MOUNT LAUREL, N.J., April 27 /PRNewswire-FirstCall/ -- Sterling
Bank (NASDAQ:STNJ) today reported income before taxes of $616,000
for the quarter ended March 31, 2006. This reflects a 16% increase
compared to income before taxes of $529,000 for the quarter ended
March 31, 2005. Net income for the first quarter of 2006 totaled
$382,000, an increase of 13% over net income for the first quarter
of 2005, which totaled $339,000. On a basic and diluted per share
basis, net income for the first quarter of 2006 was $0.08 per
share, compared to net income of $0.11 per share (on both a basic
and diluted basis and adjusted for stock dividends), for the first
quarter of 2005, a decrease of 27%. This per share decrease in
earnings is primarily the result of dilution from the increase in
outstanding shares as a result of our public offering of Common
Stock in May 2005. As of March 31, 2006, Sterling Bank's assets
totaled $354 million, compared to assets of $310 million on March
31, 2005, representing a 14% increase. Total loans amounted to $268
million on March 31, 2006, reflecting an increase of 20% over total
loans as of March 31, 2005 of $224 million. Total deposits were
$298 million on March 31, 2006, an increase of 12% from $265
million on March 31, 2005. Sterling Bank's improved earnings are
attributable primarily to growth in net interest income during the
first quarter of 2006 to $3.2 million, or 14%, from $2.8 million
during the first quarter of 2005. The improvement was primarily the
result of higher volume in interest earning assets, partially
offset by a slight decline in the net interest margin to 3.82%
during the first quarter of 2006, from 3.86% during the first
quarter of 2005. 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, "First Quarter
2006 results are very encouraging. Sterling Bank is well on the way
to overcoming the effects of the added operating expenses related
to the retail system expansion into Voorhees Township last fall.
New account activity has exceeded both expectations and past
experiences for a new facility." Sterling Bank Financial Highlights
(unaudited) As of, and for the three months ended, March 31, 2006
and March 31, 2005 Three Months Ended 3/31/2006 3/31/2005 INCOME
STATEMENT Interest income $5,633,000 $4,172,000 Interest expense
2,441,000 1,420,000 Net interest income 3,192,000 2,752,000
Provision for loan losses 45,000 63,000 Net interest income after
provision for loan losses 3,147,000 2,689,000 Noninterest income
154,000 169,000 Noninterest expenses 2,685,000 2,329,000 Income
before taxes 616,000 529,000 Income tax expense 234,000 190,000 Net
income $382,000 $339,000 PER SHARE DATA Basic earnings per share
$0.08 $0.11 Diluted earnings per share $0.08 $0.11 Dividends paid
on common shares $0.03 $0.03 Average shares outstanding - Basic
4,539,000 2,972,000 Average shares outstanding - Diluted 4,639,000
3,023,000 BALANCE SHEET Assets Cash & due from banks $
13,876,000 $ 10,336,000 Federal funds sold 4,999,000 - Total
investment securities 54,503,000 65,440,000 Restricted stock
1,835,000 1,743,000 Total loans 267,954,000 224,357,000 Allowance
for loan losses (1,198,000) (972,000) Other assets 11,538,000
9,044,000 Total assets $353,507,000 $309,948,000 Liabilities Total
deposits $298,338,000 $265,151,000 Total borrowings 19,735,000
23,225,000 Other liabilities 1,125,000 1,000,000 Total liabilities
319,198,000 289,376,000 Shareholders' equity Common stock 9,078,000
5,755,000 Additional paid-in capital 23,281,000 13,732,000 Retained
earnings 2,992,000 1,850,000 Accumulated other comprehensive losses
(1,042,000) (765,000) Total shareholders' equity 34,309,000
20,572,000 Total liabilities and shareholders' equity $353,507,000
$309,948,000 PERFORMANCE RATIOS Book value per share $7.56 $6.81
Return on average assets 0.43% 0.45% Return on average equity 4.53%
6.65% Net interest margin 3.82% 3.86% Sterling Bank is a community
bank headquartered in Burlington County, New Jersey, with assets of
$354 million as of March 31, 2006. 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, 2005, 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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