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State Bank Announces Adjustment to 2012 Unaudited Financial Results

State Bank Announces Adjustment to 2012 Unaudited Financial Results

ATLANTA, March 13, 2013 (GLOBE NEWSWIRE) -- State Bank Financial Corporation
(Nasdaq:STBZ) ("State Bank") today announced its plan to adjust its previously
reported unaudited financial results for the year ended December 31, 2012.

On January 30, 2013, State Bank filed a Form 8-K announcing unaudited
financial results for the fourth quarter and the year ended December 31, 2012.
State Bank subsequently identified necessary adjustments to the FDIC
Receivable for Loss Share Agreements from reconsideration of valuation
judgments on limited populations of both loans and other real estate owned
that affected the December 31, 2012 unaudited balance of that receivable.

The largest component of the adjustments to the FDIC Receivable concerned
indemnification assets related to losses on other real estate owned where
recoveries are also expected from guarantors as well as the FDIC. An unrelated
adjustment resulted in an increase to unaudited accretion income on covered
loans. State Bank expects these changes and their related tax effects to be
reflected in the Form 10-K, to be filed on or before March 18, 2013.

Based on the expected adjustments outlined in Table 1 of this press release,
net income for the year ended December 31, 2012 will be $22.7 million, as
opposed to the $28.9 million previously reported. Fully diluted earnings per
share will be reduced to $.69 for the year ended December 31, 2012, from the
$.88 previously reported. Likewise, net income for the fourth quarter of 2012
will be reduced to $3.2 million from the $9.3 million previously
reported.Fully diluted earnings per share for the fourth quarter will be
$.10, down from $.28 previously reported.

Commenting on the change, Joe Evans, Chairman and CEO, said, "We take the
integrity of public announcements seriously.The complexities of loss share
administration and accounting are great and reliant upon a multitude of
estimates developed in a compressed time frame, which adds risk to the
earnings announcement process. We have improved the process and added to the
resources dedicated to this task and are confident that these enhancements
reduce this risk going forward. I remain extremely positive about both the
overall profitability of our covered asset portfolio and the quality of the
banking franchise we are building."

About State Bank Financial Corporation and State Bank and Trust Company

State Bank Financial Corporation (Nasdaq:STBZ) is the holding company for
State Bank and Trust Company, one of Georgia's best-capitalized banks, with
approximately $2.66 billion in assets as of December 31, 2012. State Bank has
locations in Metro Atlanta and Middle Georgia. State Bank Financial
Corporation is headquartered in Atlanta, Georgia and State Bank and Trust
Company is headquartered in Macon, Georgia.

State Bank was named the best performing community bank in the United States
for 2011 by SNL Financial LC for banks between $500 million and $5 billion in
assets. State Bank was also ranked fourth among the 195 banks in the $1
billion-to-$5 billion-asset category of Bank Director magazine's 2012 Bank
Performance Scorecard, a ranking of U.S. publicly traded banks and thrifts
based on 2011 calendar-year financials.

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

The State Bank Financial Corporation logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=14370

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this release contain "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995, such as
statements relating to future plans, and our expectations, and are thus
prospective.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 FDIC-assisted transactions,
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.

Table 1                                                       
Reconciliation of Changes (Unaudited)                         
                                                             
(dollars in thousands, except per      Form 8-K       Changes   Form 10-K
share amounts;
numbers may not add due to rounding)   filed January          to be filed by
                                       30, 2013                 March 18, 2013
Consolidated Statement of Financial                           
Condition
December 31, 2012                                             
FDIC receivable for loss share         $367,927       ($12,602) $355,325
agreements
FHLB stock and other assets            77,550         (9,236)   68,314
Total assets                           $2,684,803     ($21,838) $2,662,965
                                                             
Other liabilities                      $92,747        ($15,712) $77,035
Total shareholders' equity             436,342        (6,126)   430,216
Total liabilities and shareholders'    $2,684,803     ($21,838) $2,662,965
equity
                                                             
Consolidated Statement of Income                              
Full Year 2012                                                
Accretion income on covered loans      $100,850       $1,563    $102,413
(Amortization)/accretion of FDIC       (21,508)       (11,061)  (32,569)
receivable for loss share agreements
                                                             
Income before income taxes             44,662         (9,498)   35,164
Income tax expense                     15,794         (3,372)   12,422
Net Income                             $28,868        ($6,126)  $22,742
                                                             
Per Share Amounts                                             
Basic net income per share             .91            (.19)     .72
Diluted net income per share           .88            (.19)     .69
                                                             
4Q 2012                                                       
Accretion income on covered loans      $26,276        $1,563    $27,839
(Amortization)/accretion of FDIC       (4,199)        (11,061)  (15,260)
receivable for loss share agreements
                                                             
Income before income taxes             14,131         (9,498)   4,633
Income tax expense                     4,790          (3,372)   1,418
Net Income                             $9,341         ($6,126)  $3,215
                                                             
Per Share Amounts                                             
Basic net income per share             .29            (.19)     .10
Diluted net income per share           .28            (.19)     .10
                                                             

CONTACT: Media Contact: David Rubinger
         404.502.1240 / david@rubinger.com
         Investor Relations Contact:
         David Black 404.266.4490 / david.black@statebt.com

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