State Bank Financial Corporation Reports Operating Income of $11.4 Million for Third Quarter 2015

  • Operating Earnings Per Diluted Share of $.31
  • $98 Million of Net Loan Growth, or 19% Annualized
  • Announced Organizational Realignment as Part of Broader Efficiency Initiative in September
  • Acquisition of Equipment Finance Group Subsequent to Quarter-End

ATLANTA, Oct. 22, 2015 (GLOBE NEWSWIRE) — State Bank Financial Corporation (NASDAQ:STBZ) today announced operating income of $11.4 million, or $.31 per fully diluted share for the quarter ended September 30, 2015, compared to $7.7 million, or $.21 per fully diluted share for the second quarter of 2015.  Interest income on loans improved to $24.2 million, a $1.1 million increase from the second quarter of 2015, and was driven by continued strong loan growth.  Additionally, recovery activity, much of which would have previously been shared with the FDIC under the bank’s now terminated loss share agreements, contributed significantly to the improvement in operating income.

Operating income excludes severance and merger-related expenses that are not considered part of ongoing operations.  Including those items, net income for the third quarter of 2015 was $9.1 million, compared to a net loss of $2.0 million for the second quarter of 2015.  Fully diluted earnings per share were $.25 in the third quarter of 2015 compared to a fully diluted loss per share of $.06 in the second quarter of 2015.

Joe Evans, Chairman and CEO of State Bank Financial, commented, “This was another quarter of solid fundamentals as loans, core deposits, and fee income businesses continue to grow at an impressive pace.  Also, recovery income related to previously charged-off loans exceeded expectations.  I am pleased with the results of the third quarter, but even more pleased with the outlook.”

Acquisition of Patriot Capital

In a separate release today, State Bank and Trust Company announced that it purchased the equipment finance origination platform of Patriot Capital Corporation, a leading provider of equipment financing to the retail petroleum industry.  Patriot Capital is a privately owned company with 17 employees that finances equipment throughout the continental United States.  Patriot Capital was founded in 2000 and is based in Atlanta, Georgia.

Tom Wiley, President of State Bank Financial, added, “I am very pleased with our strong loan growth this quarter and am excited about the addition of Patriot Capital’s production in future periods.  We expect our acquisition of Patriot Capital will further diversify and broaden our asset generating capabilities.”

Operating Highlights

Net interest income of $37.4 million in the third quarter of 2015 increased from $33.5 million in the second quarter of 2015 due to higher interest and accretion income on loans.  Interest income on loans, excluding purchased credit impaired loans, for the third quarter of 2015 was $24.2 million, up $1.1 million from $23.1 million in the prior quarter.  Accretion income on loans was $11.2 million in the third quarter of 2015, up from $8.4 million in the second quarter of 2015 due primarily to larger gains from early loan payoffs compared to the previous quarter.  Base accretion declined $764,000 in the third quarter of 2015 compared to the prior quarter.  As of September 30, 2015, approximately $97 million of accretable discount remains to be recognized as loan accretion income, compared to $104 million of accretable discount remaining at the end of the second quarter of 2015.  Interest expense of $2.0 million in the third quarter of 2015 was essentially flat compared to the prior quarter.  Cost of funds for the third quarter of 2015 was 28 basis points, down one basis point from the second quarter of 2015.

The organic loan portfolio continued to perform well in the third quarter of 2015 as past due organic loans represented only eight basis points of total organic loans.  A net provision benefit of $265,000 was recognized in the third quarter of 2015, consisting of an $873,000 benefit to the provision on purchased credit impaired loans due to improving cash flow expectations.  This was partially offset by a $614,000 provision expense on organic loans due to loan growth in the quarter.

Noninterest income, excluding amortization of the FDIC receivable for loss share agreements in the second quarter of 2015, was $8.9 million for the third quarter of 2015, down from $9.3 million in the second quarter of 2015.  Noninterest income was negatively affected by the hedges on underlying fixed-rate loans, which contributed to a $636,000 linked-quarter decline.  In addition, a decline in mortgage banking income was largely offset by increases in SBA and payroll fee income.

Total noninterest expense for the third quarter of 2015 was $32.4 million, a $1.1 million increase from the second quarter of 2015, due almost entirely to higher salary and benefit costs as a result of severance related to the organizational realignment announced in September 2015.  Severance expenses totaled $3.0 million in the third quarter of 2015 compared to $443,000 in the second quarter of 2015.  Merger-related expenses totaled $717,000 in the third quarter of 2015, down from $876,000 in the second quarter of 2015.

Financial Condition

Total assets at September 30, 2015 were $3.4 billion, up from $3.3 billion at June 30, 2015.  Period-end organic and purchased non-credit impaired loans increased to $2.0 billion at September 30, 2015, a net increase of $115.5 million from the second quarter of 2015.  Purchased credit impaired loans decreased to $159.3 million at the end of the third quarter of 2015, an $18.0 million linked-quarter decline.  Total net loans, excluding loans held for sale, were $2.1 billion at September 30, 2015, up $98.1 million from the second quarter of 2015.

Total deposits at September 30, 2015 were $2.8 billion, up from $2.7 billion at the end of the second quarter of 2015.  Period-end noninterest-bearing demand deposits increased $61.0 million from the second quarter of 2015 and represented 29.4% of total deposits as of September 30, 2015.  Average noninterest-bearing demand deposits increased $75.0 million from the second quarter of 2015, the 14th consecutive quarterly increase.  Period-end and average transaction accounts, comprised of noninterest-bearing demand deposits and interest-bearing transaction accounts, increased $62.8 million and $39.4 million, respectively, from the second quarter of 2015.

