-----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, TTnS2Qu0DA+cmYyChnYMjf1sgJZyruRbHLqDgNVhAwAJhQnt3O25ckcbdqFAVxf0 D9rnrfxVuEJu9793BX9Uig== 0000914317-08-001964.txt : 20080729 0000914317-08-001964.hdr.sgml : 20080729 20080729111754 ACCESSION NUMBER: 0000914317-08-001964 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080724 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080729 DATE AS OF CHANGE: 20080729 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: 001-33377 FILM NUMBER: 08974719 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-93918_ssfn.htm FORM 8-K form8k-93918_ssfn.htm

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 24, 2008   



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):

o
Written communications pursuant to Rule 425 under the Securities Act (17CFR230.425)

o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR 240.14a-12)

o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR 240.14d-2(b))

o
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 24, 2008, Stewardship Financial Corporation issued a press release announcing its unaudited results for the quarter ended June 30, 2008.  A copy of the press release is attached hereto as Exhibit 99.1.


Item 9.01.   Financial Statements and Exhibits

(d)  
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 24, 2008
 
         


 


 
 

 



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 29, 2008
Stewardship Financial Corporation
   
   
 
/s/  Julie E. Holland
 
       Julie E. Holland
 
       Senior Vice President and Treasurer

 
 
 
 

 
EX-99.1 2 ex99-1.htm EXHIBIT 99.1 ex99-1.htm

 
For Immediate Release
 
Date:
July 24, 2008
       
 
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 2008

Midland Park, NJ – July 24, 2008 - Stewardship Financial Corporation (NASDAQ:SSFN), parent of Atlantic Stewardship Bank, announced today net income for the three (3) months ended June 30, 2008 of $1.18 million or $0.22 basic and fully diluted earnings per share, compared to net income of $1.45 million, or $0.27 basic and fully diluted earnings per share for the same three (3) month period in 2007.  Earnings for the quarter ended June 30, 2007 were benefited by the receipt of a $459,000 one time life insurance payout.  Adjusted for this one time benefit, the earnings for the quarter ended June 30, 2008 increased 18.8%, compared to the June 30, 2007 second quarter earnings.

For the six (6) months ended June 30, 2008, Stewardship Financial Corporation reported net income of $2.24 million or $0.42 basic earnings per share, compared to net income of $2.54 million or $0.48 basic earnings per share for the same six (6) month period in 2007.  Diluted earnings per share were $0.42 for the six (6) months ended June 30, 2008, compared to diluted earnings per share of $0.47 for the six (6) months ended June 30, 2007.  Earnings for the six (6) months ended June 30, 2007 were impacted by the $459,000 one time life insurance payout receipt.  Adjusted for this one time receipt, the
earnings for the six (6) months ended June 30, 2008 increased 7.6%, compared to the June 30, 2007 six (6) month period.  Per share calculations have been adjusted for a 5% stock dividend paid in November 2007.

Stewardship Financial Corporation’s President and Chief Executive Officer Paul Van Ostenbridge stated, “We are pleased to report the Corporation has never been involved in the subprime mortgage lending arena.  The Corporation’s earnings remain strong, despite the challenges facing the financial industry.  We are encouraged by the strong commercial loan activity, which continues to meet our high credit standards.  In addition, our three new branches, which opened in 2007, are growing and expanding our presence in northern New Jersey.”

Stewardship Financial Corporation’s total assets reached $624.1 million at June 30, 2008, compared to $538.8 million at June 30, 2007, resulting in growth of 15.8%.  Total loans increased 14.3% to $438.7 million at June 30, 2008, compared to $383.7 million at June 30, 2007.  Total deposits were $509.9 million at June 30, 2008, compared to $451.5 million a year ago, resulting in growth of 12.9%.  Total stockholders’ equity increased 7.9% to $41.7 million at June 30, 2008, compared to $38.6 million a year ago.

Stewardship Financial Corporation’s subsidiary, the Atlantic Stewardship Bank, has banking offices in Midland Park, Hawthorne (2), Montville, North Haledon, Pequannock, Ridgewood, Waldwick, Wayne (3), Westwood and Wyckoff, New Jersey.  Atlantic Stewardship Bank recently received a 4-Star or Excellent rating, from Bauer Financial, Inc., an independent bank rating company located in Coral Gables, FL. Bauer Financial has been analyzing and reporting the financial condition of the nation’s banking industry since 1983. 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.
 
The 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 1 of 2

 
 
 

 


Stewardship Financial Corporation
Financial Highlights
(unaudited)
(In thousands, except per share data)
 
                         
                         
   
Six Months Ended
   
Three Months Ended
 
   
June 30,
   
June 30,
 
                         
   
2008
   
2007
   
2008
   
2007
 
Selected Operating Data:
                       
Total interest income
  $ 17,367     $ 16,049     $ 8,710     $ 8,117  
Total interest expense
    6,649       6,574       3,154       3,315  
Net interest income before provision
                               
     for loan loss
    10,718       9,475       5,556       4,802  
Provision for loan loss
    360       190       260       180  
Net interest income after provision
                               
     for loan loss
    10,358       9,285       5,296       4,622  
                                 
Gain on sales of mortgage loans
    109       186       54       97  
Gain (loss) on calls and sales of securities
    57       -       16       -  
Life insurance proceeds
    -       459       -       459  
Other noninterest income
    1,827       1,857       947       868  
Noninterest income
    1,993       2,502       1,017       1,424  
                                 
Noninterest expense
    9,041       8,177       4,562       4,182  
                                 
Income before income tax expense
    3,310       3,610       1,751       1,864  
Income tax expense
    1,070       1,070       572       492  
Net income
  $ 2,240     $ 2,540     $ 1,179     $ 1,372  
                                 
Basic earnings per share
  $ 0.42     $ 0.48     $ 0.22     $ 0.27  
Diluted earnings per share
  $ 0.42     $ 0.47     $ 0.22     $ 0.27  

   
At June 30,
 
   
2008
   
2007
 
Selected Financial Data:
           
Total assets
  $ 624,055     $ 538,837  
Total loans, net of deferred loan fees
    438,689       383,653  
Allowance for loan losses
    4,768       4,181  
Total deposits
    509,885       451,478  
Stockholders' equity
    41,654       38,614  
 
   
At or for the six month period ended
 
   
June 30,
 
   
2008
   
2007
 
Selected Financial Ratios:
           
Annualized return on average assets (ROA)
    0.77 %     0.99 %
Annualized return on average equity (ROE)
    10.76 %     13.41 %
Tier 1 equity to total assets
    7.80 %     8.47 %
Book value per share
  $ 7.85     $ 7.65  
                 
 
     All share data has been restated to include the effect of a 5% stock dividend paid in November, 2007.

Page 2 of 2








-----END PRIVACY-ENHANCED MESSAGE-----