0001174947-16-003379.txt : 20161110 0001174947-16-003379.hdr.sgml : 20161110 20161110103601 ACCESSION NUMBER: 0001174947-16-003379 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20161109 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20161110 DATE AS OF CHANGE: 20161110 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: 161986475 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-16769_ssfn.htm 8-K

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)      November 9, 2016     

 

 

 

               Stewardship Financial Corporation               

(Exact Name of Registrant as Specified in its Charter)

 

               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)

 

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):

 

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

 

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

 

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

 

oPre-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 November 9, 2016, Stewardship Financial Corporation (the "Corporation") issued a press release, furnished as Exhibit 99.1 and incorporated in this Item 2.02 by reference, announcing the Corporation’s financial results for the quarter ended September 30, 2016.

The information contained in this Current Report on Form 8-K, including Exhibit 99.1, is being furnished, and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of Section 18. Furthermore, the information contained in this Current Report on Form 8-K, including Exhibit 99.1, shall not be incorporated by reference into any registration statement filed by the Corporation under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference. The furnishing of the information in this Report is not intended to, and does not, constitute a determination or admission by the Corporation that the information in this Report is material or complete, or that investors should consider this information before making an investment decision with respect to any security of the Corporation.

 

Item 9.01. Financial Statements and Exhibits

 

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 November 9, 2016

 

 

2 

 

 

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, 2016        Stewardship Financial Corporation
     
     
    /s/ Claire M. Chadwick                    
         Claire M. Chadwick
         Executive Vice President and
         Chief Financial Officer

 

 

3 

 

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

EXHIBIT 99.1

 

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

 

 

PRESS RELEASE

 

Stewardship Financial Corporation Reports

Earnings for Third Quarter of 2016

 

Midland Park, NJ – November 9, 2016 – Stewardship Financial Corporation (NASDAQ:SSFN), parent company of Atlantic Stewardship Bank, reported net income available to common shareholders for the three and nine months ended September 30, 2016 of $1.0 million and $3.4 million, respectively, as compared to net income available to common shareholders of $886,000 and $2.7 million for the three and nine months ended September 30, 2015, respectively.

 

“Solid loan growth funded by a steady increase in deposits continues to contribute to our strong earnings,” stated Paul Van Ostenbridge, Stewardship Financial Corporation’s President and Chief Executive Officer.

 

Balance Sheet / Financial Condition

Total assets reached $757.9 million as of September 30, 2016, reflecting a growing balance sheet when compared to assets of $717.9 million at December 31, 2015. New loan originations, partially offset by normal principal amortization and payoffs, resulted in net growth in the loan portfolio of $26.3 million. Van Ostenbridge commented, “We recognize the importance of constant and stable growth in our loan portfolio.”

 

4 

 

 

Press Release - Midland Park NJ  
Stewardship Financial Corporation continued November 9, 2016

 

 

The strong loan growth continues to be supported by appropriate deposit growth. Total deposits grew to $646.1 million at September 30, 2016, an increase of $41.3 million when compared to deposits of $604.8 million at December 31, 2015.

 

Regulatory capital levels, at September 30, 2016, continue to significantly exceed the requirements for a “well capitalized” institution with a tier 1 leverage ratio of 7.69% (4% requirement) and total risk based capital ratio of 13.98% (8% requirement).

 

Operating Results

The Corporation reported net interest income of $5.5 million and $16.7 million for the three and nine months ended September 30, 2016, respectively, compared to $5.4 million and $16.3 million for the comparable prior year periods. Overall, the net interest rate spread and net interest margin for the current year periods reflects an overall decline in loan interest rates – a result of the historically low market rates in the current environment. The net interest margin for the current three and nine month periods was 3.07% and 3.18%, respectively, compared to 3.21% and 3.34% for the three and nine months ended September 30, 2015. The current year net interest income and margin includes the impact of the $16.6 million of Subordinated Notes issued in August 2015 and the subsequent redemption of preferred stock. When compared to the prior year periods, the cost of the Subordinated Notes added a total of $188,000 and $781,000 of interest expense to the current three and nine month periods, respectively. However, such increases, on an after tax basis, are less than the dividends that would have accrued on the preferred stock. The rate on the preferred stock would have been 4.56% until March 1, 2016, when the dividend rate on the preferred stock would have increased and become fixed at 9%.

 

Noninterest income for the three and nine months ended September 30, 2016 was $823,000 and $2.5 million, respectively, compared to $838,000 and $2.6 million for the equivalent prior year periods. The

5 

 

Press Release - Midland Park NJ  
Stewardship Financial Corporation continued November 9, 2016

 

 

$164,000 decrease for the nine months ended September 30, 2016 reflects the fact that noninterest income included only $62,000 of gains on calls and sales of securities compared to $152,000 in the comparable prior year period. In addition, the nine months ended September 30, 2016 included only $6,000 of gains on sales of other real estate owned compared to $53,000 of gains during the nine months ended September 30, 2015.

