Sterling Bancorp Stock Price, News & Analysis

Sterling Bancorp, Inc. (SBT) reported a net income of $1.2 million, or $0.02 per diluted share, for Q3 2022, a turnaround from a net loss of $2.2 million in Q2 2022. Key highlights include a net interest margin increase to 3.19%, a decrease in nonperforming assets to $42.2 million, and total deposits at $2.0 billion. However, total assets declined 2% to $2.4 billion. The Bank entered a Consent Order with the OCC regarding the Advantage Loan Program, incurring a $6 million penalty. The company’s capital ratios remain well above regulatory requirements.

Sterling Bancorp, Inc. (NASDAQ: SBT) announced that it will release its third quarter financial results for the period ending September 30, 2022 before market open on Monday, October 31, 2022. A conference call and webcast will follow at 11 a.m. ET to discuss these results. The call can be accessed via U.S. (833) 535-2201 or international (412) 902-6744. A recorded replay will be available until November 7, 2022. For more details, visit the company’s website.

Sterling Bancorp, Inc. (SBT) has received final court approval for the settlement of a shareholder derivative action. This lawsuit, based on a demand letter from a shareholder in July 2020, resulted in a settlement agreement announced on January 19, 2022. The settlement includes corporate governance reforms and payment of attorney fees, covered by the company’s insurance. The Board aims to move past legacy issues while enhancing governance standards. CEO Thomas M. O’Brien expressed satisfaction with the approval as a milestone for the company.

Sterling Bancorp, Inc. (SBT) announced a Consent Order with the Office of the Comptroller of the Currency (OCC) regarding its former Advantage Loan Program. The Bank will pay a civil penalty of $6 million, which will be deducted from a previously recorded $15 million liability for contingent losses. This settlement marks the end of the OCC's investigation into the program. However, the Department of Justice and the Securities and Exchange Commission continue investigations, posing potential risks for future financial outcomes.

Sterling Bancorp, Inc. (NASDAQ: SBT) reported a net loss of $(2.2) million, or $(0.04) per diluted share, for Q2 2022, a decline from net income of $5.3 million in Q1 2022. Total assets decreased by $305.3 million to $2.5 billion. Total deposits fell by 9% to $2.0 billion, primarily driven by a decrease in time deposits. The company exceeded regulatory capital requirements with strong ratios. Nonperforming assets increased to $55 million, or 2.20% of total assets. The firm enacted a transition to an outsourced residential lending platform, incurring severance costs of $0.4 million and a significant reduction in employee benefits.

Sterling Bancorp, Inc. (NASDAQ: SBT) announced its upcoming financial results for Q2 2022, set for release on August 15, 2022, prior to market opening. The Company will host a conference call at 11 a.m. ET on the same day to discuss the results. Sterling Bancorp, based in Southfield, Michigan, operates Sterling Bank and Trust, offering various loan products and banking services primarily in California and New York.

Sterling Bank & Trust, a subsidiary of Sterling Bancorp (NASDAQ: SBT), is eliminating non-sufficient fund (NSF) fees starting June 1, 2022. This initiative aims to improve customer financial stability, as NSF fees can worsen financial difficulties. Senior VP William Vowler emphasized that the change aligns with the bank's goal of enhancing customer experience. Additionally, Sterling has launched a modern digital home loan platform, further demonstrating its commitment to empowering customers with user-friendly financial services.

Sterling Bancorp reported first-quarter 2022 net income of $5.3 million or $0.10 per diluted share, compared to $8.1 million or $0.16 per diluted share in Q4 2021. The bank's net interest margin increased to 3.03%. Nonperforming loans decreased to 2.50% of total loans. Total assets fell to $2.8 billion, and total deposits decreased 3% to $2.2 billion. Despite a decline in total loans, capital ratios remain strong, exceeding required minimums. Management indicated progress on regulatory matters and improving credit quality.

Sterling Bancorp, Inc. (NASDAQ: SBT) will release its financial results for the first quarter ended March 31, 2022 prior to market open on May 2, 2022. A conference call and webcast will take place on the same day at 1 p.m. ET to discuss these results. U.S. callers can access the call at (833) 535-2201 or (412) 902-6744 for international callers. The call will be available for replay until May 9, 2022. More information can be found on the Company’s website.