Stewardship Financial Corporation (NASDAQ:SSFN), parent company of
Atlantic Stewardship Bank, reported results for fourth quarter and
full year ended December 31, 2017. Net income for the three
months and year ended December 31, 2017 was reported at $48,000 and
$3.9 million, respectively. Both the three months and the
year ended December 31, 2017 were impacted by a charge of $1.4
million as a result of the enactment of the Tax Cuts and Jobs Act
(“Tax Act”) in December 2017. For the three months and year
ended December 31, 2016 net income was $1.3 million and $4.7
million, respectively.
On December 22, 2017, the Tax Act was enacted
which reduced the Federal statutory tax rate for corporations from
35% to 21% effective in 2018. While the Tax Act will lower
the Corporation’s future tax rate, it also required the Corporation
to revalue its net deferred tax assets to account for the future
impact of the lower corporate tax rates. As a result, the
Corporation recognized a charge of $1.4 million for the quarter and
year ended December 31, 2017 related to the revaluation of the net
deferred tax assets. Excluding the impact of the Tax Act, net
income for the three months and year ended December 31, 2017 was
$1.5 million and $5.4 million, respectively. (Please refer to
the Non-GAAP Reconciliation table at the end of this document for
details on the earnings impact of the Tax Act).
In reflecting on the Corporation's 2017
accomplishments, Paul Van Ostenbridge, President and Chief
Executive Officer of Stewardship Financial Corporation, highlighted
the following:
- $133.2 million of growth in assets;
- Asset growth was driven by 18% of loan growth;
- 16% of deposit growth provided the funding needs;
- Net interest income increased 17%;
- A successful capital raise was completed in April 2017;
- Our newest location opened in Morristown, NJ in June 2017;
- The formation of a Small Business Administration (SBA)
Department occurred in the fall of 2017 - improving our ability to
provide lending solutions for small businesses that do not meet
traditional lending requirements;
- Expenses were maintained, even with the growth in the balance
sheet.
"The Corporation remains committed to building
on the successes of the year just ended, including prudently
growing the loan portfolio to further improve our strong core
earnings.”
Operating ResultsNet interest
income of $6.8 million and $26.4 million was reported for the three
months and year ended December 31, 2017, respectively.
Current net interest income levels reflect improvement over the
$5.9 million and $22.6 million reported in the comparable prior
year periods, with the current year increases primarily driven by
growth in the loan portfolio. Average loan balances increased
$133.4 million and $131.4 million for the three months and year
ended December 31, 2017, respectively, over the comparable prior
year periods. The net interest margins for the current three
month period and the year were 3.09% and 3.13%, respectively,
compared to 3.18% for both the three months and year ended December
31, 2016. The margins continue to reflect an environment with
a flattened yield curve.
Due in a large part to growth in the loan
portfolio, the Corporation recorded provisions for loan losses for
the three months and year ended December 31, 2017 of $75,000 and
$655,000, respectively. For the three months and year ended
December 31, 2016 negative provisions for loan losses were $300,000
and $1.35 million, respectively. With relatively stable
credit quality, the allowance for loan losses to total gross
loans declined to 1.23% at December 31, 2017 compared to 1.31%
at December 31, 2016.
For the three months and year ended December 31,
2017, noninterest income was $850,000 and $3.3 million,
respectively, compared to $937,000 and $3.4 million in the
equivalent prior year periods. For the three months and year
ended December 31, 2017, noninterest income included $55,000 and
$178,000 of gains on sales of mortgage loans, respectively,
compared to $94,000 and $164,000 for the comparable prior year
periods. For the year ended December 31, 2017, noninterest
income included $1,000 of gains on calls and sales of securities
compared to $63,000 for the comparable prior year period.
Noninterest expenses for the three months and
year ended December 31, 2017 were $5.1 million and $20.3 million,
respectively, compared to $5.0 million and $19.9 million in the
comparable prior year periods. Van Ostenbridge stated, “We
have been committed to managing our infrastructure and containing
costs while growing the balance sheet and are encouraged by the
efficiencies realized.”
