Profile: Park Sterling Corp (PSTB.OQ)
2 Dec 2016
Park Sterling Corporation, incorporated on October 7, 2010, is a holding company for Park Sterling Bank (the Bank). The Bank is a North Carolina-chartered commercial nonmember bank. The Company provides banking services to small and medium-sized businesses, real estate owners, residential builders, institutions, professionals and consumers doing business or residing within its target markets. It provides a range of banking products, including personal, business and non-profit checking accounts, interest on lawyer trust accounts (IOLTA), individual retirement accounts, business and personal money market accounts, time deposits, overdraft protection, safe deposit boxes, and online and mobile banking. Its wealth management activities include investment management, private banking, personal trust and investment brokerage services. Its cash management activities include remote deposit capture, lockbox services, sweep accounts, purchasing cards, automated clearing house (ACH) and wire payments. Its capital markets activities include interest rate and currency risk management products, loan syndications and debt placements.
The Company's lending activities include a range of short- to medium-term commercial loans (including asset-based lending), real estate loans, construction loans, residential mortgage loans and home equity and loans consumer loans, as well as long-term residential mortgages loans. The commercial loan portfolio has concentrations in business loans secured by real estate, including construction loans and real estate development loans. The primary concentrations in the consumer loan portfolio include home equity lines of credit and residential mortgages. The commercial loans portfolio includes commercial and industrial loans; commercial real estate (CRE)-owner occupied loans; CRE-investor income producing loans; acquisition, construction and development (AC&D) loans; AC&D one- to four-family construction loans; AC&D-lots, land and development loans; AC&D-CRE loans, and Other commercial loans. The total commercial loans are approximately $1.25 billion and the total consumer loans are over $0.5 billion. Its total loans are approximately $1.74 billion.
The Company's investment portfolio includes available-for-sale and held-to-maturity. The securities available-for-sale include the United States government agencies, municipal securities, residential agency pass-through securities, residential collateralized mortgage obligations, commercial mortgage-backed obligations, asset-backed securities, corporate and other securities, and equity securities. The total investment securities available-for-sale are approximately $384.9 million. The securities held-to-maturity include residential agency pass-through securities, residential collateralized mortgage, obligations, commercial mortgage-backed obligations and asset-backed securities. The total investment securities held-to-maturity are over $107.6 million. The total market value of investment securities is approximately $492.6 million.
Sources of Funds
The Company's primary sources of funds are deposits and borrowings. The Company offers a range of deposit products, including personal and business checking accounts, individual retirement accounts, business and personal money market accounts, and time deposits. The total deposits are approximately $2.0 billion. Average deposits are approximately $1.9 billion. Brokered deposits consist of brokered interest-bearing deposits, brokered money market accounts, and brokered certificates of deposits. Its total borrowings are approximately $239.3 million.
The Company's primary subsidiary is the Bank. In addition, the Company has over five non-consolidated subsidiaries, Community Capital Corporation Statutory Trust I, CSBC Statutory Trust I, Provident Community Bancshares Capital Trust I, Provident Community Bancshares Capital Trust II and FCRV Statutory Trust 1. The Bank has over four subsidiaries, which include Park Sterling Financial Services, Inc., Citizens Properties, LLC, RE1, LLC and RE2, LLC. Park Sterling Financial Services, Inc. primarily owns stock in a title insurance company which was used by Citizens South Bank for certain real estate transactions and continues to operate as such. Citizens Properties, LLC is engaged in holding, managing and resolving certain real estate that was acquired through foreclosure, or other nonperforming and substandard assets, and continues to operate as such. RE1, LLC and RE2, LLC are a Virginia limited liability companies formed for the purpose of taking title of property acquired in lieu of foreclosure and continues to operate as such.
Park Sterling Corp
1043 E Morehead St Ste 201
CHARLOTTE NC 28204-2898