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STERLING BANCSHARES CORPORATION REPORTS FIRST QUARTER EARNINGS OF $1.9 MILLION OR 63 CENTS PER SHARE

 WALTHAM, Mass., April 20 /PRNewswire/ -- Sterling Bancshares Corporation (NASDAQ: STLG), the holding company for Sterling Bank, today reported earnings for the first quarter ended March 31, 1993 of $1.9 million or 63 cents per share, compared to $2.3 million or 77 cents per share for the same period in 1992. The first quarter results for 1992 were positively impacted by a one-time $1.1 million or 37 cents per share gain realized during the first quarter in connection with early adoption of Statement of Financial Accounting Standards No. 109 (SFAS No. 109) "Accounting for Income Taxes."
 Nonperforming assets were $9.2 million or 1.0 percent of total assets at March 31, 1993, compared to $7.6 million at Dec. 31, 1992. The $9.2 million in nonperforming assets consisted of $8.0 million in nonperforming loans and $1.2 million in other real estate owned, net. At March 31, 1993, the loan loss reserve was $7.8 million, which represents approximately 97 percent coverage of nonperforming loans and approximately 85 percent coverage of nonperforming assets.
 Total assets were $931.1 million at March 31, 1993 and were comprised primarily of $517.9 million in investments and $383.4 million in net loans. Total deposits were $656.8 million at March 31, 1993, as compared to $658.0 million at March 31, 1992.
 On April 14, 1993, the board of directors announced a dividend of 15 cents per share. This dividend is payable on May 14, 1993, to shareholders of record on April 26, 1993. At March 31, 1993, the Corporation had 2,980,769 shares of common stock outstanding, with a net book value of $20,42 per share.
 Sterling Bank, a wholly-owned subsidiary of Sterling Bancshares Corporation, offers a comprehensive line of business and personal banking services from its 13 offices located in nine cities and towns in Middlesex County.
 STERLING BANCSHARES CORPORATION
 Consolidated Statements of Income
 ($ in thousands, except for per share amounts)
 Three Months Ended
 Mar. 31,
 1993 1992
 Unaudited
 INTEREST AND DIVIDEND INCOME:
 Interest and fees
 on mortgage loans $7,312 $6,588
 Interest and fees
 on other loans 827 673
 Interest and dividends
 on investment securities 914 1,109
 Interest on short-term
 investments 164 129
 Interest on asset-backed
 securities 7,666 9,756
 Total interest and
 dividend income 16,883 18,255
 INTEREST EXPENSE:
 Interest on deposits 6,033 8,431
 Interest on borrowings 2,453 2,759
 Total interest expense 8,486 11,190
 Net interest income 8,397 7,065
 Provision for loan losses 1,000 750
 Net interest income, after
 provision for loan losses 7,397 6,315
 OTHER INCOME:
 Gain on sales of securities
 net 3 --
 Gain on sales of loans, net 49 --
 Service fees 336 335
 Miscellaneous 37 59
 Total other income 425 394
 OPERATING EXPENSES:
 Salaries and employee
 benefits 2,249 2,065
 Occupancy and equipment
 expenses 772 570
 Other real estate
 owned expenses, net 196 339
 FDIC deposit insurance
 expense 387 392
 Other general and
 administrative expenses 1,305 1,567
 Total operating expenses 4,909 4,933
 Income before income
 taxes, and cumulative
 effect of change in
 accounting principle 2,913 1,776
 Provision for
 income taxes 1,048 608
 Income before cumulative
 effect of change in
 accounting principle 1,865 1,168
 Cumulative effect of change
 in method of accounting for
 income taxes -- 1,088
 Net income 1,865 2,256
 Earnings per share:
 Income before
 cumulative effect
 of change in
 accounting principle 63 cents 40 cents
 Cumulative effect of
 change in accounting
 principle --- 37 cents
 Net income 63 cents 77 cents
 Weighted average shares
 outstanding 2,963,663 2,928,367
 Consolidated Balance Sheets
 (dollars in thousands, except per share amounts)
 (unaudited)
 March 31, Dec. 31, March 31,
 1993 1992 1992
 Assets:
 Cash and due from
 banks $9,019 $13,039 $12,406
 Short-term investments 6,374 52,344 16,533
 Total cash and cash
 equivalents 15,393 65,383 28,939
 Investment securities 79,555 76,159 74,762
 Asset-backed securities 431,932 438,806 493,433
 Loans, net of unearned
 discount 391,257 365,519 6 310,181
 Banking premises and
 equipment, net 7,396 7,598 6,620
 Other real estate owned, net 1,195 1,277 2,483
 Accrued interest receivable 5,574 5,799 6,511
 Other assets 6,688 6,433 6,418
 Total assets $931,133 $960,041 $929,347
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Deposits $656,802 $672,889 $658,048
 Federal Home Loan Bank
 borrowings 85,000 80,000 70,000
 Securities sold under
 agreements to repurchase 119,968 138,952 133,065
 Liability in connection with
 ESOP 142 283 283
 Other liabilities 8,339 8,977 13,716
 Total liabilities 870,251 901,101 875,112
 STOCKHOLDERS' EQUITY
 Serial preferred stock, $0.10
 par value, 5,000,000 shares
 authorized, none issued --- --- ---
 Common stock, $0.10 par value,
 15,000,000 shares authorized,
 3,716,900 shares issued at
 March 31, 1993 and 3,686,900
 at Dec. 31, 1992 and March
 31, 1992 372 369 369
 Additional paid-in capital 43,587 43,254 43,158
 Retained earnings 23,951 22,528 18,057
 Total 67,910 66,151 61,584
 Treasury stock at cost-
 736,131 shares at March 31, 1993,
 740,643 shares at Dec. 31, 1992
 and 755,363 at March 31, 1992 (6,886) (6,928) (7,066)
 Unearned compensation-ESOP (142) (283) (283)
 Total stockholders' equity 60,882 58,940 54,235
 Total liabilities and
 stockholders' equity $931,133 $960,041 $929,347
 Capital ratio 6.54 pct 6.14 pct 5.84 pct
 Book value per share $20.42 $20.01 $18.50
 Shares outstanding 2,980,769 2,946,257 2,931,537
 -0- 4/20/93
 /CONTACT: Karen A. Wharton of Sterling Bancshares, 617-894-7790, ext. 215/
 (STLG)


CO: Sterling Bancshares Corporation ST: Massachusetts IN: FIN SU: ERN

DH -- NE015 -- 8111 04/20/93 13:21 EDT
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Date:Apr 20, 1993
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