Thursday, July 26, 2012

Park Sterling Corp. posts a profit

Charlotte's Park Sterling Corp. posted a $678,000 profit in the second quarter, reversing a loss from last year and returning to core loan growth.

The growing Charlotte bank also continued to work off nonperforming loans, some of them through refinancing.

The second quarter income is less than a $1.7 million profit in the first quarter of this year, but beats a loss of $3.1 million in the second quarter of 2011.

Park Sterling also reported progress in completing its acquisition of Gastonia-based Citizens South Banking Corp., which was announced in May.