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Park Sterling reports $2.9M net loss in 1Q

Charlotte-based Park Sterling Corp., the holding company for Park Sterling Bank, today said it had a $2.9 million net loss in the first quarter, or 10 cents per share, compared with net income of $157,000, or 3 cents a share, in the first quarter of 2010.

During the recent quarter of 2011, the bank made “significant” progress in working through its problem loans, CEO Jim Cherry said.

The level of nonperforming assets decreased in the recent quarter to 5.85 percent of total assets from 7.04 percent in the fourth quarter of last year.

The bank thinks its nonperforming loans peaked in the fourth quarter, Cherry said.

As of the end of the recent quarter, the bank had $628 million in assets, up from $475 million in the same quarter last year.

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