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Park Sterling Corporation Announces Record Results For Third Quarter 2013

CHARLOTTE, N.C., Oct. 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 third quarter of 2013. Highlights at and for the three months ended September 30, 2013 include:

Highlights

  • Net income available to common shareholders increased 20% from the prior quarter to a record $4.2 million, or $0.10 per share
  • Adjusted net income available to common shareholders, which excludes merger-related expenses and gain on sale of securities, increased 9% from the prior quarter to a record $4.3 million, or $0.10 per share
  • Annualized return on average assets increased to 0.85% from 0.72% in the prior quarter
  • Adjusted annualized return on average assets, which excludes merger-related expenses and gain on sale of securities, increased to 0.87% from 0.81% in the prior quarter
  • Metro markets posted quarterly loan growth of $26.7 million (19% annualized)
  • Nonperforming assets decreased to 1.52% of total assets from 1.58% at June 30, 2013
  • Tangible common equity increased to 11.78% of tangible assets from 11.40% at June 30, 2013
  • Exited Small Business Lending Fund program through redemption in whole of our $20.5 million in Series C Preferred Stock
  • Declared quarterly cash dividend on common shares of $0.02 per share
  • Well positioned to pursue organic growth opportunities and strategic partnerships

"Park Sterling's third quarter results continue to confirm the progress achieved in executing our growth strategies," said James C. Cherry, Chief Executive Officer. "We reported our fourth consecutive quarter of record operating results, with adjusted net income available to common shareholders, which excludes merger-related expenses and gain on sale of securities, increasing 9% to $4.3 million, or $0.10 per share, for the three months ended September 30, 2013 compared to $4.0 million, or $0.09 per share for the three months ended June 30, 2013. As a result, our adjusted annualized return on average assets, which excludes merger-related expenses and gain on sale of securities, increased to 0.87% for the third quarter compared to 0.81% for the second quarter.

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