ATLANTA — State Bank Financial Corporation (NASDAQ:STBZ) on Thursday announced unaudited financial results for the quarter ended June 30. Net income for the second quarter of 2016 was $13.8 million, compared to $10.8 million in the first quarter of 2016 and a net loss of $2 million in the second quarter of 2015 related to one-time expenses associated with the early termination of loss share agreements in May 2015. Fully diluted earnings per share were 37 cents in the second quarter of 2016 compared to 29 cents in the first quarter of 2016 and a fully diluted loss per share of 6 cents in the second quarter of 2015.
Driven by solid loan growth during the quarter, interest income on loans improved to $25.4 million in the second quarter of 2016, a $1.1 million increase from the first quarter of 2016 and a $2.3 million increase from the second quarter of 2015.
"We had a great second quarter with $13.8 million of net income as we continue to generate capital and increase tangible book value for shareholders," said Joe Evans, the chairman and CEO of State Bank Financial. "Further, we announced two bank acquisitions in the quarter that will accelerate the growth of our core earnings and add three attractive MSAs to our footprint. I am very pleased with our performance thus far in 2016 and with the positive momentum we are carrying into the second half of the year."
On April 5, State Bank Financial announced the signing of a definitive agreement to acquire NBG Bancorp Inc. and its wholly-owned subsidiary, The National Bank of Georgia, in a cash and stock transaction with a purchase price of approximately $68 million. On June 30, The National Bank of Georgia had assets of approximately $417 million, loans of approximately $342 million, deposits of approximately $322 million, a branch and mortgage office in Athens and a branch office in Gainesville.
On May 19, State Bank Financial announced the signing of a definitive agreement to acquire S Bankshares Inc. and its wholly-owned subsidiary, S Bank, in a cash and stock transaction with a purchase price of approximately $11 million. On June 30, S Bank had assets of approximately $109 million, loans of approximately $82 million and deposits of approximately $91 million. S Bank has banking operations in Savannah, Glennville, Reidsville and Hinesville.