Balance Sheet / Financial
ConditionTotal assets of $928.8 million at December 31,
2017 reflected a $133.2 million increase, or 17%, since December
31, 2016. The asset growth continues to be driven by organic
loan originations which resulted in a $107.6 million year-over-year
increase in the gross loan portfolio.
Deposit balances totaled $764.1 million at
December 31, 2017, reflecting $105.2 million of net growth when
compared to $658.9 million a year earlier. A mix of organic
growth and the retention / expansion of existing relationships has
resulted in solid increases in deposits. Van Ostenbridge
noted, “Essentially, we have demonstrated our ability to fund the
increase in loans with deposit growth." Other borrowings were
$63.8 million at December 31, 2017 compared to $59.2 million at
December 31, 2016. Approximately $20 million of
the growth in other borrowings can be attributed to a leverage
strategy undertaken in conjunction with the capital raise in April
2017.
All regulatory capital levels at December 31,
2017 continue to reflect a strong capital position with ratios in
excess of the levels to be considered "well capitalized" under the
applicable regulations. The Tier 1 leverage ratio was 8.88%
and 7.65% at December 31, 2017 and 2016, respectively. Total
risk based capital ratio was 14.29% at December 31, 2017 compared
to 13.10% at December 31, 2016.
About Stewardship Financial
CorporationStewardship Financial Corporation’s subsidiary,
the Atlantic Stewardship Bank, is a full-service community bank
serving both individuals and businesses. ASB is known for tithing,
or sharing, 10% of its taxable income with nonprofit, educational,
charitable and/or evangelical religious organizations. To
date, ASB’s total tithing donations total over $ 9.3 million.
ASB maintains 12 banking locations in NJ including; Hawthorne,
Midland Park, Montville, Morristown, North Haledon, Pequannock,
Ridgewood, Waldwick, Westwood, Wyckoff and two offices in
Wayne. ASB invites you to visit their website at
www.asbnow.com for additional information and to learn more.
Forward Looking StatementsThe
information disclosed in this document contains certain
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995, and may be identified by
the use of such words as “believe,” “expect,” “anticipate,”
“should,” “plan,” “estimate,” and “potential.” Examples of
forward-looking statements include, but are not limited to,
estimates with respect to the financial condition, results of
operations and business of the Corporation that are subject to
various factors which could cause actual results to differ
materially from these estimates. These factors include
changes in general, economic and market conditions, legislative and
regulatory conditions, or the development of an interest rate
environment that adversely affects the Corporation’s interest rate
spread or other income anticipated from operations and
investments.
Explanation of Non-GAAP Financial
MeasuresReported amounts are presented in accordance with
accounting principles generally accepted in the United States of
America ("GAAP"). This press release also contains
certain supplemental non-GAAP information that the Corporation’s
management uses in its analysis of the Corporation’s financial
results. Specifically, the Corporation provides measures
based on what it believes are its operating earnings on a
consistent basis, and excludes material non-routine operating items
which affect the GAAP reporting of results of operations. The
Corporation’s management believes that providing this information
to analysts and investors allows them to better understand and
evaluate the Corporation’s core financial results for the periods
in question. These disclosures should not be viewed as a
substitute for financial results determined in accordance with
GAAP, nor are they necessarily comparable to non-GAAP performance
measures which may be presented by other companies. See
accompanying non-GAAP tables.
