This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Park Sterling Corporation Announces Record Operating Results For Second Quarter 2013 And Initiates Dividend On Common Shares

CHARLOTTE, N.C., July 26, 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 second quarter of 2013. Highlights at and for the three months ended June 30, 2013 include:

Highlights

  • Net income available to common shareholders increased 10% from prior quarter to $3.5 million, or $0.08 per share
  • Adjusted net income available to common shareholders, which excludes merger-related expenses and gains on sales of securities, increased 6% from prior quarter to $4.0 million, or $0.09 per share
  • Net interest margin increased to 4.30% from 4.15% at March 31, 2013
  • Adjusted net interest margin, which excludes accelerated accretion of net acquisition accounting fair market value adjustments, increased to 4.17% from 4.15% at March 31, 2013
  • Nonperforming loans decreased to 1.13% of total loans from 1.29% at March 31, 2013
  • Nonperforming assets decreased to 1.58% of total assets from 1.93% at March 31, 2013
  • Capitalization remained strong with tangible common equity to tangible assets of 11.48%
  • In third quarter, declared first ever quarterly cash dividend on common shares ($0.02 per share)
  • Well positioned to pursue discussions regarding potential additional strategic partnerships

"Park Sterling's second quarter results continue to confirm the progress achieved in executing our growth strategies," said James C. Cherry, Chief Executive Officer. "We reported our third consecutive quarter of record operating results, with adjusted net income available to common shareholders, which excludes merger-related expenses and gains on sales of securities, increasing 6% to $4.0 million, or $0.09 per share, for the three months ended June 30, 2013 compared to the first quarter of 2013. Our metropolitan markets continued to post strong results by generating $12.3 million in net loan growth during the period, representing a 9% annualized growth rate. Our adjusted net interest margin, which excludes accelerated accretion from acquired performing loans, increased 2 basis points to 4.17% as a result of disciplined loan pricing and continued improvements in funding costs.

1 of 10

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,976.31 +263.65 1.49%
S&P 500 2,086.24 +25.22 1.22%
NASDAQ 4,947.4410 +56.2220 1.15%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs