STNJ Sterling Bank (MM)

Sterling Bank Reports Record First Quarter Net Income and Growth MOUNT LAUREL, N.J., April 22 /PRNewswire-FirstCall/ -- Sterling Bank today reported net income of $180,000 or $0.07 basic and fully diluted earnings per share for the quarter ended March 31, 2004 as compared to net income of $81,000 or $0.05 per share for the quarter ended March 31, 2003. Net income for the first quarter of 2004, increased $99,000, or 122.2% compared to the first quarter of 2003. This increase in earnings is primarily the result of an increase in Net Interest Income of $279,000, partially offset by an increase in Non-Interest Expenses of $140,000. The number of fully diluted common shares outstanding increased to 2,732,738 shares for the quarter ending March 31, 2004, from 1,546,580 shares for the quarter ending March 31, 2003. In the third quarter of 2003, Sterling Bank issued through a public offering, 1,150,000 shares of its common stock. This increased total shares outstanding to 2,695,940, from the previous total shares outstanding of 1,545,940. Total assets increased 27.3% to $277,979,000 at March 31, 2004 compared to $218,421,000 at March 31, 2003. Total loans amounted to $169,266,000 at March 31, 2004, an increase of 16.8% over total loans of $144,947,000 on March 31, 2003. Total investment securities increased to $70,242,000, an increase of 138.0% over total investment securities of $29,509,000 on March 31, 2003. Total deposits expanded to $232,163,000 or 13.3% above total deposits of $204,998,000 on March 31, 2003. President and CEO, Robert H. King noted, "Sterling Bank continues to realize record growth and strong performance. For the quarter ending March 31, 2004, the attained levels of assets, loans, deposits, and net income, reflect record high points, and are further validation of the effectiveness of a focused commitment to provide enhanced levels of service to our customers. Our consistent expansion of revenues, which is occurring in a challenging interest rate environment, is reflective of the value of services we provide in the communities we serve, and adds, in a meaningful way, a growing value to our shareholders." Sterling Bank Financial Highlights (unaudited) As of March 31, 2004 and 2003 2004 2003 Total Assets $277,979,000 $218,421,000 Investment Securities $70,242,000 $29,509,000 Federal Funds Sold $17,223,000 $24,831,000 Total Loans $169,266,000 $144,947,000 Total Deposits $232,163,000 $204,998,000 Shareholder Equity $19,970,000 $12,350,000 Net Income $180,000 $81,000 Earnings Per Share $0.07 $0.05 Sterling Bank is a community bank headquartered in Burlington County, New Jersey, with assets of $278 million as of March 31, 2004. Sterling Bank's main office is located in Mount Laurel, New Jersey and its five other Community Banking Centers are located in Burlington and Camden Counties. Sterling Bank began operations in December 1990 with the purpose of serving consumers and small to medium-sized businesses in its market area. The Bank's deposits are insured by the Federal Deposit Insurance Corporation up to the applicable regulatory limits per depositor. Sterling Bank is a member of the Federal Reserve System. The common stock of Sterling Bank is traded on the NASDAQ Small Cap Market under the symbol "STNJ." Sterling Bank may from time to time make written or oral "forward-looking statements" including statements contained in this summary and in other communications by Sterling Bank, which are made in good faith pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, such as statements of the Bank's plans, objectives, expectations, estimates and intentions, involve risks and uncertainties and are subject to change based on various important factors (some of which are beyond the Bank's control). The following factors, among others, could cause the Bank's financial performance to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements: the strength of the United States economy in general and the strength of the local economies in which the Bank conducts operations; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System, inflation, interest rate, market and monetary fluctuations; the timely development of and acceptance of new products and services of the Bank and the perceived overall value of these products and services by users, including the features, pricing and quality compared to competitors' products and services; the impact of changes in financial services' laws and regulations (including laws concerning taxes, banking, securities and insurance); technological changes; acquisitions; changes in consumer spending and saving habits; and the effectiveness of Sterling Bank in managing the risks involved in the foregoing. Sterling Bank cautions that the foregoing list of important factors is not exclusive. Sterling Bank also cautions readers not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date on which they are given. The Bank is not obligated to publicly revise or update these forward-looking statements to reflect events or circumstances that arise after any such date. Readers should carefully review the risk factors described in other documents the Bank files from time to time with the Federal Reserve, including the Bank's annual report on Form 10-KSB for the year ended December 31, 2003, future quarterly reports on Form 10-QSB, and any current reports on Form 8-K. DATASOURCE: Sterling Bank CONTACT: Robert H. King, President, +1-856-273-5900, , or R. Scott Horner, Executive Vice President, +1-856-273-5900, , both of Sterling Bank Web site: http://www.sterlingnj.com/

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