|
Stewardship Financial Corporation |
Selected Consolidated Financial Information |
(dollars in thousands, except per share amounts) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
2017 |
|
2017 |
|
2017 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
|
Selected Financial
Condition Data: |
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
$ |
21,270 |
|
|
$ |
17,213 |
|
|
$ |
19,459 |
|
|
$ |
12,793 |
|
|
$ |
11,680 |
|
Securities available for sale |
113,015 |
|
|
115,733 |
|
|
116,244 |
|
|
95,632 |
|
|
98,583 |
|
Securities held to maturity |
52,442 |
|
|
53,323 |
|
|
52,091 |
|
|
52,805 |
|
|
52,330 |
|
FHLB
stock |
3,715 |
|
|
3,919 |
|
|
5,169 |
|
|
3,784 |
|
|
3,515 |
|
Loans
held for sale |
370 |
|
|
688 |
|
|
446 |
|
|
188 |
|
|
773 |
|
Loans
receivable: |
|
|
|
|
|
|
|
|
|
Loans
receivable, gross |
711,720 |
|
|
691,953 |
|
|
692,056 |
|
|
654,769 |
|
|
604,083 |
|
Allowance
for loan losses |
(8,762 |
) |
|
(8,614 |
) |
|
(8,550 |
) |
|
(8,246 |
) |
|
(7,905 |
) |
Other,
net |
(397 |
) |
|
(422 |
) |
|
(344 |
) |
|
(327 |
) |
|
(226 |
) |
Loans
receivable, net |
702,561 |
|
|
682,917 |
|
|
683,162 |
|
|
646,196 |
|
|
595,952 |
|
Other
real estate owned, net |
— |
|
|
— |
|
|
— |
|
|
401 |
|
|
401 |
|
Bank
owned life insurance |
21,084 |
|
|
20,943 |
|
|
20,802 |
|
|
16,673 |
|
|
16,558 |
|
Other
assets |
14,309 |
|
|
15,958 |
|
|
15,934 |
|
|
15,927 |
|
|
15,743 |
|
Total
assets |
$ |
928,766 |
|
|
$ |
910,694 |
|
|
$ |
913,307 |
|
|
$ |
844,399 |
|
|
$ |
795,535 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
$ |
172,861 |
|
|
$ |
171,609 |
|
|
$ |
177,678 |
|
|
$ |
170,566 |
|
|
$ |
169,306 |
|
Interest-bearing deposits |
591,238 |
|
|
569,352 |
|
|
543,215 |
|
|
530,138 |
|
|
489,624 |
|
Total
deposits |
764,099 |
|
|
740,961 |
|
|
720,893 |
|
|
700,704 |
|
|
658,930 |
|
Other
borrowings |
63,760 |
|
|
68,760 |
|
|
93,760 |
|
|
65,200 |
|
|
59,200 |
|
Subordinated debentures and |
|
|
|
|
|
|
|
|
|
subordinated notes |
23,317 |
|
|
23,301 |
|
|
23,284 |
|
|
23,268 |
|
|
23,252 |
|
Other
liabilities |
3,925 |
|
|
3,564 |
|
|
2,859 |
|
|
2,810 |
|
|
2,766 |
|
Total
liabilities |
855,101 |
|
|
836,586 |
|
|
840,796 |
|
|
791,982 |
|
|
744,148 |
|
Shareholders' equity |
73,665 |
|
|
74,108 |
|
|
72,511 |
|
|
52,417 |
|
|
51,387 |
|
Total
liabilities and shareholders' equity |
$ |
928,766 |
|
|
$ |
910,694 |
|
|
$ |
913,307 |
|
|
$ |
844,399 |
|
|
$ |
795,535 |
|
|
|
|
|
|
|
|
|
|
|
Gross
loans to deposits |
93.14 |
% |
|
93.39 |
% |
|
96.00 |
% |
|
93.44 |
% |
|
91.68 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to
assets |
7.93 |
% |
|
8.14 |
% |
|
7.94 |
% |
|
6.21 |
% |
|
6.46 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book
value per share |
$ |
8.51 |
|
|
$ |
8.57 |
|
|
$ |
8.39 |
|
|
$ |
8.55 |
|
|
$ |
8.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
$ |
1,194 |
|
|
$ |
806 |
|
|
$ |
826 |
|
|
$ |
592 |
|
|
$ |
606 |
|
Loans
