Third quarter net income at SterlingSouth Bank & Trust (OTCBB: SSBT) was $348 thousand or $0.27 per share compared with $103 thousand or $0.08 per share for the third quarter of 2004. Income for the first nine months of 2005 was $902 thousand, or $0.71 per share compared with $134 thousand, or $0.12 per share for the first nine months of 2004.
"We are very pleased with our third quarter and year-to-date results," said President & CEO, Ralph Strayhorn. "The Bank's net interest margin expanded during the quarter even as deposit costs continued to increase."
"Our ongoing strategy to diversify our revenue sources by entering the wealth management, commercial leasing and insurance businesses are showing positive results. Carolinas Investment Consulting, LLC recently opened their Greensboro location on the second floor of our headquarters building at Friendly Center in August in order to further serve the Triad market. Also, we recently announced our new alliance with Medalist Capital, Inc., one of the region's premier commercial mortgage banking companies."
SterlingSouth provides a full range of financial services to individuals, businesses and professional partnerships such as personal and corporate accounts, residential mortgages and retail loans, business vehicle and equipment leasing, non-recourse commercial mortgages, certificates of deposit, credit cards, personal and corporate lines of credit, retirement accounts, wealth management, insurance products and services, and on-line banking. SterlingSouth Bank is headquartered in Greensboro and currently serves the area from two offices - one at 1110 Dover Road in Irving Park and its headquarters at 3202 Northline Avenue at Friendly Center.
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