Banking

Charlotte’s Park Sterling says 3Q profit up 32 percent on acquisition

Park Sterling Corp. on Thursday said third-quarter profits jumped 32 percent from a year ago, as the Charlotte bank made more money on loans after buying a Virginia-based bank.
Park Sterling Corp. on Thursday said third-quarter profits jumped 32 percent from a year ago, as the Charlotte bank made more money on loans after buying a Virginia-based bank. mhames@charlotteobserver.com

Park Sterling Corp. on Thursday said third-quarter profits jumped 32 percent from a year ago, as the Charlotte bank made more money on loans after buying a Virginia-based bank.

Net loans rose to $2.4 billion at the end of the quarter, up from $1.7 billion a year ago. Park Sterling said it boosted its portfolio by making new loans to customers and by buying Glen Allen, Va.-based First Capital in January.

The bank reported net income of $6.3 million, or 12 cents per share, in the three months ended Sept. 30, up from $4.8 million, or 11 cents per share, in the same period a year ago. Expenses climbed 15 percent from a year ago, but fell 4 percent from the second quarter as the bank said it completed cost savings from the acquisition.

Park Sterling has $3.2 billion in total assets and 56 branches in the Carolinas, North Georgia and Richmond, Va.

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