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STERLING BANCSHARES REPORTS FIRST QUARTER EARNINGS OF $2.3 MILLION OR $0.77 PER SHARE

 STERLING BANCSHARES REPORTS FIRST QUARTER EARNINGS
 OF $2.3 MILLION OR $0.77 PER SHARE
 WALTHAM, Mass., April 22 /PRNewswire/ -- Sterling Bancshares Corporation (NASDAQ: STLG), the holding company for Sterling Bank, today reported its earnings for the first quarter ended March 31, 1992 of $2.3 million or 77 cents per share, compared to a net loss of $1.6 million or 54 cents per share for the same period in 1991. The first quarter results were positively impacted by the previously announced $1.1 million or 37 cents per share gain in connection with the early adoption of the Statement of Financial Accounting Standards No. 109 (SFAS No. 109) "Accounting for Income Taxes." Income before the one time cumulative effect of SFAS No. 109 was $1.2 million or 40 cents per share.
 Total deposits were $658.0 million at March 31, 1992, as compared to $356.3 million at March 31, 1991. Total assets were $929.3 million and were comprised of $584.7 million in investments and $310.2 million in net loans. The increase in deposits and assets resulted primarily from the acquisition of two failed banks from the FDIC during the second quarter of 1991.
 Nonperforming assets were $11.1 million at March 31, 1992, consisting of $8.6 million in nonperforming loans and $2.5 million in other real estate owned, net. This compares to nonperforming assets of $12.1 million at Dec. 31, 1991 and $19.3 million at March 31, 1991. On April 15, 1992, the board of directors declared a cash dividend of $0.12 per share, payable on May 15, 1992 to shareholders of record on April 24, 1992. At March 31, 1992 the corporation had 2,931,537 shares of common stock outstanding, with a net book value of $18.50 per share.
 Sterling Bank, a wholly owned subsidiary of Sterling Bancshares Corporation, offers a comprehensive line of business and personal banking services in its thirteen retail offices located in nine cities and towns in Middlesex County.
 STERLING BANCSHARES CORPORATION
 ($ in thousands, except for per share amounts)
 3/3/92 12/31/91 3/31/91
 Unaudited
 ASSETS
 Cash and due from banks $ 12,406 $ 9,386 $ 2,584
 Short-term investments 16,533 2,860 16,220
 Total cash and cash
 equivalents 28,939 12,246 18,804
 Investment securities 74,762 80,660 55,740
 Asset-backed securities 493,433 487,081 229,922
 Loans, net of
 unearned discount 314,351 298,790 241,105
 Allowance for loan losses (4,170) (3,544) (4,336)
 Loans, net 310,181 295,246 236,769
 Banking premises and
 equipment, net 6,620 6,742 6,026
 Other real estate owned, net 2,483 3,534 6,138
 Accrued interest receivable 6,511 6,930 4,838
 Other assets 6,418 6,218 6,838
 Total Assets $929,347 $898,657 $565,075
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Deposits $658,048 $676,773 $356,275
 Federal Home Loan Bank
 borrowings 70,000 70,000 50,000
 Securities sold under agreements
 to repurchase and other
 short-term borrowings 133,065 84,970 103,772
 Liability in connection
 with ESOP 283 425 425
 Other liabilities 13,716 14,380 5,165
 Total Liabilities 875,112 846,548 515,637
 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,
 3,686,900 shares issued at
 March 31, 1992 and Dec. 31,
 1991 and 3,685,900 at
 March 31, 1991 369 369 369
 Additional paid-in capital 43,158 43,138 43,132
 Retained earnings 18,057 16,153 13,747
 61,584 59,660 57,248
 Treasury stock at cost-
 755,363 shares at March 31,
 1992, 1,774 shares at
 Dec. 31, 1991 and 762,000
 at March 31, 1991 (7,066) (7,126) (7,128)
 Unearned compensation-ESOP (283) (425) (425)
 Net unrealized loss on marketable
 equity securities --- --- (257)
 Total Stockholders' Equity 54,235 52,109 49,438
 Total Liabilities and
 Stockholders' Equity $929,347 $898,657 $565,075
 Capital Ratio 5.84 pct 5.80 pct 8.75 pct
 Book Value Per Share $18.50 $17.81 $16.91
 Shares outstanding 2,931,537 2,925,126 2,923,900
 CONSOLIDATED STATEMENTS OF OPERATIONS
 ($ in thousands, except for per share amounts)
 Three Months Ended
 March 31,
 Unaudited 1992 1991
 INTEREST AND DIVIDEND INCOME:
 Interest and fees
 on mortgage loans $ 6,588 $ 5,580
 Interest and fees on other loans 673 444
 Interest and dividends on
 investment securities 1,109 1,070
 Interest on short-term
 investments 129 132
 Interest on
 asset-backed securities 9,756 5,497
 Total interest and
 dividend income 18,255 12,723
 INTEREST EXPENSE:
 Interest on deposits 8,431 6,298
 Interest on borrowings 2,759 2,931
 Total interest expense 11,190 9,229
 Net interest income 7,065 3,494
 Provision for loan losses 750 1,922
 Net interest income, after
 provision for loan losses 6,315 1,572
 OTHER INCOME:
 Gain on sales of
 securities, net -- 41
 Service fees 335 179
 Miscellaneous 59 38
 Total other income 394 258
 OPERATING EXPENSES:
 Salaries and employee benefits 2,065 1,170
 Occupancy and
 equipment expenses 570 324
 Other real estate owned expenses, net 339 533
 Other general and
 administrative expenses 1,959 1,784
 Total operating expenses 4,933 3,811
 Income (loss) before income taxes
 and cumulative effect of change in
 in accounting principle 1,776 (1,981)
 Provision (benefit) for income taxes 608 (398)
 Income (loss) before cumulative effect
 of change in accounting principle 1,168 (1,583)
 Cumulative effect of change in
 accounting principle 1,088 --
 Net income (loss) $ 2,256 $(1,583)
 Earnings (loss) per share before
 cumulative effect of change in
 accounting principle $ 0.40 $ (0.54)
 Earnings (loss) per share $ 0.77 $ (0.54)
 Weighted average shares outstanding 2,928,367 2,922,900
 -0- 4/22/92
 /CONTACT: John F. Treanor, senior vice president and chief financial officer of Sterling Bancshares, 617-894-7790/
 (STLG) CO: Sterling Bancshares Corporation ST: Massachusetts IN: FIN SU: ERN


SH -- NE011 -- 1343 04/22/92 13:51 EDT
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Date:Apr 22, 1992
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