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Sterling Bancshares Q1 net income down

Sterling Bancshares has reported net income of $11.6 million, or $0.16 per diluted share for the first quarter of 2008, compared to net income of $11.9 million, or $0.17 per diluted share for the first quarter of 2007.

During the first quarter of 2008, the company completed its acquisition of 10 banking centers located in the Dallas and Fort Worth areas which included approximately $54 million in loans and $86 million in deposits from First Horizon National (First Horizon).

The noninterest income of Sterling Bancshares was $10.7 million in the first quarter of 2008, up $2.8 million as compared to the first quarter of 2007. Noninterest income was $10.7 million in the first quarter of 2008, up $2.8 million as compared to the first quarter of 2007.

Downey Bridgwater, chairman, president and CEO of Sterling Bancshares, said: As compared to the national economy, the Texas markets in which we operate continue to be some of the better performing markets in the nation. Accordingly, while we experienced an increase in net charge-offs during the first quarter of 2008, we expect net charge-offs to stay within our previously stated range for the year.