Exhibit 99.1

Park Sterling Corporation Announces

Results for Fourth Quarter 2014

Charlotte, NC – January 30, 2015 – Park Sterling Corporation (NASDAQ: PSTB), the holding company for Park Sterling Bank, today released unaudited results of operations and other financial information for the fourth quarter of 2014. Highlights at and for the three and twelve months ended December 31, 2014 include:

Three Month Highlights

Twelve Month Highlights

“Park Sterling’s fourth quarter capped an exceptional year for the company,” said James C. Cherry, Chief Executive Officer. “In January, we entered the attractive Virginia market with a de novo commercial banking office in Greater Richmond and subsequently expanded our presence there to include wealth management and mortgage banking capabilities. We expect to open a second office in Richmond this year. In March, we rolled out the third-phase of our retail mobile banking platform by introducing two distinctive capabilities – “Debit On/Off” and “Picture Pay™.” We expect to enhance our mobile and online capabilities for small business and commercial customers this year. In March, we announced our partnership with Provident Community Bancshares, Inc., expanding our presence in the attractive Charlotte and Upstate South Carolina markets. We closed the merger in only 57 days and have since fully-integrated its branches and operations into Park Sterling. In September, we launched our first brand campaign under the tag line “Answers You Can Bank On^SM,” which communicates our commitment to provide customers with unique solutions designed to meet their individual financial needs. Finally, throughout the year, we continued to attract exceptional talent to the Park Sterling team, enhance our product capabilities, enhance our employee training and improve our operating processes to ensure our ability to deliver the Park Sterling brand promise.

Financially, for the three months ended December 31, 2014, we reported strong operating results with adjusted net income available to common shareholders, which excludes merger-related expenses and gain or loss on sale of securities, of $3.9 million, or $0.09 per share. Results include continued organic loan growth, driven by our metro markets, as well as record mortgage banking production and record levels of discretionary assets under management. In addition, the company continues to maintain exceptional balance sheet strength. Nonperforming loans decreased $3.8 million, or 30%, to $8.9 million in the quarter and now represent 0.56% of total loans. Nonperforming assets decreased $5.1 million, or 20%, to $20.9 million and now represent 0.89% of total assets. Finally, capitalization remained strong with tangible common equity to tangible assets of 10.13% and Tier 1 leverage ratio of 10.17% at quarter-end.

For the twelve months ended December 31, 2014, we reported adjusted net income available to common shareholders of $15.2 million, or $0.34 per share, compared to $16.3 million, or $0.37 per share, for the twelve months ended December 31, 2013. The decrease in earnings resulted primarily from expenses related to our organic growth initiatives, which have not yet reached full productivity.

Yesterday, the board declared a quarterly dividend of $0.03 per common share, payable on February 24, 2015 to all shareholders of record as of the close of business on February 10, 2015. This represents a 50% increase in the quarterly dividend payout from our previous $0.02 per share level, and demonstrates the confidence our board of directors has in the financial position of our company. Future dividends will be subject to board approval.

Overall, we are pleased to report these strong financial and strategic results for the fourth quarter and year and believe that Park Sterling is well positioned to continue pursuing our vision of building a full-service regional community bank in the Carolinas, Virginia and North Georgia.”

Financial Results

Income Statement – Three Months Ended December 31, 2014

Park Sterling reported net income available to common shareholders of $3.5 million, or $0.08 per share, for the three months ended December 31, 2014 (“2014Q4”). This compares to net income available to common shareholders of $2.5 million, or $0.06 per share, for the three months ended September 30, 2014 (“2014Q3”) and net income available to common shareholders of $4.0 million, or $0.09 per share, for the three months ended December 31, 2013 (“2013Q4”). The increase in net income available to common shareholders from 2014Q3 included a $1.5 million decrease in merger-related expenses which was partially offset by decreased net interest income. The decrease in net income available to common shareholders from 2013Q4 was driven by the absence of a nontaxable $1.1 million gain in 2013Q4 generated from settling, at a discount, the contingent underwriting fee liability remaining from Park Sterling Bank’s public offering in 2010.

