Bank Watch

Park Sterling’s fourth-quarter profit rises 9 percent

Charlotte-based Park Sterling Corp. said Thursday its fourth-quarter profit rose about 9 percent from a year ago, as the parent company of Park Sterling Bank grew non-interest income while cutting non-interest expenses.
Charlotte-based Park Sterling Corp. said Thursday its fourth-quarter profit rose about 9 percent from a year ago, as the parent company of Park Sterling Bank grew non-interest income while cutting non-interest expenses. mhames@charlotteobserver.com

Charlotte-based Park Sterling Corp. said Thursday its fourth-quarter profit rose about 9 percent from a year ago, as the parent company of Park Sterling Bank grew non-interest income while cutting non-interest expenses.

The seventh-largest bank in the Charlotte region by deposits reported profit of $3.8 million, or 9 cents per share. That compared with profit of $3.5 million, or 8 cents per share, a year ago.

Park Sterling continued growing its assets, as it pushes to create a regional bank with operations in the Carolinas and Virginia.

Assets total $3.1 billion following its completion on Jan. 1 of a merger with Glen Allen, Va.-based First Capital Bancorp.

Excluding merger-related costs and other items, adjusted profit for the recent fourth-quarter was a record $4.8 million, Park Sterling said.

“We are pleased to report another record quarter marked by improved operating efficiency, solid loan growth, attractive asset quality and strong capital levels,” Park Sterling CEO Jim Cherry said in a statement.

Deon Roberts: 704-358-5248, @DeonERoberts

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