Tangible book value per share was $13.78 at the end of the third quarter of 2015.  State Bank Financial Corporation continues to be well capitalized, ending the quarter with a leverage ratio of 15.04% and a Tier I risk-based capital ratio of 18.64%.

Comparison to the Third Quarter of 2014

Net operating income for the quarter ended September 30, 2015 decreased $284,000 compared to the same period in 2014.  The decrease in operating income was primarily due to the $10.0 million decrease in accretion income as the third quarter of 2014 benefited from $9.2 million in gains from loan pool closeouts.  Net income decreased $2.4 million from the third quarter of 2014 primarily as a result of severance and merger-related charges recognized in the third quarter of 2015.  Net interest income declined $513,000 as an $8.1 million increase in interest income on loans was more than offset by the previously mentioned decline in accretion income.  Cost of funds for the third quarter of 2015 of 28 basis points was down seven basis points from the third quarter of 2014.

Comparisons to the third 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.

Noninterest income, excluding amortization of the FDIC receivable, increased $5.3 million in the third quarter of 2015 compared to the third 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 $6.5 million during the third quarter of 2015 compared to the third quarter of 2014.

Total loans increased $635.0 million during the year-over-year period as growth in organic loans of $403.0 million and purchased non-credit impaired loans of $285.4 million was partially offset by a $53.5 million decline in purchased credit impaired loans.  Total deposits increased $639.2 million for the quarter ended September 30, 2015, compared to the third quarter of 2014, including growth in noninterest-bearing deposits of $298.5 million and interest-bearing transaction accounts of $122.2 million.

Detailed Results

Supplemental tables displaying financial results for the third quarter of 2015, the previous four quarters and year-to-date 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 3Q15 Financial Supplement: Table 8, 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 on a conference call today at 11:00 a.m. ET.

Dial in number:  1.800.708.4508

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 $3.4 billion in assets as of September 30, 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, our outlook for future periods and our expectation that our acquisition of Patriot Capital will further diversify and broaden our asset-generating capabilities.  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
3Q15 Financial Supplement: Table 1
Condensed Consolidated Financial Summary Results
Quarterly (Unaudited)
 
                        3Q15 change vs
(Dollars in thousands, except per share  amounts; taxable equivalent)   3Q15   2Q15   1Q15   4Q14   3Q14   2Q15   3Q14
                             
Income Statement Highlights                            
Interest income on loans   $ 24,397     $ 23,174     $ 21,498     $ 17,496     $ 16,237     $ 1,223     $ 8,160  
Accretion income on loans   11,156     8,365     16,069     14,124     21,110     2,791     (9,954 )
Interest income on invested funds   4,054     4,037     3,629     2,932     2,552     17     1,502  
Total interest income (1)   39,607     35,576     41,196     34,552     39,899     4,031     (292 )
Interest expense   1,977     1,972     1,979     1,923     1,857     5     120  
Net interest income (1)   37,630     33,604     39,217     32,629     38,042     4,026     (412 )
Provision for loan and lease losses   (265 )   64     3,193     1,189     416     (329 )   (681 )
Adjusted (amortization) accretion of FDIC receivable for loss share agreements (1) (3)       (492 )   (1,448 )   1,652     (196 )   492     196  
Other noninterest income (1) (4)   8,894     9,319     10,250     5,285     3,624     (425 )   5,270  
Total operating noninterest income (1) (3)   8,894     8,827     8,802     6,937     3,428     67     5,466  
Operating noninterest expense (1) (5)   28,687     30,038     29,585     23,999     22,207     (1,351 )   6,480  
Operating income before taxes (1) (3)(5)   18,102     12,329     15,241     14,378     18,847     5,773     (745 )
Operating income tax expense (1) (6)   6,696     4,620     5,729     5,689     7,157     2,076     (461 )
Operating income (1) (7)   11,406     7,709     9,512     8,689     11,690     3,697     (284 )
Loss share termination, net of tax benefit       (8,921 )               8,921      
Severance costs, net of tax benefit   (1,847 )   (272 )   (224 )   (916 )   (49 )   (1,575 )   (1,798 )
Merger-related expenses, net of tax benefit   (440 )   (537 )   (84 )   (188 )   (137 )   97     (303 )
Net income (loss) available to common shareholders   $ 9,119     $ (2,021 )   $ 9,204     $ 7,585     $ 11,504     $ 11,140     $ (2,385 )
                             
Common Share Data                            
Basic net income (loss) per share   $ .26     $ (.06 )   $ .27     $ .24     $ .36     $ .32     $ (.10 )
Diluted net income (loss) per share   .25     (.06 )   .26     .23     .35     .31     (.10 )
Cash dividends declared per share   .07     .06     .05     .04     .04     .01     .03  
Book value per share   14.88     14.62     14.81     14.38     14.20     .26     .68  
Tangible book value per share (1)   13.78     13.51     13.70     13.97     13.83     .27     (.05 )
Market price per share (quarter end)   20.68     21.70     21.00     19.98     16.24     (1.02 )   4.44  
                             
Common Shares Outstanding                            
Common stock   35,753,855     35,763,791     35,738,850     32,269,604     32,271,466     (9,936 )   3,482,389  
Weighted average shares outstanding:                            
Basic   34,687,354     34,654,689     33,593,687     31,794,828     31,723,875     32,665     2,963,479  
Diluted (8)   37,068,387     34,654,689     35,642,302     33,462,979     33,253,907     2,413,698     3,814,480  
                             
