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State Bank Financial Corporation Reports Fourth Quarter and Full Year 2015 Financial Results

Fourth Quarter 2015 Highlights

  • Operating income of $12.1 million
  • Operating return on average assets of 1.39%
  • Acquired equipment finance origination platform of Patriot Capital Corp.
  • Doubled quarterly dividend to $.14 per common share

Full Year 2015 Highlights

  • Operating income of $40.7 million
  • Operating return on average assets of 1.21%
  • $294 million of loan growth
  • Record noninterest income led by mortgage, SBA, and payroll fee income
  • Transaction deposit account growth of 18%, excluding acquisitions

ATLANTA, Jan. 27, 2016 (GLOBE NEWSWIRE) -- State Bank Financial Corporation (NASDAQ:STBZ) today announced unaudited financial results for the fourth quarter and full year ended December 31, 2015. Full year operating income for 2015 was $40.7 million, or $1.10 per fully diluted share, compared to $32.5 million, or $.98 per fully diluted share, for full year 2014. Operating income for the fourth quarter of 2015 was $12.1 million, or $.33 per fully diluted share, compared to $11.4 million, or $.31 per fully diluted share, for the third quarter of 2015. Higher accretion income, due in part to gains on loan pools that closed and recovery income, drove the increase in operating income. Recovery income continues to be positively impacted by the termination of loss share.

Operating income excludes severance, merger-related, and loss share termination expenses that are not considered part of ongoing operations. Including those items, full year 2015 net income was $28.4 million, compared to $30.9 million for full year 2014. Fully diluted earnings per share were $.77 for full year 2015 compared to $.93 for full year 2014. Net income for the fourth quarter of 2015 was $12.1 million, compared to $9.1 million for the third quarter of 2015. Fully diluted earnings per share were $.33 in the fourth quarter of 2015, compared to $.25 in the third quarter of 2015.

Joe Evans, Chairman and CEO of State Bank Financial, commented, "We capped the year off with a strong fourth quarter that clearly reflects the impact of our 2015 strategic initiatives, which led to a significant year over year increase in noninterest income, measurable improvement in operating efficiency, and better than forecasted benefits from early termination of loss share. I believe a combination of our strong operating momentum, opportunistic capital deployment, and a significantly increased dividend payout will be very positive for shareholder value in 2016."

Operating Highlights

Net interest income of $40.6 million in the fourth quarter of 2015 increased from $37.4 million in the third quarter of 2015 primarily due to higher accretion income on loans. Interest income on loans, excluding purchased credit impaired loans, for the fourth quarter of 2015 was $24.3 million, up slightly from $24.2 million in the prior quarter. Accretion income on loans was $14.2 million in the fourth quarter of 2015, up from $11.2 million in the third quarter of 2015 due primarily to gains from two loan pools closing out in the quarter and recovery income. There were no loan pool closings during the third quarter of 2015. As of December 31, 2015, approximately $87 million of accretable discount remains to be recognized as loan accretion income, compared to $97 million of accretable discount remaining at the end of the third quarter of 2015.

Tom Wiley, Vice Chairman and President, commented, "I am pleased to report our highest quarterly profit in over five years. I am even more pleased with the performance in our organic loan portfolio, which continued to perform very well in the fourth quarter as past due organic loans were only 10 basis points of total organic loans."

The provision for loan losses was $494,000 in the fourth quarter of 2015, consisting of a provision expense on organic and purchased non-credit impaired loans of $951,000 and $52,000, respectively, partially offset by a $509,000 benefit to the provision on purchased credit impaired loans.

Noninterest income was $8.1 million in the fourth quarter of 2015, down from $8.9 million in the third quarter of 2015. The decline in noninterest income was primarily due to lower mortgage banking and SBA income as a result of lower production volumes. This decline was partially offset by an increase in payroll fee income, which posted record income in the quarter.

Total noninterest expense for the fourth quarter of 2015 was $29.6 million, a $2.9 million decrease from
the third quarter of 2015. The decrease was due primarily to lower salary and employee benefit costs, which declined $3.4 million from the previous quarter. The third quarter of 2015 included $3.0 million in severance expenses related to efficiency actions announced in September 2015. There were no severance or merger-related expenses in the fourth quarter of 2015.

Mr. Wiley added, "Going forward, we expect continued loan and core deposit growth, meaningful contributions from noninterest income lines of business and to maintain our intense focus on efficiency."

Financial Condition

Total assets at December 31, 2015 were $3.5 billion, up from $3.4 billion at September 30, 2015. Period-end organic and purchased non-credit impaired loans increased to $2.0 billion at December 31, 2015, a net increase of $34.3 million from the third quarter of 2015. Purchased credit impaired loans decreased to $145.6 million at the end of the fourth quarter of 2015, a $13.7 million linked-quarter decline. Total net loans, excluding loans held for sale, were $2.1 billion at December 31, 2015, up $20.4 million from the third quarter of 2015.

Total deposits at December 31, 2015 were $2.9 billion, up from $2.8 billion at the end of the third quarter of 2015. Period-end transaction accounts, comprised of noninterest-bearing demand deposits and interest-bearing transaction accounts, increased $92.0 million from the third quarter of 2015. Noninterest-bearing demand deposits represented 28.9% of total deposits as of December 31, 2015. Average noninterest-bearing demand deposits increased $12.5 million from the third quarter of 2015, the 15th consecutive quarterly increase. Average transaction accounts increased $85.1 million from the third quarter of 2015.

Tangible book value per share was $13.22 at the end of the fourth quarter of 2015. State Bank Financial Corporation continues to be well capitalized, ending the quarter with a leverage ratio of 14.48% and a Tier I risk-based capital ratio of 18.05%.

Comparison to the Fourth Quarter of 2014

Comparisons to the fourth quarter of 2014 are materially affected by State Bank's acquisitions of Atlanta Bancorporation, Inc. on October 1, 2014 and Georgia-Carolina Bancshares, Inc. on January 1, 2015.

Net operating income for the quarter ended December 31, 2015 increased $3.4 million compared to the fourth quarter of 2014 primarily due to an $8.2 million increase in interest income and a $2.8 million increase in noninterest income, partially offset by higher operating expenses. Net income increased $4.5 million from the fourth quarter of 2014. Cost of funds for the fourth quarter of 2015 of 28 basis points was down five basis points from the fourth quarter of 2014.

