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     550  0 Kommentare Stonegate Bank Announces Second Quarter 2014 Operating Results

    POMPANO BEACH, FL--(Marketwired - Jul 30, 2014) - Stonegate Bank (NASDAQ: SGBK) ("Stonegate") reported net income of $1,904 for the second quarter of 2014 or $0.17 per diluted common share ($0.37 per share net operating income, a non-GAAP measurement described below), as compared to the first quarter of 2014 earnings of $2,058 or $0.21 per diluted common share ($0.27 per share net operating income).

    Net operating income is a non-GAAP financial measurement used by management to evaluate and monitor financial results of operations excluding certain non-recurring items such as merger and acquisition related expenses. A table reconciling GAAP to non-GAAP measures is presented on page 13, Explanation of Certain Unaudited Non-GAAP Financial Measures.

    Key highlights for the second quarter:

    • Loans: Total loans grew $31.2 million during the second quarter of 2014, or 9.0% on an annualized basis, to $1.2 billion at June 30, 2014. This loan growth was largely due to the origination of $136.5 million in loans during the second quarter. Approximately 35% of loan originations were in commercial real estate ("CRE"), 23% in construction and land development, 15% in residential mortgages, 14% in commercial and industrial ("C&I") and 13% were all other. The production for the current quarter was 49% fixed rate loans and 51% variable rate loans.

    • Asset Quality: Total loans past due 30 - 89 days, excluding nonaccrual loans, were $1.2 million at June 30, 2014, or 0.10% of total loans as compared to 0.11% at March 31, 2014. Nonaccrual loans were $7.5 million at June 30, 2014, or 0.62% of total loans, down from $8.3 million at March 31, 2014, or 0.70% of total loans.

    • Net Interest Income and Margin: Net interest income, on a tax equivalent basis, increased $1.0 million for the three months ended June 30, 2014 as compared to the three months ended March 31, 2014. Net interest income totaled $13.9 million for the three months ended June 30, 2014. The second quarter 2014 net interest margin, on a tax equivalent basis, increased 5 basis points to 3.61% from 3.56% on a tax equivalent basis for the first quarter 2014. The slight increase in the margin is primarily a result of a higher yield earned on the Bank's interest bearing deposits at other banks.

    • Non-Interest Expense: Non-interest expense increased from $10.4 million for the first three months of 2014 to $12.4 million for the three months ended June 30, 2014. This increase was primarily due to the one-time costs associated with the conversion of Florida Shores Bancorp, Inc. and Subsidiaries (collectively, "Florida Shores") and related branch closure expenses. One-time costs were approximately $2.4 million for the three months ended June 30, 2014.

    • Capital: The Bank remained well-capitalized with capital of $191.2 million as of June 30, 2014. The Bank's total risk-based capital ratio was 14.8%, the Bank's Tier 1 capital ratio was 13.5% and the Bank's leverage capital ratio was 10.4%.

    Loans and Deposits

    Loans outstanding at June 30, 2014 were $1.21 billion as compared to $1.18 billion at March 31, 2014 an increase of $31.2 million during the second quarter of 2014. This net increase is a result of organic loan growth.

    The loan portfolio consists primarily of loans to individuals and small- and medium-sized businesses within our primary market area of South and West Florida. The table below shows the loan portfolio composition:

             
    (in thousands of dollars)   June 30, 2014   March 31, 2014
                 
    Commercial   $ 180,243   $ 178,286
    Commercial real estate     651,994     657,852
    Construction and land development     100,193     82,941
    Residential real estate     259,658     258,382
    Consumer and other loans     31,136     14,577
      Total loans     1,223,224     1,192,038
    Less: discount on loans acquired     9,895     10,123
    Net deferred fees     1,388     1,197
    Recorded investment in loans     1,211,941     1,180,718
    Less: Allowance for loan losses     18,296     17,983
      Net loans   $ 1,193,645   $ 1,162,735
                 

    Construction and land development loans grew $17.3 million during the second quarter of 2014. This net increase was due to new loan originations, primarily comprised of construction for residential properties and one loan for student housing at a local university.

