
Deposits 1,193,358 1,607 0.53
Other Borrowings 55,137 213 1.53
---------- -------- ----
Total Interest Bearing
Liabilities 1,248,495 1,820 0.58%
---------- -------- ----
Net interest spread (tax
equivalent basis) (4) 3.67%
====
Net interest margin (tax
equivalent basis) (5) 3.78%
====
(1) Average balances include nonaccrual loans, and are net of unearned loan
fees of $2,589, $2,548 and $1,859 for 4th Quarter 2015, 3rd Quarter 2015
and 4th Quarter 2014, respectively.
(2) Interest income includes fees on loans of $66, $49 and $27 for 4th
Quarter 2015, 3rd Quarter 2015 and 4th Quarter 2014, respectively.
(3) "Other investments" consists of equity stock in the Federal Home Loan
Bank of Atlanta ("FHLB") that Stonegate 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 of $2.5 million for the fourth quarter of 2015 increased from $1.7 million for the quarter ended September 30, 2015. The increase was primarily attributable to recognition of a non-recurring gain of $595,000 on the sale of an option contained in a land lease and an increase of $263,000 in customer swap fees during the quarter.
Noninterest Expense
Noninterest expense for the three months ended December 31, 2015 decreased from $12.4 million at September 30, 2015 to $12.3 million and was greater than the $9.2 million for the three months ended December 31, 2014.
Salaries and employee benefits decreased slightly to $6.7 million for the fourth quarter versus $6.8 million for the third quarter of 2015. This compares with $5.1 million for the three months ended December 31, 2014. The increase over the fourth quarter of 2014 was primarily attributable to the increase in staff as a result of the CBB acquisition.
Occupancy and equipment expenses were unchanged at $2.2 million for the three months ended December 31, 2015 and September 30, 2015. Occupancy and equipment expenses were $1.4 million for the three months December 31, 2014. The increase compared to the quarter ended December 31, 2014 was due to the additional facilities acquired from CBB.
Data processing expense decreased slightly from $445,000 for the third quarter of 2015 to $431,000 for the quarter ended December 31, 2015. Professional fees increased for the three months ended December 31, 2015 to $773,000. This compared to professional fees of $546,000 for the three months ended September 30, 2015 and $682,000 for the three months ended December 31, 2014. More than half of the increase in professional fees from the third quarter of 2015 to the fourth quarter of 2015 was the result of attorney fees related to forward looking projects the bank has been and is exploring. However, during the fourth quarter of 2014, Stonegate incurred approximately $125,000 in legal and other professional fees related to the CBB acquisition.
The table below outlines the expenses for the quarters ended:
December 31, September 30, December 31,
2015 2015 2014
------------- ------------- -------------
(in thousands of dollars)
Salaries and employee benefits $ 6,695 $ 6,804 $ 5,083
Occupancy and equipment expense 2,184 2,186 1,447
FDIC insurance and state
assessments 382 381 326
Data processing 431 445 322
Loan and other real estate expense 95 200 86
Professional fees 773 546 682
Core deposit intangible
amortization 449 449 326
Other operating expenses 1,331 1,418 883
------------- ------------- -------------
Totals $ 12,340 $ 12,429 $ 9,155
============= ============= =============
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 21 banking offices in its target marketplaces of South and West Florida, which are 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.
In conjunction with this earnings report, the Company will offer a live participatory conference call to discuss the financial results for the fourth quarter of 2015. This telephone conference call will be held on Friday, January 29, 2016, beginning at 2:30 p.m. Eastern Time. The call-in toll-free telephone number is 1-866-820-3585. The Conference ID# is 25912111. Participants will be asked for their First Name, Last Name and Company Name. An audio replay of the conference call will be available until February 13, 2016, and may be accessed telephonically at 1-855-859-2056 using Conference ID# 25912111.
