Park Sterling posts $153,000 quarterly profit
Park Sterling Bank said Wednesday that it earned $153,000 in the third quarter, faring better than many of its larger brethren who are struggling with losses.
Those third-quarter numbers are up significantly from a year ago, when Park Sterling lost $89,000. The Charlotte bank, which opened two years ago, registered its first quarterly profit in the first quarter of this year.
Start-up banks typically take a couple of years to turn a profit because they need time to make revenue-producing loans.
Park Sterling's assets increased to $387 million, up 115 percent from a year ago. Its loans and deposits also more than doubled in the past year. The bank has two locations in Charlotte and one in Wilmington.
Chief executive Bryan Kennedy emphasized the health of his bank's loan portfolio.
“We are extremely pleased with the progress Park Sterling Bank has made on earnings and growth in a very challenging environment for all banks,” he said. “We are especially pleased to report that we have had no charge-offs since inception, and problem loans represent less than one-third of 1 percent of our loan portfolio, while our reserve for potential loan losses is more than $5.3 million.”