Noninterest income, excluding amortization of the FDIC receivable, increased $2.8 million in the fourth quarter of 2015 compared to the fourth quarter of 2014, primarily as a result of the mortgage banking and SBA lending units acquired in our two acquisitions. Operating expenses were also impacted by the acquisitions and increased $5.6 million during the fourth quarter of 2015 compared to the fourth quarter of 2014.

Total loans increased $525.7 million during the year-over-year period as growth in organic loans of $454.0 million and purchased non-credit impaired loans of $132.5 million was partially offset by a $60.8 million decline in purchased credit impaired loans. Excluding the effect of $292.4 million of acquired loans, loan growth was $294.0 million year-over-year.

Total deposits increased $470.3 million for the quarter ended December 31, 2015, compared to the fourth quarter of 2014, including growth in noninterest-bearing deposits of $248.9 million and interest-bearing transaction accounts of $92.4 million.

Detailed Results

Supplemental tables displaying financial results for the fourth quarter of 2015, the previous four quarters and full year 2015 are included with this press release.

Non-GAAP Financial Measures

This press release contains certain performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). For more information on these non-GAAP financial measures, please refer to 4Q15 Financial Supplement: Tables 8 and 9, Condensed Operating Results to GAAP Earnings Reconciliation.

Conference Call

Chief Executive Officer Joe Evans, President Tom Wiley, Chief Financial Officer Sheila Ray, and Chief Credit Officer David Black will discuss financial and business results for the quarter and the year on a conference call today at 11:00 a.m. ET.

Dial in number: 1.877.256.3282

Please allow time to register your name and affiliation/company prior to the start of the call. A replay of the conference call will be available shortly after the call's completion in the Investors section on the company's website at www.statebt.com. A slide presentation for today's call is also available in the Investors section on the company's website.

About State Bank Financial Corporation

State Bank Financial Corporation (NASDAQ:STBZ), with approximately $3.5 billion in assets as of December 31, 2015, is an Atlanta-based bank holding company for State Bank and Trust Company. State Bank operates 26 banking offices in Metro Atlanta, Middle Georgia and Augusta, Georgia, and seven mortgage origination offices.

To learn more about State Bank, visit www.statebt.com

Cautionary Note Regarding Forward-Looking Statements

Certain statements on our conference call may be "forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “intend,” “plan,” “seek,” “believe,” “expect,” “strategy,” “future,” “likely,” “project,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking statements include, among others, statements regarding our belief that we can maintain strong operating momentum, opportunistic capital deployment and increased dividend payouts which will be positive for shareholder value in 2016, our expectation that we will have continued loan and core deposit growth and meaningful contributions from noninterest income lines of business, and our expectation that we will continue to maintain our intense focus on efficiency. Such forward-looking statements are subject to risks, uncertainties, and other factors, such as a downturn in the economy, unanticipated losses related to the integration of, and accounting for, acquired assets and assumed liabilities in our acquisitions, access to funding sources, greater than expected noninterest expenses, volatile credit and financial markets both domestic and foreign, potential deterioration in real estate values, regulatory changes and excessive loan losses, any or all of which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by our company or any person that future events, plans, or expectations contemplated by our company will be achieved. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. See Item 1A, Risk Factors, in our Annual Report on Form 10-K for the most recently ended fiscal year, for a description of some of the important factors that may affect actual outcomes.

State Bank Financial Corporation
4Q15 Financial Supplement: Table 1
Condensed Consolidated Financial Summary Results
Quarterly (Unaudited)
4Q15 change vs
(Dollars in thousands, except per share amounts; taxable equivalent) 4Q15 3Q15 2Q15 1Q15 4Q14 3Q15 4Q14
Income Statement Highlights
Interest income on loans $24,392 $24,397 $23,174 $21,498 $17,496 $(5) $6,896
Accretion income on loans 14,240 11,156 8,365 16,069 14,124 3,084 116
Interest income on invested funds 4,142 4,054 4,037 3,629 2,932 88 1,210
Total interest income (1) 42,774 39,607 35,576 41,196 34,552 3,167 8,222
Interest expense 1,994 1,977 1,972 1,979 1,923 17 71
Net interest income (1) 40,780 37,630 33,604 39,217 32,629 3,150 8,151
Provision for loan and lease losses 494 (265) 64 3,193 1,189 759 (695)
Adjusted (amortization) accretion of
FDIC receivable for loss share agreements (1) (3) (492) (1,448) 1,652 (1,652)
Other noninterest income (1) (4) 8,128 8,894 9,319 10,250 5,285 (766) 2,843
Total operating noninterest income (1) (3) 8,128 8,894 8,827 8,802 6,937 (766) 1,191
Operating noninterest expense (1) (5) 29,562 28,687 30,038 29,585 23,999 875 5,563
Operating income before taxes (1) (3)(5) 18,852 18,102 12,329 15,241 14,378 750 4,474
Operating income tax expense (1) (6) 6,731 6,696 4,620 5,729 5,689 35 1,042
Operating income (1) (7) 12,121 11,406 7,709 9,512 8,689 715 3,432
Loss share termination, net of tax benefit (8,921)
Severance costs, net of tax benefit (1,847) (272) (224) (916) 1,847 916
Merger-related expenses, net of tax benefit (440) (537) (84) (188) 440 188
Net income (loss) available to common shareholders $12,121 $9,119 $(2,021) $9,204 $7,585 $3,002 $4,536
Common Share Data
Basic net income (loss) per share $.33 $.26 $(.06) $.27 $.24 $.07 $.09
Diluted net income (loss) per share .33 .25 (.06) .26 .23 .08 .10
Basic operating income per share (1) .33 .32 .22 .28 .27 .01 .06
Diluted operating income per share (1) .33 .31 .21 .27 .26 .02 .07
Cash dividends declared per share .14 .07 .06 .05 .04 .07 .10
Book value per share 14.47 14.88 14.62 14.81 14.38 (.41) .09
Tangible book value per share (1) 13.22 13.78 13.51 13.70 13.97 (.56) (.75)
Market price per share (quarter end) 21.03 20.68 21.70 21.00 19.98 .35 1.05
Common Shares Outstanding
Common stock 37,077,848 35,753,855 35,763,791 35,738,850 32,269,604 1,323,993 4,808,244
Weighted average shares outstanding:
Basic 35,208,607 34,687,354 34,654,689 33,593,687 31,794,828 521,253 3,413,779
Diluted (8) 36,140,474 36,003,068 34,654,689 34,862,324 32,986,289 137,406 3,154,185
Average Balance Sheet Highlights
Loans $2,203,993 $2,136,746 $2,099,798 $1,986,008 $1,645,013 $67,247 $558,980
Assets 3,455,342 3,344,023 3,316,424 3,323,713 2,858,209 111,319 597,133
Deposits 2,842,788 2,766,314 2,746,818 2,716,084 2,339,566 76,474 503,222
Liabilities 77,852 48,211 44,347 82,361 57,506 29,641 20,346
Equity 534,702 529,498 525,259 525,268 461,137 5,204 73,565
Tangible common equity 491,346 489,757 485,337 485,087 447,641 1,589 43,705


