Park Sterling (PSTB) Tops Q3 EPS by 1c

Park Sterling (NASDAQ: PSTB) reported Q3 EPS of $0.14, $0.01 better than the analyst estimate of $0.13.

• Noninterest income held steady following strong growth in the second quarter of 2016 with good growth in deposit service charges and mortgage banking income
• Noninterest expenses declined 4% from the second quarter of 2016, driven in part by continued disciplined expense management and the achievement of the remaining cost savings realized from the merger with First Capital Bancorp, Inc. ("First Capital")
• Average loans, excluding loans held for sale, showed steady growth at an 8% annualized growth rate over the second quarter of 2016.
• Credit quality remained strong
• Capital levels remained strong with Tier 1 leverage ratio of 10.06%
• Completed the early termination of loss share agreements with the FDIC on August 26, 2016
• The Board of Directors declared a quarterly cash dividend on common shares of $0.04 per share and authorized a new share repurchase program

For earnings history and earnings-related data on Park Sterling (PSTB) click here.

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