Average Balance Sheet Highlights                            
Loans   $ 2,136,746     $ 2,099,798     $ 1,986,008     $ 1,645,013     $ 1,461,326     $ 36,948     $ 675,420  
Assets   3,344,023     3,316,424     3,323,713     2,858,209     2,609,776     27,599     734,247  
Deposits   2,766,314     2,746,818     2,716,084     2,339,566     2,125,659     19,496     640,655  
Liabilities   48,211     44,347     82,361     57,506     35,135     3,864     13,076  
Equity   529,498     525,259     525,268     461,137     448,982     4,239     80,516  
Tangible common equity   489,757     485,337     485,087     447,641     437,038     4,420     52,719  
                             

 
State Bank Financial Corporation
3Q15 Financial Supplement: Table 1 (continued)
Condensed Consolidated Financial Summary Results
Quarterly (Unaudited)
                        3Q15 change vs
(Dollars in thousands, except per share  amounts; taxable equivalent)   3Q15   2Q15   1Q15   4Q14   3Q14   2Q15   3Q14
                             
Key Metrics (2)                            
Operating return on average assets (7)   1.35 %   .93 %   1.16 %   1.21 %   1.78 %   .42 %   (.43 )%
Operating return on average equity (7)   8.55     5.89     7.34     7.48     10.33     2.66     (1.78 )
Return on average assets   1.08     (.24 )   1.12     1.05     1.75     1.32     (.67 )
Return on average equity   6.83     (1.54 )   7.11     6.53     10.17     8.37     (3.34 )
Yield on earning assets   4.98     4.58     5.37     5.08     6.44     .40     (1.46 )
Cost of funds   .28     .29     .29     .33     .35     (.01 )   (.07 )
Rate on interest-bearing liabilities   .40     .39     .38     .43     .45     .01     (.05 )
Net interest margin   4.73     4.33     5.11     4.80     6.13     .40     (1.40 )
Net interest margin excluding accretion income (9)   3.52     3.45     3.22     2.96     2.99     .07     .53  
Average equity to average assets (1)   15.83     15.84     15.80     16.13     17.20     (.01 )   (1.37 )
Leverage ratio   15.04     14.92     15.00     15.90     17.16     .12     (2.12 )
Tier I risk-based capital ratio   18.64     19.12     19.51     23.12     25.17     (.48 )   (6.53 )
Total risk-based capital ratio   19.73     20.28     20.70     24.37     26.42     (.55 )   (6.69 )
Operating efficiency ratio (1) (3) (5)   61.66     70.79     61.61     60.66     53.55          
Average loans to average deposits   77.24     76.44     73.12     70.31     68.75     .80     8.49  
Noninterest-bearing deposits to total deposits   29.45     27.85     24.91     24.14     24.33     1.60     5.12  

  (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 $14.6 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 expense.
  (7 ) Excludes the one-time loss share expense termination charge, severance costs and merger-related expense, 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.
   

 
State Bank Financial Corporation
3Q15 Financial Supplement: Table 2
Condensed Consolidated Balance Sheets
Quarterly (Unaudited)
                        3Q15 change vs
(Dollars in thousands)   3Q15   2Q15   1Q15   4Q14   3Q14   2Q15   3Q14
                             
Assets                            
Cash and amounts due from depository institutions   $ 15,734     $ 21,903     $ 20,426     $ 10,550     $ 17,209     $ (6,169 )   $ (1,475 )
Interest-bearing deposits in other financial institutions   153,937     179,831     285,971     470,608     459,271     (25,894 )   (305,334 )
Cash and cash equivalents   169,671     201,734     306,397     481,158     476,480     (32,063 )   (306,809 )
Investment securities available-for-sale   831,548     815,277     819,609     640,086     532,447     16,271     299,101  
Loans   2,139,691     2,042,186     2,000,189     1,634,529     1,504,725     97,505     634,966  
Allowance for loan and lease losses (1)   (28,930 )   (29,569 )   (29,982 )   (28,638 )   (27,231 )   639     (1,699 )
Loans, net   2,110,761     2,012,617     1,970,207     1,605,891     1,477,494     98,144     633,267  
Loans held-for-sale   59,563     64,047     45,211     3,174     1,283     (4,484 )   58,280  
Other real estate owned   11,363     15,055     16,848     8,568     15,169     (3,692 )   (3,806 )
Premises and equipment, net   43,982     45,608     46,370     35,286     34,696     (1,626 )   9,286  
Goodwill   31,049     31,049     30,510     10,606     10,381         20,668  
Other intangibles, net   8,486     8,922     9,045     2,752     1,511     (436 )   6,975  
SBA servicing rights   2,463     2,185     1,902     1,516         278     2,463  
FDIC receivable for loss share agreements           17,098     22,320     26,221         (26,221 )
Bank-owned life insurance   58,347     57,810     57,348     41,479     41,136     537     17,211  
Other assets   61,440     46,004     31,363     29,374     30,779     15,436     30,661  
Total assets   $ 3,388,673     $ 3,300,308     $ 3,351,908     $ 2,882,210     $ 2,647,597     $ 88,365     $ 741,076  
Liabilities and Shareholders’ Equity                            
Noninterest-bearing deposits   $ 823,146     $ 762,100     $ 691,938     $ 577,295     $ 524,634     $ 61,046     $ 298,512  
Interest-bearing deposits   1,972,042     1,974,185     2,085,997     1,814,387     1,631,340     (2,143 )   340,702  
Total deposits   2,795,188     2,736,285     2,777,935     2,391,682     2,155,974     58,903     639,214  
Securities sold under agreements to repurchase   4,872     11,747     8,250             (6,875 )   4,872  
Notes payable   2,761     2,765     2,769     2,771     2,776     (4 )   (15 )
Other liabilities   53,691     26,527     33,708     23,662     30,570     27,164     23,121  
Total liabilities   2,856,512     2,777,324     2,822,662     2,418,115     2,189,320     79,188     667,192  
Total shareholders’ equity   532,161     522,984     529,246     464,095     458,277     9,177     73,884  
Total liabilities and shareholders’ equity   $ 3,388,673     $ 3,300,308     $ 3,351,908     $ 2,882,210     $ 2,647,597     $ 88,365     $ 741,076  
                             