State Bank Financial Corporation
4Q15 Financial Supplement: Table 1 (continued)
Condensed Consolidated Financial Summary Results
Quarterly (Unaudited)
4Q15 change vs
(Dollars in thousands, except per share amounts; taxable equivalent) 4Q15 3Q15 2Q15 1Q15 4Q14 3Q15 4Q14
Key Metrics (2)
Operating return on average assets (7) 1.39% 1.35% .93% 1.16% 1.21% .04% .18%
Operating return on average equity (7) 8.99 8.55 5.89 7.34 7.48 .44 1.51
Return on average assets 1.39 1.08 (.24) 1.12 1.05 .31 .34
Return on average equity 8.99 6.83 (1.54) 7.11 6.53 2.16 2.46
Yield on earning assets 5.23 4.98 4.58 5.37 5.08 .25 .15
Cost of funds .28 .28 .29 .29 .33 (.05)
Rate on interest-bearing liabilities .39 .40 .39 .38 .43 (.01) (.04)
Net interest margin 4.99 4.73 4.33 5.11 4.80 .26 .19
Net interest margin excluding accretion income (9) 3.40 3.52 3.45 3.22 2.96 (.12) .44
Average tangible equity to average tangible assets (1) 14.40 14.82 14.81 14.77 15.74 (.42) (1.34)
Leverage ratio (10) 14.48 14.93 14.92 15.00 15.90 (.45) (1.42)
Tier I risk-based capital ratio (10) 18.05 18.13 19.12 19.51 23.12 (.08) (5.07)
Total risk-based capital ratio (10) 19.11 19.20 20.28 20.70 24.37 (.09) (5.26)
Operating efficiency ratio (1) (3) (5) 60.44 61.66 70.79 61.61 60.66
Average loans to average deposits 77.53 77.24 76.44 73.12 70.31 .29 7.22
Noninterest-bearing deposits to total deposits 28.87 29.45 27.85 24.91 24.14 (.58) 4.73

(1) Non-GAAP financial measure. See Condensed Operating Results to GAAP Earnings Reconciliation (Table 8) for further information.
(2) Income statement ratios and yield/rate information are annualized for the applicable period.
(3) Excludes the one-time loss share expense termination charge of $14.5 million in the second quarter of 2015.
(4) Includes all line items of noninterest income other than (amortization) accretion of FDIC receivable for loss share agreements.
(5) Excludes severance costs and merger-related expenses.
(6) Excludes the taxable equivalent adjustments on interest income and the income tax benefit relating to the one-time loss share expense termination charge, severance costs and merger-related expenses.
(7) Excludes the one-time loss share expense termination charge, severance costs and merger-related expenses, net of the income tax benefit.
(8) Since the Company had a net loss for the three month period ended June 30, 2015, all potential common shares were excluded from the calculation of diluted earnings per share as they would have had an anti-dilutive effect for the period.
(9) Excludes accretion income on loans and average purchased credit impaired loans.
(10) Current period capital ratios are estimated as of the date of this earnings release.

State Bank Financial Corporation
4Q15 Financial Supplement: Table 2
Condensed Consolidated Balance Sheets
Quarterly (Unaudited)
4Q15 change vs
(Dollars in thousands) 4Q15 3Q15 2Q15 1Q15 4Q14 3Q15 4Q14
Assets
Cash and amounts due from depository institutions $12,175 $15,734 $21,903 $20,426 $10,550 $(3,559) $1,625
Interest-bearing deposits in other financial institutions 163,187 153,937 179,831 285,971 470,608 9,250 (307,421)
Cash and cash equivalents 175,362 169,671 201,734 306,397 481,158 5,691 (305,796)
Investment securities available-for-sale 887,705 831,548 815,277 819,609 640,086 56,157 247,619
Loans 2,160,217 2,139,691 2,042,186 2,000,189 1,634,529 20,526 525,688
Allowance for loan and lease losses (29,075) (28,930) (29,569) (29,982) (28,638) (145) (437)
Loans, net 2,131,142 2,110,761 2,012,617 1,970,207 1,605,891 20,381 525,251
Loans held-for-sale 54,933 59,563 64,047 45,211 3,174 (4,630) 51,759
Other real estate owned 10,530 11,363 15,055 16,848 8,568 (833) 1,962
Premises and equipment, net 42,980 43,982 45,608 46,370 35,286 (1,002) 7,694
Goodwill 36,357 31,049 31,049 30,510 10,606 5,308 25,751
Other intangibles, net 10,101 8,486 8,922 9,045 2,752 1,615 7,349
SBA servicing rights 2,626 2,463 2,185 1,902 1,516 163 1,110
FDIC receivable for loss share agreements 17,098 22,320 (22,320)
Bank-owned life insurance 58,819 58,347 57,810 57,348 41,479 472 17,340
Other assets 59,512 61,440 46,004 31,363 29,374 (1,928) 30,138
Total assets $3,470,067 $3,388,673 $3,300,308 $3,351,908 $2,882,210 $81,394 $587,857
Liabilities and Shareholders’ Equity
Noninterest-bearing deposits $826,216 $823,146 $762,100 $691,938 $577,295 $3,070 $248,921
Interest-bearing deposits 2,035,746 1,972,042 1,974,185 2,085,997 1,814,387 63,704 221,359
Total deposits 2,861,962 2,795,188 2,736,285 2,777,935 2,391,682 66,774 470,280
Securities sold under agreements to repurchase 32,179 4,872 11,747 8,250 27,307 32,179
Notes payable 1,812 2,761 2,765 2,769 2,771 (949) (959)
Other liabilities 37,624 53,691 26,527 33,708 23,662 (16,067) 13,962
Total liabilities 2,933,577 2,856,512 2,777,324 2,822,662 2,418,115 77,065 515,462
Total shareholders’ equity 536,490 532,161 522,984 529,246 464,095 4,329 72,395
Total liabilities and
shareholders’ equity $3,470,067 $3,388,673 $3,300,308 $3,351,908 $2,882,210 $81,394 $587,857
Capital Ratios (1)
Average equity to average assets 15.47% 15.83% 15.84% 15.80% 16.13% (.36)% (.66)%
Leverage ratio 14.48 14.93 14.92 15.00 15.90 (.45) (1.42)
CET1 risk-based capital ratio 18.05 18.13 19.12 19.51 N/A (.08) N/A
Tier I risk-based capital ratio 18.05 18.13 19.12 19.51 23.12 (.08) (5.07)
Total risk-based capital ratio 19.11 19.20 20.28 20.70 24.37 (.09) (5.26)

