Stewardship Financial Corporation (SSFN) Declares Q2 Earnings; Shares Dropped By 1.6%

Stewardship Financial Corporation (NASDAQ: SSFN), parent company of Atlantic Stewardship Bank, declared $0.16 earnings per share (EPS) for the second quarter, net income of $1.4 million as compared to net income of $1.1 million last year. Post announcement, shares dropped by 1.60% during mid-day trading, hitting $9.25. The company also announced a quarterly dividend of $0.03 per share, which will be paid on August 15th.

Paul Van Ostenbridge, Stewardship Financial Corporation’s President and Chief Executive Officer said ”Our Morristown location, which expands our presence in Morris County, will continue to meet the needs of our customers. This new location offers additional conveniences such as advanced technology with a new Interactive Teller Machine, which combines ATM functions with access to a live teller, as well as lending solutions tailored to meet customers’ requests with a commercial lender on-site to provide localized decision-making. In addition to a number of positive accomplishments, the Corporation continued to demonstrate the ability to generate solid core earnings. We were able to maintain expense levels and provide for loan loss reserves for our increasing loan portfolio while continuing to grow assets and increase revenue.”

Company revealed provision for loan losses of $260,000 as a result of robust loan growth, while recoveries of the allowance for loan losses of $450,000 in same quarter. The net interest income remained $6.5 million compared to $5.9 million YOY.  Noninterest income was $813,000 compared to $832,000 in the equivalent prior year periods, while Noninterest expenses were $5.1 million compared to $5.0 million in last year.

Over the past 50 days, Stewardship Financial Corporation stocks -3.59% off of the high and 4.44% removed from the low.  Their 52-Week High and Low remained -7.84% (High) and 38.85%, (Low).

About

Dan Walker, CFA (from Harvard University, Massachusetts), is Editor & Chief Research Analyst and reports Services, Financial & REIT and Energy & Utilities sectors. Prior joining Market Cash Cow, Dan Walker worked with Wells Fargo. If you have a great story idea for Dan Walker, you can write at [dan.walker@marketcashcow.com ].

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