Sterling Bank (NASDAQ:STNJ)
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Sterling Bank Reports Record First Quarter Net Income and Growth
MOUNT LAUREL, N.J., April 22 /PRNewswire-FirstCall/ -- Sterling Bank today
reported net income of $180,000 or $0.07 basic and fully diluted earnings per
share for the quarter ended March 31, 2004 as compared to net income of $81,000
or $0.05 per share for the quarter ended March 31, 2003. Net income for the
first quarter of 2004, increased $99,000, or 122.2% compared to the first
quarter of 2003. This increase in earnings is primarily the result of an
increase in Net Interest Income of $279,000, partially offset by an increase in
Non-Interest Expenses of $140,000. The number of fully diluted common shares
outstanding increased to 2,732,738 shares for the quarter ending March 31,
2004, from 1,546,580 shares for the quarter ending March 31, 2003. In the third
quarter of 2003, Sterling Bank issued through a public offering, 1,150,000
shares of its common stock. This increased total shares outstanding to
2,695,940, from the previous total shares outstanding of 1,545,940.
Total assets increased 27.3% to $277,979,000 at March 31, 2004 compared to
$218,421,000 at March 31, 2003. Total loans amounted to $169,266,000 at March
31, 2004, an increase of 16.8% over total loans of $144,947,000 on March 31,
2003. Total investment securities increased to $70,242,000, an increase of
138.0% over total investment securities of $29,509,000 on March 31, 2003. Total
deposits expanded to $232,163,000 or 13.3% above total deposits of $204,998,000
on March 31, 2003.
President and CEO, Robert H. King noted, "Sterling Bank continues to realize
record growth and strong performance. For the quarter ending March 31, 2004,
the attained levels of assets, loans, deposits, and net income, reflect record
high points, and are further validation of the effectiveness of a focused
commitment to provide enhanced levels of service to our customers. Our
consistent expansion of revenues, which is occurring in a challenging interest
rate environment, is reflective of the value of services we provide in the
communities we serve, and adds, in a meaningful way, a growing value to our
shareholders."
Sterling Bank
Financial Highlights (unaudited)
As of March 31, 2004 and 2003
2004 2003
Total Assets $277,979,000 $218,421,000
Investment Securities $70,242,000 $29,509,000
Federal Funds Sold $17,223,000 $24,831,000
Total Loans $169,266,000 $144,947,000
Total Deposits $232,163,000 $204,998,000
Shareholder Equity $19,970,000 $12,350,000
Net Income $180,000 $81,000
Earnings Per Share $0.07 $0.05
Sterling Bank is a community bank headquartered in Burlington County, New
Jersey, with assets of $278 million as of March 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. 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 by the Federal Deposit Insurance Corporation up to the applicable
regulatory limits per depositor. 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."
Sterling Bank may from time to time make written or oral "forward-looking
statements" including statements contained in this summary and in other
communications by Sterling Bank, which are made in good faith pursuant to the
"safe harbor" provisions of the Private Securities Litigation Reform Act of
1995. These forward-looking statements, such as statements of the Bank's plans,
objectives, expectations, estimates and intentions, involve risks and
uncertainties and are subject to change based on various important factors
(some of which are beyond the Bank's control). The following factors, among
others, could cause the Bank's financial performance to differ materially from
the plans, objectives, expectations, estimates and intentions expressed in such
forward-looking statements: the strength of the United States economy in
general and the strength of the local economies in which the Bank conducts
operations; the effects of, and changes in, trade, monetary and fiscal policies
and laws, including interest rate policies of the Board of Governors of the
Federal Reserve System, inflation, interest rate, market and monetary
fluctuations; the timely development of and acceptance of new products and
services of the Bank and the perceived overall value of these products and
services by users, including the features, pricing and quality compared to
competitors' products and services; the impact of changes in financial
services' laws and regulations (including laws concerning taxes, banking,
securities and insurance); technological changes; acquisitions; changes in
consumer spending and saving habits; and the effectiveness of Sterling Bank in
managing the risks involved in the foregoing.
Sterling Bank cautions that the foregoing list of important factors is not
exclusive. Sterling Bank also cautions readers not to place undue reliance on
these forward-looking statements, which reflect management's analysis only as
of the date on which they are given. The Bank is not obligated to publicly
revise or update these forward-looking statements to reflect events or
circumstances that arise after any such date. 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, future quarterly reports on Form 10-QSB, and
any 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/