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Park Sterling Corporation Announces Results For Fourth Quarter 2013; Matches Prior Quarter Record Operating Results

CHARLOTTE, N.C., Jan. 30, 2014 (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 2013. Highlights at and for the three months ended December 31, 2013 include:

Highlights

  • Net income available to common shareholders of $4.0 million, or $0.09 per share, compared to $4.2 million, or $0.10 per share, in the prior quarter
  • Adjusted net income available to common shareholders, which excludes merger-related expenses and gain or loss on sale of securities, of $4.3 million, or $0.10 per share, matching record results of $4.3 million, or $0.10 per share, in the prior quarter
  • Annualized return on average assets of 0.83% compared to 0.85% in the prior quarter
  • Adjusted annualized return on average assets, which excludes merger-related expenses and gain or loss on sale of securities, of 0.88% compared to 0.87% in the prior quarter
  • Nonperforming loans decreased to 0.95% of total loans from 1.11% at September 30, 2013
  • Nonperforming assets decreased to 1.37% of total assets from 1.52% at September 30, 2013
  • Tangible common equity increased to 11.79% of tangible assets from 11.78% at September 30, 2013
  • Declared quarterly cash dividend on common shares of $0.02 per share (January 2014)
  • Announced de novo entry into Virginia with opening of Richmond loan production office (January 2014)
  • Announced new leadership for operations and information technology, wealth management and mortgage banking (January 2014)

"Park Sterling's fourth quarter capped an exceptional year for the company," said James C. Cherry, Chief Executive Officer. "For the three months ended December 31, 2013, we reported strong operating results with adjusted net income available to common shareholders, which excludes merger-related expenses and gain or loss on sale of securities, of $4.3 million, or $0.10 per share, which matched our record results from the prior quarter. For the twelve months ended December 31, 2013, we reported record operating results with adjusted net income available to common shareholders of $16.3 million, or $0.37 per share, compared to $7.5 million, or $0.21 per share, for the twelve months ended December 31, 2012.

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