Sterling Bank's Six Month Pre-Tax Income Increases 95%
July 23 2004 - 11:12AM
PR Newswire (US)
Sterling Bank's Six Month Pre-Tax Income Increases 95% MOUNT
LAUREL, N.J., July 23 /PRNewswire-FirstCall/ -- Sterling Bank
(NASDAQ:STNJ) today reported a 95% increase in income before taxes
for the six months ending June 30, 2004. Pre-tax income amounted to
$660,000 for the first six months of 2004, while pre-tax income for
the period ending June 30, 2003 totaled $339,000. Net income for
the June 30, 2004 six month period totaled $429,000, an increase of
107% over net income for the similar period of 2003, which totaled
$207,000. Net income for the six month period ending June 30, 2004
represents earnings of $0.15 per share on both a basic and fully
diluted basis, and is an increase of 15% over the $0.13 per share
earned for the six month period ended on June 30, 2003. Net Income
for the quarter ending June 30, 2004 increased to $249,000,
reflecting a 98% improvement over second quarter 2003 net income of
$126,000. Earnings per share was $0.09 for the second quarter of
2004 compared to $0.08 per share for the second quarter of 2003.
Further, the second quarter 2004 net income total represents a 38%
increase over first quarter 2004 net income of $180,000, while
earnings per share increased by $0.02, a 29% increase. As of June
30, 2004, Sterling Bank's total assets amounted to $284 million,
compared to total assets of $226 million on June 30, 2003, or a 26%
increase. Loans totaled $183 million on June 30, 2004, representing
an increase of 28% over total loans as of June 30, 2003 of $143
million. Sterling Bank's improved earnings for the six month period
are attributable primarily to a 21% expansion of net interest
income, coupled with a moderation in the rate of expansion of
noninterest expenses. Local community-based lending activity has
accelerated during the first half of 2004 following a period of
relatively moderate growth in our loan portfolio as recessionary
conditions prevailed. Robert H. King, President and Chief Executive
Officer, commented concerning the progress of Sterling Bank by
noting that, "our enhanced growth rate, which has been a consistent
component of the Bank's progressive development, continues, and is
coupled with a dramatic expansion of both pre-tax and net income
levels; this has been a very positive period for the organization."
Sterling Bank Financial Highlights (unaudited) As of June 30, 2004,
and June 30, 2003 2004 2003 Total Assets $283,613,000 $226,322,000
Investment Securities $74,078,000 $31,993,000 Federal Funds Sold
$5,631,000 $27,593,000 Total Loans $183,253,000 $143,118,000 Total
Deposits $239,482,000 $212,496,000 Shareholder Equity $19,530,000
$12,497,000 Net Income $429,000 $207,000 Earnings Per Share $0.15
$0.13 Weighted Average Shares: Basic 2,845,364 1,623,237 Diluted
2,879,073 1,630,791 Sterling Bank is a community bank headquartered
in Burlington County, New Jersey, with assets of $284 million as of
June 30, 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 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 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, either
expressed or implied, which are provided to assist the reader in
understanding anticipated future financial performance. These
statements involve certain risks, uncertainties, estimates and
assumptions made by management, which are subject to factors beyond
the company's control and could impede its ability to achieve these
goals. These factors include general economic conditions, trends in
interest rates, the ability of our borrowers to repay their loans,
and results of regulatory examinations, among other factors.
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, 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 , 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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