    Deposits at June 30, 2014 and March 31, 2014 were $1.41 billion and $1.47 billion, a decrease of $60 million. Noninterest-bearing deposits were $233.9 million at June 30, 2014 as compared to $261.1 million at March 31, 2014, a decline of $27.2 million. This was primarily a result of a reduction related to two accounts. The deposit balance in one account was dispersed due to a sale of the business and the deposit balance in the other account, which was an account for an estate, was reduced due to a distribution. Money market deposits declined approximately $18.7 million from March 31, 2014 to June 30, 2014. Approximately 60% of the decline in money market deposits was a planned outflow of a non-core deposit associated with the Florida Shores acquisitions. During the second quarter the Bank experienced $10.0 million in runoff of certificates of deposit held by the Florida Shores entities that were priced above market.

    The following table shows the composition of deposits as of June 30, 2014 and March 31, 2014:

             
    (in thousands of dollars)   June 30, 2014   March 31, 2014
                 
    Noninterest bearing   $ 233,928   $ 261,094
    NOW     209,100     212,502
    Money market     767,877     786,596
    Savings     12,591     13,042
    Certificates of deposit     190,346     200,731
      Total deposits   $ 1,413,842   $ 1,473,965
                 

    Credit Quality and Allowance for Loan Losses

    As of June 30, 2014, the Bank's past due and nonaccrual loans totaled $8.7 million and were 0.07% of total loans as compared $9.7 million or 0.82% at March 31, 2014 and $9.4 million or 1.25% at June 30, 2013. Loans past due 30-89 days were $1.2 million versus $1.4 million at March 31, 2014, a decrease of $200,000. Legacy loans past due total $500,000 or approximately 40% of the total loans past due. Nonaccrual loans stood at $7.5 million at June 30, 2014, a decrease of $800,000 from $8.3 million at March 31, 2014. This decrease was a result of a $1.2 million loan which was returned to accrual status during the second quarter of 2014. Legacy loans represent approximately 25% or $1.9 million of the total nonaccrual loans at June 30, 2014. Commercial real estate loans are $4.6 million or 61% of the nonaccrual loans. The Bank does not have any loans past due 90 days or more that are still accruing. As of June 30, 2014, there remains approximately $11.1 million in nonaccretable discounts on loans acquired. The Bank does not have any loans under which it participates in a loss share arrangement.

    Other real estate owned declined from $1.4 million as of March 31 2014, to $650,000 as of June 30, 2014. Other real estate owned is comprised of four properties, with one property of approximately $500,000 under contract for sale.

    The following outlines nonperforming assets for the periods ended:

                 
    (in thousands of dollars)   June 30,
     2014
        March 31,
    2014
     
                     
    Nonaccrual   $ 7,526     $ 8,336  
    Other real estate owned     654       1,461  
      Total nonperforming assets   $ 8,180     $ 9,797  
                     
    Nonperforming loans as a percentage of total loans     0.06 %     0.07 %
    Nonperforming assets as a percentage of total assets     0.05 %     0.06 %
                     
    Past due 90 or more days and still accruing   $ -     $ -  
                     

    Loans modified as troubled debt restructuring were $13.9 million and $14.0 million at June 30, 2014 and March 31, 2014, respectively. Loans classified as troubled debt restructuring and on nonaccrual totaled $1.9 million and $800,000 as of June 30, 2014 and March 31, 2014, respectively. There were no loans modified as troubled debt restructuring during the second quarter of 2014. The specific reserves of $1.3 million allocated to loans modified as troubled debt restructuring remained unchanged from March 31, 2014.

    The allowance for loan losses was $18.3 million at June 30, 2014, an increase of $300,000 from March 31, 2014. The allowance for loan losses represents 1.51% and 1.52% of total loans as of June 30, 2014 and March 31, 2014, respectively. Additionally, as of June 30, 2014, the allowance represents 2.11% of total legacy loans. During the second quarter of 2014 the Bank recorded no provision for loan loss expense, no loan charge-offs and recoveries of $300,000. The general loan loss reserve (non-impaired loans) increased $400,000 during the second quarter while specific reserves remained unchanged at $1.5 million.

