MOUNT LAUREL, N.J., Jan. 26 /PRNewswire-FirstCall/ -- Sterling Bank
(NASDAQ:STNJ) today reported income before taxes of $2,597,000 for
the year ended December 31, 2005. This reflects a 48% increase
compared to the year ended December 31, 2004, which totaled
$1,759,000. Net income for 2005 totaled $1,631,000, an increase of
45% over net income for 2004, which totaled $1,126,000. On a basic
and diluted per share basis, net income for 2005 was $0.41 and
$0.40 per share, respectively, compared to net income of $0.37 per
share (on both a basic and diluted basis and adjusted for stock
dividends), for 2004, an increase of 11% and 8%, respectively. For
the quarter ended December 31, 2005, income before taxes totaled
$560,000, decreasing 9% from $616,000 for the fourth quarter of
2004. Net income amounted to $344,000 for the fourth quarter of
2005, compared to net income of $383,000 for the fourth quarter of
2004. This is reflective of the opening of the Bank's 7th Community
Banking Center in Voorhees Township, NJ in November 2005. On a
basic and diluted per share basis, net income for the fourth
quarter of 2005 amounted to $0.08 and $0.07 per share,
respectively, compared to net income of $0.13 per share (on both a
basic and diluted basis and adjusted for stock dividends) for the
fourth quarter of 2004, a decrease of 38% and 46%, respectively. As
of December 31, 2005, Sterling Bank's assets totaled $351 million,
compared to assets of $294 million on December 31, 2004,
representing a 19% increase. Total loans amounted to $266 million
on December 31, 2005, reflecting an increase of 29% over total
loans as of December 31, 2004 of $206 million. Total deposits
expanded to $300 million on December 31, 2005, an increase of 19%
from $252 million on December 31, 2004. Sterling Bank's improved
earnings are attributable primarily to growth in net interest
income during 2005 to $12.0 million or 24%, from $9.7 million
during 2004. 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 3.86% during 2005, from
3.66% during 2004. Sterling Bank, during this period, realized
enhanced loan volume related to its focus on the primary service
area of the Bank with both the commercial and consumer loan
outstanding levels growing at a very positive pace. Robert H. King,
President and Chief Executive Officer, commented, "2005 was an
excellent year for Sterling Bank. During this period, total assets,
loans and deposits expanded at elevated rates, while both gross and
net revenues reached record levels. Additionally, Sterling Bank
initiated the next phase of an expansion program, with the entry
into Voorhees Township." Sterling Bank Financial Highlights
(unaudited) As of, and for the years ended, December 31, 2005 and
December 31, 2004 Three Months Ended Years Ended 12/31/2005
12/31/2004 12/31/2005 12/31/2004 INCOME STATEMENT Interest income
$5,301,000 $3,849,000 $19,132,000 $13,807,000 Interest expense
2,174,000 1,217,000 7,153,000 4,122,000 Net interest income
3,127,000 2,632,000 11,979,000 9,685,000 Provision for loan losses
32,000 (3,000) 284,000 155,000 Net interest income after provision
for loan losses 3,095,000 2,635,000 11,695,000 9,530,000
Noninterest income 209,000 174,000 711,000 706,000 Noninterest
expenses 2,744,000 2,193,000 9,809,000 8,477,000 Income before
taxes 560,000 616,000 2,597,000 1,759,000 Income tax expense
216,000 233,000 966,000 633,000 Net income $344,000 $383,000
$1,631,000 $1,126,000 PER SHARE DATA Basic earnings per share $0.08
$0.13 $0.41 $0.37 Diluted earnings per share $0.07 $0.13 $0.40
$0.37 Dividends paid on common shares $0.03 $0.02 $0.12 $0.08
Average shares outstanding - Basic 4,535,713 3,021,283 3,992,802
3,004,535 Average shares outstanding - Diluted 4,622,001 3,062,063
4,067,252 3,040,378 BALANCE SHEET Assets Cash & due from banks
$17,847,000 $11,309,000 Federal funds sold 321,000 - Total
investment securities 55,294,000 67,991,000 Restricted stock
1,876,000 1,669,000 Total loans 266,059,000 205,791,000 Allowance
for loan losses (1,154,000) (913,000) Other assets 11,073,000
8,379,000 Total assets $351,316,000 $294,226,000 Liabilities Total
deposits $300,411,000 $252,260,000 Total borrowings 15,641,000
20,329,000 Other liabilities 1,016,000 880,000 Total liabilities
317,068,000 273,469,000 Shareholders' equity Common stock 9,073,000
5,755,000 Additional paid-in capital 23,263,000 13,732,000 Retained
earnings 2,746,000 1,597,000 Accumulated other comprehensive losses
(834,000) (327,000) Total shareholders' equity 34,248,000
20,757,000 Total liabilities and shareholders' equity $351,316,000
$294,226,000 PERFORMANCE RATIOS Book value per share $7.55 $6.87
Return on average assets 0.40% 0.52% 0.50% 0.40% Return on average
equity 4.02% 7.41% 5.58% 5.65% Net interest margin 3.81% 3.76%
3.86% 3.66% Sterling Bank is a community bank headquartered in
Burlington County, New Jersey, with assets of $351 million as of
December 31, 2005. Sterling Bank's main office is located in Mount
Laurel, New Jersey and its six 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 Capital 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. First Call Analyst: FCMN Contact:
dbraun@sterlingnj.com DATASOURCE: Sterling Bank CONTACT: Robert H.
King, President, , or R. Scott Horner, Executive Vice President, ,
both of Sterling Bank, +1-856-273-5900 Web site:
http://www.sterlingnj.com/
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