For Immediate Release | ||
Date: October 20, 2005 | ||
Contact: | Ellie King, Assistant Secretary | |
630 Godwin Avenue | ||
Midland Park, NJ 07432 | ||
201 - 444-7100 | ||
2 pages total |
PRESS RELEASE
Stewardship Financial Corporation Announces
Record Quarterly Earnings for the Third Quarter, 2005
Midland Park, NJ - October 20, 2005 - Stewardship Financial Corporation (OTC:SSFN.OB), parent of Atlantic Stewardship Bank, announced today net income for the nine (9) months ended September 30, 2005, of $3.3 million, or $0.69 basic earnings per share, an increase of 17.2% and 15.0% in net income and basic earnings per share respectively, as compared to net income of $2.8 million, or $0.60 per share, for the same nine (9) month period in 2004. Diluted earnings per share were $0.69 for the nine (9) months ended September 30, 2005, an increase of 16.9% over the diluted earnings per share of $0.59 for the nine (9) months ended September 30, 2004.
For the three (3) months ended September 30, 2005, Stewardship Financial Corporation reported net income of $1.2 million or $0.24 basic and diluted earnings per share, increases of 14.3%, as compared to net income of
$1.0 million, or $0.21 basic and diluted earnings per share, for the same three (3) month period in 2004.
Earnings per share data has been restated to reflect a 5% stock dividend payable November 15, 2005, a 4 for 3 stock split issued July 1, 2005 and a 5% stock dividend paid November 15, 2004.
President and CEO, Paul Van Ostenbridge, stated, “The bank shows strong balance sheet growth and strong core earnings despite pressure on yields caused by the flattening yield curve. The bank continues to increase its loan balances and has been successful in increasing deposits with new product offerings. We look forward to the relocation of our Waldwick branch and the opening of our new branch in Montville and continuing to enhance services to our customers.”
Stewardship Financial Corporation’s total assets reached $473.6 million at September 30, 2005, compared to $398.8 million at September 30, 2004, resulting in growth of 18.7%. Total deposits were $409.6 million at September 30, 2005, compared to $340.7 million a year ago, resulting in growth of 20.2%. Total loans, net of deferred loan fees, increased 17.7% to $325.6 million at September 30, 2005. Total stockholders’ equity increased 12.7% to $33.3 million at September 30, 2005, compared to $29.6 million a year ago.
Stewardship Financial Corporation’s subsidiary, the Atlantic Stewardship Bank, has banking offices in Midland Park, Hawthorne (2), Pequannock, Ridgewood, Waldwick, and Wayne (3), New Jersey. Its Waldwick branch is scheduled to relocate to 64 Franklin Turnpike in November. The Bank’s tenth branch is expected to open in Montville, NJ later this year. The Atlantic Stewardship Bank offers professional services for both business and personal needs, and is known for tithing ten percent of its pretax profits to Christian and local civic nonprofit organizations. Please call us at 201-444-7100 or 973-904-1122 (Wayne area) or visit our website at www.asbnow.com.
Stewardship Financial Corporation
Financial Highlights
(unaudited)
(In thousands, except per share data)
Nine Months Ended September 30, | Three Months Ended September 30, | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2005 | 2004 | 2005 | 2004 | |||||||||||
Selected Operating Data: | ||||||||||||||
Total interest income | $ | 18,176 | $ | 15,643 | $ | 6,461 | $ | 5,308 | ||||||
Total interest expense | 4,681 | 3,578 | 1,847 | 1,137 | ||||||||||
Net interest income before provision | ||||||||||||||
for loan loss | 13,495 | 12,065 | 4,614 | 4,171 | ||||||||||
Provision for loan loss | 450 | 390 | 150 | 150 | ||||||||||
Net interest income after provision | ||||||||||||||
for loan loss | 13,045 | 11,675 | 4,464 | 4,021 | ||||||||||
(Losses) gains on sales of securities | - | (4 | ) | - | - | |||||||||
Other noninterest income | 2,399 | 2,032 | 854 | 674 | ||||||||||
2,399 | 2,028 | 854 | 674 | |||||||||||
Noninterest expense | 10,318 | 9,283 | 3,552 | 3,097 | ||||||||||
Income before income tax expense | 5,126 | 4,420 | 1,766 | 1,598 | ||||||||||
Income tax expense | 1,824 | 1,602 | 607 | 584 | ||||||||||
Net income | $ | 3,302 | $ | 2,818 | $ | 1,159 | $ | 1,014 | ||||||
Basic earnings per share | $ | 0.69 | $ | 0.60 | $ | 0.24 | $ | 0.21 | ||||||
Diluted earnings per share | $ | 0.69 | $ | 0.59 | $ | 0.24 | $ | 0.21 |
At September 30, | |||||||
---|---|---|---|---|---|---|---|
2005 | 2004 | ||||||
Selected Financial Data: | |||||||
Total assets | $ | 473,593 | $ | 398,826 | |||
Total loans, net of deferred loan fees | 325,557 | 276,523 | |||||
Allowance for loan losses | 3,714 | 3,155 | |||||
Total deposits | 409,598 | 340,694 | |||||
Stockholders' equity | 33,312 | 29,556 |
At or for the nine month period ended At September 30, | ||||||||
---|---|---|---|---|---|---|---|---|
2005 | 2004 | |||||||
Selected Financial Ratios: | ||||||||
Annualized return on average assets (ROA) | 1.00 | % | 0.94 | % | ||||
Annualized return on average equity (ROE) | 13.83 | % | 13.43 | % | ||||
Tier 1 equity to total assets | 8.51 | % | 9.17 | % | ||||
Book value per share | $ | 6.98 | $ | 6.28 |
All share data has been restated to include the effect of a 5% stock dividend paid in November, 2004, a 4 for 3
stock split issued July 1, 2005 and a 5% dividend payable November 15, 2005.