Star Financial Group Inc. Reports Audited Consolidated Earnings Results for the Year Ended December 31, 2011; Declares Dividend for the Year 2011
Star Financial Group Inc. reported audited consolidated earnings results for the year ended December 31, 2011. For the period, the company's total interest income was $66,059,000 compared to $72,780,000 a year ago. Net interest income was $55,398,000 compared to $56,530,000 a year ago. Net interest income after provision for loan and lease losses was $53,421,000 compared to $39,170,000 a year ago. Income before income taxes was $17,629,000 compared to $6,123,000 a year ago. Net income was $12,968,000 or $3.33 per basic share compared to $6,084,000 or $1.56 per basic share a year ago. Net cash provided by operating activities was $19,088,000 compared to $36,634,000 a year ago. Purchase of premises and equipment was $2,559,000 compared to $2,678,000 a year ago. Book value per share as at December 31, 2011 was $37.80 compared to $34.54 a year ago.
The company also declared a dividend of $0.59 per share compared to $0.24 per share paid in a year ago.