-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, B+mKbsG2a7nzG4uZglwi+mmpjNumlsDU4GStSMtu67UqWY635SBEUj2M57TfYvyn bd/+8fWroR14k6+NWeQ+tA== 0000914317-04-002856.txt : 20040728 0000914317-04-002856.hdr.sgml : 20040728 20040727130149 ACCESSION NUMBER: 0000914317-04-002856 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040723 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040727 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STEWARDSHIP FINANCIAL CORP CENTRAL INDEX KEY: 0001023860 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 223351447 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21855 FILM NUMBER: 04932903 BUSINESS ADDRESS: STREET 1: 630 GODWIN AVE CITY: MIDLAND PARK STATE: NJ ZIP: 07432 BUSINESS PHONE: 2014447100 MAIL ADDRESS: STREET 1: 603 GODWIN AVE CITY: MIDLAND PARK STATE: NJ ZIP: 07432 8-K 1 form8k-61880_stewardship.txt SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported) July 23, 2004 ------------- Stewardship Financial Corporation ---------------------------------------------------- (Exact Name of Registrant as Specified in its Charter) New Jersey 0-21855 22-3351447 ------------------------------ ---------- ------------ (State or Other Jurisdiction of (Commission (IRS Employer Incorporation) File Number) Identification No.) 630 Godwin Avenue, Midland Park, NJ 07432 - --------------------------------------- ------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code (201) 444-7100 -------------- ----------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) Item 7. Financial Statements, Pro Forma Financial Information and Exhibits (c) The following exhibit is furnished pursuant to Item 12 and shall not be deemed to be "filed": Exhibit No. Description ----------- ----------- Exhibit 99.1 Press Release dated July 23, 2004 Item 12. Results of Operations and Financial Condition On July 23, 2004, Stewardship Financial Corporation issued a press release announcing its unaudited results for the quarter ended June 30, 2004. A copy of the press release is attached hereto as Exhibit 99.1. Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: July 27, 2004 Stewardship Financial Corporation ------------- /s/ Julie E. Holland --------------------- Julie E. Holland Vice President and Treasurer EX-99.1 2 ex99-1.txt For Immediate Release Date: July 23, 2004 Contact: Ellie King, Assistant Secretary 630 Godwin Avenue Midland Park, NJ 07432 201 - 444-7100 PRESS RELEASE Stewardship Financial Corporation Announces Quarterly Earnings for the Second Quarter, 2004 Midland Park, NJ - July 21, 2004 - Stewardship Financial Corporation (OTC:SSFN), parent of Atlantic Stewardship Bank, announced today net income for the three (3) months ended June 30, 2004, of $937,000, or $0.30 basic earnings per share, an increase of 8.7% and 7.1% respectively, as compared to net income of $862,000, or $0.28 basic earnings per share for the same three (3) month period in 2003. Diluted earnings per share were $0.29 for the three (3) months ended June 30, 2004, an increase of 7.4% over the diluted earnings per share of $0.27 for the three (3) months ended June 30, 2003. For the six (6) months ended June 30, 2004, Stewardship Financial Corporation reported net income of $1.8 million or $0.57 basic earnings per share, an increase of 5.2% and 3.6% in net income and basic earnings per share respectively, as compared to net income of $1.7 million or $0.55 per share for the same six (6) month period in 2003. Diluted earnings per share were $0.56 for the six (6) months ended June 30, 2004, an increase of 3.7% over the diluted earnings per share of $0.54 for the six (6) months ended June 30, 2003. Stewardship Financial Corporation's President and Chief Executive Officer Paul Van Ostenbridge stated, "We are pleased to report the earnings increase for the period ending June 30, 2004. This increase was due to the substantial growth in the bank's average earning assets and the quality of the loan portfolio." Stewardship Financial Corporation's total assets reached $405.9 million at June 30, 2004, compared to $356.8 million at June 30, 2003, resulting in growth of 13.8%. Total deposits were $348.7 million at June 30, 2004, compared to $324.4 million a year ago, resulting in growth of 7.5%. Total stockholders' equity increased 9.1% to $27.8 million at June 30, 2004, compared to $25.5 million a year ago. Stewardship Financial Corporation's subsidiary, the Atlantic Stewardship Bank, has banking offices in Midland Park, Hawthorne (2), Pequannock, Ridgewood, Waldwick, and Wayne (3), New Jersey. The bank is known for tithing 10% of its pre-tax profits to Christian and local charities. We invite you to visit our website at www.asbnow.com for additional information. Page 2 of 3 Stewardship Financial Corporation Financial Highlights (unaudited) (In thousands, except per share data)
Six Months Ended Three Months Ended June 30, June 30, 2004 2003 2004 2003 ----------------------------------------------------- Selected Operating Data: Total interest income $ 10,335 $ 9,236 $ 5,167 $ 4,632 Total interest expense 2,441 2,355 1,182 1,175 ----------------------------------------------------- Net interest income before provision for loan loss 7,894 6,881 3,985 3,457 Provision for loan loss 240 225 120 110 ----------------------------------------------------- Net interest income after provision for loan loss 7,654 6,656 3,865 3,347 (Losses) gains on sales of securities (4) 27 - - Gain on sales of other real estate - 54 - - Other noninterest income 1,358 1,393 760 778 -------------------------------------------------- 1,354 1,474 760 778 Noninterest expense 6,186 5,488 3,153 2,794 ----------------------------------------------------- Income before income tax expense 2,822 2,642 1,472 1,331 Income tax expense 1,018 927 535 469 ----------------------------------------------------- Net income $ 1,804 $ 1,715 $ 937 $ 862 ===================================================== Basic earnings per share $ 0.57 $ 0.55 $ 0.30 $ 0.28 Diluted earnings per share $ 0.56 $ 0.54 $ 0.29 $ 0.27
At June 30, 2004 2003 --------- --------- Selected Financial Data: Total assets $405,926 $356,794 Total loans, net of deferred loan fees 275,358 235,895 Allowance for loan losses 3,023 2,885 Total deposits 348,657 324,351 Stockholders' equity 27,804 25,496
At or for the six month period ended June 30, 2004 2003 ------ ------ Selected Financial Ratios: Annualized return on average assets (ROA) 0.91% 1.01% Annualized return on average equity (ROE) 13.10% 13.94% Tier 1 equity to total assets 8.57% 7.15% Book value per share $8.73 $8.52
All share data has been restated to include the effect of a 5% stock dividend paid in November, 2003 and a 3 for 2 stock split paid July 1, 2003. -----END PRIVACY-ENHANCED MESSAGE-----