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

Stocks in this article: PSTB

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.

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