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For Immediate Release
 
Contact:
 
 
 
Claire M. Chadwick
 
 
 
Executive Vice President and
 
 
 
Chief Financial Officer
 
 
 
630 Godwin Avenue
 
 
 
Midland Park, NJ 07432
 
 
 
P: 201.444.7100
 
    
PRESS RELEASE

Stewardship Financial Corporation Announces
Fourth Quarter and Year End 2018 Results

Midland Park, NJ - February 21, 2019
- Stewardship Financial Corporation (NASDAQ:SSFN), parent company of Atlantic Stewardship Bank, today announced earnings for the fourth quarter and full year ended December 31, 2018. Net income for the three months and year ended December 31, 2018 was reported at $1.8 million, or $0.20 per share, and $8.0 million, or $0.93 per share, respectively. For the three months and year ended December 31, 2017, net income was $48,000, or $0.01 per share, and $3.9 million, or $0.50 per share, respectively. Both the three months and year ended December 31, 2017 were impacted by a charge of $1.4 million as a result of the enactment of the Tax Cuts and Jobs Act (“Tax Act”) in December 2017.

Commenting on the annual results, Stewardship Financial Corporation’s President and Chief Executive Officer, Paul Van Ostenbridge indicated, “2018 was another profitable year for the Corporation with positive growth in loans and continued excellent credit metrics. Our ongoing efforts remain focused on the fundamentals of our business, including low-cost deposit gathering and organic loan growth with disciplined underwriting standards.”


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The following information was filed by Stewardship Financial Corp (SSFN) on Friday, February 22, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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