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Park Sterling Corporation Announces Results For Second Quarter 2014

Stock quotes in this article: PSTB

CHARLOTTE, N.C., July 24, 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 second quarter of 2014. Highlights at and for the three months ended June 30, 2014 include:

Highlights

  • Adjusted net income available to common shareholders, which excludes merger-related expenses and gain or loss on sale of securities, of $3.8 million, or $0.09 per share, compared to $3.4 million, or $0.08 per share, in the prior quarter
  • Net income available to common shareholders of $3.4 million, or $0.08 per share, compared to $3.6 million, or $0.08 per share, in the prior quarter
  • Generated a $70.8 million increase in organic loans, representing 22% annualized growth
  • Generated a $40.9 million increase in discretionary assets under management, representing 47% annualized growth
  • Increased mortgage originations by $31.6 million, or 132% greater than the prior quarter
  • Decreased nonperforming loans to 0.65% of total loans from 0.70% at March 31, 2014
  • Decreased nonperforming assets to 1.14% of total assets from 1.23% at March 31, 2014
  • Completed merger with Provident Community Bancshares, Inc. on May 1, 2014
  • Declared quarterly cash dividend on common shares of $0.02 per share (July 2014)

"Operating results for the second quarter clearly demonstrate the value of Park Sterling's multi-faceted growth strategy," said James C. Cherry, Chief Executive Officer. "On the organic front, for the three months ended June 30, 2014 we reported a $70.8 million increase in loans, representing a 22% annualized growth rate, driven by robust production across both our commercial and retail lines of business. Our wealth management group reported a $40.9 million increase in discretionary assets under management, representing a 47% annualized growth rate, driven both by referrals from other areas of the bank and expanded wealth origination capabilities. In addition, we experienced a strong rebound in mortgage banking production to $55.7 million, representing a 132% increase over the first quarter of the year, driven by an improved market and expanded capabilities.

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