(1) Current period capital ratios are estimated as of the date of this earning release. Beginning January 1, 2015, the Company's ratios are calculated using the Basel III framework. Capital ratios for prior periods were calculated using the Basel I framework. The Common Equity Tier 1 (CET1) capital ratio is a new ratio introduced under the Basel III framework.

State Bank Financial Corporation
4Q15 Financial Supplement: Table 3
Condensed Consolidated Income Statements
Quarterly (Unaudited)
4Q15 change vs
(Dollars in thousands, except per share amounts) 4Q15 3Q15 2Q15 1Q15 4Q14 3Q15 4Q14
Net Interest Income:
Interest income on loans $24,258 $24,218 $23,070 $21,400 $17,416 $40 $6,842
Accretion income on loans 14,240 11,156 8,365 16,069 14,124 3,084 116
Interest income on invested funds 4,139 4,050 4,032 3,602 2,928 89 1,211
Interest expense 1,994 1,977 1,972 1,979 1,923 17 71
Net interest income 40,643 37,447 33,495 39,092 32,545 3,196 8,098
Provision for loan and lease losses 494 (265) 64 3,193 1,189 759 (695)
Net interest income after provision for loan and lease losses 40,149 37,712 33,431 35,899 31,356 2,437 8,793
Noninterest Income:
(Amortization) accretion of FDIC receivable for loss share agreements (15,040) (1,448) 1,652 (1,652)
Service charges on deposits 1,495 1,491 1,501 1,489 1,274 4 221
Mortgage banking income 2,011 3,079 3,480 2,680 322 (1,068) 1,689
Payroll fee income 1,165 1,004 956 1,158 1,050 161 115
SBA income 1,316 1,720 1,380 1,123 477 (404) 839
ATM income 741 742 773 725 624 (1) 117
Bank-owned life insurance income 472 537 462 455 343 (65) 129
Gain (loss) on sale of investment securities 16 17 (59) 380 223 (1) (207)
Other 912 304 826 2,240 972 608 (60)
Total noninterest income 8,128 8,894 (5,721) 8,802 6,937 (766) 1,191
Noninterest Expense:
Salaries and employee benefits 19,914 23,293 20,506 19,582 17,797 (3,379) 2,117
Occupancy and equipment 2,995 3,113 3,219 3,105 2,615 (118) 380
Data processing 2,378 2,097 2,435 2,280 1,909 281 469
Legal and professional fees 1,159 1,144 1,284 1,484 844 15 315
Merger-related expenses 717 876 137 306 (717) (306)
Marketing 792 491 599 436 491 301 301
Federal deposit insurance premiums and other regulatory fees 518 621 455 506 393 (103) 125
Loan collection and OREO costs (690) (1,198) (114) 405 (112) 508 (578)
Amortization of intangibles 509 436 442 417 219 73 290
Other 1,987 1,702 1,655 1,735 1,337 285 650
Total noninterest expense 29,562 32,416 31,357 30,087 25,799 (2,854) 3,763
Income (Loss) Before Income Taxes 18,715 14,190 (3,647) 14,614 12,494 4,525 6,221
Income tax expense (benefit) 6,594 5,071 (1,626) 5,410 4,909 1,523 1,685
Net Income (Loss) $12,121 $9,119 $(2,021) $9,204 $7,585 $3,002 $4,536
Net Income (Loss) Per Share
Basic $.33 $.26 $(.06) $.27 $.24 $.07 $.09
Diluted .33 .25 (.06) .26 .23 .08 .10
Weighted Average Shares Outstanding
Basic 35,208,607 34,687,354 34,654,689 33,593,687 31,794,828 521,253 3,413,779
Diluted 36,140,474 36,003,068 34,654,689 34,862,324 32,986,289 137,406 3,154,185


State Bank Financial Corporation
4Q15 Financial Supplement: Table 4
Condensed Consolidated Income Statements
Year to Date (Unaudited)
Years Ended December 31 Change
(Dollars in thousands, except per share amounts) 2015 2014
Net Interest Income:
Interest income on loans $92,946 $64,176 $28,770
Accretion income on loans 49,830 78,857 (29,027)
Interest income on invested funds 15,823 10,488 5,335
Interest expense 7,922 7,520 402
Net interest income 150,677 146,001 4,676
Provision for loan and lease losses 3,486 2,896 590
Net interest income after provision for loan and lease losses 147,191 143,105 4,086
Noninterest Income:
Amortization of FDIC receivable for loss share agreements (16,488) (15,785) (703)
Service charges on deposits 5,976 4,834 1,142
Mortgage banking income 11,250 835 10,415
Payroll fee income 4,283 3,700 583
SBA income 5,539 477 5,062
ATM income 2,981 2,471 510
Bank-owned life insurance income 1,926 1,334 592
Gain on sale of investment securities 354 246 108
Other 4,282 1,490 2,792
Total noninterest income 20,103 (398) 20,501
Noninterest Expense:
Salaries and employee benefits 83,295 62,093 21,202
Occupancy and equipment 12,432 9,898 2,534
Data processing 9,190 7,053 2,137
Legal and professional fees 5,071 3,440 1,631
Merger-related expenses 1,730 795 935
Marketing 2,318 1,824 494
Federal deposit insurance premiums and other regulatory fees 2,100 1,420 680
Loan collection and OREO costs (1,597) 480 (2,077)
Amortization of intangibles 1,804 694 1,110
Other 7,079 5,771 1,308
Total noninterest expense 123,422 93,468 29,954
Income Before Income Taxes 43,872 49,239 (5,367)
Income tax expense 15,449 18,321 (2,872)
Net Income $28,423 $30,918 $(2,495)
Net Income Per Share
Basic $.79 $.96 $(.17)
Diluted .77 .93 (.16)
Weighted Average Shares Outstanding
Basic 34,810,855 31,723,971 3,086,884
Diluted 36,042,719 32,827,943 3,214,776


