POMPANO BEACH, Fla. (January 28, 2016) - Stonegate Bank (NASDAQ: SGBK) ("Stonegate") reported net income of $7.3 million for the fourth quarter of 2015 or $0.56 per diluted common share, as compared to net income of $6.8 million for the third quarter of 2015 or $0.53 per diluted common share.
Key highlights for the fourth quarter:
§ Loans: Total loans, net of discounts and deferred fees, grew $19.5 million during the fourth quarter of 2015 to $1.86 billion at December 31, 2015, a result of net organic loan growth during the fourth quarter. Commercial real estate ("CRE") comprised 48% of new loan originations for the fourth quarter of 2015, based upon the outstanding balance as of December 31, 2015. Residential loans accounted for 28% of the new loan originations; 14% of the new originations were construction; commercial and industrial ("C&I") was 9% of new originations with the remaining balance in consumer and other loans. The loan production for the current quarter was comprised of 61% variable rate loans, with approximately 48% of the variable rate loans tied to LIBOR. Total organic loan growth for the twelve months ended December 31, 2015 was approximately 9.0%.
§ Asset Quality: Total loans past due 30 - 89 days, excluding nonaccrual loans, were $864,000 at December 31, 2015, a decrease of $2.0 million from September 30, 2015. Nonaccrual loans were $6.6 million at December 31, 2015, or 0.36% of total loans, up from $6.4 million at September 30, 2015, or 0.35% of total loans. Other real estate owned was $1.4 million at December 31, 2015, a decrease of $1.2 million from September 30, 2015.
§ Net Interest Income and Margin: Net interest income, on a tax equivalent basis, decreased $888,000 for the three months ended December 31, 2015 as compared to the three months ended September 30, 2015. Net interest income totaled $21.8 million for the three months ended December 31, 2015. The net interest margin, on a tax equivalent basis, declined to 4.06% for the fourth quarter of 2015 as compared to 4.32% for the third quarter of 2015 but was an increase over the net interest margin of 3.78% for the quarter ended December 2014. The decrease from the third quarter of 2015 to the fourth quarter of 2015 in the margin was primarily a result of the nonaccretable discounts that were recognized during the third quarter.

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Original Document: https://www.stonegatebank.com/files/Form8KQ42015EarningsReleaseFiled28JAN2016.pdf