New Jersey | 1-33377 | 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) | |||
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)) |
(d) | Exhibits | Description | |
99.1 | Press release of Stewardship Financial Corporation dated April 4, 2017. |
Date: April 4, 2017 | Stewardship Financial Corporation | |
By: | /s/ Claire M. Chadwick | |
Name: | Claire M. Chadwick | |
Title: | Executive Vice President and Chief Financial Officer | |
For immediate release | Contact: | |
Claire M. Chadwick | ||
EVP and Chief Financial Officer | ||
630 Godwin Avenue | ||
Midland Park, NJ 07432 | ||
P: 201-444-7100 |
December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||
2016 | 2016 | 2016 | 2016 | 2015 | |||||||||||||||
Selected Financial Condition Data: | |||||||||||||||||||
Cash and cash equivalents | $ | 11,680 | $ | 21,025 | $ | 13,901 | $ | 13,319 | $ | 10,910 | |||||||||
Securities available for sale | 98,583 | 103,546 | 98,533 | 97,637 | 93,354 | ||||||||||||||
Securities held to maturity | 52,330 | 54,179 | 65,666 | 62,427 | 60,738 | ||||||||||||||
FHLB Stock | 3,515 | 2,425 | 2,650 | 2,608 | 2,608 | ||||||||||||||
Loans held for sale | 773 | 300 | 581 | 783 | 1,522 | ||||||||||||||
Loans receivable: | |||||||||||||||||||
Loans receivable, gross | 604,083 | 552,106 | 537,638 | 528,011 | 526,477 | ||||||||||||||
Allowance for loan losses | (7,905 | ) | (8,150 | ) | (8,388 | ) | (8,540 | ) | (8,823 | ) | |||||||||
Other, net | (226 | ) | (110 | ) | (25 | ) | (64 | ) | (98 | ) | |||||||||
Loans receivable, net | 595,952 | 543,846 | 529,225 | 519,407 | 517,556 | ||||||||||||||
Other real estate owned, net | 401 | 834 | 834 | 1,013 | 880 | ||||||||||||||
Bank owned life insurance | 16,558 | 16,439 | 16,320 | 14,212 | 14,111 | ||||||||||||||
Other assets | 15,743 | 15,333 | 14,877 | 15,251 | 16,209 | ||||||||||||||
Total assets | $ | 795,535 | $ | 757,927 | $ | 742,587 | $ | 726,657 | $ | 717,888 | |||||||||
Non-interest bearing deposits | $ | 169,306 | $ | 172,072 | $ | 160,461 | $ | 154,201 | $ | 147,828 | |||||||||
Interest-bearing deposits | 489,624 | 474,012 | 466,008 | 458,225 | 456,925 | ||||||||||||||
Total deposits | 658,930 | 646,084 | 626,469 | 612,426 | 604,753 | ||||||||||||||
Other borrowings | 59,200 | 35,000 | 40,000 | 40,000 | 40,000 | ||||||||||||||
Subordinated debentures and subordinated notes | 23,252 | 23,235 | 23,219 | 23,203 | 23,186 | ||||||||||||||
Other liabilities | 2,766 | 2,040 | 2,213 | 1,836 | 2,376 | ||||||||||||||
Total liabilities | 744,148 | 706,359 | 691,901 | 677,465 | 670,315 | ||||||||||||||
Shareholders' equity | 51,387 | 51,568 | 50,686 | 49,192 | 47,573 | ||||||||||||||
Total liabilities and shareholders' equity | $ | 795,535 | $ | 757,927 | $ | 742,587 | $ | 726,657 | $ | 717,888 | |||||||||
Gross loans to deposits | 91.68 | % | 85.45 | % | 85.82 | % | 86.22 | % | 87.06 | % | |||||||||
Equity to assets | 6.46 | % | 6.80 | % | 6.83 | % | 6.77 | % | 6.63 | % | |||||||||
Book value per share | $ | 8.39 | $ | 8.43 | $ | 8.29 | $ | 8.05 | $ | 7.82 | |||||||||