State Bank Financial Corporation
4Q15 Financial Supplement: Table 5
Condensed Consolidated Composition of Loans and Deposits at Period Ends
Quarterly (Unaudited)
4Q15 change vs
(Dollars in thousands) 4Q15 3Q15 2Q15 1Q15 4Q14 3Q15 4Q14
Composition of Loans
Organic loans (1):
Construction, land & land development $482,087 $412,788 $399,982 $388,148 $310,987 $69,299 $171,100
Other commercial real estate 661,062 705,616 634,943 606,347 609,478 (44,554) 51,584
Total commercial real estate 1,143,149 1,118,404 1,034,925 994,495 920,465 24,745 222,684
Residential real estate 140,613 127,823 118,612 107,554 91,448 12,790 49,165
Owner-occupied real estate 219,636 212,171 205,805 191,557 188,933 7,465 30,703
Commercial, financial & agricultural 181,513 165,305 126,157 108,929 90,930 16,208 90,583
Leases 71,539 54,814 26,709 21,491 19,959 16,725 51,580
Consumer 17,882 16,432 12,078 9,442 8,658 1,450 9,224
Total organic loans 1,774,332 1,694,949 1,524,286 1,433,468 1,320,393 79,383 453,939
Purchased non-credit impaired loans(2):
Construction, land & land development 18,598 37,326 61,089 67,129 2,166 (18,728) 16,432
Other commercial real estate 74,506 79,878 91,212 94,917 26,793 (5,372) 47,713
Total commercial real estate 93,104 117,204 152,301 162,046 28,959 (24,100) 64,145
Residential real estate 69,053 75,987 82,668 88,871 43,669 (6,934) 25,384
Owner-occupied real estate 61,313 69,619 73,409 77,946 22,743 (8,306) 38,570
Commercial, financial & agricultural 14,216 19,529 28,656 42,494 11,635 (5,313) 2,581
Consumer 2,624 3,080 3,505 4,517 791 (456) 1,833
Total purchased non-credit impaired loans 240,310 285,419 340,539 375,874 107,797 (45,109) 132,513
Purchased credit impaired loans (3):
Construction, land & land development 14,252 16,473 20,002 18,791 24,544 (2,221) (10,292)
Other commercial real estate 40,742 42,637 48,187 54,211 58,680 (1,895) (17,938)
Total commercial real estate 54,994 59,110 68,189 73,002 83,224 (4,116) (28,230)
Residential real estate 64,011 67,218 70,537 74,876 78,793 (3,207) (14,782)
Owner-occupied real estate 25,364 30,655 35,036 39,210 42,168 (5,291) (16,804)
Commercial, financial & agricultural 1,050 2,132 3,234 3,427 1,953 (1,082) (903)
Consumer 156 208 365 332 201 (52) (45)
Total purchased credit impaired loans 145,575 159,323 177,361 190,847 206,339 (13,748) (60,764)
Total loans $2,160,217 $2,139,691 $2,042,186 $2,000,189 $1,634,529 $20,526 $525,688
Composition of Deposits
Noninterest-bearing demand deposits $826,216 $823,146 $762,100 $691,938 $577,295 $3,070 $248,921
Interest-bearing transaction accounts 588,391 499,434 497,715 562,378 495,966 88,957 92,425
Savings and money market deposits 1,074,190 1,059,770 1,038,292 1,052,677 954,626 14,420 119,564
Time deposits less than $250,000 279,449 289,815 301,431 319,118 247,757 (10,366) 31,692
Time deposits $250,000 or greater 41,439 56,750 59,105 58,076 18,946 (15,311) 22,493
Brokered and wholesale time deposits 52,277 66,273 77,642 93,748 97,092 (13,996) (44,815)
Total deposits $2,861,962 $2,795,188 $2,736,285 $2,777,935 $2,391,682 $66,774 $470,280

(1) Loans originated by State Bank and Trust Company.
(2) Consists of loans purchased through the Bank of Atlanta and First Bank of Georgia acquisitions.
(3) Acquired loans, which at acquisition, management determined it was probable that we would be unable to collect all contractual principal and interest payments due, including all loans acquired from the FDIC.