Capital Ratios (2)                            
Average equity to average assets   15.83 %   15.84 %   15.80 %   16.13 %   17.20 %   (.01 )%   (1.37 )%
Leverage ratio   15.04     14.92     15.00     15.90     17.16     .12     (2.12 )
CET1 risk-based capital ratio   18.64     19.12     19.51     N/A   N/A   (.48 )   N/A
Tier I risk-based capital ratio   18.64     19.12     19.51     23.12     25.17     (.48 )   (6.53 )
Total risk-based capital ratio   19.73     20.28     20.70     24.37     26.42     (.55 )   (6.69 )

  (1 ) Allowance for loan losses on purchased credit impaired loans was approximately $8.8 million at 3Q15, $10.0 million at 2Q15, $10.6 million at 1Q15, $10.2 million at 4Q14 and $8.4 million at 3Q14.
  (2 ) 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
3Q15 Financial Supplement: Table 3
Condensed Consolidated Income Statements
Quarterly (Unaudited)
                        3Q15 change vs
(Dollars in thousands, except per share  amounts)   3Q15   2Q15   1Q15   4Q14   3Q14   2Q15   3Q14
                             
Net Interest Income:                            
Interest income on loans   $ 24,218     $ 23,070     $ 21,400     $ 17,416     $ 16,162     $ 1,148     $ 8,056  
Accretion income on loans   11,156     8,365     16,069     14,124     21,110     2,791     (9,954 )
Interest income on invested funds   4,050     4,032     3,602     2,928     2,545     18     1,505  
Interest expense   1,977     1,972     1,979     1,923     1,857     5     120  
Net interest income   37,447     33,495     39,092     32,545     37,960     3,952     (513 )
Provision for loan and lease losses   (265 )   64     3,193     1,189     416     (329 )   (681 )
Net interest income after provision for loan and lease losses   37,712     33,431     35,899     31,356     37,544     4,281     168  
Noninterest Income:                            
(Amortization) accretion of FDIC receivable for loss share agreements       (15,040 )   (1,448 )   1,652     (196 )   15,040     196  
Service charges on deposits   1,491     1,501     1,489     1,274     1,206     (10 )   285  
Mortgage banking income   3,079     3,480     2,680     322     191     (401 )   2,888  
Payroll fee income   1,004     956     1,158     1,050     875     48     129  
SBA income   1,720     1,380     1,123     477         340     1,720  
ATM income   742     773     725     624     621     (31 )   121  
Bank-owned life insurance income   537     462     455     343     333     75     204  
Gain (loss) on sale of investment securities   17     (59 )   380     223         76     17  
Other   304     826     2,240     972     398     (522 )   (94 )
Total noninterest income   8,894     (5,721 )   8,802     6,937     3,428     14,615     5,466  
Noninterest Expense:                            
Salaries and employee benefits   23,293     20,506     19,582     17,797     14,644     2,787     8,649  
Occupancy and equipment   3,113     3,219     3,105     2,615     2,440     (106 )   673  
Data processing   2,097     2,435     2,280     1,909     1,758     (338 )   339  
Legal and professional fees   1,144     1,284     1,484     844     851     (140 )   293  
Merger-related expenses   717     876     137     306     223     (159 )   494  
Marketing   491     599     436     491     453     (108 )   38  
Federal deposit insurance premiums and other regulatory fees   621     455     506     393     356     166     265  
Loan collection and OREO costs   (1,198 )   (114 )   405     (112 )       (1,084 )   (1,198 )
Amortization of intangibles   436     442     417     257     152     (6 )   284  
Other   1,702     1,655     1,735     1,299     1,633     47     69  
Total noninterest expense   32,416     31,357     30,087     25,799     22,510     1,059     9,906  
Income (Loss) Before Income Taxes   14,190     (3,647 )   14,614     12,494     18,462     17,837     (4,272 )
Income tax expense (benefit)   5,071     (1,626 )   5,410     4,909     6,958     6,697     (1,887 )
Net Income (Loss)   $ 9,119     $ (2,021 )   $ 9,204     $ 7,585     $ 11,504     $ 11,140     $ (2,385 )
                             
Net Income (Loss) Per Share                            
Basic   $ .26     $ (.06 )   $ .27     $ .24     $ .36     $ .32     $ (.10 )
Diluted   .25     (.06 )   .26     .23     .35     .31     (.10 )
Weighted Average Shares Outstanding                            
Basic   34,687,354     34,654,689     33,593,687     31,794,828     31,723,875     32,665     2,963,479  
Diluted   37,068,387     34,654,689     35,642,302     33,462,979     33,253,907     2,413,698     3,814,480  
                                           

 
State Bank Financial Corporation
3Q15 Financial Supplement: Table 4
Condensed Consolidated Income Statements
Year to Date (Unaudited)
    Nine Months Ended September 30   YTD Change
(Dollars in thousands, except per share amounts)   2015   2014  
             