past due 90 days or more and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
accruing |
— |
|
|
— |
|
|
320 |
|
|
— |
|
|
— |
|
Total
nonperforming loans |
1,194 |
|
|
806 |
|
|
1,146 |
|
|
592 |
|
|
606 |
|
Other
real estate owned |
— |
|
|
— |
|
|
— |
|
|
401 |
|
|
401 |
|
Total
nonperforming assets |
$ |
1,194 |
|
|
$ |
806 |
|
|
$ |
1,146 |
|
|
$ |
993 |
|
|
$ |
1,007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to total loans |
0.17 |
% |
|
0.12 |
% |
|
0.17 |
% |
|
0.09 |
% |
|
0.10 |
% |
Nonperforming assets to total assets |
0.13 |
% |
|
0.09 |
% |
|
0.13 |
% |
|
0.12 |
% |
|
0.13 |
% |
Allowance
for loan losses to total gross |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
loans |
1.23 |
% |
|
1.24 |
% |
|
1.24 |
% |
|
1.26 |
% |
|
1.31 |
% |
Stewardship Financial Corporation |
Selected Consolidated Financial Information |
(dollars in thousands, except per share amounts) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
For the year ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Selected
Operating Data: |
|
|
|
|
|
|
|
|
Interest
income |
$ |
8,463 |
|
|
$ |
7,000 |
|
|
$ |
32,230 |
|
|
$ |
27,085 |
|
|
Interest
expense |
1,628 |
|
|
1,103 |
|
|
5,858 |
|
|
4,513 |
|
|
|
Net interest
income |
6,835 |
|
|
5,897 |
|
|
26,372 |
|
|
22,572 |
|
|
Provision
for loan losses |
75 |
|
|
(300 |
) |
|
655 |
|
|
(1,350 |
) |
|
Net
interest income |
|
|
|
|
|
|
|
|
|
after provision for
loan losses |
6,760 |
|
|
6,197 |
|
|
25,717 |
|
|
23,922 |
|
|
Noninterest
income: |
|
|
|
|
|
|
|
|
|
Fees and service
charges |
533 |
|
|
564 |
|
|
2,111 |
|
|
2,159 |
|
|
|
Bank owned life
insurance |
141 |
|
|
119 |
|
|
526 |
|
|
447 |
|
|
|
Gain on calls and sales
of securities |
— |
|
|
1 |
|
|
1 |
|
|
63 |
|
|
|
Gain on sales of
mortgage loans |
55 |
|
|
94 |
|
|
178 |
|
|
164 |
|
|
|
Gain on sales of other
real estate owned |
— |
|
|
30 |
|
|
13 |
|
|
36 |
|
|
|
Miscellaneous |
121 |
|
|
129 |
|
|
478 |
|
|
542 |
|
|
|
Total noninterest
income |
850 |
|
|
937 |
|
|
3,307 |
|
|
3,411 |
|
|
Noninterest
expenses: |
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits |
2,888 |
|
|
2,735 |
|
|
11,455 |
|
|
10,980 |
|
|
|
Occupancy, net |
414 |
|
|
396 |
|
|
1,630 |
|
|
1,598 |
|
|
|
Equipment |
176 |
|
|
156 |
|
|
673 |
|
|
609 |
|
|
|
Data processing |
442 |
|
|
481 |
|
|
1,811 |
|
|
1,915 |
|
|
|
Advertising |
171 |
|
|
196 |
|
|
700 |
|
|
669 |
|
|
|
FDIC insurance
premium |
86 |
|
|
21 |
|
|
322 |
|
|
317 |
|
|
|
Charitable
contributions |
240 |
|
|
135 |
|
|
615 |
|
|
375 |
|
|
|
Bank-card related
services |
130 |
|
|
148 |
|
|
551 |
|
|
579 |
|
|
|
Other real estate
owned, net |
— |
|
|
14 |
|
|
24 |
|
|
143 |
|
|
|
Miscellaneous |
521 |
|
|
720 |
|
|
2,520 |
|
|
2,717 |
|
|
|
Total noninterest
expenses |
5,068 |
|
|
5,002 |
|
|
20,301 |
|
|
19,902 |
|
Income
before income tax expense |
2,542 |
|
|
2,132 |
|
|
8,723 |
|
|
7,431 |
|
Income tax
expense |
2,494 |
|
|