    The following table shows the activity in the allowance for loan losses for the three months ended:

                     
    (in thousands of dollars)   June 30,
    2014
      March 31,
    2014
        June 30,
    2013
     
                           
    Balance At Beginning Of Period   $ 17,983   $ 17,307     $ 16,149  
    Charge-Offs     -     (79 )     (549 )
    Recoveries     313     230       201  
    Provision For Loan Losses     -     525       723  
    Balance At End Of Period   $ 18,296   $ 17,983     $ 16,524  
                           

    The table below reflects the allowance allocation per loan category and percent of loans in each category to total loans for the periods indicated:

                   

    (in thousands of dollars)
      June 30,
    2014
        March 31,
    2014
      June 30,
    2013
        Amount     %     Amount   %   Amount   %
    Commercial   $ 1,896     10.3     $ 1,919   10.7     1,629   9.9
    Commercial real estate     12,058     65.9       11,963   66.5     11,222   67.9
    Construction and land development     1,844     10.1       1,683   9.3     1,421   8.6
    Residential real estate     2,393     13.1       2,286   12.7     2,020   12.2
    Consumer and other loans     128     0.7       69   0.4     62   .0.4
    Unallocated     (23 )   (0.1 )     63   0.4     170   1.0
      Total   $ 18,296     100.0     $ 17,983   100.0   $ 16,524   100.0
                                         

    The following is a summary of information pertaining to impaired loans for the three months ended:

                 
    (in thousands of dollars)   June 30,
    2014
      March 31,
    2014
      June 30,
    2013
                       
    Impaired loans without a valuation allowance   $ 8,150   $ 12,559   $ 9,801
    Impaired loans with a valuation allowance     10,414     6,309     9,130
    Total impaired loans   $ 18,564   $ 18,868   $ 18,931
                       
    Valuation allowance related to impaired loans   $ 1,495   $ 1,516   $ 2,300
                       

    Net Interest Income and Margin
    On a tax equivalent basis the Bank's net interest income for the three months ended June 30, 2014 was $14.0 million which was an increase of $1.0 million from the first quarter of 2014 and an increase of $4.8 million from the second quarter 2013. The increase from the first quarter of 2014 was a result of net loan growth while the increase over the second quarter of 2013 was due primarily to an increase in loans of $346 million from the Florida Shores acquisitions and organic growth. Average loans for the second quarter of 2014 were $1.19 billion as compared to $1.11 billion for the first quarter of 2014 and $726 million for the second quarter of 2013. The increase in deposits with interest at banks from June 2013 is primarily a result of the cash received with the Florida Shores acquisitions and the subsequent liquidation of the majority of their investment portfolio.

    The net interest margin on a tax equivalent basis was 3.61% for the second quarter 2014 as compared to 3.56% for the first quarter 2014 and 3.71% for the second quarter of 2013. This represented an increase of 5 basis points from the first quarter of 2014 and a decrease of 10 basis points from the second quarter 2013. The yield on interest earning assets was 4.09% for the second quarter of 2014 versus 4.04% for the first quarter of 2014 and was primarily due to the increase in average loans outstanding during the second quarter. The yield on loans remained unchanged at 5.14% from the prior quarter however it was lower by 57 basis points from the second quarter of 2013. This was a result of new loans pricing at a lower rate over the 12 month period. The average yield on paying liabilities remained unchanged from the first quarter of 2014 at 0.60% but declined from 0.89% from the second quarter of 2013. The decline from the second quarter of 2013 was primarily due to the decrease in the cost of funds of legacy deposits and as a result of lower cost deposits assumed with the Florida Shores acquisitions. The Bank's cost of funds has declined from 0.76% for the June 2013 month-to-date average to 0.50% for the June 2014 month-to-date average.

    The following table recaps yields and costs by various interest-earning asset and interest bearing liability account types for the current quarter, the previous quarter and the same quarter last year.

