For Immediate Release
Date: February 2, 2004
Contact: Ellie King
Assistant Secretary
630 Godwin Avenue
Midland Park, NJ 07432
201-444-7100
PRESS RELEASE
STEWARDSHIP FINANCIAL CORPORATION REPORTS RECORD
EARNINGS FOR YEAR ENDING DECEMBER 31, 2003
Midland Park, NJ - February 2, 2004 - Stewardship Financial Corporation
(OTC:SSFN), parent company of Atlantic Stewardship Bank, announced today net
income earned for the year ended December 31, 2003, of $3.5 million, or $1.11
basic net income per share, an increase of 12.0% and 9.9% in net income and
basic net income per share, respectively, as compared to net income of $3.1
million, or $1.01 per share, for the year ended December 31, 2002.
Diluted income per share was $1.10 for the year ended December 31, 2003, an
increase of 10.0% over the diluted income per share of $1.00 for the year ended
December 31, 2002.
Net income for the quarter ended December 31, 2003, increased by 11.4% to
$881,000 from $791,000 for the same three-month period in 2002. Both basic and
diluted earnings per share for the quarter ended December 31, 2003, were $0.28
compared to $0.25 for the same period in 2002.
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Press Release - Midland Park NJ
Stewardship Financial Corporation continued February 2, 2004
Net income per share data has been restated to reflect a 3-for-2 stock split and
a 5% stock dividend paid in the third and fourth quarters, respectively, of
2003.
Paul Van Ostenbridge, President and Chief Executive Officer of both Stewardship
Financial Corporation and Atlantic Stewardship Bank, stated, "We are once again
pleased to report record earnings. The earnings for 2003 were achieved during a
period of continued pressure on interest margins. The increase in earnings is
attributed to the growth in core deposits combined with the increase in
commercial lending and residential mortgage origination."
Stewardship Financial Corporation's total assets reached $401.8 million at
December 31, 2003, compared to $331.1 million at December 31, 2002, a growth of
21.3%. Total deposits were $341.5 million at December 31, 2003, compared to
$302.7 million a year ago, an increase of 12.8%. Total stockholders' equity
increased 14.0% to $27.1 million at December 31, 2003, compared to $23.8 million
a year ago.
Stewardship Financial Corporation is the parent company for Atlantic Stewardship
Bank, which has banking offices in Midland Park, Hawthorne (2), Pequannock,
Ridgewood, Waldwick; and three branches in Wayne, New Jersey. Atlantic
Stewardship Bank, opened in 1985, is a community bank serving individuals and
businesses, and is well known for tithing ten percent of its pre-tax profits to
Christian and local charitable organizations. Visit our website at
www.asbnow.com.
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Stewardship Financial Corporation
Financial Highlights
(unaudited)
(In thousands, except per share data)
Year Ended Three Months Ended
December 31, December 31,
2003 2002 2003 2002
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Selected Operating Data:
Total interest income $ 18,919 $ 17,778 $ 4,978 $ 4,571
Total interest expense 4,591 5,271 1,166 1,323
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Net interest income before provision
for loan loss 14,328 12,507 3,812 3,248
Provision for loan loss 425 160 110 60
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Net interest income after provision
for loan loss 13,903 12,347 3,702 3,188
Noninterest income 2,890 2,250 639 588
Noninterest expense 11,394 9,847 2,971 2,568
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Income before income tax expense 5,399 4,750 1,370 1,208
Income tax expense 1,908 1,634 489 417
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Net income $ 3,491 $ 3,116 $ 881 $ 791
==============================================
Basic earnings per share $ 1.11 $ 1.01 $ 0.28 $ 0.25
Diluted earnings per share $ 1.10 $ 1.00 $ 0.28 $ 0.25
At December 31,
2003 2002
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Selected Financial Data:
Total assets $ 401,768 $ 331,087
Total loans, net of deferred loan fees 261,664 216,268
Allowance for loan losses 2,888 2,689
Total deposits 341,538 302,735
Stockholders' equity 27,149 23,817
At or for the year ended
December 31,
2003 2002
---------- ---------
Selected Financial Ratios:
Annualized return on average assets (ROA) 0.97% 1.03%
Annualized return on average equity (ROE) 13.68% 14.01%
Tier 1 capital to total assets 8.50% 7.19%
Book value per share $ 8.58 $ 7.66
All share data has been restated to include the effect of a 3 for 2 stock split
paid July 1, 2003 and a 5% stock dividend paid November 15, 2003.
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