Net Interest Income:            
Interest income on loans   $ 68,688     $ 46,760     $ 21,928  
Accretion income on loans   35,590     64,733     (29,143 )
Interest income on invested funds   11,684     7,560     4,124  
Interest expense   5,928     5,597     331  
Net interest income   110,034     113,456     (3,422 )
Provision for loan and lease losses   2,992     1,707     1,285  
Net interest income after provision for loan and lease losses   107,042     111,749     (4,707 )
Noninterest Income:            
Amortization of FDIC receivable for loss share agreements   (16,488 )   (17,437 )   949  
Service charges on deposits   4,481     3,560     921  
Mortgage banking income   9,239     513     8,726  
Payroll fee income   3,118     2,650     468  
SBA income   4,223         4,223  
ATM income   2,240     1,847     393  
Bank-owned life insurance income   1,454     991     463  
Gain on sale of investment securities   338     23     315  
Other   3,370     518     2,852  
Total noninterest income   11,975     (7,335 )   19,310  
Noninterest Expense:            
Salaries and employee benefits   63,381     44,296     19,085  
Occupancy and equipment   9,437     7,283     2,154  
Data processing   6,812     5,144     1,668  
Legal and professional fees   3,912     2,596     1,316  
Merger-related expenses   1,730     488     1,242  
Marketing   1,526     1,333     193  
Federal deposit insurance premiums and other regulatory fees   1,582     1,027     555  
Loan collection and OREO costs   (907 )   592     (1,499 )
Amortization of intangibles   1,295     475     820  
Other   5,092     4,435     657  
Total noninterest expense   93,860     67,669     26,191  
Income Before Income Taxes   25,157     36,745     (11,588 )
Income tax expense   8,855     13,412     (4,557 )
Net Income   $ 16,302     $ 23,333     $ (7,031 )
             
Net Income Per Share            
Basic   $ .48     $ .74     $ (.26 )
Diluted   .45     .70     (.25 )
Weighted Average Shares Outstanding            
Basic   34,315,916     31,700,092     2,615,824  
Diluted   36,594,476     33,214,953     3,379,523  
                   

 
State Bank Financial Corporation
3Q15 Financial Supplement: Table 5
Condensed Consolidated Composition of Loans and Deposits at Period Ends
Quarterly (Unaudited)
                        3Q15 change vs
(Dollars in thousands)   3Q15   2Q15   1Q15   4Q14   3Q14   2Q15   3Q14
                             
Composition of Loans                            
Organic loans (1):                            
Construction, land & land development   $ 412,788     $ 399,982     $ 388,148     $ 310,987     $ 324,008     $ 12,806     $ 88,780  
Other commercial real estate   705,616     634,943     606,347     609,478     591,672     70,673     113,944  
Total commercial real estate   1,118,404     1,034,925     994,495     920,465     915,680     83,479     202,724  
Residential real estate   127,823     118,612     107,554     91,448     80,231     9,211     47,592  
Owner-occupied real estate   212,171     205,805     191,557     188,933     164,514     6,366     47,657  
Commercial, financial & agricultural   165,305     126,157     108,929     90,930     102,417     39,148     62,888  
Leases   54,814     26,709     21,491     19,959     19,636     28,105     35,178  
Consumer   16,432     12,078     9,442     8,658     9,445     4,354     6,987  
Total organic loans   1,694,949     1,524,286     1,433,468     1,320,393     1,291,923     170,663     403,026  
Purchased non-credit impaired loans(2):                            
Construction, land & land development   37,326     61,089     67,129     2,166         (23,763 )   37,326  
Other commercial real estate   79,878     91,212     94,917     26,793         (11,334 )   79,878  
Total commercial real estate   117,204     152,301     162,046     28,959         (35,097 )   117,204  
Residential real estate   75,987     82,668     88,871     43,669         (6,681 )   75,987  
Owner-occupied real estate   69,619     73,409     77,946     22,743         (3,790 )   69,619  
Commercial, financial & agricultural   19,529     28,656     42,494     11,635         (9,127 )   19,529  
Consumer   3,080     3,505     4,517     791         (425 )   3,080  
Total purchased non-credit impaired loans   285,419     340,539     375,874     107,797         (55,120 )   285,419  
Purchased credit impaired loans (3):                            
Construction, land & land development   16,473     20,002     18,791     24,544     25,463     (3,529 )   (8,990 )
Other commercial real estate   42,637     48,187     54,211     58,680     54,573     (5,550 )   (11,936 )
Total commercial real estate   59,110     68,189     73,002     83,224     80,036     (9,079 )   (20,926 )
Residential real estate   67,218     70,537     74,876     78,793     80,859     (3,319 )   (13,641 )
Owner-occupied real estate   30,655     35,036     39,210     42,168     48,834     (4,381 )   (18,179 )
Commercial, financial & agricultural   2,132     3,234     3,427     1,953     2,790     (1,102 )   (658 )
Consumer   208     365     332     201     283     (157 )   (75 )
Total purchased credit impaired loans   159,323     177,361     190,847     206,339     212,802     (18,038 )   (53,479 )
Total loans   $ 2,139,691     $ 2,042,186     $ 2,000,189     $ 1,634,529     $ 1,504,725     $ 97,505     $ 634,966  
Composition of Deposits                            
Noninterest-bearing demand deposits   $ 823,146     $ 762,100     $ 691,938     $ 577,295     $ 524,634     $ 61,046     $ 298,512  
Interest-bearing transaction accounts   499,434     497,715     562,378     495,966     377,220     1,719     122,214  
Savings and money market deposits   1,059,770     1,038,292     1,052,677     954,626     910,488     21,478     149,282  
Time deposits less than $250,000   289,815     301,431     319,118     247,757     234,145     (11,616 )   55,670  
Time deposits $250,000 or greater   56,750     59,105     58,076     18,946     20,418     (2,355 )   36,332  
Brokered and wholesale time deposits   66,273     77,642     93,748     97,092     89,069     (11,369 )   (22,796 )
Total deposits   $ 2,795,188     $ 2,736,285     $ 2,777,935     $ 2,391,682     $ 2,155,974     $ 58,903     $ 639,214  

