Sterling Bank Announces Record Earnings
October 14 2004 - 12:34PM
PR Newswire (US)
Sterling Bank Announces Record Earnings MOUNT LAUREL, N.J., Oct. 14
/PRNewswire-FirstCall/ -- Sterling Bank (NASDAQ:STNJ) today
reported income before taxes of $1,143,000 for the nine-month
period ending September 30, 2004. This reflects a 105% increase
compared to the nine-month period ending September 30, 2003, which
totaled $558,000. Net income for the September 30, 2004 nine-month
period totaled $743,000, an increase of 119% over net income for
the same period of 2003, which totaled $340,000. On a basic and
diluted per share basis, the September 30, 2004 year-to-date net
income was $0.26 per share compared to net income of $0.18 per
share (adjusted for stock dividends) for the period ending
September 30, 2003, an increase of 44%. For the quarter ended
September 30, 2004, income before taxes amounted to $483,000 and
net income totaled $314,000. These amounts each represent an
increase of 26% over income before taxes of $383,000 and net income
of $249,000 for the prior quarter ended June 30, 2004. On a basic
and diluted per share basis, net income amounted to $0.11 per share
during the third quarter of 2004, an increase of 22% over net
income per share of $0.09 for the second quarter 2004. Compared to
the quarter ended September 30, 2003, income before taxes increased
121% from $219,000, while net income increased 136% from $133,000.
On a basic and diluted per share basis, net income increased 83%
from $0.06 per share (adjusted for stock dividends) for the quarter
ended September 30, 2003. As of September 30, 2004, Sterling Bank's
assets totaled $289 million, compared to assets of $217 million on
September 30, 2003, representing a 33% increase. Total loans
amounted to $197 million on September 30, 2004, reflecting an
increase of 30% over total loans as of September 30, 2003 of $152
million. Deposits expanded during the period from September 30,
2003 to September 30, 2004, from $196 million to $245 million, or
an increase of 25%. Sterling Bank's improved earnings are
attributable primarily to growth of the net interest income from
$5.7 million during the nine-month period of 2003, to $7.1 million
during the similar period of 2004. The expansion of this revenue
source is primarily the result of higher volume in earning assets.
Sterling Bank realized elevated levels of local community lending
activity during this period, with both commercial and consumer
originations expanding. Robert H. King, President and Chief
Executive Officer commented, "We are pleased with the continued
strong growth and record performance of Sterling Bank. Total
revenue enhancement resulting from expanded lending and investment
activity has provided solid growth in earnings and is consistent
with our corporate-wide commitment to maximizing shareholder value.
These very positive developments are directly attributable to the
focused efforts and professional skills of our staff." Sterling
Bank Financial Highlights (unaudited) As of, and for the nine
months ended, September 30, 2004 and September 30, 2003 2004 2003
Total Assets $288,920,000 $216,907,000 Investment Securities
$71,156,000 $46,632,000 Total Loans $197,196,000 $151,609,000 Total
Deposits $245,222,000 $196,484,000 Shareholder Equity $20,492,000
$19,617,000 Net Income $743,000 $340,000 Earnings Per Share $0.26
$0.18 Weighted Average Shares: Basic 2,856,134 1,860,600 Diluted
2,890,164 1,870,876 Sterling Bank is a community bank headquartered
in Burlington County, New Jersey, with assets of $289 million as of
September 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, 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, 2003, 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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