Exhibit 99.1
For Immediate Release
Date: April 17, 2003
Contact: Ellie King, Assistant Secretary
630 Godwin Avenue
Midland Park, NJ 07432
201 - 444-7100
PRESS RELEASE
Stewardship Financial Corporation Announces
Quarterly Earnings for the First Quarter, 2003
Midland Park, NJ - April 17, 2003 - Stewardship Financial Corporation
(OTC:SSFN), parent of Atlantic Stewardship Bank, announced today net income for
the three (3) months ended March 31, 2003, of $853,000 or $0.43 basic earnings
per share, an increase of 21.00% and 19.40% in net income and basic earnings per
share respectively, as compared to net income of $705,000 or $0.36 per share for
the same three (3) month period in 2002. Diluted earnings per share were $0.43
for the three (3) months ended March 31, 2003, an increase of 19.40% over the
diluted earnings per share of $0.36 for the three (3) months ended March 31,
2002.
Stewardship Financial Corporation's total assets reached $338.0 million at March
31, 2003, compared to $281.4 million at March 31, 2002, resulting in growth of
20.1%. Total deposits were $307.3 million at March 31, 2003, compared to $257.6
million a year ago, resulting in growth of 19.3%. Total stockholders' equity
increased 16.2% to $24.6 million at March 31, 2003, compared to $21.2 million a
year ago.
Stewardship Financial Corporation's President and Chief Executive Officer Paul
Van Ostenbridge stated, "We are pleased to report the first quarter's net income
of $893,000, which represents a 21.00% increase in net earnings over the first
quarter last year. This increase is attributed to an increase in the Atlantic
Stewardship Bank's average earning assets, combined with unusually strong
earnings from an increase in residential mortgage production."
Stewardship Financial Corporation's subsidiary, the Atlantic Stewardship Bank,
has banking offices in Midland Park, Hawthorne (2), Pequannock, Ridgewood,
Waldwick, Wayne (2), New Jersey. The bank is known for tithing 10% of its
pre-tax profits to Christian and local charities, and serves both individuals
and businesses. Visit our website at www.asbnow.com for additional information
regarding our products and services.
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Stewardship Financial Corporation
Financial Highlights
(unaudited)
(In thousands, except per share data)
Three Months Ended
March 31,
2003 2002
-------------------------
Selected Operating Data:
Total interest income $4,604 $4,266
Total interest expense 1,180 1,318
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Net interest income before provision
for loan loss 3,424 2,948
Provision for loan loss 115 40
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Net interest income after provision
for loan loss 3,309 2,908
Noninterest income 696 530
Noninterest expense 2,694 2,376
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Income before income tax expense 1,311 1,062
Income tax expense 458 357
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Net income $ 853 $ 705
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Basic earnings per share $0.43 $0.36
Diluted earnings per share $0.43 $0.36
At March 31,
2003 2002
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Selected Financial Data:
Total assets $337,985 $281,393
Total loans 231,258 192,359
Allowance for loan losses 2,788 2,640
Total deposits 307,288 257,643
Stockholders' equity 24,638 21,212
At or for the period ended
March 31,
2003 2002
-------- --------
Selected Financial Ratios:
Annualized return on average assets (ROA) 1.03% 1.03%
Annualized return on average equity (ROE) 14.18% 13.65%
Equity to total assets 7.29% 7.54%
Book value per share $12.42 $10.97
All share data has been restated to include the effect of a 5% stock
dividend paid in November, 2002.
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