MOUNT LAUREL, N.J., Oct. 26 /PRNewswire-FirstCall/ -- Sterling Bank
(NASDAQ:STNJ) today reported income before taxes of $2,036,000 for
the nine month period ended September 30, 2005. This reflects a 78%
increase compared to the nine month period ended September 30,
2004, which totaled $1,143,000. Net income for the nine month
period totaled $1,286,000, an increase of 73% over net income for
the same period of 2004, which totaled $743,000. On a basic and
diluted per share basis, the net income for the nine month period
was $0.34 and $0.33 per share, respectively, compared to net income
of $0.25 and $0.24 per share (adjusted for stock dividends),
respectively, for the period ending September 30, 2004, an increase
of 36% and 37%, respectively. For the quarter ended September 30,
2005, income before taxes totaled $858,000, increasing 78% from
$483,000 for the third quarter of 2004. Net income amounted to
$532,000 for the third quarter of 2005, compared to net income of
$314,000 for the third quarter of 2004. On a basic and diluted per
share basis, net income for the third quarter of 2005 amounted to
$0.12 per share, compared to net income of $0.10 per share
(adjusted for stock dividends) for the third quarter of 2004, an
increase of 20%. As of September 30, 2005, Sterling Bank's assets
totaled $343 million, compared to assets of $289 million on
September 30, 2004, representing a 19% increase. Total loans
amounted to $265 million on September 30, 2005, reflecting an
increase of 35% over total loans as of September 30, 2004 of $197
million. Total deposits expanded to $279 million on September 30,
2005, an increase of 14% from $245 million on September 30, 2004.
Sterling Bank's improved earnings are attributable primarily to
growth in net interest income of 25% from $7.1 million during the
first nine months of 2004, to $8.9 million during the first nine
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 3.88% for the first nine
months of 2005, from 3.62% during the first nine months of 2004.
Sterling Bank, during this period, realized enhanced loan volume
related to its focus on the primary service area of the Bank, with
both commercial and consumer loan outstanding levels growing at
very positive levels. Robert H. King, President and Chief Executive
Officer commented, "Highlights of operations through September 30,
2005 reflect further progress in the development of Sterling Bank,
and confirmation of the positive trends consistently reported over
recent operating periods." Sterling Bank Financial Highlights
(unaudited) As of, and for the nine months ended, September 30,
2005 and September 30, 2004 Three Months Ended Nine Months Ended
09/30/2005 09/30/2004 09/30/2005 09/30/2004 INCOME STATEMENT
Interest income 5,024,000 3,602,000 13,830,000 9,958,000 Interest
expense 1,898,000 1,070,000 4,978,000 2,905,000 Net interest income
3,126,000 2,532,000 8,852,000 7,053,000 Provision for loan losses
102,000 93,000 252,000 158,000 Net interest income after provision
for loan losses 3,024,000 2,439,000 8,600,000 6,895,000 Noninterest
income 165,000 150,000 502,000 532,000 Noninterest expenses
2,331,000 2,106,000 7,066,000 6,284,000 Income before taxes 858,000
483,000 2,036,000 1,143,000 Income tax expense 326,000 169,000
750,000 400,000 Net income 532,000 314,000 1,286,000 743,000 PER
SHARE DATA Basic earnings per share $0.12 $0.10 $0.34 $0.25 Diluted
earnings per share $0.12 $0.10 $0.33 $0.24 Dividends paid on common
shares $0.03 $0.02 $0.09 $0.06 Average shares outstanding - Basic
4,533,496 3,002,991 3,809,843 2,998,941 Average shares outstanding
- Diluted 4,612,665 3,039,142 3,870,116 3,034,175 BALANCE SHEET
Assets Cash & due from banks 9,127,000 10,124,000 Federal funds
sold 260,000 1,093,000 Total investment securities 57,454,000
71,156,000 Restricted stock 2,394,000 1,712,000 Total loans
264,919,000 197,196,000 Allowance for loan losses (1,121,000)
(917,000) Other assets 9,658,000 8,556,000 Total assets 342,691,000
288,920,000 Liabilities Total deposits 279,479,000 245,222,000
Total borrowings 28,291,000 22,344,000 Other liabilities 740,000
862,000 Total liabilities 308,510,000 268,428,000 Shareholders'
equity Common stock 9,067,000 5,755,000 Additional paid-in capital
23,233,000 13,732,000 Retained earnings 2,538,000 1,272,000
Accumulated other comprehensive losses (657,000) (267,000) Total
shareholders' equity 34,181,000 20,492,000 Total liabilities and
shareholders' equity 342,691,000 288,920,000 PERFORMANCE RATIOS
Book value per share $7.54 $6.78 Return on average assets 0.63%
0.44% 0.53% 0.36% Return on average equity 6.20% 6.22% 6.23% 5.03%
Net interest margin 3.89% 3.73% 3.88% 3.62% Sterling Bank is a
community bank headquartered in Burlington County, New Jersey, with
assets of $343 million as of September 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 , or R.
Scott Horner, Executive Vice President, +1-856-273-5900 or , both
of Sterling Bank Web site: http://www.sterlingnj.com/
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