Georgia-Based State Bank Reports 1st Quarter Net Income of $8.2 Million
Press release from the issuing company
Tuesday, May 17th, 2011
State Bank Financial Corporationtoday announced unaudited financial results for the quarter endedMarch 31, 2011. The company reported that net income for the quarter was$8.2 millionrepresenting a return on average assets of 1.23 percent and a return on average equity of 9.16 percent. The results represented earnings of$0.25per fully diluted share and tangible book value per share at the end of the period was$11.34.
"We are very pleased with our continued progress in managing the assets we have acquired from the FDIC since mid-2009 and are particularly heartened by the continued growth of new loans in the markets we serve in Middle Georgia and Metropolitan Atlanta. With one of the strongest capital structures of any bank inGeorgiaand a growing team of outstanding relationship managers and bankers we are well on our way to becoming a major banking force in our markets," said Chairman and CEOJoe Evans.