    Yield and cost table (unaudited)  
    (in thousands of dollars)  
       
        2Q14     1Q14     2Q13  
        Average Balance   Interest   Rate     Average Balance   Interest   Rate     Average Balance   Interest   Rate  
    ASSETS                                                      
    Loans, Net(1)(2)(4)   $ 1,194,718   $ 15,321   5.14 %   $ 1,113,953   $ 14,116   5.14 %   $ 725,513   $ 10,325   5.71 %
    Investment Securities     85,103     302   1.42       84,976     377   1.80       99,277     460   1,86  
    Federal Funds Sold     16,268     19   0.47       10,589     5   0.19       5,934     4   0.27  
    Other Investments(3)     2,422     25   4.14       2,543     25   3.99       2,039     12   2.36  
    Deposits with interest at banks     256,813     183   0.29       259,506     150   0.23       151,831     94   0.25  
    Total Earning Assets     1,555,324     15,850   4.09 %     1,471,567   $ 14,673   4.04 %     984,594   $ 10,895   4.44 %
                                                           
                                                           
    LIABILITIES                                                      
    Savings, NOW and Money Market   $ 1,011,515   $ 1350   0.54 %   $ 962,317   $ 1,270   0.54 %   $ 632.275   $ 1,283   0.81 %
    Time Deposits     196,534     320   0.63       193,769     303   0.63       116,370     272   0.94  
    Total Interest Bearing Deposits     1,208,049     1,670   0.55       1,156,086     1,573   0.55       748,645     1,554   0.83  
    Other Borrowings     39,269     193   1.97       39,307     191   1.97       59,468     232   1.56  
    Total Interest Bearing Liabilities     1,247,318     1,863   0.60 %     1,195,393     1,764   0.60 %     808,113     1,786   0.89 %
                                                           
    Net interest spread (tax equivalent basis) (note 4)               3.49 %               3.44 %               3.55 %
    Net interest margin (tax equivalent basis) (note5)               3.61 %               3.56 %               3.71 %
         
    (1)   Average balances include nonaccrual loans, and are net of unearned loan fees of $1,388, $1,197 and $925 for 2Q14, 1Q14 and 2Q13, respectively.
    (2)   Interest income includes fees on loans of $99, $60 and $14 for 2Q14, 1Q14 and 2Q13, respectively.
    (3)   "Other investments" consists of equity stock in the FHLB of Atlanta that the Bank is required to own based on its transactions with the FHLB.
    (4)   Interest income and rates include the effects of a tax equivalent adjustment using applicable statutory tax rates to adjust tax exempt interest income on tax exempt loans to a fully taxable basis.
    (5)   Represents net interest income divided by total interest-earning assets.
         

    Noninterest Income

    Noninterest income for the quarter ended June 30, 2014 was $1.1 million as compared to $1.4 million for the first quarter of 2014 and $900,000 for the second quarter of 2013. The decrease of the second quarter of 2014 over the first quarter was primarily due to a settlement payment of $210,000 related to a charged off loan acquired as such through an FDIC assisted transaction received in the first quarter. The difference of $200,000 for the second quarter of 2014 when compared to the second quarter of 2013 is primarily due to fees received during the second quarter of 2013 in connection with interest rate swaps entered into with certain loan customers.

    Non-interest Expense

    Noninterest expense for the three months ended June 30, 2014 was $12.4 million versus $10.4 million for the three months ended March 31, 2014 and $5.7 million for the three months ended June 30, 2013. During the second quarter of 2014 the Bank incurred one-time merger and conversion costs of $1.4 million, costs of $810,000 associated with branch closings and $180,000 in connection with listing the Bank's common stock for trading on the Nasdaq Stock Market. During the first quarter of 2014 there were expenses of approximately $775,000 related to the acquisition of Florida Shores which closed on January 15, 2014, while the data conversion occurred in late April 2014.

