State Bank Financial reports 1st quarter income of $10.8 million

Atlanta-based State Bank Financial Corp., the holding company for Macon-based State Bank and Trust Co., announced Thursday unaudited financial results for the quarter ending March 31.

Net income for the first quarter of 2016 was $10.8 million, compared to $9.2 million in the first quarter of 2015 and $12.1 million in the fourth quarter of 2015, according to a news release. Fully diluted earnings per share were 29 cents in the first quarter of 2016 compared to 26 cents in the first quarter of 2015 and 33 cents in the fourth quarter of 2015.

Higher noninterest income and lower expenses offset lower net interest income, which declined primarily due to lower accretion income in the quarter, the release said.

State Bank announced April 20 the addition of an SBA lending team, which will expand its government guaranteed lending program with a focus on providing greater geographic and industry diversification.

This story was originally published April 28, 2016 at 5:04 PM with the headline "State Bank Financial reports 1st quarter income of $10.8 million."