MIDLAND PARK, NJ--(Marketwire - May 1, 2008) - Stewardship Financial Corporation (
NASDAQ:
SSFN), parent of Atlantic Stewardship Bank, announced today net income for
the three (3) months ended March 31, 2008, of $1.06 million, or $0.20 basic
net income per share, as compared to net income of $1.09 million, or $0.21
basic net income per share for the same three (3) month period in 2007.
Diluted net income per share was $0.20 for the quarter ended March 31, 2008
and March 31, 2007. Per share data has been restated to include the effect
of a 5% stock dividend paid in November 2007.
Stewardship Financial Corporation's total assets reached $590.2 million at
March 31, 2008, compared to $520.5 million at March 31, 2007, resulting in
growth of 13.4%. Total gross loans increased 14.8% to $425.4 million at
March 31, 2008, compared to $370.6 million a year ago. Total deposits were
$476.6 million at March 31, 2008, compared to $439.7 million a year ago,
resulting in growth of 8.4%. Total stockholders' equity increased 10.6% to
$42.1 million at March 31, 2008, compared to $38.1 million a year ago.
Stewardship Financial Corporation's President and Chief Executive Officer
Paul Van Ostenbridge stated, "We continue to operate in an extremely
challenging economic and interest rate environment. We are pleased to
report that we have not been directly involved in any of the subprime
lending markets and our credit quality continues to be strong. Although
our three new branches opened in 2007 are still in their infancy and have
yet to generate income to the bottom line, we are encouraged by the core
deposit growth being achieved and are excited to be reaching new deposit
and loan customers. We continue to see strong growth in our commercial and
commercial real estate lending portfolio."
Stewardship Financial Corporation's subsidiary, the Atlantic Stewardship
Bank, has banking offices in Midland Park, Hawthorne (2), Montville, North
Haledon, Pequannock, Ridgewood, Waldwick, Wayne (3), Westwood and Wyckoff,
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.
The information disclosed in this document contains certain "forward
looking statements" within the meaning of the Private Securities Litigation
Reform Act of 1995, and may be identified by the use of such words as
"believe," "expect," "anticipate," "should," "plan," "estimate," and
"potential." Examples of forward looking statements include, but are not
limited to, estimates with respect to the financial condition, results of
operations and business of the Corporation that are subject to various
factors which could cause actual results to differ materially from these
estimates. These factors include: changes in general, economic and market
conditions, legislative and regulatory conditions, or the development of an
interest rate environment that adversely affects the Corporation's interest
rate spread or other income anticipated from operations and investments.
Stewardship Financial Corporation
Financial Highlights
(unaudited)
(In thousands, except per share data)
Three Months Ended
March 31,
2008 2007
--------- ----------
Selected Operating Data:
Total interest income $ 8,657 $ 7,932
Total interest expense 3,495 3,259
--------- ----------
Net interest income before provision for loan loss 5,162 4,673
Provision for loan loss 100 10
--------- ----------
Net interest income after provision for loan loss 5,062 4,663
Gains on sales of mortgage loans 55 89
Other noninterest income 921 907
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Total other income 976 996
Noninterest expense 4,479 3,995
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Income before income tax expense 1,559 1,664
Income tax expense 499 578
--------- ----------
Net income $ 1,060 $ 1,086
========= ==========
Basic earnings per share $ 0.20 $ 0.21
Diluted earnings per share $ 0.20 $ 0.20
At March 31,
2008 2007
--------- ---------
Selected Financial Data:
Total assets $ 590,233 $ 520,489
Total loans, net of deferred loan fees 425,357 370,554
Allowance for loan losses 4,571 4,093
Total deposits 476,567 439,682
Stockholders' equity 42,138 38,108
At or for the
three month period ended
March 31,
2008 2007
--------- ---------
Selected Financial Ratios:
Annualized return on average assets (ROA) 0.74% 0.85%
Annualized return on average equity (ROE) 10.29% 11.62%
Tier 1 equity to total assets 8.33% 8.67%
Book value per share $ 7.93 $ 7.23
All share data has been restated to include the effects of a 5%
stock dividend paid in November 2007.
Contact Information: Contact:
Mary Beth Steiginga
630 Godwin Avenue
Midland Park, NJ 07432
201-444-7100