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State Bank net income at $11M in second quarter

State Bank Financial Corp. had net income of $11 million for the second quarter, up from $8.6 million at the end of the same quarter 2011 and up from $5.1 million in the first quarter this year.

Fully diluted earnings per share were 34 cents for the second quarter compared to 26 cents in the second quarter 2011 and up from 16 cents in the first quarter this year, according to the company’s financial report.

Total assets at quarter end were $2.67 billion, compared to $2.77 billion for the same quarter 2011. Total net loans were $1.49 billion, up from $1.35 billion in the second quarter 2011, the report stated. Loans not covered by loss share agreements with the Federal Deposit Insurance Corp. grew $78.2 million in the second quarter to 2012 to $881.1 million. A reclassification of March 31 loan balances now reflects $101.9 million of organic loan growth in the first quarter, versus the $53.6 million previously reported.

Total deposits at quarter end were $2.17 billion, down from $2.36 billion at the end of the same quarter 2011.

State Bank Financial is the holding company for Macon-based State Bank and Trust Co. which has locations in metro Atlanta and Middle Georgia.

To contact writer Linda S. Morris, call 744-4223.

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