  (1 ) Loans originated by State Bank and Trust Company (“State Bank”).
  (2 ) Consists of loans purchased through the Bank of Atlanta and First Bank 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
3Q15 Financial Supplement: Table 6
Condensed Consolidated Asset Quality Data
Quarterly (Unaudited)
                        3Q15 change vs
(Dollars in thousands)   3Q15   2Q15   1Q15   4Q14   3Q14   2Q15   3Q14
                             
Allowance for loan and lease losses on organic loans                            
Beginning Balance   $ 19,594     $ 19,424     $ 18,392     $ 18,828     $ 17,885     $ 170     $ 1,709  
Charge-offs   (63 )   (64 )   (76 )   (1,250 )   (87 )   1     24  
Recoveries   31     12     38     39     30     19     1  
Net (charge-offs) recoveries   (32 )   (52 )   (38 )   (1,211 )   (57 )   20     25  
Provision for loan and lease losses   614     222     1,070     775     1,000     392     (386 )
Ending Balance   $ 20,176     $ 19,594     $ 19,424     $ 18,392     $ 18,828     $ 582     $ 1,348  
                             
Allowance for loan and lease losses on purchased loans (1) (2)                            
Beginning Balance   $ 9,975     $ 10,558     $ 10,246     $ 8,403     $ 17,722     $ (583 )   $ (7,747 )
Charge-offs   (3,282 )   (2,201 )   (3,231 )   (898 )   (5,329 )   (1,081 )   2,047  
Recoveries   2,940     1,227     924     2,410     2,417     1,713     523  
Net (charge-offs) recoveries   (342 )   (974 )   (2,307 )   1,512     (2,912 )   632     2,570  
Provision for loan and lease losses   (879 )   391     2,619     331     (6,407 )   (1,270 )   5,528  
Ending Balance   $ 8,754     $ 9,975     $ 10,558     $ 10,246     $ 8,403     $ (1,221 )   $ 351  
                             
Nonperforming organic assets                            
Nonaccrual loans   $ 1,848     $ 1,649     $ 1,428     $ 1,245     $ 740     $ 199     $ 1,108  
Troubled debt restructurings   3,269     3,322     3,374     4,301     875     (53 )   2,394  
Total nonperforming organic loans   5,117     4,971     4,802     5,546     1,615     146     3,502  
Other real estate owned   500     160         74     410     340     90  
Total nonperforming organic assets   $ 5,617     $ 5,131     $ 4,802     $ 5,620     $ 2,025     $ 486     $ 3,592  
                             
Ratios for organic assets                            
Annualized QTD charge-offs (recoveries) to average organic loans   .01 %   .01 %   .01 %   .36 %   .02 %   %   (.01 )%
Nonperforming loans to organic loans   .30     .33     .33     .42     .13     (.03 )   .17  
Nonperforming assets to organic loans + OREO   .33     .34     .33     .43     .16     (.01 )   .17  
Past due loans to organic loans   .08     .08     .11     .17     .10         (.02 )
Allowance for loan and lease losses to organic loans   1.19     1.29     1.36     1.39     1.46     (.10 )   (.27 )
                             
Ratios for purchased non-credit impaired loans                            
Annualized QTD charge-offs (recoveries) to average PNCI loans   (.01 )%   .04 %   %   %   N/A   (.05 )%   N/A
Nonperforming loans to PNCI loans   .57     .07     .04     .10     N/A   .50     N/A
Past due loans to PNCI loans   .64     .49     .36     .46     N/A   .15     N/A
                             
Ratios for purchased credit impaired loans (3)                            
Annualized QTD charge-offs (recoveries) to average PCI loans   .83 %   2.07 %   4.81 %   (2.80 )%   5.37 %   (1.24 )%   (4.54 )%
Past due loans to PCI loans   14.15     13.30     18.48     15.62     15.14     .85     (.99 )
Allowance for loan and lease losses to PCI loans   5.49     5.62     5.53     4.97     3.95     (.13 )   1.54  

