Sterling Banks, Inc. Announces Revised Third Quarter 2009 Results
2010年3月9日 - 8:00AM
PRニュース・ワイアー (英語)
MOUNT LAUREL, N.J., March 8 /PRNewswire-FirstCall/ -- Sterling
Banks, Inc. , the bank holding company of Sterling Bank (the
"Company"), revised its previously announced 2009 third quarter
results due to an additional $5.0 million provision for loan losses
and determined to establish a valuation allowance for deferred tax
assets of $5.6 million in the second quarter of 2009, as well as
recording a reduction of $1.1 million in provision for loan losses
in the third quarter of 2009. The allowance for loan losses and
provision for loan losses were increased from amounts previously
reported to reflect changes to the qualitative reserve factors and
impairment amounts that the Company's wholly owned subsidiary,
Sterling Bank (the "Bank"), utilized in calculating its allowance
for loan losses as of June 30, 2009. The adjustment in the
qualitative factors and impaired amounts reflected second quarter
adverse trends in delinquent, classified and non-performing loans
in the Bank's loan portfolio, which were raised as part of the
Bank's regulatory examination by the Federal Reserve Bank of
Philadelphia as was concluded by the issuance of a Report of
Examination dated November 30, 2009. As a result, the Company
concluded that the allowance for loan losses as of June 30, 2009
should be increased by $5.0 million and determined to establish a
valuation allowance for deferred tax assets of $5.6 million. As a
result, the Company reversed $1.1 million in provision for loan
losses and decreased income tax expense $2.8 million in the third
quarter of 2009 from that previously reported. The Company revised
net loss for the third quarter of 2009 to $0.6 million, or $0.09
per basic and diluted share, compared to net income of $0.1
million, or $0.01 per basic and diluted share, for the third
quarter of 2008. For the nine months ended September 30, 2009, net
loss was $10.7 million, or $1.83 per basic and diluted share,
compared to $0.4 million, or $0.07 per basic and diluted share, for
the comparable 2008 period. The Company previously announced losses
of $4.5 million and $5.9 million for the three and nine months
ended September 30, 2009, respectively, or $0.77 and $1.01 per
basic and diluted share, respectively. Robert H. King, President
and CEO of Sterling Banks, Inc., noted: "This period of economic
downturn, extending over an unusually long period, creates
challenges on several fronts, including evaluating for an adequate
and appropriate level of loan loss reserves in an uncertain
environment. We believe that we are now in a better position to
address these challenges." Sterling Banks, Inc. is a bank holding
company which commenced operations in March 2007, and is
headquartered in Mount Laurel Township, Burlington County. Sterling
Bank is a community bank which commenced operations in December
1990 with the purpose of serving consumers and small to
medium-sized businesses in its market area. Sterling Bank's main
office is located in Mount Laurel, New Jersey, and its nine other
Community Banking Centers are located in Burlington and Camden
Counties in New Jersey. The Bank's deposits are insured to the
applicable regulatory limits per depositor by the Federal Deposit
Insurance Corporation. Sterling Bank is a member of the Federal
Reserve System. The common stock of Sterling Banks, Inc. is traded
on the NASDAQ Capital Market under the symbol "STBK". For
additional information about Sterling Bank and Sterling Banks, Inc.
visit our website at http://www.sterlingnj.com/. This news release
may contain certain forward-looking statements, such as statements
of the Company's plans, objectives, expectations, estimates and
intentions. Forward-looking statements may be identified by the use
of words such as "expects," "subject," "believe," "will,"
"intends," "will be" or "would." These statements are subject to
change based on various important factors (some of which are beyond
the Company's control). Readers should not place undue reliance on
any forward-looking statements (which reflect management's analysis
only as of the date of which they are given). These factors include
general economic conditions, trends in interest rates, the ability
of our borrowers to repay their loans, the ability of the Company
to manage the risk in its loan and investment portfolios, the
ability of the Company to reduce noninterest expenses and increase
net interest income, results of possible collateral collections and
subsequent sales, and results of regulatory examinations, among
other factors. Sterling Banks, Inc. cautions that the foregoing
list of important factors is not exclusive. Readers should
carefully review the risk factors described in other documents the
Company files from time to time with the Securities and Exchange
Commission, including the Company's Annual Report on Form 10-K for
the year ended December 31, 2008, Quarterly Reports on Form 10-Q,
and Current Reports on Form 8-K. DATASOURCE: Sterling Banks, Inc.
CONTACT: Robert H. King, President,
+1-856-273-5900,rking@sterlingnj.com; R. Scott Horner, Executive
Vice President,+1-856-273-5900, shorner@sterlingnj.com Web Site:
http://www.sterlingnj.com/
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