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STERLING BANCSHARES CORPORATION REPORTS FINAL FOURTH QUARTER EARNINGS OF $2.2 MILLION

 STERLING BANCSHARES CORPORATION REPORTS FINAL
 FOURTH QUARTER EARNINGS OF $2.2 MILLION
 WALTHAM, Mass., March 3 /PRNewswire/ -- Sterling Bancshares Corporation (NASDAQ: STLG), the holding company of Sterling Bank, today reported final earnings for the fourth quarter ended Dec. 31, 1991 of $2.2 million of 77 cents per share. The corporation had previously released preliminary fourth quarter earnings of $1.0 million of 35 cents per share, pending a determination of the value of the shares of stock received in the Dec. 31, 1991 conversion of the Savings Bank Life Insurance System (SBLI) into a stock life company.
 The after-tax impact of the receipt of SBLI stock was $1.2 million, equivalent to 42 cents per share. The gain was recorded as an extraordinary item in the statement of operations. As a result, Sterling's net income for the full year ended Dec. 31, 1991 was $1.9 million or 64 cents per share compared with a net income of $1.7 million or 59 cents per share for the year ended Dec. 31, 1990. The book value per share of common stock has been revised accordingly to $17.81 at Dec. 31, 1991 vs. $17.39 as previously reported.
 Sterling Bank, a wholly owned subsidiary of Sterling Bancshares Corporation, offers a comprehensive line of business and personal banking services at its 13 retail offices located in nine cities and towns in Middlesex County.
 STERLING BANCSHARES CORPORATION
 ($ in Thousands Except per Share Data)
 Unaudited
 Condensed Consolidated Statements of Operations
 Three months ended Twelve months ended
 12/31/91 12/31/90 12/31/91 12/31/90
 Interest and dividend income $18,430 $12,967 $64,509 $51,320
 Interest expense 12,204 9,934 45,019 39,507
 Net interest income 6,226 3,033 19,490 11,813
 Provision for loan losses 1,062 1,757 4,059 3,470
 Net interest income, after
 provision 5,164 1,276 15,431 8,343
 Other income 364 343 1,727 1,151
 Operating expenses 4,453 2,629 16,868 9,667
 Income (loss) before income
 taxes and extraordinary item 1,075 (1,010) 290 (173)
 Provision (benefit) for
 income taxes 63 (1,407) (350) (1,892)
 Income before extraordinary
 item 1,012 397 640 1,719
 Extraordinary item - value of
 stock received in conversion
 of life insurance department,
 less applicable taxes of
 $236,000 1,236 -- 1,236 --
 Net income $2,248 $397 $1,876 $1,719
 Earnings per share:
 Income before
 extraordinary item $0.35 $0.14 $0.22 $0.59
 Net income 0.77 0.14 0.64 0.59
 Weighted average
 shares outstanding 2,924,947 2,917,900 2,924,397 2,921,431
 Condensed Consolidated Balance Sheets
 12/31/91 12/31/90
 Assets:
 Cash and due from banks $ 9,386 $ 833
 Investments, net 570,601 291,365
 Loans, net 295,246 241,264
 Other real estate owned 3,534 7,494
 Other assets 19,890 17,001
 Total Assets $898,657 $557,957
 Liabilities and Stockholders' Equity:
 Deposits $676,773 $344,009
 Borrowings 155,395 158,461
 Other liabilities 14,380 5,476
 Total liabilities 846,548 507,946
 Stockholders' equity 52,109 50,011
 Total liabilities and stockholder's
 equity $898,657 $557,957
 Book value per share $17.81 $17.14
 Shares outstanding at end of period 2,925,126 2,917,900
 -0- 3/3/92
 /CONTACT: Karen A. Wharton of Sterling Bancshares, 617-894-7790/
 (STLG) CO: Sterling Bancshares Corporation ST: Massachusetts IN: FIN SU: ERN


TM-SH -- NE008 -- 4493 03/03/92 12:42 EST
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Date:Mar 3, 1992
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