 

For the three and nine months ended September 30, 2016, noninterest expenses were $5.0 million and $14.9 million, respectively, compared to $5.1 million and $15.3 million in the comparable prior year periods. “We continue to grow the balance sheet without adding to overhead – reflective of our diligent expense control,” Van Ostenbridge noted.

 

Asset Quality

Both the current year and the prior year periods results were positively impacted by the Corporation recording negative provisions for loan losses, reflective of the ongoing analysis that demonstrates constant improvement of credit quality. Results for the three and nine months ended September 30, 2016 included negative provisions of $250,000 and $1.1 million, respectively, compared to negative provisions for loan losses of $400,000 and $1.1 million for the comparable prior year periods. Nonperforming loans continue to decline and were just $929,000, or 0.17% of total loans at September 30, 2016 compared to $1.9 million, or 0.36%, at December 31, 2015. Total nonperforming assets of $1.8 million, which includes other real estate owned, also showed continued improvement and represented just 0.23% of total assets at September 30, 2016 compared to 0.38% at December 31, 2015.

 

About Stewardship Financial Corporation

Stewardship Financial Corporation’s subsidiary, the Atlantic Stewardship Bank, has 11 banking offices in

6 

 

 

Press Release - Midland Park NJ  
Stewardship Financial Corporation continued November 9, 2016

 

 

Midland Park, Hawthorne, Montville, North Haledon, Pequannock, Ridgewood, Waldwick, Wayne (2), Westwood and Wyckoff, New Jersey. The bank is known for tithing 10% of its pre-tax profits to Christian and local charities. To date, the Bank’s tithe donations total $8.8 million.

 

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.

7 

 

Stewardship Financial Corporation

Selected Consolidated Financial Information

(dollars in thousands, except per share amounts)

(unaudited)

 

   September 30,   June 30,   March 31,   December 31,   September 30, 
   2016   2016   2016   2015   2015 
                     
Selected Financial Condition Data:                         
     Cash and cash equivalents  $21,025   $13,901   $13,319   $10,910   $16,025 
     Securities available for sale   103,546    98,533    97,637    93,354    86,994 
     Securities held to maturity   54,179    65,666    62,427    60,738    60,252 
     FHLB Stock   2,425    2,650    2,608    2,608    3,035 
     Loans held for sale   300    581    783    1,522    1,570 
     Loans receivable:                         
          Loans receivable, gross   552,106    537,638    528,011    526,477    518,168 
          Allowance for loan losses   (8,150)   (8,388)   (8,540)   (8,823)   (8,805)
          Other, net   (110)   (25)   (64)   (98)   (93)
     Loans receivable, net   543,846    529,225    519,407    517,556    509,270 
     Other real estate owned, net   834    834    1,013    880    587 
     Bank owned life insurance   16,439    16,320    14,212    14,111    14,008 
     Other assets   15,333    14,877    15,251    16,209    15,908 
     Total assets  $757,927   $742,587   $726,657   $717,888   $707,649 
                          
                          
     Noninterest-bearing deposits  $172,072   $160,461   $154,201   $147,828   $151,078 
     Interest-bearing deposits   474,012    466,008    458,225    456,925    434,790 
     Total deposits   646,084    626,469    612,426    604,753    585,868 
     Other borrowings   35,000    40,000    40,000    40,000    49,500 
     Subordinated debentures and subordinated notes   23,235    23,219    23,203    23,186    23,176 
     Other liabilities   2,040    2,213    1,836    2,376    2,087 
     Total liabilities   706,359    691,901    677,465    670,315    660,631 
     Shareholders' equity   51,568    50,686    49,192    47,573    47,018 
     Total liabilities and shareholders' equity  $757,927   $742,587   $726,657   $717,888   $707,649 
                          
     Gross loans to deposits   85.45%    85.82%    86.22%    87.06%    88.44% 
                          
     Equity to assets   6.80%    6.83%    6.77%    6.63%    6.64% 
                          
     Book value per share  $8.43   $8.29   $8.05   $7.82   $7.72 
                          
Asset Quality Data:                         
     Nonaccrual loans  $929   $949   $2,304   $1,882   $2,574 
     Loans past due 90 days or more and accruing   —    —    —    —    — 
     Total nonperforming loans   929    949    2,304    1,882    2,574 
     Other real estate owned   834    834    1,013    880    587 
     Total nonperforming assets  $1,763   $1,783   $3,317   $2,762   $3,161 
                          
                          
     Nonperforming loans to total loans   0.17%    0.18%    0.44%    0.36%    0.50% 
     Nonperforming assets to total assets   0.23%    0.24%    0.46%    0.38%    0.45% 
     Allowance for loan losses to total gross loans   1.48%    1.56%    1.62%    1.68%    1.70% 

 

8 

 

Stewardship Financial Corporation

Selected Consolidated Financial Information

(dollars in thousands, except per share amounts)

(unaudited)