  (1 ) Includes purchased non-credit impaired and purchased credit impaired activity. Net recoveries (charge-offs) for purchased non-credit impaired loans were $6,000 for 3Q15, $(46,000) for 2Q15 and $(2,000) for 2Q15 with a corresponding provision for loan and lease losses for each of the periods, resulting in no ending allowance for purchased non-credit impaired loans at each period end.
  (2 ) Allowance for loan and lease losses amount attributable to FDIC loss share agreements for purchased credit impaired loans was $0 for 3Q15, $(549,000) for 2Q15, $(496,000) for 1Q15, $83,000 for 4Q14, and $5.8 million for 3Q14.
  (3 ) 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
3Q15 Financial Supplement: Table 7
Condensed Consolidated Average Balances and Yield Analysis
Quarterly (Unaudited)
                        3Q15 change vs
(Dollars in thousands)   3Q15   2Q15   1Q15   4Q14   3Q14   2Q15   3Q14
Average Balances                            
Interest-bearing deposits in other financial institutions   $ 179,526     $ 191,653     $ 320,248     $ 450,362     $ 476,190     (12,127 )   (296,664 )
Investment securities   837,786     821,998     807,002     603,101     523,488     15,788     314,298  
Loans, excluding purchased credit  impaired (1)   1,969,651     1,920,219     1,791,537     1,430,495     1,246,008     49,432     723,643  
Purchased credit impaired loans   167,095     179,579     194,471     214,518     215,318     (12,484 )   (48,223 )
Total earning assets   3,154,058     3,113,449     3,113,258     2,698,476     2,461,004     40,609     693,054  
Total nonearning assets   189,965     202,975     210,455     159,733     148,772     (13,010 )   41,193  
Total assets   3,344,023     3,316,424     3,323,713     2,858,209     2,609,776     27,599     734,247  
Interest-bearing transaction accounts   486,514     522,147     507,087     433,545     376,052     (35,633 )   110,462  
Savings & money market deposits   1,042,941     1,035,706     1,072,818     958,782     896,503     7,235     146,438  
Time deposits less than $250,000   295,304     309,725     327,807     240,509     239,924     (14,421 )   55,380  
Time deposits $250,000 or greater   57,511     57,375     56,529     66,009     20,906     136     36,605  
Brokered and wholesale time deposits   70,004     82,840     103,464     86,371     96,743     (12,836 )   (26,739 )
Other borrowings   15,507     11,667     27,742     7,385     2,778     3,840     12,729  
Total interest-bearing liabilities   1,967,781     2,019,460     2,095,447     1,792,601     1,632,906     (51,679 )   334,875  
Noninterest-bearing deposits   814,040     739,025     648,379     554,350     495,531     75,015     318,509  
Other liabilities   32,704     32,680     54,619     50,121     32,357     24     347  
Shareholders’ equity   529,498     525,259     525,268     461,137     448,982     4,239     80,516  
Total liabilities and shareholders’ equity   3,344,023     3,316,424     3,323,713     2,858,209     2,609,776     27,599     734,247  
                             
Interest Margins (2)                            
Interest-bearing deposits in other financial institutions   .27 %   .29 %   .27 %   .26 %   .26 %   (.02 )%   .01 %
Investment securities, tax-equivalent basis (3)   1.86     1.90     1.72     1.73     1.70     (.04 )   .16  
Loans, excluding purchased credit impaired, tax-equivalent basis (4)   4.91     4.84     4.87     4.85     5.17     .07     (.26 )
Purchased credit impaired loans   26.49     18.68     33.51     26.12     38.90     7.81     (12.41 )
Total earning assets   4.98 %   4.58 %   5.37 %   5.08 %   6.44 %   .40 %   (1.46 )%
Interest-bearing transaction accounts   .13     .14     .14     .13     .13     (.01 )    
Savings & money market deposits   .47     .46     .45     .46     .46     .01     .01  
Time deposits less than $250,000   .38     .24     .21     .43     .54     .14     (.16 )
Time deposits $250,000 or greater   .36     .99     1.03     .75     .78     (.63 )   (.42 )
Brokered and wholesale time deposits   .97     .97     .94     1.02     1.08         (.11 )
Other borrowings   1.69     2.23     .98     3.55     9.00     (.54 )   (7.31 )
Total interest-bearing liabilities   .40 %   .39 %   .38 %   .43 %   .45 %   .01 %   (.05 )%
Net interest spread   4.58 %   4.19 %   4.99 %   4.65 %   5.99 %   .39 %   (1.41 )%
Net interest margin   4.73 %   4.33 %   5.11 %   4.80 %   6.13 %   .40 %   (1.40 )%
Net interest margin excluding accretion income   3.52 %   3.45 %   3.22 %   2.96 %   2.99 %   .07 %   .53 %

  (1 ) Includes average nonaccrual loans of $5.9 million for 3Q15, $4.9 million for 2Q15, $5.1 million for 1Q15, $5.6 million for 4Q14, and $1.7 million for 3Q14.
  (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 $4,000 for 3Q15, $5,000 for 2Q15, $27,000 for 1Q15, $4,000 for 4Q14, and $7,000 for 3Q14.
  (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 $179,000 for 3Q15, $104,000 for 2Q15, $98,000 for 1Q15, $80,000 for 4Q14, and $75,000 for 3Q14.

 
State Bank Financial Corporation
3Q15 Financial Supplement: Table 8
Condensed Operating Results to GAAP Earnings Reconciliation (1)
Quarterly (Unaudited)
                      3Q15 change vs
(dollars in thousands, except per share amounts; taxable equivalent) 3Q15   2Q15   1Q15   4Q14   3Q14   2Q15   3Q14
                           
Interest income reconciliation                          
Interest income – taxable equivalent $ 39,607     $ 35,576     $ 41,196     $ 34,552     $ 39,899     $ 4,031     $ (292 )
Taxable equivalent adjustment (183 )   (109 )   (125 )   (84 )   (82 )   (74 )   (101 )
Interest income (GAAP) $ 39,424     $ 35,467     $ 41,071     $ 34,468     $ 39,817     $ 3,957     $ (393 )
                           
Net interest income reconciliation                          
Net interest income – taxable equivalent $ 37,630     $ 33,604     $ 39,217     $ 32,629     $ 38,042     $ 4,026     $ (412 )
Taxable equivalent adjustment (183 )   (109 )   (125 )   (84 )   (82 )   (74 )   (101 )
Net interest income (GAAP) $ 37,447     $ 33,495     $ 39,092     $ 32,545     $ 37,960     $ 3,952     $ (513 )
                           
