Friday, October 25, 2013

Park Sterling posts record results

Charlotte's largest community bank announced Friday that it earned $4.2 million in the third quarter, record operating results that were up 20 percent from the quarter before and about five times more than a year ago.

Park Sterling Bank's results were boosted by loan growth for the first time after three quarters in a row of decline. Executives said strong results in its metro areas -- including Charlotte, Raleigh and Wilmington in North Carolina -- drove that increase.

But like several other banks, the overall balance sheet shrunk -- primarily because Park Sterling repaid the U.S. Treasury for the remaining federal bailout preferred stock on its books and because of the industry-wide mortgage decline.

Park Sterling will once again issue a dividend of 2 cents per share, the second time it has done so. The bank also announced it would exit the wealth management custody business, which processes trades for institutions.

BNC BANCORP GROWS PROFITS: The parent of Bank of North Carolina earned $5 million in the third quarter, nearly five times what it was a year ago. The bank's assets have shrunk nearly 4 percent, however, since the start of the year as BNC uses cash to pay back wholesale deposits as they come due. The company doesn't want to keep rolling over these brokered deposits it got from its acquisitions because it considers them "inefficient." The results don't include Randolph Bank and Trust since the sale closed Oct. 1.

CHARLOTTE-BASED TITLE COMPANY ANGLING FOR DODD-FRANK BUSINESS: Pantheon National Title, a minority-owned company launched in 2011, is hosting a cocktail hour for mortgage bankers in Washington D.C., hoping to get more business from firms needing to add more diversity in their supply chain as a result of the financial reform law.

WELLS SURVEY FINDS RETIREMENT A LOWER PRIORITY FOR MIDDLE CLASS: Ordinary folks are much more concerned with paying the bills every month than saving for retirement, according to a survey done by Wells Fargo's wealth, brokerage and retirement people (many of whom are in Charlotte). Half of people don't think they'll have enough saved, and about one-third say they'll work until at least 80 years old.

****This is a preview of The Charlotte Observer's Bank Watch Morning Report, bringing you banking news from the region, the top financial headlines, and the news driving activity in the Charlotte market.****

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Ed said...

There are not a community bank. Why do you keep saying that. Try going in and see what you think.