 

   For the three months ended   For the nine months ended 
   September 30,   September 30, 
   2016   2015   2016   2015 
Selected Operating Data:                    
Interest income  $6,657   $6,412   $20,085   $18,966 
Interest expense   1,113    993    3,410    2,628 
Net interest and dividend income   5,544    5,419    16,675    16,338 
Provision for loan losses   (250)   (400)   (1,050)   (1,100)
Net interest income                    
after provision for loan losses   5,794    5,819    17,725    17,438 
Noninterest income:                    
Fees and service charges   536    541    1,595    1,577 
Bank owned life insurance   120    103    328    300 
Gain on calls and sales of securities   6    —    62    152 
Gain on sales of mortgage loans   33    52    70    117 
Gain on sales of other real estate owned   —    —    6    53 
Other   128    142    413    439 
Total noninterest income   823    838    2,474    2,638 
Noninterest expenses:                    
Salaries and employee benefits   2,788    2,785    8,245    8,181 
Occupancy, net   400    427    1,202    1,317 
Equipment   155    175    453    496 
Data processing   485    468    1,434    1,380 
FDIC insurance premium   100    87    296    317 
Other   1,071    1,183    3,270    3,588 
Total noninterest expenses   4,999    5,125    14,900    15,279 
Income before income tax expense   1,618    1,532    5,299    4,797 
Income tax expense   583    532    1,911    1,658 
Net income   1,035    1,000    3,388    3,139 
Dividends on preferred stock   —    114    —    456 
Net income available to common shareholders  $1,035   $886   $3,388   $2,683 
                     
Weighted avg. no. of diluted common shares   6,115,987    6,091,627    6,106,723    6,074,763 
Diluted earnings per common share  $0.17   $0.15   $0.55   $0.44 
                     
Return on average common equity   8.06%    7.58%    9.09%    7.88% 
                     
Return on average assets   0.54%    0.56%    0.61%    0.60% 
                     
Yield on average interest-earning assets   3.68%    3.80%    3.83%    3.87% 
Cost of average interest-bearing liabilities   0.83%    0.79%    0.86%    0.72% 
Net interest rate spread   2.85%    3.01%    2.97%    3.15% 
                     
Net interest margin   3.07%    3.21%    3.18%    3.34% 

9 

 

Stewardship Financial Corporation

Selected Consolidated Financial Information

(dollars in thousands, except per share amounts)

(unaudited)

       

   For the three months ended 
   September 30,   June 30,   March 31,   December 31,   September 30, 
   2016   2016   2016   2015   2015 
Selected Operating Data:                         
Interest income  $6,657   $6,979   $6,449   $6,643   $6,412 
Interest expense   1,113    1,124    1,173    1,198    993 
Net interest and dividend income   5,544    5,855    5,276    5,445    5,419 
Provision for loan losses   (250)   (450)   (350)   (275)   (400)
Net interest and dividend income                         
after provision for loan losses   5,794    6,305    5,626    5,720    5,819 
Noninterest income:                         
Fees and service charges   536    530    529    558    541 
Bank owned life insurance   120    107    101    103    103 
Gain on calls and sales of securities   6    32    24    17    — 
Gain on sales of mortgage loans   33    19    18    24    52 
Gain on sales of other real estate owned   —    6    —    30    — 
Other   128    138    147    123    142 
Total noninterest income   823    832    819    855    838 
Noninterest expenses:                         
Salaries and employee benefits   2,788    2,742    2,715    2,719    2,785 
Occupancy, net   400    404    398    422    427 
Equipment   155    148    150    159    175 
Data processing   485    477    472    467    468 
FDIC insurance premium   100    90    106    106    87 
Other   1,071    1,138    1,061    1,027    1,183 
Total noninterest expenses   4,999    4,999    4,902    4,900    5,125 
Income before income tax expense   1,618    2,138    1,543    1,675    1,532 
Income tax expense   583    776    552    614    532 
Net income   1,035    1,362    991    1,061    1,000 
Dividends on preferred stock   —    —    —    —    114 
Net income available to common shareholders  $1,035   $1,362   $991   $1,061   $886 
                          
Weighted avg. no. of diluted common shares   6,115,987    6,111,729    6,092,351    6,086,249    6,091,627 
Diluted earnings per common share  $0.17   $0.22   $0.16   $0.17   $0.15 
                          
Return on average common equity   8.06%    11.05%    8.21%    8.89%    7.58% 
                          
Return on average assets   0.54%    0.74%    0.55%    0.58%    0.56% 
                          
Yield on average interest-earning assets   3.68%    4.02%    3.79%    3.87%    3.80% 
Cost of average interest-bearing liabilities   0.83%    0.86%    0.90%    0.92%    0.79% 
Net interest rate spread   2.85%    3.16%    2.89%    2.95%    3.01% 
                          
Net interest margin   3.07%    3.38%    3.11%    3.18%    3.21% 

 

10 

 

 

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