Exhibit 99.1
For Immediate Release
Date: April 26, 2005
Contact: Diane Kerner
630 Godwin Avenue
Midland Park, NJ 07432
201 - 444-7100
PRESS RELEASE
Stewardship Financial Corporation Announces
Quarterly Earnings for the First Quarter, 2005
Midland Park, NJ - April 26, 2005 - Stewardship Financial Corporation
(OTC:SSFN.OB), parent of Atlantic Stewardship Bank, announced today net income
for the three (3) months ended March 31, 2005, of $1.0 million, or $0.30 basic
net income per share, an increase of 15.7% and 15.4% in net income and basic net
income per share respectively, as compared to net income of $867,000, or $0.26
per share for the same three (3) month period in 2004.
Diluted income per share was $0.29 for the quarter ended March 31, 2005, an
increase of 11.5% over the diluted income per share of $0.26 for the quarter
ended March 31, 2004.
Stewardship Financial Corporation's total assets reached $420.8 million at March
31, 2005, compared to $400.5 million at March 31, 2004, resulting in growth of
5.1%. Total loans increased 13.6% to $304.2 million at March 31, 2005, compared
to $267.7 million a year ago. Total deposits were $361.0 million at March 31,
2005, compared to $340.6 million a year ago, resulting in growth of 6.0%. Total
stockholders' equity increased 10.7% to $30.8 million at March 31, 2005,
compared to $27.9 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 $1.0 million. Strong growth in commercial and consumer loans continue to
contribute to our profitability."
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. During the fourth quarter of 2005, the Bank
hopes to relocate its Waldwick branch to provide additional driveup facilities
and open a new branch in Montville. 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, exceptper share data)
Three Months Ended
March 31,
2005 2004
--------------------------
Selected Operating Data:
Total interest income $ 5,689 $ 5,168
Total interest expense 1,287 1,259
--------------------------
Net interest income before provision
for loan loss 4,402 3,909
Provision for loan loss 150 120
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Net interest income after provision
for loan loss 4,252 3,789
Losses on sales of securities -- (4)
Other noninterest income 649 598
--------------------------
Total other income 649 594
Noninterest expense 3,315 3,033
--------------------------
Income before income tax expense 1,586 1,350
Income tax expense 582 483
--------------------------
Net income $ 1,004 $ 867
==========================
Basic earnings per share $ 0.30 $ 0.26
Diluted earnings per share $ 0.29 $ 0.26
At March 31,
2005 2004
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Selected Financial Data:
Total assets $420,800 $400,518
Total loans, net of deferred loan fees 304,152 267,666
Allowance for loan losses 3,438 2,964
Total deposits 360,966 340,568
Stockholders' equity 30,833 27,854
At or for the three month period ended
March 31,
2005 2004
--------- ----------
Selected Financial Ratios:
Annualized return on average assets (ROA) 0.97% 0.88%
Annualized return on average equity (ROE) 13.13% 12.68%
Tier 1 equity to total assets 8.99% 8.70%
Book value per share $ 9.13 $ 8.41
All share data has been restated to include the effect of a 5% stock dividend
paid in November, 2004.
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