784 |
|
|
4,776 |
|
|
2,695 |
|
Net
income |
$ |
48 |
|
|
$ |
1,348 |
|
|
$ |
3,947 |
|
|
$ |
4,736 |
|
|
|
|
|
|
|
|
|
|
|
Weighted
avg. no. of diluted common shares |
8,648,191 |
|
|
6,119,693 |
|
|
7,906,791 |
|
|
6,109,983 |
|
Diluted
earnings per common share |
$ |
0.01 |
|
|
$ |
0.22 |
|
|
$ |
0.50 |
|
|
$ |
0.78 |
|
|
|
|
|
|
|
|
|
|
|
Return on
average common equity |
0.26 |
% |
|
10.40 |
% |
|
5.86 |
% |
|
9.43 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average assets |
0.02 |
% |
|
0.69 |
% |
|
0.45 |
% |
|
0.63 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield on
average interest-earning assets |
3.82 |
% |
|
3.77 |
% |
|
3.83 |
% |
|
3.81 |
% |
Cost of
average interest-bearing liabilities |
0.97 |
% |
|
0.80 |
% |
|
0.91 |
% |
|
0.85 |
% |
Net
interest rate spread |
2.85 |
% |
|
2.97 |
% |
|
2.92 |
% |
|
2.96 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest margin |
3.09 |
% |
|
3.18 |
% |
|
3.13 |
% |
|
3.18 |
% |
Stewardship Financial Corporation |
Selected Consolidated Financial Information |
(dollars in thousands, except per share amounts) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
|
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
|
|
|
2017 |
|
2017 |
|
2017 |
|
2017 |
|
2016 |
Selected
Operating Data: |
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
$ |
8,463 |
|
|
$ |
8,400 |
|
|
$ |
7,943 |
|
|
$ |
7,424 |
|
|
$ |
7,000 |
|
|
Interest
expense |
|
1,628 |
|
|
1,577 |
|
|
1,409 |
|
|
1,244 |
|
|
1,103 |
|
|
|
Net interest
income |
|
6,835 |
|
|
6,823 |
|
|
6,534 |
|
|
6,180 |
|
|
5,897 |
|
|
Provision
for loan losses |
|
75 |
|
|
20 |
|
|
260 |
|
|
300 |
|
|
(300 |
) |
|
Net
interest and dividend income |
|
|
|
|
|
|
|
|
|
|
|
|
after provision for
loan losses |
|
6,760 |
|
|
6,803 |
|
|
6,274 |
|
|
5,880 |
|
|
6,197 |
|
|
Noninterest
income: |
|
|
|
|
|
|
|
|
|
|
|
|
Fees and service
charges |
|
533 |
|
|
524 |
|
|
519 |
|
|
535 |
|
|
564 |
|
|
|
Bank owned life
insurance |
|
141 |
|
|
141 |
|
|
129 |
|
|
115 |
|
|
119 |
|
|
|
Gain on calls and sales
of |
|
|
|
|
|
|
|
|
|
|
|
|
securities |
|
— |
|
|
1 |
|
|
— |
|
|
— |
|
|
1 |
|
|
|
Gain on sales of
mortgage loans |
|
55 |
|
|
68 |
|
|
38 |
|
|
17 |
|
|
94 |
|
|
|
Gain on sales of other
real estate |
|
|
|
|
|
|
|
|
|
|
|
|
owned |
|
— |
|
|
— |
|
|
13 |
|
|
— |
|
|
30 |
|
|
|
Miscellaneous |
|
121 |
|
|
111 |
|
|
114 |
|
|
132 |
|
|
129 |
|
|
|
Total noninterest
income |
|
850 |
|
|
845 |
|
|
813 |
|
|
799 |
|
|
937 |
|
|
Noninterest
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits |
|
2,888 |
|
|
2,843 |
|
|
2,880 |
|
|
2,844 |
|
|
2,735 |
|
|
|
Occupancy, net |
|
414 |
|
|
414 |
|
|
393 |
|
|
409 |
|
|
396 |
|
|
|
Equipment |
|
176 |
|
|
173 |
|
|
162 |
|
|
162 |
|
|
156 |
|
|
|
Data processing |
|
442 |
|
|
444 |
|
|
456 |
|
|
469 |
|
|
481 |
|
|
|
Advertising |
|
171 |
|
|
182 |
|
|
211 |
|
|
136 |
|
|
196 |
|
|
|
FDIC insurance
premium |
|
86 |
|
|
50 |
|