Park Sterling reported adjusted net income available to common shareholders, which excludes merger-related expenses and gain or loss on sale of securities, of $3.9 million, or $0.09 per share, in 2014Q4. This compares to adjusted net income available to common shareholders of $4.0 million, or $0.09 per share, in 2014Q3 and adjusted net income available to common shareholders of $4.3 million, or $0.10 per share, in 2013Q4. Compared to 2014Q3, adjusted net income available to common shareholders reflects higher noninterest expense and lower net interest income. Compared to 2013Q4, adjusted net income available to common shareholders reflects the absence of the aforementioned gain from settling the contingent underwriting fee liability.

Net interest income totaled $20.6 million in 2014Q4, which represented a 1% decrease from $20.7 million in 2014Q3 and a 16% increase from $17.7 million in 2013Q4. Average total earning assets increased $40.2 million, or 2%, in 2014Q4 to $2.11 billion, compared to $2.07 billion in 2014Q3 and increased $384.4 million, or 22%, compared to $1.72 billion in 2013Q4. The linked-quarter growth from 2014Q3 included a $45.6 million, or 3%, increase in average loans (including loans held for sale), driven by organic growth, which was partially offset by a $510,000, or 0%, decrease in average marketable securities and a $4.9 million, or 8%, decrease in average other earning assets. The decrease in average other earning assets reflects deployment of cash into loans. The year-over-year growth from 2013Q4 included a $250.9 million, or 19%, increase in average loans (including loans held for sale), driven by organic growth and the acquisition of Provident Community Bancshares, Inc., a $131.2 million, or 37%, increase in average marketable securities, also driven by the acquisition, and a $2.4 million, or 4%, increase in average other earning assets.

Net interest margin was 3.87% in 2014Q4, representing an 11 basis point decrease from 3.98% in 2014Q3 and a 21 basis point decrease from 4.08% in 2013Q4. The reduction in net interest margin in 2014Q4 from 2014Q3 resulted primarily from a 13 basis point decrease in yield on interest earning assets, which more than offset a 2 basis point decrease in the cost of interest-bearing liabilities. The reduction in net interest margin in 2014Q4 from 2013Q4 resulted primarily from a 30 basis point decrease in the yield on interest-earning assets, which was partially offset by a 12 basis point decrease in cost of average interest-bearing liabilities.

Adjusted net interest margin, which excludes accelerated accretion from net acquisition accounting fair market value adjustments ($134,000 in 2014Q4, $173,000 in 2014Q3 and $365,000 in 2013Q4), was 3.85% in 2014Q4, representing a 10 basis point decrease from 3.95% in 2014Q3 and a 14 basis point decrease from 3.99% in 2013Q4. The reduction in adjusted net interest margin in 2014Q4 from both 2014Q3 and 2013Q4 resulted primarily from the decrease in yields on interest-earning assets as discussed above.

The company reported a $420,000 net release in provision for loan losses in 2014Q4 compared to a $484,000 net release in 2014Q3 and provision expense of $780,000 in 2013Q4. Provision expense in 2013Q4 was driven, in part, by $982,000 in combined reserves and charge-offs related to a single troubled debt restructuring. The net release in 2014Q4 was driven by continued improvement in loan credit quality and a $674,000 decrease in specific reserves.

Noninterest income increased $213,000, or 7%, to $3.4 million in 2014Q4, compared to $3.1 million in 2014Q3 and decreased $1.1 million, or 24%, compared to $4.4 million in 2013Q4. The linked-quarter growth from 2014Q3 was driven by strong results in several areas, including a $100,000, or 12%, increase in mortgage banking income, reflecting record mortgage origination activity, a $96,000, or 15%, increase in ATM and card income and an $86,000, or 11%, increase in income from wealth management activities. The period also benefitted from a $121,000 decrease in FDIC loss-share related expenses (amortization of the indemnification asset and true-up liability expense) and the absence of a $63,000 loss on sale of securities in 2014Q3. The year-over-year decrease from 2013Q4 resulted primarily from a $1.0 million increase in FDIC loss share related expenses as well as the absence of the previously mentioned 2013Q4 nontaxable $1.1 million gain generated from settling the contingent underwriting fee liability.