    Salaries and employee benefits were $5.7 million for the second quarter of 2014 and included approximately $360,000 in payments to employees associated with the Florida Shores acquisition and conversion. For the three months ended March 31, 2014 salaries and employee benefits were $6.0 million and were $3.4 million for the three months ended June 30, 2013. The increase over June 30, 2013 is primarily the additional staff, both retained permanently and those released at conversion, from the Florida Shores acquisition.

    Occupancy and equipment expenses were $2.5 million, $1.6 million and $946,000 for the three months ended June 30, 2014, March 31, 2014 and June 30, 2013, respectively. A one-time expense for branch closures was approximately $810,000 during the second quarter of 2014. The expense of the additional branches associated with the Florida Shores acquisition is the reason for the increase in occupancy and equipment expense compared to the second quarter of 2013.

    Data processing expenses were $1.4 million for the three months ended June 30, 2014 and included one-time core system termination fees and conversion costs of approximately $1.0 million related to the Florida Shores acquisition. Additionally, included in both the results of operations for the first and second quarters were costs for data processing for the Florida Shores entities which will not be recurring.

    Professional fees were $725,000 for the three months ended June 30, 2014 as compared to $678,000 for the three months ended March 31, 2014 and $422,000 for the three months ended June 30, 2013. Legal costs and other costs associated with registering the Bank's common stock under the Securities Exchange Act of 1934, as amended, and listing the Bank's common stock for trading on the Nasdaq Stock Market were approximately $180,000 during the second quarter of 2014 as compared to $72,000 for the first quarter of 2014.

    The table below outlines the expenses for the quarters ended:

                 
        June 30, 2014   March 31, 2014   June 30, 2013
    (in thousands of dollars)                  
                       
    Salaries and employee benefits   $ 5,706   $ 6,013   $ 3,381
    Occupancy and equipment expense     2,484     1,588     946
    FDIC insurance and state assessments     327     230     203
    Data processing     1,430     503     20
    Loan and other real estate expense     127     150     145
    Professional fees     725     678     422
    Core deposit intangible amortization     327     284     62
    Other operating expenses     1,271     945     524
    Totals   $ 12,397   $ 10,391   $ 5,703
                       
                       

    About Stonegate Bank

    Stonegate Bank is a full-service commercial bank, providing a wide range of business and consumer financial products and services through its 14 banking offices in its target marketplace of South and West Florida, which is comprised primarily of Broward, Charlotte, Collier, Hillsborough, Lee, Miami-Dade, Palm Beach and Sarasota Counties in Florida. Stonegate's principal executive office and mailing address is 400 North Federal Highway, Pompano Beach, Florida 33062 and its telephone number is (954) 315-5500.

    Forward-Looking Statements

    Any non-historical statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current plans and expectations that are subject to uncertainties and risks, which could cause our future results to differ materially. The following factors, among others, could cause our actual results to differ: the strength of the United States economy in general and the strength of the local economies in which we conduct operations; our need and ability to incur additional debt or equity financing; our ability to execute our growth strategy through expansion; our ability to comply with the extensive laws and regulations to which we are subject; changes in the securities and capital markets; changes in general market interest rates, legislative and regulatory changes, monetary and fiscal policies of the U.S. Treasury and the Federal Reserve, changes in the quality or composition of our loan portfolios, demand for loan products, changes in deposit flows, real estate values, and competition and other economic, competitive, and technological factors affecting our operations, pricing, products and services; and our ability to manage the risks involved in the foregoing. Additional factors can be found in our filings with the FDIC, which are available at the FDIC's internet site (http://www2.fdic.gov/efr). Forward-looking statements in this press release speak only as of the date of the press release and Stonegate Bank assumes no obligation to update any forward-looking statements or the reasons why actual results could differ.

