State Bank Corp. reports record earnings of $1.84 million

KINGMAN – Lake Havasu City-based State Bank Corp., the parent company of Mohave State Bank, announced a net income increase of 24.5 percent for the third quarter. The bank said net income grew to $1.84 million, or $0.23 per diluted share, from $1.48 million in the second quarter. It’s a growth of 54.8 percent over the third quarter of 2016.

For the nine months of 2017, net income grew 66 percent to $4.75 million, or $0.59 per diluted share, compared to $2.86 million, or $0.45 per diluted share, for the same period of 2016.

“We produced record financial results during the third quarter, with strong revenue growth, robust mortgage production, 5 percent annualized loan growth and an improving net interest margin,” stated Brian M. Riley, president and chief executive officer. “Our focus on gathering core deposits, growing the loan portfolio and expanding our customer base throughout Arizona continues to gain momentum.

Other highlights for State Bank Corp include 129 mortgage loans, funding $29.4 million and generating an operating profit of $243,000, a 1.23 percent return on average assets, and a 13.06 percent return on average equity.

Mohave State Bank is the largest community bank headquartered in Arizona. The company was established in 1991, and the holding company was formed in 2004. The bank has nine full-service branches: two in Lake Havasu City, two in Kingman, two in Prescott, one in Bullhead City, one in Prescott Valley, and one in Cottonwood, as well as a loan production office in Sedona.