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Park Sterling Corporation Announces Record Operating Results For First Quarter 2013

Stocks in this article: PSTB

CHARLOTTE, N.C., April 25, 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 first quarter of 2013. Highlights at and for the three months ended March 31, 2013 include:

Highlights

  • Net income available to common shareholders increased 151% from prior quarter to $3.2 million, or $0.07 per share
  • Adjusted net income available to common shareholders, which excludes merger-related expenses, increased 7% from prior quarter to $3.8 million, or $0.09 per share
  • Net interest margin decreased to 4.15% from 4.36% at December 31, 2012
  • Adjusted net interest margin, which excludes accelerated accretion of net acquisition accounting fair market value adjustments, increased to 4.15% from 4.13% at December 31, 2012
  • Nonperforming loans decreased to 1.29% of total loans from 1.31% at December 31, 2012
  • Nonperforming assets decreased to 1.93% of total assets from 2.11% at December 31, 2012
  • Tangible common equity to tangible assets increased to 11.51% from 11.05% at December 31, 2012
  • Completed deployment of new data network utilizing a Citrix ®-based private cloud solution
  • Completed conversion of former Citizens South Bank customers to Park Sterling's Jack Henry SilverLake System ® core operating platform
  • Well positioned to pursue discussions regarding potential additional strategic partnerships

"Park Sterling's first quarter results confirm the progress achieved in executing our growth strategies," 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, increasing 7% to $3.8 million, or $0.09 per share, for the three months ended March 31, 2013 compared to the fourth quarter of 2012. Our metropolitan markets continued to post strong results by generating $7.8 million in net loan originations during the period, representing a 7% annualized growth rate. We also posted continued growth and resulting record revenues in both our mortgage banking and wealth management operations. In addition, we benefited from surpassing our targeted $2.5 million in quarterly cost savings from the merger with Citizens South and remain well positioned to invest in future growth opportunities.

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