       
       
    Stonegate Bank and Subsidiaries  
    CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)  
    (in thousands of dollars, except per share data)  
       
        June 30, 2014     December 31, 2013  
    Assets                
    Cash and due from banks   $ 261,616     $ 190,226  
    Federal funds sold     20,000       10,000  
    Securities held to maturity (Fair value of $85,699 at June 30, 2014 and $71,781 at December 31, 2013)     84,265       71,639  
    Other investments     2,422       2,039  
    Loans, net of allowance for loan losses of $18,296 and $17,307 at June 30, 2014 and December 31, 2013, respectively     1,193,645       794,702  
    Premises and equipment, net     26,527       12,310  
    Bank-owned life insurance     17,558       17,339  
    Goodwill and intangible assets, net     18,680       1,101  
    Other real estate owned     654       2,120  
    Other assets     31,490       18,458  
        Total assets   $ 1,656,857     $ 1,119,934  
                     
    Liabilities and Stockholders' Equity                
    Liabilities                
      Total deposits   $ 1,413,842     $ 935,477  
      Other borrowings     38,859       42,733  
      Other liabilities     12,982       10,262  
        Total liabilities     1,465,683       988,472  
                     
    Stockholders' Equity                
      Preferred stock, $5 par value, 4,000,000 shares authorized;12,750 outstanding as of June 30, 2014 and none outstanding as of December 31, 2013     12,750       -  
      Common stock, $5 par value, 20,000,000 shares authorized; 10,070,963 issued and 10,167,305 shares outstanding as of June 30, 2014 and 8,241,992 shares issued and 8,239,334 outstanding as of December 31, 2013     50,850       41,210  
      Additional paid-in capital     86,800       52,810  
      Retained earnings     42,703       39,614  
      Treasury Stock     (13 )     (13 )
      Accumulated other comprehensive income     (1,916 )     (2,159 )
        Total stockholders' equity     191,174       131,462  
        Total liabilities and stockholders' equity   $ 1,656,857     $ 1,119,934  
                         
                         
     
     
    Stonegate Bank and Subsidiaries
    CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (unaudited)
    (in thousands of dollars, except per share data)
     
        For the three months ended
        June 30,
    2014
      March, 31,
    2014
      June 30,
    2013
    Interest income:                  
      Interest and fees on loans   $ 15,190   $ 14,026   $ 10,289
      Interest on securities     302     377     460
      Interest on federal funds sold and at other banks     202     155     98
      Other interest     25     25     12
        Total interest income     15,719     14,583     10,859
                       
    Interest expense:                  
      Interest on deposits     1,670     1,573     1,554
      Other interest     193     191     232
        Total interest expense     1,863     1,764     1,786
        Net interest income     13,856     12,819     9,073
      Provision for loan losses     -     525     723
          Net interest income after provision for loan losses     13,856     12,294     8,350
                       
    Noninterest income:                  
        Service charges and fees on deposit accounts     292     275     232
      Realized gains on available for sale securities     -     -     160
      Other noninterest income     771     1,094     512
        Total noninterest income     1,063     1,369     904
    Noninterest expense:                  
      Salaries and employee benefits     5,706     6,013     3,381
      Occupancy and equipment expenses     2,484     1,588     946
      Data processing     1,430     503     20
      Professional fees     725     678     422
      Core deposit intangible amortization     327     284     62
      Other operating expenses     1,725     1,325     872
        Total noninterest expense     12,397     10,391     5,703
        Income before income taxes     2,522     3,272     3,551
        Income tax     618     1,214     1,286
        Net income     1,904     2,058     2,265
        Preferred stock dividend     64     -     -
          Net income applicable to common stock   $ 1,840   $ 2,058   $ 2,265
    Earnings per common share:                  
    Basic   $ 0.18   $ 0.28   $ 0.28
    Diluted     0.17     0.27     0,27
    Common shares used in the calculation of earnings per share:                  
    Basic     10,202,975     9,763,477     8,239,334
    Diluted     10,526,445     10,035,317     8,434,551
                       
                       
       
       
    Stonegate Bank and Subsidiaries  
    CONDENSED FINANCIAL HIGHLIGHTS  
    (in thousands of dollars)  
        As of  
        June 30, 2014     March 31, 2014     June 30, 2013  
    BALANCE SHEET ITEMS:                        
    Assets   $ 1,656,857     $ 1,170,787     $ 1,094,624  
    Total loans     1,193,645       1,162,735       731.726  
    Deposits     1,413,842       1,473,752       896,738  
    Stockholders' equity     191,174       187,901       127,149  
                             