|
109 |
|
|
77 |
|
|
21 |
|
|
|
Charitable
contributions |
|
240 |
|
|
130 |
|
|
120 |
|
|
125 |
|
|
135 |
|
|
|
Bank-card related
services |
|
130 |
|
|
137 |
|
|
142 |
|
|
142 |
|
|
148 |
|
|
|
Other real estate
owned, net |
|
— |
|
|
— |
|
|
9 |
|
|
15 |
|
|
14 |
|
|
|
Miscellaneous |
|
521 |
|
|
663 |
|
|
601 |
|
|
735 |
|
|
720 |
|
|
|
Total noninterest
expenses |
|
5,068 |
|
|
5,036 |
|
|
5,083 |
|
|
5,114 |
|
|
5,002 |
|
Income
before income tax expense |
|
2,542 |
|
|
2,612 |
|
|
2,004 |
|
|
1,565 |
|
|
2,132 |
|
Income tax
expense |
|
2,494 |
|
|
972 |
|
|
736 |
|
|
574 |
|
|
784 |
|
Net
income |
|
$ |
48 |
|
|
$ |
1,640 |
|
|
$ |
1,268 |
|
|
$ |
991 |
|
|
$ |
1,348 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
avg. no. of diluted common |
|
|
|
|
|
|
|
|
|
|
shares |
|
8,648,191 |
|
|
8,643,737 |
|
|
8,174,484 |
|
|
6,124,926 |
|
|
6,119,693 |
|
Diluted
earnings per common share |
|
$ |
0.01 |
|
|
$ |
0.19 |
|
|
$ |
0.16 |
|
|
$ |
0.16 |
|
|
$ |
0.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average common equity |
|
0.26 |
% |
|
8.83 |
% |
|
7.37 |
% |
|
7.71 |
% |
|
10.40 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average assets |
|
0.02 |
% |
|
0.71 |
% |
|
0.58 |
% |
|
0.49 |
% |
|
0.69 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield on
average interest-earning assets |
|
3.82 |
% |
|
3.80 |
% |
|
3.81 |
% |
|
3.88 |
% |
|
3.77 |
% |
Cost of
average interest-bearing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
liabilities |
|
0.97 |
% |
|
0.94 |
% |
|
0.90 |
% |
|
0.84 |
% |
|
0.80 |
% |
Net
interest rate spread |
|
2.85 |
% |
|
2.86 |
% |
|
2.91 |
% |
|
3.04 |
% |
|
2.97 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest margin |
|
3.09 |
% |
|
3.09 |
% |
|
3.14 |
% |
|
3.23 |
% |
|
3.18 |
% |
Stewardship Financial Corporation |
Non-GAAP Reconciliation |
(dollars in thousands, except per share amounts) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
For the year ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
Net
income |
$ |
48 |
|
|
$ |
1,348 |
|
|
$ |
3,947 |
|
|
$ |
4,736 |
|
|
Impact of
Tax Act |
1,420 |
|
|
— |
|
|
1,420 |
|
|
— |
|
Adjusted
net income |
$ |
1,468 |
|
|
$ |
1,348 |
|
|
$ |
5,367 |
|
|
$ |
4,736 |
|
|
|
|
|
|
|
|
|
|
|
Weighted
avg. no. of diluted common shares |
8,648,191 |
|
|
6,119,693 |
|
|
7,906,791 |
|
|
6,109,983 |
|
Adjusted
diluted earnings per common share |
$ |
0.17 |
|
|
$ |
0.22 |
|
|
$ |
0.68 |
|
|
$ |
0.78 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted
return on average common equity |
7.82 |
% |
|
10.40 |
% |
|
7.96 |
% |
|
9.43 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
return on average assets |
0.63 |
% |
|
0.69 |
% |
|
0.61 |
% |
|
0.63 |
% |
|
|
|
|
|
|
|
|
|
|
Contact:
Claire M. Chadwick
Executive Vice President and
Chief Financial Officer
630 Godwin Avenue
Midland Park, NJ 07432
P: 201.444.7100
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