POMPANO BEACH, FL--(Marketwired - Jan 28, 2016) - Stonegate Bank (
Key highlights for the fourth quarter:
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:
(in thousands of dollars) | December 31, 2015 | September 30, 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:
(in thousands of dollars) | December 31, 2015 | September 30, 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:
(in thousands of dollars) | December 31, 2015 |
September 30, 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:
(in thousands of dollars) | December 31, 2015 |
September 30, 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:
(in thousands of dollars) |
December 31, 2015 |
September 30, 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:
(in thousands of dollars) | December 31, 2015 |
September 30, 2015 |
December 31, 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 | 4th Quarter 2014 | |||||||||||||||||||||||||
Average Balance | Interest | Rate | Average Balance | Interest | Rate | Average Balance | Interest | Rate | |||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||
Loans, Net(1)(2)(4) | $ | 1,842,950 | $ | 23,412 | 5.04 | % | $ | 1,801,517 | $ | 24,182 | 5.33 | % | $ | 1,278,430 | $ | 16,135 | 5.01 | % | |||||||||
Investment Securities | 107,636 | 446 | 1.64 | 108,046 | 433 | 1.59 | 82,572 | 330 | 1.59 | ||||||||||||||||||
Federal Funds Sold | 27,717 | 33 | 0.47 | 26,522 | 24 | 0.36 | 20,000 | 15 | 0.30 | ||||||||||||||||||
Other Investments(3) | 2,895 | 33 | 4.52 | 2,895 | 33 | 4.52 | 2,422 | 26 | 4.26 | ||||||||||||||||||
Deposits with interest at banks | 147,647 | 115 | 0.31 | 143,267 | 117 | 0.32 | 169,919 | 127 | 0.30 | ||||||||||||||||||
Total Earning Assets | 2,128,845 | 24,039 | 4.48 | % | 2,082,247 | 24,789 | 4.72 | % | 1,553,343 | 16,633 | 4.25 | % | |||||||||||||||
LIABILITIES | |||||||||||||||||||||||||||
Savings, NOW and Money Market | $ | 1,439,200 | $ | 1,802 | 0.50 | % | $ | 1,360,792 | $ | 1,677 | 0.49 | % | $ | 1,023,698 | $ | 1,351 | 0.52 | % | |||||||||
Time Deposits | 173,311 | 239 | 0.55 | 181,453 | 226 | 0.49 | 169,660 | 256 | 0.60 | ||||||||||||||||||
Total Interest Bearing Deposits | 1,612,511 | 2,041 | 0.50 | 1,542,245 | 1,903 | 0.49 | 1,193,358 | 1,607 | 0.53 | ||||||||||||||||||
Other Borrowings | 63,371 | 223 | 1.40 | 63,095 | 223 | 1.40 | 55,137 | 213 | 1.53 | ||||||||||||||||||
Total Interest Bearing Liabilities | 1,675,882 | 2,264 | 0.54 | % | 1,605,340 | 2,126 | 0.52 | % | 1,248,495 | 1,820 | 0.58 | % | |||||||||||||||
Net interest spread (tax equivalent basis) (4) | 3.94 | % | 4.20 | % | 3.67 | % | |||||||||||||||||||||
Net interest margin (tax equivalent basis) (5) | 4.06 | % | 4.32 | % | 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, 2015 | September 30, 2015 | December 31, 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, 2015 | December 31, 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, 2015 |
September 30, 2015 |
December 31, 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, 2015 |
September 30, 2015 |
December 31, 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, 2015 |
September 30, 2015 |
December 31, 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 | ||||||
Contact Information:
INVESTOR RELATIONS:
Dave Seleski
()
Stonegate Bank
(954) 315-5510