    CAPITAL RATIOS:                        
    Total capital to risk weighted assets     14.8 %     14.9 %     17.0 %
    Tier 1 capital to risk weighted assets     13.5       13.6       15.7  
    Tier 1 capital to average assets     10.4       10.7       11.8  
                             
    AVERAGE BALANCE SHEET ITEMS:                        
    Assets   $ 1,690,678     $ 1,618,398     $ 1,086,768  
    Interest earning assets     1,555,324       1,471,567       984,594  
    Loans     1,194,718       1,113,953       709,227  
    Interest bearing liabilities     1,247,318       1,195,393       808,113  
    Deposits     1,450,124       1,388,110       882,899  
    Stockholders' equity     189,706       179,352       129,045  
                             
                             
     
     
    Stonegate Bank and Subsidiaries
    CONDENSED FINANCIAL HIGHLIGHTS
    (in thousands of dollars, except per share data)
     
        Three Months Ended
        June 30, 2014   March 31, 2014   June 30, 2013
    FINANCIAL DATA:                  
    Net interest income   $ 13,856   $ 12,819   $ 9,073
    Net interest income - tax equivalent     13,897     12,909     9,109
    Noninterest income     1,063     1,369     904
    Noninterest expense     12,397     10,391     5,703
    Income tax     618     1,214     1,286
    Net income     1,904     2,058     2,265
    Preferred stock dividend     60     -     -
    Net income attributed to common shares     1,840     2,058     2,265
    Weighted average number of common shares outstanding:                  
    Basic     10,202,975     9,763,477     8,239,334
    Diluted     10,485,695     10,035,317     8,434,551
    Per common share data:                  
    Basic   $ 0.18   $ 0.21   $ 0.28
    Diluted     0.17     0.21     0.27
    Cash dividend declared to common shares     406     398     330
                       
                       

    Non-GAAP Financial Measures
    This press release contains financial information determined by methods other than in accordance with GAAP. The Company's management uses these non-GAAP financial measures in their analysis of the Company's performance. These measures typically adjust GAAP performance measures to exclude the effects of the amortization of intangibles and include the tax benefit associated with revenue items that are tax-exempt, as well as adjust income available to common shareholders for certain significant activities or transactions that in management's opinion can distort period-to-period comparisons of the Company's performance. Since the presentation of these GAAP performance measures and their impact differ between companies, management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company's core businesses. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of GAAP to non-GAAP disclosures are included as tables at the end of this release. Refer to press release supplemental table for this reconciliation.

     
     
    Reconciliation of GAAP to non-GAAP Measures
    (in thousands of dollars)
     
        June 30, 2014   March 31, 2014
    Interest income, as reported (GAAP)   $ 15,719   $ 14,583
    Tax equivalents adjustments     131     90
    Interest income (tax equivalent)   $ 15,850   $ 14,673
    Net interest income, as reported (GAAP)   $ 13,856   $ 12,294
    Tax equivalent adjustments     131     90
    Net interest income (tax equivalent)   $ 13,987   $ 12,384
    Net income GAAP   $ 1,904   $ 2,058
    Non-interest expense adjustments:            
    Merger and acquisition related expenses     1,426     775
    Branch closure expenses     810     -
    Professional expenses     180     72
    Tax effect using the effective tax rate for the period presented     592     324
    Net operating income   $ 3,728   $ 2,591
                 
    Net operating income per common share   $ 0.37   $ 0.27
                 
                 

    INVESTOR RELATIONS:
    Dave Seleski
    Email Contact
    Stonegate Bank
    (954) 315-5510




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    Stonegate Bank Announces Second Quarter 2014 Operating Results POMPANO BEACH, FL--(Marketwired - Jul 30, 2014) - Stonegate Bank (NASDAQ: SGBK) ("Stonegate") reported net income of $1,904 for the second quarter of 2014 or $0.17 per diluted common share ($0.37 per share net operating income, a non-GAAP …