Adjusted noninterest income, which excludes gain or loss on sale of securities, increased $150,000, or 5%, to $3.4 million in 2014Q4 compared to $3.2 million in 2014Q3 and decreased $1.1 million, or 24%, from $4.4 million in 2013Q4. The linked-quarter growth from 2014Q3 reflects the changes in noninterest income noted above. The year-over-year decrease from 2013Q4 reflects the absence of the nontaxable gain noted above.

As discussed in the prior quarter, FDIC loss-share related expenses reflect reductions in the company’s loss share reimbursement expectations given better than originally forecast performance of the underlying covered loans. The commercial components of the Bank of Hiawassee (BOH) and New Horizons Bank (NHB) loss share agreements, which account for approximately 63% of covered loans, expire in March 2015 and April 2016, respectively. The company expects expenses related to loss share agreements to taper as expiration of the BOH commercial agreement approaches in the first quarter of 2015.

Noninterest expenses decreased $1.3 million, or 6%, to $19.3 million in 2014Q4, compared to $20.6 million in 2014Q3 and increased $3.6 million, or 23%, compared to $15.7 million in 2013Q4. Adjusted noninterest expenses, which exclude merger-related expenses ($712,000 in 2014Q4, $2.2 million in 2014Q3 and $386,000 in 2013Q4), increased $176,000, or 1%, in 2014Q4 to $18.6 million, compared to $18.4 million in 2014Q3 and increased $3.3 million, or 21%, compared to $15.3 million in 2013Q4. The linked-quarter increase in adjusted noninterest expenses from 2014Q3 included a $163,000, or 55%, increase in loan and collection expenses, reflecting higher seasonal activity (including payment of pre-foreclosure property taxes), a $100,000, or 18%, increase in legal and professional fees, in part reflecting investments in enhanced products and services, and a $78,000, or 3%, increase in occupancy and equipment expense, reflecting higher maintenance and repair costs. Offsetting these increases were a $210,000, or 2%, decrease in personnel expenses and a $123,000, or 36%, decrease in net cost of operation of other real estate owned. The year-over-year increase in adjusted noninterest expenses from 2013Q4 reflects the company’s hiring initiatives and acquisition of Provident Community.

The company’s effective tax rate was 31.2% in 2014Q4, compared to 33.84% in 2014Q3 and 27.88% in 2013Q4.

Income Statement – Twelve Months Ended December 31, 2014

Park Sterling reported a $2.1 million, or 14%, decrease in net income available to common shareholders to $12.9 million, or $0.29 per share, for the twelve months ended December 31, 2014 (“FY2014”), compared to net income available to common shareholders of $15.0 million, or $0.34 per share, for the twelve months ended December 31, 2013 (“FY2013”). Net interest income increased $5.2 million, or 7%, in FY2014 to $77.6 million, compared to $72.4 million in FY2013, primarily reflecting higher average earning assets from organic growth and the Provident Community acquisition. Provision expense decreased $2.0 million, or 272%, in FY2014 to a net reversal of $1.3 million, as compared to $746,000 in provision expense in FY2013, reflecting improved asset quality. Noninterest income decreased $1.1 million, or 8%, to $14.0 million, compared to $15.1 million in FY2013, due to a $4.0 million increase in FDIC loss-share related expenses, which was partially offset by an increase in customer-related income, including service charges on deposits, ATM and card income, income from wealth management and income from new capital markets activities. Noninterest expenses increased $9.8 million, or 15%, in FY2014 to $73.9 million, compared to $64.1 million in FY2013 which was primarily the result of having eight months of expenses for Provident Community, as well as an increase in personnel expenses due to hiring initiatives during the year. Finally, FY2014 benefitted from the absence of $353,000 in preferred stock dividends in FY2013 associated with the Small Business Lending Fund program, which the company exited in September 2013.

Park Sterling reported a $1.1 million, or 7%, decrease in adjusted net income available to common shareholders, which excludes merger-related expenses and gain or loss on sale of securities, to $15.2 million, or $0.34 per share, in FY2014, compared to adjusted net income available to common shareholders of $16.3 million, or $0.37 per share, in FY2013.

