Sterling Banks Q4 net loss increases

No White Papers Available 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.