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STERLING BANCSHARES EXPECTS TO REPORT POSITIVE IMPACT IN FIRST QUARTER OF $1,088,000 OR 37 CENTS PER COMMON SHARE DUE TO ACCOUNTING CHANGE

STERLING BANCSHARES EXPECTS TO REPORT POSITIVE IMPACT IN FIRST QUARTER OF $1,088,000 OR 37 CENTS PER COMMON SHARE DUE TO ACCOUNTING CHANGE
 WALTHAM, Mass., March 26 /PRNewswire/ -- Sterling Bancshares Corporation (NASDAQ: STLG), the holding company of Sterling Bank, today announced that net income for the quarter ending March 31, 1992 is expected to be positively impacted by $1,088,000 or 37 cents per common share in connection with the early adoption of the Statement of Financial Accounting Standards No. 109 (SFAS No. 109).
 On Feb. 11, 1992, the Financial Accounting Standards Board issued a new accounting standard for income taxes (SFAS No. 109). This statement will change many of the requirements of prior standards, particularly with respect to the criteria for recognition of deferred tax assets. Prior to SFAS No. 109, banking institutions such as Sterling Bank used net charge-offs in computing their tax provision for financial statement purposes. Under SFAS No. 109, the tax provision for financial statement purposes will be computed using the loan loss provision expense. Inasmuch as Sterling Bank has provided for loan losses in excess of net charge-offs, the bank will establish a deferred tax asset to recognize the impact of the change in accounting for income taxes attendant to the adoption of SFAS No. 109. The $1,088,000 increase to net income expected to be reported during the first quarter of 1992 reflects the one time cumulative effect of adopting SFAS No. 109.
 Sterling Bank, a wholly owned subsidiary of Sterling Bancshares Corporation, offers a comprehensive line of business and personal banking servies at its 13 retail offices located in nine cities and towns in Middlesex County.
 -0- 3/26/92
 /CONTACT: Karen A. Wharton of Sterling Bancshares, 617-894-7790/
 (STLG) CO: Sterling Bancshares Corporation ST: Massachusetts IN: FIN SU:


EG -- NE008 -- 2052 03/26/92 14:50 EST
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Publication:PR Newswire
Date:Mar 26, 1992
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