Sterling Bank Reports Six Month Earnings - Net Income Up 76%
20 July 2005 - 3:08AM
PR Newswire (US)
Sterling Bank Reports Six Month Earnings - Net Income Up 76% MOUNT
LAUREL, N.J., July 19 /PRNewswire-FirstCall/ -- Sterling Bank
(NASDAQ:STNJ) today reported income before taxes of $1,178,000 for
the six- month period ended June 30, 2005. This reflects a 78%
increase compared to the six-month period ended June 30, 2004,
which totaled $660,000. Net income for the six-month period totaled
$754,000, an increase of 76% over net income for the same period of
2004, which totaled $429,000. On a basic and diluted per share
basis, the net income for the six-month period was $0.22 per share,
compared to net income of $0.14 per share (adjusted for stock
dividends) for the period ending June 30, 2004, an increase of 57%.
For the quarter ended June 30, 2005, income before taxes totaled
$650,000, increasing 70% from $383,000 for the second quarter of
2004. Net income amounted to $416,000 for the second quarter of
2005, compared to net income of $249,000 for the second quarter of
2004. On a basic and diluted per share basis, net income for the
second quarter of 2005 amounted to $0.11 per share, compared to net
income of $0.08 per share (adjusted for stock dividends) for the
second quarter of 2004, an increase of 38%. As of June 30, 2005,
Sterling Bank's assets totaled $336 million, compared to assets of
$284 million on June 30, 2004, representing an 18% increase. Total
loans amounted to $243 million on June 30, 2005, reflecting an
increase of 33% over total loans as of June 30, 2004 of $183
million. Total deposits expanded to $283 million on June 30, 2005,
an increase of 18% from $239 million on June 30, 2004. Sterling
Bank's improved earnings are attributable primarily to growth in
net interest income of 27% from $4.5 million during the first six
months of 2004, to $5.7 million during the first six months of
2005. The expansion of this revenue source is primarily the result
of higher volume in interest earning assets and an improvement of
the net interest margin to 3.87% for the first six months of 2005,
from 3.56% during the first six months of 2004. Sterling Bank
continued to experience higher levels of local community lending
during this period, with both commercial and consumer lending
activity expanding. Robert H. King, President and Chief Executive
Officer, commented, "The first half of 2005 was a very positive one
for Sterling Bank. Increases in both total and net income and the
continuing heightened levels of growth in core business activity,
together with the success of our capital expansion program, reflect
continued significant progress for the organization." Sterling Bank
Financial Highlights (unaudited) As of, and for the six months
ended, June 30, 2005 and June 30, 2004 June 30, 2005 June 30, 2004
Total Assets $335,731,000 $283,614,000 Total Loans $242,935,000
$183,254,000 Total Deposits $282,549,000 $239,483,000 Shareholders'
Equity $ 34,111,000 $ 19,530,000 Interest Income $ 8,806,000 $
6,356,000 Noninterest Income 337,000 382,000 Provision For Loan
Losses 150,000 65,000 Interest Expense 3,080,000 1,835,000
Noninterest Expenses 4,735,000 4,178,000 Income Before Taxes
1,178,000 660,000 Income Tax Expense 424,000 231,000 Net Income $
754,000 $ 429,000 Earnings Per Share $ 0.22 $ 0.14 Weighted Average
Shares: Basic 3,442,000 2,988,000 Diluted 3,492,000 3,022,000
Sterling Bank is a community bank headquartered in Burlington
County, New Jersey, with assets of $336 million as of June 30,
2005. Sterling Bank's main office is located in Mount Laurel, New
Jersey and its five other Community Banking Centers are located in
Burlington and Camden counties in New Jersey. Additionally,
Sterling Bank has announced a seventh retail branch which is
planned for opening during the 4th quarter of 2005 in Voorhees
Township, New Jersey. Sterling Bank began operations in December
1990 with the purpose of serving consumers and small to
medium-sized businesses in its market area. The Bank's deposits are
insured to the applicable regulatory limits per depositor by the
Federal Deposit Insurance Corporation. Sterling Bank is a member of
the Federal Reserve System. The common stock of Sterling Bank is
traded on the NASDAQ Small Cap Market under the symbol "STNJ". For
additional information about Sterling Bank visit our website at
http://www.sterlingnj.com/. This news release may contain certain
forward-looking statements, such as statements of the Bank's plans,
objectives, expectations, estimates and intentions. Forward-looking
statements may be identified by the use of words such as "expects,"
"subject," "believe," "will," "intends," "will be" or "would."
These statements are subject to change based on various important
factors (some of which are beyond the Bank's control) and actual
results may differ materially. Accordingly, readers should not
place undue reliance on any forward-looking statements (which
reflect management's analysis only as of the date of which they are
given). These factors include general economic conditions, trends
in interest rates, the ability of our borrowers to repay their
loans, the ability of the Bank to effectively manage its growth,
and results of regulatory examinations, among other factors.
Sterling Bank cautions that the foregoing list of important factors
is not exclusive. Readers should carefully review the risk factors
described in other documents the Bank files from time to time with
the Federal Reserve, including the Bank's Annual Report on Form
10-KSB for the year ended December 31, 2004, Quarterly Reports on
Form 10-QSB, and Current Reports on Form 8-K. DATASOURCE: Sterling
Bank CONTACT: Robert H. King, President, +1-856-273-5900, , or R.
Scott Horner, Executive Vice President, +1-856-273-5900, , both of
Sterling Bank Web site: http://www.sterlingnj.com/
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