Sterling Bank Reports Strong First Quarter Earnings - Net Income Up 88%
April 18 2005 - 5:53PM
PR Newswire (US)
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/
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