Balance Sheet

Total assets increased $32.9 million, or 1%, to $2.4 billion at 2014Q4, compared to total assets of $2.3 billion at 2014Q3. Cash and equivalents decreased $7.5 million, or 13%, to $51.4 million at 2014Q4 compared to $58.9 million at 2014Q3, due to deployment into loans. Total securities, including non-marketable securities, increased $8.5 million, or 2%, to $503.0 million at 2014Q4, compared to $494.5 million at 2014Q3. Total securities include two investments in senior tranches of collateralized loan obligations (“CLOs”) totaling $14.8 million, with respect to which the collateral eligibility provisions have not yet been amended to comply with the new bank investment criteria under the Volcker Rule. The two securities had a net unrealized loss of $232,000 at 2014Q4 that could result in the company recognizing other than temporary impairment should they ultimately be determined not to comply with the Volcker Rule.

Total loans, excluding loans held for sale, increased $27.3 million, or 2% (7% annualized growth rate), to $1.58 billion at 2014Q4, compared to $1.55 billion in 2014Q3. The company’s metropolitan markets, which include Charlotte, Raleigh and Wilmington, North Carolina, Greenville and Charleston, South Carolina and Richmond, Virginia, reported organic growth of $38.7 million, or 20% annualized, to $822.8 million, due to continued success in origination efforts. The community markets reported a $5.9 million, or 6% annualized, decrease in loans to $406.0 million, due primarily to runoff in acquired loans. The company’s central business units, which primarily include mortgage, wealth management, builder finance and special assets, reported a $5.5 million, or 6% annualized, decrease to $351.9 million, as increases in origination activities were more than offset by reductions in special asset loans.

In terms of accounting designations, compared to 2014Q3, (i) noncovered PCI loans decreased $7.0 million, or 8%, net of fair market value acquisition-related adjustments, to $93.4 million in 2014Q4; (ii) noncovered acquired performing loans decreased $25.5 million, or 7%, net of fair market value acquisition-related adjustments, to $363.0 million; (iii) covered PCI and acquired performing loans decreased $7.4 million, or 15%, net of fair market value acquisition-related adjustments, to $41.7 million; and (iv) non-acquired loans increased $67.2 million, or 7%, to $1.1 billion. Non-acquired loans include certain renewed and/or restructured acquired performing loans that are redesignated as non-acquired. Noncovered acquired performing loans include a remaining $2.9 million net acquisition accounting fair market value adjustment, representing a 0.79% “mark,” noncovered PCI loans include a remaining $22.8 million net acquisition accounting fair market value adjustment, representing a 19.63% “mark,” and covered PCI and acquired performing loans include a remaining $9.7 million net acquisition accounting fair market value adjustment, representing a 18.92% “mark.”   

Total deposits decreased $13.3 million, or 1%, to $1.85 billion at 2014Q4, compared to $1.86 billion at 2014Q3. Noninterest bearing demand deposits decreased $1.1 million, or 0%, to $321.0 million (17% of total deposits). Non-brokered money market, NOW and savings deposits increased $4.4 million, or 0%, to $924.8 million (50% of total deposits). Non-brokered time deposits decreased $18.8 million, or 4%, to $463.8 million (25% of total deposits). Finally, brokered deposits increased $2.2 million, or 2%, to $141.8 million (7.7% of total deposits). Core deposits, which exclude time deposits greater than $250,000 and brokered deposits, represented 89.6% of total deposits at 2014Q4 compared to 89.7% at 2014Q3.

Total borrowings increased $40.2 million, or 25%, to $203.6 million at 2014Q4 compared to $163.4 million at 2014Q3, as the company increased FHLB borrowings to fund organic loan growth. Borrowings at 2014Q4 included $180.0 million in FHLB borrowings, and $23.6 million of acquired trust preferred securities, net of acquisition accounting fair market value adjustments.

Total shareholders’ equity increased $3.9 million, or 1%, to $275.1 million at 2014Q4 compared to $271.1 million at 2014Q3, driven by retained earnings. The company did not repurchase any shares in 2014Q4 under its previously announced 2.2 million share repurchase authorization. The company’s ratio of tangible common equity to tangible assets increased to 10.13% at 2014Q4 from 10.09% at 2014Q3. The company’s Tier 1 leverage ratio increased to 10.17% at 2014Q4 from 10.09% at 2014Q3. The company’s tangible book value per share increased $0.10 to $5.35 per share at 2014Q4, compared to $5.25 per share at 2014Q3. These capitalization and tangible book value ratios reflect a $752,000 reduction in goodwill resulting from Day 1 fair market value acquisition accounting-related adjustments identified in 2014Q4, which included a $1.2 million refinement of the loan marks associated with the Provident Community acquisition.

