Stewardship Financial Corporation Reports Record Earnings for Year Ending December 31, 2003.Business Editors MIDLAND PARK, N.J.--(BUSINESS WIRE)--Feb. 2, 2004 Stewardship stewardship the occupation of being a steward or custodian. Referring to animals it implies the caring sort of relationship based on an acceptance of the need to include the rights of animals in overall plans to maintain financial viability. Financial Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :SSFN SSFN Saudi Society for Food & Nutrition SSFN Session Setup Failure Notification ), parent company of Atlantic Stewardship Bank, announced today net income earned for the year ended December December: see month. 31, 2003, of $3.5 million, or $1.11 basic net income per share, an increase of 12.0% and 9.9% in net income and basic net income per share, respectively, as compared to net income of $3.1 million, or $1.01 per share, for the year ended December 31, 2002. Diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. income per share was $1.10 for the year ended December 31, 2003, an increase of 10.0% over the diluted income per share of $1.00 for the year ended December 31, 2002. Net income for the quarter ended December 31, 2003, increased by 11.4% to $881,000 from $791,000 for the same three-month period in 2002. Both basic and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the quarter ended December 31, 2003, were $0.28 compared to $0.25 for the same period in 2002. Net income per share data has been restated to reflect a 3-for-2 stock split and a 5% stock dividend paid in the third and fourth quarters, respectively, of 2003. Paul Paul, 1901–64, king of the Hellenes (1947–64), brother and successor of George II. He married (1938) Princess Frederika of Brunswick. During Paul's reign Greece followed a pro-Western policy, and the Cyprus question was temporarily resolved. Van Ostenbridge, President and Chief Executive Officer of both Stewardship Financial Corporation and Atlantic Stewardship Bank, stated, "We are once again pleased to report record earnings. The earnings for 2003 were achieved during a period of continued pressure on interest margins. The increase in earnings is attributed to the growth in core deposits combined with the increase in commercial lending and residential mortgage origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real ." Stewardship Financial Corporation's total assets reached $401.8 million at December 31, 2003, compared to $331.1 million at December 31, 2002, a growth of 21.3%. Total deposits were $341.5 million at December 31, 2003, compared to $302.7 million a year ago, an increase of 12.8%. Total stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. increased 14.0% to $27.1 million at December 31, 2003, compared to $23.8 million a year ago. Stewardship Financial Corporation is the parent company for Atlantic Stewardship Bank, which has banking offices in Midland Park, Hawthorne Hawthorne. 1 City (1990 pop. 71,349), Los Angeles co., S Calif., a suburb of Los Angeles; inc. 1922. Located in an oil- and gas-producing area, Hawthorne manufactures navigation systems, solar panels, electronic components, silicon instruments, and (2), Pequannock Pequannock may refer to:
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Stewardship Financial Corporation
Financial Highlights
(unaudited)
(In thousands, except per share data)
Three Months
Year Ended Ended
December 31, December 31,
2003 2002 2003 2002
------------------------------------
Selected Operating
Data:
Total interest
income $18,919 $17,778 $4,978 $4,571
Total interest
expense 4,591 5,271 1,166 1,323
------------------------------------
Net interest
income before
provision
for loan loss 14,328 12,507 3,812 3,248
Provision for loan
loss 425 160 110 60
------------------------------------
Net interest
income after
provision
for loan loss 13,903 12,347 3,702 3,188
Noninterest income 2,890 2,250 639 588
Noninterest
expense 11,394 9,847 2,971 2,568
------------------------------------
Income before
income tax
expense 5,399 4,750 1,370 1,208
Income tax expense 1,908 1,634 489 417
------------------------------------
Net income $ 3,491 $ 3,116 $ 881 $ 791
====================================
Basic earnings per
share $1.11 $1.01 $0.28 $0.25
Diluted earnings
per share $1.10 $1.00 $0.28 $0.25
At December 31,
2003 2002
--------- ---------
Selected Financial
Data:
Total assets $401,768 $331,087
Total loans, net of
deferred loan fees 261,664 216,268
Allowance for loan
losses 2,888 2,689
Total deposits 341,538 302,735
Stockholders' equity 27,149 23,817
At or for the year ended
December 31,
2003 2002
------ ------
Selected Financial Ratios:
Annualized return on
average assets (ROA) 0.97% 1.03%
Annualized return on
average equity (ROE) 13.68% 14.01%
Tier 1 capital to total
assets 8.50% 7.19%
Book value per share $8.58 $7.66
All share data has been restated to include the effect of a 3 for 2
stock split paid July 1, 2003 and a 5% stock dividend paid November
15, 2003.
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