Park Sterling Corp. reported a profit for shareholders of $1.3 million in the fourth quarter as the bank completed its acquisition of Citizens South Bank -- making it the largest community bank in the Charlotte area.
The merger closed Oct. 1, giving the combined bank more performing loans and fees from mortgage banking and wealth management that boosted its income, Park Sterling said in a securities filing. The bank also cut $2.5 million in quarterly expenses after the merger.
The Citizens South merger increased the percentage of consumer loans -- primarily home mortgages -- in Park Sterling's portfolio from 25 percent to 31 percent. It also nearly doubled the bank's deposits, to $1.6 billion. The bank also set aside about $1 million for bad loans, mostly those acquired from Citizens South.
For the full year 2012, Park Sterling earned $4.3 million for shareholders, reversing a loss of $8.4 million in 2011.
Park Sterling now has 458 full-time employees across 44 offices in North Carolina, South Carolina and Georgia.