Sterling Bank (NASDAQ:STNJ)
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Sterling Bank Reports 112% Increase in Annual Net Income
MOUNT LAUREL, N.J., Jan. 18 /PRNewswire-FirstCall/ -- Sterling Bank
(NASDAQ:STNJ) today announced a record 112% increase in net income for the year
ended December 31, 2004. Net income amounted to $1,126,000 for 2004, compared
to net income of $531,000 for the year ended December 31, 2003. Income before
taxes totaled $1,759,000, increasing 124% from income before taxes of $785,000
for 2003. On a basic and diluted per share basis, the 2004 net income amounted
to a record $0.39 per share, compared to net income of $0.25 per share
(adjusted for stock dividends) for the year ended on December 31, 2003, an
increase of 56%.
For the quarter ended December 31, 2004, income before taxes increased 171% to
$616,000, over the income before taxes amount of $227,000 for the quarter ended
December 31, 2003. Net income for the fourth quarter of 2004 totaled $383,000,
a 101% increase over net income of $191,000 for the fourth quarter of 2003. On
a basic and diluted per share basis, net income amounted to $0.13 per share
during the fourth quarter of 2004, an increase of 86% from $0.07 per share
(adjusted for stock dividends) for the fourth quarter of 2003.
As of December 31, 2004, Sterling Bank's assets totaled $294 million, compared
to assets of $255 million on December 31, 2003, representing a 15% increase.
Total loans amounted to $206 million on December 31, 2004, reflecting an
increase of 35% over total loans as of December 31, 2003 of $153 million.
Deposits expanded during the period from December 31, 2003 to December 31,
2004, from $219 million to $252 million, an increase of 15%.
Sterling Bank's improved earnings are attributable primarily to growth in net
interest income of 24% from $7.8 million during 2003 to $9.7 million during
2004. The expansion of this revenue source is primarily the result of higher
volume in earning assets and an increase in the yield on interest- bearing
assets, partially offset by an increase in interest-bearing liabilities.
Sterling Bank continued to experience higher levels of local community lending
during 2004, with both commercial and consumer lending activity expanding.
Robert H. King, President and Chief Executive Officer, commented, "2004 was a
period of significant progress in the development of Sterling Bank. We are
continuing to gain momentum, and are quite pleased to report our record results
for the year."
Sterling Bank
Financial Highlights (unaudited)
As of, and for the years ended, December 31, 2004 and December 31, 2003
December 31, December 31,
2004 2003
Total Assets $294,226,000 $255,192,000
Total Loans $205,790,000 $152,810,000
Total Deposits $252,258,000 $218,762,000
Shareholders' Equity $20,757,000 $19,663,000
Interest on Investments $2,821,000 $1,677,000
Interest on Loans $10,986,000 $9,092,000
Noninterest Income $706,000 $855,000
Total Revenues $14,513,000 $11,624,000
Interest Expense $4,122,000 $2,939,000
Noninterest Expenses $8,632,000 $7,900,000
Income Before Taxes $1,759,000 $785,000
Income Tax Expense $633,000 $254,000
Net Income $1,126,000 $531,000
Earnings Per Share $0.39 $0.25
Weighted Average Shares:
Basic 2,861,462 2,081,747
Diluted 2,896,061 2,101,144
Sterling Bank is a community bank headquartered in Burlington County, New
Jersey, with assets of $294 million as of December 31, 2004. 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.
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, 2003, 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/