Asset Quality Data: | |||||||||||||||||||
Nonaccrual loans | $ | 606 | $ | 929 | $ | 949 | $ | 2,304 | $ | 1,882 | |||||||||
Loans past due 90 days or more and accruing | — | — | — | — | — | ||||||||||||||
Total nonperforming loans | 606 | 929 | 949 | 2,304 | 1,882 | ||||||||||||||
Other real estate owned | 401 | 834 | 834 | 1,013 | 880 | ||||||||||||||
Total nonperforming assets | $ | 1,007 | $ | 1,763 | $ | 1,783 | $ | 3,317 | $ | 2,762 | |||||||||
Nonperforming loans to total loans | 0.10 | % | 0.17 | % | 0.18 | % | 0.44 | % | 0.36 | % | |||||||||
Nonperforming assets to total assets | 0.13 | % | 0.23 | % | 0.24 | % | 0.46 | % | 0.38 | % | |||||||||
Allowance for loan losses to gross loans | 1.31 | % | 1.48 | % | 1.56 | % | 1.62 | % | 1.68 | % |
For the three months ended December 31, | For the year ended December 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Selected Operating Data: | |||||||||||||||
Interest income | $ | 7,000 | $ | 6,643 | $ | 27,085 | $ | 25,609 | |||||||
Interest expense | 1,103 | 1,198 | 4,513 | 3,826 | |||||||||||
Net interest income | 5,897 | 5,445 | 22,572 | 21,783 | |||||||||||
Provision for loan losses | (300 | ) | (275 | ) | (1,350 | ) | (1,375 | ) | |||||||
Net interest income after provision for loan losses | 6,197 | 5,720 | 23,922 | 23,158 | |||||||||||
Noninterest income: | |||||||||||||||
Fees and service charges | 564 | 558 | 2,159 | 2,135 | |||||||||||
Bank owned life insurance | 119 | 103 | 447 | 403 | |||||||||||
Gain on calls and sales of securities | 1 | 17 | 63 | 169 | |||||||||||
Gain on sales of mortgage loans | 94 | 24 | 164 | 141 | |||||||||||
Gain on sales of other real estate owned | 30 | 30 | 36 | 83 | |||||||||||
Other | 129 | 123 | 542 | 562 | |||||||||||
Total noninterest income | 937 | 855 | 3,411 | 3,493 | |||||||||||
Noninterest expenses: | |||||||||||||||
Salaries and employment benefits | 2,735 | 2,719 | 10,980 | 10,900 | |||||||||||
Occupancy, net | 396 | 422 | 1,598 | 1,739 | |||||||||||
Equipment | 156 | 159 | 609 | 655 | |||||||||||
Data processing | 481 | 467 | 1,915 | 1,847 | |||||||||||
FDIC insurance premium | 21 | 106 | 317 | 423 | |||||||||||
Other | 1,213 | 1,027 | 4,483 | 4,615 | |||||||||||
Total noninterest expenses | 5,002 | 4,900 | 19,902 | 20,179 | |||||||||||
Income before income tax expense | 2,132 | 1,675 | 7,431 | 6,472 | |||||||||||
Income tax expense | 784 | 614 | 2,695 | 2,272 | |||||||||||
Net income | 1,348 | 1,061 | 4,736 | 4,200 | |||||||||||
Dividends on preferred stock | — | — | — | 456 | |||||||||||
Net income available to common shareholders | $ | 1,348 | $ | 1,061 | $ | 4,736 | $ | 3,744 | |||||||
Weighted avg. no. of diluted common shares | 6,119,693 | 6,086,249 | 6,109,983 | 6,077,657 | |||||||||||
Diluted earnings per common share | $ | 0.22 | $ | 0.17 | $ | 0.78 | $ | 0.62 | |||||||
Return on average common equity | 10.40 | % | 8.89 | % | 9.43 | % | 8.14 | % | |||||||
Return on average assets | 0.69 | % | 0.58 | % | 0.63 | % | 0.60 | % | |||||||
