Welcome to our dedicated page for Sterling Bancorp news (Ticker: SBT), a resource for investors and traders seeking the latest updates and insights on Sterling Bancorp stock.
This page provides a historical news archive for Sterling Bancorp, Inc. (SBT), a former unitary thrift holding company in the savings institutions segment of the finance and insurance sector. The news flow around SBT focuses on its role as the parent of Sterling Bank and Trust, F.S.B., its financial performance, and the strategic decisions that led to the sale of the Bank and the dissolution of the holding company.
Readers can review announcements detailing the company’s quarterly and annual financial results, including information on net interest income, net interest margin, loan portfolio trends, deposit levels, asset quality metrics and capital ratios. These releases describe how Sterling managed its balance sheet, credit quality and liquidity as a thrift holding company with a subsidiary bank offering a range of loan products and retail and business banking services.
The archive also covers key corporate events, including the September 15, 2024 definitive stock purchase agreement with EverBank Financial Corp for the sale of all of the issued and outstanding shares of capital stock of Sterling Bank and Trust, F.S.B., shareholder approval of that transaction and the Plan of Dissolution, and subsequent regulatory approvals from the Office of the Comptroller of the Currency and the Federal Reserve Board. Later news items document the closing of the sale, the merger of the Bank into EverBank, National Association, the decision to delist SBT from the Nasdaq Capital Market, and the filing of a certificate of dissolution for Sterling Bancorp, Inc.
For investors and researchers, this news history helps explain how Sterling transitioned from operating a bank-focused thrift holding company to winding down and distributing cash to shareholders under its Plan of Dissolution. Users interested in the evolution of SBT, its strategic alternatives process, and the final sale and liquidation can consult these articles as a detailed chronological record.
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Sterling Bancorp, Inc. (NASDAQ: SBT) announced it will release its financial results for Q1 2023 before market open on May 1, 2023. A conference call and webcast to discuss the results will take place on the same day at 11 a.m. ET. For telephonic access, U.S. callers can dial (833) 535-2201, while international callers should use (412) 902-6744. A telephone replay will be available until May 8, 2023. The webcast can be accessed through the Company's website.
Sterling Bancorp, Inc. (NASDAQ: SBT) announced a Plea Agreement with the U.S. Department of Justice, resolving a securities fraud investigation related to its former Advantage Loan Program. The Company pled guilty to one count of securities fraud and will pay $27.2 million in restitution. Revised financial results show a net loss of $14.2 million for 2022, with a fourth-quarter loss of $18.4 million. The Company has enhanced compliance measures and remains well-capitalized. An SEC investigation continues, but no enforcement action is currently anticipated. A conference call will detail financial results on March 16, 2023.
Sterling Bancorp reported its financial results for the quarter and year ending December 31, 2022. The Company experienced a net loss of $0.2 million in Q4 2022, translating to $(0.00 per diluted share, down from a net income of $1.2 million in Q3 2022. For the full year, net income was $4.0 million or $0.08 per diluted share, significantly reduced from $23.4 million in 2021. The net interest margin was 3.09% for Q4 and 3.06% for 2022. The Company’s total deposits stood at $2.0 billion, with nonperforming assets at $38.3 million. Legal investigations continue to impact financial performance and resources.
Sterling Bancorp, Inc. (NASDAQ: SBT) is set to release its fourth quarter and full year 2022 financial results on January 30, 2023, prior to market opening. A conference call will follow at 11 a.m. ET to discuss these results. Interested parties can access the call via U.S. at (833) 535-2201 and internationally at (412) 902-6744. A replay will be available until February 6, 2023. Sterling Bancorp operates Sterling Bank and Trust, with branches in California and New York City, providing a range of loan products and banking services. For more information, visit sterlingbank.com.
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