Sterling Bank (NASDAQ:STNJ)
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Sterling Bank Reports Strong First Quarter Earnings - Net Income
Up 88%
MOUNT LAUREL, N.J., April 18 /PRNewswire-FirstCall/ -- Sterling Bank
(NASDAQ:STNJ) today announced an 88% increase in net income for the quarter
ended March 31, 2005. Net income amounted to $339,000 for the first quarter of
2005, compared to net income of $180,000 for the first quarter of 2004. Income
before taxes totaled $529,000, increasing 91% from income before taxes of
$277,000 for the first quarter of 2004. On a basic and diluted per share
basis, net income for the first quarter of 2005 amounted to a record $0.12 per
share, compared to net income of $0.06 per share (adjusted for stock dividends)
for the first quarter of 2004, an increase of 100%.
As of March 31, 2005, Sterling Bank's assets totaled $310 million, compared to
assets of $278 million on March 31, 2004, representing a 12% increase. Total
loans amounted to $224 million on March 31, 2005, reflecting an increase of 33%
over total loans as of March 31, 2004 of $169 million. Deposits expanded during
the period from March 31, 2004 to March 31, 2005, from $232 million to $265
million, an increase of 14%.
Sterling Bank's improved earnings are attributable primarily to growth in net
interest income of 33% from $2.1 million during the first quarter of 2004, to
$2.8 million during the first quarter 2005. The expansion of this revenue
source is primarily the result of higher volume in earning assets and an
improvement of the net interest margin to 3.86% for the first quarter of 2005,
from 3.51% during the first quarter of 2004. Sterling Bank continued to
experience higher levels of local community lending during this quarter, with
both commercial and consumer lending activity expanding.
Robert H. King, President and Chief Executive Officer, commented, "Sterling
Bank continues to expand its community base of both depositors and borrowers,
with an infrastructure capable of supporting higher levels of core banking
activities while maintaining costs at acceptable levels. We are both pleased
and excited to report the Bank's strong first quarter results."
Sterling Bank
Financial Highlights (unaudited)
As of, and for the quarter ended, March 31, 2005 and March 31, 2004
March 31, 2005 March 31, 2004
Total Assets $309,948,000 $277,979,000
Total Loans $224,357,000 $169,266,000
Total Deposits $265,151,000 $232,163,000
Shareholders' Equity $20,572,000 $19,970,000
Interest Income $4,172,000 $3,020,000
Non-Interest Income 169,000 213,000
Provision For Loan Losses 63,000 40,000
Interest Expense 1,420,000 874,000
Non-Interest Expenses 2,329,000 2,042,000
Income Before Taxes 529,000 277,000
Income Tax Expense 190,000 97,000
Net Income $339,000 $180,000
Earnings Per Share $0.12 $0.06
Weighted Average Shares:
Basic 2,878,000 2,831,000
Diluted 2,926,000 2,868,000
Sterling Bank is a community bank headquartered in Burlington County, New
Jersey, with assets of $310 million as of March 31, 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 later in 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/