Page 12 THE VILLADOM TIMES I • March 11, 2009 Area Bolger Foundation Challenge: BVMI to match $100K The Bergen Volunteer Medical Initiative, Inc. Board of Trustees has accepted a challenge gift from The Bolger Foundation in Ridgewood that requires $100,000 to be raised by April 1. There are still a few weeks left to participate in this dollar-for-dollar match of all new money contributed to BVMI during the first quarter 2009. The match also includes pledges made by April 1, 2009 and payable by April 1, 2011. Marketable securities at their fair market value less costs and expenses of liquidation will count. “We wish you the best of luck on your fundraising efforts,” stated Trustee J. T. Bolger in announcing the grant. “Obviously, the trustees of The Bolger Foundation are very favorably impressed by the operations and the goals of the Bergen Volunteer Medical, Initiative, Inc.” BVMI, a 501 (c)(3) tax-exempt organization, plans to provide free primary medical care to Bergen County residents who earn between 100 percent and 200 percent of the federal poverty level. Patients will be seen by volunteer physicians and other health care professionals by appointment in a health care center to be established in Hackensack, by autumn 2009. The challenge follows an earlier check for $100,000 received from The Bolger Foundation. “The confidence in our project expressed by The Bolger Foundation goes a long way to meeting the goal of opening our health care center this year,” said Janet Finke, co-chair of the BVMI Fundraising Committee. “Especially during these difficult economic times, such generosity has even greater impact on our ability to go forward. We are extremely grateful.” To participate in The Bolger Foundation Challenge, please send a contribution to BVMI, Box 337, Hackensack, NJ 07602-0337. To contribute on-line, visit Contributions must be received by April 1, 2009. Every dollar will be matched by The Bolger Foundation if the goal of $100,000 is raised. It is an all or none grant. Remember that every dollar counts for two. “Many friends of BVMI have responded to the challenge,” said Marilyn Schotz, co-chair of fundraising. “We anticipate that many more will join us as we near the homestretch, and we extend our sincere thanks to all who participate.” Finke and Schotz are residents of Wyckoff as is Samuel Cassell, MD, founding chair and chair, Campaign for BVMI. Other board members include Glen Rock resident David I. Roth, MD, and Ridgewood residents Michael W. Azzara, MBA, and Peggy Sullivan, treasurer. Stewardship Financial Corporation, parent of Atlantic Stewardship Bank, reported net income for the year ended Dec. 31, 2008, of $3.5 million, or $0.63 per diluted share, as compared to net income of $4.6 million or $0.82 per diluted share for the year ended Dec. 31, 2007. Net income for the quarter ended Dec. 31, 2008 was $423,000, or $0.08 per diluted share, compared to $838,000, or $0.15 per diluted share, for the same 2007 period. All per share calculations have been adjusted for a 5% stock dividend paid in November 2008 and 2007. Commenting on the corporation’s current results, Paul Van Ostenbridge, Stewardship Financial Corporation’s president and chief executive officer, stated, “We are all aware of the unprecedented events which negatively impacted financial institutions and the economy in 2008. Despite operating in this extremely challenging environment, we are pleased to report that our corporation remains strong and profitable. However, our results for the year were affected by the need to increase our loan loss reserves.” Net interest income was $22.3 million for the year ended Dec. 31, 2008 which was 14.8% greater than the $19.4 million achieved for the year ended Dec. 31, 2007. The provision for loan losses for the year ended Dec. 31, 2008 totaled $3.6 million, compared to $530,000 for the year ended Dec. 31, 2007. Van Ostenbridge commented, “We are diligently managing our loan portfolio to control delinquencies. The significant increase in the provision for loan losses is a direct Stewardship Financial reports 2008 earnings result of problems related to a few commercial credit facilities. In management’s opinion, the allowance for loan losses is adequate to cover losses inherent in the portfolio at Dec. 31, 2008. “Notwithstanding this difficult and competitive operating environment, we are dedicated to monitoring the performance of our loan portfolio and to the early detection of any credit issues. We recognize that appropriate management of our balance sheet growth coupled with proactive expense control measures are extremely important in protecting and enhancing shareholder value.” The corporation’s results for 2008 benefited from a fourth quarter gain of $509,000 realized from the sale of its merchant servicing portfolio. Earnings for the year ended Dec. 31, 2007 were impacted by the receipt of a life insurance payout, which resulted in income of $459,000. Total assets at Dec. 31, 2008 were $611.8 million, compared to $571.9 million at Dec. 31, 2007, reflecting total asset growth of 7.0%. The loan portfolio increased $19.1 million, or 4.6%, from $420.1 million at Dec. 31, 2007 to $439.3 million at Dec. 31, 2008. Total deposits were $506.5 million at Dec. 31, 2008, compared to $472.3 million a year ago, resulting in growth of 7.2%. Total stockholders’ equity increased 4.2% to $42.8 million at Dec. 31, 2008, compared to $41.1 million a year ago. (continued on page 16) Stay on top of commercial building maintenance The Wyckoff Chamber of Commerce ��������������� ���������� ���������������� ����������� Building Exterior Consultants, L.L.C. “Roofing and Waterproofing Solutions”  Roof Surveys  Waterproofing Surveys  Roof Evaluations  Moisture Surveys  Specification Development  Project Management  Construction Management  Due Diligence ����������������������� ������������������ ������������������������������������������������ ��������������������������������������� ���������������������������� Jose A. Godoy Senior Consultant Phone: 954-584-3308 Fax: 954-584-3309 Cell: 954-275-3631 E-Mail: ����������������� ������������������������� ������������������������������������������� ������������������������� ������������������������� Web Site: ������������