Asset Quality

Asset quality remains an area of strength for the company. Nonperforming loans decreased $3.8 million, or 30%, to $8.9 million at 2014Q4, or 0.56% of total loans, compared to $12.7 million at 2014Q3, or 0.82% of total loans. Nonperforming assets decreased $5.1 million, or 20%, to $20.9 million at 2014Q4, or 0.89% of total assets, compared to $26.0 million at 2014Q3, or 1.12% of total assets. Nonperforming assets include $3.0 million of covered OREO for which the company expects 80% of losses and associated expenses to be reimbursed under its FDIC loss-share agreements.

The company reported net charge-offs of $776,000, or 0.20% of average loans (annualized), in 2014Q4, compared to a net recovery of $764,000, or 0.20% of average loans (annualized), in 2014Q3 and net charge-offs of $805,000, or 0.24% of average loans (annualized), in 2013Q4. The 2014Q4 charge-offs related, in part, to previously established specific reserves on impaired loans for which some future recoveries are expected.

The allowance for loan losses was $8.3 million, or 0.52% of total loans, at 2014Q4, compared to $9.5 million, or 0.61% of total loans, at 2014Q3. The decrease in allowance included (i) a $1.5 million, or 34%, decrease to $3.0 million in the quantitative component, reflecting significantly improved portfolio performance in recent quarters; (ii) a $1.0 million, or 28%, increase to $4.6 million in the qualitative component, reflecting management’s judgment regarding inherent loss in the portfolio not captured by historical losses; and (iii) a $652,000, or 49%, decrease to $685,000 in the specific component.

During the first quarter of 2011, and as contemplated in Park Sterling Bank’s 2010 public offering, 568,260 shares of restricted stock were issued but will not vest until the company’s share price achieves certain performance thresholds above the equity offering price (these restricted stock awards, of which 554,400 remained outstanding at 2014Q4, vest one-third each when the share price reaches, for 30 consecutive days, $8.125, $9.10 and $10.40 per share, respectively). These performance thresholds have not yet been achieved. Accordingly, these additional shares have been excluded from earnings and tangible book value per share calculations. As of December 31, 2014, 13,860 of these restricted shares had been forfeited.

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Conference Call

A conference call will be held at 8:30 a.m., Eastern Time this morning (January 30, 2015). The conference call can be accessed by dialing (888) 317-6016 and requesting the Park Sterling Corporation earnings call. Listeners should dial in 10 minutes prior to the start of the call. The live webcast and presentation slides will be available on www.parksterlingbank.com under Investor Relations, “Investor Presentations.”

A replay of the webcast will be available on www.parksterlingbank.com under Investor Relations, “Investor Presentations” shortly following the call. A replay of the conference call can be accessed approximately one hour after the call by dialing (877) 344-7529 and requesting conference number 10056778.

About Park Sterling Corporation

Park Sterling Corporation, the holding company for Park Sterling Bank, is headquartered in Charlotte, North Carolina. Park Sterling, a regional community-focused financial services company with approximately $2.4 billion in assets, is the largest community bank headquartered in the Charlotte area and has 53 banking offices stretching across the Carolinas and into North Georgia, as well as in Richmond, Virginia. The bank serves professionals, individuals, and small and mid-sized businesses by offering a full array of financial services, including deposit, mortgage banking, cash management, consumer and business finance, capital markets and wealth management services with a commitment to “Answers You Can Bank On^SM.” Park Sterling prides itself on being large enough to help customers achieve their financial aspirations, yet small enough to care that they do. Park Sterling is focused on building a banking franchise that is noted for sound risk management, strong community focus and exceptional customer service. For more information, visit www.parksterlingbank.com. Park Sterling Corporation shares are traded on NASDAQ under the symbol PSTB.