State Bank Financial Corporation
4Q15 Financial Supplement: Table 6
Condensed Consolidated Asset Quality Data
Quarterly (Unaudited)
4Q15 change vs
(Dollars in thousands) 4Q15 3Q15 2Q15 1Q15 4Q14 3Q15 4Q14
Allowance for loan and lease losses on organic loans
Beginning Balance $20,176 $19,594 $19,424 $18,392 $18,828 $582 $1,348
Charge-offs (110) (63) (64) (76) (1,250) (47) 1,140
Recoveries 207 31 12 38 39 176 168
Net (charge-offs) recoveries 97 (32) (52) (38) (1,211) 129 1,308
Provision for loan and lease losses 951 614 222 1,070 775 337 176
Ending Balance $21,224 $20,176 $19,594 $19,424 $18,392 $1,048 $2,832
Allowance for loan and lease losses on purchased non-credit impaired loans
Beginning Balance $ $ $ $ $ $ $
Charge-offs (46) (2)
Recoveries 1 6 (5) 1
Net (charge-offs) recoveries 1 6 (46) (2) (5) 1
Provision for loan and lease losses 52 (6) 46 2 58 52
Ending Balance $53 $ $ $ $ $53 $53
Allowance for loan and lease losses on purchased credit impaired loans
Beginning Balance $8,754 $9,975 $10,558 $10,246 $8,403 $(1,221) $351
Charge-offs (3,467) (3,282) (2,155) (3,229) (898) (185) (2,569)
Recoveries 3,020 2,934 1,227 924 2,410 86 610
Net (charge-offs) recoveries (447) (348) (928) (2,305) 1,512 (99) (1,959)
Provision for loan and lease losses (1) (509) (873) 345 2,617 331 364 (840)
Ending Balance $7,798 $8,754 $9,975 $10,558 $10,246 $(956) $(2,448)
Nonperforming organic assets
Nonaccrual loans $5,096 $5,117 $4,971 $4,802 $5,546 $(21) $(450)
Total nonperforming organic loans 5,096 5,117 4,971 4,802 5,546 (21) (450)
Other real estate owned 33 500 160 74 (467) (41)
Total nonperforming organic assets $5,129 $5,617 $5,131 $4,802 $5,620 $(488) $(491)
Nonperforming purchased non-credit impaired assets
Nonaccrual loans $1,280 $1,639 $232 $163 $107 $(359) $1,173
Accruing TDRs 577 577 577
Total nonperforming PNCI loans 1,857 1,639 232 163 107 218 1,750
Other real estate owned
Total nonperforming PNCI assets $1,857 $1,639 $232 $163 $107 $218 $1,750
Ratios for organic assets
Annualized QTD charge-offs (recoveries) on organic loans to average organic loans (.02)% .01% .01% .01% .36% (.03)% (.38)%
Nonperforming organic loans to organic loans .29 .30 .33 .33 .42 (.01) (.13)
Nonperforming organic assets to organic loans + OREO .29 .33 .34 .33 .43 (.04) (.14)
Past due organic loans to organic loans .10 .08 .08 .11 .17 .02 (.07)
Allowance for loan and lease losses on organic loans to organic loans 1.20 1.19 1.29 1.36 1.39 .01 (.19)
State Bank Financial Corporation
4Q15 Financial Supplement: Table 6 (continued)
Condensed Consolidated Asset Quality Data
Quarterly (Unaudited)
4Q15 change vs
(Dollars in thousands) 4Q15 3Q15 2Q15 1Q15 4Q14 3Q15 4Q14
Ratios for purchased non-credit impaired loans
Annualized QTD charge-offs (recoveries) on PNCI loans to average PNCI loans % (.01)% .04% % % .01%
Nonperforming PNCI loans to PNCI loans .77 .57 .07 .04 .10 .20 .67
Nonperforming PNCI assets to PNCI loans + OREO .77 .57 .07 .04 .10 .20 .67
Past due PNCI loans to PNCI loans .39 .64 .49 .36 .46 (.25)
Allowance for loan and lease losses on PNCI loans to PNCI loans .02 .02
Ratios for purchased credit impaired loans (2)
Annualized QTD charge-offs (recoveries) on PCI loans to average PCI loans 1.20% .83% 2.07% 4.81% (2.80)% .37% 4.00%
Past due PCI loans to PCI loans 16.64 14.15 13.30 18.48 15.62 2.49 1.02
Allowance for loan and lease losses on PCI loans to PCI loans 5.36 5.49 5.62 5.53 4.97 (.13) .39

(1) Provision for loan and lease losses amount attributable to FDIC loss share agreements for purchased credit impaired loans was $0 for
4Q15, $0 for 3Q15, $(549,000) for 2Q15, $(496,000) for 1Q15, and $83,000 for 4Q14.
(2) For each period presented, a portion of the Company's purchased credit impaired loans were contractually past due; however, such delinquencies
were included in the Company's performance expectations in determining the fair values of purchased credit impaired loans at each acquisition and at subsequent valuation dates. All purchased credit impaired loan cash flows and the timing of such cash flows continue to be estimable and probable of collection and thus accretion income continues to be recognized on these assets. As such, purchased credit impaired loans are not considered to be nonperforming assets.

State Bank Financial Corporation
4Q15 Financial Supplement: Table 7
Condensed Consolidated Average Balances and Yield Analysis
Quarterly (Unaudited)
4Q15 change vs
(Dollars in thousands) 4Q15 3Q15 2Q15 1Q15 4Q14 3Q15 4Q14
Average Balances
Interest-bearing deposits in other financial institutions $188,966 $179,526 $191,653 $320,248 $450,362 9,440 (261,396)
Investment securities 850,127 837,786 821,998 807,002 603,101 12,341 247,026
Loans, excluding purchased credit impaired (1) 2,055,933 1,969,651 1,920,219 1,791,537 1,430,495 86,282 625,438
Purchased credit impaired loans 148,060 167,095 179,579 194,471 214,518 (19,035) (66,458)
Total earning assets 3,243,086 3,154,058 3,113,449 3,113,258 2,698,476 89,028 544,610
Total nonearning assets 212,256 189,965 202,975 210,455 159,733 22,291 52,523
Total assets 3,455,342 3,344,023 3,316,424 3,323,713 2,858,209 111,319 597,133
Interest-bearing transaction accounts 559,113 486,514 522,147 507,087 433,545 72,599 125,568
Savings & money market deposits 1,066,783 1,042,941 1,035,706 1,072,818 958,782 23,842 108,001
Time deposits less than $250,000 283,276 295,304 309,725 327,807 240,509 (12,028) 42,767
Time deposits $250,000 or greater 50,784 57,511 57,375 56,529 66,009 (6,727) (15,225)
Brokered and wholesale time deposits 56,298 70,004 82,840 103,464 86,371 (13,706) (30,073)
Other borrowings 26,106 15,507 11,667 27,742 7,385 10,599 18,721
Total interest-bearing liabilities 2,042,360 1,967,781 2,019,460 2,095,447 1,792,601 74,579 249,759
Noninterest-bearing deposits 826,534 814,040 739,025 648,379 554,350 12,494 272,184
Other liabilities 51,746 32,704 32,680 54,619 50,121 19,042 1,625
Shareholders’ equity 534,702 529,498 525,259 525,268 461,137 5,204 73,565
Total liabilities and shareholders' equity 3,455,342 3,344,023 3,316,424 3,323,713 2,858,209 111,319 597,133
Interest Margins (2)
Interest-bearing deposits in other financial institutions .28% .27% .29% .27% .26% .01% .02%
Investment securities, tax-equivalent basis (3) 1.87 1.86 1.90 1.72 1.73 .01 .14
Loans, excluding purchased credit impaired, tax-equivalent basis (4) 4.71 4.91 4.84 4.87 4.85 (.20) (.14)
Purchased credit impaired loans 38.16 26.49 18.68 33.51 26.12 11.67 12.04
Total earning assets 5.23% 4.98% 4.58% 5.37% 5.08% .25% .15%
Interest-bearing transaction accounts .13 .13 .14 .14 .13
Savings & money market deposits .48 .47 .46 .45 .46 .01 .02
Time deposits less than $250,000 .39 .38 .36 .34 .43 .01 (.04)
Time deposits $250,000 or greater .33 .36 .36 .30 .75 (.03) (.42)
Brokered and wholesale time deposits 1.03 .97 .97 .94 1.02 .06 .01
Other borrowings .76 1.69 2.23 .98 3.55 (.93) (2.79)
Total interest-bearing liabilities .39% .40% .39% .38% .43% (.01)% (.04)%
Net interest spread 4.84% 4.58% 4.19% 4.99% 4.65% .26% .19%
Net interest margin 4.99% 4.73% 4.33% 5.11% 4.80% .26% .19%
Net interest margin excluding accretion income 3.40% 3.52% 3.45% 3.22% 2.96% (.12)% .44%

