Park Sterling Corporation reported a net income of $3.4 million for the second quarter ended June 30, a decrease from $3.6 million in the previous quarter.
The holding company for Park Sterling Bank reported that the bank has seen a 132 percent increase over the previous quarter in mortgage banking production, totaling $55.7 million.
“Operating results for the second quarter clearly demonstrate the value of Park Sterling’s multifaceted growth strategy,” said CEO James C. Cherry in a release.
Park Sterling Bank reported a $70.8 increase in organic loans and decreased nonperforming loans to 0.65 percent from 0.70 percent in the previous quarter. Additionally, total deposits increased by 14 percent to $1.86 billion, compared to $1.64 billion in the previous quarter.
Park Sterling Bank also completed a merger with Provident Community Bancshares Inc. on May 1.
