Sterling Banks’ net loss for the quarter, on a basic and diluted per share basis, amounted to $0.06 per share, compared to the net loss of $0.05 per share reported in the same period of 2006.
For the year ended December 31, 2007, results of operations reflected a net loss of $505,000, compared to net income of $738,000 for fiscal year 2006. On a basic and diluted per share basis, the net loss for period was $0.09 per share, compared to basic net income of $0.15 per share and diluted net income of $0.14 per share for the corresponding period in 2006.
The company has reported that its total assets expanded to $410.5 million as of December 31, 2007, an increase of $73.3 million, or 22% over total assets of $337.2 million in 2006. The bank’s loans outstanding improved to $312.2 million, an increase of $67.3 million, or 27% over loans of $244.9 million last year. For the period, deposits also expanded to $349 million, a rise of $53.7 million, or 18% over total deposits of $295.3 million in 2006.
Robert King, president and CEO of Sterling Banks, commented: This has been a most challenging period for banks of all sizes and in all locales. At Sterling Bank, our focus is centered on fundamentals; maintenance of high standards of asset quality, building core deposit levels, effectively and efficiently serving our diverse customer base and communities, and realizing value at enhanced levels for all our constituents.
