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Park Sterling Corporation Announces Record Operating Results For Fourth Quarter 2012

Stocks in this article: PSTB

CHARLOTTE, N.C., Feb. 8, 2013 (GLOBE NEWSWIRE) -- Park Sterling Corporation (Nasdaq:PSTB), the holding company for Park Sterling Bank, today released unaudited results of operations and other financial information for the fourth quarter of 2012. Highlights at and for the three months ended December 31, 2012 include:

Highlights

  • Net income available to common shareholders of $1.3 million, or $0.03 per share
  • Net income available to common shareholders, excluding merger-related expenses, of $3.5 million, or $0.08 per share
  • Increase in net interest margin to 4.36% from 3.97% at September 30, 2012
  • Increase in net interest margin, excluding accelerated mark accretion, to 4.13% from 3.98% at September 30, 2012
  • Decrease in nonperforming loans to 1.31% of total loans from 2.45% at September 30, 2012
  • Decrease in nonperforming assets to 2.13% of total assets from 2.74% at September 30, 2012
  • Strong capitalization, with tangible common equity to tangible assets of 11.11%
  • Completed merger with Citizens South Banking Corporation on October 1, 2012

"Park Sterling's fourth quarter marked the successful consummation of our merger with Citizens South and continued progress toward achieving our vision of creating a regional-sized community bank in the Carolinas and Virginia," said James C. Cherry, Chief Executive Officer. "We reported record operating results, with adjusted net income available to common shareholders, which excludes merger-related expenses and gain on sale of securities, increasing 257% to $3.5 million, or $0.08 per share, for the three months ended December 31, 2012. Our metropolitan markets led the effort in generating $12.0 million in organic loan growth during the period, representing a 13% annualized growth rate. We also posted continued organic growth in both our mortgage banking and wealth management operations. In addition, we benefited from reaching our targeted $2.5 million in quarterly cost savings from the merger with Citizens South, and are now well positioned to invest future savings in new growth opportunities.

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