Non-GAAP Financial Measures

Tangible assets, tangible common equity, tangible book value, adjusted net income available to common shareholders, adjusted net interest margin, adjusted noninterest income, adjusted noninterest expenses, adjusted allowance for loan losses, adjusted net charge-offs/ recoveries, and related ratios and per share measures, including adjusted return on average assets, as used throughout this release, are non-GAAP financial measures. For additional information, see “Reconciliation of Non-GAAP Financial Measures” in the accompanying tables.

Cautionary Statement Regarding Forward Looking Statements

This news release contains, and Park Sterling and its management may make, certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts and often use words such as “may,” “plan,” “contemplate,” “anticipate,” “believe,” “intend,” “continue,” expect,” “project,” “predict,” “estimate,” “could,” “should,” “would,” “will,” “goal,” “target” and similar expressions. These forward-looking statements express management's current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties and there are a number of factors that could cause actual results to differ materially from those in such statements. Factors that might cause such a difference include, but are not limited to: failure to realize synergies and other financial benefits from the merger with Provident Community within the expected time frames; increases in expected costs or decreases in expected savings or difficulties related to merger integration matters; inability to identify and successfully negotiate and complete additional combinations with other potential merger partners or to successfully integrate such businesses into Park Sterling, including the company’s ability to adequately estimate or to realize the benefits and cost savings from and limit any unexpected liabilities acquired as a result of any such business combinations; failure to generate an adequate return on investment related to new branches or other hiring initiatives; inability to generate future organic growth in loan balances, retail banking, wealth management, mortgage banking or capital markets results through the hiring of new personnel, development of new products, opening of de novo branches or otherwise; variability in the performance of covered loans and associated loss-share related expenses; the effects of negative or soft economic conditions, including stress in the commercial real estate markets or failure of continued recovery in the residential real estate markets; changes in consumer and investor confidence and the related impact on financial markets and institutions; changes in interest rates; failure of assumptions underlying noninterest expense levels; failure of assumptions underlying the establishment of allowances for loan losses; deterioration in the credit quality of the loan portfolio or in the value of the collateral securing those loans; deterioration in the value of securities held in the investment securities portfolio; the possibility of recognizing other than temporary impairments on holdings of collateralized loan obligation securities as a result of the Volcker Rule; the impacts on Park Sterling of a potential increasing rate environment; the potential impacts of any government shutdown or debt ceiling impasse, including the risk of a U.S. credit rating downgrade or default, or continued global economic instability, which could cause disruptions in the financial markets, impact interest rates, and cause other potential unforeseen consequences; fluctuations in the market price of the common stock, regulatory, legal and contractual requirements of Park Sterling, other uses of capital, the company’s financial performance, market conditions generally, and future actions by the board of directors, in each case impacting repurchases of common stock or declaration of dividends; legal and regulatory developments, including changes in the federal risk-based capital rules; increased competition from both banks and nonbanks; changes in accounting standards, rules and interpretations, inaccurate estimates or assumptions in accounting, including acquisition accounting fair market value assumptions and accounting for purchased credit-impaired loans, and the impact on Park Sterling’s financial statements; and management’s ability to effectively manage credit risk, market risk, operational risk, legal risk, and regulatory and compliance risk.

Forward-looking statements speak only as of the date they are made, and Park Sterling undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.

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For additional information contact:

David Gaines

Chief Financial Officer

(704) 716-2134

david.gaines@parksterlingbank.com 

PARK STERLING CORPORATION

CONDENSED CONSOLIDATED INCOME STATEMENT

THREE MONTH RESULTS

PARK STERLING CORPORATION

CONDENSED CONSOLIDATED INCOME STATEMENT

TWELVE MONTH RESULTS

* Derived from audited financial statements.

PARK STERLING CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS      

  * Derived from audited financial statements.

** Revised to reflect measurement period adjustments to goodwill.

PARK STERLING CORPORATION

SUMMARY OF LOAN PORTFOLIO

($ in thousands)

* Derived from audited financial statements.

* Derived from audited financial statements.

** Includes loans transferred from acquired pools following release of acquisition accounting FMV adjustments.

PARK STERLING CORPORATION

ALLOWANCE FOR LOAN LOSSES

THREE MONTH RESULTS

PARK STERLING CORPORATION

AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS

THREE MONTHS

PARK STERLING CORPORATION

SELECTED RATIOS