MIDLAND PARK, NJ--(Marketwire - October 31, 2007) - Stewardship Financial Corporation
(
NASDAQ:
SSFN) (the "Corporation"), parent of Atlantic Stewardship Bank,
announced today net income for the nine (9) months ended September 30, 2007
of $3.77 million or $0.71 basic earnings per share, an increase of 7.7% and
7.6% respectively, as compared to net income of $3.50 million, or $0.66
basic earnings per share for the same nine (9) month period in 2006. Fully
diluted earnings per share were $0.70 for the nine (9) months ended
September 30, 2007 as compared to $0.66, an increase of 6.1%, for the nine
(9) months ended September 30, 2006. Earnings for the nine (9) months
ended September 30, 2007 were impacted by the receipt of a life insurance
payout, which resulted in miscellaneous income of $459,000.
Stewardship Financial Corporation reported net income of $1.23 million or
$0.23 basic earnings per share for the three (3) months ended September 30,
2007 and for the three (3) months period ended September 30, 2006. Diluted
earnings per share were $0.23 for both of the three (3) month periods ended
September 30, 2007 and 2006.
Per share calculations have been adjusted for a 5% stock dividend paid in
November 2006 and a 5% stock dividend payable on November 15, 2007.
Stewardship Financial Corporation's President and Chief Executive Officer
Paul Van Ostenbridge stated, "We are pleased to report strong earnings for
the period ending September 30, 2007. Despite the recent downturn in the
real estate market due to the subprime lending trends, loan demand has
remained strong in our market area. We have never participated in the
subprime residential mortgage lending or negative amortization loan
markets. We continue to remain diligent in maintaining strong credit
quality standards and are proud of the performance of our portfolio.
During September 2007, we successfully opened our twelfth branch in
Westwood, Bergen County, New Jersey and are looking forward to opening our
thirteenth branch in North Haledon, Passaic County, New Jersey in the first
quarter of 2008. We feel our branch network positions us to continue to
remain competitive in our marketplace and provide a strong delivery channel
to attract new deposit and lending relationships."
Stewardship Financial Corporation's total assets reached $547.2 million at
September 30, 2007, compared to $509.1 million at September 30, 2006,
resulting in growth of 7.5%. Total loans increased 9.1% to $395.6 million
at September 30, 2007, compared to $362.6 million at September 30, 2006.
Total deposits were $458.6 million at September 30, 2007, compared to
$426.7 million a year ago, resulting in growth of 7.5%. Total
stockholders' equity increased 9.5% to $40.1 million at September 30, 2007,
compared to $36.6 million a year ago.
Stewardship Financial Corporation's subsidiary, the Atlantic Stewardship
Bank, has banking offices in Midland Park, Hawthorne (2 offices),
Montville, Pequannock, Ridgewood, Waldwick, Wayne (3 offices), Westwood,
and Wyckoff, New Jersey. The 13th branch is expected to open in North
Haledon, New Jersey during the first quarter of 2008. The bank is known
for tithing 10% of its pre-tax profits to Christian and local charities.
We invite you to visit our website at
www.asbnow.com for additional
information.
This information disclosed in this document contains certain
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995, and may be identified by the use of such
words as "believe," "expect," "anticipate," "should," "plan," "estimate,"
and "potential." Examples of forward-looking statements include, but are
not limited to, estimates with respect to the financial condition, results
of operations and business of the Corporation that are subject to various
factors which could cause actual results to differ materially from these
estimates. These factors include: changes in general, economic and market
conditions, legislative and regulatory conditions, or the development of an
interest rate environment that adversely affects the Corporation's interest
rate spread or other income anticipated from operations and investments.
Stewardship Financial Corporation
Financial Highlights
(unaudited)
(In thousands, except per share data)
Nine Months Ended Three Months Ended
September 30, September 30,
2007 2006 2007 2006
-------- -------- --------- ---------
Selected Operating Data:
Total interest income $ 24,575 $ 22,111 $ 8,526 $ 7,793
Total interest expense 10,188 7,807 3,614 2,928
-------- -------- --------- ---------
Net interest income before
provision for loan loss 14,387 14,304 4,912 4,865
Provision for loan loss 280 250 90 90
-------- -------- --------- ---------
Net interest income after
provision for loan loss 14,107 14,054 4,822 4,775
Noninterest income 3,417 2,886 915 984
Noninterest expense 12,050 11,510 3,873 3,869
-------- -------- --------- ---------
Income before income tax expense 5,474 5,430 1,864 1,890
Income tax expense 1,705 1,929 635 665
-------- -------- --------- ---------
Net income $ 3,769 $ 3,501 $ 1,229 $ 1,225
======== ======== ========= =========
Basic earnings per share $ 0.71 $ 0.66 $ 0.23 $ 0.23
Diluted earnings per share $ 0.70 $ 0.66 $ 0.23 $ 0.23
At September 30,
2007 2006
-------- --------
Selected Financial Data:
Total assets $547,193 $509,130
Total loans, net of deferred loan
fees 395,594 362,597
Allowance for loan losses 4,249 4,086
Total deposits 458,571 426,749
Stockholders' equity 40,080 36,600
At or for the nine month
period ended
September 30,
2007 2006
-------- --------
Selected Financial Ratios:
Annualized return on average assets
(ROA) 0.96% 0.96%
Annualized return on average equity
(ROE) 13.06% 13.41%
Tier 1 equity to total assets 8.60% 8.56%
Book value per share $ 7.55 $ 6.94
All share data has been restated to include the effect of a 5% stock
dividend paid in November, 2006 and a 5% stock dividend payable
November 15, 2007.
Contact Information: Contact:
Mary Beth Steiginga
Assistant Secretary
630 Godwin Avenue
Midland Park, NJ 07432
201- 444-7100