Stewardship Financial Corporation
Selected Consolidated Financial Information
(dollars in thousands, except per share amounts)
(unaudited)
December 31, September 30, December 31,
2010 2010 2009
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Selected Financial Condition Data:
Cash and cash equivalents $ 19,983 $ 25,158 $ 8,871
Securities available for sale 138,628 127,348 103,026
Securities held to maturity 45,394 47,434 67,717
FHLB Stock 2,497 2,497 3,227
Loans receivable:
Loans receivable, gross 451,867 450,507 460,476
Allowance for loan losses (8,490) (9,327) (6,920)
Other, net (132) (290) (437)
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Loans receivable, net 443,245 440,890 453,119
Loans held for sale 9,818 9,326 660
Other assets 28,553 27,409 27,224
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Total assets $ 688,118 $ 680,062 $ 663,844
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Deposits:
Total deposits $ 575,603 $ 565,845 $ 529,930
Other borrowings 36,000 36,000 54,600
Subordinated debentures 7,217 7,217 7,217
Securities sold under agreements
to repurchase 14,642 15,241 15,396
Other liabilities 2,524 2,910 3,190
Stockholders' equity 52,132 52,849 53,511
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Total liabilities and
stockholders' equity $ 688,118 $ 680,062 $ 663,844
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Book value per common share $ 7.24 $ 7.37 $ 7.50
Equity to assets 7.58% 7.77% 8.06%
Asset Quality Data:
Nonaccrual loans $ 22,500 $ 24,334 $ 19,656
Loans past due 90 days or more
and accruing - 10 415
Restructured loans 130 140 2,846
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Total nonperforming loans 22,630 24,484 22,917
Other real estate owned 615 356 -
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Total nonperforming assets $ 23,245 $ 24,840 $ 22,917
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Non-performing loans to total
loans 5.01% 5.43% 4.98%
Non-performing assets to total
assets 3.38% 3.65% 3.45%
Allowance for loan losses to
nonperforming loans 37.52% 38.09% 30.20%
Allowance for loan losses to
total gross loans 1.88% 2.07% 1.50%
Stewardship Financial Corporation
Selected Consolidated Financial Information
(dollars in thousands, except per share amounts)
For the three months For the year
ended ended
December 31, December 31,
-------------------- --------------------
2010 2009 2010 2009
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Selected Operating Data:
Interest income $ 8,193 $ 8,531 $ 32,984 $ 34,156
Interest expense 2,039 2,580 8,778 10,811
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Net interest income 6,154 5,951 24,206 23,345
Provision for loan losses 1,820 1,200 9,575 3,575
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Net interest income after
provision for loan losses 4,334 4,751 14,631 19,770
Noninterest income:
Fees and service charges 504 485 1,990 1,847
Bank owned life insurance 82 84 331 322
Gain on sales of mortgage
loans 456 22 671 294
Gain on calls and sales of
securities 279 3 1,081 258
Merchant processing - - - 118
Other 49 62 314 294
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Total noninterest income 1,370 656 4,387 3,133
Noninterest expenses:
Salaries and employee
benefits 2,180 2,000 8,331 8,264
Occupancy, net 483 460 1,954 1,858
Equipment 258 292 1,129 1,087
Data processing 336 336 1,322 1,218
FDIC insurance premium 264 238 976 1,124
Charitable contributions 60 208 360 619
Merchant processing - - - 108
Other 1,166 818 3,878 3,512
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Total noninterest expenses 4,747 4,352 17,950 17,790
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Income before income taxes 957 1,055 1,068 5,113
Income tax (benefit) expense (130) 281 (165) 1,479
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Net income 1,087 774 1,233 3,634
Dividends on preferred stock
and accretion 138 137 550 504
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Net income available to
common stockholders $ 949 $ 637 $ 683 $ 3,130
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Weighted avg. no. of diluted
common shares 5,845,952 5,838,262 5,843,756 5,836,739
Diluted earnings per common
share $ 0.16 $ 0.11 $ 0.12 $ 0.54
Return on average common
equity 7.07% 4.64% 1.27% 5.92%
Return on average assets 0.62% 0.47% 0.18% 0.57%
Yield on average
interest-earning assets 5.13% 5.52% 5.27% 5.65%
Cost of average
interest-bearing
liabilities 1.52% 2.06% 1.70% 2.20%
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Net interest rate spread 3.61% 3.46% 3.57% 3.45%
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Net interest margin 3.87% 3.88% 3.89% 3.89%
Contact Information: Contact: Claire M. Chadwick SVP and Chief Financial Officer 630 Godwin Avenue Midland Park, NJ 07432 201-444-7100