(1) Includes average nonaccrual loans of $6.5 million for 4Q15, $5.9 million for 3Q15, $4.9 million for 2Q15, $5.1 million for 1Q15, and $5.6 million for 4Q14.
(2) Interest income or expense annualized for the applicable period.
(3) Reflects taxable equivalent adjustments using the federal statutory tax rate of 35% in adjusting interest on tax-exempt securities to a fully taxable basis. The taxable equivalent adjustments included above amount to $3,000 for 4Q15, $4,000 for 3Q15, $5,000 for 2Q15, $27,000 for 1Q15, and $4,000 for 4Q14.
(4) Reflects taxable equivalent adjustments using the federal statutory tax rate of 35% in adjusting tax-exempt loan interest income to a fully taxable basis. The taxable equivalent adjustments included above amount to $134,000 for 4Q15, $179,000 for 3Q15, $104,000 for 2Q15, $98,000 for 1Q15, and $80,000 for 4Q14.

State Bank Financial Corporation
4Q15 Financial Supplement: Table 8
Condensed Operating Results to GAAP Earnings Reconciliation (1)
Quarterly (Unaudited)
4Q15 change vs
(dollars in thousands, except per share amounts; taxable equivalent)4Q15 3Q15 2Q15 1Q15 4Q14 3Q15 4Q14
Interest income reconciliation
Interest income - taxable equivalent$42,774 $39,607 $35,576 $41,196 $34,552 $3,167 $8,222
Taxable equivalent adjustment(137) (183) (109) (125) (84) 46 (53)
Interest income (GAAP)$42,637 $39,424 $35,467 $41,071 $34,468 $3,213 $8,169
Net interest income reconciliation
Net interest income - taxable equivalent$40,780 $37,630 $33,604 $39,217 $32,629 $3,150 $8,151
Taxable equivalent adjustment(137) (183) (109) (125) (84) 46 (53)
Net interest income (GAAP)$40,643 $37,447 $33,495 $39,092 $32,545 $3,196 $8,098
Adjusted (amortization) accretion of FDIC receivable for loss share agreements
Adjusted (amortization) accretion of FDIC receivable for loss share agreements$ $ $(492) $(1,448) $1,652 $ $(1,652)
Loss share termination (14,548)
(Amortization) accretion of FDIC receivable for loss share agreements (GAAP)$ $ $(15,040) $(1,448) $1,652 $ $(1,652)
Operating noninterest income reconciliation
Operating noninterest income$8,128 $8,894 $8,827 $8,802 $6,937 $(766) $1,191
Loss share termination (14,548)
Total noninterest income (GAAP)$8,128 $8,894 $(5,721) $8,802 $6,937 $(766) $1,191
Operating noninterest expense reconciliation
Operating noninterest expense$29,562 $28,687 $30,038 $29,585 $23,999 $875 $5,563
Merger-related expenses 717 876 137 306 (717) (306)
Severance costs 3,012 443 365 1,494 (3,012) (1,494)
Total noninterest expense (GAAP)$29,562 $32,416 $31,357 $30,087 $25,799 $(2,854) $3,763
Operating income before taxes reconciliation
Operating income before taxes$18,852 $18,102 $12,329 $15,241 $14,378 $750 $4,474
Loss share termination (14,548)
Merger-related expenses (717) (876) (137) (306) 717 306
Severance costs (3,012) (443) (365) (1,494) 3,012 1,494
Taxable equivalent adjustment to interest income(137) (183) (109) (125) (84) 46 (53)
Income (loss) before taxes (GAAP)$18,715 $14,190 (3,647) 14,614 $12,494 $4,525 $6,221
State Bank Financial Corporation
4Q15 Financial Supplement: Table 8 (continued)
Condensed Operating Results to GAAP Earnings Reconciliation (1)
Quarterly (Unaudited)
4Q15 change vs
(dollars in thousands, except per share amounts; taxable equivalent)4Q15 3Q15 2Q15 1Q15 4Q14 3Q15 4Q14
Operating income tax reconciliation
Operating income tax expense$6,731 $6,696 $4,620 $5,729 $5,689 $35 $1,042
Loss share termination tax benefit (5,627)
Merger-related expenses tax benefit (277) (339) (53) (118) 277 118
Severance costs tax benefit (1,165) (171) (141) (578) 1,165 578
Taxable equivalent adjustment to interest income(137) (183) (109) (125) (84) 46 (53)
Income tax expense (GAAP)$6,594 $5,071 $(1,626) $5,410 $4,909 $1,523 $1,685
Operating income reconciliation
Operating income$12,121 $11,406 $7,709 $9,512 $8,689 $715 $3,432
Loss share termination, net of tax benefit (8,921)
Merger-related expenses, net of tax benefit (440) (537) (84) (188) 440 188
Severance costs, net of tax benefit (1,847) (272) (224) (916) 1,847 916
Net income (GAAP)$12,121 $9,119 $(2,021) $9,204 $7,585 $3,002 4,536
Book value per common share reconciliation
Tangible book value per common share$13.22 $13.78 $13.51 $13.70 $13.97 $(0.56) $(.75)
Effect of goodwill and other intangibles1.25 1.10 1.11 1.11 .41 .15 .84
Book value per common share (GAAP)$14.47 $14.88 $14.62 $14.81 $14.38 $(0.41) $.09
Average equity to average assets reconciliation
Average tangible equity to average tangible assets14.40% 14.82% 14.81% 14.77% 15.74% (.42)% (1.34)%
Effect of average goodwill and other intangibles1.07 1.01 1.03 1.03 .39 .06 .68
Average equity to average assets (GAAP)15.47% 15.83% 15.84% 15.80% 16.13% (.36)% (.66)%
Basic Earnings Per Share Reconciliation
Basic operating earnings per share$.33 $.32 $.22 $.28 $.27 $.01 $.06
Effect of non-operating items (.06) (.28) (.01) (.03) .06 .03
Basic net income (loss) per share (GAAP)$.33 $.26 $(.06) $.27 $.24 $.07 $.09
State Bank Financial Corporation
4Q15 Financial Supplement: Table 8 (continued)
Condensed Operating Results to GAAP Earnings Reconciliation (1)
Quarterly (Unaudited)
4Q15 change vs
(dollars in thousands, except per share amounts; taxable equivalent)4Q15 3Q15 2Q15 1Q15 4Q14 3Q15 4Q14
Diluted Earnings Per Share Reconciliation
Diluted operating earnings per share$.33 $.31 $.21 $.27 $.26 $.02 $.07
Effect of non-operating items (.06) (.27) (.01) (.03) .06 .03
Diluted net income (loss) per share (GAAP)$.33 $.25 $(.06) $.26 $.23 $.08 $.10
Efficiency ratio reconciliation
Operating efficiency ratio60.44% 61.66% 70.79% 61.61% 60.66% (1.22)% (.22)%
Effect of tax equivalent adjustment to interest income, loss share termination, merger-related expenses, and severance costs.17% 8.29 42.11 1.21 4.68 (8.12)% (4.51)%
Efficiency ratio (GAAP)60.61% 69.95% 112.90% 62.82% 65.34% (9.34)% (4.73)%

