Page 8 THE VILLADOM TIMES III • March 11, 2009 Area 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.” Stewardship Financial reports 2008 earnings 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 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 pro- tecting 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. Van Ostenbridge added, “It is encouraging to experience a wave of new customers migrating to Atlantic Stewardship Bank from the large mega banks experiencing problems in these challenging times. We have become a safe haven for depositors as well as an excellent source for businesses in need of financing. The Corporation has been recognized for maintaining strong capital ratios and, as a result of this strength, we were chosen by the U.S. Department of the Treasury to participate in the Capital Purchase Program. On January 30, 2009, the Corporation received $10 million in CPP proceeds, which enhanced our capital position and enables the Corporation to continue its robust lending pattern to the communities we serve.” Vehicle Iditarod winners (continued from page 5) be assigned on a 24/7 basis. The water department vehicle, they said, is also used for plowing and for responding to emergency water main breaks. The fire chief and the DPW supervisor need their vehicles to respond directly to emergencies. Councilwoman Anita Bozzo said she preferred that all vehicles be parked in the lot. “It’s a big perc for somebody,” said Bozzo. “It takes two minutes to go to a central location, and there is extra mileage and liability,” she added. A report on each vehicle’s use and condition would be required annually. Councilman Frank Palladino suggested that photos of each vehicle be taken when assigned out as a baseline and kept for future reference and greater accountability. Three sled-driving teams from Ho-Ho-Kus’s Troop 54 had a successful day at the annual Iditarod race at Allendale’s Crestwood Lake, taking the top 3 positions, although sharing third place with another team. The Great Team finished with 75 points and the Yetis’ 68 points edged out the Eskimos by a single point. The snowy conditions were just right for the teams to race around the testing stations scattered around the park, where scouts had to demonstrate their mastery of survival and orienteering skills. Hundreds of participants and spectators enjoyed the annual event sponsored and manned by leaders and volunteers of the Iaoapogh Mountains District of the Boy Scouts. Keeping Families Warm Since 1929. 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