For Immediate Release
Date: July 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 Second Quarter, 2003
Midland Park, NJ - July 17, 2003 - Stewardship Financial Corporation (OTC:SSFN),
parent of Atlantic Stewardship Bank, announced today net income for the three
(3) months ended June 30, 2003, of $862,000, or $0.29 basic earnings per share,
an increase of 9.9% and 7.4% respectively, as compared to net income of
$784,000, or $0.27 basic earnings per share for the same three (3) month period
in 2002. Diluted earnings per share were $0.29 for the three (3) months ended
June 30, 2003, an increase of 7.4% over the diluted earnings per share of $0.27
for the three (3) months ended June 30, 2002.
For the six (6) months ended June 30, 2003, Stewardship Financial Corporation
reported net income of $1.7 million or $0.58 basic earnings per share, an
increase of 15.2% and 13.7% in net income and basic earnings per share
respectively, as compared to net income of $1.5 million or $0.51 per share for
the same six (6) month period in 2002. Diluted earnings per share were $0.57 for
the six (6) months ended June 30, 2003, an increase of 11.8% over the diluted
earnings per share of $0.51 for the six (6) months ended June 30, 2002.
Stewardship Financial Corporation's President and Chief Executive Officer Paul
Van Ostenbridge stated, "We are pleased to report the earnings increase for the
period ending June 30, 2003. The increase in net income for the quarter was
9.9%, while the increase for the first six months was 15.2%. This increase was
due to the substantial growth in the bank's average earning assets and the
quality of the loan portfolio. In addition, the income derived from strong
residential mortgage originations continues to enhance corporate earnings."
Stewardship Financial Corporation's total assets reached $356.8 million at June
30, 2003, compared to $300.8 million at June 30, 2002, resulting in growth of
18.6%. Total deposits were $324.4 million at June 30, 2003, compared to $276.1
million a year ago, resulting in growth of 17.5%. Total stockholders' equity
increased 14.8% to $25.5 million at June 30, 2003, compared to $22.2 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 (2), New Jersey. The bank is known for tithing 10% of its
pre-tax profits to Christian and local charities. We invite you to visit our
website at www.asbnow.com for additional information.
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Stewardship Financial Corporation
Financial Highlights
(unaudited)
(In thousands, except per share data)
Six Months Ended Three Months Ended
June 30, June 30,
2003 2002 2003 2002
----------------------------------------------------
Selected Operating Data:
Total interest income $ 9,236 $ 8,640 $ 4,632 $ 4,374
Total interest expense 2,355 2,624 1,175 1,306
----------------------------------------------------
Net interest income before provision
for loan loss 6,881 6,016 3,457 3,068
Provision for loan loss 225 70 110 30
----------------------------------------------------
Net interest income after provision
for loan loss 6,656 5,946 3,347 3,038
Noninterest income 1,474 1,129 778 599
Noninterest expense 5,488 4,823 2,794 2,447
----------------------------------------------------
Income before income tax expense 2,642 2,252 1,331 1,190
Income tax expense 927 763 469 406
----------------------------------------------------
Net income $ 1,715 $ 1,489 $ 862 $ 784
====================================================
Basic earnings per share $ 0.58 $ 0.51 $ 0.29 $ 0.27
Diluted earnings per share $ 0.57 $ 0.51 $ 0.29 $ 0.27
At June 30,
2003 2002
---- ----
Selected Financial Data:
Total assets $356,794 $300,758
Total loans 235,895 194,529
Allowance for loan losses 2,885 2,663
Total deposits 324,351 276,108
Stockholders' equity 25,496 22,200
At or for the six month period ended
June 30,
2003 2002
---- ----
Selected Financial Ratios:
Annualized return on average assets (ROA) 1.01% 1.05%
Annualized return on average equity (ROE) 13.94% 14.03%
Equity to total assets 7.15% 7.38%
Book value per share $8.52 $7.56
All share data has been restated to include the effect of a 5% stock
dividend paid in November, 2002 and a 3 for 2 stock split paid July 1,
2003.
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