-----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, IDg1SkufT/8IdG0qDXkfQ207+HcEi2bUkC30qr9S519sGMzcLn0gs1LLpTOoV7Wn pBfs9gYkno7M+qqenLU4KA== 0000914317-06-002110.txt : 20060727 0000914317-06-002110.hdr.sgml : 20060727 20060727160529 ACCESSION NUMBER: 0000914317-06-002110 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060725 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060727 DATE AS OF CHANGE: 20060727 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: 06984615 BUSINESS ADDRESS: STREET 1: 630 GODWIN AVE CITY: MIDLAND PARK STATE: NJ ZIP: 07432 BUSINESS PHONE: 2014447100 MAIL ADDRESS: STREET 1: 630 GODWIN AVE CITY: MIDLAND PARK STATE: NJ ZIP: 07432 8-K 1 form8k-78072_asb.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 25, 2006 -------------- 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) - -------------------------------------------------------------------------------- Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2. below): [_] Written communications pursuant to Rule 425 under the Securities Act (17CFR230.425) [_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR 240.14a-12) [_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR 240.14d-2(b)) [_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR 240.13e-4(c)) Item 2.02. Results of Operations and Financial Condition On July 25, 2006, Stewardship Financial Corporation issued a press release announcing its unaudited results for the quarter ended June 30, 2006. A copy of the press release is attached hereto as Exhibit 99.1. Item 9.01. Financial Statements and Exhibits (c) The following exhibit is furnished pursuant to Item 2.02 and shall not be deemed to be "filed": Exhibit No. Description ------------ --------------------------------- Exhibit 99.1 Press Release dated July 25, 2006 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, 2006 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 25, 2006 Contact: Mary Beth Steiginga, Assistant Secretary 630 Godwin Avenue Midland Park, NJ 07432 201- 444-7100 PRESS RELEASE Stewardship Financial Corporation Announces Earnings for the Second Quarter, 2006 Midland Park, NJ - July 25, 2006- Stewardship Financial Corporation (OTC:SSFN), parent of Atlantic Stewardship Bank, announced today net income for the three (3) months ended June 30, 2006 of $1.17 million or $0.25 basic earnings per share, an increase of 2.5% and 4.2% respectively, as compared to net income of $1.14 million, or $0.24 basic earnings per share for the same three (3) month period in 2005. Fully diluted earnings per share were $0.24 per share for the three (3) months ended June 30, 2006 and 2005. For the six (6) months ended June 30, 2006, Stewardship Financial Corporation reported net income of $2.28 million or $0.48 basic earnings per share, an increase of 6.2% and 6.7% respectively, as compared to net income of $2.14 million or $0.45 per share for the same six (6) month period in 2005. Diluted earnings per share were $0.47 for the six (6) months ended June 30, 2006, an increase of 4.4% over the diluted earnings per share of $0.45 for the six (6) months ended June 30, 2005. Per share calculations have been Page 1 of 4 adjusted for a 5% stock dividend paid in November 2005 and a 4 for 3 stock split issued on July 1, 2005. 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, 2006. Despite the pressure on the Bank's net interest margin caused by rising short term interest rates and a flat yield curve, earnings continue to remain strong. We are encouraged by the activity within the lending department as we continue to grow our loan portfolio to both new and existing customers." Stewardship Financial Corporation's total assets reached $495.4 million at June 30, 2006, compared to $461.0 million at June 30, 2005, resulting in growth of 7.5%. Total loans increased 14.3% to $359.8 million at June 30, 2006, compared to $314.8 million at June 30, 2005. Total deposits were $419.0 million at June 30, 2006, compared to $400.6 million a year ago, resulting in growth of 4.6%. Total stockholders' equity increased 7.9% to $35.0 million at June 30, 2006, compared to $32.5 million a year ago. Stewardship Financial Corporation's subsidiary, the Atlantic Stewardship Bank, has banking offices in Midland Park, Hawthorne (2), Montville, Pequannock, Ridgewood, Waldwick, and Wayne (3), New Jersey. The 11th branch is expected to open in Wyckoff, New Jersey during the first quarter of 2007. 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 4 This 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. Page 3 of 4 Stewardship Financial Corporation Financial Highlights (unaudited) (In thousands, except per share data) Six Months Ended Three Months Ended June 30, June 30, 2006 2005 2006 2005 ------- ------- ------- ------- Selected Operating Data: Total interest income $14,318 $11,715 $ 7,334 $ 6,026 Total interest expense 4,879 2,834 2,572 1,547 ------- ------- ------- ------- Net interest income before provision for loan loss 9,439 8,881 4,762 4,479 Provision for loan loss 160 300 110 150 ------- ------- ------- ------- Net interest income after provision for loan loss 9,279 8,581 4,652 4,329 Noninterest income 1,902 1,545 1,032 896 Noninterest expense 7,641 6,766 3,863 3,451 ------- ------- ------- ------- Income before income tax expense 3,540 3,360 1,821 1,774 Income tax expense 1,264 1,217 654 635 ------- ------- ------- ------- Net income $ 2,276 $ 2,143 $ 1,167 $ 1,139 ======= ======= ======= ======= Basic earnings per share $ 0.48 $ 0.45 $ 0.25 $ 0.24 Diluted earnings per share $ 0.47 $ 0.45 $ 0.24 $ 0.24 At June 30, 2006 2005 -------- -------- Selected Financial Data: Total assets $495,367 $460,953 Total loans, net of deferred loan fees 359,804 314,786 Allowance for loan losses 4,011 3,570 Total deposits 418,956 400,558 Stockholders' equity 35,029 32,454 At or for the six month period ended June 30, 2006 2005 -------- -------- Selected Financial Ratios: Annualized return on average assets (ROA) 0.95% 1.00% Annualized return on average equity (ROE) 13.36% 13.75% Tier 1 equity to total assets 8.48% 8.56% Book value per share $ 7.30 $ 6.82 All share data has been restated to include the effect of a 5% stock dividend paid in November, 2005 and a 4 for 3 stock split issued July 1, 2005. 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