Mohave State Bank posts record earnings
KINGMAN - State Bank Corp., the holding company for Mohave State Bank, announced record earnings of $3.8 million, or 65 cents a share, for the second quarter.
For the six months through June 30, the bank reported net income of nearly $4.3 million, or 73 cents a share, compared with $681,000, or 12 cents a share, in the same period a year ago.
Highlights from the second quarter include an income tax benefit of $3.2 million from a reduction in the company's deferred tax valuation allowance. Excluding this item, pre-tax income for the quarter was $558,000, a 57.6 percent increase from the year-ago period.
The bank approved $17.6 million in new loans and increased core deposits by $3.6 million. Nonperforming assets, or loans in default, decreased by $3 million.
"State Bank Corp. and Mohave State Bank continue to make headway on nearly all of their business goals," Chief Executive Officer Brian Riley said in a prepared statement. "Core earnings are improving, the loan portfolio is beginning to grow and nonperforming asset levels continue to moderate."
The company continues to monitor its level of loss reserves and will make additions as necessary to protect against an uncertain economic environment, he said.