Sterling Bank (NASDAQ:STNJ)
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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/