- Completed successful public offering of 23.1 million shares of common stock priced at $6.50 per share; raised gross proceeds of $150.2 million
- Increased tangible common equity-to-tangible assets to 29.06%, up from 9.56% in second quarter of 2010 and 9.81% in the third quarter of 2009
- Expanded executive management team and reconstituted board of directors
- Fully engaged in new strategy to expand in the Carolinas and Virginia through combination of whole-bank mergers and acquisitions and organic growth
- Recorded net loss of $3.7 million, or $0.23 per weighted average diluted share, compared to net income of $0.2 million for the second quarter of 2010 and $0.1 million for the third quarter of 2009
- Recorded provision for loan losses of $6.1 million; related to implementation of refinements to loan loss allowance methodology and the effects of extended economic weakness on the loan portfolio; ratio of allowance-to-total loans now 3.31%, compared to 2.25% for the second quarter of 2010 and 1.79% for the third quarter of 2009
- Reported non-performing assets-to-total assets of 1.82%, compared to 1.45% in the second quarter of 2010 and 0.27% in the third quarter of 2009
Park Sterling Bank Announces Third Quarter 2010 Earnings
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