Sterling Bank Reports Record First Quarter Net Income and Growth
April 22 2004 - 5:57PM
PR Newswire (US)
Sterling Bank Reports Record First Quarter Net Income and Growth
MOUNT LAUREL, N.J., April 22 /PRNewswire-FirstCall/ -- Sterling
Bank today reported net income of $180,000 or $0.07 basic and fully
diluted earnings per share for the quarter ended March 31, 2004 as
compared to net income of $81,000 or $0.05 per share for the
quarter ended March 31, 2003. Net income for the first quarter of
2004, increased $99,000, or 122.2% compared to the first quarter of
2003. This increase in earnings is primarily the result of an
increase in Net Interest Income of $279,000, partially offset by an
increase in Non-Interest Expenses of $140,000. The number of fully
diluted common shares outstanding increased to 2,732,738 shares for
the quarter ending March 31, 2004, from 1,546,580 shares for the
quarter ending March 31, 2003. In the third quarter of 2003,
Sterling Bank issued through a public offering, 1,150,000 shares of
its common stock. This increased total shares outstanding to
2,695,940, from the previous total shares outstanding of 1,545,940.
Total assets increased 27.3% to $277,979,000 at March 31, 2004
compared to $218,421,000 at March 31, 2003. Total loans amounted to
$169,266,000 at March 31, 2004, an increase of 16.8% over total
loans of $144,947,000 on March 31, 2003. Total investment
securities increased to $70,242,000, an increase of 138.0% over
total investment securities of $29,509,000 on March 31, 2003. Total
deposits expanded to $232,163,000 or 13.3% above total deposits of
$204,998,000 on March 31, 2003. President and CEO, Robert H. King
noted, "Sterling Bank continues to realize record growth and strong
performance. For the quarter ending March 31, 2004, the attained
levels of assets, loans, deposits, and net income, reflect record
high points, and are further validation of the effectiveness of a
focused commitment to provide enhanced levels of service to our
customers. Our consistent expansion of revenues, which is occurring
in a challenging interest rate environment, is reflective of the
value of services we provide in the communities we serve, and adds,
in a meaningful way, a growing value to our shareholders." Sterling
Bank Financial Highlights (unaudited) As of March 31, 2004 and 2003
2004 2003 Total Assets $277,979,000 $218,421,000 Investment
Securities $70,242,000 $29,509,000 Federal Funds Sold $17,223,000
$24,831,000 Total Loans $169,266,000 $144,947,000 Total Deposits
$232,163,000 $204,998,000 Shareholder Equity $19,970,000
$12,350,000 Net Income $180,000 $81,000 Earnings Per Share $0.07
$0.05 Sterling Bank is a community bank headquartered in Burlington
County, New Jersey, with assets of $278 million as of March 31,
2004. 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. 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 by the Federal Deposit Insurance Corporation up to the
applicable regulatory limits per depositor. 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." Sterling Bank may from time to time make written or oral
"forward-looking statements" including statements contained in this
summary and in other communications by Sterling Bank, which are
made in good faith pursuant to the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements, such as statements of the Bank's plans,
objectives, expectations, estimates and intentions, involve risks
and uncertainties and are subject to change based on various
important factors (some of which are beyond the Bank's control).
The following factors, among others, could cause the Bank's
financial performance to differ materially from the plans,
objectives, expectations, estimates and intentions expressed in
such forward-looking statements: the strength of the United States
economy in general and the strength of the local economies in which
the Bank conducts operations; the effects of, and changes in,
trade, monetary and fiscal policies and laws, including interest
rate policies of the Board of Governors of the Federal Reserve
System, inflation, interest rate, market and monetary fluctuations;
the timely development of and acceptance of new products and
services of the Bank and the perceived overall value of these
products and services by users, including the features, pricing and
quality compared to competitors' products and services; the impact
of changes in financial services' laws and regulations (including
laws concerning taxes, banking, securities and insurance);
technological changes; acquisitions; changes in consumer spending
and saving habits; and the effectiveness of Sterling Bank in
managing the risks involved in the foregoing. Sterling Bank
cautions that the foregoing list of important factors is not
exclusive. Sterling Bank also cautions readers not to place undue
reliance on these forward-looking statements, which reflect
management's analysis only as of the date on which they are given.
The Bank is not obligated to publicly revise or update these
forward-looking statements to reflect events or circumstances that
arise after any such date. 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, 2003, future
quarterly reports on Form 10-QSB, and any 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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