Park Sterling (PSTB) has reported a 14.43 percent fall in profit for the quarter ended Dec. 31, 2014. The company has earned $3.46 million, or $0.08 a share in the quarter, compared with $4.04 million, or $0.09 a share for the same period last year. On an adjusted basis, earnings per share were at $0.09 for the quarter compared with $0.10 in the same period last year. Revenue during the quarter grew 14.07 percent to $24.33 million from $21.33 million in the previous year period.
Net interest income for the quarter rose 16.12 percent over the prior year period to $20.56 million. Non-interest income for the quarter fell 23.91 percent over the last year period to $3.35 million.
"Park Sterling’s fourth quarter capped an exceptional year for the company,” said James C. Cherry, chief executive officer. "In January, we entered the attractive Virginia market with a de novo commercial banking office in Greater Richmond and subsequently expanded our presence there to include wealth management and mortgage banking capabilities. We expect to open a second office in Richmond this year. In March, we rolled out the third-phase of our retail mobile banking platform by introducing two distinctive capabilities �" "Debit On/Off" and "Picture Pay" ".
Total assets stood at $2,359.23 million as on Dec. 31, 2014, up 20.32 percent compared with $1,960.79 million on Dec. 31, 2013. On the other hand, total liabilities stood at $2,084.12 million as on Dec. 31, 2014, up 22.69 percent from $1,698.71 million on Dec. 31, 2013.
Net loans stood at $1,572.43 million as on Dec. 31, 2014, up 22.18 percent compared with $1,286.98 million on Dec. 31, 2013. Deposits stood at $1,851.35 million as on Dec. 31, 2014, up 15.72 percent compared with $1,599.88 million on Dec. 31, 2013.
Investments stood at $502.96 million as on Dec. 31, 2014, up 23.46 percent or $95.59 million from $407.37 million on Dec. 31, 2013.
Shareholders equity stood at $275.10 million as on Dec. 31, 2014, up 4.97 percent or $13.02 million compared to $262.08 million on Dec. 31, 2013.
Return on average assets moved down 24 basis points to 0.59 percent in the quarter from 0.83 percent in the last year period. Return on average equity decreased 108 basis points to 5.01 percent in the quarter from 6.09 percent in the last year period.
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