Yield on average interest-earning assets | 3.77 | % | 3.87 | % | 3.81 | % | 3.87 | % | |||||||
Cost of average interest-bearing liabilities | 0.80 | % | 0.92 | % | 0.85 | % | 0.77 | % | |||||||
Net interest rate spread | 2.97 | % | 2.95 | % | 2.96 | % | 3.10 | % | |||||||
Net interest margin | 3.18 | % | 3.18 | % | 3.18 | % | 3.30 | % |
For the three months ended | |||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||
2016 | 2016 | 2016 | 2016 | 2015 | |||||||||||||||
Selected Operating Data: | |||||||||||||||||||
Interest income | $ | 7,000 | $ | 6,657 | $ | 6,979 | $ | 6,449 | $ | 6,643 | |||||||||
Interest expense | 1,103 | 1,113 | 1,124 | 1,173 | 1,198 | ||||||||||||||
Net interest income | 5,897 | 5,544 | 5,855 | 5,276 | 5,445 | ||||||||||||||
Provision for loan losses | (300 | ) | (250 | ) | (450 | ) | (350 | ) | (275 | ) | |||||||||
Net interest income after provision for loan losses | 6,197 | 5,794 | 6,305 | 5,626 | 5,720 | ||||||||||||||
Noninterest income: | |||||||||||||||||||
Fees and service charges | 564 | 536 | 530 | 529 | 558 | ||||||||||||||
Bank owned life insurance | 119 | 120 | 107 | 101 | 103 | ||||||||||||||
Gain on calls and sales of securities | 1 | 6 | 32 | 24 | 17 | ||||||||||||||
Gain on sales of mortgage loans | 94 | 33 | 19 | 18 | 24 | ||||||||||||||
Gain on sales of other real estate owned | 30 | — | 6 | — | 30 | ||||||||||||||
Other | 129 | 128 | 138 | 147 | 123 | ||||||||||||||
Total noninterest income | 937 | 823 | 832 | 819 | 855 | ||||||||||||||
Noninterest expenses: | |||||||||||||||||||
Salaries and employment benefits | 2,735 | 2,788 | 2,742 | 2,715 | 2,719 | ||||||||||||||
Occupancy, net | 396 | 400 | 404 | 398 | 422 | ||||||||||||||
Equipment | 156 | 155 | 148 | 150 | 159 | ||||||||||||||
Data processing | 481 | 485 | 477 | 472 | 467 | ||||||||||||||
FDIC insurance premium | 21 | 100 | 90 | 106 | 106 | ||||||||||||||
Other | 1,213 | 1,071 | 1,138 | 1,061 | 1,027 | ||||||||||||||
Total noninterest expenses | 5,002 | 4,999 | 4,999 | 4,902 | 4,900 | ||||||||||||||
Income before income tax expense | 2,132 | 1,618 | 2,138 | 1,543 | 1,675 | ||||||||||||||
Income tax expense | 784 | 583 | 776 | 552 | 614 | ||||||||||||||
Net income | $ | 1,348 | $ | 1,035 | $ | 1,362 | $ | 991 | $ | 1,061 | |||||||||
Weighted avg. no. of diluted common shares | 6,119,693 | 6,115,987 | 6,111,729 | 6,092,351 | 6,086,249 | ||||||||||||||
Diluted earnings per common share | $ | 0.22 | $ | 0.17 | $ | 0.22 | $ | 0.16 | $ | 0.17 | |||||||||
Return on average common equity | 10.40 | % | 8.06 | % | 11.05 | % | 8.21 | % | 8.89 | % | |||||||||
Return on average assets | 0.69 | % | 0.54 | % | 0.74 | % | 0.55 | % | 0.58 | % | |||||||||
Yield on average interest-earning assets | 3.77 | % | 3.68 | % | 4.02 | % | 3.79 | % | 3.87 | % | |||||||||
Cost of average interest-bearing liabilities | 0.80 | % | 0.83 | % | 0.86 | % | 0.90 | % | 0.92 | % | |||||||||
Net interest rate spread | 2.97 | % | 2.85 | % | 3.16 | % | 2.89 | % | 2.95 | % | |||||||||
Net interest margin | 3.18 | % | 3.07 | % | 3.38 | % | 3.11 | % | 3.18 | % |