8-K/A

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K/A

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported)        October 30, 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))

Explanatory Note:

On October 29, 2008, Stewardship Financial Corporation issued a press release announcing its unaudited results for the three and nine months ended September 30, 2008.  The earnings per share for the nine months ended September 30, 2008 was inadvertently calculated incorrectly.  This amended Form 8-K is intended to correct the earning per share reported for the nine months ended September 30, 2008.

Item 2.02.        Results of Operations and Financial Condition

On October 29, 2008, Stewardship Financial Corporation issued a press release announcing its unaudited results and reporting $0.58 basic and fully diluted earnings per share for the nine months ended September 30, 2008.  The per share calculations for the current nine month period were not adjusted for a 5% stock dividend payable on November 17, 2008.  While reported net income was correct, basic and fully diluted earnings per share for the nine months ended September 30, 2008 should have been reported as $0.55.  This would be compared to $0.68 basic and fully diluted earnings per share for nine months ended September 30, 2007.  All information for the three months ended September 30, 2008 was correctly reported.  A copy of the amended 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 - Amended dated October 29, 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:	November 10, 2008	Stewardship Financial Corporation
		/s/ Claire M. Chadwick
		Claire M. Chadwick
		Senior Vice President and
		Chief Financial Officer

EX-99.1

EXHIBIT 99.1

For Immediate Release
Contact:	Claire M. Chadwick
	SVP and Chief Financial Officer
	630 Godwin Avenue
	Midland Park, NJ 07432
	201- 444-7100

PRESS RELEASE - AMENDED

Stewardship Financial Corporation Reports

Third Quarter Earnings

Midland Park, NJ – October 29, 2008 – Stewardship Financial Corporation   (NASDAQ:SSFN), parent of Atlantic Stewardship Bank, reported net income for the three (3) months ended September 30, 2008 of $838,000 or $0.15 basic and fully diluted earnings per share, compared to net income of $1.23 million, or $0.22 basic and fully diluted earnings per share for the same prior year period in 2007.

For the nine (9) months ended September 30, 2008, Stewardship Financial Corporation reported net income of $3.08 million or $0.55 basic and fully diluted earnings per share, compared to net income of $3.77 million or $0.68 basic and fully diluted earnings per share for nine (9) months ended September 30, 2007.  Earnings for the prior year nine (9) month period included a $459,000 receipt of life insurance proceeds.  Per share calculations have been adjusted for a 5% stock dividend paid in November 2007 and a 5% stock dividend payable in November 2008.

Results for the current year periods include an increased provision for loan losses.  Commenting on the Corporation’s loan loss provision, Paul Van Ostenbridge, Stewardship Financial Corporation’s President and Chief Executive Officer stated, “We recognize that our Corporation is not immune to the current challenging economic environment.  Nevertheless, the increase in the loan loss provision was primarily warranted by the Bank’s concern over a single borrower.”  Asset quality has been and continues to be a priority for Stewardship Financial Corporation.  Van Ostenbridge continued saying, “We have strong underwriting guidelines and will never compromise our high credit standards.”  The Corporation closely monitors non-performing assets and actual charge-offs continue to be minimal.

Total assets at September 30, 2008 of $610.1 million reflected growth of approximately 11.5% from September 30, 2007.  Loans receivable of $442.9 million at September 30, 2008 reflected 12.0% of growth since September 30, 2007.  Van Ostenbridge commented, ”During these challenging economic times, we intend to appropriately manage balance sheet growth.”

Van Ostenbridge maintained that, “While others in our industry may be effected, Stewardship Financial does not have any exposure to the subprime mortgage market and did not hold any Fannie Mae or Freddie Mac preferred stock.”

Total deposits were $492.1 million at September 30, 2008, compared to $458.6 million a year ago, resulting in growth of 7.3%.  The three newest branches opened in 2007 continue to grow and expand the Corporation’s presence in northern New Jersey.  Total stockholders’ equity increased 4.2% to $41.8 million at September 30, 2008, compared to $40.1 million a year ago.

Stewardship Financial Corporation’s subsidiary, the Atlantic Stewardship Bank, has 13 banking offices in Midland Park, Hawthorne (2), Montville, North Haledon, Pequannock, Ridgewood, Waldwick, Wayne (3), Westwood and Wyckoff, 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.

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.

Stewardship Financial Corporation
Financial Highlights
(unaudited)
(In thousands, except per share data)
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2008		2007		2008		2007
Selected Operating Data:
Total interest income	$	8,910	$	8,526	$	26,277	$	24,575
Total interest expense		3,100		3,614		9,749		10,188
Net interest income before provision
for loan loss		5,810		4,912		16,528		14,387
Provision for loan loss		1,175		90		1,535		280
Net interest income after provision
for loan loss		4,635		4,822		14,993		14,107
Gain on sales of mortgage loans		47		73		156		259
Gain (loss) on calls and sales of securities		4		-		61		-
Life insurance proceeds		-		-		-		459
Other noninterest income		843		842		2,670		2,699
Noninterest income		894		915		2,887		3,417
Noninterest expense		4,362		3,873		13,403		12,050
Income before income tax expense		1,167		1,864		4,477		5,474
Income tax expense		329		635		1,399		1,705
Net income	$	838	$	1,229	$	3,078	$	3,769
Basic earnings per share	$	0.15	$	0.22	$	0.55	$	0.68
Diluted earnings per share	$	0.15	$	0.22	$	0.55	$	0.68

	At September 30,
	2008		2007
Selected Financial Data:
Total assets	$	610,137	$	547,183
Total loans, net of deferred loan fees		442,893		395,594
Allowance for loan losses		5,930		4,249
Total deposits		492,110		458,571
Stockholders' equity		41,759		40,080

	At or for the
	nine month period ended
	September 30,
	2008			2007
Selected Financial Ratios:
Annualized return on average assets (ROA)		0.69	%		0.96	%
Annualized return on average equity (ROE)		9.81	%		13.06	%
Tier 1 equity to total assets		8.00	%		8.60	%
Book value per share	$	7.86		$	7.55
All share data has been restated to include the effect of a 5% stock dividend paid in November 2007 and a 5% stock dividend
payable in November 2008.