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)
December 31, December 31,
2015 2014
------------- -------------
Assets
Cash and due from banks $ 257,934 $ 231,406
Federal funds sold 30,000 20,000
Securities held to maturity (Fair value of
$107,659 at December 31, 2015 and $83,318 at
December 31, 2014) 106,619 81,627
Other investments 2,895 2,422
Loans, net of allowance for loan losses of
$18,023 at September 30, 2015 and $16,630 at
December 31, 2014 1,839,421 1,292,692
Premises and equipment, net 25,769 25,620
Bank-owned life insurance 29,776 22,832
Other real estate owned 1,390 259
Other assets 86,634 46,436
------------- -------------
Total assets $ 2,380,438 $ 1,723,294
============= =============
Liabilities and Stockholders' Equity
Liabilities
Total deposits $ 2,024,367 $ 1,452,194
Other borrowings 58,638 56,297
Other liabilities 14,869 13,688
------------- -------------
Total liabilities 2,097,874 1,522,179
------------- -------------
Stockholders' Equity
Senior non-cumulative perpetual preferred
stock, Series A, $1,000 liquidation value;
12,750 shares authorized; no shares issued
and outstanding as of June 30, 2015; 12,750
issued and outstanding as of December 31,
2014 - 12,750
Common stock, $5 par value, 20,000,000
shares authorized; 12,643,752 issued and
12,641,094 shares outstanding as of June
30, 2015 and 10,257,163 shares issued and
10,254,505 outstanding as of December 31,
2014 63,762 51,286
Additional paid-in capital 146,994 88,180
Retained earnings 73,205 50,641
Treasury Stock (13) (13)
Accumulated other comprehensive income
(loss) (1,384) (1,729)
------------- -------------
Total stockholders' equity 282,564 201,115
------------- -------------
Total liabilities and stockholders' equity $ 2,380,438 $ 1,723,294
============= =============
Stonegate Bank and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (unaudited)
(in thousands of dollars, except per share data)
For the three months ended
-----------------------------------------
December 31, September 30, December 31,
2015 2015 2014
Interest income:
Interest and fees on loans $ 23,079 $ 23,894 $ 15,929
Interest on securities 446 434 330
Interest on federal funds sold
and at other banks 148 140 142
Other interest 33 33 26
------------- ------------- -------------
Total interest income 23,706 24,501 16,427
------------- ------------- -------------
Interest expense:
Interest on deposits 2.041 1,903 1,608
Other interest 223 223 213
------------- ------------- -------------
Total interest expense 2,264 2,126 1,821
------------- ------------- -------------
Net interest income 21,442 22,375 14,606
Provision for loan losses 300 843 (1,575)
------------- ------------- -------------
Net interest income after
provision for loan losses 21,142 21,532 16,181
------------- ------------- -------------
Noninterest income:
Service charges and fees on
deposit accounts 772 753 418
Other noninterest income 1,740 936 768
------------- ------------- -------------
Total noninterest income 2,512 1,689 1,186
------------- ------------- -------------
Noninterest expense:
Salaries and employee benefits 6,695 6,804 5,083
Occupancy and equipment
expenses 2,184 2,186 1,447
Data processing 431 445 322
Professional fees 773 546 682
Core deposit intangible
amortization 449 449 326
Other operating expenses 1,808 1,999 1,295
------------- ------------- -------------
Total noninterest expense 12,340 12,429 9,155
------------- ------------- -------------
Income before income taxes 11,314 10,792 8,212
Income tax 4,050 3,955 2,983
------------- ------------- -------------
Net income 7,264 6,837 5,229
Preferred stock dividend - - 32
------------- ------------- -------------
Net income applicable to
common stock $ 7,264 $ 6,837 $ 5,197
============= ============= =============
Earnings per common share:
Basic $ 0.57 $ 0.54 $ 0.51
Diluted 0.56 0.53 0.49
Common shares used in the
calculation of earnings per
share:
Basic 12,704,558 12,650,042 10,231,070
Diluted 13,037,123 13,006,584 10,603,369
Stonegate Bank and Subsidiaries
CONDENSED FINANCIAL HIGHLIGHTS
(in thousands of dollars)
As of
-------------------------------------------
September 30, September 30, December 31,
2015 2015 2014
------------- ------------- -------------
BALANCE SHEET ITEMS:
Assets $ 2,380,438 $ 2,312,127 $ 1,723,294
Loans, net 1,839,422 1,820,076 1,292,692
Deposits 2.024.367 1,951,981 1,452,194
Stockholders' equity 282,564 274,153 201,115
CAPITAL RATIOS:
Total capital to risk weighted
assets 11.8% 11.5% 14.2%
Tier 1 capital to risk weighted
assets 11.0 10.7 13.0
Common Equity Tier 1 to risk
weighted assets 11.0 10.7 N/A
Tier 1 capital to average
assets 10.0 10.0 11.0
QUARTERLY AVERAGE
BALANCE SHEET ITEMS:
Assets $ 2,375,948 $ 2,294,617 $ 1,706,017
Interest earning assets 2,128,845 2,082,247 1,555,343
Loans, net 1,825,012 1,801,517 1,278,430
Interest bearing liabilities 1,674,333 1,605,340 1,248,495
Deposits 2,015,859 1,945,906 1,438,572
Stockholders' equity 279,466 272,508 198,532
Stonegate Bank and Subsidiaries
CONDENSED FINANCIAL HIGHLIGHTS
(in thousands of dollars, except per share data)
Three Months Ended
-----------------------------------------
December 31, September 30, December 31,
2015 2015 2014
------------- ------------- -------------
FINANCIAL DATA:
Net interest income $ 21,442 $ 22,375 $ 14,606
Net interest income - tax
equivalent 21,775 22,663 14,812
Noninterest income 2,512 1,689 1,186
Noninterest expense 12,340 12,429 9,155
Income tax 4,050 3,955 2,983
Net income 7,264 6,837 5,229
Preferred stock dividend - - 32
Net income attributed to common
shares 7,294 6,837 5,197
Weighted average number of common
shares outstanding:
Basic 12,704,558 12,650,042 10,231,070
Diluted 13,037,123 13,006,584 10,603,369
Per common share data:
Basic $ 0.57 $ 0.54 $ 0.51
Diluted 0.56 0.53 0.49
Cash dividend declared to common
shares 1,020 506 408
INVESTOR RELATIONS:
Dave Seleski
(Email Contact)
Stonegate Bank
(954) 315-5510
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