Comparing the current results to its competitors, Stewardship Financial reported Revenue decrease in the 2 quarter 2019 year on year by -10.15 %, despite the revenue increase by the most of its competitors of 2.29 %, recorded in the same quarter.
Stewardship Financial's Comment on Competitors and Industry Peers
The market for banking services remains highly competitive. The Bank competes
for deposits and loans with commercial banks, thrifts and other financial institutions,
many of which have greater financial resources than the Bank. Many large financial
institutions in New York City and other parts of New Jersey compete for the business
of New Jersey residents and companies located in the Bank’s service area.
Certain of these institutions have significantly higher lending limits and expend
greater resources on marketing and advertising than the Bank and provide services
to their customers that the Bank does not offer.
Management believes the Bank is able to compete on a substantially equal basis
with its competitors because it provides responsive, personalized services through
management’s knowledge and awareness of the Bank’s service area, customers
and business.