State Bank Financial Corp., the parent company for Macon-based State Bank and Trust, reported Thursday a net loss for the second quarter.
The $2 million net loss was created during the quarter after the company posted a one-time pre-tax charge of $14.5 million resulting from the early termination of its loss share agreements with the Federal Deposit Insurance Corp., according to a news release. The company reported a net income of $7.5 million for the second quarter of 2014 and net income of $9.2 million for the first quarter of 2015.
On May 21, State Bank entered into an agreement with the FDIC to terminate the loss share agreements on all 12 FDIC-assisted acquisitions that occurred in 2009, 2010 and 2011, resulting in the pre-tax charge.
Fully diluted loss per share was 6 cents in the second quarter of 2015 compared to fully diluted earnings per share of 22 cents in the second quarter of 2014. On an operating basis, income for the second quarter of 2015 was $7.7 million, or 20 cents per fully diluted share.
“The big event of the second quarter was the early termination of our FDIC loss share agreements with a related one-time charge that led to negative earnings,” Chairman and CEO Joe Evans said in the release. “I am extremely pleased to have accomplished early termination and remain highly confident that the financial benefits will allow us to recover this charge within five quarters as we previously announced.”
During the second quarter, State Bank closed three Macon branches at 2918 Riverside Drive, 3945 Pio Nono Ave. and a limited-service office at 5300 Zebulon Road. All employees were able to transfer to other positions with the bank, said Marketing Director Tom Woodbery.
To contact writer Linda S. Morris, call 744-4223.