(1) Management evaluates the capital position and operating performance of State Bank Financial Corporation (the “Company”) by using certain financial measures not calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), including: interest income - taxable equivalent, net interest income - taxable equivalent, adjusted (amortization) accretion of FDIC receivable for loss share agreements, other noninterest income, operating noninterest income, operating noninterest expense, operating income before taxes - taxable equivalent, operating income tax expense, operating income, tangible book value per common share, tangible average equity to average assets, basic operating earnings per share, diluted operating earnings per share, and operating efficiency ratio. The Company has included these non-GAAP financial measures in this press release for the applicable periods presented. Management believes that the presentation of these non-GAAP financial measures (a) provides important supplemental information that contributes to a proper understanding of the Company’s operating performance, (b) enables a more complete understanding of factors and trends affecting the Company’s business, and (c) allows investors to evaluate the Company’s performance in a manner similar to management, the financial services industry, bank stock analysts, and bank regulators. Management uses non-GAAP measures as follows: preparation of the Company’s operating budgets, monthly financial performance reporting, and presentation to investors of Company performance.

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are presented in the accompanying table. Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. These non-GAAP financial measures should not be considered as substitutes for GAAP financial measures, and the Company strongly encourages investors to review the GAAP financial measures included in this press release and not to place undue reliance upon any single financial measure. In addition, because non-GAAP financial measures are not standardized, it may not be possible to compare the non-GAAP financial measures presented in this press release with other companies’ non-GAAP financial measures having the same or similar names.

State Bank Financial Corporation
4Q15 Financial Supplement: Table 9
Condensed Operating Results to GAAP Earnings Reconciliation (1)
Year to Date (Unaudited)
Years Ended December 31
(dollars in thousands, except per share amounts; taxable equivalent) 2015 2014 Change
Operating income reconciliation
Operating income $40,748 $32,507 $8,241
Loss share termination, net of tax benefit (8,921) (8,921)
Merger-related expenses, net of tax benefit (1,061) (487) (574)
Severance costs, net of tax benefit (2,343) (1,102) (1,241)
Net income (GAAP) $28,423 $30,918 $(2,495)
Diluted Earnings Per Share Reconciliation
Diluted operating earnings per share $1.10 $.98 $.12
Effect of non-operating items (.33) (.05) (.28)
Diluted net income per share (GAAP) $.77 $.93 $(.16)

(1) Management evaluates the capital position and operating performance of State Bank Financial Corporation (the “Company”) by using certain financial measures not calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), including: interest income - taxable equivalent, net interest income - taxable equivalent, adjusted (amortization) accretion of FDIC receivable for loss share agreements, other noninterest income, operating noninterest income, operating noninterest expense, operating income before taxes - taxable equivalent, operating income tax expense, operating income, tangible book value per common share, tangible average equity to average assets, basic operating earnings per share, diluted operating earnings per share, and operating efficiency ratio. The Company has included these non-GAAP financial measures in this press release for the applicable periods presented. Management believes that the presentation of these non-GAAP financial measures (a) provides important supplemental information that contributes to a proper understanding of the Company’s operating performance, (b) enables a more complete understanding of factors and trends affecting the Company’s business, and (c) allows investors to evaluate the Company’s performance in a manner similar to management, the financial services industry, bank stock analysts, and bank regulators. Management uses non-GAAP measures as follows: preparation of the Company’s operating budgets, monthly financial performance reporting, and presentation to investors of Company performance.

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are presented in the accompanying table. Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. These non-GAAP financial measures should not be considered as substitutes for GAAP financial measures, and the Company strongly encourages investors to review the GAAP financial measures included in this press release and not to place undue reliance upon any single financial measure. In addition, because non-GAAP financial measures are not standardized, it may not be possible to compare the non-GAAP financial measures presented in this press release with other companies’ non-GAAP financial measures having the same or similar names.

Investor Relations Contact: Jeremy Lucas 404.239.8626 / jeremy.lucas@statebt.com

Source:State Bank Financial Corporation