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     $ (196 )   $ 492     $ 196  
Loss share termination     (14,548 )               14,548      
(Amortization) accretion of FDIC receivable for loss share agreements (GAAP) $     $ (15,040 )   $ (1,448 )   $ 1,652     $ (196 )   $ 15,040     $ 196  
                           
Operating noninterest income reconciliation                          
Operating noninterest income $ 8,894     $ 8,827     $ 8,802     $ 6,937     $ 3,428     $ 67     $ 5,466  
Loss share termination     (14,548 )               14,548      
Total noninterest income (GAAP) $ 8,894     $ (5,721 )   $ 8,802     $ 6,937     $ 3,428     $ 14,615     $ 5,466  
                           
Operating noninterest expense reconciliation                          
Operating noninterest expense $ 28,687     $ 30,038     $ 29,585     $ 23,999     $ 22,207     $ (1,351 )   $ 6,480  
Merger-related expenses 717     876     137     306     223     (159 )   494  
Severance costs 3,012     443     365     1,494     80     2,569     2,932  
Total noninterest expense (GAAP) $ 32,416     $ 31,357     $ 30,087     $ 25,799     $ 22,510     $ 1,059     $ 9,906  
                           
Operating income before taxes reconciliation                          
Operating income before taxes $ 18,102     $ 12,329     $ 15,241     $ 14,378     $ 18,847     $ 5,773     $ (745 )
Loss share termination     (14,548 )               14,548      
Merger-related expenses (717 )   (876 )   (137 )   (306 )   (223 )   159     (494 )
Severance costs (3,012 )   (443 )   (365 )   (1,494 )   (80 )   (2,569 )   (2,932 )
Taxable equivalent adjustment to interest income (183 )   (109 )   (125 )   (84 )   (82 )   (74 )   (101 )
Income (loss) before taxes (GAAP) $ 14,190     $ (3,647 )   14,614     12,494     $ 18,462     $ 17,837     $ (4,272 )
                           
 
 
State Bank Financial Corporation
3Q15 Financial Supplement: Table 8 (continued)
Condensed Operating Results to GAAP Earnings Reconciliation (1)
Quarterly (Unaudited)
                      3Q15 change vs
(dollars in thousands, except per share amounts; taxable equivalent) 3Q15   2Q15   1Q15   4Q14   3Q14   2Q15   3Q14
Operating income tax reconciliation                          
Operating income tax expense $ 6,696     $ 4,620     $ 5,729     $ 5,689     $ 7,157     $ 2,076     $ (461 )
Loss share termination tax benefit     (5,627 )               5,627      
Merger-related expenses tax benefit (277 )   (339 )   (53 )   (118 )   (86 )   62     (191 )
Severance costs tax benefit (1,165 )   (171 )   (141 )   (578 )   (31 )   (994 )   (1,134 )
Taxable equivalent adjustment to interest income (183 )   (109 )   (125 )   (84 )   (82 )   (74 )   (101 )
Income tax expense (GAAP) $ 5,071     $ (1,626 )   $ 5,410     $ 4,909     $ 6,958     $ 6,697     $ (1,887 )
                           
Operating income reconciliation                          
Operating income $ 11,406     $ 7,709     $ 9,512     $ 8,689     $ 11,690     $ 3,697     $ (284 )
Loss share termination, net of tax benefit     (8,921 )               8,921      
Merger-related expenses, net of tax benefit (440 )   (537 )   (84 )   (188 )   (137 )   97     (303 )
Severance costs, net of tax benefit (1,847 )   (272 )   (224 )   (916 )   (49 )   (1,575 )   (1,798 )
Net income (GAAP) $ 9,119     $ (2,021 )   $ 9,204     $ 7,585     $ 11,504     $ 11,140     (2,385 )
                           
Book value per common share reconciliation                          
Tangible book value per common share $ 13.78     $ 13.51     $ 13.70     $ 13.97     $ 13.83     $ 0.27     $ (.05 )
Effect of goodwill and other intangibles 1.10     1.11     1.11     .41     .37     (.01 )   .73  
Book value per common share (GAAP) $ 14.88     $ 14.62     $ 14.81     $ 14.38     $ 14.20     $ 0.26     $ .68  
                           
Average equity to average assets reconciliation                          
Average tangible common equity to average assets 14.63 %   14.63 %   14.59 %   15.66 %   16.75 %   %   (2.12 )%
Effect of average goodwill and other intangibles 1.20     1.21     1.21     .47     .45     (.01 )   .75  
Average equity to average assets (GAAP) 15.83 %   15.84 %   15.80 %   16.13 %   17.20 %   (.01 )%   (1.37 )%
                           
Efficiency ratio reconciliation                          
Operating efficiency ratio 61.66 %   70.79 %   61.61 %   60.66 %   53.55 %   (9.13 )%   8.11 %
Effect of tax equivalent adjustment to interest income, loss share termination, merger-related expenses, and severance costs 8.29 %   42.11     1.21     4.68     .84     (33.82 )%   7.45 %
Efficiency ratio (GAAP) 69.95 %   112.90 %   62.82 %   65.34 %   54.39 %   (42.95 )%   15.56 %

  (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, operating noninterest income, operating noninterest expense, operating income before taxes – taxable equivalent, operating income tax expense, tangible book value per common 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.
   
CONTACT: Media Contact: David Rubinger 404.502.1240 / david.rubinger@statebt.com
Investor Relations Contact: Jeremy Lucas 404.239.8626 / jeremy.lucas@statebt.com

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