Profile: Park Sterling Corp (PSTB.OQ)
28 Apr 2017
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 non-member 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 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. As of December 31, 2016, the Company's total loans were $2.4 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 securities held-to-maturity includes residential agency pass-through securities, residential collateralized mortgage, obligations, commercial mortgage-backed obligations and asset-backed securities. As of December 31, 2016, the fair market value of investment securities totaled $495.3 million.
Sources of Funds
The Company's primary sources of funds are deposits and loan repayments. 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. Brokered deposits consist of brokered interest-bearing deposits, brokered money market accounts, and brokered certificates of deposits. As of December 31, 2016, the Company's total deposits were $2.5 billion.
The Company's subsidiaries include 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 two subsidiaries, which include Park Sterling Financial Services, Inc. and Citizens Properties, LLC. Park Sterling Financial Services, Inc. primarily owns stock in a title insurance company. Citizens Properties, LLC is engaged in holding, managing and resolving certain real estate that was acquired through foreclosure, or other non-performing and substandard assets.
Park Sterling Corp
1043 E Morehead St Ste 201
CHARLOTTE NC 28204-2898